HEIJM Stock Analysis: Koninklijke Heijmans | AS
Engineering & Construction | AS, Netherlands | Market Cap: 2.253m EUR | 12M Return: 40.6% | NL0009269109 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 5.22M
Rev. Trend: 97.3%
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.6 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Koninklijke Heijmans N.V. (HEIJM) is a Dutch construction and engineering company operating across real estate, construction, and infrastructure markets in the Netherlands and internationally. It develops both large and small-scale projects in urban and out-of-town areas, serving as an initiator, developer, and seller of residential properties, and is involved in the maintenance and renovation of existing housing stock. The company also designs, delivers, and maintains electro-technical and mechanical installations, and executes complex construction projects for healthcare, government, commercial property, datacentres, and high-tech clean industry clients such as laboratories. Additionally, it focuses on the construction, improvement, and maintenance of road infrastructure and public spaces. Founded in 1923 and headquartered in Rosmalen, the company was renamed Koninklijke Heijmans N.V. in September 2023.
The construction and engineering sector in the Netherlands is closely tied to public infrastructure spending, residential housing demand, and major commercial projects, including data centre development driven by digital infrastructure growth. Companies like Heijmans typically operate under multi-year contract models, combining fixed-price development work with long-term maintenance and service agreements, which can provide more stable revenue streams alongside project-based construction income.
- Dutch housing market weakness pressures residential development margins
- Government infrastructure spending supports road construction backlog
- Datacentre and high-tech clean industry orders accelerate non-residential growth
| Net Income: 144.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.13 > 0.02 and ΔFCF/TA -0.18 > 1.0 |
| NWC/Revenue: 0.27% < 20% (prev 1.83%; Δ -1.56% < -1%) |
| CFO/TA 0.18 > 3% & CFO 319.0m > Net Income 144.0m |
| Net Debt (78.0m) to EBITDA (245.0m): 0.32 < 3 |
| Current Ratio: 1.01 > 1.5 & < 3 |
| Outstanding Shares: last quarter (27.5m) vs 12m ago 3.22% < -2% |
| Gross Margin: 16.41% > 18% (prev 14.21%; Δ 2.21% > 0.5%) |
| Asset Turnover: 184.4% > 50% (prev 182.1%; Δ 2.28% > 0%) |
| Interest Coverage Ratio: 44.75 > 6 (EBIT TTM 179.0m / Interest Expense TTM 4.00m) |
| A: 0.00 (Total Current Assets 1.02b - Total Current Liabilities 1.02b) / Total Assets 1.76b |
| B: 0.17 (Retained Earnings 297.0m / Total Assets 1.76b) |
| C: 0.11 (EBIT TTM 179.0m / Avg Total Assets 1.62b) |
| D: 0.46 (Book Value of Equity 554.0m / Total Liabilities 1.21b) |
| Altman-Z'' = 1.81 = BBB |
| DSRI: 0.96 (Receivables 294.0m/276.0m, Revenue 2.98b/2.68b) |
| GMI: 0.87 (GM 14.21% / 16.41%) |
| AQI: 1.06 (AQ_t 0.26 / AQ_t-1 0.25) |
| SGI: 1.11 (Revenue 2.98b / 2.68b) |
| TATA: -0.10 (NI 144.0m - CFO 319.0m) / TA 1.76b) |
| Beneish M = -3.08 (Cap -4..+1) = AA |
As of October 09, 2026, the stock is trading at EUR 82.40 with a total of 60,480 shares traded. Over the past week, the price has changed by -7.47%, over one month by -4.90%, over three months by -18.42% and over the past year by +40.62%.
Current recommended Stop Loss: 79.20 (which is 3.9% or 1.2 ATR below the current price).
Koninklijke Heijmans has no consensus analysts rating.
P/E Trailing = 15.6489
P/E Forward = 12.3916
P/S = 0.7563
P/B = 4.3251
P/EG = 2.0673
Revenue TTM = 2.98b EUR
EBIT TTM = 179.0m EUR
EBITDA TTM = 245.0m EUR
Long Term Debt = 9.00m EUR (from longTermDebt, last quarter)
Short Term Debt = 39.0m EUR (from shortTermDebt, last quarter)
Debt = 267.0m EUR (from shortLongTermDebtTotal, last quarter) + Leases 129.0m
Net Debt = 78.0m EUR (calculated: Debt 267.0m - CCE 189.0m)
Enterprise Value = 2.33b EUR (2.25b + Debt 267.0m - CCE 189.0m)
Interest Coverage Ratio = 44.75 (Ebit TTM 179.0m / Interest Expense TTM 4.00m)
EV/FCF = 9.92x (Enterprise Value 2.33b / FCF TTM 235.0m)
FCF Yield = 10.08% (FCF TTM 235.0m / Enterprise Value 2.33b)
FCF Margin = 7.89% (FCF TTM 235.0m / Revenue TTM 2.98b)
Net Margin = 4.83% (Net Income TTM 144.0m / Revenue TTM 2.98b)
Gross Margin = 16.41% ((Revenue TTM 2.98b - Cost of Revenue TTM 2.49b) / Revenue TTM)
Gross Margin QoQ = 17.27% (prev 15.53%)
Tobins Q-Ratio = 1.32 (Enterprise Value 2.33b / Total Assets 1.76b)
Interest Expense / Debt = 1.50% (Interest Expense 4.00m / Debt 267.0m)
Taxrate = 24.87% (48.0m / 193.0m)
NOPAT = 134.5m (EBIT 179.0m * (1 - 24.87%))
Current Ratio = 1.01 (Total Current Assets 1.02b / Total Current Liabilities 1.02b)
Debt / Equity = 0.48 (Debt 267.0m / totalStockholderEquity, last quarter 554.0m)
Debt / EBITDA = 0.32 (Net Debt 78.0m / EBITDA 245.0m)
Debt / FCF = 0.33 (Net Debt 78.0m / FCF TTM 235.0m)
Total Stockholder Equity = 510.0m (last 4 quarters mean from totalStockholderEquity)
RoA = 8.91% (Net Income 144.0m / Total Assets 1.76b)
RoE = 28.24% (Net Income TTM 144.0m / Total Stockholder Equity 510.0m)
RoCE = 34.49% (EBIT 179.0m / Capital Employed (Equity 510.0m + L.T.Debt 9.00m))
RoIC = 21.21% (NOPAT 134.5m / Invested Capital 634.0m)
WACC = 6.99% (E(2.25b)/V(2.52b) * Re(7.68%) + D(267.0m)/V(2.52b) * Rd(1.50%) * (1-Tc(0.25)))
Discount Rate = 7.68% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 93.53 | Cagr: 8.43%
[DCF] Terminal Value 77.97% ; FCFF base≈220.5m ; Y1≈252.8m ; Y5≈372.0m
[DCF] Fair Price = 200.9 (EV 5.60b - Net Debt 78.0m = Equity 5.52b / Shares 27.5m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: N/A | # QB: 0
Revenue Correlation: 97.29 | Revenue CAGR: 13.25% | SUE: N/A | # QB: 0
EPS current Year (2026-12-31): EPS=5.99 | Chg30d=-7.99% | Revisions=+25% | GrowthEPS=+9.1% | GrowthRev=+14.3%
EPS next Year (2027-12-31): EPS=7.85 | Chg30d=+6.51% | Revisions=+25% | GrowthEPS=+31.1% | GrowthRev=+6.7%