HEINEKEN NV (HEIA.AS) Fundamental Analysis & Valuation

AMS:HEIA • NL0000009165

Current stock price

71.42 EUR
+1.72 (+2.47%)
Last:

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

5

1. HEIA.AS Profitability Analysis

1.1 Basic Checks

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

1.2 Ratios

  • HEIA has a Return On Assets (3.51%) which is comparable to the rest of the industry.
  • HEIA has a Return On Equity of 10.49%. This is in the better half of the industry: HEIA outperforms 63.33% of its industry peers.
  • The Return On Invested Capital of HEIA (6.10%) is comparable to the rest of the industry.
  • The Average Return On Invested Capital over the past 3 years for HEIA is below the industry average of 8.20%.
  • The last Return On Invested Capital (6.10%) for HEIA is above the 3 year average (6.07%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 3.51%
ROE 10.49%
ROIC 6.1%
ROA(3y)3.17%
ROA(5y)4.29%
ROE(3y)8.99%
ROE(5y)11.97%
ROIC(3y)6.07%
ROIC(5y)5.99%
HEIA.AS Yearly ROA, ROE, ROICHEIA.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

  • The Profit Margin of HEIA (6.56%) is worse than 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 13.39%, HEIA is in line with its industry, outperforming 43.33% of the companies in the same industry.
  • HEIA's Operating Margin has improved in the last couple of years.
  • HEIA has a worse Gross Margin (20.21%) than 93.33% of its industry peers.
  • HEIA's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 13.39%
PM (TTM) 6.56%
GM 20.21%
OM growth 3Y-3.01%
OM growth 5Y4.62%
PM growth 3Y-11.12%
PM growth 5YN/A
GM growth 3Y-0.31%
GM growth 5Y0.02%
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 2025 0 10 20 30 40 50

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ROAROEROICOperating and Profit MarginShow most profitable peers

3

2. HEIA.AS Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so HEIA is still creating some value.
  • Compared to 1 year ago, HEIA has less shares outstanding
  • Compared to 5 years ago, HEIA has less shares outstanding
  • The debt/assets ratio for HEIA is higher compared to a year ago.
HEIA.AS Yearly Shares OutstandingHEIA.AS Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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 2025 10B 20B 30B 40B 50B

2.2 Solvency

  • An Altman-Z score of 2.00 indicates that HEIA is not a great score, but indicates only limited risk for bankruptcy at the moment.
  • HEIA has a Altman-Z score (2.00) which is comparable to the rest of the industry.
  • HEIA has a debt to FCF ratio of 7.39. This is a slightly negative value and a sign of low solvency as HEIA would need 7.39 years to pay back of all of its debts.
  • With a Debt to FCF ratio value of 7.39, HEIA perfoms like the industry average, outperforming 56.67% of the companies in the same industry.
  • HEIA has a Debt/Equity ratio of 0.95. This is a neutral value indicating HEIA is somewhat dependend on debt financing.
  • HEIA's Debt to Equity ratio of 0.95 is in line compared to the rest of the industry. HEIA outperforms 43.33% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.95
Debt/FCF 7.39
Altman-Z 2
ROIC/WACC1.05
WACC5.83%
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 2025 5B 10B 15B 20B

2.3 Liquidity

  • HEIA has a Current Ratio of 0.93. 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 Current ratio of 0.93. This is in the lower half of the industry: HEIA underperforms 70.00% of its industry peers.
  • HEIA has a Quick Ratio of 0.93. This is a bad value and indicates that HEIA is not financially healthy enough and could expect problems in meeting its short term obligations.
  • With a Quick ratio value of 0.69, HEIA perfoms like the industry average, outperforming 50.00% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 0.93
Quick Ratio 0.69
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 2025 5B 10B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

3

3. HEIA.AS Growth Analysis

3.1 Past

  • HEIA shows a slight negative growth in Earnings Per Share. In the last year, the EPS has decreased by -2.15%.
  • The Earnings Per Share has been growing by 19.04% on average over the past years. This is quite good.
  • HEIA shows a decrease in Revenue. In the last year, the revenue decreased by -3.58%.
  • Measured over the past years, HEIA shows a small growth in Revenue. The Revenue has been growing by 7.83% on average per year.
EPS 1Y (TTM)-2.15%
EPS 3Y-0.98%
EPS 5Y19.04%
EPS Q2Q%-1.35%
Revenue 1Y (TTM)-3.58%
Revenue growth 3Y0.03%
Revenue growth 5Y7.83%
Sales Q2Q%20.02%

3.2 Future

  • Based on estimates for the next years, HEIA will show a quite strong growth in Earnings Per Share. The EPS will grow by 12.00% on average per year.
  • The Revenue is expected to grow by 4.87% on average over the next years.
EPS Next Y10.21%
EPS Next 2Y9.34%
EPS Next 3Y8.67%
EPS Next 5Y12%
Revenue Next Year6.37%
Revenue Next 2Y5.17%
Revenue Next 3Y4.53%
Revenue Next 5Y4.87%

3.3 Evolution

  • Although the future EPS growth is still strong, it is not able to hold up the even more excellent growth rate of the past years.
  • 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 2030 2 4 6 8

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4

4. HEIA.AS Valuation Analysis

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 14.94, the valuation of HEIA can be described as correct.
  • Based on the Price/Earnings ratio, HEIA is valued a bit cheaper than 70.00% of the companies in the same industry.
  • The average S&P500 Price/Earnings ratio is at 25.70. HEIA is valued slightly cheaper when compared to this.
  • With a Price/Forward Earnings ratio of 13.56, HEIA is valued correctly.
  • HEIA's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. HEIA is cheaper than 63.33% of the companies in the same industry.
  • HEIA is valuated rather cheaply when we compare the Price/Forward Earnings ratio to 23.84, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 14.94
Fwd PE 13.56
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

  • 76.67% of the companies in the same industry are more expensive than HEIA, based on the Enterprise Value to EBITDA ratio.
  • The rest of the industry has a similar Price/Free Cash Flow ratio as HEIA.
Industry RankSector Rank
P/FCF 15.76
EV/EBITDA 8.46
HEIA.AS Per share dataHEIA.AS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 10 20 30 40

4.3 Compensation for Growth

  • The PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
PEG (NY)1.46
PEG (5Y)0.78
EPS Next 2Y9.34%
EPS Next 3Y8.67%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

5

5. HEIA.AS Dividend Analysis

5.1 Amount

  • HEIA has a Yearly Dividend Yield of 2.73%. Purely for dividend investing, there may be better candidates out there.
  • HEIA's Dividend Yield is comparable with the industry average which is at 2.70.
  • Compared to an average S&P500 Dividend Yield of 1.89, HEIA pays a bit more dividend than the S&P500 average.
Industry RankSector Rank
Dividend Yield 2.73%

5.2 History

  • The dividend of HEIA is nicely growing with an annual growth rate of 9.98%!
Dividend Growth(5Y)9.98%
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 2026 0.5 1 1.5

5.3 Sustainability

  • HEIA pays out 67.69% of its income as dividend. This is not a sustainable payout ratio.
  • The dividend of HEIA is growing, but earnings are growing more, so the dividend growth is sustainable.
DP67.69%
EPS Next 2Y9.34%
EPS Next 3Y8.67%
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 2025 0 1B 2B 3B
HEIA.AS Dividend Payout.HEIA.AS Dividend Payout, showing the Payout Ratio.HEIA.AS Dividend Payout.PayoutRetained Earnings

More info and screens

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HEIA.AS Fundamentals: All Metrics, Ratios and Statistics

HEINEKEN NV

AMS:HEIA (3/13/2026, 7:00:00 PM)

71.42

+1.72 (+2.47%)

Chartmill FA Rating
GICS SectorConsumer Staples
GICS IndustryGroupFood, Beverage & Tobacco
GICS IndustryBeverages
Earnings (Last)02-11
Earnings (Next)04-23
Inst Owners24.54%
Inst Owner ChangeN/A
Ins Owners0.08%
Ins Owner ChangeN/A
Market Cap41.14B
Revenue(TTM)28.75B
Net Income(TTM)1.89B
Analysts78.71
Price Target91 (27.42%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.73%
Yearly Dividend2.27
Dividend Growth(5Y)9.98%
DP67.69%
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)5.79%
PT rev (3m)3.68%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)2.17%
EPS NY rev (3m)1.07%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)1.5%
Revenue NY rev (3m)1.28%
Valuation
Industry RankSector Rank
PE 14.94
Fwd PE 13.56
P/S 1.43
P/FCF 15.76
P/OCF 8.21
P/B 2.29
P/tB N/A
EV/EBITDA 8.46
EPS(TTM)4.78
EY6.69%
EPS(NY)5.27
Fwd EY7.38%
FCF(TTM)4.53
FCFY6.34%
OCF(TTM)8.7
OCFY12.18%
SpS49.92
BVpS31.21
TBVpS-3.53
PEG (NY)1.46
PEG (5Y)0.78
Graham Number57.94
Profitability
Industry RankSector Rank
ROA 3.51%
ROE 10.49%
ROCE 9.67%
ROIC 6.1%
ROICexc 6.91%
ROICexgc 15.55%
OM 13.39%
PM (TTM) 6.56%
GM 20.21%
FCFM 9.08%
ROA(3y)3.17%
ROA(5y)4.29%
ROE(3y)8.99%
ROE(5y)11.97%
ROIC(3y)6.07%
ROIC(5y)5.99%
ROICexc(3y)6.58%
ROICexc(5y)6.49%
ROICexgc(3y)14.91%
ROICexgc(5y)15.08%
ROCE(3y)9.67%
ROCE(5y)9.58%
ROICexgc growth 3Y-3.49%
ROICexgc growth 5Y8.38%
ROICexc growth 3Y-1.96%
ROICexc growth 5Y7.93%
OM growth 3Y-3.01%
OM growth 5Y4.62%
PM growth 3Y-11.12%
PM growth 5YN/A
GM growth 3Y-0.31%
GM growth 5Y0.02%
F-Score6
Asset Turnover0.53
Health
Industry RankSector Rank
Debt/Equity 0.95
Debt/FCF 7.39
Debt/EBITDA 2.66
Cap/Depr 92.07%
Cap/Sales 8.35%
Interest Coverage 6.2
Cash Conversion 77.59%
Profit Quality 138.46%
Current Ratio 0.93
Quick Ratio 0.69
Altman-Z 2
F-Score6
WACC5.83%
ROIC/WACC1.05
Cap/Depr(3y)91.05%
Cap/Depr(5y)92.26%
Cap/Sales(3y)8.47%
Cap/Sales(5y)7.94%
Profit Quality(3y)175.06%
Profit Quality(5y)139.12%
High Growth Momentum
Growth
EPS 1Y (TTM)-2.15%
EPS 3Y-0.98%
EPS 5Y19.04%
EPS Q2Q%-1.35%
EPS Next Y10.21%
EPS Next 2Y9.34%
EPS Next 3Y8.67%
EPS Next 5Y12%
Revenue 1Y (TTM)-3.58%
Revenue growth 3Y0.03%
Revenue growth 5Y7.83%
Sales Q2Q%20.02%
Revenue Next Year6.37%
Revenue Next 2Y5.17%
Revenue Next 3Y4.53%
Revenue Next 5Y4.87%
EBIT growth 1Y0.76%
EBIT growth 3Y-2.98%
EBIT growth 5Y12.81%
EBIT Next Year67.04%
EBIT Next 3Y22.66%
EBIT Next 5Y14.86%
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 NV / HEIA.AS Fundamental Analysis FAQ

What is the fundamental rating for HEIA stock?

ChartMill assigns a fundamental rating of 4 / 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 grow by 10.21% in the next year.


Can you provide the dividend sustainability for HEIA stock?

The dividend rating of HEINEKEN NV (HEIA.AS) is 5 / 10 and the dividend payout ratio is 67.69%.