(HEIA) Heineken - AS
Sector: Consumer Defensive | Industry: Beverages - Brewers | Exchange: AS (Netherlands) | Market Cap: 39.194m EUR | Total Return: -4.4% in 12m
Avg Turnover: 61.2M
EPS Trend: -59.9%
Rev. Trend: -82.7%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
No distinct edge detected
Heineken N.V. is a global beverage company headquartered in Amsterdam, operating primarily in the brewing and distribution of beer and cider. The company maintains an expansive portfolio of over 300 international, regional, and local brands, including Heineken, Amstel, and Tiger. Beyond its core brewing operations, the firm manages soft drink production, wholesale activities, and pub management services across Europe, the Americas, Africa, the Middle East, and Asia Pacific.
The brewing industry is characterized by high barriers to entry due to extensive distribution networks and the significant marketing capital required to maintain brand equity. Heineken utilizes a vertically integrated business model in several markets, controlling aspects of the value chain from production to the ownership and leasing of retail hospitality venues. For deeper insights into these operational structures, investors can explore the data sets on ValueRay.
Heineken functions as a subsidiary of Heineken Holding N.V., a structure designed to preserve the founding familys controlling interest while accessing public equity markets. Its multi-channel distribution strategy targets a diverse customer base ranging from global retailers and wholesalers to individual hotels, cafes, and restaurants.
- Premium brand volume growth in emerging markets drives revenue and margin expansion
- Input cost volatility for barley and aluminum impacts operating profit margins
- Non-alcoholic segment expansion through Heineken 0.0 captures shifting consumer health preferences
- Currency fluctuations in Asia Pacific and Africa affect consolidated earnings reports
- Cost saving initiatives through the EverGreen strategy mitigate inflationary pressures on overheads
| Net Income: 1.51b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.05 > 0.02 and ΔFCF/TA -1.15 > 1.0 |
| NWC/Revenue: -4.80% < 20% (prev -11.20%; Δ 6.40% < -1%) |
| CFO/TA 0.09 > 3% & CFO 5.01b > Net Income 1.51b |
| Net Debt (17.2b) to EBITDA (4.52b): 3.80 < 3 |
| Current Ratio: 0.93 > 1.5 & < 3 |
| Outstanding Shares: last quarter (560.6m) vs 12m ago -0.86% < -2% |
| Gross Margin: 20.11% > 18% (prev 23.94%; Δ -3.83% > 0.5%) |
| Asset Turnover: 39.38% > 50% (prev 54.15%; Δ -14.77% > 0%) |
| Interest Coverage Ratio: 4.46 > 6 (EBIT TTM 2.76b / Interest Expense TTM 620.0m) |
| A: -0.02 (Total Current Assets 12.9b - Total Current Liabilities 13.9b) / Total Assets 55.0b |
| B: 0.36 (Retained Earnings 19.8b / Total Assets 55.0b) |
| C: 0.05 (EBIT TTM 2.76b / Avg Total Assets 55.0b) |
| D: 0.52 (Book Value of Equity 18.0b / Total Liabilities 34.3b) |
| Altman-Z'' = 1.93 = BBB |
| DSRI: 1.38 (Receivables 4.19b/4.19b, Revenue 21.7b/29.8b) |
| GMI: 1.19 (GM 23.94% / 20.11%) |
| AQI: 0.94 (AQ_t 0.50 / AQ_t-1 0.54) |
| SGI: 0.73 (Revenue 21.7b / 29.8b) |
| TATA: -0.06 (NI 1.51b - CFO 5.01b) / TA 55.0b) |
| Beneish M = -2.78 (Cap -4..+1) = A |
As of June 18, 2026, the stock is trading at EUR 70.26 with a total of 505,272 shares traded.
Over the past week, the price has changed by +0.72%,
over one month by +5.91%,
over three months by +1.62% and
over the past year by -4.41%.
Heineken has no consensus analysts rating.
P/E Trailing = 20.8166
P/E Forward = 13.6426
P/S = 1.3631
P/B = 2.1801
P/EG = 1.272
Revenue TTM = 21.7b EUR
EBIT TTM = 2.76b EUR
EBITDA TTM = 4.52b EUR
Long Term Debt = 15.0b EUR (from longTermDebt, last quarter)
Short Term Debt = 3.09b EUR (from shortTermDebt, last quarter)
Debt = 22.0b EUR (from shortLongTermDebtTotal, last quarter) + Leases 1.52b
Net Debt = 17.2b EUR (calculated: Debt 22.0b - CCE 4.77b)
Enterprise Value = 56.4b EUR (39.2b + Debt 22.0b - CCE 4.77b)
Interest Coverage Ratio = 4.46 (Ebit TTM 2.76b / Interest Expense TTM 620.0m)
EV/FCF = 21.02x (Enterprise Value 56.4b / FCF TTM 2.68b)
FCF Yield = 4.76% (FCF TTM 2.68b / Enterprise Value 56.4b)
FCF Margin = 12.38% (FCF TTM 2.68b / Revenue TTM 21.7b)
Net Margin = 6.98% (Net Income TTM 1.51b / Revenue TTM 21.7b)
Gross Margin = 20.11% ((Revenue TTM 21.7b - Cost of Revenue TTM 17.3b) / Revenue TTM)
Gross Margin QoQ = 12.93% (prev 34.87%)
Tobins Q-Ratio = 1.03 (Enterprise Value 56.4b / Total Assets 55.0b)
Interest Expense / Debt = 2.82% (Interest Expense 620.0m / Debt 22.0b)
Taxrate = 28.29% (674.0m / 2.38b)
NOPAT = 1.98b (EBIT 2.76b * (1 - 28.29%))
Current Ratio = 0.93 (Total Current Assets 12.9b / Total Current Liabilities 13.9b)
Debt / Equity = 1.22 (Debt 22.0b / totalStockholderEquity, last quarter 18.0b)
Debt / EBITDA = 3.80 (Net Debt 17.2b / EBITDA 4.52b)
Debt / FCF = 6.41 (Net Debt 17.2b / FCF TTM 2.68b)
Total Stockholder Equity = 18.7b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.75% (Net Income 1.51b / Total Assets 55.0b)
RoE = 8.10% (Net Income TTM 1.51b / Total Stockholder Equity 18.7b)
RoCE = 8.20% (EBIT 2.76b / Capital Employed (Equity 18.7b + L.T.Debt 15.0b))
RoIC = 4.61% (NOPAT 1.98b / Invested Capital 43.0b)
WACC = 4.03% (E(39.2b)/V(61.2b) * Re(5.16%) + D(22.0b)/V(61.2b) * Rd(2.82%) * (1-Tc(0.28)))
Discount Rate = 5.16% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -67.42 | Cagr: -1.20%
[DCF] Terminal Value 73.10% ; FCFF base≈2.94b ; Y1≈2.58b ; Y5≈2.08b
[DCF] Fair Price = 29.09 (EV 33.4b - Net Debt 17.2b = Equity 16.2b / Shares 557.1m; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: -59.89 | EPS CAGR: -24.71% | SUE: N/A | # QB: 0
Revenue Correlation: -82.67 | Revenue CAGR: -13.66% | SUE: -0.03 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.00 | Chg30d=N/A | Revisions=N/A | Analysts=0
EPS next Quarter (2026-09-30): EPS=0.00 | Chg30d=N/A | Revisions=N/A | Analysts=0
EPS current Year (2026-12-31): EPS=5.24 | Chg30d=-0.10% | Revisions=+0% | GrowthEPS=+9.6% | GrowthRev=-10.2%
EPS next Year (2027-12-31): EPS=5.63 | Chg30d=-0.17% | Revisions=+14% | GrowthEPS=+7.4% | GrowthRev=+3.8%
[Analyst] Revisions Ratio: +14%