M 
149.20
+0.30%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€21.10bn
FY2016FY2025
Net income
€2.61bn
FY2016FY2025
Free cash flow
€2.35bn
FY2016FY2025
Shareholders' equity
€28.59bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €21.10bn | €21.16bn | €20.99bn | €22.23bn | €19.69bn | €17.53bn | €16.15bn | €14.84bn | €14.52bn | €15.02bn |
| Gross profit | €11.89bn | €11.95bn | €11.67bn | €12.84bn | €11.60bn | €9.98bn | €9.15bn | €8.41bn | €8.40bn | €8.69bn |
| Research and development | €2.38bn | €2.27bn | €2.44bn | €2.45bn | €2.40bn | €2.29bn | €2.26bn | €2.20bn | €2.11bn | €1.97bn |
| Operating income | €4.07bn | €4.37bn | €4.04bn | €5.00bn | €4.28bn | €3.15bn | €2.00bn | €1.75bn | €2.01bn | €2.37bn |
| Net income | €2.61bn | €2.78bn | €2.82bn | €3.33bn | €3.06bn | €1.99bn | €1.32bn | €1.13bn | €2.60bn | €1.63bn |
| Diluted earnings per share | 6.00 | 6.39 | 6.50 | 7.65 | 7.03 | 4.57 | 3.04 | 2.59 | 5.98 | 3.74 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €52.10bn | €51.57bn | €48.49bn | €48.53bn | €45.36bn | €41.80bn | €43.81bn | €36.89bn | €35.62bn | €38.25bn |
| Cash and short-term investments | €2.92bn | €2.71bn | €2.41bn | €1.64bn | €1.62bn | €1.14bn | €570.0m | €2.18bn | €624.0m | €982.0m |
| Total liabilities | €23.44bn | €21.58bn | €21.74bn | €22.52bn | €23.95bn | €24.78bn | €25.90bn | €19.66bn | €21.55bn | €24.20bn |
| Debt | €11.43bn | €10.27bn | €9.86bn | €10.40bn | €10.77bn | €12.04bn | €13.12bn | €8.81bn | €10.71bn | €12.47bn |
| Shareholders' equity | €28.59bn | €29.91bn | €26.68bn | €25.93bn | €21.34bn | €16.95bn | €17.86bn | €17.20bn | €14.00bn | €13.99bn |
| Shares outstanding | 435m | 435m | 435m | 435m | 435m | 435m | 434m | 436m | 436m | 435m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €3.93bn | €4.59bn | €3.78bn | €4.26bn | €4.62bn | €3.48bn | €2.86bn | €2.22bn | €2.70bn | €2.52bn |
| Capital spending | −€1.58bn | −€2.18bn | −€2.02bn | −€1.81bn | −€1.42bn | −€1.56bn | −€1.02bn | −€1.02bn | −€1.31bn | −€848.0m |
| Free cash flow | €2.35bn | €2.40bn | €1.76bn | €2.45bn | €3.19bn | €1.91bn | €1.83bn | €1.20bn | €1.39bn | €1.67bn |
| Dividends paid | −€1.04bn | −€284.0m | −€1.15bn | −€955.0m | −€748.0m | −€680.0m | −€677.0m | −€755.0m | −€621.0m | −€597.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €5.43bn | €5.13bn | €5.25bn | €5.32bn | €5.25bn | €5.28bn | €5.42bn | €5.27bn |
| Gross profit | €3.17bn | €3.06bn | €2.96bn | €3.21bn | €3.03bn | €3.15bn | €3.10bn | €3.14bn |
| Operating income | €1.17bn | €992.0m | €781.0m | €1.22bn | €908.0m | €1.03bn | €885.0m | €1.27bn |
| Net income | €490.0m | €660.0m | €319.0m | €902.0m | €652.0m | €735.0m | €666.0m | €809.0m |
| Diluted earnings per share | 1.13 | 1.52 | 0.73 | 2.07 | 1.50 | 1.69 | 1.53 | 1.86 |
| Cash from operations | €605.0m | €818.0m | €1.29bn | €1.52bn | €567.0m | €556.0m | €1.23bn | €1.46bn |
| Capital spending | −€257.0m | −€453.0m | −€419.0m | −€461.0m | −€444.0m | −€524.0m | −€509.0m | −€554.0m |
| Free cash flow | €348.0m | €365.0m | €872.0m | €1.06bn | €123.0m | €32.0m | €722.0m | €904.0m |
| Total assets | €52.69bn | €53.07bn | €52.10bn | €50.93bn | €47.35bn | €49.37bn | €51.57bn | €50.14bn |
| Cash and short-term investments | €1.96bn | €3.77bn | €2.74bn | €2.92bn | €1.57bn | €1.62bn | €2.71bn | €3.86bn |
| Debt | €1.09bn | €1.24bn | €11.44bn | €1.65bn | €3.10bn | €1.73bn | €9.65bn | €3.51bn |
| Shareholders' equity | €30.17bn | €29.74bn | €28.59bn | €28.94bn | €28.26bn | €29.82bn | €29.91bn | €28.32bn |
Financial ratios
Data as of 17 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 56.4% | 56.5% | 55.6% | 57.8% | 58.9% | 56.9% |
| Operating margin | 19.3% | 20.6% | 19.3% | 22.5% | 21.8% | 18.0% |
| Net margin | 12.4% | 13.1% | 13.5% | 15.0% | 15.5% | 11.3% |
| Return on equity | 9.1% | 9.3% | 10.6% | 12.8% | 14.3% | 11.7% |
| Return on assets | 5.0% | 5.4% | 5.8% | 6.9% | 6.7% | 4.8% |
| Free cash flow yield | 9.6% | 11.8% | 10.1% | 10.5% | 10.5% | 8.8% |
| Revenue growth | -0.3% | 0.8% | -5.6% | 12.9% | 12.3% | 8.6% |
| Earnings growth | -6.1% | -1.7% | -15.1% | 8.8% | 53.7% | 50.5% |
| Current ratio | 1.46x | 1.19x | 1.42x | 1.28x | 1.05x | 1.01x |
| Debt to equity | 0.40x | 0.32x | 0.36x | 0.39x | 1.56x | 0.69x |
| Equity ratio | 54.9% | 58.0% | 55.0% | 53.4% | 47.0% | 40.5% |
| Interest coverage | 15.52x | 20.70x | 15.85x | 25.75x | 17.55x | 8.14x |
| R&D as a share of sales | 11.3% | 10.7% | 11.6% | 11.0% | 12.2% | 13.0% |
| Buybacks as a share of market value | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | -0.2% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -1.7% | 3.8% | 5.1% |
| Operating income | -6.6% | 5.2% | 6.8% |
| Net income | -7.8% | 5.6% | 8.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 56.4% | 56.6% | 57.0% | 57.4% |
| Operating margin | 20.0% | 20.4% | 20.3% | 17.9% |
| Net margin | 12.7% | 13.5% | 13.5% | 12.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 20.4 | 21.9 | 22.2 | 23.6 | 32.3 | 30.7 | 34.6 | 34.7 | 15.0 | 26.5 |
| Price to sales | 2.5 | 2.9 | 3.0 | 3.5 | 5.0 | 3.5 | 2.8 | 2.6 | 2.7 | 2.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 30 years. Last went ex-dividend on 27 Apr 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 2.20 | 2.20 | 2.20 | 2.20 | 1.85 | 1.40 | 1.30 | 1.25 |
- 2-for-1 split · 30 Jun 2014
- 1-to-1 reverse split · 1 Dec 1998
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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