M 
11.70
+0.86%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€539.0m
FY2016FY2025
Net income
€128.3m
FY2016FY2025
Free cash flow
€127.8m
FY2016FY2025
Shareholders' equity
€8.07bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €539.0m | €503.0m | €504.7m | €439.0m | €382.8m | €446.1m | €514.9m | €590.4m | €463.3m | €351.6m |
| Research and development | — | — | €0 | €0 | €1 | €0 | €1 | €2 | €2 | €2 |
| Operating income | €231.7m | €218.2m | €8.9m | €88.4m | €470.6m | €201.9m | €494.8m | €1.03bn | €1.22bn | €600.4m |
| Net income | €128.3m | €124.4m | −€83.5m | €263.1m | €512.2m | €56.4m | €563.6m | €854.9m | €1.10bn | €582.6m |
| Diluted earnings per share | 0.23 | 0.22 | -0.13 | 0.56 | 1.08 | 0.12 | 1.22 | 1.80 | 2.39 | 1.48 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €14.27bn | €13.46bn | €12.07bn | €12.05bn | €14.27bn | €13.48bn | €13.31bn | €12.57bn | €12.01bn | €10.92bn |
| Cash and short-term investments | €1.22bn | €1.56bn | €461.2m | €427.5m | €942.9m | €259.6m | €255.0m | €171.2m | €454.0m | €330.4m |
| Total liabilities | €6.19bn | €5.96bn | €5.53bn | €5.20bn | €7.25bn | €6.78bn | €6.60bn | €6.17bn | €6.28bn | €6.08bn |
| Debt | €4.97bn | €4.93bn | €4.53bn | €4.25bn | €6.26bn | €5.81bn | €5.59bn | €5.23bn | €5.43bn | €5.24bn |
| Shareholders' equity | €8.07bn | €7.50bn | €6.54bn | €6.85bn | €7.03bn | €6.70bn | €6.71bn | €6.40bn | €5.72bn | €4.82bn |
| Shares outstanding | 563m | 562m | 621m | 466m | 474m | 465m | 463m | 476m | 460m | 394m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €138.3m | €133.1m | €228.0m | €222.2m | €230.5m | €134.7m | €294.9m | €254.4m | €695.8m | −€81.5m |
| Capital spending | −€10.6m | −€19.5m | −€2.0m | −€1.7m | −€3.7m | −€2.6m | −€9.9m | −€1.9m | −€6.6m | −€3.7m |
| Free cash flow | €127.8m | €113.6m | €226.0m | €220.4m | €226.8m | €132.1m | €284.9m | €252.5m | €689.3m | −€85.1m |
| Dividends paid | −€123.3m | −€105.2m | −€207.0m | −€455.4m | −€70.0m | −€68.5m | −€232.3m | −€215.4m | −€187.4m | −€101.2m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €154.2m | €146.2m | €141.5m | €137.7m | €127.2m | €132.5m | €119.4m | €141.4m |
| Operating income | €142.7m | €99.3m | €614.2m | €97.0m | €91.0m | €95.4m | €66.4m | €96.5m |
| Net income | €501.9m | €77.0m | €203.0m | €70.3m | €428.7m | €84.2m | €58.4m | €92.6m |
| Diluted earnings per share | 0.81 | 0.12 | 0.36 | 0.12 | 0.76 | 0.15 | 0.10 | 0.16 |
| Total assets | €15.59bn | €15.08bn | €14.27bn | €13.96bn | €13.37bn | €13.60bn | €13.46bn | €13.45bn |
| Cash and short-term investments | €1.57bn | €1.75bn | €1.22bn | €1.38bn | €849.2m | €1.60bn | €1.56bn | €1.69bn |
| Debt | €5.00bn | €5.30bn | €866.3m | €5.19bn | €4.44bn | €5.23bn | €4.92bn | €5.10bn |
| Shareholders' equity | €9.29bn | €8.92bn | €8.07bn | €7.97bn | €7.89bn | €7.59bn | €7.50bn | €7.54bn |
Financial ratios
Data as of 9 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 43.0% | 43.4% | 6.8% | 34.5% | 134.8% | 43.0% | — | — |
| Net margin | 23.8% | 24.7% | -16.5% | 59.9% | 133.8% | 12.6% | — | — |
| Return on equity | 1.6% | 1.7% | -1.3% | 3.8% | 7.3% | 0.8% | — | — |
| Return on assets | 0.9% | 0.9% | -0.7% | 2.2% | 3.6% | 0.4% | — | — |
| Free cash flow yield | 2.2% | 2.3% | 3.1% | 4.0% | 4.1% | 2.5% | — | — |
| Revenue growth | 7.1% | -0.3% | 15.0% | 14.7% | -14.2% | -13.3% | — | — |
| Earnings growth | 3.1% | -249.0% | -131.7% | -48.6% | 808.9% | -90.0% | — | — |
| Current ratio | 1.18x | 2.02x | 2.79x | 0.57x | 1.41x | 2.32x | — | — |
| Debt to equity | 0.63x | 0.66x | 0.69x | 0.62x | 0.88x | 0.86x | — | — |
| Equity ratio | 56.6% | 55.7% | 54.2% | 56.8% | 49.2% | 49.7% | — | — |
| Interest coverage | 1.70x | 1.68x | 0.32x | 1.47x | 4.57x | 1.41x | — | — |
| 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 | -0.1% | 9.4% | -33.3% | 1.7% | -1.9% | -0.4% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 7.1% | 3.9% | 9.7% |
| Operating income | 37.9% | 2.8% | 2.7% |
| Net income | -21.3% | 17.9% | 10.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 43.2% | 27.6% | 43.3% | 95.7% |
| Net margin | 24.3% | 21.8% | 35.6% | 83.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 54.3 | 45.9 | -74.8 | 15.5 | 8.8 | 64.2 | 10.5 | 6.0 | 4.7 | 7.0 |
| Price to sales | 12.9 | 11.4 | 12.4 | 9.3 | 11.8 | 8.1 | 11.5 | 8.7 | 11.2 | 11.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 11 years. Last went ex-dividend on 7 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.015 | 0.401 | 0.602 | 0.442 | 1.177 | 0.15 | 0.447 | 0.297 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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