Aperam S.A.

APEMY

Steel · Basic Materials

Price

$54.49

+0.99 (+1.85%)

Market Cap

$3.94B

Exchange

Other OTC

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Jun 30, 2026

Share count falling — buybacks

−8.2% over 4y

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

Diluted shares outstanding: 79.6M (2021) → 73.1M (2025)

Aperam S.A. is a global steel company that specializes in stainless steel, electrical steel, and specialty alloys. It sells these materials to industries like automotive, construction, food processing, medical devices, and energy. Aperam was spun off from ArcelorMittal in 2011 and is one of the largest stainless steel producers in Europe and South America.

The company makes money by producing and selling steel products, with revenue tied directly to the volume and price of steel it ships. Aperam operates mainly in Europe, Brazil, and has a services and solutions division that adds some value-added processing. Its competitive edge comes partly from its low-cost Brazilian operations and a vertically integrated structure that includes its own raw material inputs. The biggest risk the company faces is the cyclical nature of steel prices — when prices fall, margins compress quickly, as the current low operating margin and negative return on invested capital suggest.

Winston Score History

Score breakdown

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Quality

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Operating Margin

6.0%

Modest — 6.0% operating margin

ROCE

2.3%

Weak — 2.3% 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

-3.9%

Shrinking sales (-3.9% YoY)

EPS YoY

-36.0%

Earnings shrinking (-36.0% YoY)

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

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Cash Conversion

388%

Turns 388% of profit into real cash

FCF Margin

5.9%

Thin free cash flow (5.9%)

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

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Stability

Debt / Equity

0.37

Conservative — low debt load (0.37)

Interest Cover

1.56x

Dangerous — barely covers interest (1.6x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

32.0x

Pricey — P/E 32.0

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+21.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (32.0 → 10.1)

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Dividends

Dividend Yield

4.25%

Healthy income — 4.25% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

+6.5%

Dividend growing modestly (6.5% YoY)

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