Acciona Past Earnings Performance
Past criteria checks 4/6
Acciona has been growing earnings at an average annual rate of 11.1%, while the Electric Utilities industry saw earnings growing at 16.2% annually. Revenues have been growing at an average rate of 23.8% per year. Acciona's return on equity is 18%, and it has net margins of 3.7%.
Key information
11.09%
Earnings growth rate
11.16%
EPS growth rate
| Electric Utilities Industry Growth | 11.41% |
| Revenue growth rate | 23.76% |
| Return on equity | 17.96% |
| Net Margin | 3.74% |
| Next Earnings Update | 07 May 2026 |
Recent past performance updates
Recent updates
ANA: Higher Fair Value And Downgrade Will Constrain Future Equity Returns
Analysts have raised their fair value estimate for Acciona by about €9 to €183, reflecting revised assumptions on revenue growth, margins and a slightly lower discount rate, even as recent research includes both a higher price target and a rating downgrade. Analyst Commentary Bullish Takeaways Bullish analysts point to the higher fair value estimate of €183 as support for a more constructive view on Acciona's long term earnings power and project pipeline.
ANA: Future Margin Confidence Will Reflect Mixed Rating Shift And Stable Fair Value
Analysts keep the fair value estimate for Acciona steady at €225.0, with a small adjustment to the discount rate and updated views from recent research, including a downgrade to Reduce and a €10 increase in one price target, shaping the latest price target rationale. Analyst Commentary Recent research on Acciona shows a mix of views, with the fair value estimate held steady at €225.0 and opinions split on the near term share price path.ANA: Mixed Rating Signals Will Shape Future Margin And Discount Rate Confidence
Acciona's analyst price target has shifted from €202.00 to €225.00, with analysts attributing this change to updated views on discount rates, profit margins and future P/E assumptions. Recent research has been mixed, including a downgrade to Reduce and a separate €10 increase in the price target.
ANA: Softer Earnings Outlook In 2026 Will Pressure Elevated P/E
Analysts have held their fair value estimate for Acciona at €125 while revising assumptions to reflect a lower discount rate, softer revenue expectations, slightly slimmer profit margins, and a marginally lower future P/E, influenced by a recent downgrade to Reduce and a higher price target from the Street. Analyst Commentary Recent Street research paints a more cautious picture around Acciona, even as the fair value estimate is held steady.ANA: 2026 Earnings Cliff Fears Will Weigh On Future Returns
Analysts have raised their fair value estimate for Acciona from about €166.51 to roughly €174.88. This change reflects updated views on discount rates, margins and growth, following recent target revisions that include a higher price target from one firm and downgrades to Hold and Underperform from others.ANA: Earnings Cliff In 2026 Will Undermine Raised P/E Assumptions
Analysts have raised their price expectations for Acciona by €10. They cite updated assumptions for the discount rate, revenue trends, profit margins and future P/E as the key drivers behind the new target.ANA: Earnings Cliff In 2026 Will Pressure Shares Despite Higher Fair Value
Analysts have raised their fair value estimate for Acciona by €10 to €125, citing updated assumptions for revenue trends, profit margins, and a lower future P/E multiple, alongside recent mixed rating changes and price targets from the Street. Analyst Commentary Recent Street research on Acciona reflects a more cautious tone, with several bearish analysts tempering their expectations even as some price targets remain well above the latest fair value estimate of €125.Acciona (BME:ANA) Shareholders Will Want The ROCE Trajectory To Continue
Jan 12
ANA: 2026 Earnings Cliff Fears Will Drive A More Cautious Outlook
Analysts have nudged their fair value estimate for Acciona up from €161.74 to €166.51, reflecting updated assumptions on discount rate, revenue trends, profit margin, and future P/E after recent downgrades and fresh price targets that highlight concerns about a potential earnings cliff in 2026 and a more cautious stance on the shares. Analyst Commentary Recent research has turned more cautious on Acciona, with two downgrades and price targets that sit close to, or below, the updated fair value estimate of €166.51.ANA: Earnings Cliff In 2026 Will Pressure Shares Despite Raised Fair Value Estimate
Analysts have raised their fair value estimate for Acciona from EUR 105 to EUR 115, despite a higher discount rate and softer long-term margin assumptions. This reflects a more supportive view of the company’s earnings trajectory than implied by recent Street downgrades.ANA: Downgrades And 2026 Earnings Cliff Fears Will Shape Outlook
Analysts have nudged their blended price target for Acciona modestly higher to about EUR 162 from roughly EUR 159, reflecting a slightly lower discount rate and marginally improved long term growth assumptions, even as recent downgrades flag an approaching earnings cliff and question how much growth is being priced into its concession assets. Analyst Commentary Street research has turned more cautious on Acciona, with a string of downgrades highlighting concerns about the durability of earnings beyond the current project cycle and the degree of growth already embedded in consensus expectations and valuation multiples.ANA: Recent Downgrade and Rising Discount Rate Will Shape Earnings Outlook
Narrative Update: Acciona Analyst Price Target Revised Analysts have lowered their fair value estimate for Acciona from EUR 158.21 to EUR 159.10, reflecting a modest uptick. Recent Street research, however, cautions that market expectations for concession asset growth may be overly optimistic.ANA: Concession Asset Optimism Will Face Downside Risk After Sell Rating
Narrative Update on Acciona Analysts have modestly raised Acciona's fair value estimate from €155.73 to €158.21. They cite expectations that the market is overestimating growth prospects for the company's concession assets.Acciona, S.A.'s (BME:ANA) Prospects Need A Boost To Lift Shares
Oct 29Analysts Debate Acciona’s Growth as Price Target Cut and Valuation Adjusted Amid Buyback
Narrative Update on Acciona Acciona's analyst price target has been reduced from €141 to €135, as analysts express caution about overly optimistic growth expectations for the company’s concession assets. Analyst Commentary Following the recent revision in Acciona's price target, analysts have shared a range of perspectives on the outlook for the company.Acciona (BME:ANA) Has A Somewhat Strained Balance Sheet
Sep 09MacIntyre Wind Farm Will Expand Renewable Energy Capacity In 2024
With no significant changes in Acciona's key valuation metrics, including a stable consensus price target of €153.25, analyst sentiment and fair value remain essentially unchanged. Valuation Changes Summary of Valuation Changes for Acciona The Consensus Analyst Price Target remained effectively unchanged, at €153.25.When Should You Buy Acciona, S.A. (BME:ANA)?
Aug 26Is Now The Time To Put Acciona (BME:ANA) On Your Watchlist?
Jul 30Acciona, S.A.'s (BME:ANA) Business Is Yet to Catch Up With Its Share Price
Jul 15Acciona's (BME:ANA) Upcoming Dividend Will Be Larger Than Last Year's
Jun 27Acciona (BME:ANA) Has More To Do To Multiply In Value Going Forward
Jun 02Acciona (BME:ANA) Will Pay A Larger Dividend Than Last Year At €4.25
May 18
MacIntyre Wind Farm Will Expand Renewable Energy Capacity In 2024
Acciona's strong infrastructure backlog and renewable energy expansion set a foundation for revenue and operating margin growth through large-scale projects.Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Acciona makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Dec 25 | 21,490 | 803 | 3,939 | 0 |
| 30 Sep 25 | 21,589 | 818 | 3,871 | 0 |
| 30 Jun 25 | 21,688 | 832 | 3,802 | 0 |
| 31 Mar 25 | 21,283 | 627 | 3,746 | 0 |
| 31 Dec 24 | 20,878 | 422 | 3,689 | 0 |
| 30 Sep 24 | 20,360 | 306 | 3,601 | 0 |
| 30 Jun 24 | 19,842 | 190 | 3,513 | 0 |
| 31 Mar 24 | 18,905 | 366 | 3,339 | 0 |
| 31 Dec 23 | 17,967 | 541 | 3,164 | 0 |
| 30 Sep 23 | 16,063 | 624 | 2,854 | 0 |
| 30 Jun 23 | 14,158 | 707 | 2,544 | 0 |
| 31 Mar 23 | 13,185 | 574 | 2,381 | 0 |
| 31 Dec 22 | 12,211 | 441 | 2,218 | 0 |
| 30 Sep 22 | 11,322 | 413 | 2,128 | 0 |
| 30 Jun 22 | 10,432 | 385 | 2,037 | 0 |
| 31 Mar 22 | 9,630 | 336 | 1,998 | 0 |
| 31 Dec 21 | 8,667 | 332 | 1,895 | 0 |
| 30 Sep 21 | 8,395 | 549 | 1,878 | 0 |
| 30 Jun 21 | 7,669 | 513 | 1,723 | 0 |
| 31 Mar 21 | 7,217 | 399 | 1,548 | 0 |
| 31 Dec 20 | 7,271 | 387 | 1,621 | 0 |
| 30 Sep 20 | 7,280 | 217 | 1,525 | 0 |
| 30 Jun 20 | 7,526 | 219 | 1,592 | 0 |
| 31 Mar 20 | 7,953 | 357 | 1,628 | 0 |
| 31 Dec 19 | 7,875 | 352 | 1,599 | 0 |
| 30 Sep 19 | 7,928 | 319 | 1,563 | 0 |
| 30 Jun 19 | 8,022 | 297 | 1,510 | 0 |
| 31 Mar 19 | 7,986 | 340 | 1,493 | 0 |
| 31 Dec 18 | 7,971 | 328 | 1,486 | 0 |
| 30 Sep 18 | 7,950 | 210 | 1,513 | 0 |
| 30 Jun 18 | 8,007 | 326 | 1,514 | 0 |
| 31 Mar 18 | 7,936 | 221 | 1,511 | 0 |
| 31 Dec 17 | 7,867 | 220 | 1,497 | 0 |
| 30 Sep 17 | 7,445 | 236 | 1,464 | 0 |
| 30 Jun 17 | 7,062 | -164 | 1,410 | 0 |
| 31 Mar 17 | 6,717 | 363 | 1,353 | 0 |
| 31 Dec 16 | 6,532 | 352 | 1,320 | 0 |
| 30 Sep 16 | 6,438 | 389 | 1,277 | 0 |
| 30 Jun 16 | 6,459 | 701 | 1,262 | 0 |
| 31 Mar 16 | 6,741 | 214 | 1,266 | 0 |
| 31 Dec 15 | 6,791 | 207 | 1,254 | 0 |
| 30 Sep 15 | 6,971 | 202 | 1,302 | 0 |
| 30 Jun 15 | 7,134 | 219 | 1,318 | 0 |
Quality Earnings: ANA has a large one-off gain of €613.0M impacting its last 12 months of financial results to 31st December, 2025.
Growing Profit Margin: ANA's current net profit margins (3.7%) are higher than last year (2%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: ANA's earnings have grown by 11.1% per year over the past 5 years.
Accelerating Growth: ANA's earnings growth over the past year (90.3%) exceeds its 5-year average (11.1% per year).
Earnings vs Industry: ANA earnings growth over the past year (90.3%) exceeded the Electric Utilities industry -1.9%.
Return on Equity
High ROE: ANA's Return on Equity (18%) is considered low.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/04/29 06:00 |
| End of Day Share Price | 2026/04/29 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Acciona, S.A. is covered by 23 analysts. 10 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Andrés Bolumburu Cámara | Banco de Sabadell. S.A. |
| Oscar Nájar Ríos | Banco Santander |
| Harry Wyburd | BNP Paribas |