V 
71.15
-2.13%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€8.01bn
FY2016FY2025
Net income
€1.49bn
FY2016FY2025
Free cash flow
€550.2m
FY2016FY2025
Shareholders' equity
€10.34bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €8.01bn | €8.24bn | €10.45bn | €10.35bn | €4.78bn | €3.23bn | €3.89bn | €2.85bn | €2.91bn | €2.79bn |
| Research and development | — | — | €12.7m | €20.4m | €13.7m | €13.6m | €17.5m | — | — | — |
| Operating income | €2.12bn | €2.82bn | €3.37bn | €1.94bn | €1.27bn | €937.5m | €865.9m | €655.1m | €400.1m | €615.1m |
| Net income | €1.49bn | €1.88bn | €2.27bn | €1.72bn | €873.6m | €631.4m | €554.8m | €433.2m | €301.4m | €424.4m |
| Diluted earnings per share | 4.29 | 5.40 | 6.52 | 4.94 | 2.51 | 1.81 | 1.58 | 1.25 | 0.87 | 1.22 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €18.61bn | €18.72bn | €19.83bn | €19.16bn | €17.11bn | €12.05bn | €11.84bn | €11.70bn | €11.28bn | €11.54bn |
| Cash and short-term investments | — | — | €968.4m | €409.5m | €322.9m | €49.2m | €44.6m | €128.6m | €28.6m | €28.0m |
| Total liabilities | €7.28bn | €7.65bn | €7.82bn | €10.83bn | €10.75bn | €5.18bn | €5.27bn | €5.76bn | €5.59bn | €6.01bn |
| Debt | €1.62bn | €2.45bn | €2.57bn | €4.09bn | €3.39bn | €1.38bn | €1.70bn | €2.23bn | €2.36bn | €2.72bn |
| Shareholders' equity | €10.34bn | €9.98bn | €9.97bn | €7.28bn | €5.46bn | €6.15bn | €5.89bn | €5.31bn | €5.06bn | €4.96bn |
| Shares outstanding | 347m | 347m | 347m | 347m | 347m | 349m | 352m | 346m | 348m | 347m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €1.92bn | €3.25bn | €5.08bn | €2.02bn | €98.2m | €1.19bn | €1.20bn | €664.1m | €640.6m | €804.3m |
| Capital spending | −€1.37bn | −€1.14bn | −€1.40bn | −€1.09bn | −€854.0m | −€602.4m | −€391.2m | −€295.6m | −€243.5m | −€248.1m |
| Free cash flow | €550.2m | €2.11bn | €3.68bn | €928.6m | −€755.9m | €588.6m | €813.1m | €368.6m | €397.1m | €556.2m |
| Dividends paid | −€1.33bn | −€1.93bn | −€1.25bn | −€477.8m | −€319.3m | −€291.4m | −€178.1m | −€178.1m | −€122.6m | −€165.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €1.66bn | €1.94bn | €2.14bn | €1.84bn | €1.74bn | €2.29bn | €2.41bn | €1.95bn |
| Operating income | €409.0m | €389.3m | €444.4m | €539.6m | €535.4m | €598.2m | €717.6m | €716.5m |
| Net income | €248.3m | €269.8m | €277.2m | €409.7m | €406.0m | €396.7m | €488.1m | €477.1m |
| Diluted earnings per share | 0.71 | 0.78 | 0.80 | 1.18 | 1.17 | 1.14 | 1.40 | 1.37 |
| Cash from operations | €421.0m | €453.0m | €264.0m | — | €800.0m | €538.0m | €915.0m | €482.0m |
| Capital spending | −€349.0m | −€294.0m | −€481.0m | — | −€307.0m | −€245.0m | −€372.0m | −€259.0m |
| Free cash flow | €72.0m | €159.0m | −€217.0m | — | €493.0m | €293.0m | €543.0m | €223.0m |
| Total assets | €18.70bn | €18.61bn | €18.61bn | €18.31bn | €17.99bn | €19.05bn | €18.72bn | €18.84bn |
| Cash and short-term investments | — | — | — | €186.5m | — | — | — | — |
| Debt | — | — | €1.62bn | €1.94bn | — | — | €1.97bn | — |
| Shareholders' equity | €9.67bn | €10.48bn | €10.34bn | €10.08bn | €9.77bn | €10.41bn | €9.98bn | €9.69bn |
Financial ratios
Data as of 5 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 26.5% | 35.2% | 32.3% | 18.7% | 26.5% | 29.0% | — | — |
| Net margin | 18.6% | 22.7% | 21.7% | 16.6% | 18.3% | 19.5% | — | — |
| Return on equity | 14.4% | 18.8% | 22.7% | 23.6% | 16.0% | 10.3% | — | — |
| Return on assets | 8.0% | 10.0% | 11.4% | 9.0% | 5.1% | 5.2% | — | — |
| Free cash flow yield | — | — | 29.6% | 14.2% | 4.4% | 8.2% | 7.2% | 4.4% |
| Revenue growth | -2.8% | -21.1% | 1.0% | 116.6% | 47.7% | -17.0% | — | — |
| Earnings growth | -20.6% | -17.2% | 32.0% | 96.6% | 38.3% | 13.8% | — | — |
| Current ratio | 0.98x | 1.41x | 1.14x | 0.94x | 0.67x | 0.62x | — | — |
| Debt to equity | 0.16x | 0.20x | 0.24x | 0.51x | 0.58x | 0.21x | — | — |
| Equity ratio | 55.6% | 53.3% | 50.3% | 38.0% | 31.9% | 51.0% | — | — |
| Interest coverage | 18.72x | 23.19x | 30.01x | 19.06x | 12.42x | 11.55x | — | — |
| R&D as a share of sales | — | — | 0.1% | 0.2% | 0.3% | 0.4% | 0.4% | — |
| Buybacks as a share of market value | — | — | 0.0% | 0.0% | 0.3% | 1.0% | -1.9% | 0.8% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -8.2% | 19.9% | 10.5% |
| Operating income | 3.0% | 17.7% | 17.8% |
| Net income | -4.6% | 18.7% | 21.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 30.4% | 27.6% | 27.6% | 25.5% |
| Net margin | 20.7% | 19.8% | 19.6% | 17.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 14.3 | 13.0 | 12.9 | 15.9 | 39.3 | 38.6 | 28.4 | 29.7 | 23.3 | 12.4 |
| Price to sales | 2.7 | 3.0 | 2.8 | 2.6 | 7.2 | 7.5 | 4.0 | 4.5 | 2.4 | 1.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 26 years. Last went ex-dividend on 28 Apr 2026.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 3.95 | 3.40 | 2.44 | 1.05 | 0.75 | 1.11 | 0.42 | 0.29 |
- 10-for-1 split · 23 May 2006
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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