A 
28.74
+1.63%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€6.28bn
FY2016FY2025
Net income
€2.14bn
FY2016FY2025
Free cash flow
€2.10bn
FY2016FY2025
Shareholders' equity
€9.21bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €6.28bn | €5.78bn | €5.05bn | €4.19bn | €2.44bn | €2.19bn | €4.45bn | €4.21bn | €3.97bn | €3.72bn |
| Gross profit | €4.64bn | €3.94bn | €3.33bn | €2.56bn | €912.4m | €688.5m | €2.87bn | €2.64bn | €2.43bn | €2.15bn |
| Research and development | — | — | — | — | — | — | — | — | €110,000 | €265,000 |
| Operating income | €2.88bn | €2.66bn | €2.20bn | €1.28bn | −€651.1m | −€92.3m | €1.98bn | €1.85bn | €1.72bn | €1.47bn |
| Net income | €2.14bn | €1.93bn | €1.63bn | €901.5m | −€475.4m | −€126.8m | €1.44bn | €1.33bn | €1.23bn | €1.16bn |
| Diluted earnings per share | 1.42 | 1.29 | 1.09 | 0.60 | -0.32 | -0.08 | 0.96 | 0.89 | 0.82 | 0.77 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €18.19bn | €16.98bn | €17.56bn | €15.85bn | €16.33bn | €15.66bn | €14.89bn | €14.90bn | €15.31bn | €15.51bn |
| Cash and short-term investments | €2.45bn | €1.82bn | €2.40bn | €1.57bn | €1.47bn | €1.22bn | €240.6m | €651.4m | €855.0m | €564.6m |
| Total liabilities | €8.74bn | €8.77bn | €10.00bn | €9.21bn | €10.31bn | €9.60bn | €8.51bn | €8.88bn | €9.62bn | €10.49bn |
| Debt | €5.60bn | €7.00bn | €8.25bn | €7.61bn | €8.70bn | €8.04bn | €6.69bn | €7.10bn | €7.88bn | €8.77bn |
| Shareholders' equity | €9.21bn | €8.28bn | €7.63bn | €6.72bn | €6.10bn | €6.12bn | €6.41bn | €6.03bn | €5.68bn | €4.99bn |
| Shares outstanding | 1,500m | 1,502m | 1,498m | 1,503m | 1,473m | 1,515m | 1,501m | 1,500m | 1,502m | 1,503m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €2.83bn | €2.75bn | €2.22bn | €1.86bn | €280.5m | €146.2m | €2.11bn | €1.95bn | €2.01bn | €1.83bn |
| Capital spending | −€720.3m | −€825.2m | −€545.0m | −€727.7m | −€671.1m | −€503.1m | −€1.02bn | −€520.2m | −€370.4m | −€304.0m |
| Free cash flow | €2.10bn | €1.92bn | €1.67bn | €1.14bn | −€390.6m | −€356.9m | €1.09bn | €1.43bn | €1.64bn | €1.53bn |
| Dividends paid | −€1.50bn | −€1.18bn | −€724.3m | — | — | — | −€1.05bn | −€975.0m | −€592.2m | −€409.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €1.82bn | €1.47bn | €1.52bn | €1.79bn | €1.66bn | €1.32bn | €1.42bn | €1.64bn |
| Gross profit | €1.37bn | €1.04bn | €1.31bn | €1.19bn | €1.24bn | €900.4m | €847.9m | €1.24bn |
| Operating income | €927.7m | €463.0m | €575.9m | €966.2m | €840.2m | €435.0m | €633.9m | €896.9m |
| Net income | €672.5m | €329.4m | €557.3m | €685.6m | €592.4m | €301.3m | €484.4m | €641.2m |
| Diluted earnings per share | 0.45 | 0.22 | 0.37 | 0.46 | 0.39 | 0.20 | 0.32 | 0.43 |
| Cash from operations | €690.0m | €908.0m | €274.0m | €871.0m | €659.0m | €820.0m | €394.0m | €951.0m |
| Capital spending | −€273.0m | −€298.0m | −€219.0m | −€341.0m | −€286.0m | −€203.0m | −€202.0m | −€161.0m |
| Free cash flow | €417.0m | €610.0m | €55.0m | €530.0m | €373.0m | €617.0m | €192.0m | €790.0m |
| Total assets | €18.80bn | €19.19bn | €18.19bn | €17.39bn | €16.52bn | €17.33bn | €16.98bn | €17.40bn |
| Cash and short-term investments | €1.80bn | €3.38bn | €2.45bn | €1.75bn | €950.3m | €2.24bn | €1.82bn | €2.19bn |
| Debt | €1.17bn | €907.0m | €5.59bn | €931.9m | €733.5m | €1.37bn | €6.94bn | €2.05bn |
| Shareholders' equity | €8.65bn | €9.60bn | €9.21bn | €8.68bn | €7.97bn | €8.60bn | €8.28bn | €7.82bn |
Financial ratios
Data as of 19 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2017 | FY2016 | FY2015 | FY2014 | FY2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 73.9% | 68.2% | 65.9% | 61.1% | 37.5% | 31.4% | — | — | — | — | — |
| Operating margin | 45.9% | 46.0% | 43.6% | 30.6% | -26.7% | -4.2% | — | — | — | — | — |
| Net margin | 34.0% | 33.4% | 32.3% | 21.5% | -19.5% | -5.8% | — | — | — | — | — |
| Return on equity | 23.2% | 23.4% | 21.4% | 13.4% | -7.8% | -2.1% | — | — | — | — | — |
| Return on assets | 11.7% | 11.4% | 9.3% | 5.7% | -2.9% | -0.8% | — | — | — | — | — |
| Free cash flow yield | 9.3% | 9.4% | 7.3% | 6.8% | 2.6% | 1.7% | — | — | — | — | — |
| Revenue growth | 8.5% | 14.6% | 20.5% | 72.0% | 11.2% | -50.8% | — | — | — | — | — |
| Earnings growth | 10.5% | 18.6% | 80.9% | -289.6% | 275.0% | -108.8% | — | — | — | — | — |
| Current ratio | 1.89x | 1.26x | 1.27x | 1.48x | 0.99x | 1.20x | — | — | — | — | — |
| Debt to equity | 0.61x | 0.84x | 1.09x | 1.14x | 1.44x | 1.33x | — | — | — | — | — |
| Equity ratio | 50.6% | 48.8% | 43.4% | 42.4% | 37.4% | 39.1% | — | — | — | — | — |
| Interest coverage | 11.29x | 9.39x | 9.05x | 13.60x | -9.01x | -1.07x | — | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | 0.1% | -0.3% | 0.4% | -2.1% | 2.8% | -0.9% | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 14.4% | 23.5% | 6.2% |
| Operating income | 31.0% | — | 8.7% |
| Net income | 33.3% | — | 9.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 71.2% | 67.9% | 62.0% | 61.3% |
| Operating margin | 46.0% | 42.4% | 32.0% | 36.2% |
| Net margin | 33.7% | 31.0% | 23.1% | 26.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 16.7 | 15.3 | 15.1 | 19.6 | -43.0 | -169.9 | 17.8 | 15.3 | 20.6 | 16.7 |
| Price to sales | 5.7 | 5.1 | 4.9 | 4.2 | 8.4 | 9.8 | 5.8 | 4.8 | 6.4 | 5.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 3 years. Last went ex-dividend on 23 Apr 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.09 | 0.976 | 0.766 | 0.475 | 0.693 | 0.65 | 0.383 | 0.271 |
- 10-for-1 split · 19 Jun 2025
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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