U 
298.80
+2.72%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€7.74bn
FY2016FY2025
Net income
€1.56bn
FY2016FY2025
Free cash flow
€1.88bn
FY2016FY2025
Shareholders' equity
€10.87bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €7.74bn | €6.15bn | €5.25bn | €5.52bn | €5.78bn | €5.35bn | €4.91bn | €4.63bn | €4.47bn | €4.15bn |
| Gross profit | €5.51bn | €4.40bn | €3.54bn | €3.65bn | €4.17bn | €3.81bn | €3.49bn | €3.43bn | €3.27bn | €2.94bn |
| Research and development | €1.82bn | €1.78bn | €1.63bn | €1.67bn | €1.63bn | €1.57bn | €1.27bn | €1.16bn | €1.06bn | €1.02bn |
| Operating income | €1.17bn | €1.32bn | €604.0m | €582.0m | €1.27bn | €977.0m | €1.02bn | €1.11bn | €1.03bn | €796.0m |
| Net income | €1.56bn | €1.06bn | €343.0m | €418.0m | €1.06bn | €732.0m | €792.0m | €800.0m | €753.0m | €520.0m |
| Diluted earnings per share | 8.20 | 5.48 | 1.72 | 2.18 | 5.46 | 3.67 | 4.20 | 4.24 | 4.00 | 2.76 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €18.16bn | €17.35bn | €15.54bn | €15.87bn | €14.21bn | €13.32bn | €11.08bn | €10.51bn | €9.92bn | €10.21bn |
| Cash and short-term investments | €2.47bn | €1.76bn | €969.0m | €1.07bn | €1.37bn | €1.37bn | €1.32bn | €1.28bn | €1.06bn | €761.0m |
| Total liabilities | €7.29bn | €7.32bn | €6.56bn | €6.80bn | €5.82bn | €6.05bn | €4.07bn | €4.26bn | €4.18bn | €4.74bn |
| Debt | €2.13bn | €3.03bn | €3.04bn | €2.90bn | €2.12bn | €2.75bn | €1.28bn | €1.50bn | €1.57bn | €1.60bn |
| Shareholders' equity | €10.87bn | €10.03bn | €8.97bn | €9.06bn | €8.39bn | €7.27bn | €7.04bn | €6.31bn | €5.81bn | €5.58bn |
| Shares outstanding | 190m | 194m | 200m | 192m | 194m | 200m | 189m | 188m | 188m | 188m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €2.16bn | €1.24bn | €761.0m | €1.12bn | €1.55bn | €1.08bn | €882.0m | €1.09bn | €927.0m | €427.0m |
| Capital spending | −€281.0m | −€322.0m | −€316.0m | −€371.0m | −€493.0m | −€349.0m | −€294.0m | −€94.0m | −€100.0m | −€108.0m |
| Free cash flow | €1.88bn | €920.0m | €445.0m | €748.0m | €1.06bn | €732.0m | €588.0m | €995.0m | €827.0m | €319.0m |
| Dividends paid | −€264.0m | −€259.0m | −€252.0m | −€247.0m | −€240.0m | −€235.0m | −€228.0m | −€222.0m | −€217.0m | −€231.0m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €4.27bn | €4.25bn | €3.49bn | €3.36bn | €2.79bn | €2.66bn | €2.59bn | €2.59bn |
| Gross profit | €3.31bn | €3.19bn | €2.56bn | €2.34bn | €1.94bn | €1.65bn | €1.69bn | €1.67bn |
| Operating income | €1.37bn | €1.29bn | €671.0m | €501.0m | €323.0m | €176.0m | €479.0m | €118.0m |
| Net income | €1.11bn | €1.08bn | €475.0m | €857.0m | €208.0m | €32.0m | €311.0m | €19.0m |
| Diluted earnings per share | 5.85 | 5.70 | 2.50 | 4.41 | 1.07 | 0.16 | 1.56 | 0.10 |
| Cash from operations | €369.0m | €1.52bn | €639.0m | €826.0m | €377.0m | €469.0m | €148.0m | €677.0m |
| Capital spending | −€238.0m | −€163.0m | −€118.0m | −€118.0m | −€116.0m | −€158.0m | −€158.0m | −€197.0m |
| Free cash flow | €131.0m | €1.36bn | €521.0m | €708.0m | €261.0m | €311.0m | −€10.0m | €480.0m |
| Total assets | €20.63bn | €18.16bn | €17.19bn | €17.35bn | €15.63bn | €15.54bn | €15.38bn | €15.87bn |
| Cash and short-term investments | €766.0m | €2.47bn | €1.61bn | €1.76bn | €428.0m | €969.0m | €457.0m | €1.07bn |
| Debt | €217.0m | €2.13bn | €2.75bn | €2.88bn | €2.96bn | €2.92bn | €2.79bn | €2.80bn |
| Shareholders' equity | €11.65bn | €10.87bn | €9.68bn | €10.03bn | €8.95bn | €8.97bn | €9.04bn | €9.06bn |
Financial ratios
Data as of 17 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 71.1% | 71.5% | 67.5% | 66.2% | 72.1% | 71.2% |
| Operating margin | 15.1% | 21.5% | 11.5% | 10.5% | 22.0% | 18.3% |
| Net margin | 20.1% | 17.3% | 6.5% | 7.6% | 18.3% | 13.7% |
| Return on equity | 14.3% | 10.6% | 3.8% | 4.6% | 12.6% | 10.1% |
| Return on assets | 8.6% | 6.1% | 2.2% | 2.6% | 7.4% | 5.5% |
| Free cash flow yield | 6.2% | 3.9% | 2.6% | 3.8% | 5.1% | 3.5% |
| Revenue growth | 25.8% | 17.1% | -4.8% | -4.5% | 8.0% | 8.8% |
| Earnings growth | 46.3% | 210.5% | -17.9% | -60.5% | 44.5% | -7.6% |
| Current ratio | 1.38x | 1.36x | 1.32x | 1.06x | 1.31x | 1.27x |
| Debt to equity | 0.20x | 0.29x | 0.33x | 0.31x | 0.24x | 0.37x |
| Equity ratio | 59.8% | 57.8% | 57.8% | 57.1% | 59.0% | 54.6% |
| Interest coverage | 9.11x | 8.33x | 4.19x | 8.20x | 28.24x | 14.37x |
| R&D as a share of sales | 23.5% | 28.9% | 31.0% | 30.3% | 28.2% | 29.3% |
| Buybacks as a share of market value | 2.3% | 2.6% | -3.9% | 0.9% | 2.9% | -5.8% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 12.0% | 7.7% | 7.2% |
| Operating income | 26.1% | 3.6% | 7.3% |
| Net income | 55.0% | 16.3% | 19.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 71.3% | 69.4% | 70.1% | 70.8% |
| Operating margin | 17.9% | 14.9% | 16.6% | 18.1% |
| Net margin | 18.9% | 13.7% | 14.5% | 14.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 29.1 | 35.1 | 45.9 | 33.8 | 18.4 | 23.0 | 16.9 | 16.8 | 16.6 | 22.1 |
| Price to sales | 5.9 | 6.1 | 3.0 | 2.6 | 3.4 | 3.1 | 2.7 | 2.9 | 2.8 | 2.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 35 years. Last went ex-dividend on 4 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.45 | 1.39 | 1.36 | 1.33 | 1.30 | 1.27 | 1.24 | 1.21 |
- 100-for-1 split · 4 Jan 1999
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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