Heineken Holding NV HKHHY

Consumer StaplesBeveragesNetherlands

Last close 42.14 USD on Nov 1, 2026, +16.5% year to date

Quant rating

Quant rating C Rank 99 of 174 in Consumer Staples

Growth D 138 of 174
Valuation B 28 of 174
Quality D 153 of 174
Revisions D 123 of 174
Momentum A 18 of 174

Wall Street consensus Buy (2.00)Average target 111.97 USD +165.7%

Historical valuation

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

Key data

Market cap: 24.0B
Enterprise value: 57.6B
52-week range: 33.59 – 43.40
3-year range: 28.28 – 43.40
Dividend yield: 2.65%
Beta (5 years): 0.38
Shares outstanding: 283M
Next earnings: Feb 11, 2027

About the company

Heineken Holding NV is the Netherlands-based holding company, which holds 50.005% of the issued share capital of Heineken NV and heads the Heineken group. The object of Heineken Holding NV is to manage and supervise the management of the Heineken group and to provide services for Heineken NV. Through its subsidiaries, the Company is primarily involved in the brewing and selling of beer. The structure of Heineken Holding NV is divided into segments, which resemble operations of Heineken NV: Western Europe, Central and Eastern Europe, the Americas, Africa and the Middle East, and Asia Pacific. The shares of the Company are owned by L’Arche Green NV, FEMSA and public shareholders. Through its indirect subsidiaries, Heineken Holding NV operates in more than 70 countries worldwide. The Company operates Pivovarna Lasko dd as a majority owned subsidiary.

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	30,784	33,447	30,735	24,943	–
Revenue growth	9.7%	−8.0%	8.8%	23.2%	3.6%	7.0%
EPS (basic, normalized)	8.15	5.13	–	10.53	4.03	–
EPS growth	59.0%	–	–	161.5%	–	–
Gross margin	66.0%	64.9%	63.2%	64.4%	66.9%	65.1%
Net margin	3.3%	1.7%	3.9%	4.7%	7.6%	4.2%
ROE	10.5%	5.2%	12.1%	14.7%	21.9%	12.9%

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	+9.7%	1.7x	–	–	–	8.15	+59.0%	5.2x
2026	35,647	+5.6%	1.6x	–	–	–	6.69	−17.9%	6.3x
2027	37,448	+5.1%	1.5x	–	–	–	7.41	+10.7%	5.7x
2028	39,481	+5.4%	1.5x	–	–	–	8.19	+10.6%	5.1x

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	35,647	0.0%	0.0%	+0.3%	6.69	0.0%	0.0%	0.0%
2027	37,448	0.0%	0.0%	+0.4%	7.41	0.0%	0.0%	0.0%
2028	39,481	0.0%	0.0%	0.0%	8.19	0.0%	0.0%	0.0%

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
HKHHY Heineken Holding NV	24.0B	–	3.3%	2.27x	6.3x	5.7x	–	–
KO Coca-Cola Co	404.7B	1.69x	27.3%	10.83x	28.1x	26.6x	24.7x	23.7x
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
DEO Diageo PLC	52.3B	–	8.8%	4.78x	13.7x	13.1x	11.9x	11.0x
ABEV Ambev SA	42.0B	−0.68x	17.6%	2.45x	14.0x	13.4x	6.7x	6.3x
Mean		1.47x	15.3%	5.32x	20.2x	18.5x	16.4x	15.3x
Median		1.69x	14.5%	3.62x	16.1x	14.9x	11.9x	11.0x

Technical analysis

1M+11.5%
3M+2.1%
1Y+25.6%
3Y+23.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Heineken Holding NV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	33,762	30,784	33,447	30,735	24,943	24,078
Cost of revenue	11,485	10,803	12,293	10,957	8,263	7,864
Gross profit	22,277	19,980	21,154	19,778	16,679	16,214
Selling, general & administrative expenses	15,290	13,690	14,444	13,334	11,085	11,822
Research & development	–	–	–	–	–	–
Depreciation/amortization	2,623	2,323	2,430	2,150	2,114	2,329
Interest expense (income), operating	–	–	−25.4	−81.3	−1,444	–
Unusual expense (income)	433	240	656	−308	50.0	1,113
Other operating expenses	−107	10.4	−1.1	0	−223	0
Operating income	4,038	3,717	3,651	4,684	5,096	950
Net interest income (expense)	−472	−1,565	−809	−223	−279	−718
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−48.2	−73.5	−58.5	1.1	109	−40.3
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	−1,393	−686	−1,354	−1,815	−2,128	−17.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,118	516	1,296	1,437	1,891	−125
Extraordinary items	–	–	–	–	–	–
Net income	1,118	516	1,296	1,437	1,891	−125
EBIT, normalized	4,839	4,162	4,290	4,324	3,815	813
EBITDA, normalized	7,462	6,485	6,720	6,474	5,930	3,142
Basic EPS, normalized	8.15	5.13	–	10.53	4.03	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Heineken Holding NV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	5,656	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	15,193	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	4,002	3,811	4,758	4,762	4,869	5,562
Note receivable	436	387	402	247	269	274
Other long-term assets	2,598	2,219	2,352	1,797	1,806	1,851
Total assets	62,805	55,363	60,431	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	13,747	13,001	13,973	13,084	12,626	9,511
Other liabilities	3,542	3,468	3,855	3,642	3,883	3,366
Total liabilities	52,669	45,480	49,689	45,711	45,764	44,001
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	541	477	509	493	524	563
Additional paid-in capital	1,476	1,301	1,387	1,345	1,429	1,535
Retained earnings (accumulated deficit)	12,448	10,672	11,309	10,476	10,043	8,947
Treasury stock	−817	−404	−430	–	–	–
Other equity	−3,513	−2,164	−2,033	−1,940	−2,227	−2,980
Total equity	10,136	9,883	10,741	10,375	9,769	8,065
Total liabilities & shareholders' equity	62,805	55,363	60,431	56,085	55,533	52,066

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Heineken Holding 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	1,365	2,373	695	1,522	−387	1,085
Changes in working capital	−1,054	−575	−1,873	−1,981	−1,106	−657
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	1,755	−1,424	888	−1,752	−2,361	2,507
Cash from financing	230	−2,665	−901	−3,347	−3,277	1,512
Foreign exchange effects	−177	−172	−255	−22.5	18.2	−127
Net change in cash	3,056	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.