B 
43.91
+3.59%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€4.53bn
FY2016FY2025
Net income
€921.3m
FY2016FY2025
Free cash flow
€492.5m
FY2016FY2025
Shareholders' equity
€7.09bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €4.53bn | €4.33bn | €4.33bn | €4.00bn | €3.45bn | €3.22bn | €3.22bn | €2.88bn | €2.81bn | €2.67bn |
| Gross profit | €1.96bn | €1.94bn | €1.89bn | €1.49bn | €1.32bn | €1.33bn | €1.28bn | €1.10bn | €1.10bn | €1.05bn |
| Research and development | — | — | — | — | — | — | — | — | €5.1m | €5.0m |
| Operating income | €898.1m | €1.00bn | €984.8m | €633.9m | €676.5m | €737.3m | €539.1m | €525.0m | €336.4m | €348.0m |
| Net income | €921.3m | €942.3m | €966.5m | €458.8m | €541.9m | €560.2m | €385.7m | €382.1m | €391.6m | €145.9m |
| Diluted earnings per share | 5.09 | 5.18 | 5.22 | 2.48 | 2.82 | 2.73 | 1.88 | 1.88 | 1.83 | 0.71 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €8.92bn | €8.69bn | €7.62bn | €7.50bn | €6.92bn | €6.39bn | €6.40bn | €5.67bn | €5.78bn | €5.81bn |
| Cash and short-term investments | €1.40bn | €1.41bn | €1.12bn | €1.34bn | €1.21bn | €1.22bn | €838.9m | €445.9m | €815.3m | €606.8m |
| Total liabilities | €1.79bn | €2.08bn | €1.98bn | €2.59bn | €2.55bn | €2.78bn | €2.71bn | €2.53bn | €2.93bn | €3.00bn |
| Debt | €305.5m | €602.8m | €680.2m | €1.28bn | €1.20bn | €1.31bn | €1.36bn | €1.25bn | €1.49bn | €1.44bn |
| Shareholders' equity | €7.09bn | €6.60bn | €5.63bn | €4.91bn | €4.37bn | €3.60bn | €3.69bn | €3.14bn | €2.85bn | €2.77bn |
| Shares outstanding | 181m | 182m | 185m | 185m | 192m | 206m | 206m | 204m | 214m | 206m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €914.1m | €932.6m | €818.8m | €394.7m | €591.7m | €588.8m | €575.5m | €331.6m | €370.8m | €304.1m |
| Capital spending | −€421.6m | −€448.4m | −€298.0m | −€266.7m | −€214.4m | −€228.1m | −€257.1m | −€215.3m | −€183.7m | −€236.0m |
| Free cash flow | €492.5m | €484.2m | €520.8m | €128.0m | €377.2m | €360.7m | €318.4m | €116.3m | €187.2m | €68.2m |
| Dividends paid | −€126.7m | −€111.0m | −€83.3m | −€73.4m | −€191.9m | −€31.8m | −€26.6m | −€28.1m | −€20.6m | −€15.4m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Dec 2023 | Sept 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €2.19bn | €2.33bn | €2.19bn | €2.27bn | €1.13bn | €2.06bn | €2.18bn | €1.08bn |
| Gross profit | €658.3m | €1.07bn | €890.8m | €1.06bn | — | €880.2m | €1.01bn | €497.9m |
| Operating income | €293.5m | €532.2m | €365.9m | €576.5m | €1.13bn | €425.4m | €537.7m | €271.5m |
| Net income | €324.0m | €535.0m | €386.3m | €520.6m | €1.13bn | €421.7m | €535.5m | €267.7m |
| Diluted earnings per share | 1.81 | 2.96 | 2.13 | 2.86 | 6.24 | 2.32 | 2.89 | 1.45 |
| Cash from operations | €326.0m | €675.0m | €390.0m | €589.0m | — | €343.0m | €514.0m | €257.0m |
| Capital spending | −€258.0m | −€203.0m | −€218.0m | −€228.0m | — | −€216.0m | −€156.0m | −€78.0m |
| Free cash flow | €68.0m | €472.0m | €172.0m | €361.0m | — | €127.0m | €358.0m | €179.0m |
| Total assets | €9.22bn | €8.92bn | €8.67bn | €8.69bn | — | €8.14bn | €7.62bn | €7.62bn |
| Cash and short-term investments | €1.21bn | €1.40bn | €1.27bn | €1.41bn | — | €1.33bn | €1.12bn | €1.12bn |
| Debt | €435.4m | €441.0m | €601.6m | €607.6m | — | €795.1m | €623.6m | €270.2m |
| Shareholders' equity | €7.30bn | €7.09bn | €6.56bn | €6.60bn | — | €5.99bn | €5.63bn | €5.63bn |
Financial ratios
Data as of 9 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2017 | FY2016 | FY2015 | FY2006 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 43.2% | 44.9% | 43.6% | 37.3% | 38.3% | 41.1% | — | — | — | — |
| Operating margin | 26.9% | 26.4% | 27.1% | 15.9% | 19.6% | 22.9% | — | — | — | — |
| Net margin | 20.4% | 21.8% | 22.3% | 11.5% | 15.7% | 17.4% | — | — | — | — |
| Return on equity | 13.0% | 14.3% | 17.2% | 9.4% | 12.4% | 15.6% | — | — | — | — |
| Return on assets | 10.3% | 10.8% | 12.7% | 6.1% | 7.8% | 8.8% | — | — | — | — |
| Free cash flow yield | 20.0% | 20.5% | 16.3% | 9.7% | 11.4% | 10.8% | — | — | — | — |
| Revenue growth | 4.7% | -0.2% | 8.4% | 16.0% | 6.9% | 0.0% | — | — | — | — |
| Earnings growth | -2.2% | -2.5% | 110.7% | -15.3% | -3.3% | 45.3% | — | — | — | — |
| Current ratio | 4.58x | 3.49x | 3.20x | 2.32x | 3.33x | 3.23x | — | — | — | — |
| Debt to equity | 0.05x | 0.08x | 0.11x | 0.25x | 0.27x | 0.35x | — | — | — | — |
| Equity ratio | 79.4% | 76.0% | 73.9% | 65.4% | 63.1% | 56.3% | — | — | — | — |
| Interest coverage | 30.89x | 23.45x | 34.03x | 14.20x | 16.41x | 19.89x | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 0.2% | 0.2% | 0.2% | 0.2% |
| Buybacks as a share of market value | 0.5% | 1.7% | 0.0% | 3.6% | 6.5% | -0.0% | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 4.2% | 7.0% | 5.4% |
| Operating income | 12.3% | 4.0% | 13.0% |
| Net income | 26.2% | 10.5% | 22.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 44.1% | 42.4% | 41.6% | 40.5% |
| Operating margin | 21.5% | 20.5% | 20.7% | 18.2% |
| Net margin | 21.1% | 19.1% | 18.4% | 15.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 10.2 | 6.9 | 5.3 | 7.3 | 6.7 | 7.2 | 12.0 | 8.0 | 12.3 | 31.7 |
| Price to sales | 2.1 | 1.5 | 1.2 | 0.8 | 1.1 | 1.2 | 1.4 | 1.1 | 1.7 | 1.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 14 years. Last went ex-dividend on 18 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.70 | 0.70 | 0.60 | 0.45 | 0.40 | 0.25 | 0.90 | 0.125 |
- 1-to-1 reverse split · 2 Dec 2002
- 1-to-1 reverse split · 15 Feb 2001
- 2.086-for-1 split · 17 Aug 1990
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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