M 
44.79
-1.28%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€3.13bn
FY2016FY2025
Net income
€626.7m
FY2016FY2025
Free cash flow
€740.4m
FY2016FY2025
Shareholders' equity
€3.85bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €3.13bn | €3.11bn | €2.98bn | €2.60bn | €2.05bn | €1.44bn | €1.63bn | €1.42bn | €1.19bn | €1.04bn |
| Gross profit | €2.45bn | €2.43bn | €2.30bn | €1.76bn | €1.37bn | €913.9m | €1.11bn | €1.10bn | €876.6m | €751.8m |
| Operating income | €913.4m | €916.3m | €893.8m | €774.5m | €579.2m | €368.8m | €491.8m | €414.1m | €340.9m | €313.4m |
| Net income | €626.7m | €639.6m | €611.9m | €606.7m | €393.5m | €300.4m | €358.7m | €332.4m | €249.7m | €196.0m |
| Diluted earnings per share | 2.27 | 2.36 | 2.25 | 2.23 | 1.46 | 1.19 | 1.42 | 1.30 | 0.97 | 0.77 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €5.96bn | €5.50bn | €4.99bn | €4.64bn | €4.27bn | €2.76bn | €2.57bn | €1.63bn | €1.38bn | €1.15bn |
| Cash and short-term investments | €1.23bn | €1.19bn | €998.8m | €882.3m | €932.7m | €923.5m | €759.1m | €546.3m | €394.1m | €246.4m |
| Total liabilities | €2.11bn | €1.92bn | €1.78bn | €1.74bn | €1.77bn | €1.13bn | €1.26bn | €556.8m | €456.5m | €448.2m |
| Debt | €196.0m | €957.3m | €848.6m | €912.8m | €913.9m | €713.3m | €738.8m | €96.4m | €93.1m | €140.6m |
| Shareholders' equity | €3.85bn | €3.59bn | €3.21bn | €2.90bn | €2.50bn | €1.63bn | €1.31bn | €1.07bn | €923.4m | €703.5m |
| Shares outstanding | 276m | 271m | 271m | 273m | 270m | 253m | 252m | 255m | 258m | 253m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €960.5m | €989.5m | €914.9m | €662.6m | €865.3m | €406.4m | €588.6m | €465.8m | €314.1m | €277.5m |
| Capital spending | −€220.1m | −€186.7m | −€176.4m | −€169.9m | −€131.8m | −€92.6m | −€123.7m | −€91.9m | −€73.5m | −€63.3m |
| Free cash flow | €740.4m | €802.8m | €738.4m | €492.7m | €733.5m | €313.9m | €464.9m | €373.9m | €240.6m | €214.2m |
| Dividends paid | −€353.2m | −€311.0m | −€303.4m | −€161.0m | −€120.7m | −€120.7m | −€100.8m | −€70.5m | −€45.5m | −€34.9m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €1.29bn | €1.91bn | €1.23bn | €1.88bn | €1.23bn | €1.85bn | €1.14bn | €568.3m |
| Gross profit | €995.2m | €1.50bn | €844.6m | €1.48bn | €943.1m | €1.45bn | €851.0m | €425.5m |
| Operating income | €245.4m | €688.6m | €224.8m | €657.7m | €258.7m | €676.0m | €217.8m | €101.0m |
| Net income | €164.7m | €473.2m | €153.5m | €458.9m | €180.7m | €466.6m | €145.4m | €72.7m |
| Diluted earnings per share | 0.60 | 1.71 | 0.56 | 1.70 | 0.67 | 1.72 | 0.54 | 0.27 |
| Cash from operations | €257.0m | €769.0m | €191.0m | €697.0m | €292.0m | €792.0m | €122.0m | — |
| Capital spending | −€91.0m | −€136.0m | −€84.0m | −€128.0m | −€57.0m | −€104.0m | −€71.0m | −€34.0m |
| Free cash flow | €166.0m | €633.0m | €107.0m | €569.0m | €235.0m | €688.0m | €51.0m | — |
| Total assets | €5.73bn | €5.96bn | €5.12bn | €5.50bn | €4.73bn | €4.99bn | €4.31bn | — |
| Cash and short-term investments | €512.9m | €1.23bn | €890.2m | €1.19bn | €872.7m | €998.8m | €488.5m | — |
| Debt | €234.7m | €196.0m | €1.14bn | €957.3m | €851.4m | €210.9m | €210.9m | — |
| Shareholders' equity | €3.65bn | €3.85bn | €3.39bn | €3.59bn | €3.09bn | €3.21bn | €2.74bn | — |
Financial ratios
Data as of 1 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2013 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 78.1% | 78.1% | 77.1% | 67.7% | 67.2% | 63.4% | — |
| Operating margin | 29.2% | 29.5% | 30.0% | 29.8% | 28.3% | 25.6% | — |
| Net margin | 20.0% | 20.6% | 20.5% | 23.3% | 19.2% | 20.9% | — |
| Return on equity | 16.3% | 17.8% | 19.0% | 20.9% | 15.7% | 18.5% | — |
| Return on assets | 10.5% | 11.6% | 12.3% | 13.1% | 9.2% | 10.9% | — |
| Free cash flow yield | 9.7% | 9.8% | 9.1% | 6.9% | 8.4% | 4.5% | — |
| Revenue growth | 0.7% | 4.2% | 14.7% | 27.2% | 42.1% | -11.5% | — |
| Earnings growth | -2.0% | 4.5% | 0.9% | 54.2% | 31.0% | -16.3% | — |
| Current ratio | 2.42x | 2.16x | 1.89x | 1.68x | 1.64x | 2.47x | — |
| Debt to equity | 0.05x | 0.06x | 0.07x | 0.08x | 0.13x | 0.11x | — |
| Equity ratio | 64.6% | 65.2% | 64.4% | 62.6% | 58.6% | 59.0% | — |
| Interest coverage | 21.34x | 27.13x | 27.64x | 29.48x | 24.82x | 16.02x | — |
| R&D as a share of sales | — | — | — | — | — | — | 0.2% |
| Buybacks as a share of market value | -2.0% | 0.3% | 0.4% | -1.1% | -6.7% | -0.2% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 6.4% | 16.8% | 13.5% |
| Operating income | 5.6% | 19.9% | 13.2% |
| Net income | 1.1% | 15.8% | 14.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 78.1% | 75.6% | 73.3% | 73.1% |
| Operating margin | 29.3% | 29.6% | 29.0% | 29.2% |
| Net margin | 20.3% | 21.0% | 20.8% | 20.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 24.2 | 21.6 | 24.7 | 22.2 | 43.9 | 42.2 | 28.2 | 22.2 | 27.0 | 21.4 |
| Price to sales | 4.8 | 4.4 | 5.1 | 5.2 | 8.4 | 8.8 | 6.2 | 5.2 | 5.6 | 4.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 5 years. Last went ex-dividend on 18 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.40 | 1.30 | 1.15 | 1.12 | 0.60 | 0.45 | 0.40 | 0.28 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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