CAF

What CAF does

CAF (Construcciones y Auxiliar de Ferrocarriles, S.A.) is a publicly listed Spanish rail equipment manufacturer with global operations across more than 60 countries. The company designs, manufactures, and supplies a comprehensive range of rolling stock — high-speed trains, regional and intercity trains, commuter trains, metro vehicles, light rail vehicles and trams (including the URBOS platform), locomotives, and electric and hydrogen buses. Beyond hardware, CAF operates a signalling division anchored by the OPTIO Communications-Based Train Control (CBTC) system, a propulsion and components business, a rail services arm providing maintenance and spare parts, a concessions and turnkey delivery unit, and a digital mobility practice covering passenger information, CCTV, and 5G/Edge-enabled interior perception. Caf subsidiaries include CAF USA, which runs a manufacturing plant in Elmira, New York, and a corporate office in Washington supporting North American transit agency customers.

Caf's customers are almost exclusively government-owned transit agencies, municipalities, and state or national railway operators. Recent flagship mandates include a €457 million contract for 121 URBOS trams for the Rome tram network — described as the largest European tender in the sector — a >€300 million contract with Serbian state railway Srbijavoz for 30 Civity platform electric multiple units for the BG Voz Belgrade suburban network (with two years of full maintenance), a €70 million Athens Metro Line 1 modernization programme extending fleet life by approximately 25 years, and rolling stock for the Etihad Rail national passenger network in the UAE. North American deployments include streetcars and light rail vehicles for Kansas City, Cincinnati, MTA Maryland, Houston Metro, MBTA, and Amtrak coaches.

Caf generates revenue primarily through multi-year hardware sales under competitive government procurement, often bundled with attached maintenance services over two-year or longer terms, and through fleet modernization programmes that refurbish and upgrade traction, braking, doors, and interiors on existing rolling stock. The group has delivered more than 22,000 rail cars and modernized more than 2,600 cars worldwide, with an aftermarket fleet that supports a recurring spare-parts and service revenue stream. Distribution is direct enterprise field sales to transit authorities and state railway operators via tenders, with locally embedded manufacturing or service facilities in North America, Europe, and — through dedicated wins — the Middle East. Strategic activity in 2026 emphasizes technology partnerships with Cellnex (5G-validated CBTC) and Telefónica (Edge + 5G SA pilot), a new Manchester maintenance depot, and digital mobility positioning the group beyond pure rolling stock into integrated, software-enabled transit solutions.

Name

CAF

Legal name

Construcciones y Auxiliar de Ferrocarriles, S.A.

Website

https://cafusa.com

Company type

Public

Founded year

1998

Operating status

Operating

Headcount range

101–250 employees

Short description

Caf (Construcciones y Auxiliar de Ferrocarriles) is a publicly listed Spanish rail OEM that designs and manufactures trains, trams, metro cars, locomotives, buses, and signalling systems for government transit agencies and railway operators across more than 60 countries.

Ownership category

akta.pro rank

Product category

Rail Equipment Manufacturing (Rolling Stock)

SIC

Railroad Equipment (3743), Electronic & Other Electrical Equipment (No Computer Equip) (3600), Miscellaneous Transportation Equipment (3790)

akta.pro primary industry

Rail Signaling & Train Control Infrastructure (Interlockings, ETCS/CBTC Wayside) (TLAJADAB)

akta.pro secondary industry

Bus & Coach Electrical/Electronics & Telematics Manufacturing (IMACADAK)

Keywords

• Rail equipment manufacturing
• Rolling stock supply
• Rail signalling systems
• Light rail vehicles
• Transit fleet modernization

Headquarters

HQ city

Washington

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Rolling Stock Manufacturing: Design, manufacturing, and delivery of trains, trams, light rail vehicles, metro cars, locomotives, and buses. One-time hardware sales through competitive government procurement processes.
2. Maintenance Services: Full maintenance services included in contracts for contracted periods (e.g., two years included with train delivery). Extended maintenance agreements available for multi-year terms.
3. Fleet Modernization: Refurbishment and modernization of existing rolling stock including traction equipment upgrades, auxiliary systems, and interior modifications to extend service life by approximately 25 years.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

CAF designs, manufactures, and delivers complete rail vehicles and integrated mobility solutions including high-speed trains, regional and intercity trains, commuter EMUs/DMUs, metro vehicles, light rail/trams (URBOS platform), locomotives, and electric and hydrogen buses. The company also provides supporting offerings such as the OPTIO CBTC signalling system, propulsion and power electronics components, rail maintenance and spare parts services, concessions and turnkey project delivery, and digital mobility solutions to transit agencies and railway operators worldwide.

Product overview

CAF (Construcciones y Auxiliar de Ferrocarriles) is a Spanish railcar manufacturer offering a broad portfolio of sustainable mobility solutions spanning multiple product lines. The core offering consists of rail vehicles — high-speed trains, regional and intercity trains, commuter trains, metro vehicles, light rail/tram vehicles (including the award-winning URBOS platform), and locomotives — complemented by electric and hydrogen buses. Supporting services include rail services (maintenance and spare parts), the OPTIO CBTC signalling system, propulsion and components, concessions and turnkey delivery, and digital mobility solutions including passenger information, CCTV, and edge/5G-enabled real-time perception. The Civity platform specifically covers electric multiple units for suburban operations. This integrated portfolio is tied together by shared engineering and manufacturing capabilities across the group's Elmira, NY facility (for North America) and Spanish headquarters, supporting delivery to over 60 countries.

Differentiator

Problem solved

Functional benefit

Brands

• Civity: Platform for electric multiple units and suburban trains
• URBOS
• OPTIO

Products and services

• High-speed Trains High-speed rail vehicles designed for intercity and long-distance passenger service at high velocities, forming part of CAF's full-range train portfolio. Targeted at national railway operators requiring high-capacity intercity connections.
• Regional and Intercity Trains Rail vehicles designed for regional and intercity passenger routes, connecting urban centres and surrounding areas with intermediate stop configurations. Supplied to state and regional railway operators.
• Commuter Trains Electric multiple unit (EMU) and diesel multiple unit (DMU) trains configured for high-capacity suburban and metropolitan commuter service, including the Civity platform. Targeted at metropolitan commuter rail authorities.
• Metro Vehicles Metro rail vehicles designed for high-frequency urban subway and metro operations, including the refurbishment and modernization of existing metro fleets such as the Athens Metro Line 1 modernization programme.
• Light Rail / Trams (URBOS platform) Light rail vehicles and streetcars including the award-winning URBOS low-floor platform, with optional onboard energy storage for catenary-free operation. Targeted at cities and municipalities for urban street-running transit.
• Locomotives Electric and diesel-electric locomotives for freight and passenger traction applications, supplied to railway operators for mainline service.
• Electric and Hydrogen Buses Electric and hydrogen buses forming part of CAF's sustainable mobility portfolio, complementing rail-based transit solutions with zero-emission road vehicles. Over 3,500 electric and hydrogen buses in operation globally.
• Rail Maintenance Services Maintenance, spare parts supply, and operational support services for rolling stock across the CAF fleet, including multi-year bundled maintenance contracts and depot operations such as the Manchester facility.
• OPTIO CBTC Signalling System Communications-Based Train Control (CBTC) signalling system developed by CAF's signalling division, validated on 5G telecommunications networks. Enables advanced automatic train protection and automatic train operation for metro and light rail applications.
• Propulsion & Components Traction systems, power electronics, and key components for rail vehicle propulsion, including DC-to-AC traction upgrades, auxiliary converters, battery chargers, and traction motors supplied to CAF's own fleet and to third-party manufacturers.
• Concessions & Turnkey Project Delivery Full-cycle project delivery including infrastructure design, construction, and operation concessions for transit systems, enabling cities and operators to commission complete turnkey mobility solutions from CAF.
• Digital Mobility Solutions Digital solutions including passenger information systems, CCTV, real-time interior perception solutions leveraging edge computing and 5G capabilities, and connectivity platforms for connected rail operations.

Quantifiable outcome

• Service life extension of approximately 25 years through modernization programmes
• +4 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Three partnerships are on record, tiered core.

• CellnexcoreTechnology or Integration · 13 April 2026CAF and Cellnex successfully validated Communications-Based Train Control (CBTC) system OPTIO on live 5G telecommunications network, marking one of the first such validations globally. Project co-funded by European Recovery and Resilience Facility under UNICO Sectorial 2023 programme. Demonstrates CBTC solutions can operate effectively over 5G infrastructure enabling future deployment of advanced railway signalling systems.
• TelefónicacoreStrategic or Co-development Partner · 23 February 2026Telefónica partnered with CAF to launch first European B2B pilot combining Edge and 5G Stand Alone capabilities in the railway sector. Partnership enables real-time interior perception solutions using Edge computing and 5G SA networks. Part of European Common Interest Project supported by European Commission and Spain's Recovery Plan targeting digital sovereignty.
• TelefónicacoreTechnology or Integration · 19 February 2026Telefónica partnered with CAF to launch European B2B pilot integrating Edge and 5G Stand Alone capabilities for railway sector, emphasizing digital sovereignty through local data processing. Services include Edge nodes in five cities with plans to expand to 17 nodes by 2026.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Hitachi Rail: Global rail business of Hitachi, providing commuter trains, high-speed trains (EHV), metros, signalling and digital mobility solutions. Competes with CAF in European and Middle Eastern tenders, with comparable signalling and turnkey offerings.
• Stadler Rail: Swiss rolling stock manufacturer specialised in regional and commuter trains, metros, trams (TINA), locomotives and signalling. Highly comparable to CAF in product mix, regional focus, and customer profile (transit agencies and state railways).
• Talgo: Spanish high-speed and intercity passenger train manufacturer (and rolling stock maintenance provider). A direct Spanish domestic peer, competing in similar European and Middle Eastern passenger rail tenders with overlapping technology platforms.
• Alstom: French global rail major offering high-speed trains, regional/commuter trains, metros, tramways, locomotives and signalling (including CBTC). Directly competes with CAF in most major European and global tenders and has overlapping product portfolio and customer base.
• Siemens Mobility: German rail OEM and signalling provider offering ICE high-speed trains, commuter/multiple units, metros, trams (Avenio) and CBTC signalling. Closely comparable to CAF across rolling stock and integrated rail-technology solutions.

Broad incumbents

• CRRC: Chinese state-owned rail conglomerate, by far the world's largest rolling stock manufacturer, with global reach in locomotives, EMUs, metros, trams and components. Competes with CAF in selected tenders, often on price, and represents the principal global incumbent threat.

Others

• Wabtec: US-based rail equipment and services provider (locomotives, freight rail components, digital solutions, transit services). Comparable as a rail ecosystem participant and potential supplier/partner to CAF, though focused on freight rather than passenger rolling stock.
• Knorr-Bremse: Global supplier of braking and other rail vehicle systems (and truck components), serving virtually every major rail OEM including CAF. Comparable as an adjacent ecosystem enabler and supplier rather than a direct rolling stock competitor.

Regional players

• Škoda Transportation: Czech-based rolling stock manufacturer producing locomotives, EMUs, metros and trams, primarily serving Central and Eastern European markets. Comparable to CAF's regional/intercity portfolio and overlapping on transit-agency customers in neighbouring geographies.

Emerging players

• Hyundai Rotem: Korean rail manufacturer producing high-speed trains, EMUs, metros, locomotives and defence vehicles. Comparable to CAF across product categories, with growing export presence that increasingly overlaps in Middle Eastern and Southeast Asian tenders.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCWdxu6vd2ls2seIONssqTqQ
• LinkedInlinkedin.com/company/caf-usa

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CAF