Loading…
Global infrastructure company operating toll roads and airports, plus construction and engineering services, now domiciled in the Netherlands.
Global infrastructure company operating toll roads and airports, plus construction and engineering services, now domiciled in the Netherlands.
Earns toll revenue on roads it operates under long concessions, notably Toronto's 407 ETR, with airport stakes paying dividends. Construction brings in much of the revenue but less of the profit. It moved its legal home to the Netherlands in 2023 and added a US listing in 2024.
In one line: A Spanish-founded Vinci / Transurban hybrid.
Moat: narrow (regulatory licence, scale, installed base). Long-dated concession contracts for toll roads/airports create durable, licence-based cash flows.
Headquarters: Amsterdam, Netherlands (Spanish-founded) · Founded: 1952 · Employees: 22,609
Size Ferrovial (FER.MC) is a Spain Industrials company (Engineering & Construction) with a market value of $42.3B, the 8th largest of 97 Spain companies the cockpit tracks. Shares closed at €52.78 on 6 Nov 2026.
Performance Over six months the shares fell 10.2%, against -14.9% for the median peer and +8.2% for the Spain market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 5.5% over the last twelve months (peer median +7.8%); the operating margin is 10.4% (peer median 7.1%).
Valuation It trades at 55.5× forward earnings against a peer median of 16.2× (most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 22% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is +14 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.5 points below its cost of capital (7.4% WACC).
Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €9.86B | €9.63B | €9.15B | €8.51B | €7.55B |
| Revenue growth | — | +5% | +7% | +13% | — |
| Gross profit | €1.03B | €2.39B | €2.28B | €2.13B | €1.63B |
| EBITDA | €1.55B | €1.46B | €1.30B | €1.04B | €658M |
| Net income | €606M | €888M | €3.24B | €460M | €127M |
| Free cash flow | €2.06B | €1.43B | €775M | €981M | €625M |
| Capital expenditure | €608M | €653M | €412M | €405M | €904M |
| Total debt | n/a | €10.7B | €11.5B | €11.6B | €11.8B |
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 |
|---|---|---|---|---|---|---|
| Ferrovial FER.MC | $42.3B | -10% | +5% | 10% | 55.5× | 21.9% |
| Vinci DG.PA | $69.8B | -12% | +4% | 12% | 12.2× | -1.5% |
| Transurban TCL.AX | $31.6B | +1% | 0% | 30% | 84.3× | 27.8% |
| ACS, Actividades de Construccion y Servicios ACS.MC | $26.0B | -37% | +10% | 3% | 20.6× | -2.6% |
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 | FER.MC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +19.1% | +2.6% | 2nd highest of 21 |
| 6-month return | -10.2% | -14.9% | 8th highest of 21 |
| Distance from 52-week high | -16.9% | -31.3% | 4th highest of 21 |
| Revenue growth (TTM) | +5.5% | +7.8% | 9th lowest of 21 |
| Operating margin | 10.4% | 7.1% | 6th highest of 20 |
| Forward P/E | 55.5× | 16.2× | most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 21.9% | 6.4% | 5th most demanding of 17 |
| Growth delivered (Del g) | +8.1% | +14.9% | 4th lowest of 17 |
| Hurdle (Req g minus delivered) | +13.9 pp | -4.0 pp | most demanding of 17 |
| ROIC minus cost of capital | -2.5 pp | +0.1 pp | 7th lowest of 20 |
| EV / EBITDA | 29.8× | 12.8× | most expensive of 15 |
| Net debt / EBITDA | 4.4× | 1.8× | 4th most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ferrovial FER.MC | Spain | $42.3B | -10% | +5% | 10% | 55.5× | 21.9% | +8.1% |
| Comfort Systems USA FIX | United States | $35.6B | -48% | +51% | 17% | 16.2× | 12.4% | +26.1% |
| Samsung C&t 028260.KS | South Korea | $31.3B | -8% | +14% | 8% | 15.0× | 5.9% | +6.2% |
| HOCHTIEF Aktiengesellschaft HOT.DE | Germany | $30.9B | -31% | +8% | 4% | 25.1× | 2.6% | +10.7% |
| Otis Worldwide OTIS | United States | $30.1B | +6% | +6% | 15% | 18.1× | 2.3% | +2.5% |
| Larsen & Toubro LT.NS | India | $59.8B | +2% | +11% | 8% | 27.6× | 29.7% | +16.1% |
| China State Construction Engineering 601668.SS | China | $28.3B | -4% | -9% | n/a | 5.6× | n/a | n/a |
| Emcor EME | United States | $26.6B | -34% | +22% | 10% | 15.5× | 6.2% | +14.1% |
| ACS, Actividades de Construccion y Servicios ACS.MC | Spain | $26.0B | -37% | +10% | 3% | 20.6× | -2.6% | +11.2% |
| Vinci DG.PA | France | $69.8B | -12% | +4% | 12% | 12.2× | -1.5% | +11.4% |
| Geberit GEBN.SW | Switzerland | $22.1B | +14% | +3% | 29% | 29.8× | 6.6% | +1.2% |
| Quanta Services PWR | United States | $81.5B | -27% | +37% | 7% | 26.4× | 24.3% | +20.5% |
| Cellnex Telecom CLNX.MC | Spain | $19.6B | -7% | 0% | 13% | n/a | 29.7% | +22.5% |
| 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% |
| 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 |