Free cash flow margins have experienced sharp volatility, dropping to 2.2% in 2025Q2 from 16.9% in late 2024, while working capital outflows of $161 million highlight ongoing liquidity management challenges.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'04 |
|---|
| Cash from Operations | 1.47B | 1.61B | 1.29B | 1.26B | 1B | 810M | 1.09B | 1.18B | 845M | 1.28B | 1.17B | 1.13B | 1.43B | 1.3B | 1.18B | 712M | 2.5B | 2.53B | 2.68B | 2.69B | 1.98B | 109.88M |
| Operating CF Margin % | - | 16.77% | 14.14% | 14.83% | 13.27% | 11.95% | 17.24% | 19.46% | 14.73% | 24.84% | 10.89% | 11.65% | 16.23% | 15.87% | 15.35% | 9.56% | 20.59% | 20.72% | 18.99% | 18.41% | 16.02% | 22.71% |
| Operating CF Growth % | 203.34% | 24.86% | 2.38% | 26.05% | 23.7% | -25.89% | -7.22% | 39.41% | -33.98% | 9.21% | 3.72% | -20.92% | 10.26% | 9.83% | 65.73% | -71.58% | -1.14% | -5.52% | -0.45% | 36.13% | 1701.14% | - |
| Net Income | 3.37B | 888M | 3.24B | 460M | 186M | 1.2B | -232M | 268M | -448M | 454M | 376M | 720M | 402M | 727M | 710M | 1.27B | 1.81B | -92M | -838M | 734M | 1.43B | -88.86M |
| Depreciation & Amortization | 447M | 490M | 441M | 401M | 299M | 260M | 198M | 180M | 127M | 375M | 342M | 256M | 244M | 233M | 219M | 388M | 1.18B | 1.2B | 1.3B | 1.21B | 865M | 122.12M |
| Stock-Based Compensation | 13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | -60M | 145M | 0 | 0 | 0 | -66M | 0 | 7M | 61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -2.12B | 233.4M | -2.31B | 284M | 600M | -398M | 819M | 524M | 1.42B | 504M | 506M | 388M | 899M | 356M | 311M | -610M | -369M | 1.58B | 2.38B | 819M | 55M | 54.87M |
| Working Capital Changes | -237M | 63M | -220M | 118M | -83M | -249M | 308M | 206M | -255M | -53M | -52M | -234M | -116M | -20M | -60M | -334M | -116M | -152M | -160M | -70M | -367M | 21.75M |
| Change in Receivables | -237M | 0 | -220M | 118M | -83M | -249M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 564M | -1.03B | 1.31B | -425M | -732M | 457M | 382M | -247M | -202M | -468M | -973M | -680M | -888M | -912M | -50M | 291M | -895M | 147M | -1.46B | 786M | -16.96B | -680.23M |
| Capital Expenditures | -543M | -187M | -226M | -405M | -95M | -124M | -116M | -202M | -182M | -135M | -177M | -177M | -115M | -96M | -118M | -96M | -127M | -205M | -406M | -249M | -215M | -2.09M |
| CapEx % of Revenue | 5.81% | 1.94% | 2.47% | 4.76% | 1.26% | 1.83% | 1.83% | 3.34% | 3.17% | 2.62% | 1.65% | 1.82% | 1.31% | 1.18% | 1.54% | 1.29% | 1.04% | 1.68% | 2.87% | 1.7% | 1.74% | 0.43% |
| Acquisitions | 0 | -478M | 1.3B | 0 | 429M | 1.62B | 501M | 484M | 230M | 248M | 340M | -32M | -379M | 57M | -798M | 0 | 148M | 161M | 0 | 202M | 226M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.11B | -368.61M | 243M | -63M | -729M | -2.54B | -629M | -443M | -250M | -581M | -12M | 85M | -29M | -169M | -1M | -1M | 1M | 1.58B | 1.33B | 1M | 778M | 0 |
| Cash from Financing | -2.69B | -1.03B | -2.59B | -1.3B | -316M | -2.22B | 430M | -141M | -692M | 324M | 115M | -544M | -273M | -173M | -762M | -886M | -1.04B | -2.76B | -436M | -3.55B | 15.19B | 1.13B |
| Debt Issued (Net) | 0 | -20M | -611M | 130M | 542M | -1.2B | 1.41B | 743M | 63M | 630M | 957M | 257M | 513M | 532M | 252M | -223M | 297M | -1.29B | 98M | -1.32B | 14.73B | 645.93M |
| Equity Issued (Net) | -801M | -501M | -973M | -114M | -446M | -432M | -256M | -282M | -280M | -267M | -317M | -265M | -235M | 0 | 135M | 126M | 69M | 178M | 267M | 21M | 2.63B | 0 |
| Dividends Paid | -130M | -156M | -130M | -136M | -132M | -31M | -122M | -238M | -240M | -218M | -226M | -267M | -275M | -525M | -827M | -367M | -315M | -284M | -178M | -149M | -133M | 0 |
| Share Repurchases | -801M | -501M | -973M | -114M | -446M | -432M | -256M | -282M | -280M | -302M | -317M | -265M | -235M | 285M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.76B | -351.61M | -877M | -1.19B | -280M | -559M | -597M | -364M | -235M | 179M | -357M | -269M | 19M | -180M | -5M | -407M | -505M | -1.36B | 7.56B | -2.03B | -2.04B | 480.81M |
| Net Change in Cash | -3.66B | -557M | 39M | -341M | -406M | -1.01B | 1.7B | 730M | -596M | 1.02B | 299M | -160M | 369M | 163M | 623M | -352M | 219M | 0 | 616M | -104M | 104M | 556.39M |
| Free Cash Flow | 925M | 1.74B | 1.07B | 1.18B | 907M | 686M | 977M | 976M | 663M | 1.15B | 995M | 953M | 1.31B | 1.2B | 1.06B | 616M | 2.38B | 2.33B | 2.28B | 2.44B | 1.76B | 107.79M |
| FCF Margin % | 9.89% | 18.06% | 11.67% | 13.82% | 12.01% | 10.12% | 15.41% | 16.12% | 11.56% | 22.22% | 9.25% | 9.83% | 14.93% | 14.7% | 13.82% | 8.27% | 19.54% | 19.04% | 16.11% | 16.71% | 14.28% | 22.27% |
| FCF Growth % | 13.78% | 62.98% | -9.35% | 29.77% | 32.22% | -29.79% | 0.1% | 47.21% | -42.1% | 15.08% | 4.41% | -27.47% | 9.5% | 12.99% | 72.4% | -74.1% | 2.1% | 2.33% | -6.91% | 38.61% | 1536.58% | - |
| FCF per Share | 1.28 | 2.42 | 1.46 | 1.62 | 1.25 | 0.94 | 1.33 | 1.33 | 0.82 | 1.57 | 1.31 | 1.30 | 1.73 | 1.64 | 1.45 | 0.84 | 3.24 | 3.95 | 4.10 | 17.46 | 12.59 | 0.23 |
| FCF Conversion (FCF/Net Income) | 0.27x | 1.82x | 0.40x | 2.75x | 5.33x | 0.68x | -2.58x | 4.40x | -1.89x | 2.82x | 3.12x | 1.57x | 3.55x | 1.78x | 1.71x | 0.57x | 1.15x | -5.40x | -1.66x | 3.67x | 1.39x | -4.75x |
| Interest Paid | 474M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory tolling cap exposure
As reported in recent financial filings, Ferrovial's OCF/NI ratio has fluctuated significantly, reaching a low of 0.39 in late 2024, which suggests that reported net income is frequently decoupled from the actual cash-generating capacity of the underlying infrastructure assets during specific reporting periods.
The persistent gap between net income and operating cash flow warrants investigation, as it likely reflects the impact of equity-accounted earnings from major concessions that do not manifest as immediate cash inflows. Investors should monitor whether this divergence is a structural feature of the company's accounting or a temporary result of project-specific timing differences.
Based on the provided cash flow data, Ferrovial's free cash flow margin has experienced sharp swings, dropping to 2.2% in 2025Q2 from a peak of 16.9% in late 2024, indicating that the company's ability to retain cash is highly sensitive to the timing of major capital outlays.
This volatility appears to be driven by the lumpy nature of infrastructure investment cycles rather than operational inefficiency. The inconsistency in FCF generation suggests that shareholders should view cash flow on a multi-year basis rather than relying on quarterly snapshots to gauge the company's true financial health.
According to the company's cash flow statements, working capital changes have been highly erratic, including a significant $161 million outflow in 2025Q2, which highlights the operational challenges of managing liquidity across diverse, large-scale construction and concession projects in multiple international jurisdictions.
These negative working capital movements suggest that the company may be absorbing significant cash to fund project-related receivables or inventory build-ups. Such fluctuations may indicate that the construction segment is exerting pressure on the parent company's liquidity, potentially masking the underlying stability of the toll road concessions.
As evidenced by recent financial disclosures, Ferrovial has prioritized share repurchases, with $253.5 million allocated in late 2024, even as operating cash flow remains inconsistent, suggesting a management focus on capital return that may be outpacing the company's immediate internal cash generation capabilities.
The decision to maintain high levels of buybacks despite variable cash flow suggests confidence in the long-term value of the concession portfolio. However, investors should monitor whether this capital allocation strategy remains sustainable if the current volatility in operating cash flow persists or if project-related capital requirements increase.
Quick answers to the most common questions about buying FER stock.
Ferrovial SE (FER) generated $1.61B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ferrovial SE (FER) generated $1.74B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Ferrovial SE (FER) spent $187.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Ferrovial SE (FER) returned $156.0M to shareholders via cash dividends and spent $501.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.