# Acciona (ANA.MC)

Canonical: https://gigainvestors.com/s/ANA.MC

Analysis as of: 2026-10-16T07:35:30.342Z. Financial observations: FY2002–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 208.60 per share; close as of 2026-10-15.

Estimated value: low EUR 198.44 per share, central EUR 223.62 per share, high EUR 248.53 per share. Buy at or below the central value EUR 223.62 per share. Valuation as of 2026-10-16T07:35:30.342Z; scenarios are not confidence intervals.

Expected annual return: 10.8% at the stated quote. About 10.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; ES 10-year bond 4.0% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.25×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.17×

- FY2017: 0.10×

- FY2018: 0.10×

- FY2019: 0.10×

- FY2020: 0.10×

- FY2021: 0.10×

- FY2022: 0.12×

- FY2023: 0.07×

- FY2024: 0.07×

- FY2025: 0.09×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 16.8pp below the typical margin (limit 4pp)

- ROIC, median of available years: 8.0%

- ROIC, second-lowest year: 6.0%

- Typical minus recent gross margin: 16.8 pp

- Typical gross margin (annual median): 70.6%

- Recent gross margin (lower of latest and 3-year median): 53.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 13.6%

- ROIC including acquisitions, ten-year median: 2.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 10.1%

- FY2017: 5.6%

- FY2018: 7.5%

- FY2019: 6.0%

- FY2020: 6.3%

- FY2021: 6.9%

- FY2022: 9.5%

- FY2023: 8.5%

- FY2024: 9.4%

- FY2025: 12.0%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.77×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 2.1B

- Net income, five-year total: EUR 2.7B

- Return on incremental invested capital: 10.1%

- Working capital / revenue, annual change: -1.4 pp

- Working capital / revenue, change between three-year averages: -11.3 pp

- Working capital / revenue, final three-year average: 4.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.67×

- FY2022: 0.82×

- FY2023: 0.72×

- FY2024: 0.70×

- FY2025: 0.84×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 7.5% vs 9.4%

- Per-share earnings: 3.85 to 9.88 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.4%

- Ordinary dilution, 5-year annual growth: -0.0%

- Market cap gain: EUR 6.1B

- Cumulative retained earnings: EUR 1.6B

- Diluted shares, 10-year annual growth: -0.4%

- Diluted shares, 5-year annual growth: -0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 12.5%

- Per-share value change: EUR 6.04

- Per-share value, starting three-year median: EUR 3.85

- Per-share value, ending three-year median: EUR 9.88

- Buybacks concentrated in cheaper years (correlation): 0.14

- Average buyback yield: 1.1%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 3.5B

- Cumulative net income, 10 years: EUR 4.4B

- ROIC, first three-year median: 7.5%

- ROIC, last three-year median: 9.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 6.17

- FY2017: EUR 3.85

- FY2018: EUR 6.03

- FY2019: EUR 6.46

- FY2020: EUR 7.09

- FY2021: EUR 6.08

- FY2022: EUR 11.25

- FY2023: EUR 9.88

- FY2024: EUR 7.75

- FY2025: EUR 14.73

### accounting: pass

- Sloan accruals: -3.8%

- Receivables to sales index (DSRI): 1.30×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.67×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.59×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.7%

- FY2017: -1.6%

- FY2018: -2.1%

- FY2019: -2.1%

- FY2020: -3.2%

- FY2021: -1.2%

- FY2022: -4.6%

- FY2023: -3.6%

- FY2024: -5.2%

- FY2025: -3.8%

## Holders

## Price story

Down 25% since Jun 2026 · sales +5.5%

Story as of 2026-10-16T10:00:05.239Z; price observation 2026-10-15.

Price needs cash profits to grow 0.9% a year for ten years

### Sales · FY2024–2025

sales +5.5%; source https://filings.xbrl.org/54930002KP75TLLLNO21/2023-12-31/ESEF/ES/0/54930002KP75TLLLNO21-2023-12-31-ES/reports/54930002KP75TLLLNO21-2023-12-31-es.html; observed 2024-04-23.

- FY2016: EUR 6.0B 

- FY2017: EUR 7.3B 

- FY2018: EUR 7.5B 

- FY2019: EUR 7.2B 

- FY2020: EUR 6.5B 

- FY2021: EUR 8.1B 

- FY2022: EUR 11B 

- FY2023: EUR 17B 

- FY2024: EUR 19B 

- FY2025: EUR 20B 

### Gross margin · FY2025

gross margin 53.8%; source https://filings.xbrl.org/54930002KP75TLLLNO21/2023-12-31/ESEF/ES/0/54930002KP75TLLLNO21-2023-12-31-ES/reports/54930002KP75TLLLNO21-2023-12-31-es.html; observed 2024-04-23.

- FY2016: 73.5% 

- FY2017: 73.2% 

- FY2018: 71.7% 

- FY2019: 72.1% 

- FY2020: 68.8% 

- FY2021: 76.9% 

- FY2022: 69.5% 

- FY2023: 67.9% 

- FY2024: 63.2% 

- FY2025: 53.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in engineering & construction; annual sales are EUR 20.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-23); FY2025: revenue 20236000000; grossProfit 10897000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ANA.MC: Acciona, S.A., together with its subsidiaries, provides energy and infrastructure solutions in Spain and internationally. It develops, constructs, operates, and maintains wind, solar photovoltaic, hydropower, thermal solar, and biomass plants, as well as offers energy storage, renewable energy supply, energy efficiency, self-consumption, green hydrogen, and electric mobility solutions; and designs, develops, manufactures, and distributes wind turbines. The company also engages in the construction and development of civil engineering infrastructure projects, including roads, highways and motorways, bridges, tunnels, railways and railway services, and metros and trams, as well as ports and water channels, airports and airport services, freight forwarding, data center, and substation and transmission lines; water solutions, such as waste water treatment and reuse, desalination, drinking water, integral water cycle, and water for agriculture; and social services for healthcare, university campuses, and ecosystem restoration. In addition, it is involved in the provision of sustainable cities solutions comprising efficient building, circular economy, urban ecosystems, museums and universal exhibitions, immersive experiences, and event design and management; development of housing projects, hotels and holiday resorts, fit outs, offices, and industrial properties; and fund management and stock brokerage. The company was incorporated in 1916 and is headquartered in Madrid, Spain.

### Why customers stay

Margins ranged from 53.8% to 67.9% during 2023–25; it earns 8% on its capital.

- Source: https://filings.xbrl.org/54930002KP75TLLLNO21/2023-12-31/ESEF/ES/0/54930002KP75TLLLNO21-2023-12-31-ES/reports/54930002KP75TLLLNO21-2023-12-31-es.html (filed 2024-04-23); FY2023: grossProfit / revenue = 67.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-23); FY2024: grossProfit / revenue = 63.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-23); FY2025: grossProfit / revenue = 53.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-23); 10-year return on capital observations [[2016,0.10130051471449435],[2017,0.056201729907038186],[2018,0.07453329407790107],[2019,0.05995595688355443],[2020,0.06276491350086916],[2021,0.06925731254926934],[2022,0.09528513881216978],[2023,0.0852025904572388],[2024,0.09364791415806513],[2025,0.12038510447746426]]; median 0.07986794226756994. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 96.2% of cash earnings on expansion; earns 10.1% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-23); FY2016: growth capex 0; upkeep 790236000; owner earnings 108892000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-23); FY2017: growth capex 135612000; upkeep 633156000; owner earnings 220131000. Growth capex / owner earnings = 0.6160513512408521.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-23); FY2018: growth capex 35184000; upkeep 609519000; owner earnings 328030000. Growth capex / owner earnings = 0.10725848245587294.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-23); FY2021: growth capex 233380000; upkeep 715000000; owner earnings 221414800. Growth capex / owner earnings = 1.0540397480204575.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-23); FY2022: growth capex 1544000000; upkeep 651000000; owner earnings 503200000. Growth capex / owner earnings = 3.068362480127186.

- Source: https://filings.xbrl.org/54930002KP75TLLLNO21/2023-12-31/ESEF/ES/0/54930002KP75TLLLNO21-2023-12-31-ES/reports/54930002KP75TLLLNO21-2023-12-31-es.html (filed 2024-04-23); FY2023: growth capex 1800000000; upkeep 1094000000; owner earnings 392203220.6119163. Growth capex / owner earnings = 4.589457468481865.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-23); FY2024: growth capex 1592000000; upkeep 1139000000; owner earnings 293529064.03940886. Growth capex / owner earnings = 5.423653719640724.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-23); FY2025: growth capex 650000000; upkeep 1119000000; owner earnings 675401948.6271036. Growth capex / owner earnings = 0.962389879569139.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-23); Incremental return on capital 0.10084356449431656, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-23); Dividend observations: [[2016,189122000],[2017,204991000],[2018,171779000],[2019,209466000],[2020,115889000],[2021,222776000],[2022,253000000],[2023,247000000],[2024,333000000],[2025,350000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 57% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ANA.MC SharesStats.PercentInsiders = 57.045 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 0.9% yearly over ten years; actual growth was 1.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-23); Ten-year compound average after fade. Initial solved rate -0.0002584583066106228. Price 208.6; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 10.32901819663465 → FY2025 12.391582199528916. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 69.34 per share

- 2016-11: EUR 64.03 per share

- 2016-12: EUR 69.93 per share

- 2017-01: EUR 71.68 per share

- 2017-02: EUR 70.67 per share

- 2017-03: EUR 75.13 per share

- 2017-04: EUR 75.74 per share

- 2017-05: EUR 85.36 per share

- 2017-06: EUR 77.06 per share

- 2017-07: EUR 72.25 per share

- 2017-08: EUR 71.79 per share

- 2017-09: EUR 68.05 per share

- 2017-10: EUR 71.11 per share

- 2017-11: EUR 68.25 per share

- 2017-12: EUR 68.04 per share

- 2018-01: EUR 72.94 per share

- 2018-02: EUR 69.74 per share

- 2018-03: EUR 61.72 per share

- 2018-04: EUR 69.42 per share

- 2018-05: EUR 64.64 per share

- 2018-06: EUR 70.92 per share

- 2018-07: EUR 73.52 per share

- 2018-08: EUR 75.84 per share

- 2018-09: EUR 78.06 per share

- 2018-10: EUR 74.58 per share

- 2018-11: EUR 81.10 per share

- 2018-12: EUR 73.90 per share

- 2019-01: EUR 83.10 per share

- 2019-02: EUR 85.44 per share

- 2019-03: EUR 99.30 per share

- 2019-04: EUR 103.30 per share

- 2019-05: EUR 95.85 per share

- 2019-06: EUR 94.40 per share

- 2019-07: EUR 96.30 per share

- 2019-08: EUR 97.60 per share

- 2019-09: EUR 97.10 per share

- 2019-10: EUR 93.45 per share

- 2019-11: EUR 94.00 per share

- 2019-12: EUR 93.80 per share

- 2020-01: EUR 102.40 per share

- 2020-02: EUR 114.40 per share

- 2020-03: EUR 97.35 per share

- 2020-04: EUR 90.40 per share

- 2020-05: EUR 89.80 per share

- 2020-06: EUR 87.15 per share

- 2020-07: EUR 93.80 per share

- 2020-08: EUR 100.20 per share

- 2020-09: EUR 92.80 per share

- 2020-10: EUR 86.70 per share

- 2020-11: EUR 106.70 per share

- 2020-12: EUR 116.70 per share

- 2021-01: EUR 123.70 per share

- 2021-02: EUR 133.40 per share

- 2021-03: EUR 142.90 per share

- 2021-04: EUR 144.70 per share

- 2021-05: EUR 138.10 per share

- 2021-06: EUR 127.30 per share

- 2021-07: EUR 129.20 per share

- 2021-08: EUR 137.60 per share

- 2021-09: EUR 143.20 per share

- 2021-10: EUR 165.80 per share

- 2021-11: EUR 157.50 per share

- 2021-12: EUR 168.10 per share

- 2022-01: EUR 154.30 per share

- 2022-02: EUR 153.10 per share

- 2022-03: EUR 173.50 per share

- 2022-04: EUR 187.50 per share

- 2022-05: EUR 179.50 per share

- 2022-06: EUR 175.50 per share

- 2022-07: EUR 200.60 per share

- 2022-08: EUR 195.10 per share

- 2022-09: EUR 180.60 per share

- 2022-10: EUR 182.10 per share

- 2022-11: EUR 186.40 per share

- 2022-12: EUR 171.90 per share

- 2023-01: EUR 179.00 per share

- 2023-02: EUR 178.10 per share

- 2023-03: EUR 184.70 per share

- 2023-04: EUR 168.00 per share

- 2023-05: EUR 151.30 per share

- 2023-06: EUR 155.40 per share

- 2023-07: EUR 136.35 per share

- 2023-08: EUR 131.85 per share

- 2023-09: EUR 120.70 per share

- 2023-10: EUR 119.00 per share

- 2023-11: EUR 129.50 per share

- 2023-12: EUR 133.30 per share

- 2024-01: EUR 120.25 per share

- 2024-02: EUR 103.45 per share

- 2024-03: EUR 112.85 per share

- 2024-04: EUR 108.70 per share

- 2024-05: EUR 117.90 per share

- 2024-06: EUR 110.30 per share

- 2024-07: EUR 119.50 per share

- 2024-08: EUR 122.30 per share

- 2024-09: EUR 127.50 per share

- 2024-10: EUR 117.40 per share

- 2024-11: EUR 120.30 per share

- 2024-12: EUR 108.70 per share

- 2025-01: EUR 108.90 per share

- 2025-02: EUR 118.70 per share

- 2025-03: EUR 120.80 per share

- 2025-04: EUR 128.40 per share

- 2025-05: EUR 142.00 per share

- 2025-06: EUR 152.80 per share

- 2025-07: EUR 168.20 per share

- 2025-08: EUR 169.20 per share

- 2025-09: EUR 170.90 per share

- 2025-10: EUR 192.00 per share

- 2025-11: EUR 172.90 per share

- 2025-12: EUR 185.90 per share

- 2026-01: EUR 181.40 per share

- 2026-02: EUR 246.80 per share

- 2026-03: EUR 222.80 per share

- 2026-04: EUR 247.40 per share

- 2026-05: EUR 246.80 per share

- 2026-06: EUR 277.20 per share

- 2026-07: EUR 238.60 per share

- 2026-08: EUR 209.60 per share

- 2026-09: EUR 212.80 per share

- 2026-10: EUR 214.60 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 77.28 per share, central EUR 84.37 per share, high EUR 93.81 per share

- FY2017: low EUR 82.52 per share, central EUR 91.10 per share, high EUR 102.52 per share

- FY2018: low EUR 98.06 per share, central EUR 107.15 per share, high EUR 119.26 per share

- FY2019: low EUR 84.25 per share, central EUR 90.29 per share, high EUR 98.32 per share

- FY2020: low EUR 68.79 per share, central EUR 72.04 per share, high EUR 76.38 per share

- FY2021: low EUR 87.64 per share, central EUR 93.74 per share, high EUR 101.87 per share

- FY2022: low EUR 95.69 per share, central EUR 104.12 per share, high EUR 115.34 per share

- FY2023: low EUR 132.07 per share, central EUR 142.87 per share, high EUR 157.25 per share

- FY2024: low EUR 146.41 per share, central EUR 160.23 per share, high EUR 177.07 per share

- FY2025: low EUR 181.74 per share, central EUR 205.01 per share, high EUR 228.04 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original ESEF filing](https://filings.xbrl.org/54930002KP75TLLLNO21/2023-12-31/ESEF/ES/0/54930002KP75TLLLNO21-2023-12-31-ES/reports/54930002KP75TLLLNO21-2023-12-31-es.html); period 2023-12-31, filed 2024-04-23.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.