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HEINEKEN NV (HEIA.AS) Stock Fundamental Analysis

Europe - Euronext Amsterdam - AMS:HEIA - NL0000009165 - Common Stock

67.44 EUR
+0.44 (+0.66%)
Last: 1/22/2026, 11:16:14 AM
Fundamental Rating

3

Overall HEIA gets a fundamental rating of 3 out of 10. We evaluated HEIA against 30 industry peers in the Beverages industry. There are concerns on the financial health of HEIA while its profitability can be described as average. HEIA has a valuation in line with the averages, but it does not seem to be growing.


Dividend Valuation Growth Profitability Health

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 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 1B 2B 3B 4B 5B

1.2 Ratios

  • The Return On Assets of HEIA (3.52%) is comparable to the rest of the industry.
  • HEIA's Return On Equity of 10.26% is in line compared to the rest of the industry. HEIA outperforms 56.67% of its industry peers.
  • HEIA has a Return On Invested Capital of 7.88%. This is in the better half of the industry: HEIA outperforms 70.00% 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 8.18%.
  • The last Return On Invested Capital (7.88%) for HEIA is above the 3 year average (7.46%), 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)7.46%
ROIC(5y)6.64%
HEIA.AS Yearly ROA, ROE, ROICHEIA.AS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5 10 15

1.3 Margins

  • HEIA has a Profit Margin of 6.23%. This is in the lower half of the industry: HEIA underperforms 63.33% of its industry peers.
  • In the last couple of years the Profit Margin of HEIA has declined.
  • Looking at the Operating Margin, with a value of 13.57%, HEIA is doing worse than 60.00% of the companies in the same industry.
  • In the last couple of years the Operating Margin of HEIA has declined.
  • Looking at the Gross Margin, with a value of 20.20%, HEIA is doing worse than 93.33% of the companies in the same industry.
  • HEIA's Gross Margin has been stable in the last couple of years.
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 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

  • HEIA has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it 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 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 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.
  • The Debt to FCF ratio of HEIA is 6.57, which is on the high side as it means it would take HEIA, 6.57 years of fcf income to pay off all of its debts.
  • HEIA's Debt to FCF ratio of 6.57 is fine compared to the rest of the industry. HEIA outperforms 63.33% 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 46.67% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.86
Debt/FCF 6.57
Altman-Z 1.99
ROIC/WACC1.31
WACC6.01%
HEIA.AS Yearly LT Debt VS Equity VS FCFHEIA.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 15B 20B

2.3 Liquidity

  • A Current Ratio of 0.75 indicates that HEIA may have some problems paying its short term obligations.
  • HEIA has a Current ratio of 0.75. This is amonst the worse of the industry: HEIA underperforms 80.00% of its industry peers.
  • HEIA has a Quick 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.
  • HEIA has a Quick ratio of 0.51. This is in the lower half of the industry: HEIA underperforms 66.67% 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 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B

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3

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.
  • Looking at the last year, HEIA shows a decrease in Revenue. The Revenue has decreased by -4.84% in the last year.
  • The Revenue has been growing slightly by 4.53% on average over the past years.
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%-20.43%

3.2 Future

  • The Earnings Per Share is expected to grow by 6.19% on average over the next years.
  • Based on estimates for the next years, HEIA will show a small growth in Revenue. The Revenue will grow by 3.03% on average per year.
EPS Next Y-3.15%
EPS Next 2Y2.74%
EPS Next 3Y4.74%
EPS Next 5Y6.19%
Revenue Next Year-3.53%
Revenue Next 2Y0.38%
Revenue Next 3Y1.69%
Revenue Next 5Y3.03%

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.
HEIA.AS Yearly Revenue VS EstimatesHEIA.AS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2 4 6

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4

4. Valuation

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 13.99, HEIA is valued correctly.
  • Based on the Price/Earnings ratio, HEIA is valued a bit cheaper than the industry average as 66.67% of the companies are valued more expensively.
  • Compared to an average S&P500 Price/Earnings ratio of 27.32, HEIA is valued a bit cheaper.
  • The Price/Forward Earnings ratio is 13.08, which indicates a correct valuation of HEIA.
  • Based on the Price/Forward Earnings ratio, HEIA is valued a bit cheaper than 63.33% of the companies in the same industry.
  • When comparing the Price/Forward Earnings ratio of HEIA to the average of the S&P500 Index (24.30), we can say HEIA is valued slightly cheaper.
Industry RankSector Rank
PE 13.99
Fwd PE 13.08
HEIA.AS Price Earnings VS Forward Price EarningsHEIA.AS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, HEIA is valued a bit cheaper than 73.33% of the companies in the same industry.
  • Based on the Price/Free Cash Flow ratio, HEIA is valued a bit cheaper than the industry average as 63.33% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 14.52
EV/EBITDA 7.95
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

PEG (NY)N/A
PEG (5Y)6.34
EPS Next 2Y2.74%
EPS Next 3Y4.74%

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3

5. Dividend

5.1 Amount

  • HEIA has a Yearly Dividend Yield of 2.81%. Purely for dividend investing, there may be better candidates out there.
  • Compared to an average industry Dividend Yield of 2.61, HEIA has a dividend in line with its industry peers.
  • HEIA's Dividend Yield is rather good when compared to the S&P500 average which is at 1.86.
Industry RankSector Rank
Dividend Yield 2.81%

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

  • HEIA pays out 72.98% of its income as dividend. This is not a sustainable payout ratio.
DP72.98%
EPS Next 2Y2.74%
EPS Next 3Y4.74%
HEIA.AS Yearly Income VS Free CF VS DividendHEIA.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
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 (1/22/2026, 11:16:14 AM)

67.44

+0.44 (+0.66%)

Chartmill FA Rating
GICS SectorConsumer Staples
GICS IndustryGroupFood, Beverage & Tobacco
GICS IndustryBeverages
Earnings (Last)10-22
Earnings (Next)02-11
Inst Owners24.68%
Inst Owner ChangeN/A
Ins Owners0.08%
Ins Owner ChangeN/A
Market Cap38.85B
Revenue(TTM)29.18B
Net Income(TTM)1.82B
Analysts80.67
Price Target86.71 (28.57%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.81%
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)-1.22%
PT rev (3m)-3.28%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)-0.22%
EPS NY rev (3m)-2.78%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.38%
Valuation
Industry RankSector Rank
PE 13.99
Fwd PE 13.08
P/S 1.33
P/FCF 14.52
P/OCF 7.4
P/B 2.19
P/tB N/A
EV/EBITDA 7.95
EPS(TTM)4.82
EY7.15%
EPS(NY)5.16
Fwd EY7.65%
FCF(TTM)4.64
FCFY6.89%
OCF(TTM)9.11
OCFY13.51%
SpS50.65
BVpS30.75
TBVpS-4.35
PEG (NY)N/A
PEG (5Y)6.34
Graham Number57.75
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)7.46%
ROIC(5y)6.64%
ROICexc(3y)7.95%
ROICexc(5y)7.18%
ROICexgc(3y)18.32%
ROICexgc(5y)16.68%
ROCE(3y)10.11%
ROCE(5y)8.99%
ROICexgc growth 3Y2.8%
ROICexgc 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
WACC6.01%
ROIC/WACC1.31
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 Y-3.15%
EPS Next 2Y2.74%
EPS Next 3Y4.74%
EPS Next 5Y6.19%
Revenue 1Y (TTM)-4.84%
Revenue growth 3Y10.88%
Revenue growth 5Y4.53%
Sales Q2Q%-20.43%
Revenue Next Year-3.53%
Revenue Next 2Y0.38%
Revenue Next 3Y1.69%
Revenue Next 5Y3.03%
EBIT growth 1Y-3.93%
EBIT growth 3Y8.75%
EBIT growth 5Y1.06%
EBIT Next Year54.53%
EBIT Next 3Y20.18%
EBIT Next 5Y13.84%
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 NV / HEIA.AS FAQ

What is the fundamental rating for HEIA stock?

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


Can you provide the valuation status for HEINEKEN NV?

ChartMill assigns a valuation rating of 4 / 10 to HEINEKEN NV (HEIA.AS). This can be considered as Fairly Valued.


How profitable is HEINEKEN NV (HEIA.AS) stock?

HEINEKEN NV (HEIA.AS) has a profitability rating of 4 / 10.


What is the expected EPS growth for HEINEKEN NV (HEIA.AS) stock?

The Earnings per Share (EPS) of HEINEKEN NV (HEIA.AS) is expected to decline by -3.15% in the next year.


Can you provide the dividend sustainability for HEIA stock?

The dividend rating of HEINEKEN NV (HEIA.AS) is 3 / 10 and the dividend payout ratio is 72.98%.