olivLaw · European equity research
Fomento De Construcciones Y Contratas S.A. FCC.MC
Spain · BME Madrid · ISIN ES0122060314 · Vertical: Listed companies from Spain
At the close of 04 Nov 2026, Fomento De Construcciones Y Contratas S.A. (FCC.MC) stock was 10.66 EUR (+2.70% on the day), with market capitalisation 5.0 bn EUR, P/E 30.5 on diluted EPS of 0.35 EUR over the last 12 months, dividend yield 4.69%, beta 0.63, 52-week range 10.14–13.28 EUR.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 56.7
- strong (55–70)
- Bollinger (20, 2)
- 10.16 – 10.63
- above the upper band · %B 1.07 · band width 4.5%
- SMA 50 / 200
- 10.62 / 11.24
- mixed trend
- MACD (12, 26, 9)
- -0.05 / -0.09
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.6% | +0.4% | +0.2 pp | — |
| 3 months | −4.5% | −3.3% | −1.2 pp | — |
| 6 months | −5.0% | +4.0% | −8.9 pp | — |
| Year to date | −3.3% | +8.1% | −11.4 pp | — |
| 1 year | −6.5% | +10.7% | −17.2 pp | +3.3% |
| 3 years | −11.2% | +50.1% | −61.3 pp | +30.3% |
| 5 years | −4.0% | +43.6% | −47.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 9.2, median 11.1, max 31.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 8.2 bn | 9.1 bn | 9.7 bn |
| Revenue YoY | unavailable | +10.4% | +6.9% |
| Net income | 589.1 m | 432.1 m | 164.4 m |
| Net income YoY | unavailable | −26.6% | −62.0% |
| Diluted EPS | 1.31 | 0.97 | 0.35 |
| Diluted EPS YoY | unavailable | −26.0% | −63.9% |
| net % | 7.2% | 4.8% | 1.7% |
| Free cash flow | -22.2 m | 438.0 m | 486.9 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.7 bn EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 4.7 bn EUR
- Total assets
- 15.8 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.46x
- ROE
- 3.9%
- ROA
- 1.1%
- FCF margin
- 5.0%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 8.2 bn | 9.1 bn | 9.7 bn | esef· 20 Oct 2026verified |
| Operating income | 725.9 m | 727.4 m | 594.5 m | esef· 20 Oct 2026verified |
| Depreciation & amortisation | 556.1 m | 635.4 m | 733.3 m | esef· 20 Oct 2026verified |
| EBITDA | 1.3 bn ≈ | 1.4 bn ≈ | 1.3 bn ≈ | esef· 20 Oct 2026derived |
| Interest expense | 196.4 m | 264.1 m | 266.4 m | esef· 20 Oct 2026verified |
| Pre-tax income | 632.1 m | 586.6 m | 391.0 m | esef· 20 Oct 2026verified |
| Income tax | 154.1 m | 153.0 m | 115.4 m | esef· 20 Oct 2026verified |
| Net income | 589.1 m | 432.1 m | 164.4 m | esef· 20 Oct 2026verified |
| Diluted EPS | 1.31 | 0.97 | 0.35 | esef· 20 Oct 2026verified |
| Dividend per share | 0.13 | 0.65 | 0.50 | esef· 20 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.6 bn | 1.8 bn | 2.7 bn | esef· 20 Oct 2026verified |
| Current assets | 6.1 bn | 5.7 bn | 7.1 bn | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 3.8 bn | 3.8 bn | 3.9 bn | esef· 20 Oct 2026verified |
| Goodwill | 760.8 m | 764.5 m | 841.0 m | esef· 20 Oct 2026verified |
| Total assets | 16.7 bn | 14.2 bn | 15.8 bn | esef· 20 Oct 2026verified |
| Current liabilities | 3.9 bn | 3.5 bn | 4.8 bn | esef· 20 Oct 2026verified |
| Equity | 6.1 bn | 3.7 bn | 4.7 bn | esef· 20 Oct 2026verified |
| Shares outstanding at year end | 449.7 m | 445.5 m | 469.6 m | esef· 20 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 785.4 m | 1.3 bn | 1.2 bn | esef· 20 Oct 2026verified |
| Capex | 807.6 m | 840.0 m | 713.2 m | esef· 20 Oct 2026verified |
| Free cash flow | -22.2 m ≈ | 438.0 m ≈ | 486.9 m ≈ | esef· 20 Oct 2026derived |
| Investing cash flow | -962.4 m | -1.3 bn | -1.0 bn | esef· 20 Oct 2026verified |
| Financing cash flow | 210.3 m | 234.7 m | 813.5 m | esef· 20 Oct 2026verified |
| Dividends paid | 58.3 m | 121.8 m | 132.2 m | esef· 20 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 5.0 bn EUR
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 5.29 – 9.27 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E5.29 – 7.70 (Mid 6.94)18 companies used · median multiple 19.8x · quartiles 15.1x – 22.0xACS.MC, ADX.MC, AEDAS.MC, AENA.MC, AMS.MC, ANA.MC, CAF.MC, CLEO.MC, CMO.MC, DESA.MC, DIA.MC, EAT.MC, EDR.MC, ELE.MC, ENER.MC, ENO.MC, FAE.MC, FDR.MC
- Dividend discount (DDM)6.80 – 9.27 (Mid 7.85)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 1.7% | 30 (vs peers) | 12% |
| FCF conversion · Quality | 296.2% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.2x | 11 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.5x | 55 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 30.5x | 23 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 9.7% | 100 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 2.6% | 38 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 27.1% | 100 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet29/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality65/100 · 2/3 factors with a value
- Returns63/100 · 2/2 factors with a value
- Valuation57/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A. (FCC.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 9.7 bn EUR in 2025; YoY growth 6.9%; net margin 1.7%; ROE 5.3%.
The estimated value range is 6.05–8.48 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 7.39 EUR, the price of 10.66 EUR leaves a potential of -30.6% (value / price − 1) and a margin of safety of -44.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 296.2%
- FCF yield: 9.7%
- Payout ratio (FCF): 27.1%
What contradicts it
- Net margin: 1.7%
- Interest coverage: 2.2x
- P/E (TTM): 30.5x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from Spain · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELE.MCEndesa SA | 46.9 bn | 21.4 | 26.4% | 10.5% | +0.5% | +43% / +134% |
| AENA.MCAena S.m.e. SA | 42.4 bn | 19.8 | 24.2% | 34.0% | +8.9% | +20% / +78% |
| AMS.MCAmadeus It Group Sociedad Anonima | 26.2 bn | 19.8 | 26.9% | 20.5% | +6.1% | −6% / −5% |
| ACS.MCAcs Actividades De Construccion Y Servicios, S.A. | 22.6 bn | 23.7 | 19.9% | 1.9% | +19.7% | +10% / +142% |
| ANA.MCAcciona SA | 11.6 bn | 14.5 | 16.9% | 4.0% | +5.5% | +23% / +65% |
| FCC.MCFomento De Construcciones Y Contratas S.A. | 5.0 bn | 30.5 | 5.3% | 1.7% | +6.9% | −8% / −13% |
| FDR.MCFluidra S.A. | 3.8 bn | 21.4 | 10.9% | 7.8% | +4.1% | −17% / +5% |
| DIA.MCDistribuidora Internacional De Alimentacion SA | 2.7 bn | 20.7 | 165.6% | 2.2% | −2.7% | +52% / +383,650% |
| CMO.MCCementos Molins S.A. | 2.5 bn | 13.6 | 14.3% | 18.0% | −3.1% | +31% / unavailable |
| ENO.MCElecnor SA | 2.5 bn | 22.2 | 10.5% | 2.5% | +15.1% | −2% / +60% |
| ALM.MCAlmirall S.A. | 2.3 bn | 50.5 | 3.1% | 4.2% | +12.4% | −12% / +31% |
| FAE.MCFaes Farma SA | 1.5 bn | 19.3 | 10.8% | 13.0% | +23.7% | +3% / +57% |
| AEDAS.MCAedas Homes SA | 1.0 bn | 17.1 | 57.8% | 7.0% | −24.8% | +0% / +38% |
| EDR.MCEdreams Odigeo SA | 571.1 m | 11.4 | 21.0% | 7.8% | −0.4% | +40% / −24% |
| EAT.MCAmRest Holdings SE | 510.6 m | 31.7 | 4.3% | 0.6% | +0.1% | −34% / −61% |
| ADX.MCAudax Renovables S.A. | 489.0 m | 25.0 | 9.3% | 1.0% | −5.4% | −19% / −14% |
| ATRY.MCAtrys Health, S.A. | 199.3 m | — | -49.5% | -71.1% | +8.5% | −3% / −29% |
| ENER.MCEcoener, S.A. | 178.8 m | 32.8 | 4.2% | 6.4% | +3.6% | −32% / −4% |
| ADZ.MCAdolfo Dominguez SA | 62.4 m | 38.1 | 9.0% | 1.2% | +1.8% | +38% / +39% |
| DESA.MCDesarrollos Especiales De Sistemas De Anclaje S.A. | 49.6 m | 10.2 | 152.3% | 10.0% | +2.2% | +32% / unavailable |
| EZE.MCGrupo Ezentis SA | 30.0 m | — | — | -9.3% | +147.2% | −27% / −35% |
| CLEO.MCCompañia Levantina De Edificacion Y Obras Publicas SA | 17.3 m | 14.4 | 4.1% | 3.4% | +13.4% | unavailable / unavailable |
| AYC.MCAyco Grupo Inmobiliario, S.A. | 16.4 m | — | -33.8% | — | −100.0% | unavailable / unavailable |
| EBRO.MCEbro Foods, S.A. | 3.0 m | 0.0 | 10.0% | 7.7% | −4.0% | −0% / +19% |
| A3M.MCAtresmedia Corporacion De Medios De Comunicacion, S.A. | — | — | 7.9% | 6.9% | −2.7% | +12% / +59% |
1- and 3-year price returns: for FCC.MC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 6.46 Total return -37% · Per year -37% | 11.40 Total return 10% · Per year 10% | 17.15 Total return 65% · Per year 65% |
| 3 years | 6.58 Total return -30% · Per year -11% | 13.04 Total return 34% · Per year 10% | 21.49 Total return 116% · Per year 29% |
| 5 years | 6.70 Total return -24% · Per year -5% | 14.91 Total return 60% · Per year 10% | 26.93 Total return 179% · Per year 23% |
- Exit P/E± 3.26
- Net margin± 2.28
- Annual revenue growth± 1.83
- Annual dilution± 0.19
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202520 Oct 2026
- Annual report 202408 May 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.