HEINEKEN HOLDING NV (HEIO.AS) Stock Fundamental Analysis

Europe • Euronext Amsterdam • AMS:HEIO • NL0000008977

66.4 EUR
-0.25 (-0.38%)
Last: Feb 6, 2026, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership
Fundamental Rating

3

We assign a fundamental rating of 3 out of 10 to HEIO. HEIO was compared to 28 industry peers in the Beverages industry. Both the profitability and financial health of HEIO have multiple concerns. HEIO is not valued too expensively and it also shows a decent growth rate.


Dividend Valuation Growth Profitability Health

3

1. Profitability

1.1 Basic Checks

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

1.2 Ratios

  • The Return On Assets of HEIO (1.80%) is worse than 82.14% of its industry peers.
  • HEIO has a better Return On Equity (10.82%) than 67.86% of its industry peers.
  • With a Return On Invested Capital value of 6.70%, HEIO perfoms like the industry average, 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 Profit Margin of 3.18%. This is in the lower half of the industry: HEIO underperforms 78.57% of its industry peers.
  • In the last couple of years the Profit Margin of HEIO has declined.
  • The Operating Margin of HEIO (11.42%) is worse than 67.86% of its industry peers.
  • In the last couple of years the Operating Margin of HEIO has declined.
  • HEIO has a Gross Margin of 35.12%. This is amonst the worse of the industry: HEIO underperforms 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

  • The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so HEIO is still creating some value.
  • HEIO has about the same amout of shares outstanding than it did 1 year ago.
  • HEIO has less shares outstanding than it did 5 years ago.
  • The debt/assets ratio for HEIO has been reduced compared to a year ago.
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 1.24. This is a bad value and indicates that HEIO is not financially healthy and even has some risk of bankruptcy.
  • Looking at the Altman-Z score, with a value of 1.24, HEIO is doing worse than 89.29% of the companies in the same industry.
  • 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 better Debt to FCF ratio (6.57) than 60.71% of its industry peers.
  • HEIO has a Debt/Equity ratio of 1.75. This is a high value indicating a heavy dependency on external financing.
  • HEIO's Debt to Equity ratio of 1.75 is on the low side compared to the rest of the industry. HEIO is outperformed by 82.14% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.75
Debt/FCF 6.57
Altman-Z 1.24
ROIC/WACC1.27
WACC5.26%
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

  • HEIO has a Current 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.
  • With a Current ratio value of 0.75, HEIO is not doing good in the industry: 78.57% of the companies in the same industry are doing better.
  • A Quick Ratio of 0.51 indicates that HEIO may have some problems paying its short term obligations.
  • HEIO has a worse Quick ratio (0.51) 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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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

4

3. Growth

3.1 Past

  • The Earnings Per Share has grown by an impressive 72.64% over the past year.
  • Measured over the past years, HEIO shows a very negative growth in Earnings Per Share. The EPS has been decreasing by -14.14% on average per year.
  • The Revenue has decreased by -4.96% in the past year.
  • 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

  • The Earnings Per Share is expected to grow by 19.98% on average over the next years. This is quite good.
  • Based on estimates for the next years, HEIO will show a small growth in Revenue. The Revenue will grow by 1.55% on average per year.
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

  • The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
  • 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

  • Based on the Price/Earnings ratio of 20.24, the valuation of HEIO can be described as rather expensive.
  • 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 27.92, which is the current average of the S&P500 Index.
  • Based on the Price/Forward Earnings ratio of 12.94, the valuation of HEIO can be described as correct.
  • HEIO's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. HEIO is cheaper than 78.57% of the companies in the same industry.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 27.78, HEIO is valued rather cheaply.
Industry RankSector Rank
PE 20.24
Fwd PE 12.94
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

  • 92.86% of the companies in the same industry are more expensive than HEIO, based on the Enterprise Value to EBITDA ratio.
  • HEIO's Price/Free Cash Flow ratio is rather cheap when compared to the industry. HEIO is cheaper than 82.14% of the companies in the same industry.
Industry RankSector Rank
P/FCF 7.15
EV/EBITDA 5.58
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 HEIO does not grow enough to justify the current Price/Earnings ratio.
  • A more expensive valuation may be justified as HEIO's earnings are expected to grow with 43.18% in the coming years.
PEG (NY)3.49
PEG (5Y)N/A
EPS Next 2Y23.84%
EPS Next 3Y43.18%

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

3

5. Dividend

5.1 Amount

  • HEIO has a Yearly Dividend Yield of 3.07%.
  • Compared to an average industry Dividend Yield of 2.77, 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 1.83.
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 (2/6/2026, 7:00:00 PM)

66.4

-0.25 (-0.38%)

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 Cap19.13B
Revenue(TTM)29.09B
Net Income(TTM)926.00M
Analysts85
Price Target106.59 (60.53%)
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 20.24
Fwd PE 12.94
P/S 0.66
P/FCF 7.15
P/OCF 3.64
P/B 2.23
P/tB N/A
EV/EBITDA 5.58
EPS(TTM)3.28
EY4.94%
EPS(NY)5.13
Fwd EY7.73%
FCF(TTM)9.29
FCFY13.99%
OCF(TTM)18.22
OCFY27.44%
SpS101
BVpS29.72
TBVpS-40.47
PEG (NY)3.49
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 1.24
F-Score7
WACC5.26%
ROIC/WACC1.27
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%.