HEINEKEN HOLDING NV (HEIO.AS) Fundamental Analysis & Valuation

AMS:HEIO • NL0000008977

66.05 EUR
+0.7 (+1.07%)
Last: Mar 13, 2026, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership

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

Fundamental Rating

4

Taking everything into account, HEIO scores 4 out of 10 in our fundamental rating. HEIO was compared to 31 industry peers in the Beverages industry. HEIO has a bad profitability rating. Also its financial health evaluation is rather negative. HEIO is not valued too expensively and it also shows a decent growth rate.


Dividend Valuation Growth Profitability Health

3

1. HEIO.AS Profitability Analysis

1.1 Basic Checks

  • HEIO had positive earnings in the past year.
  • HEIO had a positive operating cash flow in the past year.
  • Each year in the past 5 years HEIO has been profitable.
  • Each year in the past 5 years HEIO had a positive operating cash flow.
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 2025 0 1B 2B 3B 4B 5B

1.2 Ratios

  • Looking at the Return On Assets, with a value of 1.78%, HEIO is doing worse than 80.65% of the companies in the same industry.
  • The Return On Equity of HEIO (11.03%) is better than 64.52% of its industry peers.
  • HEIO's Return On Invested Capital of 5.42% is on the low side compared to the rest of the industry. HEIO is outperformed by 74.19% of its industry peers.
  • HEIO had an Average Return On Invested Capital over the past 3 years of 6.09%. This is below the industry average of 8.20%.
Industry RankSector Rank
ROA 1.78%
ROE 11.03%
ROIC 5.42%
ROA(3y)1.62%
ROA(5y)2.16%
ROE(3y)9.44%
ROE(5y)12.3%
ROIC(3y)6.09%
ROIC(5y)6.06%
HEIO.AS Yearly ROA, ROE, ROICHEIO.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

  • HEIO has a worse Profit Margin (3.31%) than 74.19% of its industry peers.
  • HEIO's Profit Margin has declined in the last couple of years.
  • With a Operating Margin value of 11.82%, HEIO is not doing good in the industry: 70.97% of the companies in the same industry are doing better.
  • HEIO's Operating Margin has improved in the last couple of years.
  • HEIO's Gross Margin of 35.77% is on the low side compared to the rest of the industry. HEIO is outperformed by 80.65% of its industry peers.
  • HEIO's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 11.82%
PM (TTM) 3.31%
GM 35.77%
OM growth 3Y-1.77%
OM growth 5Y9.1%
PM growth 3Y-10.86%
PM growth 5YN/A
GM growth 3Y0.84%
GM growth 5Y-0.41%
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 2025 0 20 40 60

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2

2. HEIO.AS Health Analysis

2.1 Basic Checks

  • HEIO has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
  • The number of shares outstanding for HEIO has been reduced compared to 1 year ago.
  • Compared to 5 years ago, HEIO has less shares outstanding
  • HEIO has a worse 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 2025 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 2025 10B 20B 30B 40B 50B

2.2 Solvency

  • HEIO has an Altman-Z score of 1.25. 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 (1.25) than 83.87% of its industry peers.
  • The Debt to FCF ratio of HEIO is 7.39, which is on the high side as it means it would take HEIO, 7.39 years of fcf income to pay off all of its debts.
  • HEIO has a Debt to FCF ratio (7.39) which is comparable to the rest of the industry.
  • A Debt/Equity ratio of 1.99 is on the high side and indicates that HEIO has dependencies on debt financing.
  • HEIO's Debt to Equity ratio of 1.99 is on the low side compared to the rest of the industry. HEIO is outperformed by 80.65% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.99
Debt/FCF 7.39
Altman-Z 1.25
ROIC/WACC1.11
WACC4.88%
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 2025 5B 10B 15B

2.3 Liquidity

  • A Current Ratio of 0.93 indicates that HEIO may have some problems paying its short term obligations.
  • With a Current ratio value of 0.93, HEIO is not doing good in the industry: 64.52% of the companies in the same industry are doing better.
  • A Quick Ratio of 0.69 indicates that HEIO may have some problems paying its short term obligations.
  • HEIO's Quick ratio of 0.69 is in line compared to the rest of the industry. HEIO outperforms 51.61% of its industry peers.
Industry RankSector Rank
Current Ratio 0.93
Quick Ratio 0.69
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 2025 5B 10B

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4

3. HEIO.AS Growth Analysis

3.1 Past

  • HEIO shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 92.55%, which is quite impressive.
  • HEIO shows a very negative growth in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -10.11% yearly.
  • Looking at the last year, HEIO shows a decrease in Revenue. The Revenue has decreased by -3.32% in the last year.
  • Measured over the past years, HEIO shows a small growth in Revenue. The Revenue has been growing by 7.83% on average per year.
EPS 1Y (TTM)92.55%
EPS 3Y-10.11%
EPS 5YN/A
EPS Q2Q%5.9%
Revenue 1Y (TTM)-3.32%
Revenue growth 3Y0.03%
Revenue growth 5Y7.83%
Sales Q2Q%-2.31%

3.2 Future

  • HEIO is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 13.51% yearly.
  • Based on estimates for the next years, HEIO will show a small growth in Revenue. The Revenue will grow by 0.96% on average per year.
EPS Next Y19.67%
EPS Next 2Y15.44%
EPS Next 3Y14.46%
EPS Next 5Y13.51%
Revenue Next Year12.41%
Revenue Next 2Y8.97%
Revenue Next 3Y0.53%
Revenue Next 5Y0.96%

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.
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. HEIO.AS Valuation Analysis

4.1 Price/Earnings Ratio

  • HEIO is valuated rather expensively with a Price/Earnings ratio of 19.48.
  • Compared to the rest of the industry, the Price/Earnings ratio of HEIO indicates a somewhat cheap valuation: HEIO is cheaper than 61.29% of the companies listed in the same industry.
  • HEIO is valuated rather cheaply when we compare the Price/Earnings ratio to 25.70, which is the current average of the S&P500 Index.
  • Based on the Price/Forward Earnings ratio of 11.32, the valuation of HEIO can be described as reasonable.
  • HEIO's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. HEIO is cheaper than 74.19% of the companies in the same industry.
  • When comparing the Price/Forward Earnings ratio of HEIO to the average of the S&P500 Index (23.84), we can say HEIO is valued rather cheaply.
Industry RankSector Rank
PE 19.48
Fwd PE 11.32
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

  • Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of HEIO indicates a rather cheap valuation: HEIO is cheaper than 90.32% of the companies listed in the same industry.
  • Based on the Price/Free Cash Flow ratio, HEIO is valued cheaper than 80.65% of the companies in the same industry.
Industry RankSector Rank
P/FCF 7.29
EV/EBITDA 5.38
HEIO.AS Per share dataHEIO.AS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 -20 40 60 80

4.3 Compensation for Growth

  • The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • HEIO's earnings are expected to grow with 14.46% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.99
PEG (5Y)N/A
EPS Next 2Y15.44%
EPS Next 3Y14.46%

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6

5. HEIO.AS Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 2.80%, HEIO has a reasonable but not impressive dividend return.
  • Compared to an average industry Dividend Yield of 2.60, HEIO pays a bit more dividend than its industry peers.
  • HEIO's Dividend Yield is rather good when compared to the S&P500 average which is at 1.82.
Industry RankSector Rank
Dividend Yield 2.8%

5.2 History

  • The dividend of HEIO is nicely growing with an annual growth rate of 10.08%!
Dividend Growth(5Y)10.08%
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 2026 0.5 1 1.5

5.3 Sustainability

  • HEIO pays out 134.03% of its income as dividend. This is not a sustainable payout ratio.
  • HEIO's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP134.03%
EPS Next 2Y15.44%
EPS Next 3Y14.46%
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 2025 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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HEIO.AS Fundamentals: All Metrics, Ratios and Statistics

HEINEKEN HOLDING NV

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

66.05

+0.7 (+1.07%)

Chartmill FA Rating
GICS SectorConsumer Staples
GICS IndustryGroupFood, Beverage & Tobacco
GICS IndustryBeverages
Earnings (Last)02-11
Earnings (Next)04-23
Inst Owners21.23%
Inst Owner ChangeN/A
Ins Owners2.35%
Ins Owner ChangeN/A
Market Cap19.02B
Revenue(TTM)28.75B
Net Income(TTM)952.00M
Analysts85
Price Target107.61 (62.92%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.8%
Yearly Dividend4.55
Dividend Growth(5Y)10.08%
DP134.03%
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)0.96%
PT rev (3m)0.96%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)13.72%
EPS NY rev (3m)13.27%
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 19.48
Fwd PE 11.32
P/S 0.66
P/FCF 7.29
P/OCF 3.8
P/B 2.2
P/tB N/A
EV/EBITDA 5.38
EPS(TTM)3.39
EY5.13%
EPS(NY)5.83
Fwd EY8.83%
FCF(TTM)9.06
FCFY13.72%
OCF(TTM)17.4
OCFY26.35%
SpS99.8
BVpS29.96
TBVpS-39.51
PEG (NY)0.99
PEG (5Y)N/A
Graham Number47.81
Profitability
Industry RankSector Rank
ROA 1.78%
ROE 11.03%
ROCE 8.6%
ROIC 5.42%
ROICexc 6.15%
ROICexgc 14.01%
OM 11.82%
PM (TTM) 3.31%
GM 35.77%
FCFM 9.08%
ROA(3y)1.62%
ROA(5y)2.16%
ROE(3y)9.44%
ROE(5y)12.3%
ROIC(3y)6.09%
ROIC(5y)6.06%
ROICexc(3y)6.61%
ROICexc(5y)6.57%
ROICexgc(3y)15.15%
ROICexgc(5y)15.39%
ROCE(3y)9.7%
ROCE(5y)9.69%
ROICexgc growth 3Y-1.59%
ROICexgc growth 5Y13.49%
ROICexc growth 3Y-0.41%
ROICexc growth 5Y12.76%
OM growth 3Y-1.77%
OM growth 5Y9.1%
PM growth 3Y-10.86%
PM growth 5YN/A
GM growth 3Y0.84%
GM growth 5Y-0.41%
F-Score7
Asset Turnover0.54
Health
Industry RankSector Rank
Debt/Equity 1.99
Debt/FCF 7.39
Debt/EBITDA 2.85
Cap/Depr 92.07%
Cap/Sales 8.36%
Interest Coverage 5.47
Cash Conversion 83.42%
Profit Quality 274.16%
Current Ratio 0.93
Quick Ratio 0.69
Altman-Z 1.25
F-Score7
WACC4.88%
ROIC/WACC1.11
Cap/Depr(3y)91.05%
Cap/Depr(5y)92.26%
Cap/Sales(3y)8.49%
Cap/Sales(5y)7.95%
Profit Quality(3y)344.51%
Profit Quality(5y)274.79%
High Growth Momentum
Growth
EPS 1Y (TTM)92.55%
EPS 3Y-10.11%
EPS 5YN/A
EPS Q2Q%5.9%
EPS Next Y19.67%
EPS Next 2Y15.44%
EPS Next 3Y14.46%
EPS Next 5Y13.51%
Revenue 1Y (TTM)-3.32%
Revenue growth 3Y0.03%
Revenue growth 5Y7.83%
Sales Q2Q%-2.31%
Revenue Next Year12.41%
Revenue Next 2Y8.97%
Revenue Next 3Y0.53%
Revenue Next 5Y0.96%
EBIT growth 1Y-0.9%
EBIT growth 3Y-1.74%
EBIT growth 5Y17.65%
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
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 HOLDING NV / HEIO.AS FAQ

What is the fundamental rating for HEIO stock?

ChartMill assigns a fundamental rating of 4 / 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 6 / 10 and the dividend payout ratio is 134.03%.