Ferrovial SE (FER) 10-Year Financial Performance & Capital Metrics

FER • • Industrial / General

IndustrialsInfrastructure OperationsInfrastructure Development & OperationsIntegrated Infrastructure Developers

AboutFerrovial SE, together with its subsidiaries, engages in the design, construction, financing, operation, and maintenance of transport infrastructure and urban services internationally. It operates through four segments: Construction, Toll Roads, Airports, and Energy Infrastructures and Mobility. The company designs and executes various public and private works, including the construction of public infrastructure; and develops, finances, and operates toll roads. It also develops, finances, and operates airports; and develops, finances, and operates power transmission lines and renewable energy generation plants, as well as offers mobility and waste management plants and services to the mining industry in Chile. In addition, the company promotes, constructs, and operates energy generation and transmission infrastructures. The company was founded in 1952 and is based in Amsterdam, the Netherlands.Show more

Revenue $9.15B +7.4%
EBITDA $3.55B +246.0%
Net Income $3.24B +604.1%
EPS (Diluted) 4.44 +844.7%
Gross Margin 87.81% +0.1%
EBITDA Margin 38.81% +222.1%
Operating Margin 33.99% +363.0%
Net Margin 35.41% +555.4%
ROE 46.27% +515.3%
ROIC 16.94% +365.9%
Debt/Equity 1.42 -27.8%
Interest Coverage 6.30 +370.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 64.6%
✓Good 3Y average ROE of 19.0%
✓Healthy 5Y average net margin of 10.9%
✓Trading near 52-week high

✗Weaknesses

✗Low quality earnings: Net income not backed by cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y0.39%

5Y8.6%

3Y10.51%

TTM2.79%

Profit (Net Income) CAGR

10Y23.2%

5Y64.61%

3Y39.31%

TTM508.5%

EPS CAGR

10Y23.68%

5Y48.25%

3Y39.66%

TTM525.34%

ROCE

10Y Avg4.9%

5Y Avg5.97%

3Y Avg6.52%

Latest14.38%

Peer Comparison

Integrated Infrastructure Developers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
FERFerrovial SE	48.16B	67.34	15.17	7.43%	35.99%	43.96%	2.22%	1.42

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	9.7B	10.76B	5.15B	5.74B	6.05B	6.34B	6.78B	7.55B	8.51B	9.15B
Revenue Growth %	0.1%	0.11%	-0.52%	0.11%	0.06%	0.05%	0.07%	0.11%	0.13%	0.07%
Cost of Goods Sold+	1.14B	1.27B	1.34B	985M	949M	1B	1.08B	1.2B	1.05B	1.11B
COGS % of Revenue	0.12%	0.12%	0.26%	0.17%	0.16%	0.16%	0.16%	0.16%	0.12%	0.12%
Gross Profit+	8.56B	9.49B	10.86B	4.75B	5.11B	5.34B	5.7B	6.35B	7.47B	8.03B
Gross Margin %	0.88%	0.88%	2.11%	0.83%	0.84%	0.84%	0.84%	0.84%	0.88%	0.88%
Gross Profit Growth %	0.12%	0.11%	0.14%	-0.56%	0.07%	0.05%	0.07%	0.11%	0.18%	0.08%
Operating Expenses+	7.66B	8.89B	3.85B	4.32B	5.16B	5.14B	5.36B	5.93B	6.84B	4.92B
OpEx % of Revenue	0.79%	0.83%	0.75%	0.75%	0.85%	0.81%	0.79%	0.79%	0.8%	0.54%
Selling, General & Admin	2.81B	360M	364M	254M	317M	276M	323M	449M	2.33B	2.47B
SG&A % of Revenue	0.29%	0.03%	0.07%	0.04%	0.05%	0.04%	0.05%	0.06%	0.27%	0.27%
Research & Development	0	0	0	0	45M	0	0	0	0	0
R&D % of Revenue	-	-	-	-	0.01%	-	-	-	-	-
Other Operating Expenses	4.85B	8.21B	3.56B	4.06B	4.39B	4.86B	3.63B	5.48B	6.28B	2.45B
Operating Income+	901M	926M	638M	438M	401M	189M	1.48B	423M	625M	3.11B
Operating Margin %	0.09%	0.09%	0.12%	0.08%	0.07%	0.03%	0.22%	0.06%	0.07%	0.34%
Operating Income Growth %	0.21%	0.03%	-0.31%	-0.31%	-0.08%	-0.53%	6.83%	-0.71%	0.48%	3.97%
EBITDA+	1.16B	1.27B	753M	566M	581M	422M	1.75B	722M	1.03B	3.55B
EBITDA Margin %	0.12%	0.12%	0.15%	0.1%	0.1%	0.07%	0.26%	0.1%	0.12%	0.39%
EBITDA Growth %	0.17%	0.1%	-0.41%	-0.25%	0.03%	-0.27%	3.14%	-0.59%	0.42%	2.46%
D&A (Non-Cash Add-back)	256M	342M	115M	128M	180M	233M	270M	299M	401M	441M
EBIT	1.1B	1.02B	766M	533M	840M	173M	1.24B	622M	1.08B	4.1B
Net Interest Income+	-497M	-368.11M	-263M	-212M	-231M	-308.33M	-263M	-259M	-254M	-274.33M
Interest Income	67M	83.33M	55M	85M	114M	62.4M	46M	119.87M	250M	219.47M
Interest Expense	519M	451.43M	346M	293M	336M	370.74M	276M	378.87M	467M	493.8M
Other Income/Expense	-324M	-309M	-20M	47M	103M	-573M	626M	-155M	31M	512M
Pretax Income+	577M	617M	470M	481M	504M	-384M	964M	268M	656M	3.62B
Pretax Margin %	0.06%	0.06%	0.09%	0.08%	0.08%	-0.06%	0.14%	0.04%	0.08%	0.4%
Income Tax+	-54M	233M	46M	26M	47M	-28M	-9M	30M	42M	145M
Effective Tax Rate %	1.25%	0.61%	0.97%	-0.93%	0.53%	1.1%	1.24%	0.7%	0.7%	0.89%
Net Income+	720M	376M	454M	-448M	268M	-424M	1.2B	188M	460M	3.24B
Net Margin %	0.07%	0.03%	0.09%	-0.08%	0.04%	-0.07%	0.18%	0.02%	0.05%	0.35%
Net Income Growth %	0.79%	-0.48%	0.21%	-1.99%	1.6%	-2.58%	3.83%	-0.84%	1.45%	6.04%
Net Income (Continuing)	631M	383M	424M	457M	457M	-393M	975M	73M	614M	3.48B
Discontinued Operations	0	0	83M	0	0	20M	361M	64M	16M	14M
Minority Interest	483M	717M	731M	833M	783M	640M	1.79B	2.24B	2.11B	2.04B
EPS (Diluted)+	0.91	0.49	0.60	-0.55	0.62	-0.49	1.63	0.25	0.47	4.44
EPS Growth %	0.72%	-0.46%	0.22%	-1.92%	2.13%	-1.79%	4.33%	-0.85%	0.88%	8.45%
EPS (Basic)	0.91	0.49	0.60	-0.55	0.62	-0.49	1.63	0.25	0.44	4.36
Diluted Shares Outstanding	731.86M	759.43M	730.89M	809.39M	731.68M	732.28M	731.77M	723.48M	728.25M	729.27M
Basic Shares Outstanding	734.69M	730.92M	730.89M	809.39M	731.68M	732.28M	731.77M	723.48M	766.67M	742.46M
Dividend Payout Ratio	0.37%	0.6%	0.48%	-	0.89%	-	0.03%	0.7%	0.3%	0.04%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	8.56B	7.75B	8.06B	10.76B	11.75B	12.67B	9.1B	7.42B	6.99B	7.67B
Cash & Short-Term Investments	3.24B	3.52B	4.54B	4B	4.73B	6.42B	5.48B	5.09B	4.76B	4.81B
Cash Only	3.24B	3.52B	4.54B	4B	4.73B	6.42B	5.47B	5.09B	4.76B	4.81B
Short-Term Investments	0	0	0	0	0	0	11M	0	0	0
Accounts Receivable	2.32B	2.91B	2.68B	1.14B	1.29B	1.42B	1.37B	1.57B	1.35B	2.19B
Days Sales Outstanding	87.38	98.8	190.11	72.21	77.65	81.62	73.94	75.7	58	87.47
Inventory	387M	516M	629M	594M	699M	691M	405M	475M	458M	492M
Days Inventory Outstanding	123.58	148.65	170.7	220.11	268.85	250.96	137.26	144.84	159.67	161.06
Other Current Assets	3.11B	1.52B	2.8B	5.37B	5.43B	4.07B	2.06B	551M	421M	95M
Total Non-Current Assets+	16.82B	15.65B	14.93B	12.05B	12.36B	10.46B	15.79B	18.86B	19.33B	21.33B
Property, Plant & Equipment	491M	730M	694M	250M	427M	370M	502M	662M	790M	1.01B
Fixed Asset Turnover	19.75x	14.74x	7.43x	22.95x	14.18x	17.14x	13.50x	11.41x	10.78x	9.06x
Goodwill	1.89B	2.17B	2.06B	372M	248M	208M	420M	480M	475M	500M
Intangible Assets	234M	353M	432M	34M	62M	60M	125.1M	137M	122M	129M
Long-Term Investments	3.21B	3.23B	2.63B	10.74B	11.12B	9.24B	1.83B	3.3B	2.08B	3.63B
Other Non-Current Assets	9.74B	8.11B	8.07B	-2M	-3M	-1M	12.37B	13.5B	2.52B	14.9B
Total Assets+	25.38B	23.4B	22.99B	22.81B	24.11B	23.13B	24.9B	26.28B	26.32B	29B
Asset Turnover	0.38x	0.46x	0.22x	0.25x	0.25x	0.27x	0.27x	0.29x	0.32x	0.32x
Asset Growth %	-0%	-0.08%	-0.02%	-0.01%	0.06%	-0.04%	0.08%	0.06%	0%	0.1%
Total Current Liabilities+	8.44B	5.56B	5.85B	7.3B	8.62B	8.74B	6.58B	5.38B	5.78B	6.3B
Accounts Payable	2B	2.3B	2.28B	1.31B	1.33B	1.45B	1.54B	1.66B	1.7B	1.78B
Days Payables Outstanding	637.39	662.3	619.55	486.91	510.38	524.8	523.27	507.1	591.95	583.02
Short-Term Debt	1.39B	302M	839M	773M	1.03B	1.68B	1.13B	877M	942M	1.2B
Deferred Revenue (Current)	1000K	-1000K	-1000K	1000K	1000K	1000K	1000K	1000K	0	1000K
Other Current Liabilities	-540M	1.43B	860M	3.85B	4.5B	4.97B	2.62B	1.05B	2.69B	1.04B
Current Ratio	1.01x	1.39x	1.38x	1.47x	1.36x	1.45x	1.38x	1.38x	1.21x	1.22x
Quick Ratio	0.97x	1.30x	1.27x	1.39x	1.28x	1.37x	1.32x	1.29x	1.13x	1.14x
Cash Conversion Cycle	-426.43	-414.85	-258.74	-194.59	-163.88	-192.22	-312.08	-286.56	-374.28	-334.49
Total Non-Current Liabilities+	10.4B	11.53B	10.91B	10.15B	10.4B	10.56B	12.48B	14.55B	13.35B	14.58B
Long-Term Debt	6.85B	8.03B	7.51B	7.55B	7.57B	8.14B	9.58B	10.78B	10.42B	10.09B
Capital Lease Obligations	0	0	0	0	82M	93M	115M	120M	141M	165M
Deferred Tax Liabilities	1.12B	967M	900M	574M	475M	428M	670M	924M	1.09B	1.24B
Other Non-Current Liabilities	1.34B	1.41B	1.46B	784M	932M	2.63B	2.81B	1.32B	362M	1.71B
Total Liabilities	18.84B	17.08B	16.76B	17.45B	19.02B	19.3B	19.06B	19.93B	20.44B	20.88B
Total Debt+	8.25B	8.38B	8.55B	8.33B	8.78B	9.76B	10.75B	11.84B	11.56B	11.53B
Net Debt	5.01B	4.86B	4.01B	4.33B	4.05B	3.33B	5.28B	6.75B	6.81B	6.72B
Debt / Equity	1.26x	1.33x	1.37x	1.55x	1.73x	2.55x	1.84x	1.86x	1.97x	1.42x
Debt / EBITDA	7.13x	6.61x	11.35x	14.71x	15.11x	23.12x	6.14x	16.39x	11.27x	3.25x
Net Debt / EBITDA	4.33x	3.83x	5.32x	7.65x	6.97x	7.90x	3.02x	9.34x	6.64x	1.89x
Interest Coverage	1.74x	2.05x	1.84x	1.49x	1.19x	0.51x	5.36x	1.12x	1.34x	6.30x
Total Equity+	6.54B	6.31B	6.23B	5.36B	5.09B	3.83B	5.84B	6.35B	5.88B	8.12B
Equity Growth %	0.09%	-0.03%	-0.01%	-0.14%	-0.05%	-0.25%	0.53%	0.09%	-0.07%	0.38%
Book Value per Share	8.94	8.31	8.53	6.63	6.95	5.23	7.98	8.78	8.07	11.13
Total Shareholders' Equity	6.06B	5.6B	5.5B	4.53B	4.3B	3.19B	4.05B	4.11B	3.77B	6.08B
Common Stock	146M	147M	146M	148M	147M	147M	147M	145M	7M	7M
Retained Earnings	4.57B	4.73B	4.62B	3.99B	3.93B	3.4B	4.6B	4.26B	370M	2.54B
Treasury Stock	-16M	-41M	-42M	-128M	-75M	-13M	-124M	-26M	-78M	-79M
Accumulated OCI	0	-1.09B	-776M	-727M	-691M	-2.49B	-1.31B	-240M	0	0
Minority Interest	483M	717M	731M	833M	783M	640M	1.79B	2.24B	2.11B	2.04B

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.13B	1.17B	1.28B	845M	1.18B	1.09B	810M	1B	1.26B	1.29B
Operating CF Margin %	0.12%	0.11%	0.25%	0.15%	0.19%	0.17%	0.12%	0.13%	0.15%	0.14%
Operating CF Growth %	-0.21%	0.04%	0.09%	-0.34%	0.39%	-0.07%	-0.26%	0.24%	0.26%	0.02%
Net Income	720M	376M	454M	-448M	268M	-232M	1.2B	186M	460M	3.24B
Depreciation & Amortization	256M	342M	375M	127M	180M	198M	260M	299M	401M	441M
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	0	0	61M	7M	0	-66M	0	0	0	145M
Other Non-Cash Items	388M	506M	504M	1.42B	524M	819M	-398M	600M	284M	-2.31B
Working Capital Changes	-234M	-52M	-53M	-255M	206M	308M	-249M	-83M	118M	-220M
Change in Receivables	0	0	0	0	0	0	0	0	0	-220M
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	0	0	0	0	0	0	0	0	0	0
Cash from Investing+	-680M	-973M	-468M	-202M	-247M	382M	457M	-732M	-425M	1.31B
Capital Expenditures	-177M	-177M	-135M	-182M	-202M	-116M	-124M	-95M	-405M	-226M
CapEx % of Revenue	0.02%	0.02%	0.03%	0.03%	0.03%	0.02%	0.02%	0.01%	0.05%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	85M	-12M	-581M	-250M	-443M	-629M	-2.54B	-729M	-63M	243M
Cash from Financing+	-544M	115M	324M	-692M	-141M	430M	-2.22B	-316M	-1.3B	-2.59B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-267M	-226M	-218M	-240M	-238M	-122M	-31M	-132M	-136M	-130M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-269M	-357M	179M	-235M	-364M	-597M	-559M	-280M	-1.19B	-877M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	953M	995M	1.15B	663M	976M	977M	686M	907M	1.18B	1.07B
FCF Margin %	0.1%	0.09%	0.22%	0.12%	0.16%	0.15%	0.1%	0.12%	0.14%	0.12%
FCF Growth %	-0.27%	0.04%	0.15%	-0.42%	0.47%	0%	-0.3%	0.32%	0.3%	-0.09%
FCF per Share	1.30	1.31	1.57	0.82	1.33	1.33	0.94	1.25	1.62	1.46
FCF Conversion (FCF/Net Income)	1.57x	3.12x	2.82x	-1.89x	4.40x	-2.58x	0.68x	5.33x	2.75x	0.40x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	11.46%	5.85%	7.24%	-7.73%	5.13%	-9.51%	24.79%	3.08%	7.52%	46.27%
Return on Invested Capital (ROIC)	5.52%	6.11%	4.47%	3.3%	3.19%	1.74%	12.14%	2.62%	3.64%	16.94%
Gross Margin	88.22%	88.22%	210.83%	82.83%	84.32%	84.15%	84.11%	84.15%	87.7%	87.81%
Net Margin	7.42%	3.5%	8.81%	-7.81%	4.43%	-6.69%	17.67%	2.49%	5.4%	35.41%
Debt / Equity	1.26x	1.33x	1.37x	1.55x	1.73x	2.55x	1.84x	1.86x	1.97x	1.42x
Interest Coverage	1.74x	2.05x	1.84x	1.49x	1.19x	0.51x	5.36x	1.12x	1.34x	6.30x
FCF Conversion	1.57x	3.12x	2.82x	-1.89x	4.40x	-2.58x	0.68x	5.33x	2.75x	0.40x
Revenue Growth	10.19%	10.92%	-52.1%	11.33%	5.53%	4.74%	6.89%	11.4%	12.75%	7.43%

Revenue by Geography

	2024
Other countries	1.12B
Other countries Growth	-
UNITED STATES	392M
UNITED STATES Growth	-
SPAIN	107M
SPAIN Growth	-
CANADA	85M
CANADA Growth	-
POLAND	-41M
POLAND Growth	-

Frequently Asked Questions

Valuation & Price

Ferrovial SE (FER) has a price-to-earnings (P/E) ratio of 15.2x. This is roughly in line with market averages.

Growth & Financials

Ferrovial SE (FER) reported $9.35B in revenue for fiscal year 2024. This represents a 26% increase from $7.45B in 2011.

Ferrovial SE (FER) grew revenue by 7.4% over the past year. This is steady growth.

Yes, Ferrovial SE (FER) is profitable, generating $3.37B in net income for fiscal year 2024 (35.4% net margin).

Dividend & Returns

Yes, Ferrovial SE (FER) pays a dividend with a yield of 0.26%. This makes it attractive for income-focused investors.

Ferrovial SE (FER) has a return on equity (ROE) of 46.3%. This is excellent, indicating efficient use of shareholder capital.

Ferrovial SE (FER) generated $925.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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