B 
83.80
-1.67%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€9.85bn
FY2016FY2025
Net income
€939.0m
FY2016FY2025
Free cash flow
€373.0m
FY2016FY2025
Shareholders' equity
€8.60bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €9.85bn | €9.85bn | €9.45bn | €8.80bn | €7.63bn | €7.03bn | €7.65bn | €7.23bn | €7.06bn | €6.75bn |
| Gross profit | €5.68bn | €5.76bn | €5.42bn | €4.96bn | €4.36bn | €4.04bn | €4.43bn | €4.16bn | €4.15bn | €3.98bn |
| Research and development | €365.0m | €354.0m | €320.0m | €291.0m | €268.0m | €246.0m | €236.0m | €211.0m | €196.0m | €188.0m |
| Operating income | €1.35bn | €1.30bn | €1.10bn | €1.22bn | €980.0m | €918.0m | €1.11bn | €1.07bn | €1.08bn | €1.04bn |
| Net income | €939.0m | €912.0m | €736.0m | €755.0m | €638.0m | €560.0m | €718.0m | €728.0m | €672.0m | €709.0m |
| Diluted earnings per share | 4.30 | 4.09 | 3.24 | 3.33 | 2.81 | 2.47 | 3.17 | 3.21 | 2.96 | 3.12 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €12.85bn | €13.01bn | €12.63bn | €12.35bn | €11.30bn | €10.21bn | €10.05bn | €8.87bn | €8.21bn | €7.57bn |
| Cash and short-term investments | €2.46bn | €2.50bn | €2.52bn | €2.00bn | €1.78bn | €1.72bn | €2.00bn | €1.92bn | €1.82bn | €1.97bn |
| Total liabilities | €4.23bn | €4.52bn | €4.29bn | €4.54bn | €4.41bn | €3.94bn | €3.96bn | €3.22bn | €3.08bn | €2.90bn |
| Debt | €134.0m | €187.0m | €168.0m | €127.0m | €134.0m | €107.0m | €511.0m | €67.0m | €65.0m | €59.0m |
| Shareholders' equity | €8.60bn | €8.47bn | €8.32bn | €7.79bn | €6.87bn | €6.24bn | €6.07bn | €5.62bn | €5.10bn | €4.66bn |
| Shares outstanding | 219m | 223m | 227m | 227m | 227m | 227m | 227m | 227m | 227m | 228m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €821.0m | €1.23bn | €941.0m | €797.0m | €993.0m | €984.0m | €982.0m | €868.0m | €911.0m | €942.0m |
| Capital spending | −€448.0m | −€437.0m | −€517.0m | −€548.0m | −€413.0m | −€280.0m | −€320.0m | −€358.0m | −€195.0m | −€162.0m |
| Free cash flow | €373.0m | €794.0m | €424.0m | €249.0m | €580.0m | €704.0m | €662.0m | €510.0m | €716.0m | €780.0m |
| Dividends paid | −€223.0m | −€14.0m | −€159.0m | −€159.0m | −€18.0m | −€159.0m | −€159.0m | −€159.0m | −€159.0m | −€159.0m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €4.95bn | €4.66bn | €2.59bn | €4.67bn | €5.17bn | €4.51bn | €4.94bn | €2.20bn |
| Gross profit | €2.89bn | €2.61bn | €1.54bn | €2.70bn | €3.06bn | €2.57bn | €2.85bn | €1.24bn |
| Operating income | €694.0m | €472.0m | €408.0m | €510.0m | €810.0m | €419.0m | €857.0m | €300.0m |
| Net income | €551.0m | €387.0m | €276.0m | €330.0m | €582.0m | €156.0m | €580.0m | €188.8m |
| Diluted earnings per share | 2.52 | 1.77 | 1.26 | 1.48 | 2.61 | 0.69 | 2.56 | 0.83 |
| Cash from operations | €391.0m | €659.0m | €162.0m | €637.0m | €634.0m | €628.0m | €345.0m | €199.0m |
| Capital spending | −€180.0m | −€234.0m | −€107.0m | −€261.0m | −€171.0m | −€251.0m | −€225.0m | −€137.0m |
| Free cash flow | €211.0m | €425.0m | €55.0m | €376.0m | €463.0m | €377.0m | €120.0m | €62.0m |
| Total assets | €13.32bn | €12.85bn | €12.92bn | €13.01bn | €13.45bn | €12.79bn | €12.80bn | €3.09bn |
| Cash and short-term investments | €2.72bn | €2.46bn | €2.17bn | €2.50bn | €2.87bn | €2.36bn | €2.07bn | €499.5m |
| Debt | €198.0m | €217.0m | €324.0m | €266.0m | €560.0m | €102.0m | €437.0m | — |
| Shareholders' equity | €9.00bn | €8.60bn | €8.47bn | €8.47bn | €8.43bn | €8.32bn | €8.17bn | €1.95bn |
Financial ratios
Data as of 29 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 57.6% | 58.5% | 57.3% | 56.3% | 57.2% | 57.5% |
| Operating margin | 13.7% | 13.2% | 11.7% | 13.9% | 12.8% | 13.1% |
| Net margin | 9.5% | 9.3% | 7.8% | 8.6% | 8.4% | 8.0% |
| Return on equity | 10.9% | 10.8% | 8.8% | 9.7% | 9.3% | 9.0% |
| Return on assets | 7.3% | 7.0% | 5.8% | 6.1% | 5.6% | 5.5% |
| Free cash flow yield | 7.4% | 9.6% | 8.2% | 7.6% | 7.9% | 7.1% |
| Revenue growth | 0.0% | 4.3% | 7.4% | 15.4% | 8.6% | -8.2% |
| Earnings growth | 3.0% | 23.9% | -2.5% | 18.3% | 13.9% | -22.0% |
| Current ratio | 1.90x | 1.74x | 1.74x | 1.47x | 1.39x | 1.56x |
| Debt to equity | 0.03x | 0.03x | 0.03x | 0.05x | 0.04x | 0.03x |
| Equity ratio | 67.0% | 65.1% | 65.9% | 63.0% | 60.8% | 61.1% |
| Interest coverage | 56.42x | 28.98x | 42.50x | 76.19x | 70.00x | 70.62x |
| R&D as a share of sales | 3.7% | 3.6% | 3.4% | 3.3% | 3.5% | 3.5% |
| Buybacks as a share of market value | 2.1% | 1.6% | 0.0% | 0.0% | 0.0% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 3.8% | 7.0% | 4.0% |
| Operating income | 3.6% | 8.1% | 3.4% |
| Net income | 7.5% | 10.9% | 3.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 58.1% | 57.5% | 57.4% | 56.4% |
| Operating margin | 13.5% | 13.1% | 13.1% | 13.8% |
| Net margin | 9.4% | 8.8% | 8.6% | 9.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 21.8 | 30.4 | 41.8 | 32.2 | 32.1 | 38.3 | 33.7 | 28.4 | 33.0 | 25.9 |
| Price to sales | 2.1 | 2.8 | 3.3 | 2.8 | 2.7 | 3.0 | 3.2 | 2.9 | 3.1 | 2.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 30 years. Last went ex-dividend on 24 Apr 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.00 | 1.00 | 1.00 | 0.70 | 0.70 | 0.70 | 0.70 | 0.70 |
- 3-for-1 split · 17 Jul 2006
- 1-to-1 reverse split · 23 Dec 1998
- 20-for-1 split · 1 Aug 1996
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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