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

AMS:HEIO • NL0000008977

68.25 EUR
-0.3 (-0.44%)
Last: Mar 5, 2026, 09:36 AM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership

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

Fundamental Rating

3

HEIO gets a fundamental rating of 3 out of 10. The analysis compared the fundamentals against 30 industry peers in the Beverages industry. HEIO has a bad profitability rating. Also its financial health evaluation is rather negative. HEIO is not valued too expensively and it also shows a decent growth rate.


Dividend Valuation Growth Profitability Health

3

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.
  • Each year in the past 5 years HEIO has been profitable.
  • HEIO had a positive operating cash flow in each of the past 5 years.
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

  • HEIO's Return On Assets of 1.78% is on the low side compared to the rest of the industry. HEIO is outperformed by 80.00% of its industry peers.
  • HEIO has a better Return On Equity (11.03%) than 63.33% of its industry peers.
  • With a Return On Invested Capital value of 5.42%, HEIO is not doing good in the industry: 73.33% of the companies in the same industry are doing better.
  • The Average Return On Invested Capital over the past 3 years for HEIO is below the industry average of 8.46%.
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)5.84%
ROIC(5y)5.91%
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

  • With a Profit Margin value of 3.31%, HEIO is not doing good in the industry: 73.33% of the companies in the same industry are doing better.
  • HEIO's Profit Margin has declined in the last couple of years.
  • With a Operating Margin value of 11.82%, HEIO is not doing good in the industry: 73.33% of the companies in the same industry are doing better.
  • In the last couple of years the Operating Margin of HEIO has grown nicely.
  • HEIO has a worse Gross Margin (35.77%) than 83.33% of its industry peers.
  • 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-5.93%
OM growth 5Y6.31%
PM growth 3Y-10.86%
PM growth 5YN/A
GM growth 3Y0.01%
GM growth 5Y-0.9%
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

  • The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so HEIO is still creating some value.
  • The number of shares outstanding for HEIO has been reduced compared to 1 year ago.
  • HEIO has less shares outstanding than it did 5 years ago.
  • HEIO has a worse debt/assets ratio than last year.
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 1.27, we must say that HEIO is in the distress zone and has some risk of bankruptcy.
  • HEIO has a Altman-Z score of 1.27. This is amonst the worse of the industry: HEIO underperforms 83.33% of its industry peers.
  • The Debt to FCF ratio of HEIO is 7.39, which is on the high side as it means it would take HEIO, 7.39 years of fcf income to pay off all of its debts.
  • HEIO has a Debt to FCF ratio (7.39) which is in line with its industry peers.
  • A Debt/Equity ratio of 1.99 is on the high side and indicates that HEIO has dependencies on debt financing.
  • With a Debt to Equity ratio value of 1.99, HEIO is not doing good in the industry: 80.00% of the companies in the same industry are doing better.
Industry RankSector Rank
Debt/Equity 1.99
Debt/FCF 7.39
Altman-Z 1.27
ROIC/WACC1.1
WACC4.93%
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.
  • With a Current ratio value of 0.93, HEIO is not doing good in the industry: 63.33% of the companies in the same industry are doing better.
  • 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.
  • With a Quick ratio value of 0.69, HEIO perfoms like the industry average, outperforming 53.33% of the companies in the same industry.
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

  • HEIO shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 92.55%, which is quite impressive.
  • HEIO shows a very negative growth in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -10.11% yearly.
  • The Revenue has decreased by -3.32% in the past year.
  • 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 a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 22.97% yearly.
  • The Revenue is expected to grow by 0.96% on average over the next years.
EPS Next Y44.96%
EPS Next 2Y66.56%
EPS Next 3Y27.36%
EPS Next 5Y22.97%
Revenue Next Year12.41%
Revenue Next 2Y8.97%
Revenue Next 3Y0.53%
Revenue Next 5Y0.96%

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.
  • The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
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

  • Based on the Price/Earnings ratio of 20.13, the valuation of HEIO can be described as rather expensive.
  • Compared to the rest of the industry, the Price/Earnings ratio of HEIO is on the same level as its industry peers.
  • HEIO is valuated rather cheaply when we compare the Price/Earnings ratio to 27.03, which is the current average of the S&P500 Index.
  • With a Price/Forward Earnings ratio of 13.30, HEIO is valued correctly.
  • Based on the Price/Forward Earnings ratio, HEIO is valued a bit cheaper than the industry average as 70.00% of the companies are valued more expensively.
  • HEIO's Price/Forward Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 25.11.
Industry RankSector Rank
PE 20.13
Fwd PE 13.3
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 90.00% of the companies in the same industry.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of HEIO indicates a rather cheap valuation: HEIO is cheaper than 83.33% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 7.53
EV/EBITDA 5.53
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

  • HEIO's 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 27.36% in the coming years.
PEG (NY)0.45
PEG (5Y)N/A
EPS Next 2Y66.56%
EPS Next 3Y27.36%

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4

5. HEIO.AS Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 2.62%, HEIO has a reasonable but not impressive dividend return.
  • HEIO's Dividend Yield is comparable with the industry average which is at 2.50.
  • HEIO's Dividend Yield is a higher than the S&P500 average which is at 1.82.
Industry RankSector Rank
Dividend Yield 2.62%

5.2 History

  • The dividend of HEIO is nicely growing with an annual growth rate of 10.08%!
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

  • 134.03% of the earnings are spent on dividend by HEIO. 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 2Y66.56%
EPS Next 3Y27.36%
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 (3/5/2026, 9:36:54 AM)

68.25

-0.3 (-0.44%)

Chartmill FA Rating
GICS SectorConsumer Staples
GICS IndustryGroupFood, Beverage & Tobacco
GICS IndustryBeverages
Earnings (Last)02-11
Earnings (Next)04-23
Inst Owners22.36%
Inst Owner ChangeN/A
Ins Owners2.35%
Ins Owner ChangeN/A
Market Cap19.66B
Revenue(TTM)28.75B
Net Income(TTM)952.00M
Analysts85
Price Target107.61 (57.67%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.62%
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)0%
EPS NY rev (3m)-0.4%
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 20.13
Fwd PE 13.3
P/S 0.68
P/FCF 7.53
P/OCF 3.92
P/B 2.28
P/tB N/A
EV/EBITDA 5.53
EPS(TTM)3.39
EY4.97%
EPS(NY)5.13
Fwd EY7.52%
FCF(TTM)9.06
FCFY13.28%
OCF(TTM)17.4
OCFY25.5%
SpS99.8
BVpS29.96
TBVpS-39.51
PEG (NY)0.45
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)5.84%
ROIC(5y)5.91%
ROICexc(3y)6.33%
ROICexc(5y)6.41%
ROICexgc(3y)14.51%
ROICexgc(5y)15.01%
ROCE(3y)9.31%
ROCE(5y)9.46%
ROICexgc growth 3Y-5.76%
ROICexgc growth 5Y10.58%
ROICexc growth 3Y-4.62%
ROICexc growth 5Y9.87%
OM growth 3Y-5.93%
OM growth 5Y6.31%
PM growth 3Y-10.86%
PM growth 5YN/A
GM growth 3Y0.01%
GM growth 5Y-0.9%
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 1.27
F-Score7
WACC4.93%
ROIC/WACC1.1
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 Y44.96%
EPS Next 2Y66.56%
EPS Next 3Y27.36%
EPS Next 5Y22.97%
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-5.9%
EBIT growth 5Y14.64%
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 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 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 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 4 / 10 and the dividend payout ratio is 134.03%.