HEINEKEN NV (HEIA.AS) Stock Fundamental Analysis

AMS:HEIA • NL0000009165

77.34 EUR
+0.44 (+0.57%)
Last: Feb 20, 2026, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership
Fundamental Rating

3

Taking everything into account, HEIA scores 3 out of 10 in our fundamental rating. HEIA was compared to 30 industry peers in the Beverages industry. While HEIA is still in line with the averages on profitability rating, there are concerns on its financial health. 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

  • In the past year HEIA was profitable.
  • HEIA had a positive operating cash flow in the past year.
  • Of the past 5 years HEIA 4 years were 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 0 1B 2B 3B 4B 5B

1.2 Ratios

  • Looking at the Return On Assets, with a value of 3.52%, HEIA is in line with its industry, outperforming 53.33% of the companies in the same industry.
  • HEIA has a Return On Equity of 10.26%. This is comparable to the rest of the industry: HEIA outperforms 56.67% of its industry peers.
  • Looking at the Return On Invested Capital, with a value of 7.88%, HEIA is in the better half of the industry, outperforming 66.67% of the companies in the same industry.
  • HEIA had an Average Return On Invested Capital over the past 3 years of 7.46%. This is in line with the industry average of 7.64%.
  • 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's Profit Margin of 6.23% is on the low side compared to the rest of the industry. HEIA is outperformed by 66.67% of its industry peers.
  • In the last couple of years the Profit Margin of HEIA has declined.
  • HEIA has a worse Operating Margin (13.57%) than 60.00% of its industry peers.
  • HEIA's Operating Margin has declined in the last couple of years.
  • The Gross Margin of HEIA (20.20%) is worse than 93.33% of its industry peers.
  • HEIA's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 13.57%
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

More info and screens

ROAROEROICOperating and Profit MarginShow most profitable peers

3

2. Health

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.
  • 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

  • HEIA has an Altman-Z score of 2.09. This is not the best score and indicates that HEIA is in the grey zone with still only limited risk for bankruptcy at the moment.
  • Looking at the Altman-Z score, with a value of 2.09, HEIA is in line with its industry, outperforming 53.33% of the companies in the same 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.
  • With a Debt to FCF ratio value of 6.57, HEIA perfoms like the industry average, outperforming 60.00% of the companies in the same industry.
  • A Debt/Equity ratio of 0.86 indicates that HEIA is somewhat dependend on debt financing.
  • HEIA has a Debt to Equity ratio (0.86) which is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 0.86
Debt/FCF 6.57
Altman-Z 2.09
ROIC/WACC1.28
WACC6.15%
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

  • HEIA has a Current 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's Current ratio of 0.75 is on the low side compared to the rest of the industry. HEIA is outperformed by 80.00% of its industry peers.
  • A Quick Ratio of 0.51 indicates that HEIA may have some problems paying its short term obligations.
  • HEIA's Quick ratio of 0.51 is on the low side compared to the rest of the industry. HEIA is outperformed by 73.33% 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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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

3

3. Growth

3.1 Past

  • The Earnings Per Share has been growing slightly by 0.61% over the past year.
  • The Earnings Per Share has been growing slightly by 2.21% on average over the past years.
  • The Revenue has decreased by -4.84% in the past year.
  • HEIA shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 4.53% yearly.
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

  • HEIA is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 7.70% yearly.
  • Based on estimates for the next years, HEIA will show a small growth in Revenue. The Revenue will grow by 3.10% on average per year.
EPS Next Y-3.15%
EPS Next 2Y2.74%
EPS Next 3Y4.74%
EPS Next 5Y7.7%
Revenue Next Year-3.53%
Revenue Next 2Y0.38%
Revenue Next 3Y1.69%
Revenue Next 5Y3.1%

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.
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

  • A Price/Earnings ratio of 16.05 indicates a correct valuation of HEIA.
  • HEIA's Price/Earnings ratio is a bit cheaper when compared to the industry. HEIA is cheaper than 70.00% of the companies in the same industry.
  • HEIA is valuated rather cheaply when we compare the Price/Earnings ratio to 26.99, which is the current average of the S&P500 Index.
  • A Price/Forward Earnings ratio of 15.00 indicates a correct valuation of HEIA.
  • Based on the Price/Forward Earnings ratio, HEIA is valued a bit cheaper than the industry average as 63.33% of the companies are valued more expensively.
  • The average S&P500 Price/Forward Earnings ratio is at 28.02. HEIA is valued slightly cheaper when compared to this.
Industry RankSector Rank
PE 16.05
Fwd PE 15
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 the industry average as 76.67% of the companies are valued more expensively.
  • HEIA's Price/Free Cash Flow is on the same level as the industry average.
Industry RankSector Rank
P/FCF 16.65
EV/EBITDA 8.86
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)7.27
EPS Next 2Y2.74%
EPS Next 3Y4.74%

More info and screens

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

3

5. Dividend

5.1 Amount

  • HEIA has a Yearly Dividend Yield of 2.37%.
  • Compared to an average industry Dividend Yield of 2.30, HEIA has a dividend in line with its industry peers.
  • HEIA's Dividend Yield is a higher than the S&P500 average which is at 1.81.
Industry RankSector Rank
Dividend Yield 2.37%

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 2026 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 (2/20/2026, 7:00:00 PM)

77.34

+0.44 (+0.57%)

Chartmill FA Rating
GICS SectorConsumer Staples
GICS IndustryGroupFood, Beverage & Tobacco
GICS IndustryBeverages
Earnings (Last)02-11
Earnings (Next)04-23
Inst Owners24.68%
Inst Owner ChangeN/A
Ins Owners0.08%
Ins Owner ChangeN/A
Market Cap44.55B
Revenue(TTM)29.18B
Net Income(TTM)1.82B
Analysts78.06
Price Target86.03 (11.24%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.37%
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)-0.78%
PT rev (3m)-2.41%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)-0.29%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.05%
Valuation
Industry RankSector Rank
PE 16.05
Fwd PE 15
P/S 1.53
P/FCF 16.65
P/OCF 8.49
P/B 2.51
P/tB N/A
EV/EBITDA 8.86
EPS(TTM)4.82
EY6.23%
EPS(NY)5.16
Fwd EY6.67%
FCF(TTM)4.64
FCFY6%
OCF(TTM)9.11
OCFY11.78%
SpS50.65
BVpS30.75
TBVpS-4.35
PEG (NY)N/A
PEG (5Y)7.27
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 2.09
F-Score7
WACC6.15%
ROIC/WACC1.28
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 5Y7.7%
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 5Y3.1%
EBIT growth 1Y-3.93%
EBIT growth 3Y8.75%
EBIT growth 5Y1.06%
EBIT Next Year54.53%
EBIT Next 3Y20.18%
EBIT Next 5Y13.81%
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%.