Annual rank60
Spain · Industrials
CAF
Designs and supplies trains, buses, components, signalling systems and complete turnkey mobility solutions.
FY2022–FY2025
FY2022–FY2025
FY2022–FY2025
current context only
Company profile
Rail platforms, Solaris buses, integrated systems and lifecycle services
Headquartered in Beasain, Spain, CAF combines railway manufacturing and services with the Solaris bus business. Its offer spans trains, components, signalling and digital fleet tools, as well as turnkey transport systems and concessions. Projects can include leasing and project-finance arrangements. Public transport authorities and operators can buy vehicles, integrate them into a wider network and contract support throughout their operating life. The group has manufacturing facilities in Europe and the Americas and maintenance centres on five continents.
Train platforms
Platform families spanning trams, metros, commuter and regional trains, and high-speed rail
Urbos serves tram and light-rail networks; Inneo is the metro family; Civity covers commuter and regional trains; Oaris addresses high-speed travel; and Bitrac covers locomotives. The platforms support customer-specific configurations: Urbos includes low-floor and tram-train variants, Civity offers different propulsion and carriage layouts, Inneo adapts to city capacity and automation requirements, and Oaris offers modular high-speed configurations. CAF reports more than 1,900 Urbos trams operating in over 50 cities and cites Inneo metros in cities including Madrid, Helsinki, Mexico City and London. The named cities are examples of CAF’s wider international metro portfolio. This combination of reusable platforms and local adaptation serves a broad range of transport networks.
- Explore Urbos light rail Trams and tram-trains for urban and regional networks
- Explore Inneo metros Layouts and automation for different city networks
- Explore Civity regional trains Modular commuter and regional rolling stock
- Explore Oaris high-speed trains Configurable high-speed platform
- Explore Bitrac locomotives Locomotives within the wider rolling-stock portfolio
- ▶ VideoStep inside London's DLR Inneo Official 1:39 English film of the five-car unit, interior and GoA3 automation
Solaris buses
A European bus business expanding into North America
Solaris Bus & Coach is CAF Group's Polish bus manufacturer. Its portfolio includes Urbino battery-electric and hydrogen buses and Trollino trolleybuses, alongside other drivetrains, with after-sales support and spare parts. The corporate profile checked on 9 September 2026 reports almost 30,000 vehicles delivered and a presence in 33 countries and 900 towns and cities, in Europe and beyond. Contracts announced in December 2024 with King County Metro in the United States and in March 2025 with TransLink in Vancouver establish North American supply commitments. Their initial delivery schedules start in 2026; the announcements alone do not confirm completed deliveries.
- See Solaris products and reach Corporate profile: 33 countries and 900 towns and cities
- Read the first U.S. contract King County Metro: four firm buses plus options
- Read the Canadian entry contract TransLink: 107 firm trolleybuses plus options
- ▶ VideoWatch the Urbino 18 hydrogen Official 1:16 English film of the articulated bus in operation
Control and fleet data
Signalling and digital tools connect vehicles to the wider system
CAF combines vehicle supply with signalling, integrated transport systems and digital fleet services. OPTIO is its communications-based train-control platform; QUASAR Q4 provides electronic interlocking; AURIGA covers ETCS and automatic train operation; and NAOS supports control centres. LeadMind monitors fleet condition and supports maintenance decisions through vehicle data and analytics. These capabilities extend the offer beyond manufacturing to the control and upkeep of a transport network. The selected OPTIO film illustrates validation activity, not proof that every featured technology is already in passenger service.
- Map the signalling stack OPTIO, QUASAR Q4, AURIGA and NAOS in their distinct control roles
- Read the OPTIO launch record CAF's December 2024 introduction of its CBTC platform
- Open the LeadMind modules Fleet monitoring, maintenance, inspection and driver-performance tools
- Follow condition-based maintenance Sensors, analytics, thresholds and automatic workshop alarms
- ▶ VideoWatch OPTIO validation over 5G Official 2:24 English film of laboratory and tunnel validation
Factory and lifecycle
Global manufacturing and long-term maintenance relationships
CAF lists factories in Spain, France, the United Kingdom, Poland, the United States, Mexico and Brazil, with maintenance centres across five continents. Services span commissioning, maintenance, spares, overhauls and modernisation. In May 2025, CAF reported over 150 service contracts in more than 20 countries; its July 2026 presentation specifies 14 UK maintenance contracts. Northern illustrates a renewed ten-year maintenance contract covering 101 trains: the operator supplies maintenance labour, while CAF provides management, technical support, spares and overhauls. The May 2025 release also describes long-cycle maintenance for Medellin Metro in Colombia. These are examples within an international service portfolio.
- See the international footprint Production facilities and maintenance centres
- Explore rail services Support from commissioning to overhaul and modernisation
- See the UK service footprint H1 2026 presentation, page 6: 14 maintenance contracts
- Compare Northern and Medellin services Different support scopes for fleets already operating
- ▶ VideoEnter the Beasain factory Official language-neutral film of machining, assembly and completed trains
- ▶ VideoWatch UK depot work Official 3:21 English film of rolling stock, equipment, parts and maintenance
Official profile sources: Construcciones y Auxiliar de Ferrocarriles – Other relevant information · Sustainable Mobility | CAF · About Us | CAF
Editorial refinement, 10 September 2026: added commuter and regional trains to the platform heading and clarified that the named metro cities are examples. Annual ranking unchanged.
Current 2026 update
What is changing at CAF in 2026?
A central question is how CAF converts its expanding order book into deliveries, service activity and profitability.
The change in one sentence
Delivering the backlog and scaling services and Solaris.
Vehicle supply creates long-term support needs. Growth depends on execution capacity as well as new contracts.
Four lenses on 2026
The same four-quadrant format used in the Company profile.
01 · Backlog execution
A larger order book needs profitable delivery
At 30 June 2026, backlog reached EUR 17.7bn. H1 revenue rose 16%, led by bus deliveries; railway revenue grew 3%.
- Current signalOrders were 1.6 times revenue.
- Why it mattersEurope represented 77% of backlog; execution remains central.
- CAF H1 2026 results 2026-07-30
02 · Service capacity
New facilities support long-term service commitments
CAF opened a Manchester depot for wheelset and bogie work. Two German facilities under construction will provide maintenance under a 30-year BEMU contract; the investment is expected to finish in 2027.
- Current signalCapacity must match fleet commitments.
- Why it mattersService expansion requires facilities, people and reliable execution.
- CAF Manchester depot 2026-06-26
- CAF H1 2026 results 2026-07-30
03 · Solaris scale
Solaris contributes more, with delivery timing a factor
Solaris delivered 1,079 buses in H1, 90% zero-emission; EBIT rose 114% to EUR 60m. Its backlog held 2,387 urban buses; backlog value fell 9% since December as deliveries advanced.
- Current signalH1 growth partly reflects delivery timing.
- Why it mattersCAF retained high-single-digit group revenue growth guidance for 2026.
- CAF H1 2026 results 2026-07-30
04 · What to watch
Three questions for the next disclosures
These questions test execution and strategic progress in subsequent disclosures.
- Profitable deliveryDo deliveries translate into sustained margins and cash generation?
- Service expansionDo new facilities and North American deliveries meet their disclosed schedules?
- Next strategic cycleWhat targets does the 2027-2030 plan, due in Q4 2026, set for services and Solaris?
Editorial revision, 9 September 2026: expanded product and geographic coverage and refocused the current update following company feedback and checks against public sources. Annual ranking unchanged.
Annual record
Ranking history
Future editions add rows; they do not rewrite the 2026 record.
| Edition | Measurement period | Rank | Revenue growth | Net-income growth | Stock return |
|---|---|---|---|---|---|
| 2026 | FY2022–FY2025 | 60 | +42% | +180% | +143% |