R 
40.05
-2.89%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€23.08bn
FY2016FY2025
Net income
€299.0m
FY2016FY2025
Free cash flow
€799.0m
FY2016FY2025
Shareholders' equity
€4.00bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €23.08bn | €24.12bn | €25.43bn | €27.57bn | €24.64bn | €20.72bn | €23.68bn | €23.81bn | €23.27bn | €20.68bn |
| Gross profit | €4.31bn | €4.70bn | €5.28bn | €5.75bn | €4.90bn | €3.95bn | €4.71bn | €4.70bn | €4.71bn | €3.93bn |
| Research and development | — | — | €4.0m | €3.0m | €2.0m | €17.0m | €11.0m | €19.0m | €13.0m | — |
| Operating income | €512.0m | €405.0m | €831.0m | €1.14bn | €1.03bn | €384.0m | €859.0m | €813.0m | €859.7m | €790.6m |
| Net income | €299.0m | €123.0m | €624.0m | €929.0m | €768.0m | €304.0m | €606.0m | €704.0m | €631.4m | €588.0m |
| Diluted earnings per share | 1.70 | 0.70 | 3.52 | 5.06 | 4.18 | 1.65 | 3.30 | 3.83 | 3.44 | 3.21 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €11.27bn | €11.19bn | €10.69bn | €11.11bn | €11.04bn | €9.59bn | €10.16bn | €9.94bn | €9.76bn | €9.13bn |
| Cash and short-term investments | €399.0m | €357.0m | €261.0m | €274.0m | €859.0m | €474.0m | €225.0m | €273.0m | €329.9m | €388.3m |
| Total liabilities | €7.26bn | €7.06bn | €5.99bn | €6.19bn | €6.14bn | €4.92bn | €5.68bn | €5.46bn | €5.51bn | €4.99bn |
| Debt | €1.91bn | €2.22bn | €1.18bn | €1.14bn | €1.27bn | €729.0m | €1.60bn | €1.91bn | €1.35bn | €1.18bn |
| Shareholders' equity | €4.00bn | €4.13bn | €4.70bn | €4.91bn | €4.90bn | €4.67bn | €4.47bn | €4.48bn | €4.25bn | €4.14bn |
| Shares outstanding | 176m | 176m | 177m | 184m | 184m | 185m | 184m | 184m | 184m | 183m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €872.0m | €649.0m | €1.19bn | €1.07bn | €914.0m | €1.46bn | €1.27bn | €747.0m | €688.1m | €559.7m |
| Capital spending | −€73.0m | −€84.0m | −€93.0m | −€122.0m | −€128.0m | −€106.0m | −€122.0m | −€113.0m | −€107.3m | −€97.2m |
| Free cash flow | €799.0m | €565.0m | €1.10bn | €951.0m | €786.0m | €1.36bn | €1.15bn | €634.0m | €580.8m | €462.5m |
| Dividends paid | −€292.0m | −€635.0m | −€530.0m | −€922.0m | −€604.0m | −€12.0m | −€632.0m | −€518.0m | −€358.9m | −€319.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €5.90bn | €5.51bn | €5.82bn | €5.81bn | €5.79bn | €5.66bn | €6.08bn | €6.01bn |
| Gross profit | €1.07bn | €1.02bn | €1.07bn | €1.04bn | €1.09bn | €1.09bn | €1.14bn | €1.17bn |
| Operating income | €145.0m | €105.0m | €144.0m | €174.0m | €117.0m | €130.0m | −€159.0m | €167.0m |
| Net income | €84.0m | €64.0m | €90.0m | €83.0m | €47.0m | €79.0m | −€149.0m | €106.0m |
| Diluted earnings per share | 0.48 | 0.36 | 0.51 | 0.47 | 0.27 | 0.45 | -0.85 | 0.60 |
| Cash from operations | €104.0m | −€39.0m | €283.0m | €296.0m | €155.0m | €125.0m | €163.0m | €354.0m |
| Capital spending | −€19.0m | −€11.0m | −€20.0m | −€19.0m | −€23.0m | −€13.0m | −€21.0m | −€21.0m |
| Free cash flow | €85.0m | −€50.0m | €263.0m | €277.0m | €132.0m | €112.0m | €142.0m | €333.0m |
| Total assets | €10.82bn | €10.69bn | €11.27bn | €10.71bn | €10.79bn | €10.91bn | €11.19bn | €10.95bn |
| Cash and short-term investments | €258.0m | €337.0m | €399.0m | €295.0m | €278.0m | €286.0m | €357.0m | €427.0m |
| Debt | — | €455.0m | €1.58bn | €441.0m | €242.0m | €244.0m | €1.83bn | €794.0m |
| Shareholders' equity | €3.91bn | €3.80bn | €4.00bn | €3.90bn | €3.81bn | €3.87bn | €4.13bn | €4.18bn |
Financial ratios
Data as of 16 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 18.7% | 19.5% | 20.8% | 20.9% | 19.9% | 19.1% | — | — |
| Operating margin | 2.3% | 1.2% | 3.3% | 4.2% | 4.2% | 1.9% | — | — |
| Net margin | 1.3% | 0.5% | 2.5% | 3.4% | 3.1% | 1.5% | — | — |
| Return on equity | 7.5% | 3.0% | 13.3% | 18.9% | 15.7% | 6.5% | — | — |
| Return on assets | 2.7% | 1.1% | 5.8% | 8.4% | 7.0% | 3.2% | — | — |
| Free cash flow yield | 15.1% | 11.8% | 20.5% | 18.4% | 16.0% | 24.0% | — | — |
| Revenue growth | -4.3% | -5.1% | -7.8% | 11.9% | 18.9% | -12.5% | — | — |
| Earnings growth | 143.1% | -80.3% | -32.8% | 21.0% | 152.6% | -49.8% | — | — |
| Current ratio | 1.21x | 1.26x | 1.11x | 1.24x | 1.33x | 1.17x | — | — |
| Debt to equity | 0.39x | 0.44x | 0.16x | 0.15x | 0.18x | 0.07x | — | — |
| Equity ratio | 35.5% | 36.9% | 44.0% | 44.2% | 44.4% | 48.7% | — | — |
| Interest coverage | 5.56x | 3.05x | 10.17x | 29.85x | 38.67x | 11.00x | — | — |
| R&D as a share of sales | — | — | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.1% |
| Buybacks as a share of market value | -0.3% | 0.8% | 3.5% | 0.0% | 0.4% | -0.4% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -5.8% | 2.2% | 1.8% |
| Operating income | -23.4% | 5.9% | -3.1% |
| Net income | -31.5% | -0.3% | -5.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 19.1% | 20.0% | 19.8% | 19.7% |
| Operating margin | 1.9% | 2.9% | 3.0% | 3.3% |
| Net margin | 0.9% | 2.0% | 2.1% | 2.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 19.1 | 58.2 | 16.1 | 11.3 | 14.4 | 32.3 | 16.5 | 10.5 | 14.9 | 16.1 |
| Price to sales | 0.3 | 0.3 | 0.4 | 0.4 | 0.5 | 0.5 | 0.4 | 0.3 | 0.4 | 0.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 5 years. Last went ex-dividend on 31 Mar 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.62 | 3.39 | 4.96 | 2.85 | 5.00 | 3.24 | 3.38 | 2.76 |
- 1-to-1 reverse split · 13 Jun 2001
- 2.5-for-1 split · 1 Aug 1997
- 2-for-1 split · 18 Sept 1995
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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