E 
135.30
+0.97%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€4.44bn
FY2016FY2025
Net income
€585.9m
FY2016FY2025
Free cash flow
−€2.56bn
FY2016FY2025
Shareholders' equity
€7.63bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €4.44bn | €3.77bn | €3.84bn | €3.62bn | €2.55bn | €2.21bn | €2.24bn | €1.93bn | €808.2m | €800.1m |
| Research and development | — | — | €36.2m | €26.3m | €21.4m | €20.9m | €19.6m | €15.1m | €7.6m | — |
| Operating income | €1.59bn | €879.1m | €644.2m | €185.9m | €282.1m | €384.0m | €629.2m | €562.0m | €216.1m | €216.7m |
| Net income | €585.9m | €450.5m | €355.4m | €361.0m | €295.2m | €269.4m | €273.6m | €281.4m | €229.1m | €179.9m |
| Diluted earnings per share | 5.43 | 6.13 | 4.83 | 4.91 | 4.28 | 3.91 | 3.97 | 4.63 | 3.77 | 2.97 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €32.15bn | €24.93bn | €19.39bn | €20.84bn | €18.33bn | €15.33bn | €14.06bn | €13.75bn | €6.58bn | €6.24bn |
| Cash and short-term investments | €4.14bn | €2.03bn | €1.38bn | €4.37bn | €3.37bn | €590.1m | €975.0m | €1.79bn | €195.2m | €176.6m |
| Total liabilities | €23.72bn | €18.75bn | €13.87bn | €15.57bn | €13.95bn | €11.45bn | €10.34bn | €10.01bn | €4.02bn | €3.73bn |
| Debt | €17.72bn | €14.61bn | €9.89bn | €8.50bn | €7.86bn | €7.98bn | €6.44bn | €6.32bn | €2.83bn | €2.69bn |
| Shareholders' equity | €7.63bn | €5.56bn | €4.57bn | €4.62bn | €3.85bn | €3.47bn | €3.32bn | €3.45bn | €2.56bn | €2.51bn |
| Shares outstanding | 108m | 73m | 74m | 74m | 69m | 69m | 69m | 61m | 61m | 61m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €2.13bn | €944.2m | −€1.51bn | €1.43bn | €3.95bn | −€736.4m | €71.2m | €516.7m | €430.3m | €487.6m |
| Capital spending | −€4.69bn | −€4.42bn | −€2.31bn | −€1.57bn | −€1.22bn | −€1.08bn | −€1.16bn | −€991.1m | −€369.1m | −€388.6m |
| Free cash flow | −€2.56bn | −€3.48bn | −€3.82bn | −€139.9m | €2.73bn | −€1.82bn | −€1.09bn | −€474.4m | €61.2m | €99.0m |
| Dividends paid | −€129.2m | −€175.6m | −€156.8m | −€120.3m | −€117.5m | −€116.0m | −€101.3m | −€98.7m | −€96.2m | −€94.2m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €2.56bn | €2.27bn | €1.09bn | €1.98bn | €1.79bn | €1.75bn | €2.10bn | €1.05bn |
| Operating income | €1.05bn | €791.4m | €277.0m | €516.8m | €362.3m | €123.9m | €620.1m | €269.6m |
| Net income | €369.8m | €301.8m | €142.1m | €254.5m | €196.1m | €161.9m | €162.5m | €99.8m |
| Diluted earnings per share | 3.39 | 2.80 | 1.32 | 3.46 | 2.67 | 2.20 | 2.21 | 1.35 |
| Cash from operations | €953.0m | €945.0m | €1.18bn | €176.0m | €802.0m | −€1.52bn | €39.0m | — |
| Capital spending | −€2.06bn | −€3.19bn | −€749.0m | −€2.68bn | −€1.74bn | −€1.50bn | −€814.0m | — |
| Free cash flow | −€1.11bn | −€2.25bn | €430.0m | −€2.51bn | −€935.0m | −€3.02bn | −€775.0m | — |
| Total assets | €33.04bn | €32.15bn | €28.87bn | €24.93bn | €22.27bn | €19.39bn | €21.00bn | €21.00bn |
| Cash and short-term investments | €3.45bn | €4.14bn | €4.97bn | €2.03bn | €2.46bn | €1.38bn | €4.45bn | €4.44bn |
| Debt | €700.6m | €17.70bn | €863.5m | €14.76bn | €939.1m | €9.83bn | €831.3m | €8.96bn |
| Shareholders' equity | €7.85bn | €7.63bn | €7.83bn | €5.56bn | €5.23bn | €4.57bn | €4.48bn | €5.59bn |
Financial ratios
Data as of 30 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 35.8% | 23.3% | 16.8% | 17.6% | 19.4% | 26.1% | — | — |
| Net margin | 13.2% | 12.0% | 9.2% | 10.0% | 11.6% | 12.2% | — | — |
| Return on equity | 7.7% | 8.1% | 7.8% | 7.8% | 7.7% | 7.8% | — | — |
| Return on assets | 1.8% | 1.8% | 1.8% | 1.7% | 1.6% | 1.8% | — | — |
| Free cash flow yield | 52.5% | 60.7% | 9.1% | 34.0% | 62.3% | 4.2% | — | — |
| Revenue growth | 17.9% | -2.0% | 6.3% | 41.7% | 15.5% | -1.5% | — | — |
| Earnings growth | 30.1% | 26.8% | -1.6% | 22.3% | 9.6% | -1.5% | — | — |
| Current ratio | 1.22x | 0.91x | 0.67x | 0.89x | 0.90x | 0.75x | — | — |
| Debt to equity | 2.32x | 2.66x | 2.15x | 1.84x | 2.04x | 2.30x | — | — |
| Equity ratio | 23.7% | 22.3% | 23.6% | 22.2% | 21.0% | 22.6% | — | — |
| Interest coverage | 4.44x | 3.18x | 3.56x | 5.34x | 4.48x | 3.89x | — | — |
| R&D as a share of sales | — | — | 0.9% | 0.7% | 0.8% | 0.9% | 0.9% | 0.8% |
| Buybacks as a share of market value | -46.8% | 0.0% | -0.0% | -6.5% | -0.1% | -0.0% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 7.1% | 15.0% | 19.0% |
| Operating income | 104.5% | 32.8% | 21.7% |
| Net income | 17.5% | 16.8% | 10.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 30.1% | 21.0% | 19.4% | 21.5% |
| Net margin | 12.6% | 11.2% | 11.3% | 12.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 20.2 | 11.5 | 22.2 | 25.6 | 25.5 | 23.5 | 18.8 | 11.7 | 11.8 | 15.6 |
| Price to sales | 2.7 | 1.4 | 2.0 | 2.6 | 3.0 | 2.9 | 2.3 | 1.7 | 3.4 | 3.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 20 years. Last went ex-dividend on 29 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 2.05 | 1.942 | 1.99 | 1.91 | 1.742 | 1.702 | 1.683 | 1.632 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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