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FER

Ferrovial SE

FER

Ferrovial SE • NASDAQ
$65.81 ▲ 0.06% (+0.04)
Market Cap $47.45 B
52w High $66.00
52w Low $40.07
Dividend Yield 0.87%
P/E 12.16
Volume 659.37K
Outstanding Shares 721.04M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $2.235B $1.62B $270M 12.083% $0.37 $327.5M
Q1-2025 $2.235B ▼ $1.62B ▲ $270M ▼ 12.083% ▼ $0.37 ▼ $327.5M ▼
Q4-2024 $2.44B $816M $1.413B 57.889% $1.95 $371.5M
Q3-2024 $2.44B ▲ $816M ▼ $1.413B ▲ 57.889% ▲ $1.95 ▲ $371.5M ▲
Q2-2024 $2.388B $1.989B $207M 8.668% $0.28 $342M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $2.835B $26.563B $18.909B $5.899B
Q1-2025 $2.835B ▼ $26.563B ▼ $18.909B ▼ $5.899B ▼
Q4-2024 $4.81B $28.999B $20.879B $6.075B
Q3-2024 $4.81B ▲ $28.999B ▲ $20.879B ▲ $6.075B ▲
Q2-2024 $3.639B $26.626B $20.852B $3.761B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $270M $185M $-572.5M $-527.5M $0 $49.5M
Q1-2025 $270M ▼ $185M ▼ $-572.5M ▼ $-527.5M ▲ $0 $49.5M ▼
Q4-2024 $1.413B $549M $854.5M $-819.5M $0 $413M
Q3-2024 $1.413B ▲ $549M ▲ $854.5M ▲ $-819.5M ▼ $0 ▲ $413M ▲
Q2-2024 $207M $97.5M $-198M $-476M $-564.5M $27.5M

Five-Year Company Overview

Income Statement

Income Statement Ferrovial’s income statement shows a business that has grown steadily and bounced back strongly from the pandemic. Sales have risen year after year, and basic profitability has improved alongside that growth. The standout feature is a very sharp jump in operating profit and net profit in the most recent year, far above prior years, which likely includes one‑off gains or unusually strong performance in certain assets. Earlier years show that earnings can be more modest and uneven, so while the latest result is impressive, it may not represent a “new normal” on its own. Overall, the trend is positive, but the step‑change in 2024 deserves a bit of caution in interpretation.

Balance Sheet

Balance Sheet The balance sheet looks solid for an infrastructure company that typically carries meaningful debt. Total assets have grown steadily, supported by valuable long‑term concessions, while equity has strengthened in the latest year after a softer patch before that. Cash holdings remain sizable, providing a useful buffer and financial flexibility, even as debt has crept up over time. This mix suggests a leveraged but generally well‑anchored capital structure, consistent with long‑duration infrastructure projects, though it still leaves the company sensitive to interest rates and refinancing conditions.

Cash Flow

Cash Flow Ferrovial’s cash flow profile is a key strength. Cash generated from day‑to‑day operations has been positive and gradually improving through the cycle, including during the pandemic. Free cash flow has remained consistently positive, even after investment spending, which indicates the existing asset base throws off dependable cash. Capital spending has been relatively modest compared with cash generation, suggesting the company has room to fund growth, service debt, and return capital, without stretching its finances. The main risk is that large new projects or concessions could at times require heavier upfront spending.

Competitive Edge

Competitive Edge Ferrovial holds a strong position in the global infrastructure space, especially in toll roads and airports, where it combines development, construction, financing, and long‑term operation under one roof. This integrated model, plus long‑dated concessions like its flagship toll road in Canada and major airport projects, creates high barriers to entry for rivals and provides visibility over future cash flows. Its track record in complex public‑private partnerships and its relationships with governments and institutional investors reinforce this advantage. On the flip side, the business remains exposed to traffic volumes, regulatory decisions, and political changes in the regions where it operates, as well as to execution risk on large, complex projects.

Innovation and R&D

Innovation and R&D Innovation is a clear differentiator for Ferrovial. The company is pushing digital technologies across its assets, using data, artificial intelligence, and cloud tools to make roads and airports smarter, safer, and more efficient. Flagship initiatives like AIVIA smart roads and the use of advanced design tools in construction show tangible efforts to improve operations, not just talk about technology. Ferrovial is also moving into emerging areas such as vertiports for electric air taxis and other next‑generation mobility infrastructure, which could open new markets but also comes with high uncertainty and long development timelines. Overall, its innovation focus looks applied and commercially oriented rather than purely experimental, which can help support its competitive edge.

Summary

Taken together, Ferrovial looks like a mature infrastructure operator with improving fundamentals and a strong tilt toward innovation. The business has grown steadily, generates reliable cash, and has recently delivered a very strong profit year, though that latest jump may not be fully repeatable. Its balance sheet and cash flows appear robust enough to support further investment and weather normal industry swings, but the model is inherently leveraged and tied to long‑term concessions. Strategically, the company stands out through its integrated lifecycle approach and its push into digital, smart, and future mobility infrastructure, which could enhance its moat over time. The main things to watch are how sustainable the recent earnings strength proves to be, how well large new projects are executed, and whether new ventures like smart roads and vertiports can evolve from promising concepts into meaningful, steady contributors to the business.

NEWS

November 4, 2025 · 1:55 PM UTC

Ferrovial announces a change in the dividend payment date

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October 29, 2025 · 4:23 PM UTC

REPLACING Ferrovial delivers solid results in first nine months of 2025

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October 28, 2025 · 4:11 PM UTC

Ferrovial delivers solid results in first nine months of 2025

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October 15, 2025 · 6:38 PM UTC

Ferrovial announces a second 2025 interim scrip dividend

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