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HEINEKEN NV (HEIA.AS) Stock Fundamental Analysis

Europe - AMS:HEIA - NL0000009165 - Common Stock

65.56 EUR
-0.2 (-0.3%)
Last: 9/19/2025, 7:00:00 PM
Fundamental Rating

4

We assign a fundamental rating of 4 out of 10 to HEIA. HEIA was compared to 23 industry peers in the Beverages industry. HEIA has a medium profitability rating, but doesn't score so well on its financial health evaluation. HEIA has a correct valuation and a medium growth rate.


Dividend Valuation Growth Profitability Health

4

1. Profitability

1.1 Basic Checks

HEIA had positive earnings in the past year.
In the past year HEIA had a positive cash flow from operations.
Of the past 5 years HEIA 4 years were 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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 1B 2B 3B 4B 5B

1.2 Ratios

HEIA's Return On Assets of 3.52% is in line compared to the rest of the industry. HEIA outperforms 59.26% of its industry peers.
HEIA has a better Return On Equity (10.26%) than 66.67% of its industry peers.
The Return On Invested Capital of HEIA (7.88%) is better than 70.37% of its industry peers.
HEIA had an Average Return On Invested Capital over the past 3 years of 7.43%. This is in line with the industry average of 7.41%.
The 3 year average ROIC (7.43%) for HEIA is below the current ROIC(7.88%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 3.52%
ROE 10.26%
ROIC 7.88%
ROA(3y)3.7%
ROA(5y)3.49%
ROE(3y)10.07%
ROE(5y)9.57%
ROIC(3y)7.43%
ROIC(5y)6.62%
HEIA.AS Yearly ROA, ROE, ROICHEIA.AS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5 10 15

1.3 Margins

HEIA has a worse Profit Margin (6.23%) than 62.96% of its industry peers.
In the last couple of years the Profit Margin of HEIA has declined.
HEIA has a Operating Margin (13.57%) which is comparable to the rest of the industry.
HEIA's Operating Margin has declined in the last couple of years.
The Gross Margin of HEIA (20.20%) is worse than 96.30% 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 13.57%
PM (TTM) 6.23%
GM 20.2%
OM growth 3Y-1.92%
OM growth 5Y-3.32%
PM growth 3Y-40.01%
PM growth 5Y-18.4%
GM growth 3Y-0.45%
GM growth 5Y-1.01%
HEIA.AS Yearly Profit, Operating, Gross MarginsHEIA.AS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 20 30 40 50

3

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), HEIA is creating some value.
Compared to 1 year ago, HEIA has about the same amount of shares outstanding.
HEIA has less shares outstanding than it did 5 years ago.
The debt/assets ratio for HEIA has been reduced compared to a year ago.
HEIA.AS Yearly Shares OutstandingHEIA.AS Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10B 20B 30B 40B 50B

2.2 Solvency

HEIA has an Altman-Z score of 1.97. 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 1.97. This is comparable to the rest of the industry: HEIA outperforms 44.44% of its industry peers.
HEIA has a debt to FCF ratio of 6.57. This is a slightly negative value and a sign of low solvency as HEIA would need 6.57 years to pay back of all of its debts.
HEIA's Debt to FCF ratio of 6.57 is fine compared to the rest of the industry. HEIA outperforms 66.67% of its industry peers.
HEIA has a Debt/Equity ratio of 0.86. This is a neutral value indicating HEIA is somewhat dependend on debt financing.
Looking at the Debt to Equity ratio, with a value of 0.86, HEIA is in line with its industry, outperforming 51.85% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.86
Debt/FCF 6.57
Altman-Z 1.97
ROIC/WACC1.32
WACC5.97%
HEIA.AS Yearly LT Debt VS Equity VS FCFHEIA.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 20B

2.3 Liquidity

A Current Ratio of 0.75 indicates that HEIA may have some problems paying its short term obligations.
Looking at the Current ratio, with a value of 0.75, HEIA is doing worse than 81.48% of the companies in the same industry.
A Quick Ratio of 0.51 indicates that HEIA may have some problems paying its short term obligations.
The Quick ratio of HEIA (0.51) is worse than 66.67% of its industry peers.
Industry RankSector Rank
Current Ratio 0.75
Quick Ratio 0.51
HEIA.AS Yearly Current Assets VS Current LiabilitesHEIA.AS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B

4

3. Growth

3.1 Past

The Earnings Per Share has been growing slightly by 0.61% over the past year.
Measured over the past 5 years, HEIA shows a small growth in Earnings Per Share. The EPS has been growing by 2.21% on average per year.
HEIA shows a decrease in Revenue. In the last year, the revenue decreased by -4.84%.
The Revenue has been growing slightly by 4.53% on average over the past years.
EPS 1Y (TTM)0.61%
EPS 3Y11.33%
EPS 5Y2.21%
EPS Q2Q%-3.17%
Revenue 1Y (TTM)-4.84%
Revenue growth 3Y10.88%
Revenue growth 5Y4.53%
Sales Q2Q%-5.04%

3.2 Future

The Earnings Per Share is expected to grow by 8.60% on average over the next years. This is quite good.
Based on estimates for the next years, HEIA will show a small growth in Revenue. The Revenue will grow by 3.23% on average per year.
EPS Next Y0.11%
EPS Next 2Y4.2%
EPS Next 3Y5.78%
EPS Next 5Y8.6%
Revenue Next Year-2.52%
Revenue Next 2Y0.32%
Revenue Next 3Y1.55%
Revenue Next 5Y3.23%

3.3 Evolution

The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
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.
HEIA.AS Yearly Revenue VS EstimatesHEIA.AS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 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 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2 4 6

4

4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 13.60, HEIA is valued correctly.
Based on the Price/Earnings ratio, HEIA is valued a bit cheaper than the industry average as 74.07% of the companies are valued more expensively.
Compared to an average S&P500 Price/Earnings ratio of 27.38, HEIA is valued rather cheaply.
The Price/Forward Earnings ratio is 12.36, which indicates a correct valuation of HEIA.
Based on the Price/Forward Earnings ratio, HEIA is valued a bit cheaper than the industry average as 74.07% of the companies are valued more expensively.
HEIA is valuated rather cheaply when we compare the Price/Forward Earnings ratio to 22.86, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 13.6
Fwd PE 12.36
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

Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of HEIA indicates a somewhat cheap valuation: HEIA is cheaper than 77.78% of the companies listed in the same industry.
The rest of the industry has a similar Price/Free Cash Flow ratio as HEIA.
Industry RankSector Rank
P/FCF 14.12
EV/EBITDA 7.83
HEIA.AS Per share dataHEIA.AS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 10 20 30 40 50

4.3 Compensation for Growth

The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
PEG (NY)128.12
PEG (5Y)6.16
EPS Next 2Y4.2%
EPS Next 3Y5.78%

3

5. Dividend

5.1 Amount

HEIA has a Yearly Dividend Yield of 2.90%.
Compared to an average industry Dividend Yield of 2.93, HEIA has a dividend in line with its industry peers.
HEIA's Dividend Yield is a higher than the S&P500 average which is at 2.38.
Industry RankSector Rank
Dividend Yield 2.9%

5.2 History

The dividend of HEIA decreases each year by -0.14%.
Dividend Growth(5Y)-0.14%
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 0.5 1 1.5

5.3 Sustainability

HEIA pays out 72.98% of its income as dividend. This is not a sustainable payout ratio.
DP72.98%
EPS Next 2Y4.2%
EPS Next 3Y5.78%
HEIA.AS Yearly Income VS Free CF VS DividendHEIA.AS Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 1B 2B 3B
HEIA.AS Dividend Payout.HEIA.AS Dividend Payout, showing the Payout Ratio.HEIA.AS Dividend Payout.PayoutRetained Earnings

HEINEKEN NV

AMS:HEIA (9/19/2025, 7:00:00 PM)

65.56

-0.2 (-0.3%)

Chartmill FA Rating
GICS SectorConsumer Staples
GICS IndustryGroupFood, Beverage & Tobacco
GICS IndustryBeverages
Earnings (Last)07-28 2025-07-28/bmo
Earnings (Next)10-22 2025-10-22
Inst Owners21.77%
Inst Owner ChangeN/A
Ins Owners0.05%
Ins Owner ChangeN/A
Market Cap37.76B
Analysts80
Price Target90.52 (38.07%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.9%
Yearly Dividend2.12
Dividend Growth(5Y)-0.14%
DP72.98%
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)-0.76%
PT rev (3m)-2.37%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)-3.22%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)-0.45%
Revenue NY rev (3m)-1.08%
Valuation
Industry RankSector Rank
PE 13.6
Fwd PE 12.36
P/S 1.29
P/FCF 14.12
P/OCF 7.2
P/B 2.13
P/tB N/A
EV/EBITDA 7.83
EPS(TTM)4.82
EY7.35%
EPS(NY)5.3
Fwd EY8.09%
FCF(TTM)4.64
FCFY7.08%
OCF(TTM)9.11
OCFY13.9%
SpS50.65
BVpS30.75
TBVpS-4.35
PEG (NY)128.12
PEG (5Y)6.16
Profitability
Industry RankSector Rank
ROA 3.52%
ROE 10.26%
ROCE 10.77%
ROIC 7.88%
ROICexc 8.33%
ROICexgc 18.77%
OM 13.57%
PM (TTM) 6.23%
GM 20.2%
FCFM 9.17%
ROA(3y)3.7%
ROA(5y)3.49%
ROE(3y)10.07%
ROE(5y)9.57%
ROIC(3y)7.43%
ROIC(5y)6.62%
ROICexc(3y)7.92%
ROICexc(5y)7.16%
ROICexgc(3y)18.24%
ROICexgc(5y)16.63%
ROCE(3y)10.06%
ROCE(5y)8.96%
ROICexcg growth 3Y2.8%
ROICexcg growth 5Y0.89%
ROICexc growth 3Y5.31%
ROICexc growth 5Y-1.19%
OM growth 3Y-1.92%
OM growth 5Y-3.32%
PM growth 3Y-40.01%
PM growth 5Y-18.4%
GM growth 3Y-0.45%
GM growth 5Y-1.01%
F-Score7
Asset Turnover0.57
Health
Industry RankSector Rank
Debt/Equity 0.86
Debt/FCF 6.57
Debt/EBITDA 2.3
Cap/Depr 97.61%
Cap/Sales 8.82%
Interest Coverage 6.33
Cash Conversion 79.58%
Profit Quality 147.22%
Current Ratio 0.75
Quick Ratio 0.51
Altman-Z 1.97
F-Score7
WACC5.97%
ROIC/WACC1.32
Cap/Depr(3y)95.91%
Cap/Depr(5y)85.26%
Cap/Sales(3y)8.02%
Cap/Sales(5y)7.93%
Profit Quality(3y)159.79%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)0.61%
EPS 3Y11.33%
EPS 5Y2.21%
EPS Q2Q%-3.17%
EPS Next Y0.11%
EPS Next 2Y4.2%
EPS Next 3Y5.78%
EPS Next 5Y8.6%
Revenue 1Y (TTM)-4.84%
Revenue growth 3Y10.88%
Revenue growth 5Y4.53%
Sales Q2Q%-5.04%
Revenue Next Year-2.52%
Revenue Next 2Y0.32%
Revenue Next 3Y1.55%
Revenue Next 5Y3.23%
EBIT growth 1Y-3.93%
EBIT growth 3Y8.75%
EBIT growth 5Y1.06%
EBIT Next Year58.51%
EBIT Next 3Y20.67%
EBIT Next 5Y14.65%
FCF growth 1Y195.25%
FCF growth 3Y5.54%
FCF growth 5Y6.32%
OCF growth 1Y56.24%
OCF growth 3Y9.59%
OCF growth 5Y4.88%