HEIO Stock Analysis: Heineken Holding | AS
Beverages - Brewers | AS, Netherlands | Market Cap: 19.049m EUR | 12M Return: 10.8% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 11.5M
Warnings
Tailwinds
No distinct edge detected
Seasonality 10.5 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. (HEIO) is a Netherlands-based holding company that, through its subsidiaries, engages in the brewing and sale of beer and cider across the Netherlands, Europe, the Americas, Africa & Middle East, Asia Pacific, and other international markets. Its portfolio spans approximately 340 international, regional, local, and specialty brands. Founded in 1864 and headquartered in Amsterdam, the company operates as a subsidiary of LArche Green N.V., the holding entity of the Heineken family. Within the GICS framework, Heineken Holding is classified under the Consumer Staples sector and the Brewers sub-industry, a mature, cash-generative segment characterized by high brand equity, significant distribution scale, and ongoing global consolidation through mergers, acquisitions, and licensing partnerships.
- Asia Pacific revenue accelerates on Heineken and Tiger brand expansion
- Aluminum and barley costs pressure consolidated gross margins
- Heineken brand gains share in United States off-premise channels
| Net Income: 952.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.05 > 0.02 and ΔFCF/TA -0.68 > 1.0 |
| NWC/Revenue: -3.46% < 20% (prev -11.20%; Δ 7.73% < -1%) |
| CFO/TA 0.09 > 3% & CFO 5.01b > Net Income 952.0m |
| Net Debt (17.1b) to EBITDA (5.96b): 2.88 < 3 |
| Current Ratio: 0.93 > 1.5 & < 3 |
| Outstanding Shares: last quarter (362.9m) vs 12m ago 28.23% < -2% |
| Gross Margin: 12.66% > 18% (prev 23.82%; Δ -11.15% > 0.5%) |
| Asset Turnover: 53.13% > 50% (prev 54.45%; Δ -1.32% > 0%) |
| Interest Coverage Ratio: 5.95 > 6 (EBIT TTM 3.69b / Interest Expense TTM 620.0m) |
| A: -0.02 (Total Current Assets 12.9b - Total Current Liabilities 13.9b) / Total Assets 53.5b |
| B: 0.18 (Retained Earnings 9.64b / Total Assets 53.5b) |
| C: 0.07 (EBIT TTM 3.69b / Avg Total Assets 54.1b) |
| D: 0.26 (Book Value of Equity 8.63b / Total Liabilities 33.1b) |
| Altman-Z'' = 1.20 = BB |
| DSRI: 1.17 (Receivables 4.71b/4.19b, Revenue 28.8b/29.8b) |
| GMI: 1.88 (GM 23.82% / 12.66%) |
| AQI: 0.91 (AQ_t 0.49 / AQ_t-1 0.53) |
| SGI: 0.96 (Revenue 28.8b / 29.8b) |
| TATA: -0.08 (NI 952.0m - CFO 5.01b) / TA 53.5b) |
| Beneish M = -2.18 (Cap -4..+1) = BB |
As of July 19, 2026, the stock is trading at EUR 71.20 with a total of 199,506 shares traded. Over the past week, the price has changed by +3.26%, over one month by +11.86%, over three months by +12.26% and over the past year by +10.76%.
Current recommended Stop Loss: 69.60 (which is 2.2% or 1.3 ATR below the current price).
Heineken Holding has no consensus analysts rating.
P/E Trailing = 20.413
P/E Forward = 11.7786
P/S = 0.6625
P/B = 2.2075
P/EG = 1.992
Revenue TTM = 28.8b EUR
EBIT TTM = 3.69b EUR
EBITDA TTM = 5.96b 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 = 17.1b EUR (calculated: Debt 22.0b - CCE 4.82b)
Enterprise Value = 36.2b EUR (19.0b + Debt 22.0b - CCE 4.82b)
Interest Coverage Ratio = 5.95 (Ebit TTM 3.69b / Interest Expense TTM 620.0m)
EV/FCF = 12.57x (Enterprise Value 36.2b / FCF TTM 2.88b)
FCF Yield = 7.95% (FCF TTM 2.88b / Enterprise Value 36.2b)
FCF Margin = 10.01% (FCF TTM 2.88b / Revenue TTM 28.8b)
Net Margin = 3.31% (Net Income TTM 952.0m / Revenue TTM 28.8b)
Gross Margin = 12.66% ((Revenue TTM 28.8b - Cost of Revenue TTM 25.1b) / Revenue TTM)
Gross Margin QoQ = 15.65% (prev 9.60%)
Tobins Q-Ratio = 0.68 (Enterprise Value 36.2b / Total Assets 53.5b)
Interest Expense / Debt = 2.82% (Interest Expense 620.0m / Debt 22.0b)
Taxrate = 28.61% (857.0m / 3.00b)
NOPAT = 2.63b (EBIT 3.69b * (1 - 28.61%))
Current Ratio = 0.93 (Total Current Assets 12.9b / Total Current Liabilities 13.9b)
Debt / Equity = 2.55 (Debt 22.0b / totalStockholderEquity, last quarter 8.63b)
Debt / EBITDA = 2.88 (Net Debt 17.1b / EBITDA 5.96b)
Debt / FCF = 5.96 (Net Debt 17.1b / FCF TTM 2.88b)
Total Stockholder Equity = 9.04b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.76% (Net Income 952.0m / Total Assets 53.5b)
RoE = 10.53% (Net Income TTM 952.0m / Total Stockholder Equity 9.04b)
RoCE = 15.34% (EBIT 3.69b / Capital Employed (Equity 9.04b + L.T.Debt 15.0b))
RoIC = 6.40% (NOPAT 2.63b / Invested Capital 41.2b)
WACC = 3.64% (E(19.0b)/V(41.0b) * Re(5.51%) + D(22.0b)/V(41.0b) * Rd(2.82%) * (1-Tc(0.29)))
Discount Rate = 5.51% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 39.45 | Cagr: 10.86%
[DCF] Terminal Value 73.41% ; FCFF base≈3.06b ; Y1≈2.72b ; Y5≈2.28b
[DCF] Fair Price = 69.93 (EV 36.4b - Net Debt 17.1b = Equity 19.2b / Shares 275.3m; r=8.35% [WACC [floored]]; 5y FCF grow -13.26% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.0 | # QB: 0
Revenue Correlation: -71.15 | Revenue CAGR: -1.81% | SUE: -0.03 | # QB: 0
EPS current Year (2026-12-31): EPS=5.72 | Chg30d=+0.18% | Revisions=-25% | GrowthEPS=+19.7% | GrowthRev=-9.2%
EPS next Year (2027-12-31): EPS=6.37 | Chg30d=+0.79% | Revisions=-25% | GrowthEPS=+11.4% | GrowthRev=+5.1%