H 
Heidelberg Materials HEI.DE · EUR
Materials · Construction Materials · XETRA · 🇩🇪 Germany
DAX
180.15
+3.65%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€21.46bn
FY2016FY2025
Net income
€1.94bn
FY2016FY2025
Free cash flow
€1.89bn
FY2016FY2025
Shareholders' equity
€18.16bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €21.46bn | €21.20bn | €21.18bn | €21.10bn | €18.72bn | €17.61bn | €18.85bn | €18.07bn | €17.27bn | €15.17bn |
| Research and development | — | — | €129.4m | €123.4m | €123.6m | €120.0m | €134.0m | €145.7m | €141.0m | €116.6m |
| Operating income | €2.99bn | €3.20bn | €3.02bn | €2.48bn | €2.61bn | €2.36bn | €2.19bn | €2.01bn | €2.19bn | €1.93bn |
| Net income | €1.94bn | €1.78bn | €1.93bn | €1.60bn | €1.76bn | −€2.10bn | €1.09bn | €1.14bn | €917.7m | €657.0m |
| Diluted earnings per share | 10.97 | 9.95 | 10.49 | 8.57 | 9.11 | -10.56 | 5.50 | 5.76 | 4.63 | 3.31 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €36.14bn | €37.30bn | €35.47bn | €33.26bn | €33.71bn | €32.34bn | €38.59bn | €35.78bn | €34.56bn | €37.15bn |
| Cash and short-term investments | €2.63bn | €3.22bn | €3.30bn | €1.40bn | €3.10bn | €2.84bn | €3.53bn | €2.59bn | €2.11bn | €1.98bn |
| Total liabilities | €16.84bn | €17.33bn | €17.10bn | €15.63bn | €17.05bn | €17.79bn | €20.08bn | €18.96bn | €18.51bn | €19.28bn |
| Debt | €8.11bn | €8.56bn | €8.62bn | €6.65bn | €8.01bn | €9.72bn | €11.85bn | €10.75bn | €10.65bn | €10.81bn |
| Shareholders' equity | €18.16bn | €18.80bn | €17.24bn | €16.54bn | €15.44bn | €13.27bn | €16.99bn | €15.43bn | €14.56bn | €16.09bn |
| Shares outstanding | 177m | 179m | 184m | 186m | 193m | 198m | 198m | 198m | 198m | 198m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €3.25bn | €3.23bn | €3.21bn | €2.42bn | €2.40bn | €3.03bn | €2.66bn | €1.97bn | €2.04bn | €1.87bn |
| Capital spending | −€1.36bn | −€1.32bn | −€1.33bn | −€1.34bn | −€1.42bn | −€969.3m | −€1.18bn | −€1.06bn | −€1.04bn | −€1.04bn |
| Free cash flow | €1.89bn | €1.91bn | €1.88bn | €1.08bn | €976.5m | €2.06bn | €1.48bn | €907.5m | €1.00bn | €834.1m |
| Dividends paid | −€588.8m | −€546.2m | −€484.1m | −€458.3m | −€436.5m | −€119.1m | −€416.7m | −€377.0m | −€317.5m | −€244.3m |
Latest quarters
By quarter end
| Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €5.57bn | €5.57bn | €5.21bn | €5.21bn | €5.59bn | €5.59bn | €5.01bn | €5.01bn |
| Operating income | €1.10bn | €1.10bn | €593.3m | €593.3m | €1.00bn | €1.00bn | €601.2m | €601.2m |
| Net income | €627.4m | €627.4m | €343.1m | €343.1m | €603.8m | €603.8m | €287.1m | €287.1m |
| Diluted earnings per share | 3.55 | 3.55 | 1.94 | 1.94 | 3.37 | 3.37 | 1.60 | 1.60 |
| Cash from operations | €1.57bn | €1.57bn | €57.0m | €57.0m | €1.59bn | €1.59bn | €27.0m | €27.0m |
| Capital spending | −€470.0m | −€470.0m | −€211.0m | −€211.0m | −€449.0m | −€449.0m | −€211.0m | −€211.0m |
| Free cash flow | €1.10bn | €1.10bn | −€154.0m | −€154.0m | €1.14bn | €1.14bn | −€184.0m | −€184.0m |
| Total assets | €36.14bn | — | €34.66bn | €34.66bn | €37.30bn | €37.30bn | €35.35bn | €35.35bn |
| Cash and short-term investments | €2.63bn | — | €1.33bn | €1.33bn | €3.22bn | €3.22bn | €1.80bn | €1.80bn |
| Debt | €8.22bn | — | €8.66bn | €2.16bn | €8.56bn | €1.77bn | €8.64bn | €2.49bn |
| Shareholders' equity | €18.16bn | — | €17.22bn | €17.22bn | €18.80bn | €18.80bn | €17.52bn | €17.52bn |
Financial ratios
Data as of 21 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 13.9% | 15.1% | 14.3% | 11.7% | 15.2% | 13.4% | — | — |
| Net margin | 9.0% | 8.4% | 9.1% | 7.6% | 9.4% | -11.9% | — | — |
| Return on equity | 10.7% | 9.5% | 11.2% | 9.7% | 11.4% | -15.8% | — | — |
| Return on assets | 5.4% | 4.8% | 5.4% | 4.8% | 5.2% | -6.5% | — | — |
| Free cash flow yield | 18.1% | 17.6% | 17.1% | 14.0% | 13.7% | 14.0% | — | — |
| Revenue growth | 1.2% | 0.1% | 0.4% | 12.7% | 6.3% | -6.6% | — | — |
| Earnings growth | 8.9% | -7.6% | 20.8% | -9.2% | -183.9% | -292.1% | — | — |
| Current ratio | 1.24x | 1.27x | 1.19x | 1.16x | 1.16x | 1.24x | — | — |
| Debt to equity | 0.39x | 0.40x | 0.44x | 0.35x | 0.46x | 0.67x | — | — |
| Equity ratio | 50.3% | 50.4% | 48.6% | 49.7% | 45.8% | 41.0% | — | — |
| Interest coverage | 10.94x | 11.77x | 13.82x | 16.37x | 12.86x | 10.14x | — | — |
| R&D as a share of sales | — | — | 0.6% | 0.6% | 0.7% | 0.7% | 0.7% | 0.8% |
| Buybacks as a share of market value | 1.2% | 2.6% | 1.3% | 3.6% | 2.7% | 0.0% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 0.6% | 4.0% | 4.8% |
| Operating income | 6.5% | 4.8% | 4.9% |
| Net income | 6.7% | — | 9.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 14.5% | 13.8% | 13.7% | 13.1% |
| Net margin | 8.7% | 8.5% | 5.7% | 5.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 20.3 | 12.0 | 7.7 | 6.2 | 6.5 | -5.8 | 11.8 | 9.3 | 19.5 | 26.8 |
| Price to sales | 1.8 | 1.0 | 0.7 | 0.5 | 0.6 | 0.7 | 0.7 | 0.6 | 1.0 | 1.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 22 years. Last went ex-dividend on 14 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 3.60 | 3.30 | 3.00 | 2.60 | 2.40 | 2.20 | 0.60 | 2.10 |
- 25-for-24 split · 19 May 2003
- 1-to-1 reverse split · 26 Jul 1999
- 11-for-10 split · 14 Jul 1997
- 10-for-1 split · 2 Sept 1996
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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