Ferrovial N.V. (FER) 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

+21.0%

$69.75

vs $57.66 price

Levered DCF

$48.61

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.03

Grey zone

Rating

B-

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	44.35×	9.08×	50.85×	130.64×	14.84×	-39.64×	80.52×	-31.15×
P/B	6.69×	4.84×	6.19×	4.14×	4.38×	5.39×	4.52×	3.06×
P/S	4.11×	3.21×	2.74×	2.25×	2.56×	2.63×	3.21×	2.42×
EV / EBITDA	23.03×	7.96×	19.77×	25.83×	15.26×	50.63×	197.41×	37.83×
Gross margin	24.9%	24.9%	25.0%	21.6%	20.8%	18.0%	21.1%	23.0%
Operating margin	10.0%	9.4%	7.5%	4.8%	4.9%	2.6%	-1.0%	6.2%
Net margin	9.2%	35.4%	5.4%	1.7%	10.8%	-6.5%	4.4%	-8.3%
Current ratio	1.13×	1.22×	1.21×	1.38×	1.38×	1.45×	1.36×	1.47×
Debt / equity	1.82×	1.9×	3.07×	2.88×	2.67×	3.06×	2.04×	1.84×
Interest coverage	2.21×	1.81×	1.37×	1.01×	1.25×	0.55×	-0.19×	1.24×
Dividend yield	0.4%	0.4%	0.6%	0.8%	0.2%	2.0%	1.2%	1.7%
Payout ratio	17.6%	4.0%	29.6%	103.9%	4.1%	-82.3%	88.8%	-50.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.0%	53.3%	12.2%	3.1%	18.5%	-13.3%	6.2%	-10.6%
Return on invested capital	4.4%	3.5%	2.8%	1.5%	1.7%	1.0%	-0.3%	2.2%
Return on assets	3.2%	11.2%	1.7%	0.5%	3.0%	-1.8%	1.1%	-2.1%
Free cash flow yield	3.6%	3.6%	5.0%	5.3%	3.9%	5.1%	5.0%	4.8%
Earnings yield	2.2%	11.0%	2.0%	0.7%	4.2%	-2.5%	1.4%	-3.4%
Enterprise value	$46B	$36.1B	$30.1B	$23.8B	$23B	$20.5B	$23.5B	$18.2B
Net debt / EBITDA	3.25×	1.48×	4.47×	7.36×	3.51×	8.23×	34.03×	9×
Cash conversion cycle (days)	19	19	-0	2	-3	28	30	13