Fomento de Construcciones y Contratas, S.A. (FCC.MC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+185.6%

€29.42

vs €10.30 price

Levered DCF

€25.18

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.18

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	29.78×	9.07×	11.11×	12.08×	7.91×	13.33×	15.83×	17.73×
P/B	1.42×	1.42×	1.47×	1.12×	1.53×	1.54×	2.15×	2.63×
P/S	0.51×	0.43×	0.78×	0.49×	0.69×	0.57×	0.67×	0.74×
EV / EBITDA	5.82×	5.07×	8.03×	6.36×	6.14×	6.64×	8.24×	7.86×
Gross margin	60.2%	59.6%	60.3%	63.7%	64.6%	65.3%	65.1%	64.4%
Operating margin	6.1%	8.0%	8.6%	7.9%	12.0%	9.3%	8.2%	8.1%
Net margin	1.7%	4.7%	7.0%	4.1%	8.7%	4.3%	4.2%	4.2%
Current ratio	1.46×	1.62×	1.57×	1.26×	1.22×	1.3×	1.22×	1.31×
Debt / equity	1.64×	2.03×	1.21×	1.59×	1.77×	2.03×	2.78×	2.51×
Interest coverage	2.61×	3.16×	4.63×	3.72×	5.93×	3.06×	3.5×	2.78×
Dividend yield	0.3%	3.1%	0.3%	1.9%	1.4%	1.0%	1.7%	0.1%
Payout ratio	8.3%	28.3%	3.3%	23.2%	10.9%	14.0%	26.8%	2.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.7%	15.7%	13.2%	9.3%	19.3%	11.5%	13.7%	14.9%
Return on invested capital	3.4%	4.8%	4.1%	4.4%	5.7%	5.0%	3.6%	4.8%
Return on assets	1.0%	3.0%	3.5%	2.1%	4.1%	2.0%	2.1%	2.4%
Free cash flow yield	9.9%	11.3%	-1.0%	24.4%	7.8%	5.6%	7.2%	4.5%
Earnings yield	3.3%	11.1%	9.0%	8.3%	12.6%	7.4%	6.3%	5.7%
Enterprise value	€7.9B	€7.6B	€10.3B	€7.6B	€8.4B	€6.9B	€8.4B	€7.4B
Net debt / EBITDA	2.19×	2.47×	2.94×	3.18×	2.78×	3.27×	4.12×	3.15×
Cash conversion cycle (days)	26	51	106	111	130	75	5	-2