(HEI) Heidelberg Materials - Overview
Stock: Cement, Aggregates, Ready-Mixed Concrete, Asphalt, Trading
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 1.77% |
| Yield on Cost 5y | 6.04% |
| Yield CAGR 5y | 10.67% |
| Payout Consistency | 87.4% |
| Payout Ratio | 31.8% |
| Risk 5d forecast | |
|---|---|
| Volatility | 49.3% |
| Relative Tail Risk | -5.61% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 1.21 |
| Alpha | 44.48 |
| Character TTM | |
|---|---|
| Beta | 0.433 |
| Beta Downside | 0.356 |
| Drawdowns 3y | |
|---|---|
| Max DD | 20.33% |
| CAGR/Max DD | 2.75 |
Description: HEI Heidelberg Materials January 29, 2026
Heidelberg Materials AG (XETRA:HEI) manufactures and distributes cement, aggregates, ready-mixed concrete and asphalt worldwide, serving construction projects ranging from tunnels and bridges to schools and precast components. The product portfolio also includes clinker, secondary cementitious materials, alternative fuels and various additives. The company, originally founded in 1873 as HeidelbergCement AG, rebranded to Heidelberg Materials AG in May 2023 and remains headquartered in Heidelberg, Germany.
According to the FY 2025 annual report (published March 2026), the group generated €22.4 billion in revenue, with an adjusted EBITDA margin of 13.2 % and net debt of €7.9 billion, reflecting a debt-to-EBITDA ratio of 2.3×. Capital expenditures for 2025 were €2.1 billion, driven largely by investments in low-carbon cement technologies and capacity expansions in emerging markets.
Key drivers of Heidelberg Materials’ outlook include: (1) a projected 3.5 % annual growth in global cement demand over the next five years, underpinned by infrastructure spending in Asia and the United States; (2) tightening EU CO₂-pricing and climate-regulation, which accelerates the firm’s shift toward clinker-substitutes and carbon-capture projects; and (3) volatility in alternative fuel prices, which can materially affect operating margins given the company’s reliance on waste-derived fuels for kiln operations.
For a deeper, data-rich assessment of how these factors translate into valuation risk and opportunity, consider exploring the detailed analyst framework on ValueRay.
Piotroski VR‑10 (Strict, 0-10) 6.5
| Net Income: 1.89b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.06 > 0.02 and ΔFCF/TA -0.12 > 1.0 |
| NWC/Revenue: 4.74% < 20% (prev 4.05%; Δ 0.70% < -1%) |
| CFO/TA 0.09 > 3% & CFO 3.29b > Net Income 1.89b |
| Net Debt (7.33b) to EBITDA (4.28b): 1.71 < 3 |
| Current Ratio: 1.15 > 1.5 & < 3 |
| Outstanding Shares: last quarter (178.4m) vs 12m ago -1.94% < -2% |
| Gross Margin: 63.98% > 18% (prev 0.63%; Δ 6335 % > 0.5%) |
| Asset Turnover: 61.72% > 50% (prev 58.82%; Δ 2.90% > 0%) |
| Interest Coverage Ratio: 15.60 > 6 (EBITDA TTM 4.28b / Interest Expense TTM 190.1m) |
Altman Z'' 2.64
| A: 0.03 (Total Current Assets 7.95b - Total Current Liabilities 6.93b) / Total Assets 34.66b |
| B: 0.36 (Retained Earnings 12.53b / Total Assets 34.66b) |
| C: 0.08 (EBIT TTM 2.97b / Avg Total Assets 35.01b) |
| D: 0.67 (Book Value of Equity 11.00b / Total Liabilities 16.49b) |
| Altman-Z'' Score: 2.64 = A |
Beneish M -3.07
| DSRI: 0.97 (Receivables 2.63b/2.62b, Revenue 21.60b/20.79b) |
| GMI: 0.99 (GM 63.98% / 63.05%) |
| AQI: 1.02 (AQ_t 0.41 / AQ_t-1 0.40) |
| SGI: 1.04 (Revenue 21.60b / 20.79b) |
| TATA: -0.04 (NI 1.89b - CFO 3.29b) / TA 34.66b) |
| Beneish M-Score: -3.07 (Cap -4..+1) = AA |
What is the price of HEI shares?
Over the past week, the price has changed by -6.14%, over one month by -4.63%, over three months by +9.39% and over the past year by +53.64%.
Is HEI a buy, sell or hold?
What are the forecasts/targets for the HEI price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 210.3 | -4.5% |
| Analysts Target Price | - | - |
| ValueRay Target Price | 330.3 | 50% |
HEI Fundamental Data Overview February 03, 2026
P/E Trailing = 20.6172
P/E Forward = 17.2117
P/S = 1.9017
P/B = 2.3844
P/EG = 1.7943
Revenue TTM = 21.60b EUR
EBIT TTM = 2.97b EUR
EBITDA TTM = 4.28b EUR
Long Term Debt = 6.49b EUR (from longTermDebt, last quarter)
Short Term Debt = 2.16b EUR (from shortTermDebt, last quarter)
Debt = 8.66b EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 7.33b EUR (from netDebt column, last quarter)
Enterprise Value = 45.48b EUR (38.15b + Debt 8.66b - CCE 1.33b)
Interest Coverage Ratio = 15.60 (Ebit TTM 2.97b / Interest Expense TTM 190.1m)
EV/FCF = 23.10x (Enterprise Value 45.48b / FCF TTM 1.97b)
FCF Yield = 4.33% (FCF TTM 1.97b / Enterprise Value 45.48b)
FCF Margin = 9.11% (FCF TTM 1.97b / Revenue TTM 21.60b)
Net Margin = 8.77% (Net Income TTM 1.89b / Revenue TTM 21.60b)
Gross Margin = 63.98% ((Revenue TTM 21.60b - Cost of Revenue TTM 7.78b) / Revenue TTM)
Gross Margin QoQ = 62.79% (prev 62.79%)
Tobins Q-Ratio = 1.31 (Enterprise Value 45.48b / Total Assets 34.66b)
Interest Expense / Debt = 0.55% (Interest Expense 47.6m / Debt 8.66b)
Taxrate = 28.93% (156.1m / 539.5m)
NOPAT = 2.11b (EBIT 2.97b * (1 - 28.93%))
Current Ratio = 1.15 (Total Current Assets 7.95b / Total Current Liabilities 6.93b)
Debt / Equity = 0.50 (Debt 8.66b / totalStockholderEquity, last quarter 17.22b)
Debt / EBITDA = 1.71 (Net Debt 7.33b / EBITDA 4.28b)
Debt / FCF = 3.72 (Net Debt 7.33b / FCF TTM 1.97b)
Total Stockholder Equity = 18.01b (last 4 quarters mean from totalStockholderEquity)
RoA = 5.41% (Net Income 1.89b / Total Assets 34.66b)
RoE = 10.52% (Net Income TTM 1.89b / Total Stockholder Equity 18.01b)
RoCE = 12.11% (EBIT 2.97b / Capital Employed (Equity 18.01b + L.T.Debt 6.49b))
RoIC = 8.15% (NOPAT 2.11b / Invested Capital 25.86b)
WACC = 6.19% (E(38.15b)/V(46.80b) * Re(7.51%) + D(8.66b)/V(46.80b) * Rd(0.55%) * (1-Tc(0.29)))
Discount Rate = 7.51% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: -100.0 | Cagr: -1.49%
[DCF Debug] Terminal Value 86.09% ; FCFF base≈2.00b ; Y1≈2.20b ; Y5≈2.82b
Fair Price DCF = 383.6 (EV 75.77b - Net Debt 7.33b = Equity 68.44b / Shares 178.4m; r=6.19% [WACC]; 5y FCF grow 11.45% → 2.90% )
EPS Correlation: 22.60 | EPS CAGR: 9.81% | SUE: 0.10 | # QB: 0
Revenue Correlation: -53.39 | Revenue CAGR: -16.48% | SUE: -0.16 | # QB: 0
EPS next Quarter (2026-03-31): EPS=1.66 | Chg30d=N/A | Revisions Net=+0 | Analysts=1
EPS next Year (2026-12-31): EPS=14.04 | Chg30d=-0.074 | Revisions Net=+1 | Growth EPS=+12.8% | Growth Revenue=+4.9%