A 
1.71
+2.40%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€1.54bn
FY2016FY2025
Net income
€871.5m
FY2016FY2025
Free cash flow
€559.1m
FY2016FY2025
Shareholders' equity
€8.01bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €1.54bn | €1.18bn | €1.19bn | €1.61bn | €1.32bn | €1.18bn | €894.8m | €747.1m | €527.1m | €273.7m |
| Gross profit | €976.4m | €630.7m | €554.4m | €915.0m | €790.2m | €737.7m | €666.9m | €528.0m | €380.0m | €198.3m |
| Research and development | — | — | €2 | €0 | €1 | €1 | €2 | €2 | €3 | €2 |
| Operating income | €898.5m | €758.5m | −€2.44bn | €852.5m | €1.74bn | €1.65bn | €2.16bn | €2.29bn | €1.92bn | €1.11bn |
| Net income | €871.5m | €256.3m | −€1.83bn | −€457.1m | €1.08bn | €741.3m | €1.37bn | €1.67bn | €1.31bn | €731.9m |
| Diluted earnings per share | 0.80 | 0.23 | -1.68 | -0.41 | 0.94 | 0.53 | 1.11 | 1.57 | 1.52 | 1.07 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €33.69bn | €33.62bn | €33.56bn | €37.35bn | €39.38bn | €31.02bn | €25.44bn | €19.04bn | €13.77bn | €8.09bn |
| Cash and short-term investments | €3.68bn | €3.89bn | €3.13bn | €3.08bn | €3.74bn | €3.34bn | €3.16bn | €1.64bn | €831.6m | €836.5m |
| Total liabilities | €22.62bn | €18.61bn | €18.41bn | €19.52bn | €20.23bn | €15.44bn | €12.07bn | €9.10bn | €6.52bn | €4.15bn |
| Debt | €15.18bn | €14.70bn | €14.55bn | €14.94bn | €15.74bn | €11.97bn | €10.12bn | €7.48bn | €5.10bn | €3.55bn |
| Shareholders' equity | €8.01bn | €12.17bn | €12.40bn | €14.33bn | €15.28bn | €13.56bn | €12.07bn | €9.38bn | €6.58bn | €3.57bn |
| Shares outstanding | 1,095m | 1,095m | 1,093m | 1,111m | 1,148m | 1,388m | 1,226m | 1,064m | 862m | 683m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €579.5m | €820.5m | €557.9m | €788.0m | €625.8m | €615.8m | €613.6m | €472.8m | €361.7m | €178.8m |
| Capital spending | −€20.4m | −€19.3m | −€16.2m | −€26.4m | −€800.2m | −€36.3m | −€541.3m | −€919.8m | −€624.0m | −€1.06bn |
| Free cash flow | €559.1m | €801.2m | €541.7m | €761.6m | −€174.4m | €579.5m | €72.3m | −€447.0m | −€262.3m | −€878.7m |
| Dividends paid | — | — | — | −€169.3m | −€252.0m | −€21.9m | −€209.4m | −€225.7m | −€154.5m | −€34.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €382.0m | €379.7m | €398.3m | €386.4m | €380.6m | €295.0m | €298.1m | €386.7m |
| Gross profit | €235.4m | €248.4m | €234.2m | €252.1m | €249.2m | €166.3m | €160.2m | €249.9m |
| Operating income | €228.2m | €231.6m | €121.1m | €240.0m | €414.3m | €449.8m | €661.0m | €268.4m |
| Net income | €81.0m | €100.5m | €177.1m | €241.0m | €183.8m | €269.6m | €330.5m | €153.4m |
| Diluted earnings per share | 0.07 | 0.09 | 0.16 | 0.22 | 0.17 | 0.25 | 0.30 | 0.14 |
| Cash from operations | €136.0m | €86.0m | €195.0m | €199.0m | €161.0m | €203.0m | €201.0m | €210.0m |
| Capital spending | −€2.0m | −€6.0m | −€6.0m | −€4.0m | −€4.0m | −€4.0m | −€6.0m | −€4.0m |
| Free cash flow | €134.0m | €80.0m | €189.0m | €195.0m | €157.0m | €199.0m | €195.0m | €206.0m |
| Total assets | €33.92bn | €34.06bn | €33.69bn | €32.92bn | €33.56bn | €33.55bn | €33.62bn | €32.96bn |
| Cash and short-term investments | €3.48bn | €3.78bn | €3.68bn | €2.66bn | €3.33bn | €3.35bn | €3.89bn | €3.14bn |
| Debt | €3.17bn | €15.20bn | €14.95bn | €13.40bn | €13.79bn | €13.95bn | €14.46bn | €14.35bn |
| Shareholders' equity | €8.52bn | €7.89bn | €8.01bn | €12.48bn | €12.45bn | €12.39bn | €12.17bn | €11.89bn |
Financial ratios
Data as of 24 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 63.3% | 53.4% | 46.5% | 56.8% | 59.7% | 62.5% | — | — |
| Operating margin | 68.7% | 57.7% | -219.6% | -14.7% | 119.0% | 125.7% | — | — |
| Net margin | 56.5% | 21.7% | -153.8% | -28.4% | 81.5% | 62.8% | — | — |
| Return on equity | 10.9% | 2.1% | -14.8% | -3.2% | 7.1% | 5.5% | — | — |
| Return on assets | 2.6% | 0.8% | -5.5% | -1.2% | 2.7% | 2.4% | — | — |
| Free cash flow yield | 38.0% | 53.3% | 36.5% | 50.9% | 86.3% | 32.6% | — | — |
| Revenue growth | 30.7% | -1.0% | -25.9% | 21.7% | 12.1% | 31.9% | — | — |
| Earnings growth | 240.0% | -114.0% | 301.3% | -142.4% | 45.4% | -45.7% | — | — |
| Current ratio | 2.54x | 1.90x | 3.05x | 3.77x | 3.44x | 4.45x | — | — |
| Debt to equity | 1.87x | 1.19x | 1.15x | 1.03x | 1.02x | 0.87x | — | — |
| Equity ratio | 23.8% | 36.2% | 37.0% | 38.4% | 38.8% | 43.7% | — | — |
| Interest coverage | 4.05x | 2.90x | -11.38x | -1.28x | 8.73x | 7.39x | — | — |
| R&D as a share of sales | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | -0.0% | -0.1% | 1.6% | 3.2% | 17.3% | -13.2% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -1.4% | 5.5% | 28.6% |
| Operating income | 1.8% | -11.5% | -1.5% |
| Net income | — | 3.3% | 2.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 59.0% | 55.7% | 57.3% | 61.1% |
| Operating margin | 60.8% | 1.3% | 43.1% | 113.0% |
| Net margin | 41.4% | -21.1% | 8.2% | 60.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 3.3 | 12.5 | -1.5 | -5.3 | 5.7 | 11.4 | 7.2 | 4.6 | 4.2 | 3.9 |
| Price to sales | 1.9 | 2.7 | 2.3 | 1.5 | 4.6 | 7.2 | 10.9 | 10.3 | 10.5 | 10.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 30 Jun 2022.
| FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.23 | 0.22 | 0.14 | 0.254 | 0.07 | 0.23 | 0.16 | 0.05 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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