HEINEKEN HOLDING NV (HEIO.AS) Stock Fundamental Analysis

AMS:HEIO • NL0000008977

70.85 EUR
-1.3 (-1.8%)
Last: Feb 13, 2026, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership
Fundamental Rating

3

HEIO gets a fundamental rating of 3 out of 10. The analysis compared the fundamentals against 31 industry peers in the Beverages industry. HEIO may be in some trouble as it scores bad on both profitability and health. 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.
  • HEIO had a positive operating cash flow in each of the past 5 years.
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 Return On Assets of 1.80%. This is amonst the worse of the industry: HEIO underperforms 80.65% of its industry peers.
  • HEIO has a better Return On Equity (10.82%) than 67.74% of its industry peers.
  • HEIO has a Return On Invested Capital (6.70%) which is in line with its industry peers.
  • HEIO had an Average Return On Invested Capital over the past 3 years of 7.38%. This is in line with the industry average of 8.06%.
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 77.42% of its industry peers.
  • HEIO's Profit Margin has declined in the last couple of years.
  • Looking at the Operating Margin, with a value of 11.42%, HEIO is doing worse than 67.74% of the companies in the same industry.
  • HEIO's Operating Margin has declined in the last couple of years.
  • Looking at the Gross Margin, with a value of 35.12%, HEIO is doing worse than 83.87% of the companies in the same industry.
  • In the last couple of years the Gross Margin of HEIO has remained more or less at the same level.
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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ROAROEROICOperating and Profit MarginShow most profitable peers

2

2. Health

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 remains at a similar level compared to 1 year ago.
  • Compared to 5 years ago, HEIO has less shares outstanding
  • 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 1.27. 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 (1.27) than 87.10% of its industry peers.
  • The Debt to FCF ratio of HEIO is 6.57, which is on the high side as it means it would take HEIO, 6.57 years of fcf income to pay off all of its debts.
  • HEIO's Debt to FCF ratio of 6.57 is in line compared to the rest of the industry. HEIO outperforms 58.06% 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.
  • Looking at the Debt to Equity ratio, with a value of 1.75, HEIO is doing worse than 77.42% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 1.75
Debt/FCF 6.57
Altman-Z 1.27
ROIC/WACC1.26
WACC5.33%
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.
  • HEIO has a Current ratio of 0.75. This is in the lower half of the industry: HEIO underperforms 74.19% of its industry peers.
  • 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.
  • HEIO's Quick ratio of 0.51 is on the low side compared to the rest of the industry. HEIO is outperformed by 61.29% 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.
  • HEIO shows a decrease in Revenue. In the last year, the revenue decreased by -4.96%.
  • Measured over the past years, HEIO shows a small growth in Revenue. The Revenue has been growing by 4.40% on average per year.
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.
  • HEIO is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 1.55% yearly.
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

  • Based on the Price/Earnings ratio of 21.60, the valuation of HEIO can be described as rather expensive.
  • HEIO's Price/Earnings is on the same level as the industry average.
  • When comparing the Price/Earnings ratio of HEIO to the average of the S&P500 Index (27.97), we can say HEIO is valued slightly cheaper.
  • HEIO is valuated correctly with a Price/Forward Earnings ratio of 13.81.
  • HEIO's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. HEIO is cheaper than 70.97% of the companies in the same industry.
  • When comparing the Price/Forward Earnings ratio of HEIO to the average of the S&P500 Index (27.96), we can say HEIO is valued rather cheaply.
Industry RankSector Rank
PE 21.6
Fwd PE 13.81
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 cheaply inside the industry as 90.32% of the companies are valued more expensively.
  • 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 7.63
EV/EBITDA 5.84
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.
  • HEIO's earnings are expected to grow with 43.18% in the coming years. This may justify a more expensive valuation.
PEG (NY)3.73
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

  • With a Yearly Dividend Yield of 2.87%, HEIO has a reasonable but not impressive dividend return.
  • Compared to an average industry Dividend Yield of 2.55, HEIO pays a bit more dividend than its industry peers.
  • Compared to an average S&P500 Dividend Yield of 1.79, HEIO pays a better dividend.
Industry RankSector Rank
Dividend Yield 2.87%

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 (2/13/2026, 7:00:00 PM)

70.85

-1.3 (-1.8%)

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 Cap20.41B
Revenue(TTM)29.09B
Net Income(TTM)926.00M
Analysts85
Price Target106.59 (50.44%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.87%
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)-0.57%
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 21.6
Fwd PE 13.81
P/S 0.7
P/FCF 7.63
P/OCF 3.89
P/B 2.38
P/tB N/A
EV/EBITDA 5.84
EPS(TTM)3.28
EY4.63%
EPS(NY)5.13
Fwd EY7.24%
FCF(TTM)9.29
FCFY13.11%
OCF(TTM)18.22
OCFY25.72%
SpS101
BVpS29.72
TBVpS-40.47
PEG (NY)3.73
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 1.27
F-Score7
WACC5.33%
ROIC/WACC1.26
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%.