A 
142.00
+3.27%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€18.17bn
FY2016FY2025
Net income
€539.0m
FY2016FY2025
Free cash flow
−€83.0m
FY2016FY2025
Shareholders' equity
€5.01bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €18.17bn | €17.14bn | €17.11bn | €18.52bn | €16.37bn | €12.43bn | €10.76bn | €10.42bn | €11.04bn | €9.47bn |
| Gross profit | €996.0m | €1.67bn | €1.09bn | €1.81bn | €1.91bn | €1.37bn | €965.8m | €978.4m | €1.28bn | €945.7m |
| Research and development | €14.0m | — | €11.8m | €11.8m | €11.6m | €15.2m | €15.9m | €10.2m | €11.3m | €12.7m |
| Operating income | €630.0m | €559.0m | €172.8m | €938.5m | €829.9m | €375.6m | €273.6m | €333.6m | €462.5m | €176.8m |
| Net income | €539.0m | €416.1m | €140.9m | €714.7m | €612.8m | €265.2m | €190.6m | €290.3m | €350.9m | €121.9m |
| Diluted earnings per share | 12.35 | 9.54 | 3.23 | 16.37 | 14.04 | 6.06 | 4.29 | 6.60 | 7.82 | 2.71 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €8.97bn | €7.85bn | €7.26bn | €7.45bn | €6.61bn | €5.53bn | €4.53bn | €4.50bn | €4.36bn | €4.03bn |
| Cash and short-term investments | €355.0m | €364.2m | €609.7m | €766.4m | €974.7m | €499.0m | €456.1m | €487.5m | €604.5m | €503.1m |
| Total liabilities | €3.96bn | €3.29bn | €3.01bn | €3.19bn | €3.17bn | €2.68bn | €1.94bn | €1.94bn | €2.00bn | €2.04bn |
| Debt | €541.0m | €383.2m | €262.7m | €327.5m | €581.3m | €583.3m | €302.7m | €313.7m | €351.3m | €495.2m |
| Shareholders' equity | €5.01bn | €4.55bn | €4.24bn | €4.26bn | €3.44bn | €2.85bn | €2.59bn | €2.57bn | €2.36bn | €1.99bn |
| Shares outstanding | 44m | 44m | 44m | 44m | 44m | 44m | 44m | 44m | 45m | 45m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €675.0m | €537.5m | €572.7m | €287.8m | €812.1m | €458.9m | €271.7m | €202.5m | €479.9m | €236.3m |
| Capital spending | −€758.0m | −€846.7m | −€625.0m | −€347.0m | −€252.4m | −€230.0m | −€221.5m | −€168.2m | −€165.0m | −€143.1m |
| Free cash flow | −€83.0m | −€309.2m | −€52.3m | −€59.2m | €559.6m | €229.0m | €50.2m | €34.3m | €314.8m | €93.1m |
| Dividends paid | −€66.0m | −€61.2m | −€78.7m | −€70.1m | −€56.9m | −€56.4m | −€69.7m | −€66.6m | −€57.7m | −€61.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €6.45bn | €6.04bn | €5.28bn | €4.39bn | €4.62bn | €5.00bn | €4.22bn | €4.21bn |
| Gross profit | €270.0m | €682.0m | €464.0m | €135.0m | €432.0m | €530.0m | €643.0m | €358.0m |
| Operating income | €198.0m | €633.0m | €424.0m | €69.0m | €112.0m | €214.0m | €343.0m | €156.8m |
| Net income | €153.3m | €478.7m | €322.0m | €42.0m | €78.2m | €162.8m | €256.0m | €119.1m |
| Diluted earnings per share | 3.51 | 10.96 | 7.38 | 0.96 | 1.79 | 3.73 | 5.87 | 2.73 |
| Cash from operations | −€195.0m | €163.0m | €3.0m | €318.0m | €167.0m | €12.0m | €178.0m | €485.0m |
| Capital spending | −€113.0m | −€123.0m | −€107.0m | −€202.0m | −€221.0m | −€195.0m | −€140.0m | −€298.0m |
| Free cash flow | −€308.0m | €40.0m | −€104.0m | €116.0m | −€54.0m | −€183.0m | €38.0m | €187.0m |
| Total assets | €10.88bn | €10.63bn | €9.82bn | €8.97bn | €8.46bn | €8.57bn | €8.42bn | €7.85bn |
| Cash and short-term investments | €53.0m | €167.0m | €211.0m | €319.0m | €118.0m | €490.0m | €451.0m | €364.2m |
| Debt | €269.0m | €60.0m | €537.0m | €541.0m | €455.0m | €579.0m | €488.0m | €383.2m |
| Shareholders' equity | €5.91bn | €5.77bn | €5.33bn | €5.01bn | €4.99bn | €5.00bn | €4.84bn | €4.55bn |
Financial ratios
Data as of 10 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 5.5% | 9.8% | 6.4% | 9.7% | 11.7% | 11.0% | — |
| Operating margin | 4.1% | 3.3% | 1.0% | 5.0% | 5.2% | 3.1% | — |
| Net margin | 3.0% | 2.4% | 0.8% | 3.9% | 3.7% | 2.1% | — |
| Return on equity | 10.8% | 9.1% | 3.3% | 16.8% | 17.8% | 9.3% | — |
| Return on assets | 6.0% | 5.3% | 1.9% | 9.6% | 9.3% | 4.8% | — |
| Free cash flow yield | 20.5% | 19.8% | 17.1% | 9.1% | 15.2% | 9.8% | — |
| Revenue growth | 6.0% | 0.2% | -7.6% | 13.1% | 31.7% | 15.5% | — |
| Earnings growth | 29.5% | 195.2% | -80.3% | 16.6% | 131.1% | 39.1% | — |
| Current ratio | 2.21x | 2.15x | 2.38x | 2.35x | 2.38x | 2.44x | — |
| Debt to equity | 0.10x | 0.08x | 0.05x | 0.07x | 0.16x | 0.19x | — |
| Equity ratio | 55.9% | 58.1% | 58.5% | 57.2% | 52.0% | 51.5% | — |
| Interest coverage | 32.52x | 15.50x | 7.16x | 58.87x | 34.55x | 20.35x | — |
| R&D as a share of sales | 0.1% | — | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
| Buybacks as a share of market value | -0.1% | 0.1% | 0.0% | 0.0% | 0.2% | 1.6% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -0.6% | 7.9% | 5.2% |
| Operating income | -12.4% | 10.9% | 12.2% |
| Net income | -9.0% | 15.2% | 15.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 7.6% | 7.8% | 8.9% | 9.2% |
| Operating margin | 3.4% | 3.2% | 3.5% | 3.2% |
| Net margin | 2.7% | 2.6% | 2.7% | 2.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 10.1 | 8.0 | 23.0 | 4.7 | 6.3 | 10.5 | 12.8 | 6.5 | 9.9 | 20.2 |
| Price to sales | 0.3 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 27 years. Last went ex-dividend on 13 Feb 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.60 | 1.50 | 1.40 | 1.80 | 1.60 | 1.30 | 1.25 | 1.55 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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