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KONINKLIJKE AHOLD DELHAIZE N (AD.AS) Stock Fundamental Analysis

AMS:AD - NL0011794037 - Common Stock

34.74 EUR
+0.19 (+0.55%)
Last: 9/5/2025, 7:00:00 PM
Fundamental Rating

4

Overall AD gets a fundamental rating of 4 out of 10. We evaluated AD against 22 industry peers in the Consumer Staples Distribution & Retail industry. While AD is still in line with the averages on profitability rating, there are concerns on its financial health. AD is valued correctly, but it does not seem to be growing.


Dividend Valuation Growth Profitability Health

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5

1. Profitability

1.1 Basic Checks

AD had positive earnings in the past year.
AD had a positive operating cash flow in the past year.
AD had positive earnings in each of the past 5 years.
AD had a positive operating cash flow in each of the past 5 years.
AD.AS Yearly Net Income VS EBIT VS OCF VS FCFAD.AS Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B

1.2 Ratios

AD has a Return On Assets (3.58%) which is comparable to the rest of the industry.
With a decent Return On Equity value of 12.00%, AD is doing good in the industry, outperforming 63.64% of the companies in the same industry.
AD's Return On Invested Capital of 6.33% is in line compared to the rest of the industry. AD outperforms 54.55% of its industry peers.
The Average Return On Invested Capital over the past 3 years for AD is in line with the industry average of 8.97%.
Industry RankSector Rank
ROA 3.58%
ROE 12%
ROIC 6.33%
ROA(3y)4.19%
ROA(5y)4.18%
ROE(3y)13.55%
ROE(5y)13.65%
ROIC(3y)7.16%
ROIC(5y)7.13%
AD.AS Yearly ROA, ROE, ROICAD.AS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10 15

1.3 Margins

With a decent Profit Margin value of 2.02%, AD is doing good in the industry, outperforming 63.64% of the companies in the same industry.
AD's Profit Margin has declined in the last couple of years.
AD's Operating Margin of 3.20% is in line compared to the rest of the industry. AD outperforms 50.00% of its industry peers.
AD's Operating Margin has declined in the last couple of years.
AD's Gross Margin of 26.49% is fine compared to the rest of the industry. AD outperforms 63.64% of its industry peers.
In the last couple of years the Gross Margin of AD has remained more or less at the same level.
Industry RankSector Rank
OM 3.2%
PM (TTM) 2.02%
GM 26.49%
OM growth 3Y-10.81%
OM growth 5Y-4.96%
PM growth 3Y-12.74%
PM growth 5Y-5.83%
GM growth 3Y-0.89%
GM growth 5Y-0.46%
AD.AS Yearly Profit, Operating, Gross MarginsAD.AS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10 15 20 25

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3

2. Health

2.1 Basic Checks

AD has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
The number of shares outstanding for AD has been reduced compared to 1 year ago.
AD has less shares outstanding than it did 5 years ago.
AD has a worse debt/assets ratio than last year.
AD.AS Yearly Shares OutstandingAD.AS Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M 1B
AD.AS Yearly Total Debt VS Total AssetsAD.AS Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10B 20B 30B 40B 50B

2.2 Solvency

An Altman-Z score of 2.60 indicates that AD is not a great score, but indicates only limited risk for bankruptcy at the moment.
AD has a worse Altman-Z score (2.60) than 68.18% of its industry peers.
The Debt to FCF ratio of AD is 4.92, which is a neutral value as it means it would take AD, 4.92 years of fcf income to pay off all of its debts.
AD has a better Debt to FCF ratio (4.92) than 77.27% of its industry peers.
AD has a Debt/Equity ratio of 1.18. This is a high value indicating a heavy dependency on external financing.
Looking at the Debt to Equity ratio, with a value of 1.18, AD is doing worse than 63.64% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 1.18
Debt/FCF 4.92
Altman-Z 2.6
ROIC/WACC1.27
WACC4.97%
AD.AS Yearly LT Debt VS Equity VS FCFAD.AS Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B

2.3 Liquidity

AD has a Current Ratio of 0.84. This is a bad value and indicates that AD is not financially healthy enough and could expect problems in meeting its short term obligations.
AD has a Current ratio (0.84) which is comparable to the rest of the industry.
A Quick Ratio of 0.56 indicates that AD may have some problems paying its short term obligations.
AD has a Quick ratio (0.56) which is in line with its industry peers.
Industry RankSector Rank
Current Ratio 0.84
Quick Ratio 0.56
AD.AS Yearly Current Assets VS Current LiabilitesAD.AS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B

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3

3. Growth

3.1 Past

The Earnings Per Share has been growing slightly by 1.18% over the past year.
AD shows quite a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 8.32% yearly.
AD shows a small growth in Revenue. In the last year, the Revenue has grown by 2.93%.
AD shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 6.16% yearly.
EPS 1Y (TTM)1.18%
EPS 3Y5.2%
EPS 5Y8.32%
EPS Q2Q%0%
Revenue 1Y (TTM)2.93%
Revenue growth 3Y5.73%
Revenue growth 5Y6.16%
Sales Q2Q%3.32%

3.2 Future

Based on estimates for the next years, AD will show a small growth in Earnings Per Share. The EPS will grow by 4.00% on average per year.
Based on estimates for the next years, AD will show a small growth in Revenue. The Revenue will grow by 1.41% on average per year.
EPS Next Y6.13%
EPS Next 2Y6.46%
EPS Next 3Y6.94%
EPS Next 5Y4%
Revenue Next Year3.88%
Revenue Next 2Y2.94%
Revenue Next 3Y3%
Revenue Next 5Y1.41%

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
AD.AS Yearly Revenue VS EstimatesAD.AS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 20B 40B 60B 80B 100B
AD.AS Yearly EPS VS EstimatesAD.AS Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 1 2 3

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4

4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 13.47 indicates a correct valuation of AD.
Based on the Price/Earnings ratio, AD is valued a bit cheaper than the industry average as 63.64% of the companies are valued more expensively.
AD's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 27.06.
AD is valuated correctly with a Price/Forward Earnings ratio of 12.02.
Compared to the rest of the industry, the Price/Forward Earnings ratio of AD is on the same level as its industry peers.
When comparing the Price/Forward Earnings ratio of AD to the average of the S&P500 Index (22.69), we can say AD is valued slightly cheaper.
Industry RankSector Rank
PE 13.47
Fwd PE 12.02
AD.AS Price Earnings VS Forward Price EarningsAD.AS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

AD's Enterprise Value to EBITDA ratio is a bit cheaper when compared to the industry. AD is cheaper than 68.18% of the companies in the same industry.
Based on the Price/Free Cash Flow ratio, AD is valued a bit cheaper than the industry average as 77.27% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 7.64
EV/EBITDA 6.34
AD.AS Per share dataAD.AS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 20 40 60 80 100

4.3 Compensation for Growth

The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates AD does not grow enough to justify the current Price/Earnings ratio.
PEG (NY)2.2
PEG (5Y)1.62
EPS Next 2Y6.46%
EPS Next 3Y6.94%

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4

5. Dividend

5.1 Amount

AD has a Yearly Dividend Yield of 3.42%. Purely for dividend investing, there may be better candidates out there.
Compared to an average industry Dividend Yield of 4.13, AD has a dividend in line with its industry peers.
AD's Dividend Yield is a higher than the S&P500 average which is at 2.41.
Industry RankSector Rank
Dividend Yield 3.42%

5.2 History

The dividend of AD is nicely growing with an annual growth rate of 21.56%!
Dividend Growth(5Y)21.56%
Div Incr Years3
Div Non Decr Years3
AD.AS Yearly Dividends per shareAD.AS Yearly Dividends per shareYearly Dividends per share 2019 2020 2021 2022 2023 2024 2025 0.2 0.4 0.6 0.8 1

5.3 Sustainability

57.95% of the earnings are spent on dividend by AD. This is a bit on the high side, but may be sustainable.
The dividend of AD is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP57.95%
EPS Next 2Y6.46%
EPS Next 3Y6.94%
AD.AS Yearly Income VS Free CF VS DividendAD.AS Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B 4B
AD.AS Dividend Payout.AD.AS Dividend Payout, showing the Payout Ratio.AD.AS Dividend Payout.PayoutRetained Earnings

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KONINKLIJKE AHOLD DELHAIZE N

AMS:AD (9/5/2025, 7:00:00 PM)

34.74

+0.19 (+0.55%)

Chartmill FA Rating
GICS SectorConsumer Staples
GICS IndustryGroupConsumer Staples Distribution & Retail
GICS IndustryConsumer Staples Distribution & Retail
Earnings (Last)08-06 2025-08-06/bmo
Earnings (Next)11-05 2025-11-05
Inst Owners46.66%
Inst Owner ChangeN/A
Ins Owners0.09%
Ins Owner ChangeN/A
Market Cap31.54B
Analysts74.4
Price Target37.84 (8.92%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 3.42%
Yearly Dividend1.12
Dividend Growth(5Y)21.56%
DP57.95%
Div Incr Years3
Div Non Decr Years3
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-2.2%
Min EPS beat(2)-2.39%
Max EPS beat(2)-2.01%
EPS beat(4)1
Avg EPS beat(4)-1.22%
Min EPS beat(4)-2.49%
Max EPS beat(4)2%
EPS beat(8)3
Avg EPS beat(8)0.21%
EPS beat(12)7
Avg EPS beat(12)2.85%
EPS beat(16)11
Avg EPS beat(16)4.33%
Revenue beat(2)1
Avg Revenue beat(2)0.59%
Min Revenue beat(2)-2.28%
Max Revenue beat(2)3.47%
Revenue beat(4)2
Avg Revenue beat(4)0.23%
Min Revenue beat(4)-2.66%
Max Revenue beat(4)3.47%
Revenue beat(8)3
Avg Revenue beat(8)-0.57%
Revenue beat(12)3
Avg Revenue beat(12)-1.14%
Revenue beat(16)4
Avg Revenue beat(16)-0.99%
PT rev (1m)-0.14%
PT rev (3m)3.33%
EPS NQ rev (1m)-4.55%
EPS NQ rev (3m)-4.55%
EPS NY rev (1m)-3.29%
EPS NY rev (3m)-3.29%
Revenue NQ rev (1m)-0.48%
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0.21%
Revenue NY rev (3m)-0.82%
Valuation
Industry RankSector Rank
PE 13.47
Fwd PE 12.02
P/S 0.34
P/FCF 7.64
P/OCF 4.82
P/B 2.04
P/tB 15.51
EV/EBITDA 6.34
EPS(TTM)2.58
EY7.43%
EPS(NY)2.89
Fwd EY8.32%
FCF(TTM)4.54
FCFY13.08%
OCF(TTM)7.2
OCFY20.74%
SpS100.95
BVpS17.02
TBVpS2.24
PEG (NY)2.2
PEG (5Y)1.62
Profitability
Industry RankSector Rank
ROA 3.58%
ROE 12%
ROCE 8.51%
ROIC 6.33%
ROICexc 7.69%
ROICexgc 13.83%
OM 3.2%
PM (TTM) 2.02%
GM 26.49%
FCFM 4.5%
ROA(3y)4.19%
ROA(5y)4.18%
ROE(3y)13.55%
ROE(5y)13.65%
ROIC(3y)7.16%
ROIC(5y)7.13%
ROICexc(3y)8.2%
ROICexc(5y)8.1%
ROICexgc(3y)14.53%
ROICexgc(5y)14.46%
ROCE(3y)9.39%
ROCE(5y)9.31%
ROICexcg growth 3Y-6.55%
ROICexcg growth 5Y-2.37%
ROICexc growth 3Y-6.86%
ROICexc growth 5Y-1.86%
OM growth 3Y-10.81%
OM growth 5Y-4.96%
PM growth 3Y-12.74%
PM growth 5Y-5.83%
GM growth 3Y-0.89%
GM growth 5Y-0.46%
F-Score5
Asset Turnover1.77
Health
Industry RankSector Rank
Debt/Equity 1.18
Debt/FCF 4.92
Debt/EBITDA 2.71
Cap/Depr 63.68%
Cap/Sales 2.63%
Interest Coverage 11.02
Cash Conversion 97.28%
Profit Quality 222.43%
Current Ratio 0.84
Quick Ratio 0.56
Altman-Z 2.6
F-Score5
WACC4.97%
ROIC/WACC1.27
Cap/Depr(3y)64.41%
Cap/Depr(5y)72.49%
Cap/Sales(3y)2.73%
Cap/Sales(5y)2.97%
Profit Quality(3y)193.28%
Profit Quality(5y)196.29%
High Growth Momentum
Growth
EPS 1Y (TTM)1.18%
EPS 3Y5.2%
EPS 5Y8.32%
EPS Q2Q%0%
EPS Next Y6.13%
EPS Next 2Y6.46%
EPS Next 3Y6.94%
EPS Next 5Y4%
Revenue 1Y (TTM)2.93%
Revenue growth 3Y5.73%
Revenue growth 5Y6.16%
Sales Q2Q%3.32%
Revenue Next Year3.88%
Revenue Next 2Y2.94%
Revenue Next 3Y3%
Revenue Next 5Y1.41%
EBIT growth 1Y1.35%
EBIT growth 3Y-5.7%
EBIT growth 5Y0.9%
EBIT Next Year105.3%
EBIT Next 3Y29.65%
EBIT Next 5Y16.35%
FCF growth 1Y4.59%
FCF growth 3Y8.22%
FCF growth 5Y3.97%
OCF growth 1Y0.89%
OCF growth 3Y4.41%
OCF growth 5Y2.7%