F 
43.06
+0.80%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€3.56bn
FY2016FY2025
Net income
€306.0m
FY2016FY2025
Free cash flow
€314.0m
FY2016FY2025
Shareholders' equity
€1.98bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €3.56bn | €3.52bn | €3.54bn | €3.41bn | €2.87bn | €2.38bn | €2.57bn | €2.57bn | €2.47bn | €2.27bn |
| Gross profit | €1.19bn | €1.22bn | €1.15bn | €1.05bn | €965.0m | €854.0m | €890.0m | €899.0m | €882.0m | €851.0m |
| Research and development | €76.0m | €79.0m | €71.0m | €69.0m | €59.0m | €54.0m | €55.0m | €52.0m | €47.0m | €44.0m |
| Operating income | €431.0m | €440.0m | €415.0m | €373.0m | €366.0m | €323.0m | €341.0m | €361.0m | €362.0m | €355.0m |
| Net income | €306.0m | €302.0m | €282.0m | €259.0m | €253.0m | €220.0m | €228.0m | €288.0m | €269.0m | €259.0m |
| Diluted earnings per share | 2.34 | 2.31 | 2.12 | 1.89 | 1.82 | 1.58 | 1.61 | 2.04 | 1.93 | 1.84 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €2.73bn | €2.61bn | €2.42bn | €2.52bn | €2.31bn | €2.12bn | €2.02bn | €1.89bn | €1.75bn | €1.68bn |
| Cash and short-term investments | €244.0m | €153.0m | €175.0m | €119.0m | €146.0m | €209.0m | €219.0m | €195.0m | €161.0m | €159.0m |
| Total liabilities | €752.0m | €710.0m | €619.0m | €682.0m | €555.0m | €540.0m | €462.0m | €435.0m | €444.0m | €471.0m |
| Debt | €38.0m | €112.0m | €63.0m | €179.0m | €49.0m | €30.0m | €26.0m | €4.0m | €1.0m | €13.0m |
| Shareholders' equity | €1.98bn | €1.90bn | €1.80bn | €1.84bn | €1.75bn | €1.58bn | €1.56bn | €1.46bn | €1.31bn | €1.20bn |
| Shares outstanding | 131m | 131m | 133m | 137m | 139m | 139m | 142m | 141m | 140m | 140m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €406.0m | €390.0m | €543.0m | €128.0m | €169.0m | €360.0m | €329.0m | €267.0m | €242.0m | €300.0m |
| Capital spending | −€92.0m | −€83.0m | −€83.0m | −€69.0m | −€80.0m | −€122.0m | −€154.0m | −€121.0m | −€105.0m | −€93.0m |
| Free cash flow | €314.0m | €307.0m | €460.0m | €59.0m | €89.0m | €238.0m | €175.0m | €146.0m | €137.0m | €207.0m |
| Dividends paid | −€153.0m | −€146.0m | −€144.0m | −€143.0m | −€137.0m | −€135.0m | −€131.0m | −€126.0m | −€123.0m | −€114.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €1.07bn | €934.0m | €863.0m | €896.0m | €880.0m | €924.0m | €859.0m | €902.0m |
| Gross profit | €370.0m | €328.0m | €304.0m | €315.0m | €309.0m | €317.0m | €293.0m | €315.0m |
| Operating income | €149.0m | €118.0m | €115.0m | €107.0m | €104.0m | €105.0m | €91.0m | €118.0m |
| Net income | €89.0m | €89.0m | €78.0m | €84.0m | €67.0m | €77.0m | €67.0m | €80.0m |
| Diluted earnings per share | 0.68 | 0.68 | 0.60 | 0.64 | 0.51 | 0.59 | 0.51 | 0.61 |
| Cash from operations | €26.0m | €70.0m | €174.0m | €119.0m | €78.0m | €35.0m | €150.0m | €143.0m |
| Capital spending | −€20.0m | −€24.0m | −€41.0m | −€19.0m | −€14.0m | −€18.0m | −€37.0m | −€18.0m |
| Free cash flow | €6.0m | €46.0m | €133.0m | €100.0m | €64.0m | €17.0m | €113.0m | €125.0m |
| Total assets | €3.03bn | €2.92bn | €2.73bn | €2.64bn | €2.60bn | €2.74bn | €2.61bn | €2.59bn |
| Cash and short-term investments | €190.0m | €337.0m | €244.0m | €142.0m | €134.0m | €199.0m | €153.0m | €140.0m |
| Debt | €126.0m | €81.0m | €38.0m | €63.0m | €154.0m | €107.0m | €70.0m | €151.0m |
| Shareholders' equity | €2.05bn | €2.08bn | €1.98bn | €1.89bn | €1.81bn | €1.96bn | €1.90bn | €1.79bn |
Financial ratios
Data as of 19 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 33.5% | 34.5% | 32.3% | 30.9% | 33.6% | 35.9% |
| Operating margin | 12.1% | 12.5% | 11.7% | 10.6% | 12.3% | 13.2% |
| Net margin | 8.6% | 8.6% | 8.0% | 7.6% | 8.8% | 9.3% |
| Return on equity | 15.5% | 15.9% | 15.7% | 14.1% | 14.4% | 13.9% |
| Return on assets | 11.2% | 11.6% | 11.6% | 10.3% | 10.9% | 10.4% |
| Free cash flow yield | 8.4% | 8.0% | 10.4% | 3.2% | 4.0% | 7.7% |
| Revenue growth | 1.1% | -0.5% | 3.8% | 18.8% | 20.7% | -7.5% |
| Earnings growth | 1.3% | 7.1% | 8.9% | 2.4% | 15.0% | -3.5% |
| Current ratio | 2.32x | 2.22x | 2.37x | 2.22x | 2.47x | 2.38x |
| Debt to equity | 0.02x | 0.04x | 0.02x | 0.09x | 0.02x | 0.01x |
| Equity ratio | 72.4% | 72.7% | 74.3% | 72.8% | 75.9% | 74.5% |
| Interest coverage | 39.18x | 36.67x | 32.00x | 60.50x | 88.00x | 39.13x |
| R&D as a share of sales | 2.1% | 2.2% | 2.0% | 2.0% | 2.1% | 2.3% |
| Buybacks as a share of market value | 0.0% | 1.6% | 2.6% | 1.8% | 0.0% | 1.7% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 1.5% | 8.4% | 5.5% |
| Operating income | 4.9% | 5.9% | 2.5% |
| Net income | 5.7% | 6.8% | 2.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 34.0% | 32.8% | 33.3% | 34.4% |
| Operating margin | 12.3% | 11.8% | 12.2% | 13.1% |
| Net margin | 8.6% | 8.2% | 8.4% | 9.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 16.3 | 18.1 | 19.0 | 17.3 | 22.0 | 29.4 | 27.4 | 17.6 | 23.0 | 21.6 |
| Price to sales | 1.4 | 1.6 | 1.5 | 1.3 | 1.9 | 2.7 | 2.4 | 2.0 | 2.5 | 2.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 27 years. Last went ex-dividend on 7 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.23 | 1.17 | 1.11 | 1.07 | 1.03 | 0.99 | 0.97 | 0.95 |
- 2-for-1 split · 5 Jun 2014
- 3-for-1 split · 30 Jun 2011
- 11-for-10 split · 24 Jul 2006
- 3-for-1 split · 23 Jun 2005
- 3-for-1 split · 28 Jul 2003
- 1-to-1 reverse split · 20 Dec 1999
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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