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Spanish construction and environmental services group, controlled by Carlos Slim, also active in water and cement.
Spanish construction and environmental services group, controlled by Carlos Slim, also active in water and cement.
Collects household waste and cleans streets for cities under long concession contracts paid by municipalities, with water handled by its Aqualia unit, and this environmental side supplies most of the steadier income. Construction projects are won by tender and are lumpier. Carlos Slim's group is the controlling shareholder.
In one line: A Spanish Waste Management/AECOM hybrid.
Moat: narrow (scale, regulatory licence, installed base). Long-term municipal waste/water concession contracts provide recurring, sticky revenue.
Headquarters: Madrid, Spain · Founded: 1900 · Employees: 72,910
Size Fomento de Construcciones y Contratas (FCC.MC) is a Spain Industrials company (Environmental Services) with a market value of $5.53B, the 26th largest of 97 Spain companies the cockpit tracks. Shares closed at €10.42 on 6 Nov 2026.
Performance Over six months the shares fell 9.9%, against -2.4% for the median peer and +8.2% for the Spain market (cap-weighted) — 4th lowest of 12 in its peer set.
Growth Revenue grew 9.7% over the last twelve months (peer median +10.1%); the operating margin is 6.8% (peer median 13.2%).
Valuation It trades at 15.1× forward earnings against a peer median of 21.9× (6th cheapest of 12).
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 +10%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.8 points below its cost of capital (6.9% WACC).
Next results Next results expected around 19 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €10.3B | €9.70B | €9.07B | €8.22B | €7.71B |
| Revenue growth | — | +7% | +10% | +7% | — |
| Gross profit | €2.29B | €2.14B | €2.06B | €2.00B | €2.04B |
| EBITDA | €1.47B | €1.34B | €1.37B | €1.24B | €1.27B |
| Net income | €212M | €164M | €432M | €589M | €315M |
| Free cash flow | €304M | €329M | €292M | -€119M | €829M |
| Capital expenditure | €766M | €713M | €840M | €808M | €623M |
| Total debt | n/a | €5.64B | €5.40B | €5.25B | €5.24B |
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 |
|---|---|---|---|---|---|---|
| Fomento de Construcciones y Contratas FCC.MC | $5.53B | -10% | +10% | 7% | 15.1× | 2.9% |
| Veolia Environnement VIE.PA | $27.7B | -3% | 0% | 8% | 14.1× | 8.3% |
| Ferrovial FER.MC | $42.3B | -10% | +5% | 10% | 55.5× | 21.9% |
| Sacyr SCYR.MC | $3.58B | -14% | +6% | 24% | 20.5× | -5.4% |
| ACS, Actividades de Construccion y Servicios ACS.MC | $26.0B | -37% | +10% | 3% | 20.6× | -2.6% |
| Acciona ANA.MC | $13.4B | -16% | +8% | 6% | 19.8× | 8.2% |
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 | FCC.MC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.9% | +7.2% | 4th lowest of 12 |
| 6-month return | -9.9% | -2.4% | 4th lowest of 12 |
| Distance from 52-week high | -22.0% | -9.0% | 4th lowest of 12 |
| Revenue growth (TTM) | +9.7% | +10.1% | 6th lowest of 12 |
| Operating margin | 6.8% | 13.2% | 3rd lowest of 10 |
| Forward P/E | 15.1× | 21.9× | 6th cheapest of 12 |
| Growth the price implies (Req g, 7 yrs) | 2.9% | 4.2% | 4th least demanding of 10 |
| Growth delivered (Del g) | +9.5% | +13.3% | 4th lowest of 10 |
| Hurdle (Req g minus delivered) | -6.7 pp | -3.1 pp | 5th least demanding of 10 |
| ROIC minus cost of capital | -0.8 pp | -0.3 pp | 4th lowest of 10 |
| EV / EBITDA | 6.0× | 13.5× | cheapest of 6 |
| Net debt / EBITDA | 1.8× | 3.0× | least indebted of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Fomento de Construcciones y Contratas FCC.MC | Spain | $5.53B | -10% | +10% | 7% | 15.1× | 2.9% | +9.5% |
| Casella Waste Systems CWST | United States | $6.25B | +15% | +14% | 5% | 72.1× | 36.3% | +18.8% |
| Cleanaway Waste Management CWY.AX | Australia | $4.68B | +35% | +13% | 8% | 28.2× | 20.5% | +12.6% |
| Grandblue Environment 600323.SS | China | $3.78B | -3% | +24% | 24% | 11.0× | -4.7% | +13.3% |
| Daiei Kankyo 9336.T | Japan | $2.57B | +8% | +14% | 26% | 24.2× | 4.2% | +7.4% |
| Beijing GeoEnviron Engineering & Technology 603588.SS | China | $2.55B | -23% | +50% | 12% | 10.5× | 2.7% | +16.6% |
| Clean Harbors CLH | United States | $15.0B | -2% | +10% | 13% | 29.2× | 11.7% | +13.9% |
| Hunan Junxin Environmental Protection 301109.SZ | China | $1.73B | -9% | +1% | n/a | 14.2× | n/a | n/a |
| Befesa BFSA.DE | Germany | $1.67B | +6% | -2% | n/a | 13.0× | 3.1% | +14.4% |
| China Tianying 000035.SZ | China | $1.64B | -30% | -1% | 16% | 21.9× | n/a | n/a |
| GFL Environmental GFL | United States | $20.2B | +26% | +5% | 5% | 58.8× | 42.5% | +7.9% |
| Shanghai Environment 601200.SS | China | $1.40B | -16% | -10% | 18% | 14.7× | -2.6% | +6.8% |