H 
3.79
+1.34%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€12.96bn
FY2016FY2025
Net income
€464.3m
FY2016FY2025
Free cash flow
€196.9m
FY2016FY2025
Shareholders' equity
€4.08bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €12.96bn | €13.06bn | €14.90bn | €19.87bn | €10.56bn | €7.08bn | €6.91bn | €6.12bn | €5.61bn | €4.45bn |
| Operating income | €816.0m | €845.8m | €371.4m | €533.8m | €611.7m | €551.3m | €542.5m | €510.1m | €460.9m | €457.1m |
| Net income | €464.3m | €494.5m | €441.4m | €255.2m | €333.5m | €302.7m | €385.7m | €281.9m | €251.4m | €207.3m |
| Diluted earnings per share | 0.31 | 0.34 | 0.31 | 0.18 | 0.23 | 0.21 | 0.26 | 0.21 | 0.17 | 0.14 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €14.13bn | €15.06bn | €15.23bn | €17.12bn | €14.03bn | €11.03bn | €10.36bn | €9.11bn | €8.79bn | €8.29bn |
| Cash and short-term investments | — | — | €1.33bn | €1.98bn | €932.5m | €1.14bn | €447.2m | €590.7m | €555.4m | €424.9m |
| Total liabilities | €9.73bn | €11.07bn | €11.47bn | €13.47bn | €10.61bn | €7.88bn | €7.35bn | €6.26bn | €6.08bn | €5.72bn |
| Debt | €4.29bn | €5.46bn | €5.39bn | €6.42bn | €4.31bn | €4.39bn | €3.86bn | €3.30bn | €3.17bn | €3.12bn |
| Shareholders' equity | €4.08bn | €3.68bn | €3.44bn | €3.40bn | €3.20bn | €2.96bn | €2.81bn | €2.66bn | €2.55bn | €2.42bn |
| Shares outstanding | 1,478m | 1,441m | 1,444m | 1,451m | 1,457m | 1,457m | 1,473m | 1,373m | 1,471m | 1,472m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €1.22bn | €853.0m | €1.57bn | €35.7m | €1.05bn | €891.4m | €729.7m | €621.5m | €754.8m | €663.1m |
| Capital spending | −€1.03bn | −€860.3m | −€815.8m | −€709.5m | −€588.7m | −€506.4m | −€533.2m | −€464.4m | −€440.5m | −€384.4m |
| Free cash flow | €196.9m | −€7.3m | €756.9m | −€673.8m | €456.7m | €385.0m | €196.5m | €157.1m | €314.3m | €278.7m |
| Dividends paid | −€274.3m | −€248.8m | −€239.1m | −€219.5m | −€193.0m | −€163.3m | −€161.5m | −€140.0m | −€140.9m | −€145.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €2.99bn | €3.52bn | €3.60bn | €2.58bn | €2.46bn | €4.32bn | €4.87bn | €2.65bn |
| Operating income | €136.0m | €248.8m | €296.1m | €140.3m | €132.4m | €247.2m | €323.3m | €169.9m |
| Net income | €80.9m | €154.6m | €169.6m | €65.4m | €75.6m | €153.7m | €211.6m | €64.5m |
| Diluted earnings per share | 0.05 | 0.10 | 0.11 | 0.04 | 0.05 | 0.11 | 0.15 | 0.04 |
| Cash from operations | €278.0m | €320.0m | €599.0m | €73.0m | €341.0m | €210.0m | €537.0m | €170.0m |
| Capital spending | −€272.0m | −€237.0m | −€361.0m | −€252.0m | −€222.0m | −€191.0m | −€299.0m | −€216.0m |
| Free cash flow | €6.0m | €83.0m | €238.0m | −€179.0m | €119.0m | €19.0m | €238.0m | −€46.0m |
| Total assets | €15.12bn | €15.34bn | €14.13bn | €14.14bn | €14.32bn | €15.41bn | €15.06bn | €13.71bn |
| Debt | €4.87bn | — | €4.29bn | — | €4.60bn | — | €4.11bn | — |
| Shareholders' equity | €4.07bn | €4.25bn | €4.08bn | €3.87bn | €3.80bn | €3.88bn | €3.68bn | €3.48bn |
Financial ratios
Data as of 12 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2014 | FY2013 | FY2012 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating margin | 5.0% | 6.8% | 5.5% | 2.7% | 5.3% | 7.3% | — | — | — |
| Net margin | 3.6% | 3.8% | 2.9% | 1.3% | 3.2% | 4.3% | — | — | — |
| Return on equity | 11.4% | 13.4% | 12.8% | 7.5% | 10.4% | 10.2% | — | — | — |
| Return on assets | 3.3% | 3.3% | 2.9% | 1.5% | 2.4% | 2.7% | — | — | — |
| Free cash flow yield | 44.1% | 34.2% | 47.5% | 14.8% | 32.2% | 27.6% | — | — | — |
| Revenue growth | -0.7% | -15.3% | -22.4% | 88.3% | 49.1% | 2.4% | — | — | — |
| Earnings growth | -6.1% | 12.0% | 73.0% | -23.5% | 10.2% | -21.5% | — | — | — |
| Current ratio | 1.10x | 1.05x | 1.11x | 1.34x | 1.06x | 1.13x | — | — | — |
| Debt to equity | 1.21x | 1.29x | 1.46x | 1.72x | 1.15x | 1.27x | — | — | — |
| Equity ratio | 28.9% | 24.4% | 22.8% | 19.9% | 22.8% | 26.8% | — | — | — |
| Interest coverage | 2.80x | 5.07x | 4.28x | 4.64x | 5.02x | 5.75x | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 0.1% | 0.1% | 0.1% |
| Buybacks as a share of market value | -1.8% | 0.2% | 0.5% | 0.4% | 0.0% | 1.1% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -13.3% | 12.9% | 11.2% |
| Operating income | 15.2% | 8.2% | 6.3% |
| Net income | 22.1% | 8.9% | 9.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 6.4% | 4.2% | 4.8% | 5.8% |
| Net margin | 3.7% | 2.7% | 2.9% | 3.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 12.8 | 10.0 | 9.7 | 14.3 | 16.0 | 14.3 | 14.9 | 13.0 | 17.0 | 15.6 |
| Price to sales | 0.5 | 0.4 | 0.3 | 0.2 | 0.5 | 0.6 | 0.8 | 0.6 | 0.8 | 0.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 22 years. Last went ex-dividend on 22 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.16 | 0.15 | 0.14 | 0.125 | 0.12 | 0.11 | 0.10 | 0.10 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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