Heijmans N.V. (HEIJM) AI Stock Analysis

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Heijmans N.V.

(Amsterdam:HEIJM)

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Rating:71Outperform

Price Target:EUR 97.00▲(14.52% Upside)

Action:reiterated

Date:09/19/26

The score is driven primarily by strong financial performance—meaningful revenue and margin improvement alongside very strong recent free cash flow—tempered by mixed technical signals (below key medium-term moving averages and negative MACD). Valuation is supportive with a moderate P/E and a ~2.68% dividend yield.

Positive Factors

Revenue and margin expansionHeijmans has materially increased scale while expanding profitability, indicating improved execution and operating performance across its construction and development activities. Higher margins provide greater resilience against project variability and create more capacity to reinvest in future growth.

Negative Factors

Higher debt burdenThe sharp year-over-year increase in debt raises the company’s financial obligations and makes performance more sensitive to any weakening in profitability or cash generation. Even with manageable leverage today, higher borrowings reduce flexibility for future investment and increase balance-sheet risk.

Heijmans N.V. (HEIJM) vs. iShares MSCI Netherlands ETF (EWN)

Market Cap: EUR 2.33B
Dividend Yield: 2.80%
Average Volume (3M): 81.18K
Price to Earnings (P/E): 16.2
Beta (1Y): 1.29
Revenue Growth: 11.28%
EPS Growth: 28.75%
Country: Netherlands
Employees: 6,361
Sector: General
Sector Strength: 55
Industry: Engineering & Construction

Heijmans N.V. Business Overview & Revenue Model

Company Description

Heijmans N.V., a company based in Rosmalen, the Netherlands, with operations both domestically and globally, is primarily engaged in real estate development, comprehensive construction and technical services, and infrastructure projects. Its property...

How the Company Makes Money

Heijmans makes money primarily by delivering contracted construction, development, and maintenance work across housing, buildings, and infrastructure. Key revenue streams typically include: (1) Construction contracting revenues from executing project...

Heijmans N.V. Financial Statement Overview

Summary

Fundamentals are strong overall: revenue expanded meaningfully from ~€1.75B (2020) to €2.77B (2025), profitability improved with EBIT margin reaching ~6.1% and net margin ~4.7% in 2025, and cash generation is a standout (2025 operating cash flow €279M; free cash flow €235M). Key risks are cash-flow volatility earlier in the period and higher 2025 debt (€223M vs. €115M in 2024) despite still-manageable leverage (debt-to-equity ~0.41).

Income Statement

78Positive

Balance Sheet

72Positive

Cash Flow

84Very Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.98B	2.77B	2.58B	2.12B	1.81B	1.75B
Gross Profit	489.00M	454.10M	338.40M	288.75M	239.85M	222.11M
EBITDA	245.00M	221.50M	179.30M	135.30M	117.57M	89.62M
Net Income	144.00M	130.00M	90.00M	59.73M	59.58M	50.30M
Balance Sheet
Total Assets	1.76B	1.67B	1.37B	1.34B	1.10B	1.01B
Cash, Cash Equivalents and Short-Term Investments	189.00M	190.00M	102.60M	37.10M	237.01M	209.57M
Total Debt	138.00M	132.50M	115.20M	177.20M	86.15M	118.88M
Total Liabilities	1.21B	1.12B	905.60M	952.00M	785.25M	744.17M
Stockholders Equity	554.00M	548.00M	463.00M	383.66M	317.02M	267.58M
Cash Flow
Free Cash Flow	0	235.00M	218.80M	40.49M	86.31M	84.58M
Operating Cash Flow	319.00M	279.00M	249.20M	84.50M	110.77M	110.16M
Investing Cash Flow	-103.00M	-110.00M	-59.10M	-313.93M	-17.68M	-33.75M
Financing Cash Flow	-106.00M	-85.00M	-125.10M	31.51M	-65.64M	-41.91M

Heijmans N.V. Technical Analysis

Technical Analysis SentimentNeutral

Last Price84.70

Price Trends

50DMA85.15Negative

100DMA92.77Negative

200DMA88.31Negative

Market Momentum

MACD-1.02Negative

RSI54.74Neutral

STOCH81.01Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:HEIJM, the sentiment is Neutral. The current price of 84.70 is above the 20-day moving average (MA) of 81.72, below the 50-day MA of 85.15, and below the 200-day MA of 88.31, indicating a neutral trend. The MACD of -1.02 indicates Negative momentum. The RSI at 54.74 is Neutral, neither overbought nor oversold. The STOCH value of 81.01 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for NL:HEIJM.

Heijmans N.V. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

NL:HEIJM against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NL:ECMPA	73Outperform	EUR 1.36B	7.37	―	7.39%	1.46%	14.20%
NL:BAMNB	72Outperform	EUR 3.36B	13.27	24.42%	2.43%	7.01%	87.12%
NL:HEIJM	71Outperform	EUR 2.33B	16.16	26.13%	2.80%	11.28%	28.75%
NL:ARCAD	68Neutral	EUR 3.86B	19.44	19.42%	2.32%	-0.71%	-12.00%
NL:WHA	68Neutral	EUR 806.91M	11.90	6.23%	7.53%	10.18%	-26.93%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
NL:FUR	48Neutral	EUR 885.96M	-13.90	-4.97%	1.88%	-10.78%	-145.27%

* General Sector Average

Performance Comparison

NL:HEIJM and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
NL:HEIJM	Heijmans N.V.	84.70	26.69	46.02%
NL:ARCAD	Arcadis NV	45.30	7.86	21.00%
NL:BAMNB	Koninklijke Bam Groep NV	12.34	4.70	61.52%
NL:ECMPA	Eurocommercial Properties NV	24.75	0.51	2.10%
NL:FUR	Fugro NV	7.99	-0.37	-4.38%
NL:WHA	Wereldhave NV	17.26	-0.12	-0.70%

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.

Date of analysis: Sep 19, 2026

Heijmans N.V. AI Stock Analysis