V 
11.18
+2.01%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€20.90bn
FY2016FY2025
Net income
€200.0m
FY2016FY2025
Free cash flow
€528.0m
FY2016FY2025
Shareholders' equity
€3.32bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €20.90bn | €21.49bn | €22.04bn | €20.04bn | €17.26bn | €16.44bn | €19.48bn | €19.12bn | €18.48bn | €16.52bn |
| Gross profit | €3.13bn | €3.11bn | €3.13bn | €2.62bn | €2.29bn | €1.49bn | €2.83bn | €3.20bn | €3.43bn | €2.67bn |
| Research and development | €1.79bn | €1.65bn | €1.64bn | €1.43bn | €1.17bn | €1.36bn | €1.75bn | €1.72bn | €1.37bn | €1.23bn |
| Operating income | €840.0m | €768.0m | €671.0m | €468.0m | €499.0m | −€908.0m | €832.0m | €1.04bn | €1.31bn | €770.0m |
| Net income | €200.0m | €162.0m | €221.0m | €230.0m | €175.0m | −€1.09bn | €313.0m | €546.0m | €877.0m | €925.0m |
| Diluted earnings per share | 0.81 | 0.66 | 0.89 | 0.95 | 0.71 | -4.53 | 1.30 | 2.28 | 3.64 | 3.85 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €20.27bn | €21.66bn | €21.76bn | €22.03bn | €18.84bn | €18.85bn | €18.91bn | €18.47bn | €17.56bn | €14.39bn |
| Cash and short-term investments | €2.57bn | €3.15bn | €3.14bn | €3.41bn | €2.48bn | €3.05bn | €1.79bn | €2.36bn | €2.46bn | €2.36bn |
| Total liabilities | €16.20bn | €17.14bn | €17.40bn | €17.30bn | €14.24bn | €14.76bn | €13.36bn | €13.09bn | €12.46bn | €10.03bn |
| Debt | €6.56bn | €6.93bn | €6.99bn | €7.28bn | €5.83bn | €6.08bn | €4.83bn | €4.76bn | €4.27bn | €2.95bn |
| Shareholders' equity | €3.32bn | €3.72bn | €3.58bn | €3.82bn | €3.69bn | €3.23bn | €4.63bn | €4.57bn | €4.39bn | €4.12bn |
| Shares outstanding | 246m | 245m | 248m | 243m | 245m | 240m | 240m | 239m | 241m | 240m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €2.29bn | €2.69bn | €2.46bn | €1.91bn | €1.63bn | €1.84bn | €2.46bn | €2.17bn | €2.04bn | €1.89bn |
| Capital spending | −€1.76bn | −€2.22bn | −€2.00bn | −€1.49bn | −€1.35bn | −€1.48bn | −€1.97bn | −€1.29bn | −€1.16bn | −€844.0m |
| Free cash flow | €528.0m | €463.0m | €461.0m | €419.0m | €277.0m | €362.0m | €498.0m | €879.0m | €881.0m | €1.05bn |
| Dividends paid | −€103.0m | −€97.0m | −€92.0m | −€84.0m | −€72.0m | −€48.0m | −€297.0m | −€296.0m | −€297.0m | −€236.0m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Dec 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €10.38bn | €10.24bn | €10.66bn | €5.88bn | €10.38bn | €10.38bn | €11.12bn | €10.83bn |
| Gross profit | €2.15bn | €1.55bn | €1.58bn | €974.0m | €1.47bn | €2.03bn | €1.64bn | €1.61bn |
| Operating income | €477.0m | €450.0m | €418.0m | €362.5m | €428.0m | €219.0m | €382.0m | €417.0m |
| Net income | €105.0m | €96.0m | €104.0m | €185.5m | €21.0m | €21.0m | €141.0m | €102.0m |
| Diluted earnings per share | 0.43 | 0.39 | 0.42 | 0.76 | 0.09 | 0.09 | 0.58 | 0.41 |
| Cash from operations | €1.12bn | €1.10bn | €972.0m | — | €1.30bn | €1.37bn | €1.31bn | €1.54bn |
| Capital spending | −€378.0m | −€361.0m | −€429.0m | — | −€538.0m | −€538.0m | −€600.0m | −€1.06bn |
| Free cash flow | €743.0m | €738.0m | €543.0m | — | €761.0m | €834.0m | €715.0m | €480.0m |
| Total assets | €21.23bn | €20.27bn | €20.37bn | — | €21.66bn | — | €21.66bn | €21.76bn |
| Cash and short-term investments | €3.10bn | €2.57bn | €2.42bn | — | €3.15bn | — | €3.02bn | €3.14bn |
| Debt | €1.70bn | €6.44bn | €1.73bn | — | €6.53bn | — | €2.05bn | €6.51bn |
| Shareholders' equity | €3.40bn | €3.32bn | €3.18bn | — | €3.72bn | — | €3.64bn | €3.58bn |
Financial ratios
Data as of 27 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 15.0% | 14.5% | 14.2% | 13.1% | 13.2% | 9.1% |
| Operating margin | 4.0% | 3.6% | 3.0% | 2.3% | 2.9% | -3.2% |
| Net margin | 1.0% | 0.8% | 1.0% | 1.1% | 1.0% | -6.6% |
| Return on equity | 6.0% | 4.4% | 6.2% | 6.0% | 4.7% | -33.8% |
| Return on assets | 1.0% | 0.7% | 1.0% | 1.0% | 0.9% | -5.8% |
| Free cash flow yield | 140.3% | 170.9% | 153.3% | 118.9% | 103.3% | 117.5% |
| Revenue growth | -2.7% | -2.5% | 10.0% | 16.1% | 5.0% | -15.6% |
| Earnings growth | 23.5% | -26.7% | -3.9% | 31.4% | -116.1% | -447.9% |
| Current ratio | 0.86x | 0.81x | 0.86x | 0.89x | 0.89x | 0.85x |
| Debt to equity | 1.98x | 1.76x | 1.85x | 1.68x | 1.48x | 1.81x |
| Equity ratio | 16.4% | 17.2% | 16.4% | 17.3% | 19.6% | 17.1% |
| Interest coverage | 2.62x | 2.14x | 2.02x | 2.54x | 4.38x | -4.88x |
| R&D as a share of sales | 8.5% | 7.7% | 7.4% | 7.2% | 6.8% | 8.3% |
| Buybacks as a share of market value | -0.4% | 1.3% | -2.0% | 0.9% | -2.1% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 1.4% | 4.9% | 3.7% |
| Operating income | 21.5% | — | 2.5% |
| Net income | -4.6% | — | -12.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 14.7% | 14.2% | 13.3% | 14.6% |
| Operating margin | 3.8% | 3.3% | 2.0% | 3.4% |
| Net margin | 0.9% | 1.0% | -0.1% | 1.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 14.3 | 14.1 | 15.6 | 17.6 | 37.3 | -7.1 | 24.1 | 11.2 | 17.1 | 14.2 |
| Price to sales | 0.1 | 0.1 | 0.2 | 0.2 | 0.4 | 0.5 | 0.4 | 0.3 | 0.8 | 0.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 15 years. Last went ex-dividend on 26 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.44 | 0.42 | 0.40 | 0.38 | 0.35 | 0.30 | 0.20 | 1.25 |
- 3-for-1 split · 6 Jun 2016
- 1-to-1 reverse split · 16 Jun 1999
- 5-for-1 split · 30 May 1994
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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