Heineken NV HEINY

Consumer StaplesBeveragesNetherlands

Last close 43.49 USD on Nov 1, 2026, +11.5% year to date

Quant rating

Quant rating C Rank 75 of 174 in Consumer Staples

Growth C 108 of 174
Valuation C 74 of 174
Quality C 89 of 174
Revisions C 97 of 174
Momentum B 44 of 174

Wall Street consensus Buy (2.00)Average target 51.84 USD +19.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 50.3B
Enterprise value: 73.2B
52-week range: 37.03 – 47.63
3-year range: 33.04 – 52.38
Dividend yield: 2.53%
Beta (5 years): 0.34
Shares outstanding: 565M
Next earnings: Feb 9, 2027

About the company

Heineken NV is a Netherlands-based company primarily engaged in brewing and selling of beer and other beverages. The product range of HEINEKEN mainly consists of beer, soft drinks and cider. The Company operates through five reportable segments: Africa, Middle East & Eastern Europe; Americas; Asia Pacific, Europe, and Head Office and Other/eliminations. The Africa, Middle East and Eastern Europe segment includes brands, such as Heineken, Primus, Amstel, Walia and Goldberg. The Americas segment includes brands, such as Heineken, Tecate, Amstel, Sol and Dos Equis. The Asia Pacific segment includes brands, such as Heineken, Anchor, Larue, Tiger and Bintang. The Europe segment includes brands, such as Heineken, Cruzcampo, Birra Moretti, Zywiec and Strongbow Apple Ciders. The Company owns, markets and sells in more than 190 countries.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	33,762	30,964	33,568	30,735	24,943	–
Revenue growth	9.0%	−7.8%	9.2%	23.2%	3.6%	7.0%
EPS (basic, normalized)	2.70	2.64	2.53	2.58	2.09	–
EPS growth	2.0%	4.4%	−2.1%	23.5%	–	–
Gross margin	48.1%	47.8%	46.0%	47.4%	48.4%	47.5%
Net margin	6.6%	3.3%	7.6%	9.3%	15.1%	8.4%
ROE	10.0%	4.9%	11.6%	14.5%	21.6%	12.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	33,762	+9.0%	2.2x	6,784	−4.8%	10.8x	2.70	+2.0%	16.1x
2026	34,482	+2.1%	2.1x	7,586	+11.8%	9.6x	2.98	+10.6%	14.6x
2027	35,878	+4.0%	2.0x	8,041	+6.0%	9.1x	3.23	+8.3%	13.5x
2028	37,437	+4.3%	2.0x	8,469	+5.3%	8.6x	3.54	+9.5%	12.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	34,482	−3.1%	−1.6%	−3.5%	2.98	−3.6%	−2.9%	−4.3%
2027	35,878	−2.9%	−2.5%	−4.1%	3.23	−3.9%	−2.1%	−2.8%
2028	37,437	−2.1%	−1.9%	−3.5%	3.54	−3.8%	+0.6%	−0.5%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Beverages

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
HEINY Heineken NV	50.3B	–	6.6%	2.31x	14.6x	13.5x	9.6x	9.1x
KO Coca-Cola Co	404.7B	1.69x	27.3%	10.83x	28.1x	26.6x	24.7x	23.7x
PEP PepsiCo, Inc.	187.2B	2.22x	8.8%	8.40x	16.3x	16.0x	12.0x	11.7x
BUD Anheuser-Busch Inbev SA	144.6B	3.39x	11.5%	1.68x	18.2x	16.5x	9.3x	8.9x
MNST Monster Beverage Corporation	92.6B	–	23.0%	9.90x	41.0x	36.0x	29.6x	26.4x
DGE Diageo PLC	52.3B	–	8.8%	4.81x	14.1x	13.3x	11.7x	11.1x
Mean		2.44x	14.3%	6.32x	22.1x	20.3x	16.1x	15.2x
Median		2.22x	10.2%	6.61x	17.3x	16.2x	11.8x	11.4x

Technical analysis

1M+10.0%
3M−1.2%
1Y+14.5%
3Y+7.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Heineken NV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	33,762	30,964	33,568	30,735	24,943	24,078
Cost of revenue	17,522	16,171	18,138	16,158	12,864	12,507
Gross profit	16,240	14,792	15,430	14,577	12,079	11,571
Selling, general & administrative expenses	9,253	8,380	8,719	8,076	6,522	6,760
Research & development	–	–	–	–	–	–
Depreciation/amortization	2,623	2,326	2,446	2,150	2,114	2,329
Interest expense (income), operating	–	–	−25.4	−81.3	−1,444	–
Unusual expense (income)	298	382	748	−251	−323	1,500
Other operating expenses	3.5	54.9	−108	0	0	0
Operating income	4,063	3,649	3,651	4,684	5,209	982
Net interest income (expense)	−472	−1,565	−809	−223	−279	−718
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−72.8	−6.2	−58.5	1.1	−3.4	−72.1
Net income before taxes	3,518	2,078	2,783	4,463	4,927	192
Provision for taxes	1,007	876	134	1,210	908	299
Minority interest	−297	−189	−107	−382	−240	−142
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	2,214	1,013	2,543	2,870	3,779	−249
Extraordinary items	–	–	–	–	–	–
Net income	2,214	1,013	2,543	2,870	3,779	−249
EBIT, normalized	4,731	4,236	4,519	4,380	3,957	4,284
EBITDA, normalized	7,354	6,244	6,965	6,530	6,072	6,613
Basic EPS, normalized	2.70	2.64	2.53	2.58	2.09	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Heineken NV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	5,606	2,433	2,623	2,959	3,692	4,885
Receivables	4,926	4,339	5,168	4,420	3,809	3,149
Total inventory	3,832	3,698	4,106	3,478	2,772	2,391
Prepaid expenses	611	582	587	519	464	468
Other current assets	168	232	94.9	412	151	123
Total current assets	15,143	11,284	12,580	11,788	10,888	11,016
Property, plant & equipment	17,074	15,195	16,302	14,579	14,097	14,107
Goodwill	13,610	12,735	13,506	13,110	13,426	13,041
Intangibles	9,893	9,732	10,532	9,801	10,177	6,215
Long-term investments	4,380	4,119	5,194	4,762	4,869	5,562
Note receivable	755	567	537	664	674	518
Other long-term assets	2,279	2,039	2,216	1,381	1,402	1,607
Total assets	63,133	55,671	60,867	56,085	55,533	52,066
Liabilities
Accounts payable	6,847	6,197	6,329	6,263	5,265	4,474
Payable/accrued	–	–	–	–	–	–
Accrued expenses	3,896	3,591	3,712	3,293	3,173	2,765
Short-term debt	1,129	1,128	1,592	1,824	1,426	1,339
Current portion of long-term debt	2,498	2,253	3,034	1,905	2,250	3,034
Other current liabilities	1,993	1,571	1,693	1,902	1,636	1,662
Total current liabilities	16,363	14,741	16,361	15,186	13,748	13,273
Long-term debt	19,016	14,270	15,501	13,798	15,506	17,851
Minority interest	3,096	2,921	3,016	2,535	2,665	1,221
Other liabilities	3,542	3,468	3,855	3,642	3,883	3,366
Total liabilities	42,018	35,399	38,733	35,162	35,802	35,711
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1,083	955	1,018	987	1,048	1,126
Additional paid-in capital	3,172	2,796	2,981	2,891	3,071	3,299
Retained earnings (accumulated deficit)	25,442	21,932	23,235	20,969	20,086	17,897
Treasury stock	−1,539	−1,024	−1,066	−64.2	−42.1	−30.5
Other equity	−7,043	−4,387	−4,034	−3,858	−4,432	−5,936
Total equity	21,115	20,272	22,134	20,924	19,730	16,356
Total liabilities & shareholders' equity	63,133	55,671	60,867	56,085	55,533	52,066

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Heineken NV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	2,511	1,202	2,650	3,252	4,019	−107
Depreciation, depletion & amortization	3,064	2,697	3,417	2,018	2,227	3,510
Deferred taxes	–	–	–	–	–	–
Non-cash items	1,480	2,367	660	1,300	−716	1,342
Changes in working capital	−1,169	−568	−1,837	−1,759	−776	−915
Cash from operations	5,887	5,697	4,889	4,812	4,753	3,830
Investing activities
Capital expenditures	−2,821	−2,552	−2,954	−2,152	−1,815	−2,003
Other investing cash flows	−62.2	31.1	−992	−294	−773	247
Cash from investing	−2,883	−2,521	−3,946	−2,446	−2,589	−1,756
Financing activities
Financing cash flow items	−25.8	0	−316	−418	−11.4	−4.9
Cash dividends paid	−1,499	−1,241	−1,473	−1,176	−905	−990
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1,704	−1,424	888	−1,752	−2,361	2,507
Cash from financing	180	−2,665	−901	−3,347	−3,277	1,512
Foreign exchange effects	−177	−172	−255	−22.5	18.2	−127
Net change in cash	3,006	340	−213	−1,004	−1,095	3,459
Free cash flow	3,065	3,145	1,935	2,659	2,937	1,827

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.