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Spanish manufacturer of trains, trams and railway signaling/maintenance systems, sold and serviced worldwide.
Spanish manufacturer of trains, trams and railway signaling/maintenance systems, sold and serviced worldwide.
Wins trains and trams through competitive public tenders, then builds them over several years under fixed-price contracts, so revenue follows delivery schedules. Long maintenance contracts and component sales add steadier income. It bought the Polish bus maker Solaris in 2018.
In one line: A smaller Alstom/Siemens Mobility for rail rolling stock.
Moat: narrow (scale, process know-how, installed base). Long-cycle rail contracts and installed fleet servicing create switching costs, in a globally competitive bidding market.
Headquarters: Beasain, Spain · Founded: 1917 · Employees: 17,788
Size Construcciones y Auxiliar de Ferrocarriles (CAF.MC) is a Spain Industrials company (Trucks/Construction/Farm Machinery) with a market value of $2.92B, the 40th largest of 97 Spain companies the cockpit tracks. Shares closed at €76.00 on 6 Nov 2026.
Performance Over six months the shares gained 21.4%, against -12.8% for the median peer and +8.2% for the Spain market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 12.4% over the last twelve months (peer median +11.6%); the operating margin is 5.8% (peer median 8.3%).
Valuation It trades at 13.5× forward earnings against a peer median of 12.4× (10th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -9 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.1 points above its cost of capital (8.0% WACC).
Next results Next results expected around 19 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €4.84B | €4.49B | €4.21B | €3.83B | €3.17B |
| Revenue growth | — | +7% | +10% | +21% | — |
| Gross profit | €896M | €852M | €738M | €632M | €541M |
| EBITDA | €391M | €330M | €310M | €273M | €225M |
| Net income | €172M | €146M | €103M | €89.2M | €52.2M |
| Free cash flow | €33.9M | €48.6M | €78.8M | -€14.7M | -€1.64M |
| Capital expenditure | €124M | €114M | €86.1M | €78.9M | €77.5M |
| Total debt | n/a | €880M | €907M | €898M | €957M |
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 |
|---|---|---|---|---|---|---|
| Construcciones y Auxiliar de Ferrocarriles CAF.MC | $2.92B | +21% | +12% | 6% | 13.5× | 1.0% |
| Alstom ALO.PA | $5.56B | -40% | +4% | 4% | n/a | 2.7% |
| Siemens SIE.DE | $225B | -4% | +4% | 13% | 23.4× | 18.3% |
| Stadler Rail SRAIL.SW | $3.84B | +38% | +26% | 5% | 19.8× | 0.2% |
| CRRC 601766.SS | $27.0B | +10% | +2% | 6% | 13.0× | -6.4% |
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 | CAF.MC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.2% | +1.4% | 10th lowest of 21 |
| 6-month return | +21.4% | -12.8% | 2nd highest of 21 |
| Distance from 52-week high | -7.7% | -27.1% | 2nd highest of 21 |
| Revenue growth (TTM) | +12.4% | +11.6% | 10th highest of 21 |
| Operating margin | 5.8% | 8.3% | 8th lowest of 21 |
| Forward P/E | 13.5× | 12.4× | 10th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 1.0% | -2.9% | 6th most demanding of 14 |
| Growth delivered (Del g) | +10.2% | +5.1% | 5th highest of 14 |
| Hurdle (Req g minus delivered) | -9.1 pp | -8.5 pp | 7th least demanding of 14 |
| ROIC minus cost of capital | +8.1 pp | +0.9 pp | 3rd highest of 20 |
| EV / EBITDA | 7.4× | 10.8× | 3rd cheapest of 12 |
| Net debt / EBITDA | 0.7× | 0.6× | 6th most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Construcciones y Auxiliar de Ferrocarriles CAF.MC | Spain | $2.92B | +21% | +12% | 6% | 13.5× | 1.0% | +10.2% |
| Craftsman Automation CRAFTSMAN.NS | India | $2.90B | +21% | +36% | 10% | 44.5× | n/a | n/a |
| Sany Heavy Equipment International 0631.HK | Hong Kong | $2.82B | -46% | +19% | 6% | 8.9× | 1.4% | +26.1% |
| Modec 6269.T | Japan | $3.03B | -46% | +17% | 9% | 7.7× | -21.3% | +18.6% |
| Hd Ce 267270.KS | South Korea | $2.80B | -56% | +115% | 8% | 8.6× | -9.6% | +9.6% |
| CITIC Heavy Industries 601608.SS | China | $3.15B | -24% | +5% | 4% | 45.9× | 14.5% | +5.1% |
| China Railway Construction Heavy Industry 688425.SS | China | $3.29B | -13% | -1% | 12% | 12.4× | 1.9% | +5.7% |
| Garden Reach Shipbuilders & Engineers GRSE.NS | India | $2.60B | -31% | +40% | 10% | 26.5× | n/a | n/a |
| Tiandi Science & Technology 600582.SS | China | $3.30B | -6% | -6% | 4% | 10.4× | n/a | n/a |
| Guangxi Liugong Machinery 000528.SZ | China | $2.58B | -13% | +10% | 6% | 10.5× | -3.5% | +5.0% |
| Cochin Shipyard COCHINSHIP.NS | India | $3.40B | -33% | -1% | 13% | 34.3× | n/a | n/a |
| Hiab HIAB.HE | Finland | $3.52B | -5% | +6% | 12% | 16.9× | 15.5% | -13.7% |
| Cadeler A/S CADLR.OL | Norway | $2.41B | -14% | +53% | 36% | 9.4× | n/a | n/a |
| China Railway Hi-tech Industry 600528.SS | China | $2.37B | -9% | -8% | 5% | n/a | -4.0% | +2.6% |
| Doosan Bobcat 241560.KS | South Korea | $3.64B | -28% | +11% | 9% | 9.0× | -13.3% | +15.5% |
| Trinity Industries TRN | United States | $2.30B | -20% | -2% | 13% | 15.8× | n/a | n/a |
| ZHEJIANG ZHONGJIAN TECHNOLOGY 002779.SZ | China | $2.26B | +2% | +28% | -17% | 150.7× | n/a | n/a |
| Stadler Rail SRAIL.SW | Switzerland | $3.84B | +38% | +26% | 5% | 19.8× | 0.2% | +3.6% |
| Takeuchi Mfg.Co 6432.T | Japan | $2.21B | +4% | +12% | 16% | 10.6× | 4.0% | +14.9% |
| Sumec 600710.SS | China | $2.18B | -9% | +14% | 4% | 9.8× | -17.2% | +3.6% |
| Bucher Industries BUCN.SW | Switzerland | $3.93B | +4% | -4% | 7% | 19.1× | -2.9% | +1.2% |