HEINEKEN NV (HEIA.AS) Stock Fundamental Analysis

Europe • Euronext Amsterdam • AMS:HEIA • NL0000009165

73.64 EUR
-0.24 (-0.32%)
Last: Feb 6, 2026, 12:56 PM
Fundamental Rating

3

We assign a fundamental rating of 3 out of 10 to HEIA. HEIA was compared to 28 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.
  • Of the past 5 years HEIA 4 years were 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 0 1B 2B 3B 4B 5B

1.2 Ratios

  • HEIA has a Return On Assets (3.52%) which is comparable to the rest of the industry.
  • HEIA has a Return On Equity (10.26%) which is in line with its industry peers.
  • The Return On Invested Capital of HEIA (7.88%) is better than 67.86% of its industry peers.
  • HEIA had an Average Return On Invested Capital over the past 3 years of 7.46%. This is in line with the industry average of 7.85%.
  • The last Return On Invested Capital (7.88%) for HEIA is above the 3 year average (7.46%), which is a sign of increasing profitability.
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)7.46%
ROIC(5y)6.64%
HEIA.AS Yearly ROA, ROE, ROICHEIA.AS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5 10 15

1.3 Margins

  • With a Profit Margin value of 6.23%, HEIA is not doing good in the industry: 67.86% of the companies in the same industry are doing better.
  • In the last couple of years the Profit Margin of HEIA has declined.
  • HEIA has a Operating Margin of 13.57%. This is in the lower half of the industry: HEIA underperforms 60.71% of its industry peers.
  • In the last couple of years the Operating Margin of HEIA has declined.
  • HEIA has a worse Gross Margin (20.20%) than 96.43% 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 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 20 30 40 50

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ROAROEROICOperating and Profit MarginShow most profitable peers

3

2. Health

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.
  • HEIA has about the same amout of shares outstanding than it did 1 year ago.
  • The number of shares outstanding for HEIA has been reduced compared to 5 years ago.
  • Compared to 1 year ago, HEIA has an improved debt to assets ratio.
HEIA.AS Yearly Shares OutstandingHEIA.AS Yearly Shares OutstandingYearly Shares Outstanding 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 2016 2017 2018 2019 2020 2021 2022 2023 2024 10B 20B 30B 40B 50B

2.2 Solvency

  • An Altman-Z score of 2.06 indicates that HEIA is not a great score, but indicates only limited risk for bankruptcy at the moment.
  • With a Altman-Z score value of 2.06, HEIA perfoms like the industry average, outperforming 50.00% of the companies in the same industry.
  • 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 has a Debt to FCF ratio of 6.57. This is in the better half of the industry: HEIA outperforms 64.29% 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.
  • HEIA has a Debt to Equity ratio of 0.86. This is comparable to the rest of the industry: HEIA outperforms 50.00% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.86
Debt/FCF 6.57
Altman-Z 2.06
ROIC/WACC1.29
WACC6.11%
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 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.
  • HEIA has a Current ratio of 0.75. This is amonst the worse of the industry: HEIA underperforms 85.71% of its industry peers.
  • HEIA has a Quick Ratio of 0.75. This is a bad value and indicates that HEIA is not financially healthy enough and could expect problems in meeting its short term obligations.
  • With a Quick ratio value of 0.51, HEIA is not doing good in the industry: 71.43% of the companies in the same industry are doing better.
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 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B

More info and screens

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

3

3. Growth

3.1 Past

  • HEIA shows a small growth in Earnings Per Share. In the last year, the EPS has grown by 0.61%.
  • 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.
  • Looking at the last year, HEIA shows a decrease in Revenue. The Revenue has decreased by -4.84% in the last year.
  • 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%-20.43%

3.2 Future

  • HEIA is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 6.19% yearly.
  • Based on estimates for the next years, HEIA will show a small growth in Revenue. The Revenue will grow by 3.03% on average per year.
EPS Next Y-3.15%
EPS Next 2Y2.74%
EPS Next 3Y4.74%
EPS Next 5Y6.19%
Revenue Next Year-3.53%
Revenue Next 2Y0.38%
Revenue Next 3Y1.69%
Revenue Next 5Y3.03%

3.3 Evolution

  • The EPS growth rate is accelerating: in the next years the growth will be better than in the last 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

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4

4. Valuation

4.1 Price/Earnings Ratio

  • A Price/Earnings ratio of 15.28 indicates a correct valuation of HEIA.
  • Based on the Price/Earnings ratio, HEIA is valued a bit cheaper than the industry average as 64.29% of the companies are valued more expensively.
  • HEIA's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 27.67.
  • The Price/Forward Earnings ratio is 14.28, 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 60.71% of the companies listed in the same industry.
  • HEIA is valuated rather cheaply when we compare the Price/Forward Earnings ratio to 27.20, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 15.28
Fwd PE 14.28
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

  • 75.00% of the companies in the same industry are more expensive than HEIA, based on the Enterprise Value to EBITDA ratio.
  • HEIA's Price/Free Cash Flow ratio is a bit cheaper when compared to the industry. HEIA is cheaper than 60.71% of the companies in the same industry.
Industry RankSector Rank
P/FCF 15.86
EV/EBITDA 8.55
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

PEG (NY)N/A
PEG (5Y)6.92
EPS Next 2Y2.74%
EPS Next 3Y4.74%

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

3

5. Dividend

5.1 Amount

  • With a Yearly Dividend Yield of 2.78%, HEIA has a reasonable but not impressive dividend return.
  • Compared to an average industry Dividend Yield of 2.78, HEIA has a dividend in line with its industry peers.
  • Compared to an average S&P500 Dividend Yield of 1.82, HEIA pays a better dividend.
Industry RankSector Rank
Dividend Yield 2.78%

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

  • 72.98% of the earnings are spent on dividend by HEIA. This is not a sustainable payout ratio.
DP72.98%
EPS Next 2Y2.74%
EPS Next 3Y4.74%
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 0 1B 2B 3B
HEIA.AS Dividend Payout.HEIA.AS Dividend Payout, showing the Payout Ratio.HEIA.AS Dividend Payout.PayoutRetained Earnings

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HEINEKEN NV

AMS:HEIA (2/6/2026, 12:56:51 PM)

73.64

-0.24 (-0.32%)

Chartmill FA Rating
GICS SectorConsumer Staples
GICS IndustryGroupFood, Beverage & Tobacco
GICS IndustryBeverages
Earnings (Last)10-22
Earnings (Next)02-11
Inst Owners24.68%
Inst Owner ChangeN/A
Ins Owners0.08%
Ins Owner ChangeN/A
Market Cap42.42B
Revenue(TTM)29.18B
Net Income(TTM)1.82B
Analysts80.67
Price Target86.71 (17.75%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.78%
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)-1.05%
PT rev (3m)-3.28%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)-0.22%
EPS NY rev (3m)-2.78%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.38%
Valuation
Industry RankSector Rank
PE 15.28
Fwd PE 14.28
P/S 1.45
P/FCF 15.86
P/OCF 8.08
P/B 2.39
P/tB N/A
EV/EBITDA 8.55
EPS(TTM)4.82
EY6.55%
EPS(NY)5.16
Fwd EY7%
FCF(TTM)4.64
FCFY6.31%
OCF(TTM)9.11
OCFY12.37%
SpS50.65
BVpS30.75
TBVpS-4.35
PEG (NY)N/A
PEG (5Y)6.92
Graham Number57.75
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)7.46%
ROIC(5y)6.64%
ROICexc(3y)7.95%
ROICexc(5y)7.18%
ROICexgc(3y)18.32%
ROICexgc(5y)16.68%
ROCE(3y)10.11%
ROCE(5y)8.99%
ROICexgc growth 3Y2.8%
ROICexgc 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 2.06
F-Score7
WACC6.11%
ROIC/WACC1.29
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 Y-3.15%
EPS Next 2Y2.74%
EPS Next 3Y4.74%
EPS Next 5Y6.19%
Revenue 1Y (TTM)-4.84%
Revenue growth 3Y10.88%
Revenue growth 5Y4.53%
Sales Q2Q%-20.43%
Revenue Next Year-3.53%
Revenue Next 2Y0.38%
Revenue Next 3Y1.69%
Revenue Next 5Y3.03%
EBIT growth 1Y-3.93%
EBIT growth 3Y8.75%
EBIT growth 5Y1.06%
EBIT Next Year54.53%
EBIT Next 3Y20.18%
EBIT Next 5Y13.84%
FCF growth 1Y195.25%
FCF growth 3Y5.54%
FCF growth 5Y6.32%
OCF growth 1Y56.24%
OCF growth 3Y9.59%
OCF growth 5Y4.88%

HEINEKEN NV / HEIA.AS FAQ

What is the fundamental rating for HEIA stock?

ChartMill assigns a fundamental rating of 3 / 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 decline by -3.15% in the next year.


Can you provide the dividend sustainability for HEIA stock?

The dividend rating of HEINEKEN NV (HEIA.AS) is 3 / 10 and the dividend payout ratio is 72.98%.