HEINEKEN HOLDING NV (HEIO.AS) Fundamental Analysis & Valuation

AMS:HEIO • NL0000008977

Current stock price

60.55 EUR
-0.8 (-1.3%)
Last:

This HEIO.AS fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

4

1. HEIO.AS Profitability Analysis

1.1 Basic Checks

  • In the past year HEIO was profitable.
  • In the past year HEIO had a positive cash flow from operations.
  • In the past 5 years HEIO has always been 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 2025 0 1B 2B 3B 4B 5B

1.2 Ratios

  • With a Return On Assets value of 1.78%, HEIO is not doing good in the industry: 73.33% of the companies in the same industry are doing better.
  • The Return On Equity of HEIO (11.03%) is better than 73.33% of its industry peers.
  • HEIO's Return On Invested Capital of 5.42% is on the low side compared to the rest of the industry. HEIO is outperformed by 70.00% 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 7.69%.
Industry RankSector Rank
ROA 1.78%
ROE 11.03%
ROIC 5.42%
ROA(3y)1.62%
ROA(5y)2.16%
ROE(3y)9.44%
ROE(5y)12.3%
ROIC(3y)6.09%
ROIC(5y)6.06%
HEIO.AS Yearly ROA, ROE, ROICHEIO.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

  • HEIO has a worse Profit Margin (3.31%) than 70.00% of its industry peers.
  • HEIO's Profit Margin has declined in the last couple of years.
  • Looking at the Operating Margin, with a value of 11.82%, HEIO is doing worse than 66.67% of the companies in the same industry.
  • In the last couple of years the Operating Margin of HEIO has grown nicely.
  • With a Gross Margin value of 35.77%, HEIO is not doing good in the industry: 80.00% of the companies in the same industry are doing better.
  • HEIO's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 11.82%
PM (TTM) 3.31%
GM 35.77%
OM growth 3Y-1.77%
OM growth 5Y9.1%
PM growth 3Y-10.86%
PM growth 5YN/A
GM growth 3Y0.84%
GM growth 5Y-0.41%
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 2025 0 20 40 60

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2

2. HEIO.AS Health Analysis

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 less shares outstanding than it did 1 year ago.
  • Compared to 5 years ago, HEIO has less shares outstanding
  • Compared to 1 year ago, HEIO has a worse debt to assets ratio.
HEIO.AS Yearly Shares OutstandingHEIO.AS Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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 2025 10B 20B 30B 40B 50B

2.2 Solvency

  • Based on the Altman-Z score of 1.24, we must say that HEIO is in the distress zone and has some risk of bankruptcy.
  • HEIO has a worse Altman-Z score (1.24) than 86.67% of its industry peers.
  • HEIO has a debt to FCF ratio of 7.39. This is a slightly negative value and a sign of low solvency as HEIO would need 7.39 years to pay back of all of its debts.
  • HEIO's Debt to FCF ratio of 7.39 is in line compared to the rest of the industry. HEIO outperforms 56.67% of its industry peers.
  • A Debt/Equity ratio of 1.99 is on the high side and indicates that HEIO has dependencies on debt financing.
  • HEIO has a worse Debt to Equity ratio (1.99) than 80.00% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.99
Debt/FCF 7.39
Altman-Z 1.24
ROIC/WACC1.14
WACC4.77%
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 2025 5B 10B 15B

2.3 Liquidity

  • HEIO has a Current Ratio of 0.93. This is a bad value and indicates that HEIO is not financially healthy enough and could expect problems in meeting its short term obligations.
  • Looking at the Current ratio, with a value of 0.93, HEIO is doing worse than 66.67% of the companies in the same industry.
  • HEIO has a Quick Ratio of 0.93. This is a bad value and indicates that HEIO is not financially healthy enough and could expect problems in meeting its short term obligations.
  • HEIO has a Quick ratio of 0.69. This is comparable to the rest of the industry: HEIO outperforms 50.00% of its industry peers.
Industry RankSector Rank
Current Ratio 0.93
Quick Ratio 0.69
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 2025 5B 10B

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4

3. HEIO.AS Growth Analysis

3.1 Past

  • The Earnings Per Share has grown by an impressive 92.55% over the past year.
  • The earnings per share for HEIO have been decreasing by -10.11% on average. This is quite bad
  • HEIO shows a decrease in Revenue. In the last year, the revenue decreased by -3.32%.
  • HEIO shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 7.83% yearly.
EPS 1Y (TTM)92.55%
EPS 3Y-10.11%
EPS 5YN/A
EPS Q2Q%5.9%
Revenue 1Y (TTM)-3.32%
Revenue growth 3Y0.03%
Revenue growth 5Y7.83%
Sales Q2Q%-2.31%

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 13.51% yearly.
  • HEIO is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 0.96% yearly.
EPS Next Y19.67%
EPS Next 2Y15.44%
EPS Next 3Y14.46%
EPS Next 5Y13.51%
Revenue Next Year12.41%
Revenue Next 2Y8.97%
Revenue Next 3Y0.53%
Revenue Next 5Y0.96%

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.
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. HEIO.AS Valuation Analysis

4.1 Price/Earnings Ratio

  • HEIO is valuated rather expensively with a Price/Earnings ratio of 17.86.
  • Compared to the rest of the industry, the Price/Earnings ratio of HEIO indicates a somewhat cheap valuation: HEIO is cheaper than 63.33% of the companies listed in the same industry.
  • Compared to an average S&P500 Price/Earnings ratio of 24.88, HEIO is valued a bit cheaper.
  • The Price/Forward Earnings ratio is 10.38, which indicates a very decent 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 76.67% of the companies listed in the same industry.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 22.19, HEIO is valued rather cheaply.
Industry RankSector Rank
PE 17.86
Fwd PE 10.38
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

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, HEIO is valued cheaply inside the industry as 90.00% of the companies are valued more expensively.
  • HEIO's Price/Free Cash Flow ratio is rather cheap when compared to the industry. HEIO is cheaper than 83.33% of the companies in the same industry.
Industry RankSector Rank
P/FCF 6.68
EV/EBITDA 5.19
HEIO.AS Per share dataHEIO.AS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 -20 40 60 80

4.3 Compensation for Growth

  • The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • A more expensive valuation may be justified as HEIO's earnings are expected to grow with 14.46% in the coming years.
PEG (NY)0.91
PEG (5Y)N/A
EPS Next 2Y15.44%
EPS Next 3Y14.46%

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6

5. HEIO.AS Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 3.10%, HEIO has a reasonable but not impressive dividend return.
  • Compared to an average industry Dividend Yield of 2.74, HEIO pays a bit more dividend than its industry peers.
  • Compared to an average S&P500 Dividend Yield of 1.89, HEIO pays a better dividend.
Industry RankSector Rank
Dividend Yield 3.1%

5.2 History

  • On average, the dividend of HEIO grows each year by 10.08%, which is quite nice.
Dividend Growth(5Y)10.08%
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 2026 0.5 1 1.5

5.3 Sustainability

  • HEIO pays out 134.03% of its income as dividend. This is not a sustainable payout ratio.
  • The dividend of HEIO is growing, but earnings are growing more, so the dividend growth is sustainable.
DP134.03%
EPS Next 2Y15.44%
EPS Next 3Y14.46%
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 2025 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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HEIO.AS Fundamentals: All Metrics, Ratios and Statistics

HEINEKEN HOLDING NV

AMS:HEIO (3/27/2026, 7:00:00 PM)

60.55

-0.8 (-1.3%)

Chartmill FA Rating
GICS SectorConsumer Staples
GICS IndustryGroupFood, Beverage & Tobacco
GICS IndustryBeverages
Earnings (Last)02-11
Earnings (Next)04-23
Inst Owners21.23%
Inst Owner ChangeN/A
Ins Owners2.35%
Ins Owner ChangeN/A
Market Cap17.44B
Revenue(TTM)28.75B
Net Income(TTM)952.00M
Analysts85
Price Target107.61 (77.72%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 3.1%
Yearly Dividend4.55
Dividend Growth(5Y)10.08%
DP134.03%
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)0.96%
PT rev (3m)0.96%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)13.72%
EPS NY rev (3m)13.27%
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 17.86
Fwd PE 10.38
P/S 0.61
P/FCF 6.68
P/OCF 3.48
P/B 2.02
P/tB N/A
EV/EBITDA 5.19
EPS(TTM)3.39
EY5.6%
EPS(NY)5.83
Fwd EY9.64%
FCF(TTM)9.06
FCFY14.97%
OCF(TTM)17.4
OCFY28.74%
SpS99.8
BVpS29.96
TBVpS-39.51
PEG (NY)0.91
PEG (5Y)N/A
Graham Number47.81
Profitability
Industry RankSector Rank
ROA 1.78%
ROE 11.03%
ROCE 8.6%
ROIC 5.42%
ROICexc 6.15%
ROICexgc 14.01%
OM 11.82%
PM (TTM) 3.31%
GM 35.77%
FCFM 9.08%
ROA(3y)1.62%
ROA(5y)2.16%
ROE(3y)9.44%
ROE(5y)12.3%
ROIC(3y)6.09%
ROIC(5y)6.06%
ROICexc(3y)6.61%
ROICexc(5y)6.57%
ROICexgc(3y)15.15%
ROICexgc(5y)15.39%
ROCE(3y)9.7%
ROCE(5y)9.69%
ROICexgc growth 3Y-1.59%
ROICexgc growth 5Y13.49%
ROICexc growth 3Y-0.41%
ROICexc growth 5Y12.76%
OM growth 3Y-1.77%
OM growth 5Y9.1%
PM growth 3Y-10.86%
PM growth 5YN/A
GM growth 3Y0.84%
GM growth 5Y-0.41%
F-Score7
Asset Turnover0.54
Health
Industry RankSector Rank
Debt/Equity 1.99
Debt/FCF 7.39
Debt/EBITDA 2.85
Cap/Depr 92.07%
Cap/Sales 8.36%
Interest Coverage 5.47
Cash Conversion 83.42%
Profit Quality 274.16%
Current Ratio 0.93
Quick Ratio 0.69
Altman-Z 1.24
F-Score7
WACC4.77%
ROIC/WACC1.14
Cap/Depr(3y)91.05%
Cap/Depr(5y)92.26%
Cap/Sales(3y)8.49%
Cap/Sales(5y)7.95%
Profit Quality(3y)344.51%
Profit Quality(5y)274.79%
High Growth Momentum
Growth
EPS 1Y (TTM)92.55%
EPS 3Y-10.11%
EPS 5YN/A
EPS Q2Q%5.9%
EPS Next Y19.67%
EPS Next 2Y15.44%
EPS Next 3Y14.46%
EPS Next 5Y13.51%
Revenue 1Y (TTM)-3.32%
Revenue growth 3Y0.03%
Revenue growth 5Y7.83%
Sales Q2Q%-2.31%
Revenue Next Year12.41%
Revenue Next 2Y8.97%
Revenue Next 3Y0.53%
Revenue Next 5Y0.96%
EBIT growth 1Y-0.9%
EBIT growth 3Y-1.74%
EBIT growth 5Y17.65%
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
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 HOLDING NV / HEIO.AS Fundamental Analysis FAQ

What is the fundamental rating for HEIO stock?

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


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

ChartMill assigns a valuation rating of 6 / 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 4 / 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 6 / 10 and the dividend payout ratio is 134.03%.