J 
19.43
+0.52%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€35.99bn
FY2016FY2025
Net income
€646.0m
FY2016FY2025
Free cash flow
€1.37bn
FY2016FY2025
Shareholders' equity
€3.29bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €35.99bn | €33.46bn | €30.61bn | €25.39bn | €20.89bn | €19.29bn | €18.64bn | €17.34bn | €16.28bn | €14.62bn |
| Gross profit | €7.43bn | €7.89bn | €7.15bn | €6.11bn | €5.24bn | €4.96bn | €4.79bn | €3.76bn | €3.46bn | €3.11bn |
| Research and development | — | — | — | — | — | — | — | — | €1.8m | €1.6m |
| Operating income | — | €1.08bn | €1.22bn | €972.0m | €821.0m | €670.3m | €718.9m | €596.1m | €588.1m | €565.8m |
| Net income | €646.0m | €599.0m | €756.0m | €590.0m | €463.0m | €312.1m | €389.9m | €401.0m | €385.4m | €593.2m |
| Diluted earnings per share | 1.03 | 0.95 | 1.20 | 0.94 | 0.74 | 0.50 | 0.62 | 0.64 | 0.61 | 1.09 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €17.06bn | €15.30bn | €14.30bn | €11.85bn | €10.37bn | €9.43bn | €9.75bn | €6.66bn | €6.44bn | €5.69bn |
| Total liabilities | €13.53bn | €12.04bn | €11.23bn | €9.26bn | €7.84bn | €7.17bn | €7.52bn | €4.64bn | €4.43bn | €3.70bn |
| Debt | €519.0m | €4.92bn | €4.15bn | €3.15bn | €2.85bn | €2.80bn | €3.12bn | €639.2m | €537.3m | €339.4m |
| Shareholders' equity | €3.29bn | €3.01bn | €2.81bn | €2.33bn | €2.28bn | €2.01bn | €1.97bn | €1.78bn | €1.79bn | €1.74bn |
| Shares outstanding | 628m | 628m | 628m | 628m | 628m | 628m | 628m | 628m | 628m | 542m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €2.42bn | €1.65bn | €2.02bn | €2.10bn | €1.76bn | €1.45bn | €1.49bn | €875.0m | €909.5m | €843.3m |
| Capital spending | −€1.06bn | −€1.00bn | −€1.08bn | −€887.0m | −€584.0m | −€514.0m | −€575.5m | −€719.8m | −€648.6m | −€438.1m |
| Free cash flow | €1.37bn | €649.0m | €945.0m | €1.21bn | €1.17bn | €935.0m | €916.6m | €155.3m | €260.8m | €405.1m |
| Dividends paid | −€388.0m | −€429.0m | −€363.0m | −€511.0m | −€181.0m | −€217.0m | −€204.2m | −€385.2m | −€380.2m | −€184.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €9.38bn | €8.90bn | €9.46bn | €9.14bn | €9.02bn | €8.38bn | €8.70bn | €8.47bn |
| Gross profit | €2.26bn | €2.17bn | €2.27bn | €2.18bn | €2.11bn | €1.74bn | €2.05bn | €2.02bn |
| Operating income | €298.0m | €265.0m | €322.0m | €371.0m | €286.0m | €249.0m | €295.0m | €316.0m |
| Net income | €141.0m | €119.0m | €162.0m | €214.0m | €142.0m | €127.0m | €159.0m | €187.0m |
| Diluted earnings per share | 0.22 | 0.19 | 0.26 | 0.34 | 0.23 | 0.20 | 0.25 | 0.30 |
| Cash from operations | €585.0m | €74.0m | €964.0m | €662.0m | €700.0m | €99.0m | €792.0m | €393.0m |
| Capital spending | −€276.0m | −€291.0m | −€327.0m | −€199.0m | −€238.0m | −€293.0m | −€286.0m | −€213.0m |
| Free cash flow | €309.0m | −€217.0m | €637.0m | €463.0m | €462.0m | −€194.0m | €506.0m | €180.0m |
| Total assets | €16.91bn | €16.92bn | €17.06bn | €15.57bn | €15.30bn | €15.44bn | €15.29bn | €14.23bn |
| Debt | €627.0m | €514.0m | €519.0m | €420.0m | €454.0m | €524.0m | €507.0m | €345.0m |
| Shareholders' equity | €3.13bn | €3.39bn | €3.29bn | €3.11bn | €2.90bn | €3.16bn | €3.01bn | €2.85bn |
Financial ratios
Data as of 2 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 23.8% | 23.6% | 23.4% | 24.1% | 25.1% | 25.7% | — | — | — | — | — | — | — |
| Operating margin | 3.4% | 3.2% | 4.0% | 3.8% | 3.9% | 3.5% | — | — | — | — | — | — | — |
| Net margin | 1.8% | 1.8% | 2.5% | 2.3% | 2.2% | 1.6% | — | — | — | — | — | — | — |
| Return on equity | 19.6% | 19.9% | 26.9% | 25.3% | 20.3% | 15.5% | — | — | — | — | — | — | — |
| Return on assets | 3.8% | 3.9% | 5.3% | 5.0% | 4.5% | 3.3% | — | — | — | — | — | — | — |
| Free cash flow yield | — | 24.9% | 29.1% | 27.9% | 21.9% | 18.4% | 19.4% | — | — | — | — | — | — |
| Revenue growth | 7.6% | 9.3% | 20.6% | 21.5% | 8.3% | 3.5% | — | — | — | — | — | — | — |
| Earnings growth | 7.8% | -20.8% | 28.1% | 27.4% | 48.3% | -19.9% | — | — | — | — | — | — | — |
| Current ratio | 0.62x | 0.61x | 0.60x | 0.60x | 0.58x | 0.51x | — | — | — | — | — | — | — |
| Debt to equity | 0.16x | 0.17x | 0.10x | 0.10x | 0.15x | 0.18x | — | — | — | — | — | — | — |
| Equity ratio | 19.3% | 19.7% | 19.7% | 19.7% | 22.0% | 21.3% | — | — | — | — | — | — | — |
| Interest coverage | 3.33x | 3.42x | 5.15x | 5.89x | 5.59x | 4.52x | — | — | — | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| 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 | 12.3% | 13.3% | 10.1% |
| Net income | 3.1% | 15.7% | 6.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 22.1% | 22.8% | 23.4% | 23.1% |
| Net margin | 1.8% | 2.1% | 2.0% | 2.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 19.7 | 19.4 | 19.1 | 21.5 | 27.3 | 27.8 | 23.6 | 16.2 | 26.4 | 13.5 |
| Price to sales | 0.3 | 0.3 | 0.5 | 0.5 | 0.6 | 0.5 | 0.5 | 0.4 | 0.6 | 0.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 14 years. Last went ex-dividend on 8 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.65 | 0.59 | 0.655 | 0.55 | 0.785 | 0.288 | 0.345 | 0.325 |
- 5-for-1 split · 28 May 2007
- 1.911-for-1 split · 3 Dec 1996
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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