EME vs FER: EMCOR and Ferrovial SE compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Ferrovial SE is the larger company, worth $35.4B, close to EMCOR's $32.5B.
- EMCOR grew revenue faster over the last year (+19.8% vs +5.2%).
- On earnings, EMCOR is the cheaper stock (24.6x vs 36.6x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | EME | FER |
|---|---|---|
| Market cap | $32.5B | $35.4B |
| Share price | $789.45 | $50.15 |
| Revenue (last fiscal year) | $17.0B | $9.6B |
| Free cash flow (last fiscal year) | $1.2B | — |
| Revenue growth, last year | +19.8% | +5.2% |
| Revenue growth per year, last 5 fiscal years | +14.4% | +8.4% |
| Operating margin | 10.4% | — |
| Net margin | 7.7% | 9.2% |
| Return on equity | 35.3% | 15.0% |
| P/E (trailing) | 24.6x | 36.6x |
| Price / free cash flow | 27.4x | 20.4x |
| EV / EBITDA | 16.3x | 40.9x |
| FCF growth the price implies | 9.1% | — |
| Dividend yield | 0.18% | — |
| Debt / equity | 1.49x | 3.34x |
| Fundamental grade | C | D |
| Superinvestors holding it | 2 | 2 |
| Insider purchases, last 12 months | 10 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
EMCOR
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $9.9B | $283M | 5.4% |
| 2022 | $11.1B | $449M | 5.1% |
| 2023 | $12.6B | $821M | 7.0% |
| 2024 | $14.6B | $1.3B | 9.2% |
| 2025 | $17.0B | $1.2B | 10.1% |
Ferrovial SE
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $7.6B | — | 5.6% |
| 2023 | $8.5B | — | 7.3% |
| 2024 | $9.1B | — | 34.0% |
| 2025 | $9.6B | — | — |
Where the revenue comes from
EMCOR
No segment breakdown reported.
Ferrovial SE · by segments, 2025
Construction division$7.7B77%
Toll roads division$1.4B14%
Corporation division$460M5%
Energy and mobility infrastructures division$339M3%
Airports division$111M1%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open EME in InvestinglyQuestions
Which is bigger, EMCOR or Ferrovial SE?
Ferrovial SE (FER), at $35.4B against $32.5B.
Is EME or FER cheaper?
By trailing P/E, EMCOR (24.6x) is cheaper than Ferrovial SE (36.6x). A lower multiple can also mean the market expects less growth.
Which grows faster, EME or FER?
EMCOR: revenue grew +19.8% over the last year, against +5.2%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.