Ferrovial N.V. (FER) Stock Price & How to Invest
Last updated July 2026
Short answer
FER is Ferrovial N.V., a Dutch-incorporated infrastructure owner and builder whose value sits mostly in a handful of North American toll concessions, above all the 407 ETR ring road around Toronto and the Texas Managed Lanes. Buying it through any US brokerage is straightforward because the shares trade on Nasdaq alongside the Amsterdam and Madrid listings, but the arithmetic that matters is concession cash flow and remaining licence life, not the construction arm's revenue line.
FER stock price
As of 2026-08-27, Ferrovial N.V. (FER) last closed at $58.77, up 6.7% over the past year. Over the past 52 weeks it has traded between $53.65 and $74.38.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Ferrovial N.V.'s investor relations page. Walnut is informational, not investment advice.
What does Ferrovial N.V. (FER) do?
Ferrovial N.V. designs, builds, owns and operates transport infrastructure across four segments: Highways, Airports, Construction and Energy. Highways is the one that carries the company. It holds roughly 43% of Canada's 407 ETR, the electronically tolled express route across the Greater Toronto Area, plus controlling interests in the Dallas-Fort Worth Managed Lanes (NTE, LBJ and NTE 35W), I-77 in North Carolina and I-66 in Virginia. These are long-dated concessions with pricing power written into the contracts, which is what separates them from ordinary construction work. Construction, run through Ferrovial Construction, Budimex in Poland and Webber in the United States, builds both third-party projects and the group's own concessions. Airports is now much smaller after Ferrovial sold a 19.75% stake in Heathrow for roughly EUR 2.0 billion in December 2024, keeping about 5.25%; the remaining marquee asset is a 49% interest in the New Terminal One at JFK. Energy handles transmission and generation projects. The company moved its primary corporate seat to the Netherlands and added the Nasdaq listing in 2024, and the shares now sit in the Nasdaq-100.
The investment picture is unusual because reported profit understates what an owner is buying. Equity-accounted concessions like 407 ETR contribute dividends rather than consolidated revenue, so the income statement shows a low-margin builder while the balance sheet holds stakes worth many multiples of their book value. First-half 2026 revenue was roughly EUR 4.70 billion, up 5.2% as reported and about 11.3% like-for-like, with adjusted EBITDA around EUR 746 million, up 13.9%. Net profit attributable to the parent came in near EUR 258 million against roughly EUR 540 million a year earlier, and the drop is a comparison artefact: the 2025 half included asset-rotation gains that did not repeat. The order book hit a record of about EUR 18 billion, weighted 47.9% to North America. Net cash excluding infrastructure projects stood near EUR 1.3 billion with liquidity around EUR 4.7 billion, which funds both the buyback programme and the equity calls on projects under construction. Anyone underwriting FER is really underwriting Toronto and Texas traffic growth for the next several decades.
What's driving Ferrovial N.V. (FER)?
1. 407 ETR pricing and volume recovery
The Toronto concession posted first-half 2026 revenue growth of about 18.7%, with toll revenue up roughly 20.2% on a vehicle-kilometre increase of only 1.8%. Almost all of that gap is rate, since the concession agreement lets the operator set tolls within congestion-linked parameters. A CAD 550 million dividend was approved for distribution in the third quarter of 2026, and those cash returns flow straight to Ferrovial's holding company without project debt sitting in front of them.
2. Texas Managed Lanes maturing into cash
The Dallas-Fort Worth lanes grew revenue and EBITDA in the first half despite construction disruption on adjacent corridors. Dynamic pricing means these assets monetise congestion rather than raw traffic counts, so a metro area adding population and jobs supports the toll curve even when free-lane volumes are flat. The Highways division received roughly EUR 357 million in North American dividends during the half, and that number has been climbing as the lanes exit their ramp-up phase.
3. A record order book skewed to North America
Backlog reached about EUR 18 billion, an all-time high, with 47.9% in North America, 22.9% in Poland and 14.0% in Spain. Construction margins are thin by design at roughly 3.5% adjusted EBIT, but the segment matters as a pipeline: winning the build often means winning the concession behind it. Budimex also gives exposure to Polish infrastructure spending funded partly by EU programmes.
4. Capital recycling and shareholder returns
Selling most of Heathrow removed a regulated asset the company had held for close to two decades and freed capital for higher-return concessions. Ferrovial has since run continuous share repurchase programmes, filing them with the SEC on a rolling basis, alongside a scrip dividend structure that included an interim distribution of roughly EUR 400 million (about EUR 0.5578 per share) announced in May 2026.
What are the risks to Ferrovial N.V. (FER)?
Concession assets are finite: the 407 ETR agreement runs to 2098, but shorter US concessions eventually revert to the state, and terminal value assumptions do a lot of work in most FER valuation models. Regulatory and political risk is real, since tolling regimes are set by governments that occasionally revisit them, and the 407 has already been through litigation with Ontario over rate-setting and licence-plate denial. Project execution can bite: the New Terminal One at JFK, where Ferrovial holds 49%, has slipped its opening to March 2027 with delay penalties attached, and I-77 traffic fell about 5.2% in the first half. Reported earnings are volatile because asset sales dominate them, so a strong year followed by a weak one may say nothing about the underlying business. Finally, US investors carry currency exposure (the group reports in euros) and Dutch dividend withholding, both of which change the realised return without changing the operating result.
What is the Ferrovial N.V. (FER) forecast?
3 analysts publish price targets on FER, averaging $77.39 against a $58.77 price as of August 2026, or +31.7%. The published targets run from $70.66 to $90.83, a narrow spread, and the ratings split 1 buy, 2 hold, 0 sell. Over the last six months there has been 1 raise and 1 cut among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.
Read the full FER forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.
Is FER a buy or a sell?
We give no verdict on Ferrovial N.V.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.
The case for buying. 407 ETR pricing and volume recovery. The Toronto concession posted first-half 2026 revenue growth of about 18.7%, with toll revenue up roughly 20.2% on a vehicle-kilometre increase of only 1.8%. The most optimistic published target, $90.83, assumes this works close to its best case.
The case against. Concession assets are finite: the 407 ETR agreement runs to 2098, but shorter US concessions eventually revert to the state, and terminal value assumptions do a lot of work in most FER valuation models. The most pessimistic target, $70.66, is roughly what FER is worth if this bites instead.
Read the full bull and bear case on FER, including what would have to change to break either one. Walnut is not an investment adviser.
How is Ferrovial N.V. (FER) valued? (approximate, August 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Ferrovial N.V.'s investor relations page or your broker.
- Revenue (TTM): ~$9.86B
- Market capitalisation: ~$42.4B
- H1 2026 revenue: ~EUR 4.70B (reported in euros), +5.2% reported and ~+11.3% like-for-like
- H1 2026 adjusted EBITDA: ~EUR 746M, +13.9%
- H1 2026 net profit to parent: ~EUR 258M, down from ~EUR 540M a year earlier on absent asset-rotation gains
- Net cash ex-infrastructure / order book: ~EUR 1.3B net cash, ~EUR 4.7B liquidity, ~EUR 18B backlog
The trailing P/E sits near 50x on 2026 consensus, which looks absurd against a builder and reasonable against a concession owner, because equity-accounted stakes such as 407 ETR contribute dividends rather than proportional earnings. Most sell-side work on FER therefore uses sum-of-the-parts: discount each concession's cash flows to the end of its licence, add the construction and energy businesses at a modest multiple, then subtract holding-company debt. Dividend yield is around 1.8%, part of it paid in scrip, so the cash component is smaller than the headline suggests.
Who competes with Ferrovial N.V. (FER)?
European infrastructure conglomerates
Vinci, ACS (through Hochtief and Abertis), Eiffage and Sacyr run the same model of building infrastructure and keeping equity in the concession. Vinci is the closest structural analogue at far larger scale, with French motorways and airports; ACS competes directly for North American civil work and holds toll assets through Abertis. All of them are valued on concession cash flow rather than construction margin, and all face the same question about what happens as licences run down.
Pure-play toll road owners
Transurban in Australia and North America, Atlas Arteria, and Italy's Mundys sit closest to Ferrovial's Highways economics without the contracting drag. They are the right comparison set for judging whether the 407 ETR and the Managed Lanes are priced sensibly, since their multiples reflect traffic growth, toll escalation and remaining concession life in isolation.
US engineering and construction contractors
Fluor, AECOM, Granite Construction, Sterling Infrastructure and Tutor Perini bid against Webber and Ferrovial Construction on American highway and civil projects. They are useful for benchmarking backlog quality and bid discipline, though none of them retains long-term equity in the roads they build, so their earnings behave nothing like Ferrovial's.
What stocks are similar to Ferrovial N.V. (FER)?
Other names that sit close to FER: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.
How to invest in Ferrovial N.V. (FER)
There are three common ways to get FER exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so FER sits alongside other stocks that express the same thesis.
Walnut takes the portfolio route. Describe a thesis where FER fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on Ferrovial N.V. (FER)
FER is a toll-road annuity with a contracting business bolted on, priced on concession value rather than reported earnings, which is why the headline P/E looks so strange.
More on Ferrovial N.V. (FER)
Whether FER is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is FER a buy or a sell?, and where the stock could go from here in the FER stock forecast.
For income investors, whether FER pays a dividend and how the payout looks is covered in does FER pay a dividend? And to weigh FER against a peer, read the full side-by-side comparisons: FER vs FLR and FER vs ACM.
Wondering how FER fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Ferrovial N.V. with AI
Connect the broker you already use and ask Walnut's AI how FER fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What does Ferrovial actually make its money from?
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Concession dividends, mainly from North American toll roads. The 407 ETR outside Toronto is the single largest contributor, followed by the Dallas-Fort Worth Managed Lanes. Construction generates most of the reported revenue but only a thin 3.5% adjusted EBIT margin, and it exists partly to win and build the concessions the group then owns.
Is FER a US company or a foreign one?
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Ferrovial N.V. is incorporated in the Netherlands and reports in euros, filing with the SEC as a foreign private issuer on Form 6-K and 20-F rather than 10-Q and 10-K. The Nasdaq line is a genuine primary-tier listing added in 2024, not an OTC ADR, and the shares are a Nasdaq-100 constituent alongside the Amsterdam and Madrid listings.
Why is the P/E ratio so high if the business is profitable?
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Because the biggest assets do not flow through earnings proportionally. Stakes such as 407 ETR are equity-accounted, so Ferrovial books its share of dividends rather than consolidating the road's revenue and profit. Reported net income also swings on asset sales, which is why H1 2026 profit of roughly EUR 258 million looks weak against roughly EUR 540 million a year earlier when disposals inflated the comparison.
What happened to Ferrovial's stake in Heathrow?
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Ferrovial sold 19.75% of FGP Topco, Heathrow's holding company, for approximately EUR 2.0 billion in December 2024, to Ardian and Saudi Arabia's Public Investment Fund. It retained roughly 5.25%. The proceeds were recycled into concessions with higher expected returns and into share buybacks, ending nearly two decades as Heathrow's controlling shareholder.
How exposed is FER to the JFK New Terminal One project?
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Ferrovial holds a 49% equity interest in the New Terminal One consortium. Opening has slipped to March 2027 and delay penalties apply, so the project is a live execution risk rather than a settled cash generator. It is meaningful but not central: the airports segment is much smaller than Highways after the Heathrow disposal.
Does Ferrovial pay a dividend?
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Yes, at a yield of roughly 1.8%, though the structure is a scrip dividend for much of it, meaning shareholders can elect new shares instead of cash. An interim distribution of about EUR 400 million (roughly EUR 0.5578 per share) was announced in May 2026. US holders also face Dutch withholding tax and euro-to-dollar conversion, both of which reduce realised income below the headline yield.
What would most change the thesis on FER?
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Three things: a regulatory or political move against toll pricing, particularly at the 407 ETR where Ontario has litigated before; sustained traffic weakness in Dallas-Fort Worth, since dynamic pricing only works if congestion persists; and capital allocation, because the group's returns depend on redeploying disposal proceeds into concessions that clear its cost of capital rather than into buybacks at any price.
How would someone hold FER inside a thematic basket?
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Most people group it under infrastructure or transport, pairing it with pure toll-road owners such as Transurban and European peers like Vinci to see whether the concession premium is consistent across the set. In Walnut you would write the thesis first, set a target weight for FER against those peers, then track whether the basket's actual weights drift from the design as the positions move. Nothing here is investment advice.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Ferrovial N.V.'s investor relations page or your broker before making investment decisions.