S 
94.36
-2.06%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€4.93bn
FY2016FY2025
Net income
€249.3m
FY2016FY2025
Free cash flow
€521.0m
FY2016FY2025
Shareholders' equity
€3.72bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €4.93bn | €5.00bn | €4.73bn | €4.62bn | €3.83bn | €3.52bn | €3.41bn | €3.15bn | €3.00bn | €2.90bn |
| Gross profit | €1.85bn | €1.96bn | €1.69bn | €1.70bn | €1.48bn | €1.39bn | €1.37bn | €1.24bn | €1.22bn | €1.19bn |
| Research and development | €276.1m | €275.6m | €265.7m | €254.5m | €220.7m | €212.3m | €213.3m | €200.4m | €196.4m | €186.2m |
| Operating income | €609.3m | €717.8m | €559.4m | €504.0m | €559.0m | €487.5m | €464.2m | €434.0m | €431.6m | €404.6m |
| Net income | €249.3m | €478.2m | €340.5m | €280.0m | €374.9m | €306.9m | €298.3m | €275.3m | €270.3m | €252.7m |
| Diluted earnings per share | 1.83 | 3.42 | 2.44 | 2.00 | 2.69 | 2.18 | 2.10 | 2.02 | 2.08 | 1.95 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €8.11bn | €8.32bn | €7.85bn | €7.78bn | €6.64bn | €5.94bn | €5.96bn | €4.92bn | €4.67bn | €4.75bn |
| Cash and short-term investments | €1.01bn | €709.5m | €393.0m | €314.9m | €465.1m | €740.3m | €457.8m | €287.4m | €253.5m | €328.4m |
| Total liabilities | €4.36bn | €4.31bn | €4.16bn | €4.17bn | €3.39bn | €3.58bn | €3.49bn | €2.98bn | €2.91bn | €3.02bn |
| Debt | €2.61bn | €2.53bn | €2.54bn | €2.53bn | €1.79bn | €2.07bn | €2.06bn | €1.65bn | €1.62bn | €1.74bn |
| Shareholders' equity | €3.72bn | €3.98bn | €3.63bn | €3.55bn | €3.19bn | €2.30bn | €2.41bn | €1.89bn | €1.71bn | €1.67bn |
| Shares outstanding | 136m | 140m | 140m | 140m | 140m | 141m | 142m | 137m | 130m | 129m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €717.8m | €894.9m | €719.5m | €360.1m | €521.6m | €635.7m | €546.8m | €441.8m | €396.2m | €338.8m |
| Capital spending | −€196.8m | −€227.4m | −€270.2m | −€250.2m | −€174.2m | −€144.0m | −€174.4m | −€228.1m | −€203.2m | −€165.6m |
| Free cash flow | €521.0m | €667.5m | €449.3m | €109.9m | €347.4m | €491.6m | €372.4m | €213.7m | €193.0m | €173.2m |
| Dividends paid | −€167.7m | −€153.7m | −€146.8m | −€142.6m | −€131.4m | −€128.7m | −€121.9m | −€117.0m | −€113.4m | −€108.1m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €2.54bn | €2.38bn | €1.19bn | €1.28bn | €1.28bn | €1.22bn | €1.22bn | €1.28bn |
| Gross profit | €1.05bn | €797.5m | €398.7m | €529.7m | €529.7m | €474.0m | €474.0m | €507.7m |
| Operating income | €384.5m | €195.4m | €31.0m | €201.5m | €201.5m | −€182.9m | −€182.9m | €182.9m |
| Net income | €264.9m | −€18.8m | −€9.4m | €134.1m | €134.1m | €119.4m | €119.4m | €119.7m |
| Diluted earnings per share | 1.91 | -0.14 | -0.07 | 0.99 | 0.99 | 0.85 | 0.85 | 0.86 |
| Cash from operations | €282.0m | €563.0m | €295.0m | €154.0m | €90.0m | €568.0m | €303.0m | €267.0m |
| Capital spending | −€89.0m | −€87.0m | −€43.0m | −€54.0m | −€54.0m | −€111.0m | −€55.0m | −€57.0m |
| Free cash flow | €193.0m | €476.0m | €252.0m | €100.0m | €36.0m | €457.0m | €248.0m | €210.0m |
| Total assets | €7.63bn | €8.11bn | €7.90bn | €7.73bn | €7.73bn | €8.32bn | €8.32bn | €7.91bn |
| Cash and short-term investments | €451.1m | €1.01bn | €1.01bn | €369.7m | €369.7m | €709.5m | €709.5m | €308.3m |
| Debt | €73.0m | €2.63bn | €434.8m | €2.42bn | €1.01bn | €2.55bn | €897.1m | €2.55bn |
| Shareholders' equity | €3.73bn | €3.72bn | €3.72bn | €3.71bn | €3.71bn | €3.98bn | €3.98bn | €3.76bn |
Financial ratios
Data as of 5 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 37.6% | 39.3% | 35.8% | 36.9% | 38.7% | 39.5% |
| Operating margin | 12.4% | 14.4% | 11.8% | 10.9% | 14.6% | 13.8% |
| Net margin | 5.1% | 9.6% | 7.2% | 6.1% | 9.8% | 8.7% |
| Return on equity | 6.7% | 12.0% | 9.4% | 7.9% | 11.8% | 13.3% |
| Return on assets | 3.1% | 5.7% | 4.3% | 3.6% | 5.6% | 5.2% |
| Free cash flow yield | 7.4% | 8.8% | 7.8% | 4.8% | 5.5% | 6.1% |
| Revenue growth | -1.4% | 5.7% | 2.4% | 20.7% | 8.7% | 3.3% |
| Earnings growth | -47.9% | 40.5% | 21.6% | -25.3% | 22.2% | 2.9% |
| Current ratio | 2.52x | 1.61x | 2.89x | 2.76x | 2.04x | 3.50x |
| Debt to equity | 0.67x | 0.60x | 0.66x | 0.68x | 0.54x | 0.87x |
| Equity ratio | 45.9% | 47.8% | 46.3% | 45.6% | 48.0% | 38.8% |
| Interest coverage | 7.43x | 9.16x | 5.79x | 8.24x | 13.55x | 7.23x |
| R&D as a share of sales | 5.6% | 5.5% | 5.6% | 5.5% | 5.8% | 6.0% |
| Buybacks as a share of market value | 2.6% | -0.1% | 0.3% | -0.3% | 0.9% | 0.7% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 2.2% | 7.0% | 6.6% |
| Operating income | 6.5% | 4.6% | 4.4% |
| Net income | -3.8% | -4.1% | 0.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 38.5% | 37.4% | 37.9% | 38.9% |
| Operating margin | 13.4% | 12.4% | 12.9% | 13.4% |
| Net margin | 7.3% | 7.0% | 7.6% | 8.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 37.6 | 30.0 | 40.9 | 50.8 | 48.5 | 49.8 | 44.6 | 32.0 | 34.4 | 29.6 |
| Price to sales | 1.9 | 2.9 | 2.9 | 3.1 | 4.8 | 4.3 | 3.9 | 2.8 | 3.1 | 2.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 18 years. Last went ex-dividend on 7 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.25 | 1.20 | 1.10 | 1.05 | 1.02 | 0.97 | 0.95 | 0.90 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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