E 
24.34
-1.06%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€2.73bn
FY2016FY2025
Net income
€521.0m
FY2016FY2025
Free cash flow
€901.0m
FY2016FY2025
Shareholders' equity
−€922.0m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €2.73bn | €2.86bn | €2.31bn | €1.94bn | €1.58bn | €1.42bn | €1.57bn | €1.33bn | €1.25bn | €1.07bn |
| Operating income | €864.0m | €929.0m | €706.0m | €602.0m | €496.0m | €417.0m | €505.0m | €412.0m | €362.0m | €373.0m |
| Net income | €521.0m | €507.0m | €267.0m | €386.0m | €313.0m | €238.0m | €312.0m | €254.0m | €241.0m | €180.0m |
| Diluted earnings per share | 2.35 | 2.08 | 1.01 | 1.46 | 1.19 | 0.97 | 1.28 | 1.06 | 1.02 | 0.77 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €13.57bn | €13.27bn | €13.29bn | €11.17bn | €10.32bn | €9.43bn | €8.89bn | €7.27bn | €6.21bn | €5.63bn |
| Cash and short-term investments | €3.58bn | €3.03bn | €3.35bn | €5.14bn | €5.11bn | €4.72bn | €3.60bn | €1.99bn | €1.44bn | €1.43bn |
| Total liabilities | €14.39bn | €14.07bn | €13.86bn | €11.79bn | €11.19bn | €10.56bn | €9.93bn | €8.72bn | €7.57bn | €6.79bn |
| Debt | €4.63bn | €4.54bn | €4.20bn | €3.04bn | €3.48bn | €3.30bn | €2.93bn | €2.51bn | €1.87bn | €1.93bn |
| Shareholders' equity | −€922.0m | −€908.0m | −€679.0m | −€718.0m | −€953.0m | −€1.23bn | −€1.19bn | −€1.56bn | −€1.51bn | −€1.23bn |
| Shares outstanding | 221m | 244m | 265m | 265m | 264m | 247m | 243m | 240m | 236m | 233m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €1.10bn | €1.03bn | €1.05bn | €1.01bn | €604.0m | €718.0m | €465.0m | €526.0m | €494.0m | €413.0m |
| Capital spending | −€198.0m | −€217.0m | −€190.0m | −€151.0m | −€114.0m | −€104.0m | −€98.0m | −€90.0m | −€78.0m | −€58.0m |
| Free cash flow | €901.0m | €812.0m | €862.0m | €862.0m | €490.0m | €614.0m | €367.0m | €436.0m | €416.0m | €355.0m |
| Dividends paid | −€289.0m | −€271.0m | −€249.0m | −€224.0m | −€60.0m | −€81.0m | −€87.0m | −€136.0m | −€129.0m | −€156.0m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €1.36bn | €1.39bn | €1.34bn | €1.34bn | €1.27bn | €1.23bn | €1.08bn | €406.8m |
| Operating income | €359.0m | €357.0m | €507.0m | €436.0m | €475.0m | €223.0m | €320.0m | €130.3m |
| Net income | €214.0m | €286.0m | €235.0m | €272.0m | €235.0m | €65.0m | €202.0m | €78.3m |
| Diluted earnings per share | 0.89 | 1.29 | 1.06 | 1.11 | 0.96 | 0.25 | 0.76 | 0.30 |
| Cash from operations | −€129.0m | €1.23bn | −€135.0m | €748.0m | €110.0m | €790.0m | €197.0m | €151.0m |
| Capital spending | −€4.0m | −€192.0m | −€94.0m | −€19.0m | −€97.0m | −€69.0m | −€79.0m | −€28.0m |
| Free cash flow | −€133.0m | €1.04bn | −€229.0m | €729.0m | €13.0m | €721.0m | €118.0m | €123.0m |
| Total assets | €14.06bn | €13.57bn | €13.32bn | €13.27bn | €13.61bn | €13.29bn | €12.57bn | €2.58bn |
| Cash and short-term investments | €4.93bn | €3.58bn | €2.98bn | €3.03bn | €3.23bn | €5.42bn | €4.99bn | €670.8m |
| Debt | €1.42bn | €4.63bn | €5.25bn | €4.54bn | €4.77bn | €4.15bn | €4.31bn | — |
| Shareholders' equity | −€983.0m | −€922.0m | −€1.16bn | −€908.0m | −€938.0m | −€679.0m | −€663.0m | −€217.3m |
Financial ratios
Data as of 18 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 31.6% | 32.5% | 29.0% | 31.0% | 31.3% | 32.2% |
| Net margin | 19.1% | 17.8% | 11.6% | 19.9% | 19.8% | 16.7% |
| Return on equity | -56.5% | -55.8% | -39.3% | -53.8% | -32.8% | -19.3% |
| Return on assets | 3.8% | 3.8% | 2.0% | 3.5% | 3.0% | 2.5% |
| Free cash flow yield | 19.5% | 17.0% | 15.6% | 14.6% | 9.0% | 11.1% |
| Revenue growth | -4.3% | 23.6% | 18.9% | 22.8% | 11.2% | -9.4% |
| Earnings growth | 2.8% | 89.9% | -30.8% | 23.3% | 31.5% | -23.7% |
| Current ratio | 0.84x | 0.85x | 0.92x | 0.99x | 0.98x | 0.94x |
| Debt to equity | -4.93x | -4.90x | -6.07x | -4.14x | -3.59x | -2.68x |
| Equity ratio | -6.8% | -6.8% | -5.1% | -6.4% | -9.2% | -13.0% |
| Interest coverage | 3.96x | 13.46x | 4.53x | 6.34x | 6.28x | 5.65x |
| Buybacks as a share of market value | 9.3% | 7.8% | -0.0% | -0.2% | -7.1% | -1.5% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 12.0% | 13.9% | 10.6% |
| Operating income | 12.8% | 15.7% | 12.3% |
| Net income | 10.5% | 17.0% | 11.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 32.1% | 31.5% | 31.2% | 31.1% |
| Net margin | 18.4% | 17.1% | 17.4% | 17.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 8.0 | 15.3 | 53.7 | 34.9 | 34.2 | 48.1 | 35.9 | 30.4 | 23.7 | 24.4 |
| Price to sales | 1.5 | 2.7 | 6.2 | 6.9 | 6.8 | 8.0 | 7.1 | 5.8 | 4.6 | 4.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 15 years. Last went ex-dividend on 10 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.33 | 1.21 | 1.10 | 1.00 | 0.90 | 0.75 | 0.70 | 0.86 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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