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Tubos Reunidos, S.A.

TRG.MC
23
Steel · Basic Materials
Price
€0.14
+0.00 (+0.00%)
Market Cap
€25.0M
Exchange
Madrid Stock Exchange
Winston Score
23
Winston is worried
Weak fundamentals across most pillars.
Data as of Jul 25, 2026 · filings through Dec 31, 2025

Tubos Reunidos, S.A., along with its various subsidiaries, specializes in the production, treatment, sales, and distribution of seamless steel piping products. The company's operations are organized into distinct segments covering Manufacturing, Transformation, Distribution and Marketing, and other business activities. It offers a comprehensive range of seamless steel tubes, including hot-rolled, cold-drawn carbon, and alloy types, as well as hot-finished pipes. These products are vital for numerous industries, such as oil and gas, chemical and petrochemical, power generation, heat exchange, automotive, mechanical engineering, and construction. Beyond its core steel business, Tubos Reunidos also participates in real estate operations and marketing. Established in 1892, the company's headquarters are located in Bilbao, Spain, and it maintains a significant international footprint, with operations spanning Spain, the broader European Union, North America, the Middle East, Africa, and the Far East.

Winston Score History

Growth Profile

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

Revenue Growth

+205.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Cash Runway

~3 years

$39M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$39M cash & investments at current burn rate

Revenue accelerating

Tubos Reunidos, S.A. grew revenue 206% 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.

Share count broadly stable

+0.0% over 4y

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

Diluted shares outstanding: 174.0M (2021) → 174.1M (2025)

Score breakdown

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Quality

Gross Margin
47.7%
Healthy — 47.7% gross margin
Operating Margin
-52.9%
Losing money on operations — -52.9%
ROCE
-19.9%
Weak — -19.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY
+1370.4%
Fast-growing sales (1370.4% YoY)
EPS YoY
-364.3%
Earnings shrinking (-364.3% YoY)

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

EPS Consistency
0/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
N/A
Data not available
FCF Margin
-1.6%
Burning cash (-1.6%)

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

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Stability

Debt / Equity
N/A
Data not available
Interest Cover
N/A
Data not available

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Valuation

P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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