HEINEKEN HOLDING NV (HEIO.AS) Stock Fundamental Analysis

Europe • Euronext Amsterdam • AMS:HEIO • NL0000008977

65.25 EUR
+1.05 (+1.64%)
Last: Feb 4, 2026, 02:41 PM
Fundamental Rating

3

Overall HEIO gets a fundamental rating of 3 out of 10. We evaluated HEIO against 28 industry peers in the Beverages industry. HEIO may be in some trouble as it scores bad on both profitability and health. HEIO has a decent growth rate and is not valued too expensively.


Dividend Valuation Growth Profitability Health

3

1. Profitability

1.1 Basic Checks

  • HEIO had positive earnings in the past year.
  • HEIO had a positive operating cash flow in the past year.
  • HEIO had positive earnings in 4 of the past 5 years.
  • In the past 5 years HEIO always reported a positive cash flow from operatings.
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 0 1B 2B 3B 4B 5B

1.2 Ratios

  • HEIO has a worse Return On Assets (1.80%) than 82.14% of its industry peers.
  • HEIO has a Return On Equity of 10.82%. This is in the better half of the industry: HEIO outperforms 67.86% of its industry peers.
  • Looking at the Return On Invested Capital, with a value of 6.70%, HEIO is in line with its industry, outperforming 50.00% of the companies in the same industry.
  • Measured over the past 3 years, the Average Return On Invested Capital for HEIO is in line with the industry average of 7.85%.
Industry RankSector Rank
ROA 1.8%
ROE 10.82%
ROIC 6.7%
ROA(3y)1.88%
ROA(5y)1.76%
ROE(3y)10.38%
ROE(5y)9.79%
ROIC(3y)7.38%
ROIC(5y)6.52%
HEIO.AS Yearly ROA, ROE, ROICHEIO.AS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5 10 15

1.3 Margins

  • HEIO has a worse Profit Margin (3.18%) than 78.57% of its industry peers.
  • HEIO's Profit Margin has declined in the last couple of years.
  • HEIO's Operating Margin of 11.42% is on the low side compared to the rest of the industry. HEIO is outperformed by 67.86% of its industry peers.
  • HEIO's Operating Margin has declined in the last couple of years.
  • The Gross Margin of HEIO (35.12%) is worse than 85.71% of its industry peers.
  • HEIO's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 11.42%
PM (TTM) 3.18%
GM 35.12%
OM growth 3Y-4.64%
OM growth 5Y-3.09%
PM growth 3Y-39.54%
PM growth 5Y-18.06%
GM growth 3Y-0.99%
GM growth 5Y-1.07%
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 0 20 40 60

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2

2. Health

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), HEIO is creating some value.
  • The number of shares outstanding for HEIO remains at a similar level compared to 1 year ago.
  • HEIO has less shares outstanding than it did 5 years ago.
  • HEIO has a better 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 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 10B 20B 30B 40B 50B

2.2 Solvency

  • HEIO has an Altman-Z score of 1.23. This is a bad value and indicates that HEIO is not financially healthy and even has some risk of bankruptcy.
  • HEIO has a worse Altman-Z score (1.23) than 89.29% of its industry peers.
  • HEIO has a debt to FCF ratio of 6.57. This is a slightly negative value and a sign of low solvency as HEIO would need 6.57 years to pay back of all of its debts.
  • HEIO has a Debt to FCF ratio of 6.57. This is in the better half of the industry: HEIO outperforms 60.71% of its industry peers.
  • A Debt/Equity ratio of 1.75 is on the high side and indicates that HEIO has dependencies on debt financing.
  • The Debt to Equity ratio of HEIO (1.75) is worse than 82.14% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.75
Debt/FCF 6.57
Altman-Z 1.23
ROIC/WACC1.28
WACC5.22%
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 5B 10B

2.3 Liquidity

  • A Current Ratio of 0.75 indicates that HEIO may have some problems paying its short term obligations.
  • Looking at the Current ratio, with a value of 0.75, HEIO is doing worse than 78.57% of the companies in the same industry.
  • HEIO has a Quick Ratio of 0.75. This is a bad value and indicates that HEIO is not financially healthy enough and could expect problems in meeting its short term obligations.
  • The Quick ratio of HEIO (0.51) is worse than 64.29% of its industry peers.
Industry RankSector Rank
Current Ratio 0.75
Quick Ratio 0.51
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 5B 10B

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4

3. Growth

3.1 Past

  • The Earnings Per Share has grown by an impressive 72.64% over the past year.
  • The earnings per share for HEIO have been decreasing by -14.14% on average. This is quite bad
  • HEIO shows a decrease in Revenue. In the last year, the revenue decreased by -4.96%.
  • HEIO shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 4.40% yearly.
EPS 1Y (TTM)72.64%
EPS 3Y-32.69%
EPS 5Y-14.14%
EPS Q2Q%892.99%
Revenue 1Y (TTM)-4.96%
Revenue growth 3Y10.66%
Revenue growth 5Y4.4%
Sales Q2Q%-4.34%

3.2 Future

  • Based on estimates for the next years, HEIO will show a quite strong growth in Earnings Per Share. The EPS will grow by 19.98% on average per year.
  • The Revenue is expected to grow by 1.55% on average over the next years.
EPS Next Y5.79%
EPS Next 2Y23.84%
EPS Next 3Y43.18%
EPS Next 5Y19.98%
Revenue Next Year1.62%
Revenue Next 2Y6.88%
Revenue Next 3Y6.46%
Revenue Next 5Y1.55%

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. Valuation

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 19.89, HEIO is valued on the expensive side.
  • HEIO's Price/Earnings is on the same level as the industry average.
  • HEIO is valuated rather cheaply when we compare the Price/Earnings ratio to 28.18, which is the current average of the S&P500 Index.
  • With a Price/Forward Earnings ratio of 12.72, HEIO is valued correctly.
  • HEIO's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. HEIO is cheaper than 75.00% of the companies in the same industry.
  • HEIO is valuated cheaply when we compare the Price/Forward Earnings ratio to 25.51, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 19.89
Fwd PE 12.72
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

  • Based on the Enterprise Value to EBITDA ratio, HEIO is valued cheaper than 92.86% of the companies in the same industry.
  • Based on the Price/Free Cash Flow ratio, HEIO is valued cheaper than 82.14% of the companies in the same industry.
Industry RankSector Rank
P/FCF 7.03
EV/EBITDA 5.46
HEIO.AS Per share dataHEIO.AS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 50 100

4.3 Compensation for Growth

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
  • HEIO's earnings are expected to grow with 43.18% in the coming years. This may justify a more expensive valuation.
PEG (NY)3.43
PEG (5Y)N/A
EPS Next 2Y23.84%
EPS Next 3Y43.18%

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3

5. Dividend

5.1 Amount

  • With a Yearly Dividend Yield of 3.07%, HEIO has a reasonable but not impressive dividend return.
  • Compared to an average industry Dividend Yield of 2.78, HEIO pays a bit more dividend than its industry peers.
  • Compared to an average S&P500 Dividend Yield of 1.83, HEIO pays a better dividend.
Industry RankSector Rank
Dividend Yield 3.07%

5.2 History

  • The dividend of HEIO decreases each year by -0.04%.
Dividend Growth(5Y)-0.04%
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 0.5 1 1.5

5.3 Sustainability

  • 143.20% of the earnings are spent on dividend by HEIO. This is not a sustainable payout ratio.
DP143.2%
EPS Next 2Y23.84%
EPS Next 3Y43.18%
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 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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HEINEKEN HOLDING NV

AMS:HEIO (2/4/2026, 2:41:46 PM)

65.25

+1.05 (+1.64%)

Chartmill FA Rating
GICS SectorConsumer Staples
GICS IndustryGroupFood, Beverage & Tobacco
GICS IndustryBeverages
Earnings (Last)10-22
Earnings (Next)02-11
Inst Owners22.36%
Inst Owner ChangeN/A
Ins Owners2.35%
Ins Owner ChangeN/A
Market Cap18.79B
Revenue(TTM)29.09B
Net Income(TTM)926.00M
Analysts85
Price Target106.59 (63.36%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 3.07%
Yearly Dividend4.24
Dividend Growth(5Y)-0.04%
DP143.2%
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%
PT rev (3m)0%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)-7.22%
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 19.89
Fwd PE 12.72
P/S 0.65
P/FCF 7.03
P/OCF 3.58
P/B 2.2
P/tB N/A
EV/EBITDA 5.46
EPS(TTM)3.28
EY5.03%
EPS(NY)5.13
Fwd EY7.86%
FCF(TTM)9.29
FCFY14.23%
OCF(TTM)18.22
OCFY27.92%
SpS101
BVpS29.72
TBVpS-40.47
PEG (NY)3.43
PEG (5Y)N/A
Graham Number46.83
Profitability
Industry RankSector Rank
ROA 1.8%
ROE 10.82%
ROCE 9.11%
ROIC 6.7%
ROICexc 7.09%
ROICexgc 16.24%
OM 11.42%
PM (TTM) 3.18%
GM 35.12%
FCFM 9.2%
ROA(3y)1.88%
ROA(5y)1.76%
ROE(3y)10.38%
ROE(5y)9.79%
ROIC(3y)7.38%
ROIC(5y)6.52%
ROICexc(3y)7.86%
ROICexc(5y)7.05%
ROICexgc(3y)18.25%
ROICexgc(5y)16.48%
ROCE(3y)9.99%
ROCE(5y)8.83%
ROICexgc growth 3Y0.36%
ROICexgc growth 5Y1.38%
ROICexc growth 3Y2.47%
ROICexc growth 5Y-0.92%
OM growth 3Y-4.64%
OM growth 5Y-3.09%
PM growth 3Y-39.54%
PM growth 5Y-18.06%
GM growth 3Y-0.99%
GM growth 5Y-1.07%
F-Score7
Asset Turnover0.57
Health
Industry RankSector Rank
Debt/Equity 1.75
Debt/FCF 6.57
Debt/EBITDA 2.52
Cap/Depr 97.61%
Cap/Sales 8.84%
Interest Coverage 5.31
Cash Conversion 88.1%
Profit Quality 288.88%
Current Ratio 0.75
Quick Ratio 0.51
Altman-Z 1.23
F-Score7
WACC5.22%
ROIC/WACC1.28
Cap/Depr(3y)95.91%
Cap/Depr(5y)85.26%
Cap/Sales(3y)8.04%
Cap/Sales(5y)7.94%
Profit Quality(3y)314.8%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)72.64%
EPS 3Y-32.69%
EPS 5Y-14.14%
EPS Q2Q%892.99%
EPS Next Y5.79%
EPS Next 2Y23.84%
EPS Next 3Y43.18%
EPS Next 5Y19.98%
Revenue 1Y (TTM)-4.96%
Revenue growth 3Y10.66%
Revenue growth 5Y4.4%
Sales Q2Q%-4.34%
Revenue Next Year1.62%
Revenue Next 2Y6.88%
Revenue Next 3Y6.46%
Revenue Next 5Y1.55%
EBIT growth 1Y6.96%
EBIT growth 3Y5.53%
EBIT growth 5Y1.18%
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
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 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 3 / 10 and the dividend payout ratio is 143.2%.