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Ferrovial N.V. (FER) stock

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NASDAQ: FER Nasdaq Construction & Engineering

B Fundamentals grade

Ferrovial N.V. is a US-listed company in the construction & engineering industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$14

Cash-flow model

Base case. Range ~$7.5–$23 across our lower- and higher-growth cases (5.5%–15.5% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 75% below it.

Price used: $57.15, November 2, 2026

Ferrovial N.V. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds200 adding, 135 cuttingOf 42 active managers that changed their stake, 26 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Ferrovial files

Where Ferrovial N.V. stands after its latest Filing

Revenue for the twelve months was $10.9bn. Free-cash-flow margin held at 14.9%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 1 of our 2 financial-health checks. Our cash-flow model value is $14.16 a share, against a share price of $55.29. At that price, our model says the market is pricing in about 27.6% a year of cash-flow growth for five years, faster than the 11.0% a year revenue growth it has delivered.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Ferrovial N.V.'s trailing-twelve-month revenue grew 10.0% year on year, with a free-cash-flow margin of 14.9%. Where it stands out: operating margin of 34.0% ranks 2 of 39 construction & engineering companies we cover. Where it lags: days sales outstanding of 88 days ranks 22 of 27 construction & engineering companies we cover.

Our discounted-cash-flow model values the business at ~$14 per share in the base case (~$7.5–$23 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 76.1% while net income fell 71.4%: a 147pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 34.0% of revenue is left as operating profit, against a median of 4.1% for construction & engineering companies we cover.
  • Margins widening. Operating margin is up 26.6 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $5.0bn.

Things to watch

  • Priced above our value. The share price of $57.15 is 75% above our value per share of $14.
  • Below peers: days sales outstanding. Days sales outstanding of 88 days ranks 22 of 27 construction & engineering companies we cover (median 67 days).

Price chart

  • 1 day+3.4%
  • 1 week+13.5%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$10.9B
Operating margin
34.0%
Net margin
9.2%
EPS (TTM, diluted)
$1.40

Growth

Revenue growth
+10.0%
Change in growth rate
+2.5 pts
Share count change
−0.8%

Cash

Free cash flow (TTM)
$1.6B
FCF margin
14.9%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for FER from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Ferrovial N.V. valuation models and calculator

What the price is pricing in

The share price implies about 28.4% a year of cash-flow growth for five years.That is faster than the 11.0% a year revenue growth Ferrovial has delivered.

  • Priced in28.4%
  • Last 12 months10.0%
  • 3 years a year11.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($58.06, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$14
Price used
$58.06close November 3, 2026
Implied change
▼ 76%
Uncertainty
High

How we got here: a discounted-cash-flow model of Ferrovial N.V.'s free cash flow after stock-based pay with after-tax interest added back ($724M, FY2025 Q4 TTM), growing 10.5% a year for five years and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$7.5–~$23 ; that spread sets a 35% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Ferrovial N.V.'s free cash flow after stock-based pay ( $724M, FY2025 Q4 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Ferrovial N.V. as an operating company, with every model that fits that kind of business. Cost of equity 10.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.31 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$14 ~$7.5–$23 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$27 ~$26–$45 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$38 ~$27–$53 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$25 ~$22–$29 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$24 ~$14–$38 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Ferrovial N.V. with Construction & Engineering in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −32%
  • Revenue growth 5 points higher ▲ +41%
  • Free-cash-flow margin 1 point lower ▼ −9%
  • Last year's free-cash-flow margin change, if it persists ▲ +93%
  • Discount rate 1 point higher ▼ −19%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $2$7$14$23$35$50
8.5% —$2$7$13$22$33
10% ——$3$8$14$23

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for Ferrovial N.V.: too few analysts cover it.

Analyst recommendations

3 analysts, Nov 2026
Buy133%
Hold267%
Sell00%

Monthly trend

  1. Nov 2026123
  2. Oct 2026123
  3. Sep 2026123

Counts of recommendations published by analysts covering Ferrovial N.V., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.0%
of tradable shares
Days to cover
2.31
at average volume
Short interest, 1 month
+16%
to October 15, 2026
Held by institutions
42%
of shares
Held by insiders
35.0%
of shares
Employees
22,359
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Options strategies

All options ideas

How Ferrovial N.V.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Ferrovial N.V. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Ferrovial N.V.
$7B $8B $9B $10B $11B FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue (TTM), FY22 Q4: $8B Revenue (TTM), FY23 Q4: $9.2B Revenue (TTM), FY24 Q4: $9.9B Revenue (TTM), FY25 Q4: $10.9B $10.9B

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY22 Q4 $8B
FY23 Q4 $9.2B
FY24 Q4 $9.9B
FY25 Q4 $10.9B
FCF margin (TTM) Ferrovial N.V.
8% 10% 12% 14% 16% FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FCF margin (TTM), FY22 Q4: 9.3% FCF margin (TTM), FY23 Q4: 10.1% FCF margin (TTM), FY24 Q4: 9.3% FCF margin (TTM), FY25 Q4: 14.9% 14.9%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY22 Q4 9.3%
FY23 Q4 10.1%
FY24 Q4 9.3%
FY25 Q4 14.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F, 20-F/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 8.0 9.2 9.9 10.9
EBITDA 0.8 1.1 3.8 —
Operating income 0.4 0.7 3.4 —
Net income 0.2 0.4 3.5 1.0
Diluted EPS $0.26 $0.50 $4.84 $1.40
Growth (year on year)
Revenue — +15.8% +7.5% +10.0%
EBITDA — +45.9% +246.1% —
Operating income — +51.7% +397.6% —
Net income — +86.2% +850.2% −71.4%
Diluted EPS — +88.9% +872.0% −71.0%
Margins
EBITDA margin 9.6% 12.0% 38.8% —
Operating margin 5.6% 7.3% 34.0% —
Net margin 2.5% 4.0% 35.4% 9.2%
Cash flow
Cash from operations 1.1 1.4 1.4 2.2
Balance sheet
Cash 5.5 5.3 5.0 5.0
Total debt 0.0 12.6 11.7 12.2
Net debt (negative = net cash) −5.5 7.3 6.7 7.2
Diluted shares 723m 728m 724m 719m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 2 checks passed · December 31, 2025
What it owns · $32.2bn
Short-term assets $8.6bnLonger-term assets $23.6bn
What it owes, and who funded it · $30.1bn
Short-term liabilities $7.6bnLonger-term liabilities $15.6bnShareholders' equity $6.9bn
  • Short-term assets cover short-term liabilities $8.6bn of assets due within a year against $7.6bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $8.6bn short-term assets against $15.6bn of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Ferrovial N.V.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
−0.8%
year over year
Days sales outstanding
88 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in construction & engineering
Last 12 months unless stated FER APG J KBR ACM FLR Median
Revenue, last 12 months $10.9bn $8.9bn $14.2bn $7.8bn $15.4bn $15.5bn $1.5bn
Revenue growth, last 12 months 10.0% 16.4% 20.1% −2.4% −4.2% −4.8% 21.2%
Revenue growth, 3-year average — 9.0% 28.1% 4.6% 3.3% 1.1% 11.3%
Revenue growth, latest quarter — 22.5% 34.5% 5.0% −14.2% 8.8% 26.9%
Gross margin — 31.1% 22.1% 14.7% 5.7% −0.8% 13.0%
Operating margin 34.0% 7.2% 4.6% 9.3% 4.1% −1.4% 4.1%
Operating margin, 3-year average — 6.7% 5.9% 9.2% 4.9% 1.0% 5.4%
Net margin 9.2% 4.1% 2.4% 5.7% 1.9% −12.8% 1.9%
Cash from operations / revenue 20.0% 8.7% 5.2% 4.9% 2.4% −1.8% 4.4%
Free-cash-flow margin 14.9% 7.6% 4.5% 4.2% 1.3% −2.1% 2.3%
Free-cash-flow margin, 3-year average — 7.6% 5.5% 5.6% 3.6% 0.5% 5.5%
Stock pay / revenue — 0.7% 0.5% — 0.3% 0.2% 0.7%
Change in share count −0.8% −6.2% −3.3% −3.1% −2.2% −10.8% 0.8%

Median of all 43 companies we cover in construction & engineering. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

43 construction & engineering companies
Measure Company Peer median Rank
Revenue growth Growth 10.0% 21.2% 28 of 43
Change in growth rate Growth +2.5pp +3.2pp 23 of 43
Operating margin Profitability 34.0% 4.1% 2 of 39
Net margin Profitability 9.2% 2.1% 7 of 42
Free-cash-flow margin Cash generation 14.9% 2.3% 3 of 43
Change in share count Balance sheet -0.8% 1.9% 10 of 40
Days sales outstanding Balance sheet 88 days 67 days 22 of 27

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$16.5B
Institutions reporting
335
Shares held vs prior quarter
▲ 10.2%
Positions opened / closed
50 / 31

Top buyers and sellers, Q2 2026: 200 institutions bought and 135 sold ; the biggest buyer was UBS Group AG (+4.2M shares) and the biggest seller Fil Ltd (−3.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
TCI Fund Management Ltd $1.4B 20.9M 8.7% ▲ 1.0%
Invesco Ltd. $1.4B 19.8M 8.2% ▲ 1.8%
Amundi $1.2B 18.2M 7.5% ▲ 18.7%
Lazard Asset Management LLC $1B 14.8M 6.1% ▲ 14.3%
Vanguard Capital Management LLC $936M 13.6M 5.7% ▼ 3.1%
UBS Group AG $748M 10.9M 4.5% ▲ 62.8%
Banco Santander, S.A. $673M 9.8M 4.1% ▲ 12.5%
Norges Bank $630M 9.2M 3.8% —
Barclays PLC $570M 8.3M 3.5% ▲ 20.3%
Citigroup Inc $560M 8.2M 3.4% ▲ 36.5%
Bank Of America Corp $558M 8.1M 3.4% ▼ 23.7%
FMR LLC $517M 7.5M 3.1% ▲ 6.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Ferrovial N.V.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K

Data status

When each part of this page on Ferrovial N.V. was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Ferrovial N.V. in brief

What does Ferrovial N.V. do?
Ferrovial N.V. is a US-listed company in the construction & engineering industry. Its financial year ends in December.
What is Ferrovial N.V.'s stock ticker?
Ferrovial N.V. trades under the ticker FER on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Ferrovial N.V.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Ferrovial N.V. reported revenue of $10.9B, 10.0% higher than a year earlier, according to its SEC filings.
What is Ferrovial N.V.'s free cash flow?
Ferrovial N.V.'s free-cash-flow margin is 14.9% of revenue over the trailing twelve months, ranking 3 of the 43 construction & engineering companies we cover.
What is Ferrovial N.V.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Ferrovial N.V.'s free cash flow after stock-based pay gives ~$14 per share in the base case, and ~$7.5–$23 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Ferrovial N.V.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are TCI Fund Management Ltd, Invesco Ltd. and Amundi. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Who are Ferrovial N.V.'s competitors?
In our Construction & Engineering peer group, the companies closest to Ferrovial N.V. are Api Group Corp, Jacobs Solutions, KBR, Inc., Aecom and Fluor Corp. The side-by-side comparison below sets their revenue, margins and growth against Ferrovial N.V.'s.