K 
35.28
+2.80%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€11.30bn
FY2016FY2025
Net income
€230.1m
FY2016FY2025
Free cash flow
€701.5m
FY2016FY2025
Shareholders' equity
€6.10bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €11.30bn | €11.50bn | €11.43bn | €11.14bn | €10.29bn | €8.34bn | €8.81bn | €8.00bn | €7.65bn | €5.59bn |
| Gross profit | €2.95bn | €3.09bn | €2.78bn | €2.12bn | €2.52bn | €2.04bn | €2.33bn | €2.10bn | €1.95bn | €1.55bn |
| Research and development | €259.4m | €259.6m | €235.1m | €203.3m | €174.7m | €156.8m | €155.3m | €137.7m | €137.0m | €96.5m |
| Operating income | €497.4m | €797.6m | €649.8m | €264.6m | €863.0m | €460.0m | €769.5m | €609.7m | €533.6m | €388.5m |
| Net income | €230.1m | €360.3m | €305.8m | €98.0m | €568.3m | €215.3m | €454.8m | €399.9m | €424.8m | €245.5m |
| Diluted earnings per share | 1.76 | 2.75 | 2.33 | 0.75 | 4.33 | 1.81 | 3.83 | 3.37 | 3.60 | 2.33 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €19.73bn | €18.81bn | €17.39bn | €16.53bn | €15.85bn | €14.06bn | €13.77bn | €12.97bn | €11.23bn | €11.36bn |
| Cash and short-term investments | €524.6m | €787.0m | €354.5m | €355.9m | €517.6m | €359.8m | €249.0m | €211.4m | €231.5m | €326.3m |
| Total liabilities | €13.61bn | €12.60bn | €11.62bn | €10.92bn | €10.68bn | €9.78bn | €10.21bn | €9.66bn | €8.08bn | €8.82bn |
| Debt | €7.42bn | €7.69bn | €6.63bn | €6.33bn | €5.15bn | €4.97bn | €5.42bn | €4.97bn | €4.72bn | €4.67bn |
| Shareholders' equity | €6.10bn | €6.19bn | €5.77bn | €5.61bn | €5.18bn | €4.28bn | €3.57bn | €3.30bn | €3.14bn | €2.53bn |
| Shares outstanding | 131m | 131m | 131m | 131m | 131m | 119m | 119m | 119m | 118m | 105m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €1.10bn | €1.17bn | €1.09bn | −€345.9m | €881.7m | €527.1m | €846.3m | €765.5m | €615.8m | €414.3m |
| Capital spending | −€395.7m | −€462.9m | −€442.8m | −€382.7m | −€333.8m | −€283.8m | −€287.4m | −€258.5m | −€218.3m | −€166.7m |
| Free cash flow | €701.5m | €707.7m | €651.1m | −€728.6m | €547.9m | €243.3m | €558.9m | €507.0m | €397.5m | €247.6m |
| Dividends paid | −€107.5m | −€91.8m | −€24.9m | −€196.7m | −€53.7m | −€4.7m | −€141.5m | −€116.8m | −€86.9m | −€76.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €2.92bn | €2.77bn | €3.10bn | €2.70bn | €2.71bn | €2.79bn | €3.07bn | €2.70bn |
| Gross profit | €722.5m | €717.0m | €764.5m | €723.9m | €742.7m | €719.1m | €820.7m | €731.7m |
| Operating income | €195.6m | €178.1m | €194.5m | €189.3m | €151.9m | €68.8m | €228.5m | €181.3m |
| Net income | €112.2m | €89.9m | €69.1m | €114.3m | €94.5m | −€47.8m | €110.8m | €72.4m |
| Diluted earnings per share | 0.86 | 0.69 | 0.53 | 0.87 | 0.72 | -0.36 | 0.84 | 0.55 |
| Cash from operations | −€401.0m | €113.0m | €426.0m | €331.0m | €218.0m | €125.0m | €475.0m | €328.0m |
| Capital spending | −€90.0m | −€62.0m | −€131.0m | −€91.0m | −€87.0m | −€85.0m | −€173.0m | −€106.0m |
| Free cash flow | −€491.0m | €51.0m | €295.0m | €240.0m | €131.0m | €40.0m | €302.0m | €222.0m |
| Total assets | €18.98bn | €18.99bn | €19.73bn | €18.15bn | €18.43bn | €18.86bn | €18.81bn | €17.96bn |
| Cash and short-term investments | €391.0m | €967.2m | €474.9m | €342.5m | €748.5m | €844.9m | €787.0m | €478.2m |
| Debt | €1.81bn | €1.89bn | €8.60bn | €6.60bn | €8.48bn | €8.44bn | €7.04bn | €7.81bn |
| Shareholders' equity | €6.35bn | €6.25bn | €6.10bn | €6.01bn | €5.87bn | €6.09bn | €6.19bn | €5.91bn |
Financial ratios
Data as of 8 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 26.1% | 26.9% | 24.3% | 19.1% | 24.5% | 24.5% |
| Operating margin | 6.2% | 7.9% | 6.7% | 2.5% | 8.4% | 5.2% |
| Net margin | 2.0% | 3.1% | 2.7% | 0.9% | 5.5% | 2.6% |
| Return on equity | 3.8% | 5.8% | 5.3% | 1.7% | 11.0% | 5.0% |
| Return on assets | 1.2% | 1.9% | 1.8% | 0.6% | 3.6% | 1.5% |
| Free cash flow yield | 33.5% | 36.7% | 34.5% | 0.8% | 27.3% | 20.1% |
| Revenue growth | -1.8% | 0.6% | 2.7% | 8.2% | 23.4% | -5.3% |
| Earnings growth | -36.1% | 17.8% | 212.0% | -82.8% | 164.0% | -52.7% |
| Current ratio | 0.99x | 1.01x | 1.05x | 1.05x | 0.92x | 0.89x |
| Debt to equity | 0.45x | 0.52x | 0.50x | 0.51x | 0.50x | 0.74x |
| Equity ratio | 30.9% | 32.9% | 33.2% | 33.9% | 32.7% | 30.5% |
| Interest coverage | 2.20x | 2.50x | 2.51x | 1.92x | 8.17x | 3.27x |
| R&D as a share of sales | 2.3% | 2.3% | 2.1% | 1.8% | 1.7% | 1.9% |
| Buybacks as a share of market value | 0.0% | 0.0% | 0.0% | -0.0% | -10.3% | -0.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 0.5% | 6.3% | 8.3% |
| Operating income | 23.4% | 1.6% | 2.6% |
| Net income | 32.9% | 1.3% | 0.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 26.5% | 24.1% | 24.2% | 25.2% |
| Operating margin | 5.7% | 4.9% | 5.5% | 6.3% |
| Net margin | 2.6% | 2.2% | 2.8% | 3.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 38.9 | 11.6 | 16.6 | 35.8 | 22.3 | 39.3 | 16.0 | 13.1 | 19.9 | 22.6 |
| Price to sales | 0.8 | 0.4 | 0.4 | 0.3 | 1.2 | 1.0 | 0.8 | 0.7 | 1.1 | 1.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 12 years. Last went ex-dividend on 29 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.62 | 0.82 | 0.70 | 0.19 | 1.50 | 0.41 | 0.04 | 1.192 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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