L 
36.94
+0.93%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€13.54bn
FY2016FY2025
Net income
€281.1m
FY2016FY2025
Free cash flow
€556.3m
FY2016FY2025
Shareholders' equity
€642.4m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €13.54bn | €12.99bn | €12.43bn | €11.46bn | €10.82bn | €10.56bn | €10.15bn | €9.48bn | €9.49bn | €9.63bn |
| Gross profit | €481.2m | €1.76bn | €841.5m | €1.24bn | €997.9m | €981.6m | €951.7m | €916.8m | €862.7m | €862.3m |
| Research and development | €1.6m | €1.8m | €2.1m | €1.9m | €2.5m | €2.6m | €2.7m | €2.1m | €2.1m | €1.8m |
| Operating income | €317.1m | €326.2m | €293.3m | €266.4m | €240.3m | €206.4m | €204.3m | €190.5m | €158.0m | €177.1m |
| Net income | €281.1m | €308.2m | €272.3m | €198.8m | €174.0m | €157.2m | €164.6m | €156.7m | €153.9m | €132.1m |
| Diluted earnings per share | 2.14 | 2.32 | 2.05 | 1.50 | 1.31 | 1.18 | 1.24 | 1.18 | 1.17 | 1.00 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €8.31bn | €8.08bn | €8.06bn | €7.69bn | €7.59bn | €7.85bn | €7.08bn | €6.87bn | €6.54bn | €6.72bn |
| Cash and short-term investments | €174.6m | €169.2m | €193.0m | €218.7m | €171.8m | €162.8m | €160.8m | €2.06bn | €1.92bn | €2.06bn |
| Total liabilities | €7.66bn | €7.44bn | €7.47bn | €7.13bn | €7.06bn | €7.33bn | €6.56bn | €6.35bn | €6.04bn | €6.23bn |
| Debt | €274.5m | €280.9m | €285.4m | €144.6m | €170.8m | €205.6m | €40.9m | €37.0m | €39.3m | €33.6m |
| Shareholders' equity | €642.4m | €641.5m | €590.7m | €562.0m | €523.6m | €514.2m | €518.6m | €510.0m | €500.6m | €489.7m |
| Shares outstanding | 131m | 133m | 133m | 132m | 133m | 133m | 133m | 133m | 131m | 132m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €601.2m | €397.3m | €307.6m | €643.0m | −€302.0m | €830.1m | €346.8m | €347.5m | €4.2m | €388.6m |
| Capital spending | −€44.8m | −€47.1m | −€44.2m | −€36.3m | −€40.2m | −€37.7m | −€54.1m | −€56.1m | −€29.0m | −€24.9m |
| Free cash flow | €556.3m | €350.2m | €263.5m | €606.7m | −€342.2m | €792.4m | €292.7m | €291.4m | −€24.7m | €363.7m |
| Dividends paid | −€275.9m | −€253.4m | −€189.9m | −€166.2m | −€158.4m | −€158.7m | −€150.8m | −€145.6m | −€125.7m | −€99.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €3.57bn | €6.59bn | €3.40bn | €7.11bn | €3.51bn | €3.13bn | €3.29bn | €3.51bn |
| Gross profit | −€26.7m | €251.2m | €454.0m | €892.8m | €445.1m | €457.9m | €458.0m | €487.3m |
| Operating income | €84.8m | €164.4m | €82.0m | €142.1m | €70.8m | €88.2m | €86.0m | €77.3m |
| Net income | €74.0m | €136.0m | €71.0m | €129.9m | €63.1m | €73.9m | €77.0m | €71.4m |
| Diluted earnings per share | 0.56 | 1.03 | 0.54 | 0.99 | 0.48 | 0.56 | 0.58 | 0.54 |
| Cash from operations | — | −€473.0m | — | €1.11bn | — | −€505.0m | — | €879.0m |
| Capital spending | — | −€16.0m | — | −€20.0m | — | −€24.0m | — | −€31.0m |
| Free cash flow | — | −€489.0m | — | €1.09bn | — | −€529.0m | — | €848.0m |
| Total assets | €8.46bn | €7.78bn | €7.90bn | €8.31bn | €8.32bn | €7.33bn | €7.66bn | €8.08bn |
| Cash and short-term investments | €2.47bn | €110.7m | €1.71bn | €174.6m | €2.37bn | €174.0m | €1.61bn | €169.2m |
| Debt | €67.0m | €71.3m | €66.0m | €62.2m | €64.0m | €68.6m | €72.0m | €62.0m |
| Shareholders' equity | €654.0m | €577.6m | €713.0m | €642.4m | €650.0m | €587.1m | €714.0m | €641.5m |
Financial ratios
Data as of 18 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 6.7% | 6.9% | 6.8% | 6.0% | 9.2% | 9.3% |
| Operating margin | 2.3% | 2.5% | 2.3% | 2.2% | 2.4% | 2.2% |
| Net margin | 2.1% | 2.4% | 2.2% | 1.7% | 1.6% | 1.5% |
| Return on equity | 43.8% | 48.1% | 46.1% | 35.4% | 33.2% | 30.6% |
| Return on assets | 3.4% | 3.8% | 3.4% | 2.6% | 2.3% | 2.0% |
| Free cash flow yield | 13.1% | 8.9% | 7.1% | 13.7% | -5.3% | 17.4% |
| Revenue growth | 4.2% | 4.5% | 8.4% | 6.0% | 2.4% | 4.0% |
| Earnings growth | -8.8% | 13.2% | 36.9% | 14.3% | 10.7% | -4.5% |
| Current ratio | 0.91x | 0.90x | 0.89x | 0.90x | 0.89x | 0.88x |
| Debt to equity | 0.10x | 0.13x | 0.11x | 0.09x | 0.15x | 0.16x |
| Equity ratio | 7.7% | 7.9% | 7.3% | 7.3% | 6.9% | 6.6% |
| Interest coverage | 32.88x | 32.37x | 37.97x | 110.65x | 169.71x | 47.34x |
| 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 | 1.0% | -0.0% | -0.2% | 0.1% | 0.5% | -0.3% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 5.7% | 5.1% | 3.6% |
| Operating income | 6.0% | 9.0% | 7.1% |
| Net income | 12.2% | 12.3% | 9.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 8.4% | 8.6% | 8.8% | 9.0% |
| Operating margin | 2.4% | 2.4% | 2.3% | 2.1% |
| Net margin | 2.2% | 2.1% | 1.9% | 1.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 14.1 | 12.6 | 11.9 | 15.7 | 13.4 | 13.4 | 16.2 | 18.6 | 16.4 | 21.9 |
| Price to sales | 0.3 | 0.3 | 0.3 | 0.3 | 0.2 | 0.2 | 0.3 | 0.3 | 0.3 | 0.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 11 years. Last went ex-dividend on 25 Aug 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 2.03 | 3.68 | 1.92 | 1.44 | 1.26 | 1.20 | 1.20 | 1.14 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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