W 
19.60
+1.03%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€522.1m
FY2016FY2025
Net income
€353.9m
FY2016FY2025
Free cash flow
€297.3m
FY2016FY2025
Shareholders' equity
€5.02bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €522.1m | €438.4m | €399.8m | €330.7m | €278.7m | €248.9m | €221.0m | €186.8m | €154.9m | €141.4m |
| Gross profit | €427.3m | €384.4m | €342.9m | €288.8m | €251.6m | €224.3m | €199.9m | €171.9m | €142.0m | €129.3m |
| Research and development | — | — | €0 | €1 | €4 | €1 | €2 | €2 | €1 | €1 |
| Operating income | €490.9m | €416.5m | €86.2m | €160.2m | €218.2m | €399.6m | €477.1m | €381.2m | €109.3m | €161.2m |
| Net income | €353.9m | €435.5m | €22.3m | €351.7m | €982.3m | €324.6m | €393.7m | €328.8m | €235.2m | €130.2m |
| Diluted earnings per share | 1.54 | 1.93 | 0.11 | 1.76 | 5.31 | 1.81 | 2.28 | 2.04 | 1.53 | 0.87 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €8.91bn | €8.20bn | €7.07bn | €7.05bn | €6.11bn | €4.79bn | €4.22bn | €3.48bn | €2.68bn | €2.18bn |
| Cash and short-term investments | €14.8m | €10.4m | €13.0m | €8.0m | €9.2m | €11.2m | €3.6m | €1.7m | €1.2m | €340,000 |
| Total liabilities | €3.90bn | €3.37bn | €2.55bn | €2.71bn | €2.53bn | €2.39bn | €2.07bn | €1.87bn | €1.44bn | €1.15bn |
| Debt | €3.60bn | €3.14bn | €2.39bn | €2.45bn | €2.24bn | €2.17bn | €1.90bn | €1.74bn | €1.35bn | €1.05bn |
| Shareholders' equity | €5.02bn | €4.75bn | €4.44bn | €4.27bn | €3.51bn | €2.35bn | €2.10bn | €1.58bn | €1.24bn | €1.03bn |
| Shares outstanding | 231m | 226m | 211m | 200m | 185m | 179m | 172m | 161m | 154m | 149m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €327.0m | €356.1m | €286.9m | €350.5m | €223.3m | €195.3m | €151.9m | €177.7m | €129.0m | €118.8m |
| Capital spending | −€29.6m | −€29.3m | −€24.4m | −€14.0m | −€7.6m | −€6.3m | −€10.7m | −€8.9m | −€11.6m | −€10.6m |
| Free cash flow | €297.3m | €326.9m | €262.5m | €336.5m | €215.7m | €189.0m | €141.2m | €168.8m | €117.4m | €108.2m |
| Dividends paid | −€163.6m | −€143.3m | −€127.5m | −€163.6m | −€86.8m | −€78.3m | −€67.6m | −€52.3m | −€50.2m | −€41.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €140.5m | €141.7m | €148.1m | €121.2m | €112.7m | €140.2m | €119.7m | €105.2m |
| Gross profit | €122.6m | €108.6m | €114.6m | €112.3m | €108.0m | €99.4m | €110.1m | €97.3m |
| Operating income | €117.5m | €125.4m | €126.8m | €125.7m | €105.7m | €93.9m | €160.8m | €142.4m |
| Net income | €91.2m | €95.5m | €107.2m | €107.5m | €71.0m | €68.1m | €129.2m | €91.8m |
| Diluted earnings per share | 0.38 | 0.40 | 0.47 | 0.47 | 0.31 | 0.30 | 0.57 | 0.41 |
| Cash from operations | €74.0m | €102.0m | €89.0m | €77.0m | €116.0m | €101.0m | €146.0m | €91.0m |
| Capital spending | −€2.0m | −€3.0m | −€9.0m | −€5.0m | −€8.0m | −€6.0m | −€9.0m | −€7.0m |
| Free cash flow | €72.0m | €99.0m | €80.0m | €72.0m | €108.0m | €95.0m | €137.0m | €84.0m |
| Total assets | €9.18bn | €9.17bn | €8.91bn | €8.75bn | €8.58bn | €8.51bn | €8.20bn | €7.78bn |
| Cash and short-term investments | €19.6m | €20.1m | €14.8m | €16.2m | €14.8m | €11.6m | €10.4m | €28.6m |
| Debt | €280.0m | €298.2m | €3.50bn | €3.50bn | €3.47bn | €3.33bn | €3.06bn | €82.3m |
| Shareholders' equity | €5.02bn | €5.11bn | €5.02bn | €4.89bn | €4.75bn | €4.83bn | €4.75bn | €4.62bn |
Financial ratios
Data as of 15 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 81.8% | 87.7% | 85.8% | 87.3% | 90.3% | 90.1% | — | — |
| Operating margin | 95.3% | 118.9% | 8.9% | 113.1% | 407.8% | 143.3% | — | — |
| Net margin | 67.8% | 99.3% | 5.6% | 106.4% | 352.5% | 130.4% | — | — |
| Return on equity | 7.1% | 9.2% | 0.5% | 8.2% | 28.0% | 13.8% | — | — |
| Return on assets | 4.0% | 5.3% | 0.3% | 5.0% | 16.1% | 6.8% | — | — |
| Free cash flow yield | 8.0% | 8.8% | 7.6% | 9.4% | 6.4% | 5.8% | — | — |
| Revenue growth | 19.1% | 9.6% | 20.9% | 18.7% | 11.9% | 12.6% | — | — |
| Earnings growth | -18.7% | 1853.0% | -93.7% | -64.2% | 202.6% | -17.6% | — | — |
| Current ratio | 0.33x | 0.36x | 0.37x | 0.20x | 0.21x | 0.14x | — | — |
| Debt to equity | 0.70x | 0.65x | 0.52x | 0.56x | 0.62x | 0.90x | — | — |
| Equity ratio | 56.3% | 57.9% | 62.8% | 60.6% | 57.5% | 49.1% | — | — |
| Interest coverage | 6.37x | 10.78x | 0.51x | 11.91x | 52.37x | 16.25x | — | — |
| R&D as a share of sales | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | -2.2% | -7.0% | -5.7% | -7.8% | -3.4% | -3.7% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 16.4% | 16.0% | 15.0% |
| Operating income | 45.3% | 4.2% | 11.6% |
| Net income | 0.2% | 1.7% | 9.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 84.5% | 85.4% | 86.5% | 87.8% |
| Operating margin | 94.5% | 68.2% | 79.8% | 100.4% |
| Net margin | 82.2% | 68.8% | 111.3% | 121.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 14.4 | 9.8 | 269.5 | 15.2 | 8.0 | 15.6 | 10.2 | 8.1 | 8.7 | 13.9 |
| Price to sales | 9.7 | 9.8 | 15.0 | 16.1 | 28.0 | 20.3 | 18.1 | 14.2 | 13.3 | 12.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 26 years. Last went ex-dividend on 30 Apr 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.23 | 1.20 | 1.12 | 1.00 | 0.88 | 1.54 | 0.686 | 0.643 |
- 25-for-24 split · 2 May 2025
- 7-for-1 split · 2 Jan 2020
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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