Ferrovial N.V. earns about 14% on invested capital, with a roughly flat share count. The applicable estimate puts fair value near €8.53 a share. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Revenue | €7.55B1 | €8.52B2 | €9.15B2 | €9.63B2 |
| Net income | €188M3 | €341M4 | €3.24B4 | €888M4 |
| Operating cash flow | €1B5 | €1.26B6 | €1.29B6 | €1.93B6 |
| Capital expenditure | — | — | — | — |
| Free cash flow (derived) | — | — | — | — |
| Total debt | — | €11.4B7 | €11.3B8 | €10.4B8 |
| Cash & equivalents | €5.13B9 | €4.79B9 | €4.83B9 | €4.27B9 |
| Diluted shares | 723.5M | 728.3M | 721.8M | 720.6M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
10 shares is a claim on €81.98 of net worth that earned you €12.32 last year, against €144.69 of debt.
It earned an average 14% on invested capital over 4 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is roughly flat over 4 years — little dilution, little buyback. Total debt has held roughly steady.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
assumptions (8)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Normalized earnings€614.5M
- Growth assumed0.0%
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MeritValue on the App Store →- 20-F filed 2025-02-28 · period ending 2022-12-31 · accession 0001468522-25-000034 (Revenue)
- 20-F filed 2026-02-25 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001628280-26-011789 (Revenue)
- 20-F filed 2025-02-28 · period ending 2022-12-31 · accession 0001468522-25-000034 (ProfitLossAttributableToOwnersOfParent)
- 20-F filed 2026-02-25 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001628280-26-011789 (ProfitLossAttributableToOwnersOfParent)
- 20-F filed 2025-02-28 · period ending 2022-12-31 · accession 0001468522-25-000034 (CashFlowsFromUsedInOperatingActivities)
- 20-F filed 2026-02-25 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001628280-26-011789 (CashFlowsFromUsedInOperatingActivities)
- 20-F filed 2025-02-28 · period ending 2023-12-31 · accession 0001468522-25-000034 (Borrowings)
- 20-F filed 2026-02-25 · periods ending 2024-12-31, 2025-12-31 · accession 0001628280-26-011789 (Borrowings)
- 20-F filed 2026-02-25 · periods ending 2022-12-31, 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001628280-26-011789 (CashAndCashEquivalents)