Loading…
Spanish construction and engineering conglomerate building infrastructure, industrial plants, and services worldwide through subsidiaries Hochtief and Cimic.
Spanish construction and engineering conglomerate building infrastructure, industrial plants, and services worldwide through subsidiaries Hochtief and Cimic.
Revenue comes mostly through Hochtief, whose Turner builds in the US and CIMIC in Australia, so ACS is largely a holding company with its operating strength abroad rather than in Spain. Chairman Florentino Perez, also president of Real Madrid, is its largest shareholder.
In one line: A Spanish Fluor/Bechtel-scale engineering & construction group.
Moat: none (scale). Large project-execution scale, but construction is a low-margin, competitively bid business.
Headquarters: Madrid, Spain · Founded: 1997 · Employees: 167,803
Size ACS, Actividades de Construccion y Servicios (ACS.MC) is a Spain Industrials company (Engineering & Construction) with a market value of $26.0B, the 12th largest of 97 Spain companies the cockpit tracks. Shares closed at €87.00 on 6 Nov 2026.
Performance Over six months the shares fell 36.5%, against -14.9% for the median peer and +8.2% for the Spain market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 10.5% over the last twelve months (peer median +5.4%); the operating margin is 3.2% (peer median 8.0%).
Valuation It trades at 20.6× forward earnings against a peer median of 15.5× (5th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -14 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 10.6 points above its cost of capital (6.5% WACC).
Credit ACS, Actividades de Construccion y Servicios has 1 bond outstanding ($557M), rated BBB- by the agencies and trading like A- at a weighted spread of 97 bp.
Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €51.9B | €49.8B | €41.6B | €35.7B | €33.6B |
| Revenue growth | — | +20% | +16% | +6% | — |
| Gross profit | €4.81B | €4.62B | €3.20B | €2.90B | €2.38B |
| EBITDA | €2.59B | €2.42B | €1.69B | €1.39B | €898M |
| Net income | €1.01B | €950M | €828M | €780M | €668M |
| Free cash flow | €2.49B | €2.30B | €2.13B | €1.01B | €1.46B |
| Capital expenditure | €720M | €744M | €661M | €496M | €285M |
| Total debt | n/a | €14.9B | €14.2B | €10.4B | €11.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| ACS, Actividades de Construccion y Servicios ACS.MC | $26.0B | -37% | +10% | 3% | 20.6× | -2.6% |
| Vinci DG.PA | $69.8B | -12% | +4% | 12% | 12.2× | -1.5% |
| Ferrovial FER.MC | $42.3B | -10% | +5% | 10% | 55.5× | 21.9% |
| Fluor FLR | $6.22B | +7% | -5% | -2% | 14.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ACS.MC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.4% | +3.4% | 7th lowest of 21 |
| 6-month return | -36.5% | -14.9% | 3rd lowest of 21 |
| Distance from 52-week high | -38.4% | -29.7% | 6th lowest of 21 |
| Revenue growth (TTM) | +10.5% | +5.4% | 6th highest of 21 |
| Operating margin | 3.2% | 8.0% | 2nd lowest of 20 |
| Forward P/E | 20.6× | 15.5× | 5th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | -2.6% | 6.4% | 2nd least demanding of 17 |
| Growth delivered (Del g) | +11.2% | +10.6% | 8th highest of 17 |
| Hurdle (Req g minus delivered) | -13.8 pp | -4.0 pp | 4th least demanding of 17 |
| ROIC minus cost of capital | +10.6 pp | +0.1 pp | 6th highest of 20 |
| Net debt / EBITDA | 0.2× | 2.9× | 4th least indebted of 18 |
| Bond spread | 97 bp | 103 bp | 3rd tightest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| ACS, Actividades de Construccion y Servicios ACS.MC | Spain | $26.0B | -37% | +10% | 3% | 20.6× | -2.6% | +11.2% |
| Emcor EME | United States | $26.6B | -34% | +22% | 10% | 15.5× | 6.2% | +14.1% |
| China State Construction Engineering 601668.SS | China | $28.3B | -4% | -9% | n/a | 5.6× | n/a | n/a |
| Otis Worldwide OTIS | United States | $30.1B | +6% | +6% | 15% | 18.1× | 2.3% | +2.5% |
| Geberit GEBN.SW | Switzerland | $22.1B | +14% | +3% | 29% | 29.8× | 6.6% | +1.2% |
| HOCHTIEF Aktiengesellschaft HOT.DE | Germany | $30.9B | -31% | +8% | 4% | 25.1× | 2.6% | +10.7% |
| Samsung C&t 028260.KS | South Korea | $31.3B | -8% | +14% | 8% | 15.0× | 5.9% | +6.2% |
| Cellnex Telecom CLNX.MC | Spain | $19.6B | -7% | 0% | 13% | n/a | 29.7% | +22.5% |
| Comfort Systems USA FIX | United States | $35.6B | -48% | +51% | 17% | 16.2× | 12.4% | +26.1% |
| Bouygues EN.PA | France | $18.3B | -18% | -1% | 5% | 12.9× | -0.8% | +10.4% |
| APi APG | United States | $17.5B | -7% | +16% | 7% | 20.7× | 27.8% | +17.1% |
| WSP Global WSP.TO | Canada | $17.5B | -19% | +10% | 10% | 14.4× | 0.0% | +15.7% |
| Ferrovial FER.MC | Spain | $42.3B | -10% | +5% | 10% | 55.5× | 21.9% | +8.1% |
| China Railway 601390.SS | China | $15.1B | -13% | -7% | 4% | 6.0× | n/a | n/a |
| MasTec MTZ | United States | $14.0B | -58% | +26% | 5% | 15.0× | 21.6% | +17.7% |
| China Energy Engineering 601868.SS | China | $13.6B | -18% | -5% | 4% | 17.9× | n/a | n/a |
| Acciona ANA.MC | Spain | $13.4B | -16% | +8% | 6% | 19.8× | 8.2% | +25.6% |
| China Communications Construction 601800.SS | China | $12.8B | -12% | -4% | 3% | 6.8× | n/a | n/a |
| Kajima 1812.T | Japan | $12.5B | -27% | +4% | 8% | 10.8× | -1.9% | +10.0% |
| Skanska SKA-B.ST | Sweden | $12.1B | +16% | -6% | 4% | 17.1× | 8.3% | +2.0% |
| Eiffage FGR.PA | France | $11.5B | -20% | +5% | 10% | 9.3× | -6.9% | +9.4% |
ACS, Actividades de Construccion y Servicios has 1 bond outstanding with $557M face value. The agencies rate it BBB-; its bonds trade like A-. Weighted yield 4.20%, a spread of 97 bp over government bonds.