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FERFerrovial SE
$52.94$38.7B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
FER logo

Ferrovial SE

FER
NASDAQ · Infrastructure Operations
$52.94
At close - Oct 1, 4:00 PM EDT - USD
Market Cap$38.17B
P/E38.0x
52W High$74.79
Volume2.81M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Concession Cash Flows Mask Earnings Volatility Risks

Ferrovial's core concession portfolio generates robust cash flows, evidenced by cumulative operating cash flow of $4.5B exceeding cumulative net income of $2.5B over ten quarters, but reported earnings are distorted by one-off gains and non-cash items, as seen...

GrowthStable
ProfitabilityStable
ValuationExpensive
TechnicalsWeak
Explore valuation models
MARKET ACTION

FER price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

8/12 Beats

EPS beat 8 of last 12 quarters

02

Valuation risk

+22% Peers

P/E is 22% above peer median

03

Market leadership

RS 28 · Lag

Laggard (Underperforming 72% of market)

04

Weak Trend

Below 200DMA

Price < 200DMA

Next CatalystEstimated earnings · Oct 28
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue growth decelerated to 5.2% YoY in 2026Q2 with operating margin contracting to 11.0% from 15.8% in 2025Q2, while net income swung from $1.4B in 2024Q4 to $129M in 2026Q2, indicating earnings volatility from non-operating items.

Analyst Consensus+32.2% target
Hold(3 analysts)
0 Buy3 Hold0 Sell

The Bull Case

Upside Catalysts

Strong revenue growth

Ferrovial SE (FER) is projected to achieve 9.4% revenue growth, indicating robust business performance and expansion.

Attractive valuation metrics

With a trailing P/E of 10.24 and forward P/E of 43.86, Ferrovial SE (FER) presents a compelling valuation opportunity.

Bullish analyst targets

Analysts set a consensus target price of $71 with a +4.4% implied upside, reflecting positive sentiment on the stock.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 10/3/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
FER-16.98%
S&P 500 (^GSPC)+11.83%
1-Year Return
FER-7.33%
S&P 500 (^GSPC)+14.29%
3-Year Return
FER+84.21%
S&P 500 (^GSPC)+75.09%
5-Year Return
FER+94.64%
S&P 500 (^GSPC)+72.36%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/EMedian
38.8x
Forward P/E
56.7x
EV/EBITDA40th %ile
24.5x
FCF YieldCash Flow
5.1%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
38.8x
52.5x
40th· Fair
EV/EBITDA
24.5x
31.8x
40th· Fair
Price/FCF
19.8x
26.8x
0th· Low
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$12.10-77.1%
Base (Fair)$29.93-44.2%
Bull$46.19-12.8%
$12.10 Bear$29.93 Base$46.19 Bull
Current Market Price: $52.94
Trades at a 76.9% premium to Base DCF ($29.93)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$9.63B+5.2% YoY
Net income
$888M-72.6% YoY
Free cash flow
$1.74B+63.0% YoY
Operating margin
12.2%-21.8 pts YoY
ROIC (TTM)6.1%
Avg ROIC 5Y-
ROE (TTM)11.3%
Piotroski Score7 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate8/12 (100%)
Revenue Beat Rate11/12 (92%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Jul 28, 2026
$0.41+64.6%
vs $0.25
$5.4B+8.9%
vs $4.9B
Q2 2026
May 7, 2026
$0.21+217.5%
vs -$0.18
$2.7B+11.7%
vs $2.4B
Q1 2026
Feb 26, 2026
$0.34
vs —
$3.2B+35.1%
vs $2.4B
Q1 2026
Feb 25, 2026
$0.59+433.1%
vs -$0.18
$6.1B+156.6%
vs $2.4B
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
Defense World·Sep 19, 2026
Engineers Gate Manager LP Has $1.22 Million Position in Ferrovial SE $FER

Engineers Gate Manager LP cut its position in shares of Ferrovial SE (NASDAQ: FER) by 60.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 17,720 shares of the company's stock after selling 27,221 shares during the quarter. Engineers Gate Manager LP's

PRNewsWire·Aug 20, 2026
Ferrovial selected to deliver Tennessee's I-24 Choice Lanes

The project represents the largest private investment in the state's history, bringing essential infrastructure to the growing Nashville region AMSTERDAM, Aug. 19, 2026 /PRNewswire/ -- Ferrovial, a leading global infrastructure company, today announced it has been selected to deliver Tennessee's I-24 Southeast Choice Lanes in Nashville, the largest single capital investment and first public-private partnership in Tennessee's history. "We are honored to be selected to deliver this landmark transportation project for Tennessee, which will enhance mobility and support the state's continued economic success," said Ignacio Madridejos, Ferrovial CEO.

Seeking Alpha·Jul 29, 2026
Ferrovial N.V. (FER) Q2 2026 Earnings Call Transcript

Ferrovial N.V. (FER) Q2 2026 Earnings Call Transcript

MarketBeat·Jul 29, 2026
Ferrovial Q2 Earnings Call Highlights

Ferrovial NASDAQ: FER reported what Chief Executive Officer Ignacio Madridejos described as a strong first half of 2026, led by revenue growth at its North American highway assets and continued expansion in construction. The company ended the period with a net cash position of approximately €1.3 billion, excluding infrastructure projects.

Filtered for Ferrovial SEMore Headlines
04

Compare before deciding

Benchmark FER against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Ferrovial SE (FER)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
FER logoFERFerrovial SECurrent
$52.94$38.17B37.995.25%9.22%11.25%0.46%
ROAD logoROADConstruction Partners, Inc.
$90.15$5.09B48.9954.2%4.1%14.61%—
ACM logoACMAecom
$59.60$7.66B14.160.21%1.87%11.5%—
PWR logoPWRQuanta Services, Inc.
$662.60$99.43B97.4419.76%4.08%14.73%—
J logoJJacobs Solutions Inc.
$139.79$16.51B58.744.6%2.35%8.51%—
MTZ logoMTZMasTec, Inc.
$213.67$16.88B42.1416.22%3.12%14.86%—

Compare FER vs Peers

Ferrovial SE (FER) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs ROAD

Most directly comparable listed peer for FER.

Scale Benchmark

vs CAT

Larger-name benchmark to compare FER against a more recognizable public peer.

Peer Set

Compare Top 5

vs ROAD, ACM, PWR, J

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FER Frequently Asked Questions

Ferrovial SE (FER) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Ferrovial SE's revenue?

Ferrovial SE (FER) reported $12.23B in revenue for fiscal year 2025. This represents a 2427% increase from $483.9M in 2004.

How fast is Ferrovial SE growing?

Ferrovial SE (FER) grew revenue by 5.2% over the past year. This is steady growth.

Is FER profitable?

Yes, Ferrovial SE (FER) is profitable, generating $913.0M in net income for fiscal year 2025 (9.2% net margin).

Dividend & Returns
Does FER pay dividends?

Yes, Ferrovial SE (FER) pays a dividend with a yield of 0.46%. This makes it attractive for income-focused investors.

What is FER's return on equity?

Ferrovial SE (FER) has a return on equity (ROE) of 11.3%. This is reasonable for most industries.

What is Ferrovial SE's free cash flow?

Ferrovial SE (FER) generated $1.96B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in FER back in 2004?

Total return calculator · dividends reinvested · 22+ years of data

See returns →