C 
4,224.00p
+0.86%
Close of 9 Nov 2026, in pence
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At a glance
Figures in EUR, from our data supplier.
Revenue
€11.39bn
FY2016FY2025
Net income
€923.4m
FY2016FY2025
Free cash flow
€732.5m
FY2016FY2025
Shareholders' equity
€3.85bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €11.39bn | €10.75bn | €10.18bn | €9.20bn | €7.17bn | €6.13bn | €7.03bn | €6.66bn | €6.52bn | €6.22bn |
| Gross profit | €4.19bn | €3.88bn | €3.56bn | €3.15bn | €2.60bn | €2.32bn | €2.65bn | €2.52bn | €2.44bn | €2.30bn |
| Operating income | €1.28bn | €1.19bn | €953.6m | €882.3m | €800.4m | €649.1m | €756.3m | €672.2m | €618.7m | €544.0m |
| Net income | €923.4m | €820.6m | €636.5m | €415.4m | €547.2m | €414.9m | €487.5m | €447.4m | €426.0m | €343.5m |
| Diluted earnings per share | 2.54 | 2.26 | 1.72 | 1.13 | 1.49 | 1.13 | 1.34 | 1.20 | 1.16 | 0.94 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €11.61bn | €10.65bn | €9.88bn | €9.86bn | €8.51bn | €7.57bn | €8.21bn | €6.85bn | €6.63bn | €6.56bn |
| Cash and short-term investments | €2.73bn | €2.45bn | €1.93bn | €1.75bn | €1.62bn | €1.31bn | €1.55bn | €993.3m | €874.4m | €573.2m |
| Total liabilities | €7.67bn | €7.35bn | €6.69bn | €6.47bn | €5.40bn | €4.94bn | €5.51bn | €3.74bn | €3.62bn | €3.69bn |
| Debt | — | €3.98bn | €3.42bn | €3.42bn | €2.94bn | €2.93bn | €3.32bn | €1.60bn | €1.63bn | €1.62bn |
| Shareholders' equity | €3.85bn | €3.21bn | €3.09bn | €3.28bn | €3.11bn | €2.63bn | €2.70bn | €3.11bn | €3.01bn | €2.87bn |
| Shares outstanding | 364m | 363m | 369m | 368m | 368m | 367m | 364m | 372m | 367m | 365m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €1.47bn | €1.39bn | €1.39bn | €1.23bn | €1.14bn | €961.5m | €926.2m | €796.6m | €803.5m | €763.3m |
| Capital spending | −€739.0m | −€615.4m | −€610.7m | −€523.4m | −€506.5m | −€419.2m | −€473.2m | −€437.2m | −€409.9m | −€347.8m |
| Free cash flow | €732.5m | €776.5m | €776.0m | €711.2m | €635.7m | €542.3m | €453.0m | €359.4m | €393.6m | €415.5m |
| Dividends paid | −€367.6m | −€339.7m | −€287.2m | −€260.2m | −€233.6m | −€225.7m | −€933.1m | −€198.8m | −€160.5m | −€144.7m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €6.31bn | €5.98bn | €5.62bn | €5.58bn | €5.18bn | €5.16bn | €5.02bn | €4.99bn |
| Gross profit | €2.38bn | €2.20bn | €2.06bn | €2.01bn | €1.87bn | €1.80bn | €1.76bn | €1.70bn |
| Operating income | €753.3m | €654.0m | €644.6m | €619.3m | €562.1m | €400.9m | €558.7m | €432.9m |
| Net income | €530.8m | €469.2m | €470.6m | €439.0m | €381.6m | €250.8m | €385.7m | €262.5m |
| Diluted earnings per share | 1.46 | 1.29 | 1.29 | 1.21 | 1.05 | 0.68 | 1.05 | 0.71 |
| Cash from operations | €576.0m | €1.01bn | €521.0m | €968.0m | €423.0m | €891.0m | €495.0m | €308.0m |
| Capital spending | −€332.0m | −€514.0m | −€245.0m | −€442.0m | −€173.0m | −€403.0m | −€207.0m | −€130.0m |
| Free cash flow | €244.0m | €497.0m | €276.0m | €526.0m | €250.0m | €488.0m | €288.0m | €178.0m |
| Total assets | €14.99bn | €11.61bn | €11.88bn | €10.65bn | €10.82bn | €9.88bn | €9.98bn | €9.86bn |
| Cash and short-term investments | €4.83bn | €2.73bn | €1.70bn | €2.45bn | €1.09bn | €1.93bn | €1.71bn | €1.78bn |
| Debt | €6.17bn | €3.70bn | €1.24bn | €3.79bn | €978.6m | €3.27bn | €3.31bn | €3.27bn |
| Shareholders' equity | €4.12bn | €3.85bn | €3.37bn | €3.21bn | €2.91bn | €3.09bn | €3.00bn | €3.28bn |
Financial ratios
Data as of 27 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 36.8% | 36.1% | 34.9% | 34.2% | 36.2% | 37.9% |
| Operating margin | 11.2% | 11.0% | 9.4% | 9.6% | 11.2% | 10.6% |
| Net margin | 8.1% | 7.6% | 6.3% | 4.5% | 7.6% | 6.8% |
| Return on equity | 24.0% | 25.6% | 20.6% | 12.7% | 17.6% | 15.8% |
| Return on assets | 8.0% | 7.7% | 6.4% | 4.2% | 6.4% | 5.5% |
| Free cash flow yield | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
| Revenue growth | 6.0% | 5.6% | 10.7% | 28.3% | 16.9% | -12.7% |
| Earnings growth | 12.5% | 28.9% | 53.2% | -24.1% | 31.9% | -14.9% |
| Current ratio | 1.19x | 1.17x | 1.02x | 1.24x | 1.25x | 1.25x |
| Debt to equity | 0.96x | 1.18x | 1.06x | 1.00x | 0.91x | 1.06x |
| Equity ratio | 33.1% | 30.1% | 31.3% | 33.3% | 36.6% | 34.7% |
| Interest coverage | 9.96x | 9.80x | 11.05x | 11.34x | 11.93x | 9.04x |
| Buybacks as a share of market value | -0.3% | 1.6% | -0.4% | 0.1% | -0.3% | -0.9% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 7.4% | 13.2% | 6.0% |
| Operating income | 13.1% | 14.5% | 10.5% |
| Net income | 30.5% | 17.4% | 12.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 36.4% | 35.6% | 35.9% | 36.4% |
| Operating margin | 11.1% | 10.3% | 10.5% | 10.1% |
| Net margin | 7.9% | 6.7% | 6.9% | 6.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 17.5 | 13.9 | 15.4 | 20.1 | 19.7 | 24.0 | 22.1 | 23.4 | 24.2 | 21.6 |
| Price to sales | 1.4 | 1.1 | 1.0 | 0.9 | 1.5 | 1.6 | 1.5 | 1.6 | 1.6 | 1.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 13 years. Last went ex-dividend on 14 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.185 | 1.03 | 0.93 | 0.78 | 0.71 | 0.64 | 0.62 | 0.57 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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