Tubacex, S.A.

0KD1.L

Steel · Basic Materials

Price

2.98 GBp

+0.04 (+1.45%)

Market Cap

£364.5M

Exchange

London Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

Dividends

Good

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Share count falling — buybacks

−3.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 126.6M (2021) → 122.7M (2025)

Winston Score History

The full picture

Tubacex is a Spanish company that makes stainless steel and high-alloy steel tubes. These are specialty metal pipes used in demanding environments like oil and gas drilling, power plants, and chemical processing facilities. The company is one of Europe's largest producers of seamless stainless steel tubes and sells primarily to industrial customers around the world.

Tubacex earns money by manufacturing and selling these tubes directly to energy companies, engineering firms, and industrial buyers. It operates mainly from Spain but sells globally, with a significant portion of revenue coming from the oil and gas sector. Its competitive edge comes from its ability to produce technically complex, high-specification tubes that commodity steel makers cannot easily replicate. However, the company's very thin operating margin of under 1% shows how sensitive the business is to raw material costs and energy prices, and a slowdown in oil and gas investment remains the key risk to its near-term performance.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+79.0% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-84.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€273,000/ year

↓ Declining (-67% vs prior year)

0.0% of revenue

Below sector average (3%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

19.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~4 years

€127M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

€127M cash & investments at current burn rate

Revenue accelerating

Tubacex, S.A. grew revenue 79% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

27.9%

Modest — 27.9% gross margin

Profit after running costs

Operating Margin

4.0%

Thin — 4.0% operating margin

Return on the money invested

ROCE

14.0%

Good — 14.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+10.7%

Steady sales growth (+10.7% YoY)

Profit growth

EPS YoY

-210.8%

Earnings shrinking (-210.8% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

1.9%

Thin free cash flow (1.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

1.64

Elevated debt (1.64)

Covers its interest

Interest Cover

3.85x

Tight — interest eats into profit (3.9x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

1.62%

Small dividend — 1.62% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+339.5%

Dividend growing fast (339.5% YoY)

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