I 
2.48
+0.81%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€6.43bn
FY2016FY2025
Net income
€300.5m
FY2016FY2025
Free cash flow
€52.5m
FY2016FY2025
Shareholders' equity
€2.96bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €6.43bn | €5.95bn | €6.41bn | €7.75bn | €4.91bn | €3.68bn | €4.24bn | €4.01bn | €3.69bn | €3.23bn |
| Research and development | — | — | — | €4.4m | — | — | — | — | — | — |
| Operating income | €528.7m | €519.7m | €464.6m | €463.7m | €454.1m | €415.8m | €452.1m | €530.5m | €420.3m | €426.8m |
| Net income | €300.5m | €268.5m | €254.8m | €226.0m | €303.2m | €239.2m | €236.6m | €242.1m | €237.7m | €174.0m |
| Diluted earnings per share | 0.23 | 0.21 | 0.20 | 0.18 | 0.24 | 0.19 | 0.18 | 0.19 | 0.20 | 0.15 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €12.13bn | €12.21bn | €11.69bn | €11.72bn | €10.31bn | €9.55bn | €8.80bn | €8.57bn | €7.90bn | €7.80bn |
| Cash and short-term investments | €231.8m | €326.6m | €436.1m | €788.4m | €606.9m | €890.2m | €345.9m | €369.3m | €169.1m | €253.7m |
| Total liabilities | €8.91bn | €8.87bn | €8.44bn | €8.53bn | €7.36bn | €6.79bn | €6.15bn | €6.01bn | €5.40bn | €5.51bn |
| Debt | €4.56bn | €5.01bn | €4.61bn | €4.32bn | €3.91bn | €4.01bn | €3.48bn | €3.30bn | €3.07bn | €3.22bn |
| Shareholders' equity | €2.96bn | €2.88bn | €2.81bn | €2.75bn | €2.57bn | €2.39bn | €2.29bn | €2.19bn | €2.12bn | €1.96bn |
| Shares outstanding | 1,283m | 1,283m | 1,283m | 1,283m | 1,283m | 1,285m | 1,297m | 1,301m | 1,214m | 1,182m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €977.9m | €1.08bn | €680.3m | €1.08bn | €950.5m | €821.5m | €724.7m | €777.9m | €659.9m | €605.8m |
| Capital spending | −€925.4m | −€830.2m | −€866.6m | −€897.6m | −€757.8m | −€685.1m | −€524.0m | −€447.0m | −€357.3m | −€270.0m |
| Free cash flow | €52.5m | €253.0m | −€186.3m | €185.5m | €192.7m | €136.4m | €200.7m | €330.9m | €302.6m | €335.8m |
| Dividends paid | −€178.2m | −€189.8m | −€176.6m | −€157.6m | −€149.5m | −€149.0m | −€150.2m | −€113.1m | −€90.0m | −€87.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €1.33bn | €1.78bn | €1.66bn | €1.25bn | €1.36bn | €2.06bn | €1.88bn | €1.41bn |
| Operating income | €106.8m | €211.7m | €128.5m | €75.2m | €102.4m | €223.9m | €141.0m | €98.1m |
| Net income | €53.2m | €128.6m | €81.5m | €35.5m | €48.0m | €135.6m | €75.9m | €47.4m |
| Diluted earnings per share | 0.04 | 0.10 | 0.06 | 0.03 | 0.04 | 0.11 | 0.06 | 0.04 |
| Cash from operations | €286.0m | €252.0m | €347.0m | €175.0m | €166.0m | €357.0m | €326.0m | €272.0m |
| Capital spending | −€218.0m | −€189.0m | −€312.0m | −€220.0m | −€208.0m | −€184.0m | −€270.0m | −€214.0m |
| Free cash flow | €68.0m | €63.0m | €35.0m | −€45.0m | −€42.0m | €173.0m | €56.0m | €58.0m |
| Total assets | €12.22bn | €12.47bn | €12.13bn | €11.73bn | €12.38bn | €13.12bn | €12.21bn | €12.37bn |
| Cash and short-term investments | €321.2m | €333.1m | €231.8m | €204.2m | €200.1m | €1.23bn | €326.6m | €1.41bn |
| Debt | €4.70bn | €182.8m | €4.55bn | €178.7m | €5.01bn | €762.1m | €614.2m | €1.16bn |
| Shareholders' equity | €3.44bn | €3.58bn | €2.96bn | €3.38bn | €3.33bn | €3.44bn | €2.88bn | €2.82bn |
Financial ratios
Data as of 23 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 6.2% | 9.7% | 7.7% | 5.9% | 9.7% | 11.7% |
| Net margin | 4.7% | 4.5% | 4.0% | 2.9% | 6.2% | 6.5% |
| Return on equity | 10.1% | 9.3% | 9.1% | 8.2% | 11.8% | 10.0% |
| Return on assets | 2.5% | 2.2% | 2.2% | 1.9% | 2.9% | 2.5% |
| Free cash flow yield | 61.2% | 61.6% | 49.8% | 63.7% | 55.0% | 48.4% |
| Revenue growth | 8.0% | -7.1% | -17.4% | 57.9% | 33.3% | -13.1% |
| Earnings growth | 11.9% | 5.3% | 12.8% | -25.4% | 26.8% | 1.1% |
| Current ratio | 0.90x | 0.89x | 0.83x | 1.05x | 1.00x | 1.28x |
| Debt to equity | 1.54x | 1.74x | 0.26x | 0.04x | 1.53x | 1.67x |
| Equity ratio | 24.4% | 23.6% | 24.0% | 23.4% | 24.9% | 25.0% |
| Interest coverage | 2.41x | 3.54x | 3.02x | 5.25x | 6.25x | 5.65x |
| R&D as a share of sales | — | — | — | 0.1% | — | — |
| Buybacks as a share of market value | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.9% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -6.1% | 11.8% | 7.7% |
| Operating income | 4.5% | 4.9% | 4.3% |
| Net income | 10.0% | 4.7% | 9.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 8.5% | 7.4% | 8.1% | 9.4% |
| Net margin | 4.6% | 4.0% | 4.5% | 4.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 10.9 | 9.2 | 9.9 | 8.3 | 11.2 | 11.4 | 15.1 | 11.3 | 12.8 | 10.6 |
| Price to sales | 0.5 | 0.4 | 0.4 | 0.2 | 0.7 | 0.7 | 0.8 | 0.7 | 0.8 | 0.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 25 years. Last went ex-dividend on 22 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.139 | 0.128 | 0.119 | 0.11 | 0.105 | 0.095 | 0.093 | 0.084 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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