1. Luxembourg Stocks

  2. •

    Basic Materials

  3. •

    Steel
Aperam S.A.

Aperam S.A.

APAM.AS
Aperam S.A.NL flagEuronext Amsterdam
45.84
EUR
+0.34
- -
3.32BMarket Cap
Aperam S.A.
APAM.AS
(Euronext Amsterdam)

Recent

price

45.84

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
53.99
62.72
50.97
47.51
57.78
55.33
52.21
56
55.45
52.23
45.39
64.39
108.66
91.27
86.55
87.82
82.87
Revenue per Share
1
-0.59
-1.08
-0.93
1
2.02
2.62
4
3.39
1.82
2.19
12.22
8.33
2.81
3.2
0.13
0.41
Basic EPS, GAAP
2.51
0.31
1.13
0.73
1.44
4.6
5.11
4.67
3.5
4.93
2.43
5.02
4.76
3.06
1.95
4.12
5.31
Free Cash Flow per Basic Share
0.68
0.59
0.57
- -
- -
- -
1.19
1.32
1.54
1.75
1.74
1.77
2.01
2.01
2.01
2.09
2.02
Dividend per Share
30.28
16.61
14.57
13.04
16.21
20.08
18.15
21.03
21.93
22.51
23.08
33.72
42.11
44.72
45.62
45.73
- -
Book Value per Share
25.67
25.1
22.31
19.95
20.87
19.54
23.46
25.43
24.06
23.89
22.23
31.73
39.18
41.51
40.67
39.07
37.86
Tangible Book Value per Share
78
78
78
78
78
78
78
80
84
81
80
79
75
72
72
69
72
Basic Weighted Avg Shares
4,214
4,895
3,978
3,708
4,508
4,314
4,055
4,481
4,677
4,240
3,624
5,102
8,156
6,592
6,255
6,080
5,997
Sales/Revenue/Turnover
1.66
0.71
-1.96
-0.21
5.4
6.93
7.43
8.9
7.72
4.88
5.49
20.42
10.91
1.35
2.06
0.26
23.29
Operating Margin (%)
220
237
222
210
200
159
166
152
143
150
144
144
186
204
229
259
254
Depreciation Expense
78
-46
-84
-72
78
157
203
320
286
148
175
968
625
203
231
9
30
Net Income, GAAP
- -
- -
- -
- -
22.76
24.12
22.74
9.86
19.89
20
26.47
7.09
16.76
- -
- -
- -
116.35
Effective Tax Rate (%)
1.86
-0.95
-2.11
-1.95
1.73
3.65
5.02
7.14
6.12
3.49
4.83
18.97
7.66
3.08
3.69
0.15
0.5
Profit Margin (%)
398
237
150
320
507
423
457
740
684
766
755
1,653
1,811
1,448
1,209
1,323
1,379
Working Capital
701
453
459
560
570
412
261
238
181
365
372
719
667
574
516
1,070
1,106
LT Debt
2,747
2,656
2,391
2,142
2,201
2,032
2,358
2,544
2,519
2,418
2,204
2,953
3,392
3,450
3,366
3,210
3,253
Total Equity
- -
- -
- -
- -
6.58
8.51
8.76
12.79
10.33
5.83
5.24
28.84
17.68
- -
- -
- -
- -
Return on Invested Capital (%)
- -
- -
- -
- -
7.44
10.03
12.05
18.27
14.35
7.74
7.98
32.86
16.55
- -
- -
- -
9.27
Return on Capital (%)
3.51
-2.53
-6.9
-6.72
6.85
11.12
13.68
20.69
16.19
8.05
9.54
42.88
21.43
6.35
7.08
0.28
- -
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
678
233
188
LT Borrowings
- -
973
- -
LT Finance Leases
- -
97
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
72
72
72
Market Capitalization
1,997
2,550
2,458

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
2,128
2,968
2,015
Cash, Cash Equivalents & STI
320
325
237
Accounts Receivable, Net
- -
435
- -
Inventories
1,613
2,028
1,577
Total Current Liabilities
1,109
1,645
636
Payables & Accruals
- -
- -
- -
ST Debt
678
233
188
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
5.36%
8.7%
-4.63%
Free Cash Flow
9.06%
24.54%
102.13%
Net Income, GAAP
31.39%
53.58%
-96.1%
Sales/Revenue/Turnover
5.86%
14.71%
-2.8%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,657
1,634
1,493
1,471
6,255
2025
1,658
1,654
1,410
1,358
6,080
2026
1,575
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
-0.26
0.82
2.48
0.17
3.2
2025
-0.25
0.26
-0.29
0.4
0.13
2026
0.04
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.5
0.51
0.5
0.5
2.01
2025
0.5
0.51
0.5
0.5
2.09
2026
0.51
- -
- -
- -
- -
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Business
Aperam SA is a Luxembourg-based global producer of stainless, electrical and specialty steels, along with recycling solutions. The company operates through four primary segments: Stainless & Electrical Steel, which manufactures flat stainless and electrical steel products including special carbon steels with a capacity of 2.5 million tonnes across facilities in Brazil and Europe; Services & Solutions, which provides customized steel transformation, marketing, logistics and value-added processing; Alloys & Specialties, which produces high-value nickel alloys and specific stainless steels for demanding applications; and Recycling & Renewables, which collects, trades, processes and recycles stainless steel scrap and high-performance alloys using sustainable practices such as biomass from FSC-certified forestry. Aperam serves diverse industries including aerospace, automotive, construction, medical, oil and gas, and industrial sectors, with customers in over 40 countries and revenue primarily from Europe (around 60%), South America (around 40%), as well as Asia & Africa. Founded in 2011 as a spin-off from ArcelorMittal and headquartered in Luxembourg, the company maintains production sites in Belgium, Brazil, France and a global network of service centers, while emphasizing sustainability, eco-efficiency and circular economy principles. In recent developments, Aperam signed a definitive agreement in October 2024 to acquire Universal Stainless & Alloy Products, Inc., a U.S. manufacturer of specialty steels for aerospace and industrial markets, in an all-cash deal valued at approximately $539 million with expected annual synergies of $30 million and closing anticipated in the first half of 2025; additionally, the company announced CEO Timoteo Di Maulo's retirement effective January 1, 2026, alongside CFO transition updates in September 2025.