L 
133.95
+3.32%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€9.48bn
FY2016FY2025
Net income
€1.24bn
FY2016FY2025
Free cash flow
€1.36bn
FY2016FY2025
Shareholders' equity
€7.29bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €9.48bn | €8.65bn | €8.42bn | €8.34bn | €6.99bn | €6.10bn | €6.62bn | €6.00bn | €5.52bn | €5.02bn |
| Gross profit | €4.82bn | €4.47bn | €4.40bn | €4.15bn | €3.56bn | €3.18bn | €3.44bn | €3.13bn | €2.89bn | €2.64bn |
| Research and development | €409.3m | €406.1m | €376.3m | €357.4m | €329.1m | €319.4m | €312.0m | €276.5m | €252.1m | €237.7m |
| Operating income | €2.03bn | €1.64bn | €1.59bn | €1.45bn | €1.34bn | €1.06bn | €1.24bn | €1.14bn | €1.03bn | €934.0m |
| Net income | €1.24bn | €1.17bn | €1.15bn | €999.5m | €904.5m | €681.2m | €834.8m | €771.7m | €711.2m | €628.5m |
| Diluted earnings per share | 4.77 | 4.43 | 4.35 | 3.75 | 3.38 | 2.55 | 3.13 | 2.89 | 2.66 | 2.36 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €17.59bn | €16.07bn | €14.84bn | €14.42bn | €14.03bn | €12.91bn | €11.82bn | €10.31bn | €9.42bn | €8.11bn |
| Cash and short-term investments | €2.38bn | €2.08bn | €2.82bn | €2.40bn | €2.79bn | €2.79bn | €1.71bn | €1.02bn | €823.0m | €940.1m |
| Total liabilities | €10.26bn | €8.53bn | €8.11bn | €7.77bn | €8.31bn | €8.00bn | €6.71bn | €5.71bn | €5.28bn | €4.04bn |
| Debt | €6.26bn | €5.11bn | €4.84bn | €4.67bn | €5.31bn | €5.41bn | €4.21bn | €3.33bn | €3.06bn | €1.90bn |
| Shareholders' equity | €7.29bn | €7.53bn | €6.72bn | €6.64bn | €5.72bn | €4.90bn | €5.10bn | €4.59bn | €4.14bn | €4.06bn |
| Shares outstanding | 261m | 263m | 264m | 267m | 267m | 267m | 267m | 267m | 268m | 266m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €1.58bn | €1.52bn | €1.84bn | €1.24bn | €1.11bn | €1.16bn | €1.24bn | €925.3m | €863.7m | €831.8m |
| Capital spending | −€221.1m | −€239.6m | −€253.3m | −€205.7m | −€30.6m | −€155.1m | −€202.2m | −€184.3m | −€178.2m | −€160.9m |
| Free cash flow | €1.36bn | €1.28bn | €1.58bn | €1.03bn | €1.08bn | €1.01bn | €1.04bn | €741.0m | €685.5m | €670.9m |
| Dividends paid | −€575.7m | −€547.0m | −€504.0m | −€439.3m | −€377.9m | −€358.6m | −€357.1m | −€336.8m | −€317.1m | −€307.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €2.86bn | €2.54bn | €2.51bn | €2.20bn | €2.50bn | €2.28bn | €2.42bn | €2.02bn |
| Gross profit | €1.44bn | €1.28bn | €1.24bn | €1.11bn | €1.28bn | €1.19bn | €1.22bn | €1.03bn |
| Operating income | €545.3m | €534.5m | €519.4m | €450.4m | €496.8m | €434.2m | €453.0m | €378.2m |
| Net income | €363.3m | €334.9m | €352.3m | €264.2m | €334.8m | €293.3m | €332.7m | €256.1m |
| Diluted earnings per share | 1.37 | 1.26 | 1.35 | 1.01 | 1.28 | 1.13 | 1.26 | 0.97 |
| Cash from operations | €311.0m | €256.0m | €576.0m | €422.0m | €357.0m | €221.0m | €652.0m | €325.0m |
| Capital spending | −€47.0m | −€30.0m | −€108.0m | −€48.0m | −€44.0m | −€33.0m | −€112.0m | −€48.0m |
| Free cash flow | €264.0m | €226.0m | €468.0m | €374.0m | €313.0m | €188.0m | €540.0m | €277.0m |
| Total assets | €19.48bn | €18.19bn | €17.59bn | €16.89bn | €16.56bn | €16.46bn | €16.07bn | €15.19bn |
| Cash and short-term investments | €1.97bn | €1.94bn | €2.38bn | €2.99bn | €2.69bn | €2.29bn | €2.08bn | €1.84bn |
| Debt | €7.36bn | €6.27bn | €6.26bn | €535.2m | €5.71bn | €5.07bn | €4.84bn | €4.81bn |
| Shareholders' equity | €7.49bn | €7.74bn | €7.29bn | €7.17bn | €6.98bn | €7.56bn | €7.53bn | €6.83bn |
Financial ratios
Data as of 20 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 50.8% | 51.6% | 52.3% | 49.7% | 50.8% | 52.2% |
| Operating margin | 21.4% | 19.0% | 18.9% | 17.3% | 19.2% | 17.4% |
| Net margin | 13.1% | 13.5% | 13.6% | 12.0% | 12.9% | 11.2% |
| Return on equity | 17.1% | 15.5% | 17.1% | 15.1% | 15.8% | 13.9% |
| Return on assets | 7.1% | 7.3% | 7.7% | 6.9% | 6.4% | 5.3% |
| Free cash flow yield | 5.1% | 4.9% | 5.8% | 4.0% | 3.2% | 3.6% |
| Revenue growth | 9.6% | 2.8% | 0.9% | 19.2% | 14.7% | -7.9% |
| Earnings growth | 6.7% | 1.6% | 14.9% | 10.5% | 32.8% | -18.4% |
| Current ratio | 1.93x | 1.93x | 1.98x | 2.04x | 1.98x | 1.65x |
| Debt to equity | 0.86x | 0.64x | 0.68x | 0.67x | 0.89x | 1.06x |
| Equity ratio | 41.5% | 46.8% | 45.3% | 46.0% | 40.8% | 37.9% |
| Interest coverage | 12.06x | 10.67x | 13.15x | 13.32x | 14.55x | 10.69x |
| R&D as a share of sales | 4.3% | 4.7% | 4.5% | 4.3% | 4.7% | 5.2% |
| Buybacks as a share of market value | 1.0% | 0.2% | 1.1% | 0.2% | 0.0% | -0.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 4.4% | 9.2% | 7.0% |
| Operating income | 11.9% | 13.8% | 8.6% |
| Net income | 7.6% | 12.8% | 8.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 51.2% | 51.1% | 51.2% | 51.5% |
| Operating margin | 20.2% | 19.2% | 19.0% | 18.9% |
| Net margin | 13.3% | 13.1% | 12.8% | 12.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 26.6 | 21.2 | 21.6 | 20.0 | 30.4 | 28.6 | 23.2 | 17.0 | 24.2 | 22.8 |
| Price to sales | 3.5 | 2.9 | 3.0 | 2.4 | 3.9 | 3.2 | 2.9 | 2.2 | 3.1 | 2.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 19 years. Last went ex-dividend on 29 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 2.38 | 2.20 | 4.36 | 1.90 | 1.65 | 1.42 | 1.34 | 0.79 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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