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Ferrovial
(BME:FER)
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Rating:61Neutral
Price Target:
€48.00
▼(-11.28% Downside)
Action:Reiterated
Date:07/29/26
The score is supported mainly by solid financial performance (strong growth and cash generation) and a generally constructive earnings-call update (net cash position and record order book). Offsetting this, the stock’s technical setup is weak (trading below key moving averages) and valuation looks demanding with a high P/E, while project/timing risks (notably JFK delay and traffic variability) add uncertainty.
Positive Factors
Revenue and Operating Profitability
Revenue rose about 39% in 2025 while net and operating margins remained positive at roughly 9% and 16%. This indicates meaningful operating scale and demand, although durability depends on converting growth into more consistent earnings.
Negative Factors
Meaningful Leverage
Although leverage improved from 2023, debt remains substantial relative to equity and operating cash flow covers only a modest share of obligations. This leaves Ferrovial reliant on sustained asset cash generation or refinancing capacity if operating conditions weaken.
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Positive Factors
Negative Factors
Revenue and Operating Profitability
Revenue rose about 39% in 2025 while net and operating margins remained positive at roughly 9% and 16%. This indicates meaningful operating scale and demand, although durability depends on converting growth into more consistent earnings.
Read all positive factors
Ferrovial (FER) vs. iShares MSCI Spain ETF (EWP)
Market Cap
€32.27B
Dividend Yield2.47%
Average Volume (3M)1.07M
Price to Earnings (P/E)52.3
Beta (1Y)0.97
Revenue Growth5.46%
EPS Growth-81.98%
CountryES
Employees22,359
SectorGeneral
Sector StrengthN/A
IndustryEngineering & Construction
Share Statistics
EPS (TTM)0.86
Shares Outstanding729,555,360
10 Day Avg. Volume1,104,600
30 Day Avg. Volume1,065,953
Financial Highlights & Ratios
PEG Ratio-0.62
Price to Book (P/B)6.73
Price to Sales (P/S)4.13
P/FCF Ratio27.85
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€58.47Price Target Upside8.08% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)0.95
Revenue Forecast (FY)€10.13B
Ferrovial Business Overview & Revenue Model
Company Description
Ferrovial SE, a global leader in infrastructure and mobility, operates across the United States, Poland, Spain, the United Kingdom, Canada, and various other international markets through its subsidiaries. Its core business activities include the ...
How the Company Makes Money
Ferrovial makes money primarily by owning and operating infrastructure assets and by providing construction and related services.
1) Toll-road and managed-lane concessions (usage-based revenue)
- User fees: A major source of revenue comes from to...
Ferrovial Earnings Call Summary
Earnings Call Date:Jul 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 27, 2026
Earnings Call Sentiment Positive
The call communicated a predominantly positive operational and financial picture: strong cash generation, a net cash position (EUR 1.3bn excl. projects), solid highway and construction revenue/EBITDA growth, and an all‑time high order book. Offsetting risks include the JFK Terminal 1 delay (and associated liquidated damages), localized traffic softness and construction impacts on some managed lanes, a stepped‑up revenue‑share impact on I‑66, higher financial/ depreciation charges and exposed airport weakness (Dalaman). On balance, the highlights (cash, dividends, highways performance, construction recovery and order book strength) outweigh the lowlights, though several timing and operational risks warrant monitoring.Positive Updates
Strong North American Highways Performance
Highways (notably Canadian 407 ETR and U.S. managed lanes) drove semester performance with robust revenue and cash generation: total dividends collected from projects of EUR 378 million; significant operating cash flow from construction of EUR 329 million; group net cash position of EUR 1.3 billion (excluding infrastructure projects).
Negative Updates
JFK Terminal 1 Delay and Liquidated Damages Exposure
New Terminal 1 at JFK is delayed relative to prior expectations; remedial plan sets March 2027 for Phase DBO. Liquidated damages of USD 500,000 per day began in July and will continue until opening (subject to contractor challenge), representing a material operational/time risk.
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Q2-2026 Updates
Positive
Negative
Strong North American Highways Performance
Highways (notably Canadian 407 ETR and U.S. managed lanes) drove semester performance with robust revenue and cash generation: total dividends collected from projects of EUR 378 million; significant operating cash flow from construction of EUR 329 million; group net cash position of EUR 1.3 billion (excluding infrastructure projects).
Read all positive updates
Company Guidance
Guidance in the call was largely directional: management reiterated a long‑term construction adjusted EBIT margin target of 3.5% and set a remedial completion/Phase DBO date for JFK New Terminal 1 of March 2027 (project ~92% complete; total equity invested €1,041m with the final €63m injected); bids for I‑24 (Tennessee) and I‑85/I‑285 (Georgia/Atlanta) are pending with results expected in Q3 and a Czech availability bid is in technical evaluation; the company expects the one‑off impact of the revenue‑share step‑up (25%→50%, H1 accrual ~$15.6m) to normalize as revenues grow; financial posture remains strong with net cash (ex‑projects) of ~€1.3bn, H1 operating cash flow €329m, dividends from projects €378m, divestments ~€96m and investments ~€187m; construction reported revenue growth +7.1% (+9.7% LFL) with an €18bn order book (↑2.8% LFL vs Dec‑25); no specific dividend or buyback targets were provided (buyback authorisation up to €800m to Oct) and timing for a Capital Markets Day is undecided.Ferrovial Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
58
Neutral
Cash Flow
67
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 9.86B | 9.63B | 9.15B | 8.51B | 7.55B | 6.91B |
| Gross Profit | 1.03B | 2.39B | 2.28B | 2.13B | 1.63B | 1.44B |
| EBITDA | 1.63B | 2.00B | 4.54B | 1.52B | 921.00M | 1.51B |
| Net Income | 606.00M | 888.00M | 3.24B | 460.00M | 127.00M | 748.00M |
Balance Sheet | ||||||
| Total Assets | 27.22B | 27.42B | 29.00B | 26.32B | 26.28B | 24.90B |
| Cash, Cash Equivalents and Short-Term Investments | 3.86B | 4.24B | 4.81B | 4.76B | 5.09B | 5.48B |
| Total Debt | 10.66B | 10.73B | 11.53B | 11.56B | 11.84B | 10.75B |
| Total Liabilities | 19.82B | 19.75B | 20.88B | 20.44B | 19.93B | 19.06B |
| Stockholders Equity | 5.72B | 5.91B | 6.08B | 3.77B | 4.11B | 4.05B |
Cash Flow | ||||||
| Free Cash Flow | 2.06B | 1.43B | 1.07B | 1.18B | 907.00M | 686.00M |
| Operating Cash Flow | 2.20B | 1.61B | 1.29B | 1.26B | 1.00B | 810.00M |
| Investing Cash Flow | 33.00M | -1.03B | 1.31B | -531.00M | -732.00M | 457.00M |
| Financing Cash Flow | -1.27B | -1.03B | -2.59B | -1.30B | -316.00M | -2.22B |
Ferrovial Technical Analysis
Negative
54.10
Price Trends
50.35
Negative
54.10
Negative
56.03
Negative
Market Momentum
-1.50
Positive
31.93
Neutral
18.15
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:FER, the sentiment is Negative. The current price of 54.1 is above the 20-day moving average (MA) of 47.00, above the 50-day MA of 50.35, and below the 200-day MA of 56.03, indicating a bearish trend. The MACD of -1.50 indicates Positive momentum. The RSI at 31.93 is Neutral, neither overbought nor oversold. The STOCH value of 18.15 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ES:FER.
Ferrovial Risk Analysis
Ferrovial disclosed 1 risk factors in its most recent earnings report. Ferrovial reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Ferrovial Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | €37.68B | 16.85 | 24.85% | 4.31% | 9.98% | 11.17% | |
61 Neutral | €32.27B | 52.31 | 10.42% | 2.47% | 5.46% | -81.98% | |
60 Neutral | €4.96B | 23.31 | 6.14% | 4.76% | 9.68% | -10.60% | |
58 Neutral | €24.53B | 23.22 | 19.75% | 2.58% | 10.46% | 14.97% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | €3.09B | 23.30 | 13.38% | 3.35% | 3.64% | 41.50% | |
51 Neutral | €11.78B | 32.42 | 7.63% | 2.63% | 7.62% | -56.65% |
* General Sector Average
ES:FER
Ferrovial
44.99
-6.40
-12.45%
ES:ANA
Acciona
214.60
35.78
20.01%
ES:ACS
Actividades de Construccion y Servicios SA
90.10
19.13
26.96%
ES:AENA
Aena SA
25.28
3.10
13.99%
ES:FCC
Fomento de Construcciones y Contratas
10.50
-0.41
-3.78%
ES:SCYR
Sacyr SA
3.89
0.14
3.74%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.