Heidelberg Materials AG ADR (HDLMY)
OTHER OTC:HDLMY
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Heidelberg Materials AG ADR
(OTC:HDLMY)
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Rating:70Outperform
Price Target:
$42.00
▲(10.94% Upside)
Action:UpgradedDate:03/03/26
The score is driven primarily by solid financial performance (healthy profitability, improving leverage, and steady cash generation) and a generally positive earnings-call outlook (RCO/ROIC guidance, cost-savings delivery, and ongoing shareholder returns). Offsetting factors include revenue/volume volatility, limited technical data to confirm momentum, and incomplete valuation data due to the missing P/E (with only a modest dividend yield supporting valuation).
Positive Factors
Improving leverage and balance sheet
Debt-to-equity falling materially over 2020–2025 indicates stronger solvency and financial flexibility. Lower leverage supports capacity to fund capex, M&A and buybacks while absorbing shocks, enhancing resilience over the next several quarters as recovery or reinvestment is pursued.
Negative Factors
Persistent volume declines
Multi-year volume contraction erodes top-line scale and fixed-cost absorption, limiting margin and cash-flow upside. Persistent lower volumes make earnings and deleveraging targets harder to achieve and increase dependence on cost measures and M&A to sustain growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving leverage and balance sheet
Debt-to-equity falling materially over 2020–2025 indicates stronger solvency and financial flexibility. Lower leverage supports capacity to fund capex, M&A and buybacks while absorbing shocks, enhancing resilience over the next several quarters as recovery or reinvestment is pursued.
Read all positive factors
Heidelberg Materials AG ADR (HDLMY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$36.10B
Dividend YieldN/A
Average Volume (3M)163.73K
Price to Earnings (P/E)21.5
Beta (1Y)N/A
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees50,766
SectorBasic Materials
Sector Strength58
IndustryConstruction Materials
Share Statistics
EPS (TTM)N/A
Shares OutstandingN/A
10 Day Avg. Volume39,350
30 Day Avg. Volume163,728
Financial Highlights & Ratios
PEG Ratio13.84
Price to Book (P/B)2.20
Price to Sales (P/S)1.94
P/FCF Ratio22.05
Enterprise Value/Market Cap0.98
Enterprise Value/Revenue1.71
Enterprise Value/Gross Profit2.71
Enterprise Value/Ebitda9.51
Forecast
1Y Price Target
$58.00Price Target Upside53.20% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Heidelberg Materials AG ADR Business Overview & Revenue Model
Company Description
Heidelberg Materials AG, together with its subsidiaries, produces and distributes cement, aggregates, ready-mixed concrete, and asphalt worldwide. It provides cement products; natural stone aggregates, including sand and gravel; crushed aggregates...
How the Company Makes Money
Heidelberg Materials makes money by manufacturing and selling core construction inputs and related services, primarily through a vertically integrated model. Its key revenue streams are: (1) Cement: revenue from producing and selling cement (and i...
Heidelberg Materials AG ADR Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The call presented a strong set of operational and financial achievements — record RCO, improved margins, substantial Transformation Accelerator savings, healthy cash generation and active, disciplined M&A — alongside clear innovation progress in low-carbon products, CCS and digital/automation initiatives. Key challenges are persistent volume declines (a multi-year headwind), regional demand softness (notably parts of Asia‑Pacific and ready-mix in North America), restructuring cash outs and regulatory uncertainty around EU ETS/CO2 pricing that could delay some CCUS investments. Management emphasized confidence in margin expansion, a full M&A pipeline, and continued progress on cost and decarbonization levers, indicating that the positives materially outweigh the negatives.Positive Updates
Record RCO and strong top-line performance
Reported RCO reached a record EUR 3.4 billion (up from EUR 2.5 billion in 2022, ~+36%), underpinning management's claim of a 'very good year' and supporting the midterm 7%–10% RCO growth ambition.
Negative Updates
Volume decline headwind
Cumulative volume declines over recent years created an estimated ~EUR 1 billion negative impact on results; Q4 again saw a material volume hit and management repeatedly warned recovery is required for upside.
Read all updates
Q4-2025 Updates
Positive
Negative
Record RCO and strong top-line performance
Reported RCO reached a record EUR 3.4 billion (up from EUR 2.5 billion in 2022, ~+36%), underpinning management's claim of a 'very good year' and supporting the midterm 7%–10% RCO growth ambition.
Read all positive updates
Company Guidance
Management guided 2026 RCO of EUR 3.40–3.75 billion, with ROIC again above 10% (current record 10.4%, mid‑term ambition ~12%), and said CO2 emissions should decline slightly; CapEx is expected slightly higher than 2025 at about EUR 1.2–1.3 billion and leverage is intended to remain around the 1.5x mid‑term target (2025 year‑end ~1.2x). The guidance factors in a roughly three‑digit‑million negative FX headwind (≈3%) and includes scope/M&A contribution of ~1.5–2% (management cited ~8% organic+scope growth excluding FX), while noting upside from Transformation Accelerator savings (EUR 380m delivered in 2025, EUR 500m target) and a continued progressive shareholder‑return policy including a third share‑buyback tranche (~EUR 450m within a EUR 1.2bn program).Heidelberg Materials AG ADR Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
78
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 20.79B | 20.61B | 22.10B | 21.26B | 21.10B | 18.72B |
| Gross Profit | 13.11B | 8.67B | 6.67B | 13.20B | 12.43B | 11.50B |
| EBITDA | 3.73B | 4.31B | 4.12B | 4.30B | 3.77B | 4.23B |
| Net Income | 1.78B | 1.86B | 1.86B | 1.93B | 1.60B | 1.76B |
Balance Sheet | ||||||
| Total Assets | 35.35B | 36.12B | 38.25B | 35.47B | 33.26B | 33.71B |
| Cash, Cash Equivalents and Short-Term Investments | 1.80B | 2.63B | 3.22B | 3.30B | 1.47B | 3.13B |
| Total Debt | 8.64B | 6.92B | 9.47B | 8.62B | 7.11B | 7.97B |
| Total Liabilities | 16.80B | 16.83B | 18.28B | 17.10B | 15.63B | 17.05B |
| Stockholders Equity | 17.52B | 18.16B | 18.80B | 17.24B | 16.54B | 15.44B |
Cash Flow | ||||||
| Free Cash Flow | 2.05B | 1.82B | 1.99B | 1.88B | 1.08B | 976.50M |
| Operating Cash Flow | 3.24B | 3.13B | 3.38B | 3.21B | 2.42B | 2.40B |
| Investing Cash Flow | -1.58B | -2.13B | -1.86B | -1.48B | -1.48B | 619.80M |
| Financing Cash Flow | -1.07B | -1.49B | -1.55B | 134.60M | -2.54B | -2.84B |
Heidelberg Materials AG ADR Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $36.78B | 34.81 | 12.79% | 0.67% | 6.54% | 32.48% | |
73 Outperform | $17.22B | 1.73 | 10.45% | 0.74% | -6.34% | 210.97% | |
72 Outperform | $36.10B | 33.02 | 11.90% | 0.51% | 1.99% | -41.08% | |
70 Outperform | $36.10B | 21.47 | 7.23% | ― | ― | ― | |
70 Outperform | $5.84B | 16.19 | 28.78% | 0.47% | 1.50% | -4.44% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
HDLMY
Heidelberg Materials AG ADR
37.86
4.60
13.83%
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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.
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