NASDAQ : FER
Ferrovial SE — Financial statements
Industrials · Engineering & Construction · Netherlands
Last price 56.92 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 40.92B
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Financial statements
Ferrovial SE (FER) reported revenue of 9.86B EUR (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 9.86B | 9.63B | 9.15B | 8.52B | 7.55B | 6.91B |
| Revenue | 9.86B | 9.63B | 9.15B | 8.52B | 7.55B | 6.91B |
| Cost of Revenue | 1.27B | 1.21B | 1.19B | 1.13B | 1.29B | 1.16B |
| Gross Profit | 8.59B | 8.42B | 7.96B | 7.39B | 6.26B | 5.75B |
| Selling, General & Admin | 2.14B | 2.14B | 2.02B | 1.85B | 1.70B | 1.53B |
| Other Operating Expenses | 4.80B | 4.72B | 4.50B | 4.54B | 3.83B | 3.62B |
| Operating Expenses | 7.46B | 7.35B | 6.96B | 6.80B | 5.84B | 5.42B |
| Operating Income | 1.13B | 1.07B | 998.00M | 590.00M | 429.00M | 340.00M |
| Interest Expense | -424.00M | -438.00M | -477.00M | -467.00M | -354.00M | -271.00M |
| Interest & Investment Income | 129.00M | 147.00M | 212.00M | 250.00M | 112.00M | 24.00M |
| Earnings From Equity Investments | 289.00M | 258.00M | 238.00M | 215.00M | 165.00M | -178.00M |
| Other Non Operating Income (Expenses) | -138.00M | -74.00M | 539.00M | -13.00M | -78.00M | -88.00M |
| EBT Excluding Unusual Items | 985.00M | 962.00M | 1.51B | 575.00M | 274.00M | -173.00M |
| Gain (Loss) on Sale of Investments | 272.00M | 272.00M | -3.00M | |||
| Gain (Loss) on Sale of Assets | 2.21B | 39.00M | -3.00M | 1.14B | ||
| Asset Writedown | -309.00M | -62.00M | -1.00M | -4.00M | -3.00M | |
| Legal Settlements | -102.00M | -102.00M | -97.00M | |||
| Pretax Income | 846.00M | 1.07B | 3.62B | 610.00M | 268.00M | 966.00M |
| Income Tax Expense | -28.00M | -60.00M | 145.00M | 115.00M | 30.00M | -9.00M |
| Earnings From Continuing Operations | 874.00M | 1.13B | 3.48B | 495.00M | 238.00M | 975.00M |
| Earnings From Discontinued Operations | 14.00M | 20.00M | 14.00M | 16.00M | 64.00M | 361.00M |
| Net Income to Company | 888.00M | 1.15B | 3.49B | 511.00M | 302.00M | 1.34B |
| Minority Interest in Earnings | -282.00M | -262.00M | -251.00M | -170.00M | -117.00M | -138.00M |
| Net Income | 606.00M | 888.00M | 3.24B | 341.00M | 185.00M | 1.20B |
| Preferred Dividends & Other Adjustments | 5.00M | 8.00M | 8.00M | |||
| Net Income to Common | 606.00M | 888.00M | 3.24B | 336.00M | 177.00M | 1.19B |
| Shares Outstanding (Basic) | 717.05M | 718.72M | 724.19M | 728.25M | 723.48M | 731.77M |
| Shares Outstanding (Diluted) | 717.05M | 718.72M | 724.19M | 728.25M | 723.48M | 731.77M |
| EPS (Basic) | 0.85 | 1.24 | 4.47 | 0.46 | 0.24 | 1.63 |
| EPS (Diluted) | 0.85 | 1.24 | 4.47 | 0.46 | 0.24 | 1.63 |
| Free Cash Flow | 1.88B | 1.27B | 881.00M | 858.00M | 17.00M | 375.00M |
| Free Cash Flow Per Share | 2.62 | 1.77 | 1.22 | 1.18 | 0.02 | 0.51 |
| Dividend Per Share | 0.56 | 1.11 | 0.81 | 0.73 | 0.70 | 0.58 |
| Gross Margin | 87.14% | 87.44% | 86.99% | 86.74% | 82.97% | 83.28% |
| Operating Margin | 11.45% | 11.10% | 10.91% | 6.93% | 5.68% | 4.92% |
| Profit Margin | 6.15% | 9.22% | 35.41% | 3.95% | 2.34% | 17.22% |
| Free Cash Flow Margin | 19.07% | 13.22% | 9.63% | 10.08% | 0.22% | 5.43% |
| EBITDA | 1.55B | 1.46B | 1.35B | 991.00M | 728.00M | 610.00M |
| EBITDA Margin | 15.70% | 15.13% | 14.71% | 11.64% | 9.64% | 8.83% |
| D&A For EBITDA | 419.00M | 388.00M | 348.00M | 401.00M | 299.00M | 270.00M |
| EBIT | 1.13B | 1.07B | 998.00M | 590.00M | 429.00M | 340.00M |
| EBIT Margin | 11.45% | 11.10% | 10.91% | 6.93% | 5.68% | 4.92% |
| Effective Tax Rate | 4.00% | 18.85% | 11.19% | |||
| Revenue as Reported | 7.55B | 6.91B |
Balance sheet
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 3.86B | 4.24B | 4.81B | 4.76B | 5.09B | 5.49B |
| Short-Term Investments | 11.00M | |||||
| Cash & Short-Term Investments | 3.86B | 4.24B | 4.81B | 4.76B | 5.09B | 5.50B |
| Accounts Receivable | 1.84B | 1.76B | 1.62B | 1.35B | 1.30B | 1.07B |
| Other Receivables | 477.00M | 413.00M | 568.00M | 292.00M | 266.00M | 305.00M |
| Receivables | 2.31B | 2.17B | 2.19B | 1.65B | 1.57B | 1.37B |
| Inventory | 595.00M | 540.00M | 492.00M | 458.00M | 476.00M | 404.00M |
| Restricted Cash | 12.00M | 29.00M | 18.00M | 31.00M | 38.00M | 47.00M |
| Other Current Assets | 25.00M | 325.00M | 159.00M | 98.00M | 247.00M | 1.71B |
| Total Current Assets | 6.81B | 7.31B | 7.67B | 6.99B | 7.42B | 9.03B |
| Property, Plant & Equipment | 1.45B | 1.31B | 1.01B | 790.00M | 662.00M | 530.00M |
| Long-Term Investments | 3.92B | 3.96B | 3.02B | 2.04B | 1.96B | 1.84B |
| Goodwill | 419.00M | 412.00M | 500.00M | 475.00M | 480.00M | 431.00M |
| Other Intangible Assets | 12.75B | 12.49B | 14.12B | 13.46B | 13.64B | 11.14B |
| Long-Term Deferred Tax Assets | 956.00M | 958.00M | 1.16B | 1.01B | 784.00M | 570.00M |
| Other Long-Term Assets | 779.00M | 877.00M | 1.42B | 1.30B | 1.15B | 1.11B |
| Total Assets | 27.22B | 27.42B | 29.00B | 26.32B | 26.34B | 24.88B |
| Accounts Payable | 1.82B | 1.80B | 1.78B | 1.70B | 1.66B | 1.54B |
| Accrued Expenses | 425.00M | 430.00M | 389.00M | 363.00M | 315.00M | |
| Current Portion of Long-Term Debt | 288.00M | 1.07B | 1.20B | 942.00M | 877.00M | 1.10B |
| Current Portion of Leases | 93.00M | 86.00M | 80.00M | 59.00M | 64.00M | 58.00M |
| Current Income Taxes Payable | 38.00M | 48.00M | 80.00M | 83.00M | 30.00M | 69.00M |
| Current Unearned Revenue | 2.04B | 1.82B | 1.62B | 1.53B | 1.36B | 885.00M |
| Other Current Liabilities | 1.40B | 1.21B | 1.11B | 1.07B | 1.02B | 2.58B |
| Total Current Liabilities | 5.69B | 6.46B | 6.30B | 5.78B | 5.38B | 6.54B |
| Long-Term Debt | 10.04B | 9.36B | 10.15B | 10.50B | 10.85B | 9.58B |
| Long-Term Leases | 240.00M | 219.00M | 165.00M | 141.00M | 120.00M | 115.00M |
| Long-Term Unearned Revenue | 1.21B | 1.19B | 1.38B | 1.33B | 1.41B | 1.40B |
| Pension & Post-Retirement Benefits | 4.00M | 4.00M | 4.00M | 3.00M | 2.00M | 3.00M |
| Long-Term Deferred Tax Liabilities | 943.00M | 889.00M | 1.24B | 1.09B | 924.00M | 687.00M |
| Other Long-Term Liabilities | 1.70B | 1.64B | 1.65B | 1.60B | 1.31B | 718.00M |
| Total Liabilities | 19.82B | 19.75B | 20.88B | 20.44B | 19.99B | 19.05B |
| Common Stock | 7.00M | 7.00M | 7.00M | 7.00M | 145.00M | 147.00M |
| Additional Paid-In Capital | 4.32B | 4.32B | 4.32B | 4.32B | 218.00M | |
| Retained Earnings | 2.61B | 2.79B | 2.54B | 370.00M | 4.26B | 4.59B |
| Treasury Stock | -78.00M | -78.00M | -78.00M | -78.00M | -26.00M | -124.00M |
| Comprehensive Income & Other | -1.14B | -1.12B | -706.00M | -849.00M | -270.00M | -793.00M |
| Total Common Equity | 5.72B | 5.91B | 6.08B | 3.77B | 4.11B | 4.04B |
| Minority Interest | 1.67B | 1.76B | 2.04B | 2.11B | 2.24B | 1.79B |
| Shareholders' Equity | 7.40B | 7.67B | 8.12B | 5.88B | 6.35B | 5.83B |
| Total Liabilities & Equity | 27.22B | 27.42B | 29.00B | 26.32B | 26.34B | 24.88B |
| Total Debt | 10.66B | 10.73B | 11.59B | 11.64B | 11.91B | 10.85B |
| Net Cash (Debt) | -6.79B | -6.49B | -6.78B | -6.88B | -6.82B | -5.35B |
| Net Cash Per Share | -9.47 | -9.03 | -9.36 | -9.45 | -9.42 | -7.32 |
| Filing Date Shares Outstanding | 721.13M | 720.63M | 721.81M | 735.93M | 726.27M | 728.53M |
| Total Common Shares Outstanding | 721.13M | 720.63M | 721.81M | 735.93M | 726.27M | 728.53M |
| Working Capital | 1.12B | 846.00M | 1.37B | 1.22B | 2.04B | 2.49B |
| Book Value Per Share | 7.94 | 8.20 | 8.42 | 5.12 | 5.66 | 5.54 |
| Tangible Book Value | -7.45B | -6.99B | -8.54B | -10.16B | -10.01B | -7.53B |
| Tangible Book Value Per Share | -10.33 | -9.70 | -11.83 | -13.81 | -13.78 | -10.34 |
| Land | 279.00M | 186.00M | 106.00M | 94.00M | 100.00M | |
| Machinery | 1.32B | 1.19B | 1.02B | 875.00M | 732.00M | |
| Order Backlog | 17.44B | 16.75B | 12.22B |
Cash flow statement
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 606.00M | 888.00M | 3.24B | 341.00M | 185.00M | 1.20B |
| Depreciation & Amortization | 521.00M | 490.00M | 441.00M | 401.00M | 299.00M | 270.00M |
| Loss (Gain) From Sale of Assets | -272.00M | -272.00M | -2.21B | -39.00M | 3.00M | -1.14B |
| Asset Writedown & Restructuring Costs | 309.00M | 62.00M | 1.00M | 4.00M | 3.00M | |
| Loss (Gain) From Sale of Investments | 3.00M | |||||
| Loss (Gain) on Equity Investments | -289.00M | -258.00M | -238.00M | -215.00M | -165.00M | 178.00M |
| Other Operating Activities | 887.00M | 711.00M | 42.00M | 499.00M | 707.00M | 414.00M |
| Change in Accounts Receivable | 458.00M | 63.00M | -220.00M | 118.00M | -83.00M | -249.00M |
| Operating Cash Flow | 2.49B | 1.93B | 1.29B | 1.26B | 921.00M | 784.00M |
| Capital Expenditures | -608.00M | -653.00M | -412.00M | -405.00M | -904.00M | -409.00M |
| Divestitures | 650.00M | 1.16B | 2.58B | 43.00M | 429.00M | 1.62B |
| Investment in Securities | -100.00M | -1.64B | -1.29B | -257.00M | -347.00M | -923.00M |
| Other Investing Activities | 288.00M | 240.00M | 429.00M | 194.00M | 90.00M | 168.00M |
| Investing Cash Flow | 230.00M | -891.00M | 1.31B | -425.00M | -732.00M | 457.00M |
| Long-Term Debt Issued | 1.05B | 150.00M | 964.00M | 1.21B | 603.00M | |
| Long-Term Debt Repaid | -1.07B | -761.00M | -834.00M | -737.00M | -1.80B | |
| Lease Payments | -129.00M | -121.00M | -104.00M | -87.00M | -72.00M | -131.00M |
| Net Debt Issued (Repaid) | -159.00M | -20.00M | -611.00M | 130.00M | 470.00M | -1.20B |
| Repurchase of Common Stock | -507.00M | -501.00M | -973.00M | -114.00M | -446.00M | -432.00M |
| Common Dividends Paid | -156.00M | -156.00M | -130.00M | -136.00M | -132.00M | |
| Other Financing Activities | -928.00M | -806.00M | -877.00M | -1.19B | -208.00M | -590.00M |
| Financing Cash Flow | -1.75B | -1.48B | -2.59B | -1.30B | -316.00M | -2.22B |
| Foreign Exchange Rate Adjustments | 58.00M | -99.00M | 59.00M | 160.00M | -283.00M | 99.00M |
| Miscellaneous Cash Flow Adjustments | -3.00M | -10.00M | -35.00M | -34.00M | 4.00M | -109.00M |
| Net Cash Flow | 1.02B | -557.00M | 39.00M | -341.00M | -406.00M | -990.00M |
| Free Cash Flow | 1.88B | 1.27B | 881.00M | 858.00M | 17.00M | 375.00M |
| Free Cash Flow Margin | 19.07% | 13.22% | 9.63% | 10.08% | 0.22% | 5.43% |
| Free Cash Flow Per Share | 2.62 | 1.77 | 1.22 | 1.18 | 0.02 | 0.51 |
| Levered Free Cash Flow | 889.62M | 321.38M | -11.38M | 514.88M | -298.12M | 850.12M |
| Unlevered Free Cash Flow | 1.15B | 595.12M | 286.75M | 806.75M | -76.88M | 1.02B |
| Free Cash Flow After Leases | 1.75B | 1.15B | 777.00M | 771.00M | -55.00M | 244.00M |
| Cash Interest Paid | 426.00M | 455.00M | 464.00M | 432.00M | 329.00M | 295.00M |
| Cash Income Tax Paid | 104.00M | 97.00M | 192.00M | 170.00M | 82.00M | 155.00M |
| Change in Working Capital | 458.00M | 63.00M | -220.00M | 118.00M | -83.00M | -249.00M |
Ratios
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 41.57B | 46.72B | 30.91B | 26.63B | 19.21B | 22.72B |
| Enterprise Value | 51.05B | 57.60B | 41.56B | 37.41B | 28.32B | 27.93B |
| Last Close Price | 57.15 | 63.99 | 40.93 | 33.73 | 23.99 | 26.20 |
| PE Ratio | 60.44 | 44.81 | 9.22 | 71.70 | 101.56 | 16.79 |
| PS Ratio | 3.69 | 4.13 | 3.26 | 2.83 | 2.38 | 2.89 |
| PB Ratio | 4.92 | 5.19 | 3.68 | 4.10 | 2.83 | 3.43 |
| P/FCF Ratio | 19.76 | 31.26 | 33.88 | 28.08 | 1,057.38 | 53.27 |
| P/OCF Ratio | 14.93 | 20.66 | 23.09 | 19.08 | 19.52 | 25.48 |
| EV/Sales Ratio | 4.53 | 5.10 | 4.39 | 3.97 | 3.51 | 3.55 |
| EV/EBITDA Ratio | 28.86 | 33.67 | 29.82 | 34.15 | 36.40 | 40.26 |
| EV/EBIT Ratio | 39.58 | 45.89 | 40.22 | 57.36 | 61.76 | 72.23 |
| EV/FCF Ratio | 24.27 | 38.54 | 45.56 | 39.44 | 1,558.56 | 65.49 |
| Debt / Equity Ratio | 1.44 | 1.40 | 1.43 | 1.98 | 1.88 | 1.86 |
| Debt / EBITDA Ratio | 6.46 | 6.88 | 8.05 | 11.74 | 16.36 | 17.79 |
| Debt / FCF Ratio | 5.67 | 8.43 | 13.16 | 13.56 | 700.59 | 28.94 |
| Net Debt / Equity Ratio | 0.92 | 0.85 | 0.83 | 1.17 | 1.07 | 0.92 |
| Net Debt / EBITDA Ratio | 4.39 | 4.45 | 5.04 | 6.94 | 9.37 | 8.78 |
| Net Debt / FCF Ratio | 3.61 | 5.10 | 7.70 | 8.02 | 401.06 | 14.28 |
| Asset Turnover | 0.37 | 0.34 | 0.33 | 0.32 | 0.29 | 0.29 |
| Inventory Turnover | 2.33 | 2.34 | 2.50 | 2.42 | 2.92 | 2.09 |
| Quick Ratio | 1.09 | 0.99 | 1.11 | 1.11 | 1.24 | 1.05 |
| Current Ratio | 1.20 | 1.13 | 1.22 | 1.21 | 1.38 | 1.38 |
| Return on Equity (ROE) | 11.62% | 14.32% | 49.66% | 8.09% | 3.91% | 20.27% |
| Return on Assets (ROA) | 2.62% | 2.37% | 2.25% | 1.40% | 1.05% | 0.89% |
| Return on Invested Capital (ROIC) | 7.96% | 7.36% | 6.93% | 3.69% | 3.13% | 3.68% |
| Return on Capital Employed (ROCE) | 5.20% | 5.10% | 4.40% | 2.90% | 2.00% | 1.90% |
| Earnings Yield | 1.65% | 2.23% | 10.85% | 1.42% | 1.03% | 6.00% |
| FCF Yield | 5.06% | 3.20% | 2.95% | 3.56% | 0.10% | 1.88% |
| Dividend Yield | 2.26% | 2.01% | 1.97% | 2.23% | 2.83% | 2.13% |
| Payout Ratio | 136.52% | 17.57% | 4.01% | 39.88% | 71.35% | |
| Buyback Yield / Dilution | 0.55% | 0.76% | 0.56% | -0.66% | 1.13% | 0.07% |
| Total Shareholder Return | 2.81% | 2.77% | 2.52% | 1.57% | 3.97% | 2.20% |