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Spanish (IBEX) Industrials Sector Analysis

UpdatedJan 13, 2026
DataAggregated Company Financials
Companies29
  • 7D2.8%
  • 3M11.0%
  • 1Y41.6%
  • YTD5.1%

The Industrials industry is up 2.6% in the last week, with Aena S.M.E up 3.8%. Meanwhile, Soltec Power Holdings actually underperformed within the industry, shrinking 48% in the last week. This means that the industry has gained 41% over the past year. Looking forward, earnings are forecast to decline by 4.0% per year.

Sector Valuation and Performance

Has the Spanish Industrials Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 13 Jan 2026€130.5b€117.4b€7.2b14.2x18.1x1.1x
Thu, 11 Dec 2025€123.8b€117.4b€7.2b13x17.2x1.1x
Sat, 08 Nov 2025€117.9b€115.5b€7.1b14.7x16.5x1x
Mon, 06 Oct 2025€115.1b€115.5b€7.0b15.5x16.4x1x
Wed, 03 Sep 2025€111.1b€115.6b€7.1b17.1x15.6x1x
Fri, 01 Aug 2025€108.5b€113.0b€7.2b16.6x15.1x1x
Sun, 29 Jun 2025€107.1b€112.2b€7.0b17.2x15.4x1x
Tue, 27 May 2025€110.8b€112.2b€7.0b18.2x15.9x1x
Thu, 24 Apr 2025€97.7b€108.5b€6.9b16.3x14.1x0.9x
Sat, 22 Mar 2025€99.9b€108.7b€7.2b13.7x13.8x0.9x
Mon, 17 Feb 2025€100.6b€104.8b€4.7b15.5x21.5x1x
Wed, 15 Jan 2025€92.1b€104.7b€4.7b13.4x19.7x0.9x
Fri, 13 Dec 2024€94.8b€105.1b€4.7b13.9x20.4x0.9x
Sun, 10 Nov 2024€91.2b€105.5b€4.7b13.6x19.4x0.9x
Tue, 08 Oct 2024€92.4b€104.9b€4.6b14.9x20.2x0.9x
Thu, 05 Sep 2024€89.3b€104.9b€4.6b13.9x19.6x0.9x
Sat, 03 Aug 2024€86.2b€104.7b€4.5b13.6x19x0.8x
Mon, 01 Jul 2024€90.4b€102.3b€4.2b14x21.4x0.9x
Wed, 29 May 2024€90.3b€102.2b€4.2b14.4x21.4x0.9x
Fri, 26 Apr 2024€84.7b€101.2b€4.1b13.7x20.9x0.8x
Sun, 24 Mar 2024€88.5b€101.4b€4.1b15x21.7x0.9x
Tue, 20 Feb 2024€84.3b€101.0b€3.6b16.3x23.4x0.8x
Thu, 18 Jan 2024€95.8b€110.8b€2.2b16x44x0.9x
Sat, 16 Dec 2023€95.5b€110.8b€2.2b16.5x43.9x0.9x
Mon, 13 Nov 2023€85.3b€110.2b€2.1b13.6x41.1x0.8x
Wed, 11 Oct 2023€84.1b€110.2b€1.9b13.6x43.2x0.8x
Fri, 08 Sep 2023€86.4b€110.2b€2.0b14.1x44.2x0.8x
Sun, 06 Aug 2023€88.2b€110.1b€2.0b14.9x44.4x0.8x
Tue, 04 Jul 2023€87.1b€107.5b€1.6b18.6x54.6x0.8x
Thu, 01 Jun 2023€84.5b€107.4b€1.6b16.3x53x0.8x
Sat, 29 Apr 2023€85.3b€105.1b€1.4b17.7x61.6x0.8x
Mon, 27 Mar 2023€80.7b€104.9b€1.4b16.4x58.5x0.8x
Wed, 22 Feb 2023€81.1b€100.6b€500.2m17.7x162.1x0.8x
Fri, 20 Jan 2023€80.0b€100.2b€974.4m16.8x82.1x0.8x
Price to Earnings Ratio

82.1x


Total Market Cap: €80.0bTotal Earnings: €974.4mTotal Revenue: €100.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Spanish Industrials Sector Price to Earnings3Y Average 32.6x202420252026
Current Industry PE
  • Investors are pessimistic on the Spanish Industrials industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 18.0x which is lower than its 3-year average PE of 32.7x.
  • The 3-year average PS ratio of 0.88x is lower than the industry's current PS ratio of 1.1x.
Past Earnings Growth
  • The earnings for companies in the Industrials industry have grown 95% per year over the last three years.
  • Revenues for these companies have grown 5.4% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Spanish Industrials sector?

ES Market0.43%
Industrials2.84%
Trade Distributors6.29%
Infrastructure3.53%
Construction3.31%
Logistics2.50%
Transportation0.79%
Machinery0.29%
Building0%0
Commercial Services-1.07%
Professional Services-1.92%
Electrical-2.77%
Industry PE
  • Investors are most optimistic about the Machinery industry which is trading above its 3-year average PE ratio of 28.2x.
    • Analysts are expecting annual earnings growth of 18.3%, which is higher than its past year's earnings growth of 13.6% per year.
  • Investors are most pessimistic about the Transportation industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 7.8x.
Forecasted Growth
  • Analysts are most optimistic on the Trade Distributors industry, expecting annual earnings growth of 49% over the next 5 years.
  • This is better than its past earnings decline of 30% per year.
  • In contrast, the Construction industry is expected to see its earnings decline by 15% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
ACS ACS Actividades de Construcción y Servicios€93.056.6%
+€1.5b		96.8%PE27.1x
AENA Aena S.M.E€25.213.5%
+€1.3b		29.0%PE18.3x
FER Ferrovial€57.542.0%
+€819.8m		45.5%PE12.4x
FDR Fluidra€24.842.6%
+€117.7m		7.6%PE26.5x
LOG Logista Integral€31.142.5%
+€100.3m		5.0%PE14.6x

Latest News

FDR
€24.84
Fluidra
7D
2.6%
1Y
7.6%
SCYR
€4.03
Sacyr
7D
0.8%
1Y
29.9%
AENA
€25.21
Aena S.M.E
7D
3.5%
1Y
29.0%

AENA: Higher P/E Expectations Will Pressure Returns If Traffic Disappoints

Analysts have slightly lifted their price target on Aena S.M.E. to €28.30 from €27.70, citing updated assumptions on the discount rate, growth, margins, and future P/E that they see as better aligned with current conditions. Analyst Commentary While the latest target of €28.30 reflects updated assumptions on valuation inputs such as discount rate, growth, margins, and future P/E, not all commentary around the stock is outright bullish.
PSG
€2.62
Prosegur Compañía de Seguridad
7D
0.8%
1Y
55.4%

Market Cool On Prosegur Compañía de Seguridad, S.A.'s (BME:PSG) Earnings

Jan 10
Market Cool On Prosegur Compañía de Seguridad, S.A.'s (BME:PSG) Earnings
CAF
€59.00
Construcciones y Auxiliar de Ferrocarriles
7D
-4.4%
1Y
68.3%

Returns Are Gaining Momentum At Construcciones y Auxiliar de Ferrocarriles (BME:CAF)

Jan 09
Returns Are Gaining Momentum At Construcciones y Auxiliar de Ferrocarriles (BME:CAF)
FER
€57.54
Ferrovial
7D
2.0%
1Y
45.5%

FER: Raised Price Outlook And Index Addition Will Shape Future Balanced Returns

Analysts have lifted their fair value estimate for Ferrovial to €56.52 from €55.77, along with a higher Street price target to €64 from €56, reflecting updated assumptions on discount rate, revenue growth, profit margin and future P/E multiples. Analyst Commentary Analysts updating their models on Ferrovial are focusing on how the revised fair value and the higher Street price target line up with their expectations for returns, risk and execution quality.
ACS
€93.05
ACS Actividades de Construcción y Servicios
7D
6.6%
1Y
96.8%

ACS: Data Center Focus Will Highlight Execution Risks At Unchanged €80.53 Estimate

Analysts have lifted their price target on ACS Actividades de Construcción y Servicios to €80.53 per share, a change they link to slightly adjusted assumptions for discount rate, revenue growth, profit margin and future P/E, even though the updated fair value figure itself remains at €80.53. What's in the News ACS Actividades de Construcción y Servicios is scheduled to hold a 3Q 2025 Results Presentation combined with a Data Center Investor Day, giving investors a focused look at recent financial results alongside its data center activities (Key Developments).
CASH
€0.64
Prosegur Cash
7D
1.3%
1Y
14.3%

CASH: Lower Discount Rate And Firm P/E Assumptions Will Support Repricing

Analysts have nudged their price target on Prosegur Cash slightly higher, reflecting small adjustments to their models, such as a marginally lower discount rate and a very small tweak to the assumed future P/E multiple. Valuation Changes Fair Value: unchanged at 0.87 in the model, indicating no adjustment to the core intrinsic value estimate.
ART
€22.20
Arteche Lantegi Elkartea
7D
-2.6%
1Y
165.9%

ART: Future Meeting And Stable Outlook Will Support Fair Pricing

Analysts have modestly raised their price target for Arteche Lantegi Elkartea to €20.87, reflecting incremental tweaks to the discount rate and long-term valuation assumptions while keeping underlying growth and margin expectations broadly unchanged. What's in the News Arteche Lantegi Elkartea has scheduled a Special and Extraordinary Shareholders Meeting for December 4, 2025 in Mungia, Bizkaia, Spain, indicating forthcoming strategic or governance decisions that may impact capital allocation and long term positioning (company event filing).
LOG
€31.14
Logista Integral
7D
2.5%
1Y
5.0%
SOL
€1.09
Soltec Power Holdings
7D
-49.5%
1Y
n/a

Soltec Power Holdings, S.A.'s (BME:SOL) Price Is Right But Growth Is Lacking

Dec 26
Soltec Power Holdings, S.A.'s (BME:SOL) Price Is Right But Growth Is Lacking
OHLA
€0.36
Obrascón Huarte Lain
7D
-1.5%
1Y
-11.1%
GGR
€4.23
Greening Group Global
7D
-3.9%
1Y
-24.2%
FCC
€11.04
Fomento de Construcciones y Contratas
7D
-2.0%
1Y
20.8%

Fomento de Construcciones y Contratas, S.A.'s (BME:FCC) Popularity With Investors Is Clear

Nov 18
Fomento de Construcciones y Contratas, S.A.'s (BME:FCC) Popularity With Investors Is Clear
TLGO
€3.03
Talgo
7D
-2.1%
1Y
-15.1%
ETC
€2.76
Energy Solar Tech
7D
-6.8%
1Y
-1.1%