S 
104.60
+3.16%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€18.71bn
FY2016FY2025
Net income
€916.3m
FY2016FY2025
Free cash flow
€1.14bn
FY2016FY2025
Shareholders' equity
€5.66bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €18.71bn | €17.42bn | €17.67bn | €17.03bn | €15.30bn | €14.75bn | €15.67bn | €15.22bn | €13.51bn | €12.40bn |
| Research and development | — | €19.0m | €17.1m | €15.8m | €16.2m | €17.4m | €17.0m | €14.0m | €11.0m | €11.0m |
| Operating income | €911.6m | €779.2m | €1.97bn | €378.6m | €587.4m | €356.0m | €488.1m | €296.4m | €154.3m | €274.8m |
| Net income | €916.3m | €823.0m | €630.5m | €472.5m | €585.7m | €395.2m | €371.7m | €353.5m | €278.9m | €277.7m |
| Diluted earnings per share | 7.94 | 7.13 | 6.32 | 4.60 | 5.71 | 3.85 | 3.62 | 3.45 | 2.72 | 2.71 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €15.85bn | €15.06bn | €13.71bn | €12.68bn | €12.23bn | €12.13bn | €12.25bn | €11.62bn | €11.05bn | €10.38bn |
| Cash and short-term investments | €4.40bn | €3.80bn | €3.53bn | €2.79bn | €3.06bn | €2.96bn | €2.56bn | €2.47bn | €2.89bn | €2.15bn |
| Total liabilities | €10.16bn | €10.06bn | €9.30bn | €8.66bn | €8.15bn | €8.03bn | €8.39bn | €7.97bn | €7.66bn | €7.11bn |
| Debt | €828.9m | €480.7m | €898.9m | €957.2m | €1.19bn | €1.16bn | €1.42bn | €1.36bn | €1.29bn | €1.43bn |
| Shareholders' equity | €5.66bn | €4.98bn | €4.39bn | €4.00bn | €4.05bn | €4.09bn | €3.82bn | €3.62bn | €3.37bn | €3.19bn |
| Shares outstanding | 115m | 115m | 100m | 103m | 103m | 103m | 103m | 103m | 103m | 103m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €1.80bn | €1.39bn | €1.82bn | €812.9m | €1.22bn | €1.28bn | €1.08bn | €736.2m | €1.35bn | €264.2m |
| Capital spending | −€665.0m | −€644.6m | −€541.0m | −€630.5m | −€456.3m | −€451.0m | −€647.4m | −€645.0m | −€457.6m | −€412.5m |
| Free cash flow | €1.14bn | €742.6m | €1.28bn | €182.3m | €764.2m | €828.7m | €428.5m | €91.2m | €887.6m | −€148.3m |
| Dividends paid | −€242.9m | −€209.6m | −€161.8m | −€173.4m | −€707.9m | −€105.8m | −€110.0m | −€110.0m | −€100.7m | −€66.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €4.57bn | €4.57bn | €5.38bn | €5.38bn | €3.98bn | €3.98bn | €4.98bn | €4.98bn |
| Operating income | €401.1m | €401.1m | €896.2m | €896.2m | €313.5m | €313.5m | €802.2m | €802.2m |
| Net income | €59.5m | €59.5m | €410.7m | €410.7m | €47.4m | €47.4m | €365.7m | €365.7m |
| Diluted earnings per share | 0.52 | 0.52 | 3.56 | 3.56 | 0.41 | 0.41 | 3.17 | 3.17 |
| Cash from operations | €5.0m | €5.0m | €1.04bn | €1.04bn | −€142.0m | −€142.0m | €901.0m | €901.0m |
| Capital spending | −€167.0m | −€167.0m | −€162.0m | −€162.0m | −€170.0m | −€170.0m | −€169.0m | −€169.0m |
| Free cash flow | −€162.0m | −€162.0m | €881.0m | €881.0m | −€312.0m | −€312.0m | €732.0m | €732.0m |
| Total assets | €16.77bn | €16.77bn | €15.85bn | €15.85bn | €14.88bn | €14.88bn | €14.67bn | €14.67bn |
| Cash and short-term investments | €3.43bn | €3.43bn | €4.40bn | €4.32bn | €3.02bn | €2.75bn | €3.80bn | €3.72bn |
| Debt | €599.8m | €248.8m | €531.6m | €231.0m | €513.3m | €329.6m | €602.4m | €294.6m |
| Shareholders' equity | €5.47bn | €5.47bn | €5.66bn | €5.66bn | €4.79bn | €4.79bn | €4.98bn | €4.98bn |
Financial ratios
Data as of 5 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 5.0% | 4.6% | 11.1% | 3.9% | 5.4% | 4.0% | — | — |
| Net margin | 4.9% | 4.7% | 3.6% | 2.8% | 3.8% | 2.7% | — | — |
| Return on equity | 16.2% | 16.5% | 14.4% | 11.8% | 14.5% | 9.7% | — | — |
| Return on assets | 5.8% | 5.6% | 4.6% | 3.7% | 4.8% | 3.3% | — | — |
| Free cash flow yield | — | 18.1% | 22.9% | 13.6% | 15.8% | 16.3% | 16.3% | — |
| Revenue growth | 7.4% | -1.4% | 3.8% | 11.3% | 3.7% | -5.9% | — | — |
| Earnings growth | 11.3% | 30.5% | 33.5% | -19.3% | 48.2% | 6.3% | — | — |
| Current ratio | 1.23x | 1.20x | 1.16x | 1.14x | 1.20x | 1.24x | — | — |
| Debt to equity | 0.05x | 0.06x | 0.14x | 0.17x | 0.23x | 0.22x | — | — |
| Equity ratio | 35.7% | 33.9% | 32.0% | 31.6% | 33.1% | 33.7% | — | — |
| Interest coverage | 17.92x | 13.31x | 34.53x | 19.37x | 32.37x | 17.63x | — | — |
| 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 | — | -8.7% | 2.7% | 0.0% | 0.0% | 0.0% | 0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 3.2% | 4.9% | 3.6% |
| Operating income | 34.0% | 20.7% | 14.0% |
| Net income | 24.7% | 18.3% | 19.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 4.7% | 5.7% | 4.9% | 3.8% |
| Net margin | 4.8% | 4.0% | 3.8% | 3.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 10.1 | 5.5 | 6.5 | 8.5 | 6.4 | 7.4 | 8.6 | 7.4 | 12.5 | 12.4 |
| Price to sales | 0.5 | 0.3 | 0.2 | 0.2 | 0.3 | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 18 years. Last went ex-dividend on 17 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 2.90 | 2.50 | 2.20 | 11.05 | 4.00 | 6.90 | 2.20 | 1.30 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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