HEIO Stock Analysis: Heineken Holding | AS
Beverages - Brewers | AS, Netherlands | Market Cap: 18.724m EUR | 12M Return: 17.6% | NL0000008977 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 10.6M
Warnings
Tailwinds
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.
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: 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 September 08, 2026, the stock is trading at EUR 67.55 with a total of 107,075 shares traded. Over the past week, the price has changed by -1.10%, over one month by -7.02%, over three months by +12.16% and over the past year by +17.63%.
Current recommended Stop Loss: 66.10 (which is 2.1% or 1.3 ATR below the current price).
Heineken Holding has no consensus analysts rating.
P/E Trailing = 16.6463
P/E Forward = 11.8906
P/S = 0.6512
P/B = 2.0339
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 = 38.0b EUR (18.7b + Debt 22.2b - CCE 2.84b)
Interest Coverage Ratio = 5.60 (Ebit TTM 3.89b / Interest Expense TTM 695.0m)
EV/FCF = 9.59x (Enterprise Value 38.0b / FCF TTM 3.97b)
FCF Yield = 10.43% (FCF TTM 3.97b / Enterprise Value 38.0b)
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 = 0.66 (Enterprise Value 38.0b / 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 = 3.79% (E(18.7b)/V(40.9b) * Re(5.56%) + D(22.2b)/V(40.9b) * Rd(3.14%) * (1-Tc(0.27)))
Discount Rate = 5.56% (= 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 = 260.6 (EV 90.8b - Net Debt 19.3b = Equity 71.5b / Shares 274.3m; 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=5.51 | Chg30d=-3.67% | Revisions=-25% | GrowthEPS=+15.3% | GrowthRev=-9.2%
EPS next Year (2027-12-31): EPS=6.34 | Chg30d=-0.47% | Revisions=+25% | GrowthEPS=+15.1% | GrowthRev=+5.1%