K 
36.74
-0.16%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€1.66bn
FY2016FY2025
Net income
€1.30bn
FY2016FY2025
Free cash flow
€725.7m
FY2016FY2025
Shareholders' equity
€9.32bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €1.66bn | €1.50bn | €1.50bn | €1.51bn | €1.32bn | €1.39bn | €1.61bn | €1.66bn | €1.41bn | €1.41bn |
| Gross profit | €1.20bn | €1.13bn | €1.09bn | €1.10bn | €935.9m | €915.3m | €1.20bn | €1.24bn | €1.28bn | €1.28bn |
| Research and development | — | — | €0 | €0 | €200,000 | €1.6m | €1.6m | €900,000 | €1.0m | €2.8m |
| Operating income | €1.03bn | €1.54bn | €943.1m | €937.8m | €788.9m | €777.4m | €855.4m | €1.04bn | €1.07bn | €1.05bn |
| Net income | €1.30bn | €1.10bn | €192.7m | €415.2m | €544.7m | −€785.7m | €324.9m | €838.8m | €1.23bn | €1.19bn |
| Diluted earnings per share | 4.02 | 3.83 | 0.67 | 1.44 | 1.90 | -2.75 | 1.11 | 2.81 | 4.06 | 3.82 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €22.27bn | €20.97bn | €20.09bn | €20.55bn | €21.78bn | €22.88bn | €24.64bn | €24.77bn | €25.15bn | €24.34bn |
| Cash and short-term investments | €831.9m | €400.8m | €358.7m | €281.6m | €640.0m | €462.1m | €484.5m | €304.5m | €564.5m | €578.8m |
| Total liabilities | €10.80bn | €10.32bn | €10.07bn | €10.09bn | €11.19bn | €12.45bn | €12.38bn | €11.88bn | €12.19bn | €11.80bn |
| Debt | €8.13bn | €7.98bn | €7.84bn | €8.05bn | €9.05bn | €9.91bn | €9.76bn | €9.23bn | €9.59bn | €9.26bn |
| Shareholders' equity | €9.32bn | €8.60bn | €8.02bn | €8.36bn | €8.40bn | €8.18bn | €9.77bn | €10.36bn | €10.40bn | €10.11bn |
| Shares outstanding | 324m | 287m | 286m | 288m | 286m | 285m | 292m | 299m | 303m | 312m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €931.4m | €965.0m | €933.8m | €826.1m | €778.5m | €795.0m | €1.04bn | €1.02bn | €1.03bn | €956.2m |
| Capital spending | −€205.7m | −€190.3m | −€192.2m | −€187.2m | −€168.3m | −€202.8m | −€267.4m | −€5.9m | −€8.9m | −€10.5m |
| Free cash flow | €725.7m | €774.7m | €741.6m | €638.9m | €610.2m | €592.2m | €775.0m | €1.01bn | €1.03bn | €945.7m |
| Dividends paid | −€529.2m | −€485.2m | −€258.5m | −€462.0m | −€262.1m | −€628.1m | −€619.5m | −€589.4m | −€562.0m | −€530.0m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €877.4m | €1.22bn | €435.7m | €814.8m | €836.7m | €758.5m | €738.4m | €338.8m |
| Gross profit | €672.8m | €614.6m | €335.6m | €592.3m | €628.8m | €560.7m | €532.0m | €246.1m |
| Operating income | €933.1m | €540.3m | €419.5m | €509.7m | €550.0m | €478.5m | €464.6m | €223.4m |
| Net income | €684.7m | €681.8m | €308.8m | €561.8m | €535.7m | €141.6m | €51.1m | €136.2m |
| Diluted earnings per share | 2.39 | 2.11 | 0.95 | 1.96 | 1.87 | 0.49 | 0.18 | 0.48 |
| Cash from operations | €477.0m | €444.0m | €487.0m | €395.0m | €500.0m | €398.0m | €423.0m | €216.0m |
| Capital spending | −€78.0m | −€118.0m | −€5.0m | −€113.0m | −€76.0m | −€99.0m | −€100.0m | −€42.0m |
| Free cash flow | €399.0m | €326.0m | €482.0m | €282.0m | €424.0m | €299.0m | €323.0m | €174.0m |
| Total assets | €22.33bn | €22.27bn | €21.88bn | €20.97bn | €21.18bn | €20.09bn | €20.20bn | €5.45bn |
| Cash and short-term investments | €355.0m | €831.9m | €957.1m | €400.8m | €960.5m | €358.7m | €357.3m | €160.0m |
| Debt | €1.87bn | €8.12bn | €8.18bn | €7.68bn | €8.32bn | €7.59bn | €7.70bn | — |
| Shareholders' equity | €9.47bn | €9.32bn | €8.65bn | €8.60bn | €8.04bn | €8.02bn | €7.83bn | €2.65bn |
Financial ratios
Data as of 6 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 72.2% | 75.4% | 73.0% | 72.9% | 70.6% | 65.7% | — | — |
| Operating margin | 115.0% | 112.4% | 32.2% | 62.0% | 65.9% | 47.5% | — | — |
| Net margin | 78.5% | 73.0% | 12.9% | 27.5% | 41.1% | -56.4% | — | — |
| Return on equity | 13.9% | 12.8% | 2.4% | 5.0% | 6.5% | -9.6% | — | — |
| Return on assets | 5.8% | 5.2% | 1.0% | 2.0% | 2.5% | -3.4% | — | — |
| Free cash flow yield | 10.0% | 11.5% | 11.2% | 10.0% | 9.4% | 10.0% | — | — |
| Revenue growth | 10.2% | 0.4% | -1.0% | 14.1% | -4.9% | -13.7% | — | — |
| Earnings growth | 18.4% | 469.5% | -53.6% | -23.8% | -169.3% | -341.8% | — | — |
| Current ratio | 0.69x | 0.44x | 0.39x | 0.30x | 0.43x | 0.33x | — | — |
| Debt to equity | 0.87x | 0.89x | 0.95x | 0.92x | 1.04x | 1.18x | — | — |
| Equity ratio | 41.9% | 41.0% | 39.9% | 40.7% | 38.6% | 35.8% | — | — |
| Interest coverage | 6.65x | 6.63x | 2.33x | 6.36x | 6.44x | 3.36x | — | — |
| R&D as a share of sales | — | — | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% | 0.1% |
| Buybacks as a share of market value | -12.9% | -0.1% | 0.5% | -0.6% | -0.3% | 2.3% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 3.1% | 3.5% | 1.6% |
| Operating income | 3.1% | 5.7% | 0.1% |
| Net income | 46.3% | — | 16.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 73.7% | 73.3% | 71.7% | 77.2% |
| Operating margin | 81.1% | 72.0% | 67.6% | 67.5% |
| Net margin | 75.9% | 48.7% | 31.1% | 40.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 8.4 | 7.3 | 36.7 | 14.9 | 10.9 | -6.7 | 30.4 | 9.6 | 9.0 | 9.8 |
| Price to sales | 6.6 | 5.3 | 4.7 | 4.1 | 4.5 | 3.8 | 6.1 | 4.9 | 7.9 | 8.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 6 Mar 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.08 | 2.575 | 1.002 | 1.714 | 1.70 | 1.00 | 1.948 | 2.10 |
- 3-for-1 split · 3 Sept 2007
- 3-for-1 split · 24 Apr 2003
- 1-to-1 reverse split · 2 Jul 2001
- 2-for-1 split · 17 Nov 1998
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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