(HEI) Heidelberg Materials - Ratings and Ratios
Exchange: XETRA •
Country: Germany •
Currency: EUR •
Type: Common Stock •
ISIN: DE0006047004
Cement, Aggregates, Ready-Mixed Concrete, Asphalt
Dividends
| Dividend Yield | 1.50% |
| Yield on Cost 5y | 6.52% |
| Yield CAGR 5y | 1.74% |
| Payout Consistency | 83.8% |
| Payout Ratio | 31.8% |
| Risk via 10d forecast | |
|---|---|
| Volatility | 27.5% |
| Value at Risk 5%th | 43.0% |
| Relative Tail Risk | -5.10% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 1.69 |
| Alpha | 74.20 |
| CAGR/Max DD | 3.20 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.516 |
| Beta | 0.393 |
| Beta Downside | 0.337 |
| Drawdowns 3y | |
|---|---|
| Max DD | 20.33% |
| Mean DD | 3.74% |
| Median DD | 2.92% |
Description: HEI Heidelberg Materials December 04, 2025
Heidelberg Materials AG (XETRA:HEI) is a global producer and distributor of cement, aggregates, ready-mixed concrete, and asphalt, serving construction projects ranging from tunnels and bridges to schools and precast components. The firm also trades clinker, secondary cementitious materials, alternative fuels, and various additives. It rebranded from HeidelbergCement AG to Heidelberg Materials AG in May 2023, maintaining its headquarters in Heidelberg, Germany, and operating under the GICS sub-industry “Construction Materials.”
Key quantitative indicators (2023): revenue of €23.5 bn, adjusted EBITDA margin of ~13 %, and a consolidated production capacity of roughly 180 Mt of cement and 340 Mt of aggregates. The company’s sustainability agenda targets a 30 % reduction in net CO₂ emissions by 2030 (relative to 1990 levels) and a shift toward ≥30 % alternative fuels in its kilns. Primary economic drivers include European and North-American infrastructure spending, tightening carbon-pricing regimes, and the accelerating demand for low-carbon building materials.
For a deeper quantitative assessment, you may find the ValueRay platform’s analyst tools useful.
Piotroski VR‑10 (Strict, 0-10) 6.5
| Net Income (1.89b TTM) > 0 and > 6% of Revenue (6% = 1.30b TTM) |
| FCFTA 0.06 (>2.0%) and ΔFCFTA -0.12pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue 4.74% (prev 4.05%; Δ 0.70pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA 0.09 (>3.0%) and CFO 3.29b > Net Income 1.89b (YES >=105%, WARN >=100%) |
| Net Debt (7.33b) to EBITDA (4.28b) ratio: 1.71 <= 3.0 (WARN <= 3.5) |
| Current Ratio 1.15 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active) |
| Outstanding Shares last Quarter (178.4m) change vs 12m ago -1.94% (target <= -2.0% for YES) |
| Gross Margin 63.98% (prev 63.05%; Δ 0.93pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 61.72% (prev 58.82%; Δ 2.90pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio 15.60 (EBITDA TTM 4.28b / Interest Expense TTM 190.1m) >= 6 (WARN >= 3) |
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 (Balance) 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 |
| Total Rating: 2.64 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 58.78
| 1. Piotroski 6.50pt |
| 2. FCF Yield 4.33% |
| 3. FCF Margin 9.11% |
| 4. Debt/Equity 0.50 |
| 5. Debt/Ebitda 1.71 |
| 6. ROIC - WACC (= 2.00)% |
| 7. RoE 10.52% |
| 8. Rev. Trend -39.85% |
| 9. EPS Trend -9.73% |
What is the price of HEI shares?
As of December 08, 2025, the stock is trading at EUR 219.90 with a total of 212,318 shares traded.
Over the past week, the price has changed by +0.69%, over one month by +12.77%, over three months by +8.27% and over the past year by +83.13%.
Over the past week, the price has changed by +0.69%, over one month by +12.77%, over three months by +8.27% and over the past year by +83.13%.
Is HEI a buy, sell or hold?
Heidelberg Materials has no consensus analysts rating.
What are the forecasts/targets for the HEI price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 210.3 | -4.4% |
| Analysts Target Price | - | - |
| ValueRay Target Price | 352.9 | 60.5% |
HEI Fundamental Data Overview November 25, 2025
Market Cap USD = 44.40b (38.15b EUR * 1.164 EUR.USD)
Market Cap EUR = 38.15b (38.15b EUR * 1.0 EUR.EUR)
P/E Trailing = 20.6172
P/E Forward = 15.015
P/S = 1.7
P/B = 2.1379
P/EG = 1.5641
Beta = 1.055
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)
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 = 5.46% (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 = 6.15% (E(38.15b)/V(46.80b) * Re(7.46%) + D(8.66b)/V(46.80b) * Rd(0.55%) * (1-Tc(0.29)))
Discount Rate = 7.46% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 8.05%
Shares Correlation 3-Years: -100.0 | Cagr: -1.49%
[DCF Debug] Terminal Value 79.62% ; FCFE base≈2.00b ; Y1≈2.20b ; Y5≈2.83b
Fair Price DCF = 275.5 (DCF Value 49.16b / Shares Outstanding 178.4m; 5y FCF grow 11.45% → 3.0% )
EPS Correlation: -9.73 | EPS CAGR: -48.27% | SUE: -2.84 | # QB: 0
Revenue Correlation: -39.85 | Revenue CAGR: 1.53% | SUE: -1.40 | # 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%
Market Cap EUR = 38.15b (38.15b EUR * 1.0 EUR.EUR)
P/E Trailing = 20.6172
P/E Forward = 15.015
P/S = 1.7
P/B = 2.1379
P/EG = 1.5641
Beta = 1.055
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)
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 = 5.46% (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 = 6.15% (E(38.15b)/V(46.80b) * Re(7.46%) + D(8.66b)/V(46.80b) * Rd(0.55%) * (1-Tc(0.29)))
Discount Rate = 7.46% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 8.05%
Shares Correlation 3-Years: -100.0 | Cagr: -1.49%
[DCF Debug] Terminal Value 79.62% ; FCFE base≈2.00b ; Y1≈2.20b ; Y5≈2.83b
Fair Price DCF = 275.5 (DCF Value 49.16b / Shares Outstanding 178.4m; 5y FCF grow 11.45% → 3.0% )
EPS Correlation: -9.73 | EPS CAGR: -48.27% | SUE: -2.84 | # QB: 0
Revenue Correlation: -39.85 | Revenue CAGR: 1.53% | SUE: -1.40 | # 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%