Heidelberg Materials (DE:HEI)
XETRA:HEI
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Heidelberg Materials
(XETRA:HEI)
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Rating:63Neutral
Price Target:
€171.00
▼(-9.86% Downside)
Action:DowngradedDate:03/03/26
The score is supported mainly by solid and improving financial performance (profitability, returns, and easing leverage with steady cash generation). It is held back by weak technicals (price below all key moving averages with bearish momentum) and only moderate valuation support (mid-range P/E and modest dividend yield).
Positive Factors
Vertical integration
Heidelberg Materials’ end-to-end footprint (raw materials through ready-mix/asphalt) creates durable cost and logistics advantages. Vertical integration supports margin capture across the chain, reduces exposure to third-party input shocks and strengthens customer lock-in over cycles.
Negative Factors
Flat revenue trend
Stagnant top-line growth limits long-term earnings scalability and increases reliance on margin gains and cost control to drive profits. In a capital‑intensive, low-margin sector, persistent flat revenue heightens sensitivity to regional construction slowdowns and pricing competition.
Read all positive and negative factors
Positive Factors
Negative Factors
Vertical integration
Heidelberg Materials’ end-to-end footprint (raw materials through ready-mix/asphalt) creates durable cost and logistics advantages. Vertical integration supports margin capture across the chain, reduces exposure to third-party input shocks and strengthens customer lock-in over cycles.
Read all positive factors
Heidelberg Materials (HEI) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€33.46B
Dividend Yield1.49%
Average Volume (3M)328.54K
Price to Earnings (P/E)―
Beta (1Y)1.07
Revenue Growth4.16%
EPS Growth7.78%
CountryDE
Employees50,692
SectorGeneral
Sector StrengthN/A
IndustryConstruction Materials
Share Statistics
EPS (TTM)3.26
Shares Outstanding176,365,070
10 Day Avg. Volume319,295
30 Day Avg. Volume328,539
Financial Highlights & Ratios
PEG Ratio1.90
Price to Book (P/B)2.17
Price to Sales (P/S)1.83
P/FCF Ratio20.81
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€239.77Price Target Upside26.39% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering14
EPS Forecast (FY)13.33
Revenue Forecast (FY)€22.23B
Heidelberg Materials Business Overview & Revenue Model
Company Description
HeidelbergCement AG, together with its subsidiaries, produces and distributes cement, aggregates, ready-mixed concrete, and asphalt worldwide. It provides cement products, natural stone aggregates, such as sand and gravel; crushed aggregates compr...
How the Company Makes Money
Heidelberg Materials makes money by selling construction materials and related services through a vertically integrated portfolio that spans upstream raw materials to downstream concrete and asphalt products.
1) Cement and clinker sales: The comp...
Heidelberg Materials Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 21.60B | 21.46B | 21.20B | 21.18B | 21.10B | 18.72B |
| Gross Profit | 13.82B | 6.63B | 13.52B | 13.12B | 12.43B | 11.50B |
| EBITDA | 4.28B | 4.29B | 4.25B | 4.30B | 3.37B | 4.02B |
| Net Income | 1.89B | 1.94B | 1.78B | 1.93B | 1.60B | 1.76B |
Balance Sheet | ||||||
| Total Assets | 34.66B | 36.14B | 37.30B | 35.47B | 33.26B | 33.71B |
| Cash, Cash Equivalents and Short-Term Investments | 1.33B | 2.63B | 3.22B | 3.30B | 1.47B | 3.13B |
| Total Debt | 8.66B | 6.92B | 8.56B | 8.62B | 7.11B | 8.02B |
| Total Liabilities | 16.49B | 16.84B | 17.33B | 17.10B | 15.63B | 17.05B |
| Stockholders Equity | 17.22B | 18.16B | 18.80B | 17.24B | 16.54B | 15.44B |
Cash Flow | ||||||
| Free Cash Flow | 1.97B | 1.89B | 1.91B | 1.88B | 1.08B | 976.50M |
| Operating Cash Flow | 3.29B | 3.25B | 3.23B | 3.21B | 2.42B | 2.40B |
| Investing Cash Flow | -2.37B | -2.21B | -1.81B | -1.48B | -1.48B | 619.80M |
| Financing Cash Flow | -1.35B | -1.55B | -1.45B | 134.60M | -2.54B | -2.84B |
Heidelberg Materials Technical Analysis
Neutral
189.70
Price Trends
190.28
Negative
206.85
Negative
203.18
Negative
Market Momentum
-0.90
Negative
56.77
Neutral
85.58
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:HEI, the sentiment is Neutral. The current price of 189.7 is above the 20-day moving average (MA) of 175.52, below the 50-day MA of 190.28, and below the 200-day MA of 203.18, indicating a neutral trend. The MACD of -0.90 indicates Negative momentum. The RSI at 56.77 is Neutral, neither overbought nor oversold. The STOCH value of 85.58 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for DE:HEI.
Heidelberg Materials Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | €10.06B | 22.78 | 17.25% | 2.01% | 2.26% | 6.49% | |
63 Neutral | €33.46B | ― | 10.52% | 1.49% | 4.16% | 7.78% | |
63 Neutral | €7.36B | 14.97 | 9.57% | ― | 0.11% | 2.58% | |
62 Neutral | €34.03B | 28.10 | 85.89% | 1.58% | 22.16% | 18.23% | |
62 Neutral | €17.65B | 18.80 | 29.86% | 0.62% | 45.24% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
47 Neutral | €5.32B | -4.09 | 1.72% | 1.23% | -6.29% | ― |
* General Sector Average
DE:HEI
Heidelberg Materials
189.70
33.46
21.42%
DE:FRA
Fraport AG Frankfurt Airport Services Worldwide
79.70
21.40
36.71%
DE:G1A
GEA Group AG
62.25
10.76
20.89%
DE:HOT
Hochtief
452.20
303.52
204.15%
DE:MTX
MTU Aero Engines
327.70
53.86
19.67%
DE:TKA
thyssenkrupp
8.54
1.65
23.93%
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.