HEI Fundamental Analysis - HEIDELBERG MATERIALS AG

Fundamental Rating

Overall HEI gets a fundamental rating of 4 out of 10. We evaluated HEI against 13 industry peers in the Construction Materials industry. HEI scores excellent on profitability, but there are some minor concerns on its financial health. HEI is valued expensive and it does not seem to be growing.

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1. Profitability

1.1 Basic Checks

HEI had positive earnings in the past year.

In the past year HEI had a positive cash flow from operations.

Of the past 5 years HEI 4 years were profitable.

Each year in the past 5 years HEI had a positive operating cash flow.

1.2 Ratios

The Return On Assets of HEI (5.14%) is better than 61.54% of its industry peers.

HEI has a Return On Equity of 10.35%. This is in the better half of the industry: HEI outperforms 69.23% of its industry peers.

With a decent Return On Invested Capital value of 7.73%, HEI is doing good in the industry, outperforming 61.54% of the companies in the same industry.

HEI had an Average Return On Invested Capital over the past 3 years of 6.57%. This is in line with the industry average of 8.11%.

The 3 year average ROIC (6.57%) for HEI is below the current ROIC(7.73%), indicating increased profibility in the last year.

		Industry Rank	Sector Rank
ROA	5.14%
ROE	10.35%
ROIC	7.73%

ROA(3y)5.01%

ROA(5y)2.72%

ROE(3y)10.11%

ROE(5y)5.12%

ROIC(3y)6.57%

ROIC(5y)6.16%

1.3 Margins

The Profit Margin of HEI (8.42%) is better than 69.23% of its industry peers.

HEI's Profit Margin has improved in the last couple of years.

HEI has a Operating Margin of 13.55%. This is in the better half of the industry: HEI outperforms 61.54% of its industry peers.

HEI's Operating Margin has improved in the last couple of years.

Looking at the Gross Margin, with a value of 63.93%, HEI is in the better half of the industry, outperforming 69.23% of the companies in the same industry.

HEI's Gross Margin has been stable in the last couple of years.

		Industry Rank	Sector Rank
OM	13.55%
PM (TTM)	8.42%
GM	63.93%

OM growth 3Y8.85%

OM growth 5Y7.42%

PM growth 3Y-3.58%

PM growth 5Y7.79%

GM growth 3Y1.33%

GM growth 5Y1.2%

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ROA

ROE

ROIC

Operating and Profit Margin

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2. Health

2.1 Basic Checks

HEI has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.

HEI has less shares outstanding than it did 1 year ago.

Compared to 5 years ago, HEI has less shares outstanding

HEI has a better debt/assets ratio than last year.

2.2 Solvency

An Altman-Z score of 2.65 indicates that HEI is not a great score, but indicates only limited risk for bankruptcy at the moment.

HEI has a better Altman-Z score (2.65) than 69.23% of its industry peers.

HEI has a debt to FCF ratio of 4.57. This is a neutral value as HEI would need 4.57 years to pay back of all of its debts.

HEI has a Debt to FCF ratio (4.57) which is in line with its industry peers.

A Debt/Equity ratio of 0.38 indicates that HEI is not too dependend on debt financing.

HEI's Debt to Equity ratio of 0.38 is in line compared to the rest of the industry. HEI outperforms 53.85% of its industry peers.

		Industry Rank	Sector Rank
Debt/Equity	0.38
Debt/FCF	4.57
Altman-Z	2.65

ROIC/WACC1.19

WACC6.49%

2.3 Liquidity

A Current Ratio of 1.13 indicates that HEI should not have too much problems paying its short term obligations.

HEI has a worse Current ratio (1.13) than 84.62% of its industry peers.

A Quick Ratio of 0.73 indicates that HEI may have some problems paying its short term obligations.

HEI has a Quick ratio of 0.73. This is in the lower half of the industry: HEI underperforms 76.92% of its industry peers.

		Industry Rank	Sector Rank
Current Ratio	1.13
Quick Ratio	0.73

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WACC

Debt/Equity

How to determine the health of a company

Altman-Z score

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3. Growth

3.1 Past

HEI shows a slight negative growth in Earnings Per Share. In the last year, the EPS has decreased by -5.37%.

HEI shows quite a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 12.42% yearly.

The Revenue has decreased by -0.10% in the past year.

Measured over the past years, HEI shows a small growth in Revenue. The Revenue has been growing by 2.33% on average per year.

EPS 1Y (TTM)-5.37%

EPS 3Y3.43%

EPS 5Y12.42%

EPS Q2Q%21.9%

Revenue 1Y (TTM)-0.1%

Revenue growth 3Y4.16%

Revenue growth 5Y2.33%

Sales Q2Q%88.85%

3.2 Future

The Earnings Per Share is expected to grow by 6.10% on average over the next years.

HEI is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 5.04% yearly.

EPS Next Y10.53%

EPS Next 2Y11.74%

EPS Next 3Y11.69%

EPS Next 5Y6.1%

Revenue Next Year3.65%

Revenue Next 2Y4.09%

Revenue Next 3Y4.47%

Revenue Next 5Y5.04%

3.3 Evolution

The EPS growth rate is decreasing: in the next years the growth will be less 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 accelerating.

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4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 20.12, the valuation of HEI can be described as rather expensive.

Compared to the rest of the industry, the Price/Earnings ratio of HEI is on the same level as its industry peers.

When comparing the Price/Earnings ratio of HEI to the average of the S&P500 Index (27.20), we can say HEI is valued slightly cheaper.

With a Price/Forward Earnings ratio of 14.02, HEI is valued correctly.

Based on the Price/Forward Earnings ratio, HEI is valued a bit more expensive than the industry average as 61.54% of the companies are valued more cheaply.

Compared to an average S&P500 Price/Forward Earnings ratio of 22.71, HEI is valued a bit cheaper.

		Industry Rank	Sector Rank
PE	20.12
Fwd PE	14.02

4.2 Price Multiples

76.92% of the companies in the same industry are cheaper than HEI, based on the Enterprise Value to EBITDA ratio.

Based on the Price/Free Cash Flow ratio, HEI is valued a bit more expensive than the industry average as 69.23% of the companies are valued more cheaply.

		Industry Rank	Sector Rank
P/FCF	18.7
EV/EBITDA	9.89

4.3 Compensation for Growth

The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates HEI does not grow enough to justify the current Price/Earnings ratio.

The decent profitability rating of HEI may justify a higher PE ratio.

PEG (NY)1.91

PEG (5Y)1.62

EPS Next 2Y11.74%

EPS Next 3Y11.69%

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5. Dividend

5.1 Amount

HEI has a Yearly Dividend Yield of 1.59%. Purely for dividend investing, there may be better candidates out there.

Compared to an average industry Dividend Yield of 3.57, HEI is paying slightly less dividend.

Compared to the average S&P500 Dividend Yield of 2.38, HEI is paying slightly less dividend.

		Industry Rank	Sector Rank
Dividend Yield	1.59%

5.2 History

The dividend of HEI is nicely growing with an annual growth rate of 7.61%!

Dividend Growth(5Y)7.61%

Div Incr Years1

Div Non Decr Years4

5.3 Sustainability

33.05% of the earnings are spent on dividend by HEI. This is a low number and sustainable payout ratio.

The dividend of HEI is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.

DP33.05%

EPS Next 2Y11.74%

EPS Next 3Y11.69%

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HEIDELBERG MATERIALS AG

FRA:HEI (9/17/2025, 1:32:18 PM)

198.4

-1.4 (-0.7%)

Chartmill FA Rating

GICS SectorMaterials

GICS IndustryGroupMaterials

GICS IndustryConstruction Materials

Earnings (Last)07-31 2025-07-31

Earnings (Next)11-06 2025-11-06

Inst Owners37.1%

Inst Owner ChangeN/A

Ins Owners28.4%

Ins Owner ChangeN/A

Market Cap35.40B

Analysts72.8

Price Target206.37 (4.02%)

Short Float %N/A

Short RatioN/A

Dividend

		Industry Rank	Sector Rank
Dividend Yield	1.59%

Yearly Dividend3.03

Dividend Growth(5Y)7.61%

DP33.05%

Div Incr Years1

Div Non Decr Years4

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)4.16%

PT rev (3m)13.33%

EPS NQ rev (1m)N/A

EPS NQ rev (3m)N/A

EPS NY rev (1m)-3.6%

EPS NY rev (3m)-3.6%

Revenue NQ rev (1m)N/A

Revenue NQ rev (3m)N/A

Revenue NY rev (1m)-0.25%

Revenue NY rev (3m)-0.95%

Valuation

		Industry Rank	Sector Rank
PE	20.12
Fwd PE	14.02
P/S	1.67
P/FCF	18.7
P/OCF	10.76
P/B	2.06
P/tB	4.44
EV/EBITDA	9.89

EPS(TTM)9.86

EY4.97%

EPS(NY)14.15

Fwd EY7.13%

FCF(TTM)10.61

FCFY5.35%

OCF(TTM)18.44

OCFY9.3%

SpS118.57

BVpS96.5

TBVpS44.7

PEG (NY)1.91

PEG (5Y)1.62

Profitability

		Industry Rank	Sector Rank
ROA	5.14%
ROE	10.35%
ROCE	10.33%
ROIC	7.73%
ROICexc	8.12%
ROICexgc	12.48%
OM	13.55%
PM (TTM)	8.42%
GM	63.93%
FCFM	8.95%

ROA(3y)5.01%

ROA(5y)2.72%

ROE(3y)10.11%

ROE(5y)5.12%

ROIC(3y)6.57%

ROIC(5y)6.16%

ROICexc(3y)7.24%

ROICexc(5y)6.85%

ROICexgc(3y)11.06%

ROICexgc(5y)10.59%

ROCE(3y)8.78%

ROCE(5y)8.23%

ROICexcg growth 3Y8.18%

ROICexcg growth 5Y7.28%

ROICexc growth 3Y8.47%

ROICexc growth 5Y10.51%

OM growth 3Y8.85%

OM growth 5Y7.42%

PM growth 3Y-3.58%

PM growth 5Y7.79%

GM growth 3Y1.33%

GM growth 5Y1.2%

F-Score7

Asset Turnover0.61

Health

		Industry Rank	Sector Rank
Debt/Equity	0.38
Debt/FCF	4.57
Debt/EBITDA	1.49
Cap/Depr	94.45%
Cap/Sales	6.61%
Interest Coverage	9.11
Cash Conversion	75.7%
Profit Quality	106.26%
Current Ratio	1.13
Quick Ratio	0.73
Altman-Z	2.65

F-Score7

WACC6.49%

ROIC/WACC1.19

Cap/Depr(3y)98.1%

Cap/Depr(5y)88.57%

Cap/Sales(3y)6.42%

Cap/Sales(5y)6.47%

Profit Quality(3y)89.14%

Profit Quality(5y)N/A

High Growth Momentum

Growth

EPS 1Y (TTM)-5.37%

EPS 3Y3.43%

EPS 5Y12.42%

EPS Q2Q%21.9%

EPS Next Y10.53%

EPS Next 2Y11.74%

EPS Next 3Y11.69%

EPS Next 5Y6.1%

Revenue 1Y (TTM)-0.1%

Revenue growth 3Y4.16%

Revenue growth 5Y2.33%

Sales Q2Q%88.85%

Revenue Next Year3.65%

Revenue Next 2Y4.09%

Revenue Next 3Y4.47%

Revenue Next 5Y5.04%

EBIT growth 1Y8.81%

EBIT growth 3Y13.38%

EBIT growth 5Y9.93%

EBIT Next Year50.77%

EBIT Next 3Y19.61%

EBIT Next 5Y14.3%

FCF growth 1Y61.81%

FCF growth 3Y23.1%

FCF growth 5Y4.23%

OCF growth 1Y27.42%

OCF growth 3Y10.49%

OCF growth 5Y3.94%

HEIDELBERG MATERIALS AG (HEI.DE) Stock Fundamental Analysis

1. Profitability

1.1 Basic Checks

1.2 Ratios

1.3 Margins

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2. Health

2.1 Basic Checks

2.2 Solvency

2.3 Liquidity

More info and screens

3. Growth

3.1 Past

3.2 Future

3.3 Evolution

More info and screens

4. Valuation

4.1 Price/Earnings Ratio

4.2 Price Multiples

4.3 Compensation for Growth

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5. Dividend

5.1 Amount

5.2 History

5.3 Sustainability

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