HEINEKEN NV (HEIA.AS) Stock Fundamental Analysis

AMS:HEIA • NL0000009165

78.56 EUR
+0.98 (+1.26%)
Last: Feb 27, 2026, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership
Fundamental Rating

4

Overall HEIA gets a fundamental rating of 4 out of 10. We evaluated HEIA against 30 industry peers in the Beverages industry. While HEIA is still in line with the averages on profitability rating, there are concerns on its financial health. HEIA has a valuation in line with the averages, but on the other hand it scores bad on growth.


Dividend Valuation Growth Profitability Health

4

1. Profitability

1.1 Basic Checks

  • In the past year HEIA was profitable.
  • HEIA had a positive operating cash flow in the past year.
  • Each year in the past 5 years HEIA has been profitable.
  • HEIA had a positive operating cash flow in each of the past 5 years.
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

  • HEIA has a Return On Assets of 3.51%. This is comparable to the rest of the industry: HEIA outperforms 53.33% of its industry peers.
  • The Return On Equity of HEIA (10.49%) is better than 63.33% of its industry peers.
  • The Return On Invested Capital of HEIA (6.10%) is worse than 60.00% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for HEIA is below the industry average of 8.46%.
  • 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

  • The Profit Margin of HEIA (6.56%) is worse than 66.67% of its industry peers.
  • HEIA's Profit Margin has declined in the last couple of years.
  • HEIA has a Operating Margin of 13.39%. This is in the lower half of the industry: HEIA underperforms 60.00% of its industry peers.
  • In the last couple of years the Operating Margin of HEIA has grown nicely.
  • Looking at the Gross Margin, with a value of 20.21%, HEIA is doing worse than 93.33% of the companies in the same industry.
  • HEIA's Gross Margin has been stable in the last couple of years.
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

More info and screens

ROAROEROICOperating and Profit MarginShow most profitable peers

3

2. Health

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so HEIA is destroying value.
  • HEIA has less shares outstanding than it did 1 year ago.
  • Compared to 5 years ago, HEIA has less shares outstanding
  • 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 2.07. 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.
  • HEIA has a Altman-Z score of 2.07. This is comparable to the rest of the industry: HEIA outperforms 53.33% of its industry peers.
  • The Debt to FCF ratio of HEIA is 7.39, which is on the high side as it means it would take HEIA, 7.39 years of fcf income to pay off all of its debts.
  • With a Debt to FCF ratio value of 7.39, HEIA perfoms like the industry average, outperforming 60.00% of the companies in the same industry.
  • HEIA has a Debt/Equity ratio of 0.95. This is a neutral value indicating HEIA is somewhat dependend on debt financing.
  • With a Debt to Equity ratio value of 0.95, HEIA perfoms like the industry average, outperforming 43.33% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.95
Debt/FCF 7.39
Altman-Z 2.07
ROIC/WACC0.99
WACC6.16%
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.
  • The Current ratio of HEIA (0.93) is worse than 66.67% of its industry peers.
  • A Quick Ratio of 0.69 indicates that HEIA may have some problems paying its short term obligations.
  • With a Quick ratio value of 0.69, HEIA perfoms like the industry average, outperforming 53.33% of the companies in the same industry.
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. Growth

3.1 Past

  • The earnings per share for HEIA have decreased by -2.15% in the last year.
  • HEIA shows quite a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 19.04% yearly.
  • The Revenue has decreased by -3.58% in the past year.
  • Measured over the past years, HEIA shows a small growth in Revenue. The Revenue has been growing by 7.83% on average per year.
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

  • The Earnings Per Share is expected to grow by 10.32% on average over the next years. This is quite good.
  • The Revenue is expected to grow by 3.89% on average over the next years.
EPS Next Y7.87%
EPS Next 2Y8.37%
EPS Next 3Y8.89%
EPS Next 5Y10.32%
Revenue Next Year5.92%
Revenue Next 2Y5%
Revenue Next 3Y4.59%
Revenue Next 5Y3.89%

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 2 4 6

More info and screens

Find the best growth stocksShow best growing peers

4

4. Valuation

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 16.44, HEIA is valued correctly.
  • HEIA's Price/Earnings ratio is a bit cheaper when compared to the industry. HEIA is cheaper than 70.00% of the companies in the same industry.
  • HEIA's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 27.07.
  • The Price/Forward Earnings ratio is 15.24, which indicates a correct valuation of HEIA.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of HEIA indicates a somewhat cheap valuation: HEIA is cheaper than 63.33% of the companies listed in the same industry.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 28.05, HEIA is valued a bit cheaper.
Industry RankSector Rank
PE 16.44
Fwd PE 15.24
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

  • 76.67% of the companies in the same industry are more expensive than HEIA, based on the Enterprise Value to EBITDA ratio.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of HEIA is on the same level as its industry peers.
Industry RankSector Rank
P/FCF 17.34
EV/EBITDA 9.1
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

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates HEIA does not grow enough to justify the current Price/Earnings ratio.
PEG (NY)2.09
PEG (5Y)0.86
EPS Next 2Y8.37%
EPS Next 3Y8.89%

More info and screens

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

4

5. Dividend

5.1 Amount

  • HEIA has a Yearly Dividend Yield of 2.45%. Purely for dividend investing, there may be better candidates out there.
  • HEIA's Dividend Yield is comparable with the industry average which is at 2.50.
  • HEIA's Dividend Yield is a higher than the S&P500 average which is at 1.82.
Industry RankSector Rank
Dividend Yield 2.45%

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 Years0
Div Non Decr Years0
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

  • HEIA pays out 67.69% of its income as dividend. This is not a sustainable payout ratio.
  • HEIA's earnings are growing around the same pace than its dividend. As long as the earnings growth is kept the dividend growth is sustainable.
DP67.69%
EPS Next 2Y8.37%
EPS Next 3Y8.89%
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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HEINEKEN NV

AMS:HEIA (2/27/2026, 7:00:00 PM)

78.56

+0.98 (+1.26%)

Chartmill FA Rating
GICS SectorConsumer Staples
GICS IndustryGroupFood, Beverage & Tobacco
GICS IndustryBeverages
Earnings (Last)02-11
Earnings (Next)04-23
Inst Owners24.68%
Inst Owner ChangeN/A
Ins Owners0.08%
Ins Owner ChangeN/A
Market Cap45.25B
Revenue(TTM)28.75B
Net Income(TTM)1.89B
Analysts78.06
Price Target91 (15.84%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.45%
Yearly Dividend2.27
Dividend Growth(5Y)9.98%
DP67.69%
Div Incr Years0
Div Non Decr Years0
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)4.96%
PT rev (3m)3.23%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)-0.79%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)1.07%
Revenue NY rev (3m)1.12%
Valuation
Industry RankSector Rank
PE 16.44
Fwd PE 15.24
P/S 1.57
P/FCF 17.34
P/OCF 9.03
P/B 2.52
P/tB N/A
EV/EBITDA 9.1
EPS(TTM)4.78
EY6.08%
EPS(NY)5.16
Fwd EY6.56%
FCF(TTM)4.53
FCFY5.77%
OCF(TTM)8.7
OCFY11.08%
SpS49.92
BVpS31.21
TBVpS-3.53
PEG (NY)2.09
PEG (5Y)0.86
Graham Number57.94
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 2.07
F-Score6
WACC6.16%
ROIC/WACC0.99
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 Y7.87%
EPS Next 2Y8.37%
EPS Next 3Y8.89%
EPS Next 5Y10.32%
Revenue 1Y (TTM)-3.58%
Revenue growth 3Y0.03%
Revenue growth 5Y7.83%
Sales Q2Q%20.02%
Revenue Next Year5.92%
Revenue Next 2Y5%
Revenue Next 3Y4.59%
Revenue Next 5Y3.89%
EBIT growth 1Y0.76%
EBIT growth 3Y-2.98%
EBIT growth 5Y12.81%
EBIT Next Year66.9%
EBIT Next 3Y22.7%
EBIT Next 5Y17.4%
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 FAQ

What is the fundamental rating for HEIA stock?

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


Can you provide the valuation status for HEINEKEN NV?

ChartMill assigns a valuation rating of 4 / 10 to HEINEKEN NV (HEIA.AS). This can be considered as Fairly Valued.


How profitable is HEINEKEN NV (HEIA.AS) stock?

HEINEKEN NV (HEIA.AS) has a profitability rating of 4 / 10.


What is the expected EPS growth for HEINEKEN NV (HEIA.AS) stock?

The Earnings per Share (EPS) of HEINEKEN NV (HEIA.AS) is expected to grow by 7.87% in the next year.


Can you provide the dividend sustainability for HEIA stock?

The dividend rating of HEINEKEN NV (HEIA.AS) is 4 / 10 and the dividend payout ratio is 67.69%.