H 
127.20
-0.24%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€18.63bn
FY2016FY2025
Net income
€909.8m
FY2016FY2025
Free cash flow
€985.1m
FY2016FY2025
Shareholders' equity
€17.93bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €18.63bn | €19.11bn | €17.93bn | €34.54bn | €22.27bn | €12.77bn | €12.61bn | €11.52bn | €9.97bn | €7.73bn |
| Research and development | — | — | €100.0m | €62.0m | €43.3m | €39.7m | €25.5m | €17.8m | — | — |
| Operating income | €934.5m | €2.58bn | €2.52bn | €17.43bn | €9.36bn | €1.30bn | €775.2m | €423.4m | €358.9m | €104.0m |
| Net income | €909.8m | €2.39bn | €2.94bn | €17.03bn | €9.07bn | €926.8m | €362.0m | €36.8m | €27.4m | −€96.6m |
| Diluted earnings per share | 5.18 | 13.57 | 16.70 | 96.89 | 51.62 | 5.27 | 2.06 | 0.21 | 0.16 | -0.81 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €28.96bn | €33.62bn | €29.01bn | €38.69bn | €26.71bn | €15.18bn | €16.20bn | €15.30bn | €14.83bn | €11.33bn |
| Cash and short-term investments | €3.48bn | €7.57bn | €7.65bn | €18.08bn | €7.75bn | €667.9m | €592.6m | €731.9m | €678.4m | €614.1m |
| Total liabilities | €10.97bn | €12.89bn | €10.25bn | €10.78bn | €10.55bn | €8.46bn | €9.58bn | €9.04bn | €8.77bn | €6.27bn |
| Debt | €6.36bn | €6.61bn | €5.06bn | €5.44bn | €5.50bn | €5.14bn | €6.40bn | €6.02bn | €6.34bn | €4.18bn |
| Shareholders' equity | €17.93bn | €20.65bn | €18.69bn | €27.89bn | €16.15bn | €6.71bn | €6.61bn | €6.25bn | €6.05bn | €5.05bn |
| Shares outstanding | 176m | 176m | 176m | 176m | 176m | 176m | 176m | 176m | 176m | 119m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €2.44bn | €4.36bn | €4.97bn | €19.50bn | €10.41bn | €2.90bn | €2.03bn | €1.07bn | €893.9m | €417.2m |
| Capital spending | −€1.45bn | −€2.17bn | −€1.70bn | −€1.44bn | −€1.25bn | −€534.1m | −€426.1m | −€328.9m | −€411.3m | −€353.7m |
| Free cash flow | €985.1m | €2.20bn | €3.26bn | €18.06bn | €9.16bn | €2.36bn | €1.60bn | €744.0m | €482.6m | €63.5m |
| Dividends paid | −€1.44bn | −€1.64bn | −€11.09bn | −€6.17bn | −€633.5m | −€203.5m | −€39.5m | −€115.7m | −€3.1m | −€6.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €5.02bn | €4.20bn | €4.28bn | €4.67bn | €4.63bn | €5.05bn | €5.05bn | €5.26bn |
| Operating income | €144.7m | −€153.1m | €51.9m | €161.5m | €147.5m | €463.0m | €784.0m | €968.7m |
| Net income | €68.3m | −€220.3m | €75.4m | €134.5m | €258.2m | €441.7m | €707.7m | €954.5m |
| Diluted earnings per share | 0.39 | -1.25 | 0.43 | 0.77 | 1.47 | 2.51 | 4.03 | 5.43 |
| Cash from operations | €303.0m | €401.0m | €131.0m | €681.0m | €497.0m | €1.17bn | €1.52bn | €1.58bn |
| Capital spending | −€93.0m | −€125.0m | −€163.0m | −€184.0m | −€373.0m | −€728.0m | −€721.0m | −€498.0m |
| Free cash flow | €210.0m | €276.0m | −€32.0m | €497.0m | €124.0m | €443.0m | €804.0m | €1.08bn |
| Total assets | €29.84bn | €29.90bn | €28.96bn | €29.22bn | €29.22bn | €32.86bn | €33.62bn | €30.13bn |
| Cash and short-term investments | €4.85bn | €3.34bn | €3.48bn | €3.90bn | €5.80bn | €7.73bn | €7.57bn | €6.72bn |
| Debt | €1.63bn | €3.94bn | €7.44bn | €6.32bn | €6.26bn | €6.46bn | €6.61bn | €5.76bn |
| Shareholders' equity | €17.75bn | €18.07bn | €17.93bn | €17.76bn | €17.66bn | €20.34bn | €20.65bn | €18.57bn |
Financial ratios
Data as of 25 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 5.0% | 13.5% | 14.0% | 50.5% | 42.0% | 10.1% | — | — |
| Net margin | 4.9% | 12.5% | 16.4% | 49.3% | 40.7% | 7.3% | — | — |
| Return on equity | 5.1% | 11.5% | 15.7% | 61.1% | 56.2% | 13.8% | — | — |
| Return on assets | 3.1% | 7.1% | 10.1% | 44.0% | 34.0% | 6.1% | — | — |
| Free cash flow yield | 16.3% | 27.4% | 28.0% | 87.8% | 48.9% | 14.4% | — | — |
| Revenue growth | -2.5% | 6.6% | -48.1% | 55.1% | 74.4% | 1.3% | — | — |
| Earnings growth | -61.9% | -18.7% | -82.8% | 87.7% | 879.1% | 156.0% | — | — |
| Current ratio | 1.49x | 1.54x | 1.73x | 3.41x | 1.92x | 0.67x | — | — |
| Debt to equity | 0.21x | 0.19x | 0.19x | 0.13x | 0.24x | 0.51x | — | — |
| Equity ratio | 61.9% | 61.4% | 64.4% | 72.1% | 60.5% | 44.2% | — | — |
| Interest coverage | 2.46x | 8.14x | 11.26x | 75.15x | 37.97x | 3.74x | — | — |
| R&D as a share of sales | — | — | 0.6% | 0.2% | 0.2% | 0.3% | 0.2% | 0.2% |
| Buybacks as a share of market value | 0.0% | -0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -18.6% | 7.8% | 7.7% |
| Operating income | -62.3% | -6.3% | 11.7% |
| Net income | -62.3% | -0.4% | 23.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 9.3% | 26.0% | 27.2% | 20.5% |
| Net margin | 8.7% | 25.8% | 26.6% | 19.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 22.7 | 11.3 | 8.1 | 1.8 | 5.4 | 17.4 | 37.1 | 107.0 | 214.9 | -26.8 |
| Price to sales | 1.1 | 1.4 | 1.3 | 0.9 | 2.2 | 1.3 | 1.1 | 0.3 | 0.6 | 0.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 8 years. Last went ex-dividend on 21 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 3.00 | 8.20 | 9.25 | 63.00 | 70.00 | 3.50 | 1.10 | 0.15 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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