# Aperam (APAM.AS)

Canonical: https://gigainvestors.com/s/APAM.AS

Analysis as of: 2026-10-16T07:39:10.963Z. Financial observations: FY2007–FY2026.

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 37.64 per share; close as of 2026-10-15.

Estimated value: low EUR 42.77 per share, central EUR 48.26 per share, high EUR 55.57 per share. Buy at or below the central value EUR 48.26 per share. Valuation as of 2026-10-16T07:39:10.963Z; scenarios are not confidence intervals.

Expected annual return: 12.2% at the stated quote. About 12.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; NL 10-year bond 3.5% + 4 points).

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 0

- Operating margin variation: 0.92×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.09×

- FY2018: 0.08×

- FY2019: 0.05×

- FY2020: 0.05×

- FY2021: 0.20×

- FY2022: 0.11×

- FY2023: 0.01×

- FY2024: 0.02×

- FY2025: -0.00×

- LTM to Jun 2026: 0.02×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 5.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 9.9%

- ROIC, second-lowest year: 2.5%

- Typical minus recent gross margin: 5.4 pp

- Typical gross margin (annual median): 11.1%

- Recent gross margin (lower of latest and 3-year median): 5.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.3%

- ROIC including acquisitions, ten-year median: 8.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 11.7%

- FY2017: 16.9%

- FY2018: 13.8%

- FY2019: 8.1%

- FY2020: 7.9%

- FY2021: 32.3%

- FY2022: 21.6%

- FY2023: 2.5%

- FY2024: 3.7%

- FY2025: -0.2%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.99×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 2.0B

- Net income, five-year total: EUR 2.0B

- Return on incremental invested capital: -24.2%

- Working capital / revenue, annual change: 1.5 pp

- Working capital / revenue, change between three-year averages: 9.5 pp

- Working capital / revenue, final three-year average: 23.9%

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

- FY2021: 0.98×

- FY2022: 0.97×

- FY2023: 0.42×

- FY2024: 1.19×

- FY2025: 11.87×

### 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: 13.8% vs 2.5%

- Per-share earnings: 2.45 to 2.79 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.9%

- Ordinary dilution, 5-year annual growth: -1.7%

- Market cap gain: EUR -1.0B

- Cumulative retained earnings: EUR 1.6B

- Diluted shares, 10-year annual growth: -0.9%

- Diluted shares, 5-year annual growth: -1.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 1.6%

- Per-share value change: EUR 0.34

- Per-share value, starting three-year median: EUR 2.45

- Per-share value, ending three-year median: EUR 2.79

- Buybacks concentrated in cheaper years (correlation): 0.61

- Average buyback yield: 3.2%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 130M

- Cumulative net income, 10 years: EUR 3.1B

- ROIC, first three-year median: 13.8%

- ROIC, last three-year median: 2.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 2.45

- FY2017: EUR 3.77

- FY2018: EUR 3.58

- FY2019: EUR 1.85

- FY2020: EUR 2.19

- FY2021: EUR 12.44

- FY2022: EUR 8.62

- FY2023: EUR 2.79

- FY2024: EUR 3.20

- FY2025: EUR 0.12

### accounting: pass

- Sloan accruals: -6.7%

- Receivables to sales index (DSRI): 1.36×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 46.89×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.16×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.3%

- FY2017: -1.5%

- FY2018: -0.2%

- FY2019: -5.9%

- FY2020: -3.2%

- FY2021: 7.1%

- FY2022: -0.3%

- FY2023: -4.3%

- FY2024: -0.8%

- FY2025: -6.7%

## Holders

## Price story

Down 27% since Oct 2021 · "Aperam sees Q3 EBITDA below Q2 as weak Europe, energy costs weigh" (finance.yahoo.com, Oct 2026) · sales -0.8%

Story as of 2026-10-16T10:00:10.572Z; price observation 2026-10-15.

Price needs cash profits to shrink 2.5% a year for ten years

- 2026-10-06: Aperam sees Q3 EBITDA below Q2 as weak Europe, energy costs weigh ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/aperam-sees-q3-ebitda-below-063426049.html))

### Sales · FY2025–2026

sales -0.8%; source https://filings.xbrl.org/5493001136GE6L4R7M63/2021-12-31/ESEF/LU/0/aperam-2021-12-31-en/reports/aperam-2021-12-31-en.xhtml; observed 2022-03-29.

- FY2017: EUR 4.2B 

- FY2018: EUR 4.7B 

- FY2019: EUR 4.2B 

- FY2020: EUR 3.6B 

- FY2021: EUR 5.1B 

- FY2022: EUR 8.2B 

- FY2023: EUR 6.6B 

- FY2024: EUR 6.3B 

- FY2025: EUR 6.1B 

- FY2026: EUR 6.0B 

### Gross margin · FY2025

gross margin 5.6%; source https://filings.xbrl.org/5493001136GE6L4R7M63/2021-12-31/ESEF/LU/0/aperam-2021-12-31-en/reports/aperam-2021-12-31-en.xhtml; observed 2022-03-29.

- FY2016: 12.0% 

- FY2017: 13.2% 

- FY2018: 12.2% 

- FY2019: 9.4% 

- FY2020: 10.2% 

- FY2021: 24.2% 

- FY2022: 14.5% 

- FY2023: 5.7% 

- FY2024: 6.5% 

- FY2025: 5.6% 

## Owner memo

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

### How it makes money

Operates in steel; annual sales are EUR 6.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2022-03-29); FY2025: revenue 6080000000; grossProfit 341000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); APAM.AS: Aperam S.A., together with its subsidiaries, produces and sells stainless steel and alloy products worldwide. The company operates through four segments: Stainless & Electrical Steel; Services & Solutions; Alloys & Specialties; and Recycling & Renewables. The company offers a range of stainless steel, flat stainless and electrical steel, and special carbon products. It also produces specialty grades alloys and specialties. In addition, the company engages in tubes business, as well as provision of value added and customized steel solutions. Further, it collects, trades, processes, and recycles stainless steel scrap and high-performance alloys. The company serves aerospace, automotive, construction, medical, and oil and gas industries. It distributes its products through a network of steel service centers, transformation facilities, and sales offices. The company was incorporated in 2010 and is headquartered in Luxembourg, Luxembourg.

### Why customers stay

Margins ranged from 5.6% to 6.5% during 2023–25; it earns 9.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2022-03-29); FY2023: grossProfit / revenue = 5.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2022-03-29); FY2024: grossProfit / revenue = 6.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2022-03-29); FY2025: grossProfit / revenue = 5.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2022-03-29); 10-year return on capital observations [[2016,0.11650928976013904],[2017,0.16914673492619545],[2018,0.13751996281156306],[2019,0.08149606299212599],[2020,0.07892315502252681],[2021,0.3230133297247391],[2022,0.21637782113740303],[2023,0.025435838811088882],[2024,0.03700516351118761],[2025,-0.0019169587489889458]]; median 0.09900267637613251. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2022-03-29); FY2016: growth capex 0; upkeep 123609200; owner earnings 238070195. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2022-03-29); FY2017: growth capex 2547325; upkeep 152491115; owner earnings 300907940. Growth capex / owner earnings = 0.008465462892072572.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2022-03-29); FY2018: growth capex 49000000; upkeep 143000000; owner earnings 286000000. Growth capex / owner earnings = 0.17132867132867133.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2022-03-29); FY2019: growth capex 0; upkeep 151000000; owner earnings 139000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2022-03-29); FY2020: growth capex 0; upkeep 109000000; owner earnings 199400000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/5493001136GE6L4R7M63/2021-12-31/ESEF/LU/0/aperam-2021-12-31-en/reports/aperam-2021-12-31-en.xhtml (filed 2022-03-29); FY2021: growth capex 6000000; upkeep 146000000; owner earnings 948000000. Growth capex / owner earnings = 0.006329113924050633.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2022-03-29); FY2022: growth capex 110000000; upkeep 186000000; owner earnings 605600000. Growth capex / owner earnings = 0.18163804491413474.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2022-03-29); FY2023: growth capex 0; upkeep 301000000; owner earnings 86000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2022-03-29); FY2024: growth capex 0; upkeep 166000000; owner earnings 273800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2022-03-29); FY2025: growth capex 0; upkeep 137000000; owner earnings 106800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2022-03-29); Dividend observations: [[2016,92231480],[2017,100858340],[2018,130000000],[2019,142000000],[2020,139000000],[2021,139000000],[2022,150000000],[2023,144000000],[2024,145000000],[2025,144000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 40.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); APAM.AS SharesStats.PercentInsiders = 40.61 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 2.5% yearly over ten years; actual decline was 5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2022-03-29); Ten-year compound average after fade. Initial solved rate -0.047363652370339626. Price 37.64; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.4523559186128097 → FY2025 1.461152230719768. Closing-price date 2026-10-15.

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

- 2016-10: EUR 41.40 per share

- 2016-11: EUR 42.25 per share

- 2016-12: EUR 43.47 per share

- 2017-01: EUR 43.69 per share

- 2017-02: EUR 48.01 per share

- 2017-03: EUR 46.85 per share

- 2017-04: EUR 46.22 per share

- 2017-05: EUR 42.67 per share

- 2017-06: EUR 40.70 per share

- 2017-07: EUR 41.07 per share

- 2017-08: EUR 44.34 per share

- 2017-09: EUR 44.33 per share

- 2017-10: EUR 46.19 per share

- 2017-11: EUR 42.95 per share

- 2017-12: EUR 42.93 per share

- 2018-01: EUR 47.90 per share

- 2018-02: EUR 42.82 per share

- 2018-03: EUR 38.83 per share

- 2018-04: EUR 40.37 per share

- 2018-05: EUR 39.64 per share

- 2018-06: EUR 36.81 per share

- 2018-07: EUR 40.38 per share

- 2018-08: EUR 38.72 per share

- 2018-09: EUR 39.49 per share

- 2018-10: EUR 30.10 per share

- 2018-11: EUR 24.89 per share

- 2018-12: EUR 23.05 per share

- 2019-01: EUR 26.70 per share

- 2019-02: EUR 28.72 per share

- 2019-03: EUR 25.39 per share

- 2019-04: EUR 27.40 per share

- 2019-05: EUR 21.11 per share

- 2019-06: EUR 24.83 per share

- 2019-07: EUR 22.56 per share

- 2019-08: EUR 21.98 per share

- 2019-09: EUR 22.34 per share

- 2019-10: EUR 22.86 per share

- 2019-11: EUR 27.20 per share

- 2019-12: EUR 28.51 per share

- 2020-01: EUR 25.95 per share

- 2020-02: EUR 26.94 per share

- 2020-03: EUR 19.28 per share

- 2020-04: EUR 23.74 per share

- 2020-05: EUR 24.75 per share

- 2020-06: EUR 24.82 per share

- 2020-07: EUR 24.04 per share

- 2020-08: EUR 24.77 per share

- 2020-09: EUR 24.04 per share

- 2020-10: EUR 23.08 per share

- 2020-11: EUR 32.00 per share

- 2020-12: EUR 34.14 per share

- 2021-01: EUR 35.65 per share

- 2021-02: EUR 34.70 per share

- 2021-03: EUR 38.42 per share

- 2021-04: EUR 43.09 per share

- 2021-05: EUR 45.61 per share

- 2021-06: EUR 43.21 per share

- 2021-07: EUR 52.80 per share

- 2021-08: EUR 51.96 per share

- 2021-09: EUR 47.88 per share

- 2021-10: EUR 51.58 per share

- 2021-11: EUR 42.33 per share

- 2021-12: EUR 47.64 per share

- 2022-01: EUR 49.76 per share

- 2022-02: EUR 49.84 per share

- 2022-03: EUR 40.21 per share

- 2022-04: EUR 37.03 per share

- 2022-05: EUR 38.66 per share

- 2022-06: EUR 26.50 per share

- 2022-07: EUR 31.72 per share

- 2022-08: EUR 26.99 per share

- 2022-09: EUR 24.41 per share

- 2022-10: EUR 26.45 per share

- 2022-11: EUR 29.80 per share

- 2022-12: EUR 29.49 per share

- 2023-01: EUR 36.12 per share

- 2023-02: EUR 36.92 per share

- 2023-03: EUR 34.37 per share

- 2023-04: EUR 33.55 per share

- 2023-05: EUR 30.62 per share

- 2023-06: EUR 28.58 per share

- 2023-07: EUR 28.72 per share

- 2023-08: EUR 26.15 per share

- 2023-09: EUR 27.60 per share

- 2023-10: EUR 26.15 per share

- 2023-11: EUR 30.53 per share

- 2023-12: EUR 32.88 per share

- 2024-01: EUR 28.62 per share

- 2024-02: EUR 28.24 per share

- 2024-03: EUR 29.29 per share

- 2024-04: EUR 27.44 per share

- 2024-05: EUR 26.34 per share

- 2024-06: EUR 24.14 per share

- 2024-07: EUR 25.02 per share

- 2024-08: EUR 25.46 per share

- 2024-09: EUR 28.14 per share

- 2024-10: EUR 24.94 per share

- 2024-11: EUR 27.16 per share

- 2024-12: EUR 25.22 per share

- 2025-01: EUR 26.74 per share

- 2025-02: EUR 29.20 per share

- 2025-03: EUR 29.90 per share

- 2025-04: EUR 25.54 per share

- 2025-05: EUR 26.74 per share

- 2025-06: EUR 27.44 per share

- 2025-07: EUR 25.88 per share

- 2025-08: EUR 25.94 per share

- 2025-09: EUR 27.62 per share

- 2025-10: EUR 30.26 per share

- 2025-11: EUR 33.16 per share

- 2025-12: EUR 35.24 per share

- 2026-01: EUR 36.54 per share

- 2026-02: EUR 44.42 per share

- 2026-03: EUR 33.96 per share

- 2026-04: EUR 45.38 per share

- 2026-05: EUR 51.05 per share

- 2026-06: EUR 42.56 per share

- 2026-07: EUR 45.46 per share

- 2026-08: EUR 46.96 per share

- 2026-09: EUR 44.04 per share

- 2026-10: EUR 37.64 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 25.62 per share, central EUR 28.77 per share, high EUR 32.97 per share

- FY2017: low EUR 28.94 per share, central EUR 32.55 per share, high EUR 37.35 per share

- FY2018: low EUR 38.92 per share, central EUR 44.11 per share, high EUR 51.01 per share

- FY2019: low EUR 37.72 per share, central EUR 42.42 per share, high EUR 48.68 per share

- FY2020: low EUR 32.71 per share, central EUR 36.73 per share, high EUR 42.08 per share

- FY2021: low EUR 49.75 per share, central EUR 56.50 per share, high EUR 64.78 per share

- FY2022: low EUR 97.53 per share, central EUR 137.59 per share, high EUR 160.91 per share

- FY2023: low EUR 63.11 per share, central EUR 76.86 per share, high EUR 88.93 per share

- FY2024: low EUR 53.30 per share, central EUR 60.47 per share, high EUR 70.02 per share

- FY2025: low EUR 42.58 per share, central EUR 48.07 per share, high EUR 55.37 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

Prior published observations retained from 2026-10-15T06:44:48.102Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/5493001136GE6L4R7M63/2021-12-31/ESEF/LU/0/aperam-2021-12-31-en/reports/aperam-2021-12-31-en.xhtml); period 2021-12-31, filed 2022-03-29.

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.

## Reported holder observations