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Heidelberg Materials
(XETRA:HEI)
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Rating:63Neutral
Price Target:
€171.00
▼(-12.78% Downside)
Action:Downgraded
Date: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
Improving Profitability
Sustained margin expansion to ~10% net and mid‑teens operating profitability indicates the business is extracting more value from volumes and pricing. This durable improvement supports earnings resilience through cycles, funds reinvestment and strengthens ability to service obligations over the next 2–6 months.
Negative Factors
Flat Revenue Trend
Stagnant top‑line growth limits organic upside and means profitability gains must carry performance. Flat revenues increase sensitivity to local construction cycles and competitive pricing, making long‑term margin and cash assumptions more tenuous over the next several months.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving Profitability
Sustained margin expansion to ~10% net and mid‑teens operating profitability indicates the business is extracting more value from volumes and pricing. This durable improvement supports earnings resilience through cycles, funds reinvestment and strengthens ability to service obligations over the next 2–6 months.
Read all positive factors
Heidelberg Materials (HEI) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€29.36B
Dividend Yield1.49%
Average Volume (3M)328.54K
Price to Earnings (P/E)15.3
Beta (1Y)1.02
Revenue Growth1.44%
EPS Growth11.59%
CountryDE
Employees50,692
SectorGeneral
Sector StrengthN/A
IndustryConstruction Materials
Share Statistics
EPS (TTM)10.29
Shares Outstanding176,365,070
10 Day Avg. Volume319,295
30 Day Avg. Volume328,539
Financial Highlights & Ratios
PEG Ratio1.92
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
€238.78Price Target Upside21.79% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)13.06
Revenue Forecast (FY)€22.10B
Heidelberg Materials Business Overview & Revenue Model
Company Description
HeidelbergCement AG is a global manufacturer and distributor of essential construction materials. The company's product line includes various cement formulations, a wide array of aggregates encompassing natural stone like sand and gravel, as well ...
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 | 8.11B | 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
Negative
196.05
Price Trends
178.92
Negative
179.41
Negative
193.93
Negative
Market Momentum
-3.18
Positive
39.38
Neutral
22.36
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:HEI, the sentiment is Negative. The current price of 196.05 is above the 20-day moving average (MA) of 178.39, above the 50-day MA of 178.92, and above the 200-day MA of 193.93, indicating a bearish trend. The MACD of -3.18 indicates Positive momentum. The RSI at 39.38 is Neutral, neither overbought nor oversold. The STOCH value of 22.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | €19.50B | 17.83 | 24.91% | 0.62% | 18.24% | 60.48% | |
66 Neutral | €9.66B | 23.39 | 17.42% | 2.01% | 1.30% | 10.05% | |
66 Neutral | €35.08B | 42.58 | 85.89% | 1.58% | 9.17% | -15.37% | |
63 Neutral | €29.36B | 15.28 | 7.23% | 1.49% | 1.44% | 11.59% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | €6.44B | 14.88 | 8.46% | ― | 0.92% | 2.89% | |
51 Neutral | €7.02B | 993.97 | 0.10% | 1.23% | -6.47% | ― |
* General Sector Average
DE:HEI
Heidelberg Materials
171.10
-28.51
-14.28%
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60.10
2.45
4.24%
DE:HOT
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455.20
283.86
165.66%
DE:MTX
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DE:TKA
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11.53
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38.05%
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.