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Heidelberg Materials AG ADR
(OTC:HDLMY)
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Rating:69Neutral
Price Target:
$41.00
▲(10.07% Upside)
Action:Reiterated
Date:09/12/26
The score is driven primarily by solid financial performance—improving leverage, resilient profitability, and consistently positive free cash flow—offset by notable revenue volatility (including a sharp 2025 decline) and weaker visibility due to missing technical indicators. Valuation is supportive with a moderate P/E, but dividend yield data is unavailable.
Positive Factors
Improving Profitability
The sustained recovery from a 2020 loss to healthy net and EBIT margins indicates a stronger earnings base. The sharp 2025 gross-margin improvement may enhance resilience and provide more internally generated capacity for investment, debt service, and shareholder returns over the coming quarters.
Negative Factors
Revenue Volatility
The sharp 2025 revenue decline raises questions about the durability of top-line growth even though margins remained resilient. Because the company serves construction and infrastructure markets, uneven revenue can reduce operating leverage and make future earnings less predictable over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving Profitability
The sustained recovery from a 2020 loss to healthy net and EBIT margins indicates a stronger earnings base. The sharp 2025 gross-margin improvement may enhance resilience and provide more internally generated capacity for investment, debt service, and shareholder returns over the coming quarters.
Read all positive factors
Heidelberg Materials AG ADR (HDLMY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$31.66B
Dividend YieldN/A
Average Volume (3M)163.73K
Price to Earnings (P/E)13.8
Beta (1Y)N/A
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees48,973
SectorGeneral
Sector StrengthN/A
IndustryConstruction Materials
Share Statistics
EPS (TTM)2.30
Shares OutstandingN/A
10 Day Avg. Volume39,350
30 Day Avg. Volume163,728
Financial Highlights & Ratios
PEG Ratio13.64
Price to Book (P/B)2.20
Price to Sales (P/S)1.87
P/FCF Ratio22.05
Enterprise Value/Market Cap1.24
Enterprise Value/Revenue1.78
Enterprise Value/Gross Profit2.75
Enterprise Value/Ebitda9.30
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Heidelberg Materials AG ADR Business Overview & Revenue Model
Company Description
Heidelberg Materials AG is a global enterprise that manufactures and supplies a wide array of construction materials through its various subsidiaries. Its primary product lines encompass cement, diverse aggregates (including natural stone varietie...
How the Company Makes Money
Heidelberg Materials primarily makes money by selling heavy building materials and related services to construction and infrastructure customers. Key revenue streams include: (1) Cement: Revenue is generated from manufacturing clinker and cement a...
Heidelberg Materials AG ADR Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call presented a strong set of operational and financial achievements — record RCO, improved margins, substantial Transformation Accelerator savings, healthy cash generation and active, disciplined M&A — alongside clear innovation progress in low-carbon products, CCS and digital/automation initiatives. Key challenges are persistent volume declines (a multi-year headwind), regional demand softness (notably parts of Asia‑Pacific and ready-mix in North America), restructuring cash outs and regulatory uncertainty around EU ETS/CO2 pricing that could delay some CCUS investments. Management emphasized confidence in margin expansion, a full M&A pipeline, and continued progress on cost and decarbonization levers, indicating that the positives materially outweigh the negatives.Positive Updates
Record RCO and strong top-line performance
Reported RCO reached a record EUR 3.4 billion (up from EUR 2.5 billion in 2022, ~+36%), underpinning management's claim of a 'very good year' and supporting the midterm 7%–10% RCO growth ambition.
Negative Updates
Volume decline headwind
Cumulative volume declines over recent years created an estimated ~EUR 1 billion negative impact on results; Q4 again saw a material volume hit and management repeatedly warned recovery is required for upside.
Read all updates
Q4-2025 Updates
Positive
Negative
Record RCO and strong top-line performance
Reported RCO reached a record EUR 3.4 billion (up from EUR 2.5 billion in 2022, ~+36%), underpinning management's claim of a 'very good year' and supporting the midterm 7%–10% RCO growth ambition.
Read all positive updates
Company Guidance
Management guided 2026 RCO of EUR 3.40–3.75 billion, with ROIC again above 10% (current record 10.4%, mid‑term ambition ~12%), and said CO2 emissions should decline slightly; CapEx is expected slightly higher than 2025 at about EUR 1.2–1.3 billion and leverage is intended to remain around the 1.5x mid‑term target (2025 year‑end ~1.2x). The guidance factors in a roughly three‑digit‑million negative FX headwind (≈3%) and includes scope/M&A contribution of ~1.5–2% (management cited ~8% organic+scope growth excluding FX), while noting upside from Transformation Accelerator savings (EUR 380m delivered in 2025, EUR 500m target) and a continued progressive shareholder‑return policy including a third share‑buyback tranche (~EUR 450m within a EUR 1.2bn program).Heidelberg Materials AG ADR Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
78
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 22.04B | 21.46B | 22.10B | 21.26B | 21.10B | 18.72B |
| Gross Profit | 14.27B | 13.78B | 6.67B | 13.20B | 12.43B | 11.50B |
| EBITDA | 4.21B | 4.31B | 4.12B | 4.30B | 3.77B | 4.23B |
| Net Income | 1.99B | 1.86B | 1.86B | 1.93B | 1.60B | 1.76B |
Balance Sheet | ||||||
| Total Assets | 38.34B | 36.12B | 38.25B | 35.47B | 33.26B | 33.71B |
| Cash, Cash Equivalents and Short-Term Investments | 2.19B | 2.63B | 3.22B | 3.30B | 1.47B | 3.13B |
| Total Debt | 9.98B | 8.11B | 9.47B | 8.62B | 7.11B | 7.97B |
| Total Liabilities | 18.53B | 16.83B | 18.28B | 17.10B | 15.63B | 17.05B |
| Stockholders Equity | 18.63B | 18.16B | 18.80B | 17.24B | 16.54B | 15.44B |
Cash Flow | ||||||
| Free Cash Flow | 1.70B | 1.82B | 1.99B | 1.88B | 1.08B | 976.50M |
| Operating Cash Flow | 3.18B | 3.13B | 3.38B | 3.21B | 2.42B | 2.40B |
| Investing Cash Flow | -1.99B | -2.13B | -1.86B | -1.48B | -1.48B | 619.80M |
| Financing Cash Flow | -286.50M | -1.49B | -1.55B | 134.60M | -2.54B | -2.84B |
Heidelberg Materials AG ADR Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $31.66B | 13.83 | 11.07% | ― | ― | ― | |
69 Neutral | $29.78B | 21.96 | 18.46% | 1.05% | ― | ― | |
68 Neutral | $2.69B | 15.21 | 16.96% | 1.10% | 5.46% | 7.16% | |
66 Neutral | $16.53B | 112.75 | 2.27% | 2.70% | 42.93% | -67.45% | |
64 Neutral | $6.06B | 5.00 | -19.22% | ― | 17.95% | 154.85% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | $4.57B | 191.50 | 5.46% | ― | 18.16% | ― |
* General Sector Average
HDLMY
Heidelberg Materials AG ADR
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―
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.