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Tubacex, S.A.

0KD1.L
33
Steel · Basic Materials
Price
2.94 GBp
-0.01 (-0.17%)
Market Cap
£359.3M
Exchange
London Stock Exchange
Winston Score
33
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Oct 8, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
11/30
Growth
Mixed
5/20
Cash Flow
Weak
0/10
Stability
Mixed
4/10
Valuation
Data not available
0/10
Ownership
Good
10/15
Dividends
Good
3/5

33 of 100 counted points = Winston Score 33.

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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

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
-6.4%
Burning cash (-6.4%)

Free cash flow is negative. They are burning cash, not generating it.

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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
1.45%
Small dividend — 1.45% 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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