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Heineken Holding NV
(HEIO)
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Rating:61Neutral
Price Target:
€70.00
▲(2.79% Upside)
Action:Reiterated
Date:08/06/26
The score is primarily constrained by financial fundamentals: leverage is high and rising and recent revenue/net income trends have weakened, despite healthy ongoing cash generation. Technicals are a key offset, showing a strong uptrend with positive momentum, though near-overbought signals add caution. Valuation is fair-to-stretched on earnings (P/E ~24.9) but supported by a ~2.6% dividend yield.
Positive Factors
Global beverage exposure
Heineken Holding’s controlling interest provides durable exposure to a globally diversified beverage platform without requiring the holding company to operate breweries directly. The broad product and geographic footprint can support brand scale, market access, and resilience across individual markets.
Negative Factors
Debt-heavy balance sheet
Rising leverage relative to largely stable equity reduces financial flexibility and makes the group more sensitive to earnings volatility. A debt-heavy capital structure can constrain investment, distributions, and strategic choices if operating performance weakens over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Global beverage exposure
Heineken Holding’s controlling interest provides durable exposure to a globally diversified beverage platform without requiring the holding company to operate breweries directly. The broad product and geographic footprint can support brand scale, market access, and resilience across individual markets.
Read all positive factors
Heineken Holding NV (HEIO) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€18.33B
Dividend Yield3.15%
Average Volume (3M)168.93K
Price to Earnings (P/E)18.2
Beta (1Y)0.80
Revenue Growth0.81%
EPS Growth26.48%
CountryNL
Employees87,870
SectorGeneral
Sector StrengthN/A
IndustryBeverages - Alcoholic
Share Statistics
EPS (TTM)3.64
Shares Outstanding282,743,600
10 Day Avg. Volume162,799
30 Day Avg. Volume168,934
Financial Highlights & Ratios
PEG Ratio0.20
Price to Book (P/B)2.03
Price to Sales (P/S)0.61
P/FCF Ratio6.72
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)5.73
Revenue Forecast (FY)€31.19B
Heineken Holding NV Business Overview & Revenue Model
Company Description
Operating through its diverse subsidiaries, Heineken Holding N.V. focuses on the global production and sale of both beer and cider. Its vast portfolio encompasses nearly 300 distinct brands, ranging from internationally recognized names to regiona...
How the Company Makes Money
Heineken Holding N.V. makes money primarily as a holding company by earning returns on its equity stake in Heineken N.V. The main economic inflow is dividends received from Heineken N.V. when declared and paid, along with potential value appreciat...
Heineken Holding NV Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
45
Neutral
Cash Flow
60
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 29.41B | 28.75B | 29.82B | 30.36B | 28.72B | 21.94B |
| Gross Profit | 3.89B | 10.29B | 10.51B | 10.70B | 10.10B | 8.41B |
| EBITDA | 5.96B | 6.22B | 5.29B | 5.82B | 6.67B | 6.38B |
| Net Income | 1.14B | 952.00M | 498.00M | 1.17B | 3.04B | 3.54B |
Balance Sheet | ||||||
| Total Assets | 57.71B | 53.47B | 54.77B | 54.76B | 52.41B | 48.85B |
| Cash, Cash Equivalents and Short-Term Investments | 2.84B | 4.82B | 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 | 33.14B | 32.67B | 32.36B | 30.49B | 29.15B |
| Stockholders Equity | 9.19B | 8.63B | 9.55B | 9.73B | 9.69B | 8.59B |
Cash Flow | ||||||
| Free Cash Flow | 3.97B | 2.61B | 3.04B | 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 | -2.29B | -2.28B |
| Financing Cash Flow | -257.00M | 196.00M | -2.57B | -816.00M | -3.13B | -2.88B |
Heineken Holding NV Technical Analysis
Neutral
68.10
Price Trends
68.40
Negative
66.91
Negative
64.46
Positive
Market Momentum
-0.73
Positive
45.57
Neutral
32.75
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:HEIO, the sentiment is Neutral. The current price of 68.1 is above the 20-day moving average (MA) of 66.42, below the 50-day MA of 68.40, and above the 200-day MA of 64.46, indicating a neutral trend. The MACD of -0.73 indicates Positive momentum. The RSI at 45.57 is Neutral, neither overbought nor oversold. The STOCH value of 32.75 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for NL:HEIO.
Heineken Holding NV Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | €38.63B | 17.23 | 12.22% | 2.72% | 0.81% | 26.57% | |
67 Neutral | €23.86B | -20.78 | ― | 2.50% | -44.75% | -301.20% | |
64 Neutral | €9.44B | 50.69 | 21.22% | ― | 0.52% | -68.82% | |
62 Neutral | €27.36B | 12.61 | 15.60% | 3.89% | -0.24% | 24.38% | |
61 Neutral | €18.33B | 18.20 | 12.80% | 3.15% | 0.81% | 26.48% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
46 Neutral | €405.31M | 16.27 | 5.63% | 4.21% | -3.79% | -3.53% |
* General Sector Average
NL:HEIO
Heineken Holding NV
66.25
9.71
17.17%
NL:HEIA
Heineken NV
70.46
6.31
9.84%
NL:AD
Koninklijke Ahold Delhaize N.V.
31.90
-1.93
-5.70%
NL:SLIGR
Sligro Food Group NV
9.51
-0.61
-6.06%
NL:DSFIR
DSM-Firmenich AG
100.15
28.61
40.00%
NL:MICC
Magnum Ice Cream Co. N.V.
15.21
2.24
17.24%
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.