HEINEKEN HOLDING NV (HEIO.AS) Stock Fundamental Analysis

Europe • Euronext Amsterdam • AMS:HEIO • NL0000008977

65.65 EUR
+1.45 (+2.26%)
Last: Feb 4, 2026, 07:00 PM
Fundamental Rating

3

Overall HEIO gets a fundamental rating of 3 out of 10. We evaluated HEIO against 28 industry peers in the Beverages industry. HEIO may be in some trouble as it scores bad on both profitability and health. HEIO has a correct valuation and a medium growth rate.


Dividend Valuation Growth Profitability Health

3

1. Profitability

1.1 Basic Checks

  • In the past year HEIO was profitable.
  • HEIO had a positive operating cash flow in the past year.
  • Of the past 5 years HEIO 4 years were profitable.
  • In the past 5 years HEIO always reported a positive cash flow from operatings.
HEIO.AS Yearly Net Income VS EBIT VS OCF VS FCFHEIO.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

  • HEIO's Return On Assets of 1.80% is on the low side compared to the rest of the industry. HEIO is outperformed by 82.14% of its industry peers.
  • Looking at the Return On Equity, with a value of 10.82%, HEIO is in the better half of the industry, outperforming 67.86% of the companies in the same industry.
  • HEIO's Return On Invested Capital of 6.70% is in line compared to the rest of the industry. HEIO outperforms 50.00% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for HEIO is in line with the industry average of 7.85%.
Industry RankSector Rank
ROA 1.8%
ROE 10.82%
ROIC 6.7%
ROA(3y)1.88%
ROA(5y)1.76%
ROE(3y)10.38%
ROE(5y)9.79%
ROIC(3y)7.38%
ROIC(5y)6.52%
HEIO.AS Yearly ROA, ROE, ROICHEIO.AS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5 10 15

1.3 Margins

  • HEIO's Profit Margin of 3.18% is on the low side compared to the rest of the industry. HEIO is outperformed by 78.57% of its industry peers.
  • HEIO's Profit Margin has declined in the last couple of years.
  • HEIO has a Operating Margin of 11.42%. This is in the lower half of the industry: HEIO underperforms 67.86% of its industry peers.
  • In the last couple of years the Operating Margin of HEIO has declined.
  • HEIO has a worse Gross Margin (35.12%) than 85.71% of its industry peers.
  • HEIO's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 11.42%
PM (TTM) 3.18%
GM 35.12%
OM growth 3Y-4.64%
OM growth 5Y-3.09%
PM growth 3Y-39.54%
PM growth 5Y-18.06%
GM growth 3Y-0.99%
GM growth 5Y-1.07%
HEIO.AS Yearly Profit, Operating, Gross MarginsHEIO.AS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20 40 60

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2

2. Health

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), HEIO is creating some value.
  • HEIO has about the same amout of shares outstanding than it did 1 year ago.
  • HEIO has less shares outstanding than it did 5 years ago.
  • Compared to 1 year ago, HEIO has an improved debt to assets ratio.
HEIO.AS Yearly Shares OutstandingHEIO.AS Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M 200M 250M
HEIO.AS Yearly Total Debt VS Total AssetsHEIO.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

  • HEIO has an Altman-Z score of 1.23. This is a bad value and indicates that HEIO is not financially healthy and even has some risk of bankruptcy.
  • Looking at the Altman-Z score, with a value of 1.23, HEIO is doing worse than 89.29% of the companies in the same industry.
  • The Debt to FCF ratio of HEIO is 6.57, which is on the high side as it means it would take HEIO, 6.57 years of fcf income to pay off all of its debts.
  • HEIO has a Debt to FCF ratio of 6.57. This is in the better half of the industry: HEIO outperforms 60.71% of its industry peers.
  • HEIO has a Debt/Equity ratio of 1.75. This is a high value indicating a heavy dependency on external financing.
  • HEIO has a worse Debt to Equity ratio (1.75) than 82.14% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.75
Debt/FCF 6.57
Altman-Z 1.23
ROIC/WACC1.28
WACC5.25%
HEIO.AS Yearly LT Debt VS Equity VS FCFHEIO.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

2.3 Liquidity

  • A Current Ratio of 0.75 indicates that HEIO may have some problems paying its short term obligations.
  • HEIO has a worse Current ratio (0.75) than 78.57% of its industry peers.
  • A Quick Ratio of 0.51 indicates that HEIO may have some problems paying its short term obligations.
  • The Quick ratio of HEIO (0.51) is worse than 64.29% of its industry peers.
Industry RankSector Rank
Current Ratio 0.75
Quick Ratio 0.51
HEIO.AS Yearly Current Assets VS Current LiabilitesHEIO.AS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B

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4

3. Growth

3.1 Past

  • HEIO shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 72.64%, which is quite impressive.
  • Measured over the past years, HEIO shows a very negative growth in Earnings Per Share. The EPS has been decreasing by -14.14% on average per year.
  • Looking at the last year, HEIO shows a decrease in Revenue. The Revenue has decreased by -4.96% in the last year.
  • Measured over the past years, HEIO shows a small growth in Revenue. The Revenue has been growing by 4.40% on average per year.
EPS 1Y (TTM)72.64%
EPS 3Y-32.69%
EPS 5Y-14.14%
EPS Q2Q%892.99%
Revenue 1Y (TTM)-4.96%
Revenue growth 3Y10.66%
Revenue growth 5Y4.4%
Sales Q2Q%-4.34%

3.2 Future

  • HEIO is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 19.98% yearly.
  • HEIO is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 1.55% yearly.
EPS Next Y5.79%
EPS Next 2Y23.84%
EPS Next 3Y43.18%
EPS Next 5Y19.98%
Revenue Next Year1.62%
Revenue Next 2Y6.88%
Revenue Next 3Y6.46%
Revenue Next 5Y1.55%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
  • 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.
HEIO.AS Yearly Revenue VS EstimatesHEIO.AS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 10B 20B 30B 40B
HEIO.AS Yearly EPS VS EstimatesHEIO.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 8

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6

4. Valuation

4.1 Price/Earnings Ratio

  • A Price/Earnings ratio of 20.02 indicates a rather expensive valuation of HEIO.
  • Compared to the rest of the industry, the Price/Earnings ratio of HEIO is on the same level as its industry peers.
  • HEIO's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 28.25.
  • A Price/Forward Earnings ratio of 12.80 indicates a correct valuation of HEIO.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of HEIO indicates a somewhat cheap valuation: HEIO is cheaper than 75.00% of the companies listed in the same industry.
  • HEIO is valuated cheaply when we compare the Price/Forward Earnings ratio to 27.50, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 20.02
Fwd PE 12.8
HEIO.AS Price Earnings VS Forward Price EarningsHEIO.AS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • HEIO's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. HEIO is cheaper than 92.86% of the companies in the same industry.
  • Based on the Price/Free Cash Flow ratio, HEIO is valued cheaply inside the industry as 82.14% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 7.07
EV/EBITDA 5.46
HEIO.AS Per share dataHEIO.AS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 50 100

4.3 Compensation for Growth

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
  • HEIO's earnings are expected to grow with 43.18% in the coming years. This may justify a more expensive valuation.
PEG (NY)3.46
PEG (5Y)N/A
EPS Next 2Y23.84%
EPS Next 3Y43.18%

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3

5. Dividend

5.1 Amount

  • HEIO has a Yearly Dividend Yield of 3.07%. Purely for dividend investing, there may be better candidates out there.
  • Compared to an average industry Dividend Yield of 2.78, HEIO pays a bit more dividend than its industry peers.
  • Compared to an average S&P500 Dividend Yield of 1.82, HEIO pays a better dividend.
Industry RankSector Rank
Dividend Yield 3.07%

5.2 History

  • The dividend of HEIO decreases each year by -0.04%.
Dividend Growth(5Y)-0.04%
Div Incr Years0
Div Non Decr Years0
HEIO.AS Yearly Dividends per shareHEIO.AS Yearly Dividends per shareYearly Dividends per share 2018 2019 2020 2021 2022 2023 2024 2025 0.5 1 1.5

5.3 Sustainability

  • 143.20% of the earnings are spent on dividend by HEIO. This is not a sustainable payout ratio.
DP143.2%
EPS Next 2Y23.84%
EPS Next 3Y43.18%
HEIO.AS Yearly Income VS Free CF VS DividendHEIO.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
HEIO.AS Dividend Payout.HEIO.AS Dividend Payout, showing the Payout Ratio.HEIO.AS Dividend Payout.PayoutRetained Earnings

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HEINEKEN HOLDING NV

AMS:HEIO (2/4/2026, 7:00:00 PM)

65.65

+1.45 (+2.26%)

Chartmill FA Rating
GICS SectorConsumer Staples
GICS IndustryGroupFood, Beverage & Tobacco
GICS IndustryBeverages
Earnings (Last)10-22
Earnings (Next)02-11
Inst Owners22.36%
Inst Owner ChangeN/A
Ins Owners2.35%
Ins Owner ChangeN/A
Market Cap18.91B
Revenue(TTM)29.09B
Net Income(TTM)926.00M
Analysts85
Price Target106.59 (62.36%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 3.07%
Yearly Dividend4.24
Dividend Growth(5Y)-0.04%
DP143.2%
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%
PT rev (3m)0%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)-7.22%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)0%
Valuation
Industry RankSector Rank
PE 20.02
Fwd PE 12.8
P/S 0.65
P/FCF 7.07
P/OCF 3.6
P/B 2.21
P/tB N/A
EV/EBITDA 5.46
EPS(TTM)3.28
EY5%
EPS(NY)5.13
Fwd EY7.82%
FCF(TTM)9.29
FCFY14.15%
OCF(TTM)18.22
OCFY27.75%
SpS101
BVpS29.72
TBVpS-40.47
PEG (NY)3.46
PEG (5Y)N/A
Graham Number46.83
Profitability
Industry RankSector Rank
ROA 1.8%
ROE 10.82%
ROCE 9.11%
ROIC 6.7%
ROICexc 7.09%
ROICexgc 16.24%
OM 11.42%
PM (TTM) 3.18%
GM 35.12%
FCFM 9.2%
ROA(3y)1.88%
ROA(5y)1.76%
ROE(3y)10.38%
ROE(5y)9.79%
ROIC(3y)7.38%
ROIC(5y)6.52%
ROICexc(3y)7.86%
ROICexc(5y)7.05%
ROICexgc(3y)18.25%
ROICexgc(5y)16.48%
ROCE(3y)9.99%
ROCE(5y)8.83%
ROICexgc growth 3Y0.36%
ROICexgc growth 5Y1.38%
ROICexc growth 3Y2.47%
ROICexc growth 5Y-0.92%
OM growth 3Y-4.64%
OM growth 5Y-3.09%
PM growth 3Y-39.54%
PM growth 5Y-18.06%
GM growth 3Y-0.99%
GM growth 5Y-1.07%
F-Score7
Asset Turnover0.57
Health
Industry RankSector Rank
Debt/Equity 1.75
Debt/FCF 6.57
Debt/EBITDA 2.52
Cap/Depr 97.61%
Cap/Sales 8.84%
Interest Coverage 5.31
Cash Conversion 88.1%
Profit Quality 288.88%
Current Ratio 0.75
Quick Ratio 0.51
Altman-Z 1.23
F-Score7
WACC5.25%
ROIC/WACC1.28
Cap/Depr(3y)95.91%
Cap/Depr(5y)85.26%
Cap/Sales(3y)8.04%
Cap/Sales(5y)7.94%
Profit Quality(3y)314.8%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)72.64%
EPS 3Y-32.69%
EPS 5Y-14.14%
EPS Q2Q%892.99%
EPS Next Y5.79%
EPS Next 2Y23.84%
EPS Next 3Y43.18%
EPS Next 5Y19.98%
Revenue 1Y (TTM)-4.96%
Revenue growth 3Y10.66%
Revenue growth 5Y4.4%
Sales Q2Q%-4.34%
Revenue Next Year1.62%
Revenue Next 2Y6.88%
Revenue Next 3Y6.46%
Revenue Next 5Y1.55%
EBIT growth 1Y6.96%
EBIT growth 3Y5.53%
EBIT growth 5Y1.18%
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
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 HOLDING NV / HEIO.AS FAQ

What is the fundamental rating for HEIO stock?

ChartMill assigns a fundamental rating of 3 / 10 to HEIO.AS.


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

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


Can you provide the profitability details for HEINEKEN HOLDING NV?

HEINEKEN HOLDING NV (HEIO.AS) has a profitability rating of 3 / 10.


Can you provide the financial health for HEIO stock?

The financial health rating of HEINEKEN HOLDING NV (HEIO.AS) is 2 / 10.


How sustainable is the dividend of HEINEKEN HOLDING NV (HEIO.AS) stock?

The dividend rating of HEINEKEN HOLDING NV (HEIO.AS) is 3 / 10 and the dividend payout ratio is 143.2%.