Detailed financial statements for Ferrovial N.V. (FER): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Ferrovial SE, a global entity operating through its various subsidiaries, specializes in the entire lifecycle management of transport infrastructure and urban services, encompassing their design, construction, financing, operation, and ongoing maintenance. Its diverse operations are organized into four primary divisions: Construction, Toll Roads, Airports, and Energy Infrastructures and Mobility.
Analysis Summary
Ferrovial N.V. reported revenue of 9.63B EUR in the most recent fiscal year, growing at a 5-year CAGR of 8.1%.
Trailing-twelve-month margins: gross margin 10.4%, operating margin 10.4%, net margin 6.1%. Free cash flow grew at 10.3% CAGR over 5 years.
At $58.95 (closing price, November 4, 2026), FER trades at a P/E of 61.05 and an ROE of 10.42%. Market capitalisation stands at $42.5B, placing it among large-cap names.
Balance sheet quality for FER: debt-to-equity ratio of 1.86, current ratio of 1.20 over the last 12 months, net debt of 6.49B EUR at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of 1.43B EUR represents 161% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 10.76B EUR | 5.15B EUR | 5.74B EUR | 6.05B EUR | 6.53B EUR | 6.91B EUR | 7.55B EUR | 8.51B EUR | 9.15B EUR | 9.63B EUR |
| Cost of Revenue | 8.49B EUR | 3.91B EUR | 4.42B EUR | 4.78B EUR | 5.36B EUR | 5.47B EUR | 5.92B EUR | 6.38B EUR | 6.87B EUR | 7.23B EUR |
| Gross Profit | 2.27B EUR | 1.24B EUR | 1.32B EUR | 1.27B EUR | 1.18B EUR | 1.44B EUR | 1.63B EUR | 2.13B EUR | 2.28B EUR | 2.39B EUR |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 964.0M EUR | 992.0M EUR | 1.00B EUR | 939.0M EUR | 846.0M EUR | 1.05B EUR | 1.27B EUR | 1.49B EUR | 1.42B EUR | 1.42B EUR |
| Operating Expenses | 847.0M EUR | 844.0M EUR | 963.0M EUR | 1.34B EUR | 1.00B EUR | 1.10B EUR | 1.27B EUR | 1.49B EUR | 1.42B EUR | 1.43B EUR |
| Operating Income | 1.42B EUR | 399.0M EUR | 355.0M EUR | -61.0M EUR | 172.0M EUR | 339.0M EUR | 359.0M EUR | 642.0M EUR | 864.0M EUR | 967.0M EUR |
| EBITDA | 1.76B EUR | 520.1M EUR | 481.0M EUR | 119.0M EUR | 405.0M EUR | 1.51B EUR | 921.0M EUR | 1.52B EUR | 4.54B EUR | 2.00B EUR |
| Interest Expense | 428.0M EUR | 305.0M EUR | 287.0M EUR | 329.0M EUR | 310.0M EUR | 271.0M EUR | 354.0M EUR | 467.0M EUR | 477.0M EUR | 438.0M EUR |
| Pre-tax Income | 616.0M EUR | 470.0M EUR | 485.0M EUR | 504.0M EUR | -427.0M EUR | 966.0M EUR | 268.0M EUR | 656.0M EUR | 3.62B EUR | 1.07B EUR |
| Income Tax | 233.0M EUR | 46.0M EUR | 25.0M EUR | 47.0M EUR | -34.0M EUR | -9.0M EUR | 30.0M EUR | 42.0M EUR | 145.0M EUR | -60.0M EUR |
| Net Income | 376.0M EUR | 454.0M EUR | -478.0M EUR | 268.0M EUR | -424.0M EUR | 748.0M EUR | 127.0M EUR | 460.0M EUR | 3.24B EUR | 888.0M EUR |
| EPS | €0.49 | €0.60 | -€0.55 | €0.33 | -€0.58 | €1.63 | €0.18 | €0.63 | €4.47 | €1.24 |
| EPS (Diluted) | €0.49 | €0.60 | -€0.55 | €0.33 | -€0.58 | €1.63 | €0.18 | €0.63 | €4.47 | €1.24 |
| Shares Outstanding (Diluted) | 759.4 M | 730.9 M | 809.4 M | 731.7 M | 746.9 M | 731.8 M | 723.5 M | 728.3 M | 724.2 M | 718.7 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 2.58B EUR | 5.16B EUR | 2.10B EUR | 4.70B EUR |
| Gross Profit | 2.24B EUR | 536.0M EUR | 2.10B EUR | 491.0M EUR |
| Operating Income | 235.5M EUR | 536.0M EUR | 197.0M EUR | 491.0M EUR |
| EBITDA | 452.0M EUR | 888.0M EUR | 324.5M EUR | 746.0M EUR |
| Net Income | 174.0M EUR | 348.0M EUR | 197.0M EUR | 258.0M EUR |
| EPS | €0.24 | €0.50 | €0.00 | €0.36 |
| EPS (Diluted) | €0.24 | €0.50 | €0.00 | €0.36 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 3.52B EUR | 4.54B EUR | 4.00B EUR | 4.73B EUR | 6.42B EUR | 5.49B EUR | 5.06B EUR | 4.76B EUR | 4.81B EUR | 4.24B EUR |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 11.0M EUR | 0 | 0 | 0 | 0 |
| Receivables | 2.91B EUR | 2.68B EUR | 1.14B EUR | 1.29B EUR | 1.42B EUR | 1.37B EUR | 1.57B EUR | 1.65B EUR | 2.19B EUR | 2.17B EUR |
| Inventory | 516.0M EUR | 629.0M EUR | 594.0M EUR | 699.0M EUR | 691.0M EUR | 404.0M EUR | 476.0M EUR | 458.0M EUR | 492.0M EUR | 540.0M EUR |
| Total Current Assets | 7.75B EUR | 8.06B EUR | 10.76B EUR | 11.75B EUR | 12.67B EUR | 9.03B EUR | 7.42B EUR | 6.99B EUR | 7.67B EUR | 7.31B EUR |
| Property, Plant & Equipment | 730.0M EUR | 694.0M EUR | 250.0M EUR | 427.0M EUR | 370.0M EUR | 530.0M EUR | 662.0M EUR | 790.0M EUR | 1.01B EUR | 1.31B EUR |
| Goodwill | 2.17B EUR | 2.06B EUR | 372.0M EUR | 248.0M EUR | 208.0M EUR | 431.0M EUR | 480.0M EUR | 475.0M EUR | 500.0M EUR | 412.0M EUR |
| Intangible Assets | 353.0M EUR | 432.0M EUR | 34.0M EUR | 62.0M EUR | 60.0M EUR | 126.0M EUR | 138.0M EUR | 121.0M EUR | 129.0M EUR | 127.0M EUR |
| Total Assets | 23.40B EUR | 22.99B EUR | 22.81B EUR | 24.11B EUR | 23.13B EUR | 24.88B EUR | 26.34B EUR | 26.32B EUR | 29.00B EUR | 27.42B EUR |
| Accounts Payable | 2.30B EUR | 2.28B EUR | 1.31B EUR | 1.33B EUR | 1.45B EUR | 1.54B EUR | 1.66B EUR | 1.70B EUR | 1.78B EUR | 1.80B EUR |
| Short-term Debt | 302.0M EUR | 839.0M EUR | 773.0M EUR | 1.03B EUR | 1.68B EUR | 1.10B EUR | 877.0M EUR | 941.0M EUR | 1.20B EUR | 1.07B EUR |
| Total Current Liabilities | 5.56B EUR | 5.85B EUR | 7.30B EUR | 8.62B EUR | 8.74B EUR | 6.54B EUR | 5.38B EUR | 5.78B EUR | 6.30B EUR | 6.46B EUR |
| Long-term Debt | 8.03B EUR | 7.51B EUR | 7.55B EUR | 7.57B EUR | 8.14B EUR | 9.51B EUR | 10.78B EUR | 10.42B EUR | 10.09B EUR | 9.36B EUR |
| Total Liabilities | 17.08B EUR | 16.76B EUR | 17.45B EUR | 19.02B EUR | 19.30B EUR | 19.05B EUR | 19.99B EUR | 20.44B EUR | 20.88B EUR | 19.75B EUR |
| Retained Earnings | 4.73B EUR | 4.62B EUR | 3.99B EUR | 3.93B EUR | 3.40B EUR | 4.59B EUR | 4.26B EUR | 370.0M EUR | 2.54B EUR | 2.79B EUR |
| Total Equity | 5.60B EUR | 5.50B EUR | 4.53B EUR | 4.30B EUR | 3.19B EUR | 4.04B EUR | 4.11B EUR | 3.77B EUR | 6.08B EUR | 5.91B EUR |
| Total Debt | 8.38B EUR | 8.55B EUR | 8.33B EUR | 8.78B EUR | 9.76B EUR | 10.78B EUR | 11.84B EUR | 11.56B EUR | 11.53B EUR | 10.73B EUR |
| Net Debt | 4.86B EUR | 4.01B EUR | 4.33B EUR | 4.05B EUR | 3.33B EUR | 5.28B EUR | 6.77B EUR | 6.81B EUR | 6.72B EUR | 6.49B EUR |
| Working Capital | 2.19B EUR | 2.21B EUR | 3.46B EUR | 3.13B EUR | 3.93B EUR | 2.49B EUR | 2.04B EUR | 1.22B EUR | 1.37B EUR | 846.0M EUR |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 4.24B EUR | 4.24B EUR | 3.86B EUR | 3.86B EUR |
| Total Assets | 27.42B EUR | 27.42B EUR | 27.22B EUR | 27.22B EUR |
| Total Liabilities | 19.75B EUR | 19.75B EUR | 19.82B EUR | 19.82B EUR |
| Total Equity | 5.91B EUR | 5.91B EUR | 5.72B EUR | 5.72B EUR |
| Total Debt | 10.73B EUR | 10.73B EUR | 10.66B EUR | 10.66B EUR |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 376.0M EUR | 454.0M EUR | -448.0M EUR | 268.0M EUR | -424.0M EUR | 1.20B EUR | 186.0M EUR | 444.0M EUR | 3.24B EUR | 888.0M EUR |
| Depreciation & Amortization | 342.0M EUR | 121.1M EUR | 126.0M EUR | 180.0M EUR | 233.0M EUR | 270.0M EUR | 299.0M EUR | 401.0M EUR | 441.0M EUR | 490.0M EUR |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 10.0M EUR | 0 | 0 | 11.0M EUR | 0 | 0 |
| Change in Working Capital | -52.0M EUR | -53.0M EUR | -255.0M EUR | 206.0M EUR | 308.0M EUR | -249.0M EUR | -83.0M EUR | 118.0M EUR | -220.0M EUR | 63.0M EUR |
| Operating Cash Flow | 1.17B EUR | 1.28B EUR | 845.0M EUR | 1.18B EUR | 1.12B EUR | 810.0M EUR | 1.00B EUR | 1.26B EUR | 1.29B EUR | 1.61B EUR |
| Capital Expenditure | -177.0M EUR | -135.0M EUR | -182.0M EUR | -202.0M EUR | -244.0M EUR | -124.0M EUR | -95.0M EUR | -86.0M EUR | -226.0M EUR | -187.0M EUR |
| Acquisitions | 340.0M EUR | 248.0M EUR | 230.0M EUR | 484.0M EUR | 0 | 1.62B EUR | 429.0M EUR | 130.0M EUR | 1.30B EUR | -478.0M EUR |
| Stock Repurchased | -317.0M EUR | -302.0M EUR | -280.0M EUR | -282.0M EUR | -256.0M EUR | -432.0M EUR | -446.0M EUR | -114.0M EUR | -973.0M EUR | -501.0M EUR |
| Dividends Paid | -226.0M EUR | -218.0M EUR | -240.0M EUR | -238.0M EUR | 0 | -31.0M EUR | -132.0M EUR | -136.0M EUR | -130.0M EUR | -156.0M EUR |
| Free Cash Flow | 995.0M EUR | 1.15B EUR | 663.0M EUR | 976.0M EUR | 873.0M EUR | 686.0M EUR | 907.0M EUR | 1.18B EUR | 1.07B EUR | 1.43B EUR |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 778.0M EUR | 1.42B EUR | 466.0M EUR | 786.0M EUR |
| Capital Expenditure | -191.0M EUR | -85.0M EUR | -113.0M EUR | -53.0M EUR |
| Free Cash Flow | 587.0M EUR | 1.33B EUR | 353.0M EUR | 733.0M EUR |
| Dividends Paid | -78.0M EUR | -116.0M EUR | 0 | -98.0M EUR |
| Stock-based Compensation | 7.0M EUR | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -52.1% | +11.4% | +5.5% | +7.9% | +5.8% | +9.3% | +12.8% | +7.4% | +5.2% | |
| Net Income Growth (YoY) | +20.7% | -205.3% | +156.1% | -258.2% | +276.4% | -83.0% | +262.2% | +604.1% | -72.6% | |
| EPS Growth (YoY) | +22.4% | -191.7% | +160.0% | -275.8% | +381.0% | -89.0% | +250.0% | +609.5% | -72.3% | |
| Shares Change (YoY) | -3.8% | +10.7% | -9.6% | +2.1% | -2.0% | -1.1% | +0.7% | -0.6% | -0.8% | |
| FCF Growth (YoY) | +15.1% | -42.1% | +47.2% | -10.6% | -21.4% | +32.2% | +29.8% | -9.3% | +33.8% | |
| Gross Margin | 21.1% | 24.1% | 23.0% | 21.1% | 18.0% | 20.8% | 21.6% | 25.0% | 24.9% | 24.9% |
| Operating Margin | 13.2% | 7.7% | 6.2% | -1.0% | 2.6% | 4.9% | 4.8% | 7.5% | 9.4% | 10.0% |
| EBITDA Margin | 16.4% | 10.1% | 8.4% | 2.0% | 6.2% | 21.8% | 12.2% | 17.9% | 49.6% | 20.8% |
| Net Margin | 3.5% | 8.8% | -8.3% | 4.4% | -6.5% | 10.8% | 1.7% | 5.4% | 35.4% | 9.2% |
| FCF Margin | 9.2% | 22.2% | 11.6% | 16.1% | 13.4% | 9.9% | 12.0% | 13.8% | 11.7% | 14.8% |
| Effective Tax Rate | 37.8% | 9.8% | 5.2% | 9.3% | 8.0% | -0.9% | 11.2% | 6.4% | 4.0% | -5.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | €1.31 | €1.57 | €0.82 | €1.33 | €1.17 | €0.94 | €1.25 | €1.62 | €1.47 | €1.99 |
| Dividends Per Share | €0.30 | €0.30 | €0.30 | €0.33 | €0.00 | €0.04 | €0.18 | €0.19 | €0.18 | €0.22 |
| Shares Outstanding (Basic) | 759.4 M | 730.9 M | 809.4 M | 731.7 M | 746.9 M | 731.8 M | 723.5 M | 728.3 M | 724.2 M | 718.7 M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 10.42% |
| Return on Invested Capital | 4.69% |
| Return on Assets | 2.23% |
| Gross Margin | 10.42% |
| Operating Margin | 10.42% |
| Net Margin | 6.15% |
Financial Health
| Debt / Equity | 1.86 |
| Current Ratio | 1.20 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 1.85 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 34.59 | 31.31 | -31.15 | 80.52 | -39.64 | 14.84 | 130.64 | 50.85 | 9.08 | 44.35 |
| P/B | 2.30 | 2.49 | 3.06 | 4.52 | 5.39 | 4.38 | 4.14 | 6.19 | 4.84 | 6.69 |
| P/S | 1.20 | 2.66 | 2.42 | 3.21 | 2.63 | 2.56 | 2.25 | 2.74 | 3.21 | 4.11 |
| Gross Margin | 21.1% | 24.1% | 23.0% | 21.1% | 18.0% | 20.8% | 21.6% | 25.0% | 24.9% | 24.9% |
| Operating Margin | 13.2% | 7.7% | 6.2% | -1.0% | 2.6% | 4.9% | 4.8% | 7.5% | 9.4% | 10.0% |
| Net Margin | 3.5% | 8.8% | -8.3% | 4.4% | -6.5% | 10.8% | 1.7% | 5.4% | 35.4% | 9.2% |
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Explore sector: Industrials · Engineering & Construction
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