Ferrovial SE (FER) Balance Sheet

NASDAQ: FERAssets, liabilities, debt and equity over 7 years.

FER balance sheet, 2025

December 31, 2025 · euros

€27.42B assets = €19.75B liabilities + €7.67B equity

What it owns€27.42BCash & ST investments: €4.24B (15.5%)Cash & ST investments€4.24B · 15%Receivables: €2.17B (7.9%)Receivables €2.17BInventory: €540.0M (2.0%)Other current: €355.0M (1.3%)PP&E: €1.31B (4.8%)Goodwill & intangibles: €539.0M (2.0%)LT investments: €4.02B (14.6%)LT investments€4.02B · 15%Other non-current: €14.25B (52.0%)Other non-current€14.25B · 52%=How it is financed€27.42BCurrent liabilities: €6.46B (23.6%)Current liabilities€6.46B · 24%Long-term debt: €9.36B (34.1%)Long-term debt€9.36B · 34%Other LT liabilities: €3.94B (14.4%)Other LT liabilities€3.94B · 14%Shareholders’ equity: €7.67B (28.0%)Shareholders’ equity€7.67B · 28%

Both columns are drawn to the same scale: what FER owns equals what it owes plus shareholders’ equity. Hover a block for its value.

FER financial health

Current ratio1.13
Adequate · current assets cover current liabilities 1.13×
Debt / equity1.82
High leverage · €1.82 of debt for each $1 of equity
Equity / assets21.5%
Balanced · of assets funded by shareholders
Cash / debt39.5%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles2.0%
Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

FER balance sheet trends, 2015–2025

MetricTrendThenLatestChange
Total assets€25.38B2015€27.42B2025+1.3%/yr
Total liabilities€18.84B2015€19.75B2025+0.8%/yr
Shareholders’ equity€6.06B2015€5.91B2025−0.4%/yr
Cash & short-term investments€3.24B2015€4.24B2025+4.6%/yr
Total debt€8.25B2015€10.73B2025+4.5%/yr
Net cash (debt)−€5.01B2015−€6.49B2025−€1.5B
Working capital€121.0M2015€846.0M2025+€725.0M
Current ratio1.0120151.132025+0.12
Debt / equity1.3620151.822025+0.45
Shares outstanding731.9M2015718.7M2025−0.3%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

FER assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

FER liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

FER debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

FER balance sheet in euros

2025202420192018201720162015
Assets
Cash & short-term investments€4.24B€4.81B€4.73B€4.00B€4.54B€3.52B€3.24B
Cash & equivalents€4.24B€4.81B€4.73B€4.00B€4.54B€3.52B€3.24B
Short-term investments—€0−€8.56B−€8.28B€55.0M€18.0M€23.0M
Receivables€2.17B€2.19B€1.29B€1.14B€2.68B€2.91B€2.32B
Inventory€540.0M€492.0M€699.0M€594.0M€629.0M€516.0M€387.0M
Other current assets€355.0M€178.0M€5.03B€5.03B€208.0M€806.0M€2.61B
Total current assets€7.31B€7.67B€11.75B€10.76B€8.06B€7.75B€8.56B
Property, plant & equipment (net)€1.31B€1.01B€427.0M€250.0M€694.0M€730.0M€491.0M
Goodwill & intangible assets€539.0M€629.0M€310.0M€406.0M€2.49B€2.52B€2.12B
Long-term investments€4.02B€3.63B€0€0€0€0€0
Other non-current assets€14.25B€16.05B€11.62B€11.40B€11.74B€12.39B€14.21B
Total assets€27.42B€29.00B€24.11B€22.81B€22.99B€23.40B€25.38B
Liabilities
Accounts payable€1.80B€1.78B€1.33B€1.31B€2.28B€2.30B€2.00B
Short-term debt€1.16B€1.27B€1.10B−€316.0M−€432.0M−€689.0M−€3.81B
Deferred revenue€1.82B€1.62B€6.19B€65.0M−€943.0M−€968.0M€5.06B
Total current liabilities€6.46B€6.30B€8.62B€7.30B€5.85B€5.56B€8.44B
Long-term debt€9.36B€10.09B€0€0€0€0€0
Lease obligations€305.0M€245.0M—————
Other long-term liabilities€3.94B€4.49B€10.40B€10.15B€10.91B€11.53B€10.40B
Total liabilities€19.75B€20.88B€19.02B€17.45B€16.76B€17.08B€18.84B
Shareholders' equity
Common stock & paid-in capital€7.0M€7.0M€147.0M€148.0M€146.0M€147.0M€146.0M
Retained earnings (deficit)€2.79B€2.54B€3.93B€3.99B€4.62B€4.73B€4.57B
Accumulated other comprehensive income—−€706.0M−€691.0M−€727.0M−€776.0M−€1.09B—
Minority interest€1.76B€2.04B—————
Total shareholders' equity€5.91B€6.08B€4.30B€4.53B€5.50B€5.60B€6.06B
Key figures
Total debt€10.73B€11.53B€8.78B€8.33B€8.55B€8.38B€8.25B
Net cash (debt)−€6.49B−€6.72B−€4.05B−€4.33B−€4.01B−€4.86B−€5.01B
Working capital€846.0M€1.37B€3.13B€3.46B€2.21B€2.19B€121.0M
Tangible book value€5.37B€5.45B€3.99B€4.12B€3.01B€3.07B€3.94B
Shares outstanding718.7M724.2M731.7M809.4M730.9M759.4M731.9M
Current ratio1.131.221.361.471.381.391.01
Quick ratio0.991.110.700.701.241.160.66
Debt / equity1.821.902.041.841.551.501.36
Equity / assets21.5%20.9%17.9%19.9%23.9%23.9%23.9%

Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported (latest annual report filed December 31, 2025); data from EODHD.

FER financial position

At the end of fiscal 2025 (December 31, 2025), Ferrovial had total assets of €27.4 billion (down 5.4% from a year earlier), total liabilities of €19.8 billion and shareholders' equity of €5.9 billion. It held €4.2 billion in cash and short-term investments against €10.7 billion of debt, net debt of €6.5 billion. Its current ratio was 1.13. In the latest quarter (ended June 30, 2026) total assets were €27.2 billion and equity €5.7 billion.

Related: FER income statement, FER cash flow statement, FER key metrics. See the FER stock overview for the latest quote and news.

FER balance sheet FAQ

What are Ferrovial's total assets?

Ferrovial reported total assets of €27.4 billion at the end of fiscal 2025 (December 31, 2025), compared with €29.0 billion a year earlier.

How much debt does Ferrovial have?

Ferrovial had €10.7 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.82.

How much cash does Ferrovial have?

Ferrovial held €4.2 billion in cash and short-term investments at the end of fiscal 2025; with €10.7 billion of debt that is net debt of €6.5 billion.

What is Ferrovial's book value?

Ferrovial's shareholders' equity (book value) was €5.9 billion at the end of fiscal 2025.

What is Ferrovial's current ratio?

Ferrovial had current assets of €7.3 billion and current liabilities of €6.5 billion, a current ratio of 1.13 (it can cover its short-term obligations).

How much goodwill does Ferrovial have?

Ferrovial carried €539.0 million of goodwill and intangible assets, 2.0% of total assets, at the end of fiscal 2025.

Engineering & Construction: balance sheet