D 
46.38
-1.44%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Net income
€431.0m
FY2016FY2025
Free cash flow
€478.0m
FY2016FY2025
Shareholders' equity
€22.99bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Research and development | €3.16bn | €2.05bn | €2.46bn | €2.18bn | €1.78bn | €1.99bn | €2.14bn | €2.04bn | — | — |
| Operating income | €1.59bn | €5.36bn | €7.03bn | €6.59bn | €5.32bn | €4.38bn | €4.46bn | €4.46bn | €3.36bn | −€47.0m |
| Net income | €431.0m | €3.59bn | €5.16bn | €4.96bn | €4.03bn | €3.16bn | €2.80bn | €3.11bn | €3.33bn | €1.37bn |
| Diluted earnings per share | 0.47 | 3.94 | 5.69 | 5.44 | 4.43 | 10.32 | 9.13 | 10.16 | 10.88 | 4.49 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €52.72bn | €53.53bn | €50.45bn | €47.67bn | €51.38bn | €45.49bn | €42.37bn | €38.16bn | €31.70bn | €28.36bn |
| Cash and short-term investments | €8.32bn | €9.15bn | €7.65bn | €10.73bn | €10.89bn | €8.02bn | €3.96bn | €2.93bn | €952.0m | €1.60bn |
| Total liabilities | €29.59bn | €30.47bn | €28.78bn | €30.65bn | €28.45bn | €25.27bn | €24.94bn | €21.68bn | €285.0m | €471.0m |
| Debt | €11.37bn | €11.34bn | €10.36bn | €9.48bn | €9.72bn | €8.32bn | €7.61bn | €5.86bn | €1.0m | €300.0m |
| Shareholders' equity | €22.99bn | €23.04bn | €21.67bn | €17.03bn | €22.93bn | €20.22bn | €17.43bn | €4.92bn | €31.41bn | €27.89bn |
| Shares outstanding | 911m | 911m | 906m | 911m | 911m | 306m | 306m | 306m | 306m | 306m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €3.61bn | €6.35bn | €7.02bn | €7.11bn | €6.42bn | €4.14bn | €4.49bn | €3.85bn | €250.0m | −€97.0m |
| Capital spending | −€3.14bn | −€3.76bn | −€4.10bn | −€1.95bn | −€3.04bn | −€2.77bn | −€2.99bn | −€3.16bn | −€2.0m | — |
| Free cash flow | €478.0m | €2.60bn | €2.93bn | €5.16bn | €3.37bn | €1.37bn | €1.49bn | €688.0m | €248.0m | −€97.0m |
| Dividends paid | −€2.10bn | −€2.10bn | −€4.89bn | −€3.36bn | −€1.86bn | −€1.80bn | −€2.29bn | −€2.16bn | −€308.0m | −€308.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Operating income | €659.0m | €588.0m | €539.0m | −€1.26bn | €357.0m | €719.0m | €1.60bn | €894.0m |
| Net income | €738.0m | €399.0m | €306.0m | −€599.0m | €207.0m | €517.0m | €827.0m | €612.0m |
| Diluted earnings per share | 0.81 | 0.44 | 0.34 | -0.66 | 0.23 | 0.57 | 0.91 | 0.67 |
| Cash from operations | €767.0m | €1.16bn | €965.0m | €1.07bn | €626.0m | €950.0m | €2.20bn | €1.04bn |
| Capital spending | −€473.0m | −€924.0m | −€1.11bn | −€465.0m | −€681.0m | −€879.0m | −€657.0m | −€1.11bn |
| Free cash flow | €294.0m | €235.0m | −€146.0m | €608.0m | −€55.0m | €71.0m | €1.54bn | −€65.0m |
| Total assets | €52.78bn | €53.14bn | €52.72bn | €53.59bn | €53.01bn | €54.77bn | €53.53bn | €52.09bn |
| Cash and short-term investments | €7.12bn | €7.57bn | €8.32bn | €7.46bn | €8.47bn | €8.38bn | €9.15bn | €6.45bn |
| Debt | €10.65bn | €5.05bn | €11.37bn | €11.43bn | €10.85bn | €11.25bn | €10.31bn | €3.81bn |
| Shareholders' equity | €22.85bn | €23.09bn | €22.99bn | €22.63bn | €23.23bn | €24.13bn | €23.04bn | €22.34bn |
Financial ratios
Data as of 28 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 4.4% | 13.4% | 17.3% | 17.5% | 16.1% | 15.3% |
| Net margin | 1.2% | 9.0% | 12.7% | 13.2% | 12.2% | 11.0% |
| Return on equity | 1.9% | 15.6% | 23.8% | 29.1% | 17.6% | 15.6% |
| Return on assets | 0.8% | 6.7% | 10.2% | 10.4% | 7.8% | 7.0% |
| Free cash flow yield | 16.3% | 24.5% | 27.0% | 21.9% | 22.9% | 49.8% |
| Revenue growth | -9.5% | -1.1% | 7.7% | 13.6% | 15.5% | 0.6% |
| Earnings growth | -88.0% | -30.3% | 4.0% | 23.0% | 27.5% | 13.1% |
| Current ratio | 1.41x | 1.41x | 1.48x | 1.22x | 1.42x | 1.34x |
| Debt to equity | 0.45x | 0.45x | 0.43x | 0.56x | 0.42x | 0.41x |
| Equity ratio | 43.6% | 43.0% | 43.0% | 35.7% | 44.6% | 44.5% |
| Interest coverage | 33.21x | 103.15x | 137.76x | 235.36x | 47.08x | 63.42x |
| R&D as a share of sales | 8.7% | 5.1% | 6.1% | 5.8% | 5.4% | 6.9% |
| Buybacks as a share of market value | 0.0% | -0.5% | 0.5% | -0.0% | -197.5% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -1.2% | 4.8% | — |
| Operating income | -37.7% | -18.3% | — |
| Net income | -55.7% | -32.9% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 9.1% | 13.3% | 14.0% | — |
| Net margin | 5.3% | 9.2% | 9.9% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Price to earnings | 96.5 | 14.8 | 14.0 | 17.4 |
| Price to sales | 1.1 | 1.3 | 1.8 | 2.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 3 years. Last went ex-dividend on 24 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Paid in the year | 1.01 | 1.493 | 2.31 | 1.01 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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