M 
355.20
+2.45%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€8.76bn
FY2016FY2025
Net income
€1.02bn
FY2016FY2025
Free cash flow
€504.0m
FY2016FY2025
Shareholders' equity
€4.31bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €8.76bn | €7.41bn | €5.36bn | €5.33bn | €4.19bn | €3.98bn | €4.63bn | €4.57bn | €5.04bn | €4.73bn |
| Gross profit | €1.69bn | €1.23bn | €125.0m | €855.0m | €586.0m | €492.0m | €930.3m | €816.5m | €769.9m | €657.9m |
| Research and development | €111.0m | €104.0m | €112.0m | €106.0m | €83.0m | €61.0m | €65.8m | €2.6m | €76.6m | €71.1m |
| Operating income | €1.25bn | €813.0m | −€239.0m | €546.0m | €408.0m | €268.0m | €750.1m | €619.6m | €448.7m | €452.8m |
| Net income | €1.02bn | €633.0m | −€102.0m | €331.0m | €222.0m | €139.0m | €478.1m | €447.0m | €378.2m | €312.2m |
| Diluted earnings per share | 18.76 | 11.33 | -1.90 | 6.01 | 4.16 | 2.61 | 8.66 | 8.52 | 7.27 | 6.09 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €13.22bn | €12.48bn | €10.20bn | €9.23bn | €8.30bn | €8.10bn | €7.77bn | €6.85bn | €6.05bn | €5.84bn |
| Cash and short-term investments | €2.36bn | €2.60bn | €1.54bn | €1.21bn | €885.0m | €811.0m | €180.2m | €128.2m | €134.2m | €362.5m |
| Total liabilities | €8.85bn | €9.06bn | €7.27bn | €6.12bn | €5.54bn | €5.47bn | €5.34bn | €4.71bn | €4.06bn | €4.34bn |
| Debt | €2.38bn | €2.84bn | €1.57bn | €1.63bn | €1.45bn | €1.58bn | €1.15bn | €997.1m | €990.1m | €1.29bn |
| Shareholders' equity | €4.31bn | €3.36bn | €2.86bn | €3.03bn | €2.68bn | €2.55bn | €2.34bn | €2.07bn | €1.95bn | €1.50bn |
| Shares outstanding | 54m | 56m | 54m | 55m | 53m | 53m | 55m | 52m | 52m | 51m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €848.0m | €714.0m | €777.0m | €728.0m | €567.0m | €386.0m | €831.7m | €594.7m | €460.9m | €358.0m |
| Capital spending | −€344.0m | −€640.0m | −€412.0m | −€402.0m | −€367.0m | −€256.0m | −€451.3m | −€271.4m | −€172.0m | −€159.4m |
| Free cash flow | €504.0m | €74.0m | €365.0m | €326.0m | €200.0m | €130.0m | €380.4m | €323.3m | €288.9m | €198.6m |
| Dividends paid | −€131.0m | −€108.0m | −€171.0m | −€124.0m | −€80.0m | −€7.0m | −€147.1m | −€118.4m | −€97.6m | −€86.9m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €4.67bn | €4.57bn | €4.17bn | €2.11bn | €4.02bn | €1.90bn | €3.39bn | €1.65bn |
| Gross profit | €823.0m | €860.0m | €934.0m | €370.0m | €664.0m | €358.0m | €560.0m | €260.0m |
| Operating income | €592.0m | €625.0m | €426.0m | €244.0m | €342.0m | €195.0m | €230.0m | €167.0m |
| Net income | €430.0m | €456.0m | €560.0m | €224.0m | €354.0m | €211.0m | €285.0m | €126.0m |
| Diluted earnings per share | 7.83 | 8.42 | 10.34 | 4.14 | 6.34 | 3.78 | 5.10 | 2.26 |
| Cash from operations | €582.0m | €434.0m | €414.0m | — | €364.0m | — | €350.0m | — |
| Capital spending | −€196.0m | −€167.0m | −€177.0m | — | −€257.0m | — | −€237.0m | — |
| Free cash flow | €386.0m | €267.0m | €237.0m | — | €107.0m | — | €113.0m | — |
| Total assets | €13.35bn | €13.22bn | €11.78bn | €12.19bn | €12.48bn | €11.81bn | €10.96bn | €10.37bn |
| Cash and short-term investments | €1.29bn | €2.36bn | €2.19bn | €1.84bn | €2.60bn | €1.91bn | €1.15bn | €854.0m |
| Debt | €1.86bn | €2.38bn | €2.45bn | — | €2.83bn | — | €1.81bn | — |
| Shareholders' equity | €4.54bn | €4.31bn | €3.84bn | €3.69bn | €3.36bn | €3.35bn | €3.04bn | €3.04bn |
Financial ratios
Data as of 25 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 19.3% | 16.6% | 2.3% | 16.0% | 14.0% | 12.4% |
| Operating margin | 14.2% | 11.0% | -4.5% | 10.2% | 9.7% | 6.7% |
| Net margin | 11.6% | 8.5% | -1.9% | 6.2% | 5.3% | 3.5% |
| Return on equity | 23.6% | 18.8% | -3.6% | 10.9% | 8.3% | 5.4% |
| Return on assets | 7.7% | 5.1% | -1.0% | 3.6% | 2.7% | 1.7% |
| Free cash flow yield | 6.8% | 6.5% | 6.0% | 5.5% | 4.7% | 3.2% |
| Revenue growth | 18.2% | 38.2% | 0.6% | 27.3% | 5.3% | -14.1% |
| Earnings growth | 60.5% | -720.6% | -130.8% | 49.1% | 59.7% | -70.9% |
| Current ratio | 1.44x | 1.24x | 1.12x | 1.35x | 1.37x | 1.37x |
| Debt to equity | 0.49x | 0.70x | 0.40x | 0.49x | 0.45x | 0.56x |
| Equity ratio | 32.6% | 26.9% | 28.1% | 32.9% | 32.3% | 31.5% |
| Interest coverage | 14.49x | 13.55x | -3.46x | 12.13x | 13.60x | 6.09x |
| R&D as a share of sales | 1.3% | 1.4% | 2.1% | 2.0% | 2.0% | 1.5% |
| Buybacks as a share of market value | 3.1% | -3.9% | 2.4% | -3.2% | -0.0% | 3.4% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 18.0% | 17.1% | 7.0% |
| Operating income | 31.7% | 36.0% | 12.4% |
| Net income | 45.3% | 48.9% | 16.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 18.1% | 14.5% | 14.2% | 14.9% |
| Operating margin | 12.7% | 8.8% | 8.7% | 9.8% |
| Net margin | 10.2% | 7.0% | 6.4% | 7.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 18.9 | 28.4 | -102.9 | 33.6 | 43.1 | 81.9 | 29.4 | 18.6 | 20.5 | 18.0 |
| Price to sales | 2.2 | 2.4 | 2.0 | 2.1 | 2.3 | 2.9 | 3.0 | 1.8 | 1.5 | 1.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 20 years. Last went ex-dividend on 8 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 3.60 | 2.20 | 2.00 | 3.20 | 2.10 | 1.25 | 0.04 | 2.85 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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