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Ferrovial N.V.

FER
58
Engineering & Construction · Industrials
Price
$49.41
+0.55 (+1.13%)
Market Cap
$35.63B
Exchange
NASDAQ
Winston Score
58
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
18/30
Growth
Mixed
5/20
Cash Flow
Exceptional
9/10
Stability
Strong
7/10
Valuation
Good
5/10
Ownership
Good
10/15
Dividends
Strong
4/5

58 of 100 counted points = Winston Score 58.

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Share count falling — buybacks

−1.8% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 731.8M (2021) → 718.7M (2025)

§Winston Score History

The full picture

Ferrovial is a Spanish infrastructure company that builds and operates toll roads, airports, and other large public works projects. Its main customers are governments and travelers who use its highways and airports every day. The company is best known for owning stakes in major assets like the 407 Express Toll Route in Canada and Heathrow Airport in the United Kingdom.

Ferrovial makes money primarily by collecting tolls and airport fees, which provide steady, long-term cash flows tied to contracts that can last decades. It operates mainly in North America, Europe, and Australia, and its market cap of roughly $47 billion reflects the scale of its global infrastructure portfolio. The company's main competitive advantage is its long-term concession agreements, which act as barriers to entry, but its relatively low ROIC of 3.9% highlights the capital-intensive nature of the business, and rising interest rates remain a key risk since infrastructure projects are typically funded with significant debt.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+16.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-100.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

36.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€7.8B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Ferrovial N.V. is a rare growth stock that's already generating positive cash flow while growing at 16%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
100.0%
Premium pricing power — 100.0% gross margin
Profit after running costs
Operating Margin
12.4%
Healthy — 12.4% operating margin
Return on the money invested
ROCE
6.0%
Weak — 6.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+6.9%
Slow sales growth (+6.9% YoY)
Profit growth
EPS YoY
-88.6%
Earnings shrinking (-88.6% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
213%
Turns 213% of profit into real cash
Spare cash per sale
FCF Margin
12.7%
Converts sales into free cash efficiently (12.7%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
1.80
Elevated debt (1.80)
Covers its interest
Interest Cover
100.00x
Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
51.4x
Expensive — P/E 51.4

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+16.2
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (51.4 → 35.2)

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Dividends

Dividend
Dividend Yield
2.35%
Moderate income — 2.35% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+25.7%
Dividend growing fast (25.7% YoY)
Payout Ratio
35%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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