HEINEKEN NV (HEIA.AS) Fundamental Analysis & Valuation

AMS:HEIA • NL0000009165

Current stock price

66.86 EUR
-0.62 (-0.92%)
Last:

This HEIA.AS fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

5

1. HEIA.AS Profitability Analysis

1.1 Basic Checks

  • HEIA had positive earnings in the past year.
  • In the past year HEIA had a positive cash flow from operations.
  • In the past 5 years HEIA has always been profitable.
  • In the past 5 years HEIA always reported a positive cash flow from operatings.
HEIA.AS Yearly Net Income VS EBIT VS OCF VS FCFHEIA.AS Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 1B 2B 3B 4B 5B

1.2 Ratios

  • Looking at the Return On Assets, with a value of 3.51%, HEIA is in line with its industry, outperforming 46.67% of the companies in the same industry.
  • HEIA's Return On Equity of 10.49% is fine compared to the rest of the industry. HEIA outperforms 63.33% of its industry peers.
  • Looking at the Return On Invested Capital, with a value of 6.10%, HEIA is in line with its industry, outperforming 43.33% of the companies in the same industry.
  • The Average Return On Invested Capital over the past 3 years for HEIA is in line with the industry average of 7.47%.
  • The last Return On Invested Capital (6.10%) for HEIA is above the 3 year average (6.07%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 3.51%
ROE 10.49%
ROIC 6.1%
ROA(3y)3.17%
ROA(5y)4.29%
ROE(3y)8.99%
ROE(5y)11.97%
ROIC(3y)6.07%
ROIC(5y)5.99%
HEIA.AS Yearly ROA, ROE, ROICHEIA.AS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 5 10 15

1.3 Margins

  • HEIA's Profit Margin of 6.56% is on the low side compared to the rest of the industry. HEIA is outperformed by 63.33% of its industry peers.
  • HEIA's Profit Margin has declined in the last couple of years.
  • The Operating Margin of HEIA (13.39%) is comparable to the rest of the industry.
  • HEIA's Operating Margin has improved in the last couple of years.
  • HEIA's Gross Margin of 20.21% is on the low side compared to the rest of the industry. HEIA is outperformed by 93.33% of its industry peers.
  • In the last couple of years the Gross Margin of HEIA has remained more or less at the same level.
Industry RankSector Rank
OM 13.39%
PM (TTM) 6.56%
GM 20.21%
OM growth 3Y-3.01%
OM growth 5Y4.62%
PM growth 3Y-11.12%
PM growth 5YN/A
GM growth 3Y-0.31%
GM growth 5Y0.02%
HEIA.AS Yearly Profit, Operating, Gross MarginsHEIA.AS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10 20 30 40 50

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3

2. HEIA.AS Health Analysis

2.1 Basic Checks

  • HEIA 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 HEIA has been reduced compared to 1 year ago.
  • HEIA has less shares outstanding than it did 5 years ago.
  • Compared to 1 year ago, HEIA has a worse debt to assets ratio.
HEIA.AS Yearly Shares OutstandingHEIA.AS Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M 400M 500M
HEIA.AS Yearly Total Debt VS Total AssetsHEIA.AS Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10B 20B 30B 40B 50B

2.2 Solvency

  • HEIA has an Altman-Z score of 1.96. This is not the best score and indicates that HEIA is in the grey zone with still only limited risk for bankruptcy at the moment.
  • The Altman-Z score of HEIA (1.96) is comparable to the rest of the industry.
  • HEIA has a debt to FCF ratio of 7.39. This is a slightly negative value and a sign of low solvency as HEIA would need 7.39 years to pay back of all of its debts.
  • HEIA's Debt to FCF ratio of 7.39 is in line compared to the rest of the industry. HEIA outperforms 56.67% of its industry peers.
  • HEIA has a Debt/Equity ratio of 0.95. This is a neutral value indicating HEIA is somewhat dependend on debt financing.
  • HEIA has a Debt to Equity ratio of 0.95. This is comparable to the rest of the industry: HEIA outperforms 43.33% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.95
Debt/FCF 7.39
Altman-Z 1.96
ROIC/WACC1.06
WACC5.76%
HEIA.AS Yearly LT Debt VS Equity VS FCFHEIA.AS Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5B 10B 15B 20B

2.3 Liquidity

  • A Current Ratio of 0.93 indicates that HEIA may have some problems paying its short term obligations.
  • HEIA has a Current ratio of 0.93. This is in the lower half of the industry: HEIA underperforms 70.00% of its industry peers.
  • A Quick Ratio of 0.69 indicates that HEIA may have some problems paying its short term obligations.
  • HEIA's Quick ratio of 0.69 is in line compared to the rest of the industry. HEIA outperforms 43.33% of its industry peers.
Industry RankSector Rank
Current Ratio 0.93
Quick Ratio 0.69
HEIA.AS Yearly Current Assets VS Current LiabilitesHEIA.AS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5B 10B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

3

3. HEIA.AS Growth Analysis

3.1 Past

  • The earnings per share for HEIA have decreased by -2.15% in the last year.
  • Measured over the past years, HEIA shows a quite strong growth in Earnings Per Share. The EPS has been growing by 19.04% on average per year.
  • HEIA shows a decrease in Revenue. In the last year, the revenue decreased by -3.58%.
  • HEIA shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 7.83% yearly.
EPS 1Y (TTM)-2.15%
EPS 3Y-0.98%
EPS 5Y19.04%
EPS Q2Q%-1.35%
Revenue 1Y (TTM)-3.58%
Revenue growth 3Y0.03%
Revenue growth 5Y7.83%
Sales Q2Q%20.02%

3.2 Future

  • HEIA is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 12.00% yearly.
  • Based on estimates for the next years, HEIA will show a small growth in Revenue. The Revenue will grow by 4.87% on average per year.
EPS Next Y10.1%
EPS Next 2Y9.28%
EPS Next 3Y8.64%
EPS Next 5Y12%
Revenue Next Year6.35%
Revenue Next 2Y5.06%
Revenue Next 3Y4.48%
Revenue Next 5Y4.87%

3.3 Evolution

  • Although the future EPS growth is still strong, it is not able to hold up the even more excellent growth rate of the past years.
  • The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
HEIA.AS Yearly Revenue VS EstimatesHEIA.AS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 10B 20B 30B
HEIA.AS Yearly EPS VS EstimatesHEIA.AS Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2 4 6 8

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5

4. HEIA.AS Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 13.99, which indicates a correct valuation of HEIA.
  • HEIA's Price/Earnings ratio is a bit cheaper when compared to the industry. HEIA is cheaper than 66.67% of the companies in the same industry.
  • Compared to an average S&P500 Price/Earnings ratio of 27.42, HEIA is valued a bit cheaper.
  • With a Price/Forward Earnings ratio of 12.70, HEIA is valued correctly.
  • HEIA's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. HEIA is cheaper than 63.33% of the companies in the same industry.
  • HEIA is valuated rather cheaply when we compare the Price/Forward Earnings ratio to 22.24, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 13.99
Fwd PE 12.7
HEIA.AS Price Earnings VS Forward Price EarningsHEIA.AS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, HEIA is valued a bit cheaper than 80.00% of the companies in the same industry.
  • 63.33% of the companies in the same industry are more expensive than HEIA, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 14.76
EV/EBITDA 8.11
HEIA.AS Per share dataHEIA.AS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 10 20 30 40

4.3 Compensation for Growth

  • HEIA's PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
PEG (NY)1.39
PEG (5Y)0.73
EPS Next 2Y9.28%
EPS Next 3Y8.64%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

6

5. HEIA.AS Dividend Analysis

5.1 Amount

  • HEIA has a Yearly Dividend Yield of 2.80%.
  • Compared to an average industry Dividend Yield of 2.74, HEIA has a dividend in line with its industry peers.
  • HEIA's Dividend Yield is rather good when compared to the S&P500 average which is at 1.81.
Industry RankSector Rank
Dividend Yield 2.8%

5.2 History

  • On average, the dividend of HEIA grows each year by 9.98%, which is quite nice.
Dividend Growth(5Y)9.98%
Div Incr Years1
Div Non Decr Years1
HEIA.AS Yearly Dividends per shareHEIA.AS Yearly Dividends per shareYearly Dividends per share 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.5 1 1.5

5.3 Sustainability

  • 67.69% of the earnings are spent on dividend by HEIA. This is not a sustainable payout ratio.
  • HEIA's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP67.69%
EPS Next 2Y9.28%
EPS Next 3Y8.64%
HEIA.AS Yearly Income VS Free CF VS DividendHEIA.AS Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 1B 2B 3B
HEIA.AS Dividend Payout.HEIA.AS Dividend Payout, showing the Payout Ratio.HEIA.AS Dividend Payout.PayoutRetained Earnings

More info and screens

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HEIA.AS Fundamentals: All Metrics, Ratios and Statistics

HEINEKEN NV

AMS:HEIA (4/24/2026, 7:00:00 PM)

66.86

-0.62 (-0.92%)

Chartmill FA Rating
GICS SectorConsumer Staples
GICS IndustryGroupFood, Beverage & Tobacco
GICS IndustryBeverages
Earnings (Last)02-11
Earnings (Next)04-23
Inst Owners25.74%
Inst Owner ChangeN/A
Ins Owners0.08%
Ins Owner ChangeN/A
Market Cap38.51B
Revenue(TTM)28.75B
Net Income(TTM)1.89B
Analysts78.71
Price Target90.64 (35.57%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.8%
Yearly Dividend2.27
Dividend Growth(5Y)9.98%
DP67.69%
Div Incr Years1
Div Non Decr Years1
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)-0.4%
PT rev (3m)4.54%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)-0.1%
EPS NY rev (3m)2.06%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)-0.02%
Revenue NY rev (3m)1.48%
Valuation
Industry RankSector Rank
PE 13.99
Fwd PE 12.7
P/S 1.34
P/FCF 14.76
P/OCF 7.68
P/B 2.14
P/tB N/A
EV/EBITDA 8.11
EPS(TTM)4.78
EY7.15%
EPS(NY)5.26
Fwd EY7.87%
FCF(TTM)4.53
FCFY6.78%
OCF(TTM)8.7
OCFY13.01%
SpS49.92
BVpS31.21
TBVpS-3.53
PEG (NY)1.39
PEG (5Y)0.73
Graham Number57.9382 (-13.34%)
Profitability
Industry RankSector Rank
ROA 3.51%
ROE 10.49%
ROCE 9.67%
ROIC 6.1%
ROICexc 6.91%
ROICexgc 15.55%
OM 13.39%
PM (TTM) 6.56%
GM 20.21%
FCFM 9.08%
ROA(3y)3.17%
ROA(5y)4.29%
ROE(3y)8.99%
ROE(5y)11.97%
ROIC(3y)6.07%
ROIC(5y)5.99%
ROICexc(3y)6.58%
ROICexc(5y)6.49%
ROICexgc(3y)14.91%
ROICexgc(5y)15.08%
ROCE(3y)9.67%
ROCE(5y)9.58%
ROICexgc growth 3Y-3.49%
ROICexgc growth 5Y8.38%
ROICexc growth 3Y-1.96%
ROICexc growth 5Y7.93%
OM growth 3Y-3.01%
OM growth 5Y4.62%
PM growth 3Y-11.12%
PM growth 5YN/A
GM growth 3Y-0.31%
GM growth 5Y0.02%
F-Score6
Asset Turnover0.53
Health
Industry RankSector Rank
Debt/Equity 0.95
Debt/FCF 7.39
Debt/EBITDA 2.66
Cap/Depr 92.07%
Cap/Sales 8.35%
Interest Coverage 6.2
Cash Conversion 77.59%
Profit Quality 138.46%
Current Ratio 0.93
Quick Ratio 0.69
Altman-Z 1.96
F-Score6
WACC5.76%
ROIC/WACC1.06
Cap/Depr(3y)91.05%
Cap/Depr(5y)92.26%
Cap/Sales(3y)8.47%
Cap/Sales(5y)7.94%
Profit Quality(3y)175.06%
Profit Quality(5y)139.12%
High Growth Momentum
Growth
EPS 1Y (TTM)-2.15%
EPS 3Y-0.98%
EPS 5Y19.04%
EPS Q2Q%-1.35%
EPS Next Y10.1%
EPS Next 2Y9.28%
EPS Next 3Y8.64%
EPS Next 5Y12%
Revenue 1Y (TTM)-3.58%
Revenue growth 3Y0.03%
Revenue growth 5Y7.83%
Sales Q2Q%20.02%
Revenue Next Year6.35%
Revenue Next 2Y5.06%
Revenue Next 3Y4.48%
Revenue Next 5Y4.87%
EBIT growth 1Y0.76%
EBIT growth 3Y-2.98%
EBIT growth 5Y12.81%
EBIT Next Year66.97%
EBIT Next 3Y22.6%
EBIT Next 5Y14.86%
FCF growth 1Y-14.09%
FCF growth 3Y1.65%
FCF growth 5Y11.77%
OCF growth 1Y-8.92%
OCF growth 3Y3.69%
OCF growth 5Y9.83%

HEINEKEN NV / HEIA.AS Fundamental Analysis FAQ

What is the fundamental rating for HEIA stock?

ChartMill assigns a fundamental rating of 4 / 10 to HEIA.AS.


What is the valuation status of HEINEKEN NV (HEIA.AS) stock?

ChartMill assigns a valuation rating of 5 / 10 to HEINEKEN NV (HEIA.AS). This can be considered as Fairly Valued.


Can you provide the profitability details for HEINEKEN NV?

HEINEKEN NV (HEIA.AS) has a profitability rating of 5 / 10.


What is the valuation of HEINEKEN NV based on its PE and PB ratios?

The Price/Earnings (PE) ratio for HEINEKEN NV (HEIA.AS) is 13.99 and the Price/Book (PB) ratio is 2.14.


Can you provide the financial health for HEIA stock?

The financial health rating of HEINEKEN NV (HEIA.AS) is 3 / 10.