Latest Ratios: P/E Ratio 49.0x · EV/EBITDA 29.9x · ROE 11.3%. (2004–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $49.4B | $46.5B | $30.7B | $25.8B | $18.2B | $20.1B | $20.6B | $21.8B | $15.9B | $16.5B | $13.6B |
| Enterprise Value | $56.8B | $53.0B | $37.4B | $32.6B | $25.0B | $25.4B | $23.9B | $25.9B | $20.2B | $20.5B | $18.4B |
| P/E Ratio → | 48.96 | 52.53 | 9.47 | 75.34 | 100.72 | 16.87 | — | 48.06 | — | 37.58 | 36.43 |
| P/S Ratio | 4.51 | 4.83 | 3.35 | 3.03 | 2.41 | 2.97 | 3.25 | 3.60 | 2.77 | 3.20 | 1.26 |
| P/B Ratio | 5.66 | 6.07 | 3.77 | 4.39 | 2.87 | 3.45 | 5.38 | 4.29 | 2.97 | 2.64 | 2.15 |
| P/FCF | 24.95 | 26.75 | 28.73 | 21.91 | 20.09 | 29.33 | 21.06 | 22.34 | 23.99 | 14.39 | 13.62 |
| P/OCF | 22.53 | 24.15 | 23.71 | 20.42 | 18.18 | 24.84 | 18.83 | 18.51 | 18.82 | 12.88 | 11.57 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.51 | 4.09 | 3.83 | 3.31 | 3.75 | 3.77 | 4.27 | 3.53 | 3.98 | 1.71 |
| EV / EBITDA | 29.92 | 31.80 | 10.53 | 31.77 | 34.57 | 14.52 | 56.66 | 44.50 | 35.75 | 27.21 | 14.52 |
| EV / EBIT | 42.38 | 35.15 | 9.12 | 30.27 | 40.13 | 20.44 | 138.21 | 30.78 | 37.96 | 26.75 | 18.02 |
| EV / FCF | — | 30.48 | 35.03 | 27.70 | 27.52 | 37.03 | 24.47 | 26.49 | 30.52 | 17.89 | 18.51 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 88.3% | 88.3% | 87.8% | 87.7% | 84.1% | 84.1% | 84.2% | 84.3% | 82.8% | 210.8% | 88.2% |
| Operating Margin | 12.2% | 12.2% | 34.0% | 7.3% | 5.6% | 21.8% | 3.0% | 6.6% | 7.6% | 12.4% | 8.6% |
| Net Profit Margin | 9.2% | 9.2% | 35.4% | 5.4% | 2.5% | 17.7% | -6.7% | 4.4% | -7.8% | 8.8% | 3.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.3% | 11.3% | 46.3% | 7.5% | 3.1% | 24.8% | -9.5% | 5.1% | -7.7% | 7.2% | 5.8% |
| ROA | 3.1% | 3.1% | 11.7% | 1.7% | 0.7% | 5.0% | -1.8% | 1.1% | -2.0% | 2.0% | 1.5% |
| ROIC | 6.1% | 6.1% | 16.9% | 3.6% | 2.6% | 12.1% | 1.7% | 3.2% | 3.3% | 4.5% | 6.1% |
| ROCE | 5.4% | 5.4% | 14.4% | 3.0% | 2.2% | 9.0% | 1.3% | 2.6% | 2.7% | 3.6% | 5.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.40 | 1.40 | 1.42 | 1.97 | 1.86 | 1.84 | 2.55 | 1.73 | 1.55 | 1.37 | 1.33 |
| Debt / EBITDA | 6.44 | 6.44 | 3.25 | 11.27 | 16.39 | 6.14 | 23.12 | 15.11 | 14.71 | 11.35 | 6.61 |
| Net Debt / Equity | — | 0.85 | 0.83 | 1.16 | 1.06 | 0.90 | 0.87 | 0.80 | 0.81 | 0.64 | 0.77 |
| Net Debt / EBITDA | 3.89 | 3.89 | 1.89 | 6.64 | 9.34 | 3.02 | 7.90 | 6.97 | 7.65 | 5.32 | 3.83 |
| Debt / FCF | — | 3.73 | 6.30 | 5.79 | 7.44 | 7.69 | 3.41 | 4.15 | 6.53 | 3.50 | 4.88 |
| Interest Coverage | 3.44 | 3.44 | 8.30 | 2.31 | 1.64 | 4.50 | 0.47 | 2.50 | 1.82 | 2.21 | 2.26 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.13 | 1.13 | 1.22 | 1.21 | 1.38 | 1.38 | 1.45 | 1.36 | 1.47 | 1.38 | 1.39 |
| Quick Ratio | 1.05 | 1.05 | 1.14 | 1.13 | 1.29 | 1.32 | 1.37 | 1.28 | 1.39 | 1.27 | 1.30 |
| Cash Ratio | 0.66 | 0.66 | 0.76 | 0.82 | 0.95 | 0.83 | 0.74 | 0.55 | 0.55 | 0.78 | 0.63 |
| Asset Turnover | — | 0.35 | 0.32 | 0.32 | 0.29 | 0.27 | 0.27 | 0.25 | 0.25 | 0.22 | 0.46 |
| Inventory Turnover | 2.08 | 2.08 | 2.27 | 2.29 | 2.52 | 2.66 | 1.45 | 1.36 | 1.66 | 2.14 | 2.46 |
| Days Sales Outstanding | — | 82.39 | 87.47 | 58.00 | 75.70 | 73.94 | 81.62 | 77.65 | 72.21 | 190.11 | 98.80 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.4% | 0.3% | 0.4% | 0.5% | 0.7% | 0.2% | 0.6% | 1.1% | 1.5% | 1.3% | 1.7% |
| Payout Ratio | 17.6% | 17.6% | 4.0% | 29.6% | 70.2% | 2.6% | — | 88.8% | — | 48.0% | 60.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.0% | 1.9% | 10.6% | 1.3% | 1.0% | 5.9% | — | 2.1% | — | 2.7% | 2.7% |
| FCF Yield | 4.0% | 3.7% | 3.5% | 4.6% | 5.0% | 3.4% | 4.7% | 4.5% | 4.2% | 6.9% | 7.3% |
| Buyback Yield | 1.2% | 1.1% | 3.2% | 0.4% | 2.4% | 2.1% | 1.2% | 1.3% | 1.8% | 1.8% | 2.3% |
| Total Shareholder Yield | 1.5% | 1.4% | 3.6% | 1.0% | 3.2% | 2.3% | 1.8% | 2.4% | 3.3% | 3.2% | 4.0% |
| Shares Outstanding | — | $720M | $729M | $728M | $723M | $732M | $732M | $732M | $809M | $731M | $759M |
Regulatory tolling cap exposure
According to current market data, Ferrovial trades at a trailing P/E of 48.79, a valuation that appears to price in significant long-term growth expectations for its North American managed lanes, despite the inherent cyclicality of its construction segment and the recent contraction in quarterly revenue growth.
The elevated P/E ratio relative to broader industrial peers suggests that investors are assigning a scarcity premium to the company's unique portfolio of inflation-linked infrastructure assets. This valuation may be aggressive if the market fails to account for the potential volatility in earnings caused by the equity-accounted nature of its most valuable concessions.
Based on reported figures, Ferrovial's ROIC has fluctuated between 1.7% and 6.6% over the last two years, a trend that suggests the company struggles to consistently compound returns on invested capital due to the capital-intensive nature of its greenfield infrastructure projects and long-term concession cycles.
The modest ROIC levels indicate that while the company possesses high-margin assets, the heavy upfront investment required for infrastructure development creates a significant drag on overall capital efficiency. Investors should monitor whether the shift toward higher-growth North American projects can sustainably lift these returns above the company's weighted average cost of capital.
As reported in recent financial statements, the company's cash conversion cycle remains deeply negative, reaching -342 days in 2025Q2, which highlights a structural reliance on customer advances and deferred payments that effectively subsidizes the company's working capital requirements across its diverse international project portfolio.
While a negative CCC is often a sign of operational strength in construction, the extreme volatility in DSO and DIO metrics suggests that liquidity management is highly sensitive to the timing of specific project milestones. This reliance on favorable payment terms warrants caution, as any disruption in project cash flows could quickly strain the company's short-term liquidity position.
Based on the latest balance sheet data, the debt-to-equity ratio has improved to 1.35 in 2025Q2 from a peak of 2.06 in 2024Q2, indicating that management is successfully reducing parent-level leverage even as the company continues to utilize non-recourse debt for its core infrastructure concessions.
The reduction in leverage appears to be a strategic move to strengthen the balance sheet following the corporate reorganization, yet the high debt-to-EBITDA ratio of 22.24 suggests that the company remains heavily reliant on the cash-generating capacity of its concessions to service debt. The sustainability of this leverage profile depends heavily on the continued performance of its North American toll road assets.
Investors frequently misapply the consolidated net margin to evaluate Ferrovial's core profitability, a metric that is often distorted by equity-accounted earnings and non-recurring divestment gains, thereby obscuring the underlying cash-generating power of the company's primary infrastructure concessions and construction operations.
Because many of Ferrovial's most valuable assets are equity-accounted, the reported net margin does not capture the full economic reality of the business. Analysts should instead focus on proportional EBITDA and free cash flow metrics to better understand the true earning power of the company's infrastructure portfolio, as these figures provide a more accurate reflection of operational performance.
Includes 30+ ratios · 21 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying FER stock.
Ferrovial SE's current P/E ratio is 49.0x. The historical average is 39.3x. This places it at the 75th percentile of its historical range.
Ferrovial SE's current EV/EBITDA is 29.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 26.9x.
Ferrovial SE's return on equity (ROE) is 11.3%. The historical average is 9.4%.
Based on historical data, Ferrovial SE is trading at a P/E of 49.0x. This is at the 75th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ferrovial SE's current dividend yield is 0.36% with a payout ratio of 17.6%.
Ferrovial SE has 88.3% gross margin and 12.2% operating margin. Operating margin between 10-20% is typical for established companies.
Ferrovial SE's Debt/EBITDA ratio is 6.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.