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HEINEKEN NV (HEIA.AS) Stock Fundamental Analysis

AMS:HEIA - NL0000009165 - Common Stock

66.8 EUR
-0.3 (-0.45%)
Last: 9/5/2025, 7:00:00 PM
Fundamental Rating

4

HEIA gets a fundamental rating of 4 out of 10. The analysis compared the fundamentals against 25 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 correct valuation and a medium growth rate.


Dividend Valuation Growth Profitability Health

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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.
HEIA had positive earnings in 4 of the past 5 years.
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 has a Return On Assets of 3.52%. This is comparable to the rest of the industry: HEIA outperforms 60.00% of its industry peers.
The Return On Equity of HEIA (10.26%) is better than 64.00% of its industry peers.
HEIA has a better Return On Invested Capital (7.88%) than 76.00% of its industry peers.
The Average Return On Invested Capital over the past 3 years for HEIA is in line with the industry average of 7.82%.
The last Return On Invested Capital (7.88%) for HEIA is above the 3 year average (7.43%), 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)7.43%
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's Profit Margin of 6.23% is on the low side compared to the rest of the industry. HEIA is outperformed by 64.00% of its industry peers.
In the last couple of years the Profit Margin of HEIA has declined.
HEIA's Operating Margin of 13.57% is in line compared to the rest of the industry. HEIA outperforms 44.00% of its industry peers.
HEIA's Operating Margin has declined in the last couple of years.
With a Gross Margin value of 20.20%, HEIA is not doing good in the industry: 96.00% of the companies in the same industry are doing better.
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

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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.
HEIA has about the same amout of shares outstanding than it did 1 year ago.
Compared to 5 years ago, HEIA has less shares outstanding
HEIA has a better debt/assets ratio than last year.
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

An Altman-Z score of 1.99 indicates that HEIA is not a great score, but indicates only limited risk for bankruptcy at the moment.
The Altman-Z score of HEIA (1.99) is comparable to the rest of the 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 better Debt to FCF ratio (6.57) than 72.00% 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.
With a Debt to Equity ratio value of 0.86, HEIA perfoms like the industry average, outperforming 56.00% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.86
Debt/FCF 6.57
Altman-Z 1.99
ROIC/WACC1.32
WACC5.98%
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

HEIA has a Current 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 Current ratio value of 0.75, HEIA is not doing good in the industry: 80.00% of the companies in the same industry are doing better.
A Quick Ratio of 0.51 indicates that HEIA may have some problems paying its short term obligations.
HEIA has a worse Quick ratio (0.51) than 64.00% 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

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4

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%.
The Earnings Per Share has been growing slightly by 2.21% on average over the past years.
HEIA shows a decrease in Revenue. In the last year, the revenue decreased by -4.84%.
HEIA shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 4.53% yearly.
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

Based on estimates for the next years, HEIA will show a quite strong growth in Earnings Per Share. The EPS will grow by 8.57% on average per year.
HEIA is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 3.20% yearly.
EPS Next Y0.11%
EPS Next 2Y4.2%
EPS Next 3Y5.78%
EPS Next 5Y8.57%
Revenue Next Year-2.08%
Revenue Next 2Y0.65%
Revenue Next 3Y1.84%
Revenue Next 5Y3.2%

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 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

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5

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 13.86, which indicates a correct valuation of HEIA.
Based on the Price/Earnings ratio, HEIA is valued cheaply inside the industry as 84.00% of the companies are valued more expensively.
Compared to an average S&P500 Price/Earnings ratio of 27.06, HEIA is valued a bit cheaper.
Based on the Price/Forward Earnings ratio of 12.59, the valuation of HEIA can be described as correct.
Based on the Price/Forward Earnings ratio, HEIA is valued a bit cheaper than 80.00% of the companies in the same industry.
The average S&P500 Price/Forward Earnings ratio is at 22.69. HEIA is valued slightly cheaper when compared to this.
Industry RankSector Rank
PE 13.86
Fwd PE 12.59
HEIA.AS Price Earnings VS Forward Price EarningsHEIA.AS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

HEIA's Enterprise Value to EBITDA ratio is a bit cheaper when compared to the industry. HEIA is cheaper than 72.00% of the companies in the same industry.
Based on the Price/Free Cash Flow ratio, HEIA is valued a bit cheaper than 68.00% of the companies in the same industry.
Industry RankSector Rank
P/FCF 14.38
EV/EBITDA 7.96
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 HEIA does not grow enough to justify the current Price/Earnings ratio.
PEG (NY)130.55
PEG (5Y)6.28
EPS Next 2Y4.2%
EPS Next 3Y5.78%

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2

5. Dividend

5.1 Amount

HEIA has a Yearly Dividend Yield of 2.74%.
HEIA's Dividend Yield is comparable with the industry average which is at 2.76.
HEIA's Dividend Yield is comparable with the S&P500 average which is at 2.32.
Industry RankSector Rank
Dividend Yield 2.74%

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 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

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HEINEKEN NV

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

66.8

-0.3 (-0.45%)

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 Cap38.48B
Analysts80
Price Target91.21 (36.54%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.74%
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)-0.37%
PT rev (3m)-0.79%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)-3.22%
EPS NY rev (3m)-3.22%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)-0.14%
Revenue NY rev (3m)-0.64%
Valuation
Industry RankSector Rank
PE 13.86
Fwd PE 12.59
P/S 1.32
P/FCF 14.38
P/OCF 7.33
P/B 2.17
P/tB N/A
EV/EBITDA 7.96
EPS(TTM)4.82
EY7.22%
EPS(NY)5.3
Fwd EY7.94%
FCF(TTM)4.64
FCFY6.95%
OCF(TTM)9.11
OCFY13.64%
SpS50.65
BVpS30.75
TBVpS-4.35
PEG (NY)130.55
PEG (5Y)6.28
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 1.99
F-Score7
WACC5.98%
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 5Y8.57%
Revenue 1Y (TTM)-4.84%
Revenue growth 3Y10.88%
Revenue growth 5Y4.53%
Sales Q2Q%-5.04%
Revenue Next Year-2.08%
Revenue Next 2Y0.65%
Revenue Next 3Y1.84%
Revenue Next 5Y3.2%
EBIT growth 1Y-3.93%
EBIT growth 3Y8.75%
EBIT growth 5Y1.06%
EBIT Next Year58.51%
EBIT Next 3Y20.67%
EBIT Next 5Y14.62%
FCF growth 1Y195.25%
FCF growth 3Y5.54%
FCF growth 5Y6.32%
OCF growth 1Y56.24%
OCF growth 3Y9.59%
OCF growth 5Y4.88%