Ferrovial N.V.
FER Industrials Engineering & Construction
Ferrovial N.V.’s revenue for fiscal 2025 (year ended December 2025) was $10.9 billion, up 10.0% from fiscal 2024. Member of the Nasdaq 100.
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Ferrovial N.V. (FER) Altman Z-score
Ferrovial N.V.'s Altman Z-score for fiscal 2025 is 1.92, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.92 | 0.26 |
| FY2024 | 1.66 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.03 | — | 0.04 | |
| Retained earnings / total assets | 0.10 | — | 0.14 | |
| EBIT / total assets | 0.04 | — | 0.14 | |
| Market value of equity / total liabilities | 2.08 | — | 1.25 | |
| Sales / total assets | 0.35 | — | 0.35 | |
| Altman Z-score | Grey zone | 1.92 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.23 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| IESC IES Holdings, Inc. compare | 10.6× |
| FIX Comfort Systems USA, Inc. compare | 7.7× |
| EME EMCOR Group, Inc. compare | 6.4× |
| STRL Sterling Infrastructure, Inc. compare | 5.6× |
| PWR Quanta Services, Inc. compare | 4.2× |
| MTZ MasTec, Inc. compare | 3.7× |
| J Jacobs Solutions Inc. compare | 3.1× |
| APG APi Group Corporation compare | 3.0× |
| FER Ferrovial N.V. | 1.9× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets