V 
34.51
+2.16%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€44.40bn
FY2016FY2025
Net income
€1.22bn
FY2016FY2025
Free cash flow
€1.46bn
FY2016FY2025
Shareholders' equity
€7.02bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €44.40bn | €44.69bn | €45.35bn | €42.89bn | €28.51bn | €26.01bn | €27.19bn | €25.95bn | €24.82bn | €24.19bn |
| Gross profit | €7.82bn | €7.71bn | €7.45bn | €7.11bn | €4.58bn | €3.86bn | €4.33bn | €4.26bn | €4.18bn | €4.16bn |
| Research and development | €120.0m | €136.0m | €125.0m | €131.0m | €65.8m | €56.5m | €55.6m | €54.2m | €60.2m | €65.1m |
| Operating income | €3.45bn | €3.07bn | €2.90bn | €2.89bn | €1.11bn | €919.5m | €1.54bn | €1.10bn | €968.9m | €942.5m |
| Net income | €1.22bn | €1.10bn | €937.0m | €715.8m | €404.3m | €88.8m | €619.4m | €374.2m | €329.9m | €314.3m |
| Diluted earnings per share | 1.66 | 1.48 | 1.28 | 1.16 | 0.59 | 0.16 | 1.12 | 1.15 | 1.41 | 0.55 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €70.67bn | €72.96bn | €72.57bn | €73.30bn | €53.08bn | €45.36bn | €41.02bn | €30.45bn | €38.31bn | €37.95bn |
| Cash and short-term investments | €8.02bn | €11.76bn | €10.79bn | €10.86bn | €11.96bn | €6.84bn | €6.67bn | €4.85bn | €6.64bn | €5.67bn |
| Total liabilities | €61.24bn | €57.65bn | €57.86bn | €58.44bn | €40.31bn | €37.05bn | €33.94bn | €32.27bn | €29.65bn | €29.07bn |
| Debt | €20.19bn | €29.28bn | €28.35bn | €28.58bn | €21.04bn | €19.95bn | €17.00bn | €16.31bn | €14.27bn | €13.35bn |
| Shareholders' equity | €7.02bn | €12.91bn | €8.68bn | €3.57bn | €11.52bn | €7.22bn | €5.93bn | €2.83bn | €7.50bn | €7.75bn |
| Shares outstanding | 734m | 741m | 734m | 618m | 687m | 566m | 555m | 324m | 235m | 571m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €4.52bn | €5.04bn | €5.00bn | €4.15bn | €3.15bn | €2.73bn | €3.09bn | €2.84bn | €2.45bn | €2.56bn |
| Capital spending | −€3.06bn | −€2.96bn | −€3.14bn | −€2.78bn | −€1.73bn | −€1.61bn | −€1.68bn | −€1.48bn | −€1.50bn | −€1.35bn |
| Free cash flow | €1.46bn | €2.07bn | €1.86bn | €1.36bn | €1.42bn | €1.12bn | €1.41bn | €1.36bn | €956.7m | €1.20bn |
| Dividends paid | −€1.28bn | −€976.0m | −€877.0m | −€990.2m | −€534.3m | −€426.0m | −€661.0m | −€462.6m | −€439.7m | −€521.7m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €22.19bn | €22.35bn | €22.05bn | €22.55bn | €22.14bn | €22.60bn | €22.75bn | €22.69bn |
| Gross profit | — | €3.94bn | €3.89bn | €3.94bn | €3.80bn | €3.81bn | €5.09bn | €7.60bn |
| Operating income | €1.96bn | €1.77bn | €1.68bn | €1.65bn | €1.55bn | €1.57bn | €3.64bn | €3.70bn |
| Net income | €682.0m | €560.0m | €657.0m | €446.0m | €651.0m | €414.1m | €530.0m | €556.0m |
| Diluted earnings per share | 0.92 | 0.76 | 0.90 | 0.60 | 0.88 | 0.56 | 0.72 | 0.90 |
| Cash from operations | — | €3.38bn | €1.14bn | €3.23bn | €1.27bn | €3.04bn | €1.57bn | €1.57bn |
| Capital spending | — | −€1.76bn | −€1.29bn | −€1.65bn | −€1.32bn | −€1.80bn | −€1.34bn | −€1.59bn |
| Free cash flow | — | €1.61bn | −€150.0m | €1.58bn | −€52.0m | €1.24bn | €233.0m | −€15.0m |
| Total assets | — | €70.67bn | €68.97bn | €72.96bn | €71.45bn | €72.57bn | €71.35bn | €73.30bn |
| Cash and short-term investments | — | €8.02bn | €9.46bn | €11.76bn | €9.66bn | €8.70bn | €10.10bn | €10.86bn |
| Debt | — | €22.63bn | €30.08bn | €21.88bn | €29.19bn | €24.82bn | €23.60bn | €23.53bn |
| Shareholders' equity | — | €7.02bn | €10.49bn | €12.91bn | €12.03bn | €8.68bn | €11.60bn | €3.57bn |
Financial ratios
Data as of 24 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 17.6% | 17.3% | 16.4% | 16.6% | 16.1% | 14.9% |
| Operating margin | 7.8% | 6.9% | 6.4% | 6.7% | 3.9% | 3.5% |
| Net margin | 2.7% | 2.5% | 2.1% | 1.7% | 1.4% | 0.3% |
| Return on equity | 17.3% | 8.5% | 10.8% | 20.0% | 3.5% | 1.2% |
| Return on assets | 1.7% | 1.5% | 1.3% | 1.0% | 0.8% | 0.2% |
| Free cash flow yield | 33.0% | 34.5% | 35.4% | 35.8% | 22.7% | 24.5% |
| Revenue growth | -0.7% | -1.5% | 5.7% | 50.4% | 9.6% | -4.3% |
| Earnings growth | 10.9% | 17.1% | 30.9% | 77.0% | 355.3% | -85.7% |
| Current ratio | 0.86x | 0.91x | 0.93x | 0.98x | 0.98x | 0.86x |
| Debt to equity | 2.66x | 1.43x | 2.18x | 5.57x | 1.08x | 1.59x |
| Equity ratio | 9.9% | 17.7% | 12.0% | 4.9% | 21.7% | 15.9% |
| Interest coverage | 4.98x | 4.00x | 4.23x | 5.35x | 3.51x | 2.53x |
| R&D as a share of sales | 0.3% | 0.3% | 0.3% | 0.3% | 0.2% | 0.2% |
| Buybacks as a share of market value | 0.9% | -0.9% | -18.8% | 10.1% | -21.5% | -2.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 1.2% | 11.3% | 5.9% |
| Operating income | 6.1% | 30.3% | 10.8% |
| Net income | 19.4% | 68.8% | 12.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 17.4% | 17.0% | 16.6% | 14.6% |
| Operating margin | 7.3% | 6.9% | 6.2% | 5.6% |
| Net margin | 2.6% | 2.2% | 1.9% | 1.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 17.9 | 18.3 | 22.4 | 20.7 | 54.8 | 127.5 | 21.2 | 15.6 | 15.1 | 29.4 |
| Price to sales | 0.5 | 0.5 | 0.5 | 0.3 | 0.8 | 0.4 | 0.5 | 0.2 | 0.2 | 0.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 25 years. Last went ex-dividend on 11 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.50 | 1.40 | 1.25 | 1.12 | 1.00 | 0.675 | 0.482 | 0.887 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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