I 
9.20
+0.88%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€3.51bn
FY2016FY2025
Net income
€672.3m
FY2016FY2025
Free cash flow
€537.8m
FY2016FY2025
Shareholders' equity
€3.82bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €3.51bn | €2.51bn | €2.61bn | €2.18bn | €2.10bn | €2.06bn | €1.82bn | €1.62bn | €1.60bn | €466.7m |
| Operating income | €1.15bn | €782.1m | €684.2m | €644.8m | €527.3m | €591.2m | €461.1m | €522.3m | €483.3m | €50.0m |
| Net income | €672.3m | €478.9m | €439.6m | €407.3m | €362.8m | €384.6m | €417.2m | €313.7m | €292.8m | −€123.8m |
| Diluted earnings per share | 0.66 | 0.59 | 0.54 | 0.50 | 0.45 | 0.48 | 0.52 | 0.39 | 0.36 | -0.09 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €18.87bn | €11.97bn | €11.14bn | €11.03bn | €10.15bn | €9.12bn | €8.23bn | €6.76bn | €5.84bn | €5.61bn |
| Cash and short-term investments | €491.4m | €362.9m | €267.2m | €451.9m | €1.39bn | €664.1m | €262.4m | €138.6m | €3.0m | €1.7m |
| Total liabilities | €14.70bn | €9.18bn | €8.54bn | €8.64bn | €8.01bn | €7.15bn | €6.44bn | €5.43bn | €4.66bn | €4.54bn |
| Debt | €10.51bn | €7.19bn | €6.92bn | €6.55bn | €6.38bn | €5.41bn | €4.75bn | €4.02bn | €3.72bn | €3.62bn |
| Shareholders' equity | €3.82bn | €2.46bn | €2.28bn | €2.11bn | €1.89bn | €1.74bn | €1.56bn | €1.33bn | €1.19bn | €1.06bn |
| Shares outstanding | 1,016m | 811m | 811m | 819m | 810m | 809m | 809m | 799m | 820m | 1,366m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €1.63bn | €1.10bn | €572.7m | €548.2m | €839.6m | €761.7m | €725.0m | €750.4m | €546.7m | −€78.1m |
| Capital spending | −€1.09bn | −€892.7m | −€861.9m | −€777.2m | −€819.6m | −€747.0m | −€699.3m | −€15.4m | −€10.9m | −€9.7m |
| Free cash flow | €537.8m | €206.0m | −€289.2m | −€229.1m | €20.1m | €14.6m | €25.7m | €735.0m | €535.8m | −€87.8m |
| Dividends paid | −€348.7m | −€299.8m | −€270.5m | −€253.3m | −€243.1m | −€221.0m | −€207.8m | −€168.3m | −€161.8m | −€161.8m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €1.93bn | €1.58bn | €620.1m | €955.8m | €643.7m | €1.35bn | €402.5m | €1.18bn |
| Operating income | €1.07bn | €888.8m | €319.5m | €322.3m | €279.8m | €108.4m | €203.8m | €673.7m |
| Net income | €386.3m | €503.0m | €176.8m | €169.3m | €168.8m | €244.5m | €120.2m | €234.4m |
| Diluted earnings per share | 0.38 | 0.50 | 0.17 | 0.17 | 0.17 | 0.30 | 0.15 | 0.29 |
| Cash from operations | €929.0m | €1.30bn | — | €326.0m | €412.0m | €569.0m | — | €529.0m |
| Capital spending | −€713.0m | −€777.0m | — | −€309.0m | −€146.0m | −€880.0m | — | −€12.0m |
| Free cash flow | €216.0m | €521.0m | — | €17.0m | €266.0m | −€311.0m | — | €517.0m |
| Total assets | €19.13bn | €18.87bn | — | €17.86bn | €14.21bn | €11.97bn | — | €11.54bn |
| Cash and short-term investments | €1.25bn | €491.4m | — | €386.9m | €2.58bn | €362.9m | — | €344.6m |
| Debt | €12.03bn | €11.42bn | — | €11.37bn | €8.49bn | €7.19bn | — | €7.19bn |
| Shareholders' equity | €3.77bn | €3.82bn | — | €3.48bn | €2.63bn | €2.46bn | — | €2.23bn |
Financial ratios
Data as of 4 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 32.8% | 31.1% | 26.2% | 29.5% | 25.1% | 28.7% |
| Net margin | 19.2% | 19.0% | 16.9% | 18.7% | 17.3% | 18.7% |
| Return on equity | 17.6% | 19.5% | 19.3% | 19.3% | 19.2% | 22.1% |
| Return on assets | 3.6% | 4.0% | 3.9% | 3.7% | 3.6% | 4.2% |
| Free cash flow yield | 32.3% | 29.7% | 21.4% | 19.6% | 24.8% | 22.6% |
| Revenue growth | 39.6% | -3.6% | 19.5% | 4.0% | 2.0% | 13.1% |
| Earnings growth | 40.4% | 8.9% | 7.9% | 12.3% | -5.7% | -7.8% |
| Current ratio | 0.91x | 0.73x | 0.72x | 1.32x | 1.57x | 0.99x |
| Debt to equity | 2.97x | 2.91x | 3.01x | 3.08x | 3.34x | 3.08x |
| Equity ratio | 20.2% | 20.5% | 20.5% | 19.1% | 18.6% | 19.0% |
| Interest coverage | 4.87x | 5.33x | 6.84x | 10.79x | 8.26x | 11.26x |
| Buybacks as a share of market value | -25.2% | -0.1% | 1.0% | -1.1% | -0.1% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 17.1% | 11.3% | 9.7% |
| Operating income | 21.3% | 14.2% | 9.7% |
| Net income | 18.2% | 11.8% | 7.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 32.1% | 30.2% | 29.3% | 29.1% |
| Net margin | 19.1% | 18.5% | 18.3% | 18.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 14.4 | 9.2 | 9.6 | 10.4 | 13.5 | 10.9 | 10.6 | 12.7 | 14.3 | -41.3 |
| Price to sales | 2.8 | 1.8 | 1.6 | 1.9 | 2.3 | 2.0 | 2.4 | 2.5 | 2.6 | 10.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 9 years. Last went ex-dividend on 18 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.432 | 0.406 | 0.352 | 0.317 | 0.295 | 0.277 | 0.256 | 0.234 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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