Spanish Construction Giants: San José Overtakes OHLA in Market Value
Grupo San José, a leading construction firm based in Galicia, Spain, has surpassed OHLA in stock market capitalization, reaching over 550 million euros in 2026. This shift marks a significant moment in the Spanish construction sector, fueled by San José’s strong performance and OHLA’s recent financial challenges.
The Rise of San José
San José’s stock value has doubled between 2023 and 2025, and continues its upward trajectory. This growth is supported by an expanding construction portfolio, improved profit margins, and anticipation surrounding the Operación Chamartín urban development project in Madrid, which is progressing as planned.
The company, led by Jacinto Rey, saw its stock value climb from 489 million euros at the close of 2025 to 554 million euros currently. Analysts at Sabadell have even raised the price target to 10.08 euros per share, representing a potential 36% increase.
OHLA’s Struggles and Restructuring
OHLA, formerly a prominent player in the Ibex and once considered a jewel of Grupo Villar Mir, has faced headwinds. Third-quarter results revealed accumulated losses of 45.6 million euros, leading to a decline in its stock price. The company, managed by the Amodio family, experienced a 4% decrease in capitalization in 2026, falling from 494.5 million euros to 491 million euros.
Despite a larger asset base (3.322 billion euros compared to San José’s 1.383 billion euros) and higher revenue (2.571 million euros versus San José’s 1.148 million euros in the first nine months of the year), OHLA’s losses have weighed on investor confidence. The company is currently undergoing a restructuring process.
Key Financial Differences
While OHLA generates more than double the revenue of San José, the latter demonstrates stronger profitability. San José reported a profit of 27.5 million euros, a 19.1% increase, with an EBITDA margin of 5.3%. OHLA’s EBITDA increased by 30% to 113.2 million euros, but its margin remains lower at 4.4%.
San José’s order backlog stands at 3.510 billion euros, a 10% increase, with 79% of contracts originating in the Spanish market. OHLA’s backlog is significantly larger at 8.600 billion euros, but experienced only a 1.4% growth.
Investor Confidence and Future Outlook
Francisco García Paramés’ Cobas gestora has taken positions in San José, citing the structural imbalance between housing supply and demand in Spain, and the company’s strong management and family ownership. This investment reflects growing confidence in San José’s ability to capitalize on the housing market, particularly through projects like the Plan Vive in Madrid.
Sabadell analysts predict a 1.1% increase in San José’s revenue to 1.575 billion euros, and a substantial rise in EBITDA to 83.8 million euros, a 13.1% increase.
Margin Comparison with Industry Leaders
San José’s EBITDA margin of 5.3% is lower than that of other major Spanish construction companies, including Acciona (13.6%), FCC (16.1%), and Sacyr (29.8%). It is comparable to ACS (6.2%), the largest construction firm in Spain.
FAQ
Q: What is Operación Chamartín?
A: Operación Chamartín, now known as Madrid Nuevo Norte, is a large-scale urban development project in Madrid.
Q: Who are the key figures at OHLA?
A: Luis Amodio is the Chairman, and Tomás Ruiz leads the company.
Q: What is driving San José’s success?
A: Growth in its construction portfolio, improved margins, and the progress of projects like Operación Chamartín are key factors.
Q: What is the current market capitalization of Grupo San José?
A: Over 550 million euros as of February 7, 2026.
Did you know? San José’s stock performance has outperformed the Ibex index by 12%.
Pro Tip: Keep an eye on the progress of Operación Chamartín as a key indicator of San José’s future performance.
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