U 
24.70
-1.59%
Close of 6 Nov 2026, in EUR
At a glance
Figures in EUR, from our data supplier.
Revenue
€6.12bn
FY2016FY2025
Net income
€284.9m
FY2016FY2025
Free cash flow
€369.6m
FY2016FY2025
Shareholders' equity
€4.68bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €6.12bn | €6.33bn | €6.21bn | €5.92bn | €5.65bn | €5.37bn | €5.19bn | €5.13bn | €4.21bn | €3.95bn |
| Gross profit | €1.77bn | €2.00bn | €2.06bn | €2.01bn | €1.96bn | €1.60bn | €1.77bn | €1.75bn | €1.52bn | €1.35bn |
| Research and development | — | — | €7.5m | €9.5m | €9.4m | €4.4m | — | — | — | — |
| Operating income | €522.4m | €638.7m | €754.0m | €781.4m | €829.9m | €574.9m | €811.1m | €811.0m | €958.9m | €647.2m |
| Net income | €284.9m | −€47.6m | €232.7m | €367.2m | €416.5m | €290.5m | €423.9m | €188.8m | €650.4m | €179.0m |
| Diluted earnings per share | 1.65 | -0.28 | 1.33 | 1.97 | 2.22 | 1.55 | 2.26 | 0.94 | 3.25 | 0.89 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €11.98bn | €11.94bn | €11.25bn | €10.36bn | €9.67bn | €9.23bn | €9.09bn | €8.17bn | €7.61bn | €4.07bn |
| Cash and short-term investments | €64.6m | €131.5m | €49.4m | €47.7m | €120.0m | €144.8m | €138.4m | €72.3m | €255.4m | €111.3m |
| Total liabilities | €6.75bn | €6.39bn | €5.69bn | €5.06bn | €4.75bn | €4.32bn | €4.47bn | €3.65bn | €3.56bn | €2.88bn |
| Debt | €4.50bn | €3.89bn | €3.26bn | €2.80bn | €2.34bn | €1.94bn | €2.13bn | €2.02bn | €2.05bn | €1.86bn |
| Shareholders' equity | €4.68bn | €4.78bn | €4.90bn | €4.75bn | €4.47bn | €4.52bn | €4.31bn | €4.30bn | €3.99bn | €1.20bn |
| Shares outstanding | 173m | 173m | 175m | 187m | 187m | 187m | 188m | 200m | 200m | 200m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €1.10bn | €954.1m | €828.5m | €597.5m | €887.6m | €925.7m | €828.9m | €482.3m | €726.0m | €487.0m |
| Capital spending | −€730.8m | −€774.6m | −€797.9m | −€681.4m | −€289.8m | −€447.0m | −€252.8m | −€271.8m | −€233.5m | −€168.9m |
| Free cash flow | €369.6m | €179.5m | €30.6m | −€83.9m | €597.9m | €478.7m | €576.2m | €210.5m | €492.5m | €318.1m |
| Dividends paid | −€328.4m | −€86.4m | −€86.4m | −€93.4m | −€93.6m | −€93.6m | −€10.0m | −€170.0m | −€159.7m | −€142.9m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €1.54bn | €1.55bn | €1.60bn | €1.28bn | €1.61bn | €1.64bn | €1.65bn | €1.57bn |
| Gross profit | €507.6m | €495.2m | €466.2m | €434.9m | €488.8m | €521.8m | €467.1m | €512.7m |
| Operating income | €160.8m | €150.0m | €151.3m | €159.3m | €155.9m | €163.1m | −€61.1m | €182.5m |
| Net income | €65.6m | €60.9m | €135.0m | €46.6m | €49.6m | €53.7m | −€19.0m | €39.5m |
| Diluted earnings per share | 0.38 | 0.35 | 0.78 | 0.27 | 0.29 | 0.31 | -0.11 | 0.23 |
| Cash from operations | €274.0m | €122.0m | €478.0m | €287.0m | €406.0m | −€5.0m | €479.0m | €299.0m |
| Capital spending | −€166.0m | −€117.0m | −€242.0m | −€190.0m | −€175.0m | −€122.0m | −€332.0m | −€157.0m |
| Free cash flow | €108.0m | €5.0m | €236.0m | €97.0m | €231.0m | −€127.0m | €147.0m | €142.0m |
| Total assets | €12.07bn | €12.01bn | €11.98bn | €11.81bn | €11.86bn | €11.97bn | €11.94bn | €11.59bn |
| Cash and short-term investments | €56.0m | €116.2m | €64.6m | €105.1m | €52.8m | €184.8m | €131.5m | €141.4m |
| Debt | €3.73bn | €3.38bn | €3.39bn | €3.28bn | €3.33bn | €2.98bn | €2.95bn | €2.74bn |
| Shareholders' equity | €4.66bn | €4.71bn | €4.68bn | €4.58bn | €4.55bn | €4.80bn | €4.78bn | €4.77bn |
Financial ratios
Data as of 16 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 28.9% | 31.7% | 33.1% | 34.0% | 34.7% | 29.8% |
| Operating margin | 8.5% | 7.6% | 12.1% | 12.7% | 14.7% | 11.1% |
| Net margin | 4.7% | -0.8% | 3.7% | 6.2% | 7.4% | 5.4% |
| Return on equity | 6.1% | -1.0% | 4.8% | 7.7% | 9.3% | 6.4% |
| Return on assets | 2.4% | -0.4% | 2.1% | 3.5% | 4.3% | 3.1% |
| Free cash flow yield | 43.9% | 41.5% | 38.5% | 28.4% | 26.1% | 30.4% |
| Revenue growth | -3.3% | 1.9% | 5.0% | 4.8% | 5.2% | 3.3% |
| Earnings growth | -698.8% | -120.4% | -36.6% | -11.8% | 43.3% | -31.5% |
| Current ratio | 0.67x | 1.06x | 0.91x | 0.91x | 0.99x | 1.01x |
| Debt to equity | 0.73x | 0.62x | 0.53x | 0.48x | 0.43x | 0.35x |
| Equity ratio | 39.1% | 40.1% | 43.6% | 45.9% | 46.2% | 49.0% |
| Interest coverage | 3.02x | 3.25x | 7.97x | 19.86x | 24.06x | 15.94x |
| R&D as a share of sales | — | — | 0.1% | 0.2% | 0.2% | 0.1% |
| Buybacks as a share of market value | 0.0% | 1.2% | 6.3% | 0.3% | 0.0% | 0.2% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 1.1% | 2.7% | 5.1% |
| Operating income | -12.6% | -1.9% | -0.6% |
| Net income | -8.1% | -0.4% | -2.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 30.3% | 31.9% | 32.0% | 33.0% |
| Operating margin | 9.3% | 11.0% | 11.5% | 13.6% |
| Net margin | 1.9% | 3.4% | 4.3% | 5.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 16.8 | -56.9 | 17.3 | 9.6 | 15.7 | 22.2 | 13.0 | 40.5 | 17.6 | 41.5 |
| Price to sales | 0.8 | 0.4 | 0.7 | 0.6 | 1.2 | 1.2 | 1.1 | 1.5 | 2.7 | 1.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 23 years. Last went ex-dividend on 22 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.50 | 0.40 | 0.50 | 0.50 | 0.50 | 0.50 | 0.50 | 0.05 |
- 4-for-1 split · 26 Jun 2006
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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