I 
163.40
+2.96%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€3.68bn
FY2016FY2025
Net income
€444.5m
FY2016FY2025
Free cash flow
€1.03bn
FY2016FY2025
Shareholders' equity
€4.34bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €3.68bn | €3.57bn | €3.31bn | €3.16bn | €2.75bn | €2.69bn | €2.69bn | €2.35bn | €2.01bn | €1.67bn |
| Research and development | €754.0m | €686.6m | €619.3m | €445.3m | €424.4m | €405.6m | €388.8m | €302.1m | €265.8m | €231.3m |
| Operating income | €746.3m | €496.7m | €816.0m | €943.7m | €886.2m | €759.0m | €701.8m | €555.3m | €400.4m | €348.2m |
| Net income | €444.5m | €345.9m | €644.4m | €648.6m | €646.6m | €548.0m | −€54.9m | €389.5m | €272.3m | €225.9m |
| Diluted earnings per share | 5.41 | 4.15 | 7.72 | 7.81 | 7.79 | 6.56 | -0.66 | 4.66 | 3.27 | 2.73 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €6.94bn | €6.44bn | €6.32bn | €5.61bn | €4.99bn | €4.31bn | €4.31bn | €3.38bn | €3.07bn | €2.42bn |
| Cash and short-term investments | €1.53bn | €679.2m | €528.4m | €1.17bn | €814.7m | €642.5m | €353.3m | €345.1m | €228.0m | €425.5m |
| Total liabilities | €2.60bn | €2.26bn | €2.50bn | €2.27bn | €2.25bn | €2.18bn | €2.55bn | €1.53bn | €1.54bn | €1.06bn |
| Debt | €783.5m | €427.0m | €475.5m | €695.3m | €693.1m | €870.8m | €1.01bn | €335.6m | €362.2m | €304.1m |
| Shareholders' equity | €4.34bn | €4.18bn | €3.83bn | €3.34bn | €2.74bn | €2.13bn | €1.75bn | €1.84bn | €1.53bn | €1.36bn |
| Shares outstanding | 82m | 83m | 84m | 83m | 83m | 83m | 84m | 84m | 83m | 83m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €1.14bn | €915.5m | €865.9m | €971.4m | €909.2m | €771.3m | €627.7m | €570.9m | €422.9m | €317.8m |
| Capital spending | −€105.3m | −€782.5m | −€116.2m | −€252.9m | −€427.7m | −€140.7m | −€280.6m | −€105.9m | −€84.5m | −€81.1m |
| Free cash flow | €1.03bn | €133.0m | €749.7m | €718.5m | €481.5m | €630.6m | €347.1m | €465.0m | €338.4m | €236.7m |
| Dividends paid | −€116.2m | −€99.6m | −€99.6m | −€99.3m | −€82.9m | −€83.2m | −€83.2m | −€83.0m | −€70.2m | −€70.0m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €2.19bn | €1.86bn | €1.82bn | €1.82bn | €1.75bn | €1.59bn | €1.62bn | €1.66bn |
| Operating income | €731.0m | €488.1m | €640.5m | €178.9m | €317.8m | €470.7m | €324.9m | €356.6m |
| Net income | €403.1m | €109.5m | €334.0m | €113.9m | €232.0m | €449.2m | €195.1m | €253.2m |
| Diluted earnings per share | 4.86 | 1.33 | 4.06 | 1.37 | 2.79 | 5.38 | 2.34 | 3.05 |
| Cash from operations | €693.0m | €611.0m | €526.0m | €446.0m | €466.0m | €436.0m | €429.0m | €551.0m |
| Capital spending | −€28.0m | −€50.0m | −€55.0m | −€113.0m | −€59.0m | −€75.0m | −€40.0m | −€48.0m |
| Free cash flow | €665.0m | €561.0m | €471.0m | €333.0m | €407.0m | €361.0m | €389.0m | €503.0m |
| Total assets | €7.46bn | €6.94bn | €6.83bn | €6.44bn | €6.55bn | €6.32bn | €6.09bn | €5.61bn |
| Cash and short-term investments | €1.97bn | €1.53bn | €1.45bn | €679.2m | €485.4m | €528.4m | €413.4m | €1.17bn |
| Debt | €259.7m | €869.5m | €959.3m | €512.5m | €486.4m | €306.1m | €681.7m | €771.6m |
| Shareholders' equity | €4.71bn | €4.34bn | €4.23bn | €4.18bn | €4.05bn | €3.83bn | €3.40bn | €3.34bn |
Financial ratios
Data as of 2 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 20.3% | 13.9% | 24.7% | 29.9% | 32.2% | 28.3% |
| Net margin | 12.1% | 9.7% | 19.5% | 20.5% | 23.5% | 20.4% |
| Return on equity | 10.3% | 8.3% | 16.8% | 19.4% | 23.6% | 25.7% |
| Return on assets | 6.4% | 5.4% | 10.2% | 11.6% | 13.0% | 12.7% |
| Free cash flow yield | 10.8% | 14.5% | 8.4% | 10.5% | 11.5% | 7.8% |
| Revenue growth | 2.8% | 8.1% | 4.8% | 14.8% | 2.3% | -0.2% |
| Earnings growth | 28.5% | -46.3% | -0.6% | 0.3% | 18.0% | -1098.2% |
| Current ratio | 1.96x | 1.34x | 1.17x | 1.80x | 1.59x | 1.30x |
| Debt to equity | 0.18x | 0.08x | 0.10x | 0.23x | 0.33x | 0.45x |
| Equity ratio | 62.5% | 64.9% | 60.5% | 59.5% | 54.8% | 49.4% |
| Interest coverage | 20.67x | 20.87x | 42.06x | 39.65x | 37.39x | 28.01x |
| R&D as a share of sales | 20.5% | 19.2% | 18.7% | 14.1% | 15.4% | 15.1% |
| Buybacks as a share of market value | 1.3% | 0.3% | -0.6% | -0.0% | 0.6% | 0.2% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 5.2% | 6.5% | 9.2% |
| Operating income | -7.5% | -0.3% | 9.1% |
| Net income | -11.8% | -4.1% | 8.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 17.1% | 21.9% | 24.3% | 23.7% |
| Net margin | 10.9% | 15.2% | 17.1% | 14.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 22.0 | 26.6 | 14.0 | 12.9 | 10.3 | 10.3 | -120.4 | 24.2 | 30.4 | 25.1 |
| Price to sales | 2.7 | 2.6 | 2.7 | 2.6 | 2.4 | 2.1 | 2.5 | 4.0 | 4.1 | 3.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 20 years. Last went ex-dividend on 3 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.60 | 1.40 | 1.20 | 1.20 | 1.20 | 1.00 | 1.00 | 1.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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