C 
45.50
+0.18%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€1.06bn
FY2016FY2025
Net income
€738.7m
FY2016FY2025
Free cash flow
€128.7m
FY2016FY2025
Shareholders' equity
€8.61bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €1.06bn | €1.28bn | €1.02bn | €1.20bn | €1.06bn | €1.03bn | €1.28bn | €1.26bn | €997.8m | €968.3m |
| Gross profit | €927.9m | €977.0m | €826.6m | €896.8m | €798.8m | €780.7m | €962.1m | €874.3m | €797.4m | €760.8m |
| Research and development | — | — | €2 | €1 | €1 | €0 | €1.8m | €585,000 | €4.1m | €1.0m |
| Operating income | €785.0m | €475.2m | €795.3m | €770.0m | €665.8m | €636.7m | €816.7m | €817.3m | €781.0m | €739.1m |
| Net income | €738.7m | €68.1m | −€1.42bn | €620.7m | €923.6m | €359.8m | €747.0m | €749.6m | €914.1m | €782.8m |
| Diluted earnings per share | 6.67 | 0.61 | -14.17 | 6.62 | 9.80 | 3.82 | 8.45 | 8.92 | 12.27 | 11.35 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €25.34bn | €24.89bn | €25.03bn | €27.73bn | €28.30bn | €27.46bn | €25.80bn | €24.38bn | €21.73bn | €19.50bn |
| Cash and short-term investments | €1.21bn | €1.04bn | €900.6m | €461.5m | €1.06bn | €1.25bn | €1.30bn | €1.17bn | €1.30bn | €1.08bn |
| Total liabilities | €12.69bn | €12.87bn | €13.06bn | €13.64bn | €14.68bn | €14.89bn | €13.44bn | €13.03bn | €11.57bn | €11.03bn |
| Debt | €10.64bn | €10.66bn | €10.95bn | €11.22bn | €12.09bn | €12.55bn | €11.11bn | €11.18bn | €10.06bn | €9.68bn |
| Shareholders' equity | €8.61bn | €8.23bn | €7.96bn | €9.44bn | €9.19bn | €8.58bn | €8.30bn | €7.56bn | €6.36bn | €5.30bn |
| Shares outstanding | 111m | 111m | 100m | 94m | 94m | 94m | 88m | 84m | 75m | 69m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €708.3m | €9.80bn | €1.03bn | €698.1m | €688.7m | €500.7m | €773.4m | €884.3m | €738.3m | €496.6m |
| Capital spending | −€579.6m | −€5.96bn | −€484.5m | −€567.8m | −€697.5m | −€631.3m | −€674.2m | −€991.3m | −€1.11bn | −€845.2m |
| Free cash flow | €128.7m | €3.85bn | €540.7m | €130.2m | −€8.9m | −€130.6m | €99.2m | −€107.0m | −€376.0m | −€348.6m |
| Dividends paid | −€387.6m | −€764.0m | −€73.0m | −€353.3m | −€339.6m | −€74.1m | −€66.4m | −€337.0m | −€324.7m | −€286.6m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €556.2m | €338.3m | €725.0m | €573.8m | €545.4m | €658.7m | €627.2m | €216.6m |
| Gross profit | €489.2m | €400.9m | €385.6m | €466.5m | €353.2m | €462.4m | €443.0m | €198.3m |
| Operating income | €553.1m | €413.8m | €371.2m | €251.0m | €417.2m | €222.4m | €364.2m | €164.1m |
| Net income | €257.8m | €397.3m | €341.4m | €76.6m | −€8.4m | −€729.1m | −€689.7m | €230.9m |
| Diluted earnings per share | 2.33 | 3.59 | 3.08 | 0.69 | -0.08 | -7.28 | -6.89 | 2.31 |
| Cash from operations | — | €293.0m | €415.0m | €456.0m | €394.0m | €541.0m | €331.0m | €172.0m |
| Capital spending | — | −€336.0m | −€242.0m | −€367.0m | −€228.0m | −€288.0m | −€195.0m | −€174.0m |
| Free cash flow | — | −€43.0m | €173.0m | €89.0m | €166.0m | €253.0m | €136.0m | −€2.0m |
| Total assets | €25.27bn | €25.34bn | €25.63bn | €24.89bn | €25.46bn | €19.12bn | €26.56bn | €7.06bn |
| Cash and short-term investments | €665.0m | €1.21bn | €1.36bn | €1.04bn | €1.34bn | €343.0m | €474.6m | €265.7m |
| Debt | — | €10.64bn | €11.02bn | €10.44bn | €11.06bn | €12.10bn | €10.91bn | — |
| Shareholders' equity | €8.46bn | €8.61bn | €8.22bn | €8.23bn | €8.14bn | €7.96bn | €8.69bn | €3.41bn |
Financial ratios
Data as of 13 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 87.3% | 76.6% | 81.1% | 74.4% | 75.3% | 75.5% | — | — |
| Operating margin | 122.5% | 43.2% | 57.5% | 118.8% | 151.7% | 58.4% | — | — |
| Net margin | 69.5% | 5.3% | -139.2% | 51.5% | 87.1% | 34.8% | — | — |
| Return on equity | 8.6% | 0.8% | -17.8% | 6.6% | 10.0% | 4.2% | — | — |
| Return on assets | 2.9% | 0.3% | -5.7% | 2.2% | 3.3% | 1.3% | — | — |
| Free cash flow yield | 26.9% | 329.7% | 34.9% | 31.3% | 34.1% | 27.8% | — | — |
| Revenue growth | -16.6% | 25.1% | -15.4% | 13.6% | 2.6% | -18.9% | — | — |
| Earnings growth | 984.7% | -104.8% | -328.6% | -32.8% | 156.7% | -51.8% | — | — |
| Current ratio | 0.64x | 0.96x | 1.00x | 0.89x | 1.04x | 0.91x | — | — |
| Debt to equity | 1.24x | 1.27x | 1.52x | 1.16x | 1.29x | 1.43x | — | — |
| Equity ratio | 34.0% | 33.1% | 31.8% | 34.1% | 32.5% | 31.3% | — | — |
| Interest coverage | 3.85x | 1.67x | 2.05x | 9.06x | 10.07x | 3.67x | — | — |
| R&D as a share of sales | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% |
| Buybacks as a share of market value | -0.0% | -10.6% | -6.7% | 0.5% | -0.0% | -6.7% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -4.1% | 0.6% | 0.5% |
| Operating income | 0.6% | 4.3% | 0.9% |
| Net income | 6.0% | 15.5% | 4.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 81.4% | 79.5% | 78.2% | 77.2% |
| Operating margin | 53.9% | 61.9% | 62.0% | 65.7% |
| Net margin | 34.5% | 0.2% | 19.4% | 40.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 8.4 | 79.3 | -3.4 | 8.4 | 7.4 | 19.8 | 12.0 | 9.4 | 7.7 | 7.3 |
| Price to sales | 5.9 | 4.2 | 4.8 | 4.3 | 6.4 | 6.9 | 7.0 | 5.6 | 7.1 | 5.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 15 Jul 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 3.75 | 1.783 | 3.30 | 3.75 | 3.75 | 3.60 | 4.80 | 4.60 |
- 1.065-for-1 split · 26 Apr 2005
- 5-for-1 split · 5 Jan 2004
- 1-to-1 reverse split · 11 Feb 2002
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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