Acciona, S.A. (ANA.MC) Stock Analysis & Winston Score

Acciona is a Spanish company that builds and runs infrastructure and clean energy projects around the world. Its two main businesses are renewable energy — wind farms, solar plants, and hydropower — and construction, which includes highways, hospitals, railways, and water treatment facilities. It is one of Spain's largest infrastructure groups and has a significant focus on sustainability across all its operations.

Acciona makes money by selling electricity from its power plants under long-term contracts and by winning large construction and engineering contracts from governments and private clients. It operates across more than 40 countries, with a strong presence in Europe, Australia, Latin America, and the Middle East. The company's long-term energy contracts and diversified project pipeline provide some stability, but it carries a heavy debt load from building and owning large assets, and rising interest rates or delays in renewable energy permitting remain key risks to its financial performance.

Winston Score History

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

-1.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-9.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

56.2%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$8.0B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Acciona, S.A.'s revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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.

Share count broadly stable

−0.3% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 54.6M (2021) → 54.5M (2025)

Score breakdown

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Quality

Gross Margin

68.8%

Premium pricing power — 68.8% gross margin

Operating Margin

8.1%

Modest — 8.1% operating margin

ROCE

2.6%

Weak — 2.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+2.9%

Nearly flat sales (2.9% YoY)

EPS YoY

+90.4%

Earnings growing fast (90.4% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

267%

Turns 267% of profit into real cash

FCF Margin

1.8%

Thin free cash flow (1.8%)

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

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Stability

Debt / Equity

2.70

Heavy debt load (2.70)

Interest Cover

7.66x

Adequate interest coverage (7.7x)

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

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Valuation

P/E Ratio (TTM)

16.6x

Fair value — P/E 16.6

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

-12.1

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

2.26%

Moderate income — 2.26% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+50.7%

Dividend growing fast (50.7% YoY)

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