D 
37.07
+0.19%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€14.06bn
FY2016FY2025
Net income
−€782.9m
FY2016FY2025
Free cash flow
−€260.3m
FY2016FY2025
Shareholders' equity
€1.64bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €14.06bn | €12.29bn | €9.94bn | €8.58bn | €5.86bn | €2.47bn | €1.24bn | €665.1m | €543.8m | €289.9m |
| Research and development | €447.2m | €479.3m | €535.3m | €455.6m | €277.0m | €129.3m | €65.0m | €36.2m | €29.0m | €16.5m |
| Operating income | €85.3m | −€286.1m | −€1.66bn | −€846.4m | −€633.7m | −€645.1m | −€472.5m | −€241.7m | −€301.7m | −€162.1m |
| Net income | −€782.9m | −€882.4m | −€2.30bn | −€2.98bn | −€1.10bn | −€1.40bn | −€689.9m | −€38.2m | −€345.1m | −€187.4m |
| Diluted earnings per share | -2.63 | -3.04 | -8.72 | -10.93 | -4.51 | -7.04 | -3.66 | -0.21 | -2.00 | -1.60 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €10.54bn | €12.75bn | €10.49bn | €12.86bn | €12.70bn | €5.77bn | €2.67bn | €2.00bn | €2.05bn | €1.63bn |
| Cash and short-term investments | €2.11bn | €3.81bn | €1.66bn | €2.42bn | €2.45bn | €2.92bn | €699.4m | €364.1m | €627.4m | €230.9m |
| Total liabilities | €8.75bn | €10.04bn | €8.84bn | €9.07bn | €7.21bn | €4.61bn | €803.2m | €389.9m | €327.4m | €739.9m |
| Debt | €4.31bn | €5.58bn | €5.56bn | €5.61bn | €4.52bn | €3.13bn | €119.4m | €2.4m | €3.7m | €116.4m |
| Shareholders' equity | €1.64bn | €2.59bn | €1.65bn | €3.74bn | €5.47bn | €1.16bn | €1.87bn | €1.62bn | €1.72bn | €901.8m |
| Shares outstanding | 298m | 290m | 263m | 272m | 243m | 199m | 189m | 186m | 173m | 117m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −€89.3m | €638.3m | −€19.5m | −€688.8m | −€901.4m | −€530.0m | −€364.8m | −€164.6m | −€210.6m | −€96.0m |
| Capital spending | −€171.0m | −€139.1m | −€147.7m | −€252.8m | −€321.1m | −€208.4m | −€95.1m | −€49.3m | −€23.1m | −€18.5m |
| Free cash flow | −€260.3m | €499.2m | −€167.2m | −€941.6m | −€1.22bn | −€738.4m | −€459.9m | −€213.9m | −€233.7m | −€114.5m |
| Dividends paid | −€54.0m | — | −€3.3m | — | — | — | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €7.75bn | €7.18bn | €6.88bn | €3.44bn | €6.52bn | €3.26bn | €5.77bn | €2.89bn |
| Operating income | −€159.8m | €93.3m | €4.7m | €2.3m | €49.2m | €24.6m | −€390.5m | −€195.3m |
| Net income | −€392.4m | −€386.6m | −€396.3m | −€198.2m | −€164.2m | −€82.1m | −€718.2m | −€359.1m |
| Diluted earnings per share | -1.29 | -1.30 | -1.33 | -0.66 | -0.57 | -0.28 | -2.48 | -1.24 |
| Cash from operations | €431.0m | −€400.0m | €395.0m | €197.0m | €535.0m | €267.0m | €103.0m | €51.0m |
| Capital spending | −€55.0m | −€91.0m | −€79.0m | −€39.0m | −€76.0m | −€38.0m | −€63.0m | −€31.0m |
| Free cash flow | €376.0m | −€491.0m | €316.0m | €158.0m | €459.0m | €229.0m | €40.0m | €20.0m |
| Total assets | €10.94bn | €10.54bn | €10.96bn | €10.96bn | €12.42bn | €12.42bn | €10.40bn | €10.40bn |
| Cash and short-term investments | €2.70bn | €2.11bn | €2.81bn | €2.81bn | €3.81bn | €3.81bn | €1.76bn | €1.76bn |
| Debt | €168.3m | €4.63bn | €4.64bn | €307.4m | €5.67bn | €267.8m | €5.59bn | €124.5m |
| Shareholders' equity | €1.22bn | €1.64bn | €2.20bn | €2.20bn | €2.59bn | €2.59bn | €1.25bn | €1.25bn |
Financial ratios
Data as of 13 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 0.6% | -1.4% | -18.0% | -30.6% | -14.6% | -49.4% |
| Net margin | -5.6% | -7.2% | -23.1% | -34.7% | -18.7% | -56.7% |
| Return on equity | -47.7% | -34.0% | -138.9% | -79.6% | -20.0% | -120.4% |
| Return on assets | -7.4% | -6.9% | -21.9% | -23.1% | -8.6% | -24.3% |
| Free cash flow yield | 0.7% | 7.2% | 1.3% | -4.3% | -6.5% | -4.4% |
| Revenue growth | 14.4% | 23.7% | 15.9% | 46.5% | 136.9% | 99.7% |
| Earnings growth | -11.3% | -61.6% | -22.8% | 171.3% | -21.8% | 103.3% |
| Current ratio | 0.96x | 1.39x | 0.96x | 1.47x | 2.05x | 3.34x |
| Debt to equity | 2.63x | 2.06x | 3.22x | 1.45x | 0.78x | 2.54x |
| Equity ratio | 15.6% | 20.3% | 15.8% | 29.1% | 43.1% | 20.2% |
| Interest coverage | 0.22x | -0.44x | -4.98x | -11.33x | -5.89x | -15.11x |
| R&D as a share of sales | 3.2% | 3.9% | 5.4% | 5.3% | 4.7% | 5.2% |
| Buybacks as a share of market value | -2.8% | -10.2% | 3.3% | -12.0% | -22.0% | -5.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 17.9% | 41.6% | 55.9% |
| Net income | -35.9% | -11.0% | 12.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -0.8% | -6.0% | -7.5% | -9.6% |
| Net margin | -6.3% | -15.5% | -17.7% | -19.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -8.7 | -8.9 | -2.9 | -4.1 | -21.7 | -18.0 | -19.3 | -158.5 | -16.5 |
| Price to sales | 0.5 | 0.6 | 0.7 | 1.4 | 4.1 | 10.2 | 10.8 | 9.1 | 10.5 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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