HEIO Stock Analysis: Heineken Holding | AS
Beverages - Brewers | AS, Netherlands | Market Cap: 19.762m EUR | 12M Return: 25.5% | NL0000008977 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 12.6M
Warnings
Tailwinds
Seasonality 11.7 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.
Heineken Holding N.V. operates as a global brewing company, producing and selling beer and cider across the Netherlands, Europe, the Americas, Africa & Middle East, Asia Pacific, and other international markets. The company offers a diverse portfolio of approximately 340 international, regional, local, and specialty beers and ciders, and it is headquartered in Amsterdam, the Netherlands. Founded in 1864, the company is a subsidiary of LArche Green N.V., which serves as the controlling shareholder. Heineken Holding is the largest shareholder in Heineken N.V., the operating brewing entity behind brands such as Heineken, Amstel, and Desperados.
Listed on the Amsterdam Stock Exchange under the ticker HEIO, the company operates within the GICS Consumer Staples sector, specifically the Brewers sub-industry, and is classified as a large-cap stock with a market capitalization of approximately $20 billion USD. The global beer industry is highly consolidated, with major players such as Anheuser-Busch InBev and Carlsberg competing alongside Heineken in both developed and emerging markets. Brewing companies typically generate revenue through volume-based sales combined with premiumization strategies, where higher-margin specialty and craft products support overall profitability.
- Emerging market beer volume accelerates in Africa and Asia Pacific
- Premium portfolio mix and pricing power expand operating margins
- European excise taxes and advertising regulation pressure mature market volumes
| Net Income: 1.14b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.07 > 0.02 and ΔFCF/TA 1.05 > 1.0 |
| NWC/Revenue: -13.78% < 20% (prev -12.93%; Δ -0.85% < -1%) |
| CFO/TA 0.10 > 3% & CFO 5.81b > Net Income 1.14b |
| Net Debt (19.3b) to EBITDA (5.96b): 3.24 < 3 |
| Current Ratio: 0.75 > 1.5 & < 3 |
| Outstanding Shares: last quarter (275.5m) vs 12m ago -2.62% < -2% |
| Gross Margin: 13.24% > 18% (prev 11.35%; Δ 1.88% > 0.5%) |
| Asset Turnover: 53.95% > 50% (prev 56.85%; Δ -2.90% > 0%) |
| Interest Coverage Ratio: 5.60 > 6 (EBIT TTM 3.89b / Interest Expense TTM 695.0m) |
| A: -0.07 (Total Current Assets 12.2b - Total Current Liabilities 16.3b) / Total Assets 57.7b |
| B: 0.17 (Retained Earnings 9.53b / Total Assets 57.7b) |
| C: 0.07 (EBIT TTM 3.89b / Avg Total Assets 54.5b) |
| D: 0.25 (Book Value of Equity 9.19b / Total Liabilities 36.3b) |
| Altman-Z'' = 0.82 = B |
| DSRI: 1.01 (Receivables 5.54b/5.42b, Revenue 29.4b/29.2b) |
| GMI: 0.86 (GM 11.35% / 13.24%) |
| AQI: 1.02 (AQ_t 0.52 / AQ_t-1 0.51) |
| SGI: 1.01 (Revenue 29.4b / 29.2b) |
| TATA: -0.08 (NI 1.14b - CFO 5.81b) / TA 57.7b) |
| Beneish M = -3.13 (Cap -4..+1) = AA |
As of October 24, 2026, the stock is trading at EUR 74.20 with a total of 184,485 shares traded. Over the past week, the price has changed by +2.63%, over one month by +11.92%, over three months by +7.25% and over the past year by +25.49%.
Current recommended Stop Loss: 72.70 (which is 2% or 1.3 ATR below the current price).
Heineken Holding has no consensus analysts rating.
P/E Trailing = 17.6341
P/E Forward = 11.5741
P/S = 0.6719
P/B = 1.9765
P/EG = 1.992
Revenue TTM = 29.4b EUR
EBIT TTM = 3.89b EUR
EBITDA TTM = 5.96b EUR
Long Term Debt = 15.0b EUR (from longTermDebt, last fiscal year)
Short Term Debt = 4.35b EUR (from shortTermDebt, last quarter)
Debt = 22.2b EUR (from shortLongTermDebtTotal, last quarter) + Leases 1.52b
Net Debt = 19.3b EUR (calculated: Debt 22.2b - CCE 2.84b)
Enterprise Value = 39.1b EUR (19.8b + Debt 22.2b - CCE 2.84b)
Interest Coverage Ratio = 5.60 (Ebit TTM 3.89b / Interest Expense TTM 695.0m)
EV/FCF = 9.85x (Enterprise Value 39.1b / FCF TTM 3.97b)
FCF Yield = 10.15% (FCF TTM 3.97b / Enterprise Value 39.1b)
FCF Margin = 13.49% (FCF TTM 3.97b / Revenue TTM 29.4b)
Net Margin = 3.88% (Net Income TTM 1.14b / Revenue TTM 29.4b)
Gross Margin = 13.24% ((Revenue TTM 29.4b - Cost of Revenue TTM 25.5b) / Revenue TTM)
Gross Margin QoQ = 10.88% (prev 15.65%)
Tobins Q-Ratio = 0.68 (Enterprise Value 39.1b / Total Assets 57.7b)
Interest Expense / Debt = 3.14% (Interest Expense 695.0m / Debt 22.2b)
Taxrate = 27.00% (941.0m / 3.48b)
NOPAT = 2.84b (EBIT 3.89b * (1 - 27.00%))
Current Ratio = 0.75 (Total Current Assets 12.2b / Total Current Liabilities 16.3b)
Debt / Equity = 2.41 (Debt 22.2b / totalStockholderEquity, last quarter 9.19b)
Debt / EBITDA = 3.24 (Net Debt 19.3b / EBITDA 5.96b)
Debt / FCF = 4.87 (Net Debt 19.3b / FCF TTM 3.97b)
Total Stockholder Equity = 8.98b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.09% (Net Income 1.14b / Total Assets 57.7b)
RoE = 12.69% (Net Income TTM 1.14b / Total Stockholder Equity 8.98b)
RoCE = 16.22% (EBIT 3.89b / Capital Employed (Equity 8.98b + L.T.Debt 15.0b))
RoIC = 6.42% (NOPAT 2.84b / Invested Capital 44.3b)
WACC = 3.70% (E(19.8b)/V(41.9b) * Re(5.28%) + D(22.2b)/V(41.9b) * Rd(3.14%) * (1-Tc(0.27)))
Discount Rate = 5.28% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 25.06 | Cagr: -1.90%
[DCF] Terminal Value 77.97% ; FCFF base≈3.58b ; Y1≈4.10b ; Y5≈6.04b
[DCF] Fair Price = 261.6 (EV 90.8b - Net Debt 19.3b = Equity 71.5b / Shares 273.3m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.0 | # QB: 0
Revenue Correlation: -81.77 | Revenue CAGR: -2.11% | SUE: N/A | # QB: 0
EPS current Year (2026-12-31): EPS=5.45 | Chg30d=-1.09% | Revisions=-25% | GrowthEPS=+14.0% | GrowthRev=-9.2%
EPS next Year (2027-12-31): EPS=6.31 | Chg30d=-0.47% | Revisions=-25% | GrowthEPS=+15.8% | GrowthRev=+5.1%