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Heineken NV
(HEIA)
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Rating:67Neutral
Price Target:
€86.00
▲(19.21% Upside)
Action:Reiterated
Date:08/06/26
The score is driven mainly by mixed financial performance: strong and durable cash generation is offset by notable margin compression, weaker ROE, and meaningful leverage. Technicals are supportive with a clear uptrend and positive momentum, but the overall score is held back by a relatively high P/E and only moderate dividend yield.
Positive Factors
Durable Cash Generation
Sustained operating and free cash flow indicates that Heineken’s brands and distribution network convert sales into cash through the cycle, supporting reinvestment, dividends and potential debt reduction.
Negative Factors
Severe Margin Compression
The sharp decline in earnings conversion weakens the durability of returns and leaves less protection against input, packaging, logistics or promotional costs. Recovery is needed for revenue growth to translate into stronger profits.
Read all positive and negative factors
Positive Factors
Negative Factors
Durable Cash Generation
Sustained operating and free cash flow indicates that Heineken’s brands and distribution network convert sales into cash through the cycle, supporting reinvestment, dividends and potential debt reduction.
Read all positive factors
Heineken NV (HEIA) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€40.16B
Dividend Yield2.66%
Average Volume (3M)907.01K
Price to Earnings (P/E)17.9
Beta (1Y)0.72
Revenue Growth0.81%
EPS Growth26.57%
CountryNL
Employees85,000
SectorGeneral
Sector StrengthN/A
IndustryBeverages - Alcoholic
Share Statistics
EPS (TTM)4.09
Shares Outstanding565,430,400
10 Day Avg. Volume606,698
30 Day Avg. Volume907,010
Financial Highlights & Ratios
PEG Ratio0.22
Price to Book (P/B)2.16
Price to Sales (P/S)1.35
P/FCF Ratio14.88
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€90.71Price Target Upside25.75% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)5.28
Revenue Forecast (FY)€30.84B
Heineken NV Business Overview & Revenue Model
Company Description
Heineken N.V. is a prominent beverage company engaged in the worldwide production and sale of a diverse portfolio that includes beers, ciders, soft drinks, and bottled water. Its extensive range of beers features globally recognized labels such as...
How the Company Makes Money
Heineken makes money primarily by selling beer and other beverages to customers through two main channels: off-trade (e.g., supermarkets, convenience stores, wholesalers) and on-trade (e.g., bars, restaurants, clubs, and hotels). Revenue is genera...
Heineken NV Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
58
Neutral
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 36.50B | 28.75B | 29.82B | 30.36B | 28.72B | 22.14B |
| Gross Profit | 9.43B | 10.29B | 10.51B | 10.70B | 11.36B | 8.57B |
| EBITDA | 5.96B | 6.25B | 5.29B | 5.15B | 6.41B | 6.39B |
| Net Income | 2.27B | 1.89B | 978.00M | 2.30B | 2.68B | 3.32B |
Balance Sheet | ||||||
| Total Assets | 58.04B | 54.96B | 55.07B | 56.39B | 53.42B | 49.82B |
| Cash, Cash Equivalents and Short-Term Investments | 2.83B | 4.77B | 2.35B | 2.38B | 2.77B | 3.25B |
| Total Debt | 20.64B | 20.45B | 17.36B | 18.24B | 16.38B | 16.87B |
| Total Liabilities | 36.34B | 34.34B | 32.67B | 33.60B | 31.50B | 30.12B |
| Stockholders Equity | 19.12B | 17.98B | 19.58B | 20.06B | 19.55B | 17.36B |
Cash Flow | ||||||
| Free Cash Flow | 3.97B | 2.61B | 3.32B | 1.75B | 2.48B | 2.58B |
| Operating Cash Flow | 5.81B | 5.01B | 5.50B | 4.43B | 4.50B | 4.18B |
| Investing Cash Flow | -4.83B | -2.46B | -2.44B | -3.58B | -2.68B | -2.29B |
| Financing Cash Flow | -255.00M | 153.00M | -2.57B | -816.00M | -2.74B | -2.87B |
Heineken NV Technical Analysis
Positive
72.14
Price Trends
74.86
Negative
71.06
Positive
69.72
Positive
Market Momentum
-0.63
Negative
46.18
Neutral
62.89
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:HEIA, the sentiment is Positive. The current price of 72.14 is below the 20-day moving average (MA) of 73.04, below the 50-day MA of 74.86, and above the 200-day MA of 69.72, indicating a neutral trend. The MACD of -0.63 indicates Negative momentum. The RSI at 46.18 is Neutral, neither overbought nor oversold. The STOCH value of 62.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NL:HEIA.
Heineken NV Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | €40.16B | 17.85 | 12.22% | 2.66% | 0.81% | 26.57% | |
62 Neutral | €27.68B | 12.51 | 15.60% | 3.99% | -0.24% | 24.38% | |
60 Neutral | €10.23B | 55.67 | 21.22% | ― | 0.52% | -68.82% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
46 Neutral | €445.93M | 18.03 | 5.63% | 4.81% | -3.79% | -3.53% |
* General Sector Average
NL:HEIA
Heineken NV
72.26
7.04
10.79%
NL:AD
Koninklijke Ahold Delhaize N.V.
31.10
-2.32
-6.95%
NL:SLIGR
Sligro Food Group NV
10.40
-0.20
-1.91%
NL:MICC
Magnum Ice Cream Co. N.V.
16.25
3.28
25.32%
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.