A 
82.60
+0.98%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€7.88bn
FY2016FY2025
Net income
€456.3m
FY2016FY2025
Free cash flow
€454.6m
FY2016FY2025
Shareholders' equity
€2.45bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €7.88bn | €8.31bn | €8.66bn | €7.54bn | €6.46bn | €6.70bn | €6.67bn | €6.03bn | €5.89bn | €6.04bn |
| Gross profit | €4.03bn | €4.10bn | €3.98bn | €3.61bn | €3.15bn | €3.04bn | €3.34bn | €3.04bn | €2.90bn | €2.93bn |
| Research and development | — | — | — | — | — | — | — | — | €95.3m | €87.5m |
| Operating income | €636.6m | €649.1m | €711.5m | €578.5m | €491.2m | €386.5m | €278.7m | €359.2m | €331.4m | €397.3m |
| Net income | €456.3m | €496.5m | €510.2m | €409.6m | €325.5m | €207.1m | €127.8m | €222.0m | €263.0m | €274.6m |
| Diluted earnings per share | 4.66 | 5.00 | 5.14 | 4.14 | 3.28 | 2.09 | 1.28 | 2.20 | 2.60 | 3.43 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €8.61bn | €8.16bn | €8.50bn | €8.49bn | €7.67bn | €7.06bn | €7.23bn | €6.92bn | €6.27bn | €6.20bn |
| Total liabilities | €6.15bn | €5.88bn | €6.34bn | €6.66bn | €6.11bn | €5.80bn | €6.01bn | €5.59bn | €4.94bn | €4.85bn |
| Debt | €363.6m | €812.3m | €1.14bn | €1.29bn | €1.37bn | €1.53bn | €1.62bn | €1.41bn | €873.8m | €576.9m |
| Shareholders' equity | €2.45bn | €2.28bn | €2.18bn | €1.85bn | €1.57bn | €1.26bn | €1.21bn | €1.32bn | €1.30bn | €1.33bn |
| Shares outstanding | 98m | 99m | 99m | 99m | 99m | 99m | 100m | 101m | 101m | 80m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €652.7m | €636.5m | €375.0m | €710.8m | €529.6m | €461.5m | €821.6m | €7.8m | €246.5m | €366.6m |
| Capital spending | −€198.1m | −€179.5m | −€170.8m | −€155.0m | −€110.3m | −€87.9m | −€122.0m | −€127.1m | −€115.5m | −€122.1m |
| Free cash flow | €454.6m | €457.0m | €204.2m | €555.8m | €419.3m | €373.6m | €699.5m | −€119.4m | €131.1m | €244.6m |
| Dividends paid | −€253.8m | −€248.5m | −€208.3m | −€163.2m | −€99.2m | −€49.7m | −€156.5m | −€156.6m | −€153.1m | −€137.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €2.05bn | €1.79bn | €2.34bn | €1.89bn | €1.89bn | €1.76bn | €2.29bn | €2.04bn |
| Gross profit | €1.07bn | €1.00bn | €1.09bn | €971.1m | €997.2m | €978.8m | €1.11bn | €996.1m |
| Operating income | €128.6m | €104.2m | €272.0m | €139.5m | €107.3m | €99.1m | €296.8m | €120.3m |
| Net income | €109.0m | €91.7m | €153.6m | €111.2m | €102.4m | €89.1m | €154.2m | €118.2m |
| Diluted earnings per share | 1.11 | 0.94 | 1.57 | 1.14 | 1.05 | 0.91 | 1.55 | 1.19 |
| Cash from operations | €201.0m | €89.0m | €339.0m | — | €95.0m | €73.0m | €232.0m | €95.0m |
| Capital spending | −€61.0m | −€42.0m | −€58.0m | — | −€44.0m | −€45.0m | −€64.0m | −€39.0m |
| Free cash flow | €140.0m | €47.0m | €281.0m | — | €51.0m | €28.0m | €168.0m | €56.0m |
| Total assets | €8.64bn | €8.82bn | €8.61bn | €8.23bn | €7.76bn | €8.10bn | €8.16bn | €7.96bn |
| Cash and short-term investments | — | — | — | €1.13bn | — | — | — | — |
| Debt | €179.9m | €313.9m | €363.6m | €483.1m | €228.6m | €357.7m | €356.6m | €358.5m |
| Shareholders' equity | €2.44bn | €2.32bn | €2.45bn | €2.29bn | €2.17bn | €2.12bn | €2.28bn | €2.18bn |
Financial ratios
Data as of 10 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 51.1% | 49.3% | 45.9% | 47.9% | 48.7% | 45.4% | — | — | — | — | — | — | — |
| Operating margin | 8.2% | 8.4% | 8.5% | 7.4% | 7.1% | 3.9% | — | — | — | — | — | — | — |
| Net margin | 5.8% | 6.0% | 5.9% | 5.4% | 5.0% | 3.1% | — | — | — | — | — | — | — |
| Return on equity | 18.6% | 21.8% | 23.4% | 22.2% | 20.7% | 16.5% | — | — | — | — | — | — | — |
| Return on assets | 5.3% | 6.1% | 6.0% | 4.8% | 4.2% | 2.9% | — | — | — | — | — | — | — |
| Free cash flow yield | — | 10.1% | 6.8% | 10.8% | 7.9% | 6.8% | 11.6% | — | — | — | — | — | — |
| Revenue growth | -5.2% | -4.0% | 14.8% | 16.7% | -3.5% | 0.4% | — | — | — | — | — | — | — |
| Earnings growth | -8.1% | -2.7% | 24.6% | 25.8% | 57.2% | 62.1% | — | — | — | — | — | — | — |
| Current ratio | 1.13x | 1.17x | 1.18x | 1.18x | 1.22x | 1.26x | — | — | — | — | — | — | — |
| Debt to equity | 0.15x | 0.16x | 0.23x | 0.45x | 0.67x | 0.96x | — | — | — | — | — | — | — |
| Equity ratio | 28.5% | 27.9% | 25.6% | 21.8% | 20.5% | 17.8% | — | — | — | — | — | — | — |
| Interest coverage | 13.31x | 13.80x | 15.07x | 17.32x | 11.42x | 5.63x | — | — | — | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | — | 1.6% | 1.4% | 1.4% | 1.4% | 1.6% | 1.5% |
| Buybacks as a share of market value | — | 0.0% | -0.3% | 0.3% | 0.1% | 0.6% | 1.1% | — | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 1.5% | 3.3% | 2.1% |
| Operating income | 3.2% | 10.5% | 5.0% |
| Net income | 3.7% | 17.1% | 5.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 50.2% | 48.5% | 48.1% | 48.4% |
| Operating margin | 7.9% | 7.9% | 7.6% | 6.8% |
| Net margin | 5.9% | 5.8% | 5.3% | 4.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 14.3 | 9.8 | 11.0 | 12.9 | 13.8 | 18.0 | 30.0 | 18.3 | 18.1 | 13.9 |
| Price to sales | 0.8 | 0.6 | 0.7 | 0.7 | 0.7 | 0.6 | 0.6 | 0.7 | 0.8 | 0.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 24 years. Last went ex-dividend on 30 Mar 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 2.70 | 2.60 | 2.50 | 2.10 | 1.65 | 1.00 | 2.05 | 1.55 |
- 2-for-1 split · 23 Apr 2012
- 4-for-1 split · 3 May 2007
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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