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ValueScreener company report

Ferrovial SE (FER)

NASDAQ / Industrials / Engineering & Construction

Share price

48.86 USD Market dataClose of Oct 15, 2026

Market capitalisation

35.23B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Feb 25, 2026
Ratios computed
Oct 15, 2026
Filed years
4, FY2022 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on equity

15.0% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

35.39x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

n/a Computed

FY2025 accounts, priced at the latest close

Why n/a

We do not hold this figure for this company, so there is nothing to show.

Read cash generation

Revenue and net income, by fiscal year

FY2016 Revenue: 10.76B EURFY2016 Net income: 376.0M EURFY2017 Revenue: 5.15B EURFY2017 Net income: 454.0M EURFY2018 Revenue: 5.74B EURFY2018 Net income: -448.0M EURFY2019 Revenue: 6.05B EURFY2019 Net income: 268.0M EURFY2020 Revenue: 6.34B EURFY2020 Net income: -424.0M EURFY2021 Revenue: 6.78B EURFY2021 Net income: 1.20B EURFY2022 Revenue: 7.55B EURFY2022 Net income: 188.0M EURFY2023 Revenue: 8.52B EURFY2023 Net income: 341.0M EURFY2024 Revenue: 9.15B EURFY2024 Net income: 3.24B EURFY2025 Revenue: 9.63B EURFY2025 Net income: 888.0M EUR
Revenue Net income10 fiscal years; a year whose statement names no SEC filing is market data, and the table in Filings says which.
Named tests met
0 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 35.39x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 25.00x and 40.00x.

Today, against the Industrials sector (412 companies), 35.39x sits at the 70th percentile; the middle half of that group runs from 15.04x to 38.40x.

Is it good

Return on equity was 15.0% in FY2025, in the band labelled "Strong" (15.0% to 25.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting high returns on shareholders' money, which leverage can also produce.

Today, against the Engineering & Construction industry (42 companies), 15.0% sits at the 64th percentile; the middle half of that group runs from -11.9% to 17.8%.

Is it safe

Debt to equity was 1.82 in FY2025, in the band labelled "Leveraged" (1.00 to 2.00), on lines anchored on Graham's defensive-investor criteria.

Today, against the Engineering & Construction industry (32 companies), 1.82 sits at the 84th percentile; the middle half of that group runs from 0.23 to 1.44.

Year by year against peers
Whether Ferrovial SE's return on equity stayed above the median of the Engineering & Construction industry, year by year. (FY2022 to FY2025, 4 fiscal years of Ferrovial SE with a comparable figure)
The direction
Which way Ferrovial SE's return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Ferrovial SE)
What could explain it
What in Ferrovial SE's filed statements could explain the movements. (1 reading drawn from the statement lines Ferrovial SE filed)
What to check next
What to check next on Ferrovial SE, and where in its filings. (1 question for Ferrovial SE)
In one paragraph
One paragraph on Ferrovial SE's returns, cash, balance sheet and price. (5 of sixteen figures read for Ferrovial SE)

These are FER’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research FERPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 20-F, filed Feb 25, 2026, accession 0001628280-26-011789.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Ferrovial SE: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/a

No operating income line is filed for this year.

n/a ComputedFY2025 20-F, filed Feb 25, 2026, 0001628280-26-011789
Return on equity15.0% ComputedFY2025 20-F, filed Feb 25, 2026, 0001628280-26-011789
Return on capital employed, pre-tax
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 20-F, filed Feb 25, 2026, 0001628280-26-011789
Return on assets3.2% ComputedFY2025 20-F, filed Feb 25, 2026, 0001628280-26-011789
Gross margin
Why n/a

Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.

n/a ComputedFY2025 20-F, filed Feb 25, 2026, 0001628280-26-011789
Operating margin
Why n/a

No operating income line is filed for this year.

n/a ComputedFY2025 20-F, filed Feb 25, 2026, 0001628280-26-011789
Net margin9.2% ComputedFY2025 20-F, filed Feb 25, 2026, 0001628280-26-011789
FER 9.2%
FIX 55.8%EME 7.5%PWR 3.6%STRL 11.7%APG 3.8%
3.6%55.8%
Net margin: FER against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Ferrovial SE: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity1.82 ComputedFY2025 20-F, filed Feb 25, 2026, 0001628280-26-011789
Current ratio1.13 ComputedFY2025 20-F, filed Feb 25, 2026, 0001628280-26-011789
Quick ratio1.05 ComputedFY2025 20-F, filed Feb 25, 2026, 0001628280-26-011789
Interest coverage
Why n/a

No operating income line is filed for this year.

n/a ComputedFY2025 20-F, filed Feb 25, 2026, 0001628280-26-011789
Altman Z-score
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Feb 25, 2026, 0001628280-26-011789
Net debt6.46B ComputedFY2025 20-F, filed Feb 25, 2026, 0001628280-26-011789
Total assets 27.42BTotal liabilities 19.75BShareholders' equity 5.91BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Ferrovial SE owned and owed at the end of fiscal 2025, from the balance sheet it filed (20-F, filed Feb 25, 2026, 0001628280-26-011789).

Ferrovial SE: balance sheet position
Total assets27.42B FiledFY2025 20-F, filed Feb 25, 2026
Total liabilities19.75B FiledFY2025 20-F, filed Feb 25, 2026
Shareholders' equity5.91B FiledFY2025 20-F, filed Feb 25, 2026
Cash4.27B FiledFY2025 20-F, filed Feb 25, 2026
Total debt10.73B FiledFY2025 20-F, filed Feb 25, 2026
Net debt6.46B
Current ratio1.13
Debt to equity1.82
  • Interest cover: FY2025: No operating income line is filed for this year.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Ferrovial SE: what the market charges, each with its source
FigureValue, source and document
Price to earnings35.39x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Feb 25, 2026, 0001628280-26-011789
P/E on trailing twelve months
Why n/a

A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

n/a ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book5.32x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Feb 25, 2026, 0001628280-26-011789
Price to sales3.26x ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Feb 25, 2026, 0001628280-26-011789
Enterprise value to EBIT
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Feb 25, 2026, 0001628280-26-011789
Enterprise value to EBITDA
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Feb 25, 2026, 0001628280-26-011789
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Feb 25, 2026, 0001628280-26-011789
Diluted earnings per share
Why n/a

The FY2025 filing carries no diluted earnings per share we could read.

n/a FiledFY2025 20-F, filed Feb 25, 2026, 0001628280-26-011789
Graham number
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 20-F, filed Feb 25, 2026, 0001628280-26-011789

We publish no fair value or price target of our own. Value FER on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Ferrovial SE today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Ferrovial SE: valuation
Share price48.86 USD
Market capitalisation35.23B USD
Enterprise value to EBITDAn/a
Graham numbern/a
Diluted earnings per share, FY2021n/a

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Companies like Ferrovial SE

  1. Comfort Systems USA, Inc. (FIX)Market cap 52.13B USD
  2. EMCOR Group, Inc. (EME)Market cap 32.31B USD
  3. Quanta Services, Inc. (PWR)Market cap 96.55B USD
  4. Sterling Infrastructure, Inc. (STRL)Market cap 13.65B USD
  5. APi Group Corporation (APG)Market cap 17.43B USD

Same industry (Engineering & Construction) and size band (Large, 10B to 200B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

Computed

Ferrovial SE: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Feb 25, 2026, 0001628280-26-011789
Free cash flow
Why n/a

The FY2025 filing carries no free cash flow we could read.

n/a ComputedFY2025 20-F, filed Feb 25, 2026, 0001628280-26-011789
Free cash flow margin
Why n/a

No free cash flow, and no operating cash flow and capital expenditure pair, is filed for this year.

n/a ComputedFY2025 20-F, filed Feb 25, 2026, 0001628280-26-011789
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 20-F, filed Feb 25, 2026, 0001628280-26-011789
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 20-F, filed Feb 25, 2026, 0001628280-26-011789
FY2016 Free cash flow: 995.0M EURFY2016 Net income: 376.0M EURFY2017 Free cash flow: 1.15B EURFY2017 Net income: 454.0M EURFY2018 Free cash flow: 663.0M EURFY2018 Net income: -448.0M EURFY2019 Free cash flow: 976.0M EURFY2019 Net income: 268.0M EURFY2020 Free cash flow: 977.0M EURFY2020 Net income: -424.0M EURFY2021 Free cash flow: 686.0M EURFY2021 Net income: 1.20B EURFY2022 Net income: 188.0M EURFY2023 Net income: 341.0M EURFY2024 Net income: 3.24B EURFY2025 Net income: 888.0M EUR
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Ferrovial SE: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
35.39xFY2025Oct 15, 2026
5.32xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a The filed income statement reports no operating income.
n/aFY2025Oct 15, 2026
n/a The filed cash flow statement reports neither free cash flow nor the operating cash flow and capital spending it is built from.
n/aFY2025Feb 25, 2026
n/a No operating income line is filed for this year.
n/aFY2025Oct 15, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
1.82FY2025Feb 25, 2026
1.13FY2025Feb 25, 2026
3.26xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a The filed income statement reports no earnings per share.
n/aFY2025Oct 15, 2026
n/a We hold no figure here and no stored reason for its absence. The gap is ours, not the company's.
-2.57FY2025Feb 25, 2026
4/9FY2025Feb 25, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 4 filed fiscal years on record, FY2022 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 fiscal years, FY2016 to FY2025. 4 read from the annual reports Ferrovial SE filed with the SEC, each naming its filing; the rest from statements that name none, which are market data. Amounts in EUR, as reported.

Ferrovial SE: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20259.63Bn/a888.0Mn/an/an/a15.0%20-F, Feb 25, 20260001628280-26-011789
FY20249.15B3.11B3.24Bn/an/a34.0%53.3%20-F, Feb 28, 20250001468522-25-000034
FY20238.52B625.0M341.0Mn/an/a7.3%9.1%20-F, Feb 28, 20250001468522-25-000034
FY20227.55B423.0M188.0Mn/an/a5.6%4.6%20-F, Feb 28, 20250001468522-25-000034
FY20216.78B1.48B1.20B1.63686.0M21.8%29.6%Market data, supplied Mar 8, 2026accession n/a
FY20206.34B189.0M-424.0Mn/a977.0M3.0%-13.3%Market data, supplied Mar 8, 2026accession n/a
FY20196.05B401.0M268.0Mn/a976.0M6.6%6.2%Market data, supplied Mar 8, 2026accession n/a
FY20185.74B438.0M-448.0Mn/a663.0M7.6%-9.9%Market data, supplied Mar 8, 2026accession n/a
FY20175.15B638.0M454.0Mn/a1.15Bn/a8.3%Market data, supplied Mar 8, 2026accession n/a
FY201610.76B926.0M376.0Mn/a995.0M8.6%6.7%Market data, supplied Mar 8, 2026accession n/a
  • Revenue, compound annual growth FY2016 to FY2025: -1.2%
  • Earnings, compound annual growth FY2016 to FY2025: 10.0%
  • Earnings per share: Fewer than two filed years carry earnings per share.
  • Free cash flow, compound annual growth FY2016 to FY2021: -7.2%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Ferrovial SE: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.57 ComputedFY2025 20-F, filed Feb 25, 2026, 0001628280-26-011789
Piotroski F-score4/9 ComputedFY2025 20-F, filed Feb 25, 2026, 0001628280-26-011789
Named tests met0 of 30 Computed
Beta0.73 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 0 met, 23 not met, 7 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
None of the named tests.
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); High yield, low payout; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Earnings yield and ROIC (Joel Greenblatt); EV/EBITDA and coverage; Dividends and buybacks; ROIC at or above WACC; P/E times P/B (Benjamin Graham); Cash-covered dividend; Cash-flow yield and ROIC. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(18)
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • EV/EBIT: We do not hold this figure for this company, so there is nothing to show.
  • Return on Invested Capital: No operating income line is filed for this year.
  • Altman Z-Score: We do not hold this figure for this company, so there is nothing to show.
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Gross Margin: Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.
  • EV/EBITDA: We do not hold this figure for this company, so there is nothing to show.
  • Interest Coverage: No operating income line is filed for this year.
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Free Cash Flow Yield: We do not hold this figure for this company, so there is nothing to show.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: We do not hold this figure for this company, so there is nothing to show.
  • Capex To Ocf: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 18 figures could not be read on this company, among them Positive Earnings Streak, EV/EBIT, Return on Invested Capital. Each blank in the table above names the rest, with its reason. 7 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 4 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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