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Heijmans N.V.
(HEIJM)
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Rating:71Outperform
Price Target:
€97.00
▲(8.32% 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 expansion
Heijmans 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 burden
The 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.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and margin expansion
Heijmans 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.
Read all positive factors
Heijmans N.V. (HEIJM) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€2.25B
Dividend Yield2.89%
Average Volume (3M)124.35K
Price to Earnings (P/E)15.6
Beta (1Y)1.29
Revenue Growth11.28%
EPS Growth28.75%
CountryNL
Employees6,361
SectorGeneral
Sector StrengthN/A
IndustryEngineering & Construction
Share Statistics
EPS (TTM)5.24
Shares Outstanding27,478,006
10 Day Avg. Volume44,428
30 Day Avg. Volume124,346
Financial Highlights & Ratios
PEG Ratio0.33
Price to Book (P/B)3.39
Price to Sales (P/S)0.67
P/FCF Ratio7.91
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)6.09
Revenue Forecast (FY)€3.17B
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 prope...
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 proj...
Heijmans N.V. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
72
Positive
Cash Flow
84
Very Positive
| 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 | 0.00 | 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
Negative
89.55
Price Trends
85.21
Negative
93.03
Negative
88.22
Negative
Market Momentum
-1.37
Negative
46.10
Neutral
82.46
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:HEIJM, the sentiment is Negative. The current price of 89.55 is above the 20-day moving average (MA) of 81.93, above the 50-day MA of 85.21, and above the 200-day MA of 88.22, indicating a neutral trend. The MACD of -1.37 indicates Negative momentum. The RSI at 46.10 is Neutral, neither overbought nor oversold. The STOCH value of 82.46 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NL:HEIJM.
Heijmans N.V. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | €3.34B | 13.22 | 24.42% | 2.44% | 7.01% | 87.12% | |
71 Outperform | €2.25B | 15.64 | 26.13% | 2.89% | 11.28% | 28.75% | |
68 Neutral | €1.43B | 8.84 | ― | 7.04% | 4.05% | 21.63% | |
67 Neutral | €3.85B | 19.37 | 19.42% | 2.33% | -0.71% | -12.00% | |
61 Neutral | €796.63M | 11.75 | 6.23% | 7.63% | 10.18% | -26.93% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
48 Neutral | €895.39M | -14.05 | -4.97% | 1.86% | -10.78% | -145.27% |
* General Sector Average
NL:HEIJM
Heijmans N.V.
81.95
22.14
37.03%
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7.46%
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-7.68%
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-0.27
-1.54%
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.