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Heineken Holding NV
(HEIO)
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Rating:61Neutral
Price Target:
€79.00
▲(12.06% Upside)
Action:Reiterated
Date:08/06/26
The score is primarily constrained by financial fundamentals: leverage is high and rising and recent revenue/net income trends have weakened, despite healthy ongoing cash generation. Technicals are a key offset, showing a strong uptrend with positive momentum, though near-overbought signals add caution. Valuation is fair-to-stretched on earnings (P/E ~24.9) but supported by a ~2.6% dividend yield.
Positive Factors
Consistent free cash flow
Heineken Holding benefits from durable, multi-year free cash flow generated by its stake in Heineken N.V.; this persistent FCF supports dividend receipts, capital returns and servicing of holding-level obligations, providing a stable liquidity base even if operating income fluctuates.
Negative Factors
High and rising leverage
A debt-heavy capital structure reduces financial flexibility at the holding level and magnifies sensitivity to any earnings or dividend shocks from the operating company. Rising leverage constrains ability to fund distributions or absorb cyclical downturns without deleveraging action.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent free cash flow
Heineken Holding benefits from durable, multi-year free cash flow generated by its stake in Heineken N.V.; this persistent FCF supports dividend receipts, capital returns and servicing of holding-level obligations, providing a stable liquidity base even if operating income fluctuates.
Read all positive factors
Heineken Holding NV (HEIO) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€19.43B
Dividend Yield2.99%
Average Volume (3M)198.07K
Price to Earnings (P/E)19.1
Beta (1Y)0.77
Revenue Growth0.81%
EPS Growth26.48%
CountryNL
Employees87,870
SectorGeneral
Sector StrengthN/A
IndustryBeverages - Alcoholic
Share Statistics
EPS (TTM)3.64
Shares Outstanding282,743,600
10 Day Avg. Volume200,503
30 Day Avg. Volume198,075
Financial Highlights & Ratios
PEG Ratio0.20
Price to Book (P/B)2.03
Price to Sales (P/S)0.61
P/FCF Ratio6.72
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)5.73
Revenue Forecast (FY)€31.19B
Heineken Holding NV Business Overview & Revenue Model
Company Description
Operating through its diverse subsidiaries, Heineken Holding N.V. focuses on the global production and sale of both beer and cider. Its vast portfolio encompasses nearly 300 distinct brands, ranging from internationally recognized names to regiona...
How the Company Makes Money
Heineken Holding N.V. makes money primarily through returns on its equity stake in Heineken N.V. (i.e., dividends received from Heineken N.V.) and, to the extent applicable, changes in the market value of its shareholding (which can affect reporte...
Heineken Holding NV Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
45
Neutral
Cash Flow
60
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 29.41B | 28.75B | 29.82B | 30.36B | 28.72B | 21.94B |
| Gross Profit | 3.89B | 10.29B | 10.51B | 10.70B | 10.10B | 8.41B |
| EBITDA | 5.96B | 6.22B | 5.29B | 5.82B | 6.67B | 6.38B |
| Net Income | 1.14B | 952.00M | 498.00M | 1.17B | 3.04B | 3.54B |
Balance Sheet | ||||||
| Total Assets | 57.71B | 53.47B | 54.77B | 54.76B | 52.41B | 48.85B |
| Cash, Cash Equivalents and Short-Term Investments | 2.84B | 4.82B | 2.35B | 2.38B | 2.77B | 3.25B |
| Total Debt | 20.64B | 20.45B | 17.36B | 18.24B | 16.38B | 16.87B |
| Total Liabilities | 36.34B | 33.14B | 32.67B | 32.36B | 30.49B | 29.15B |
| Stockholders Equity | 9.19B | 8.63B | 9.55B | 9.73B | 9.69B | 8.59B |
Cash Flow | ||||||
| Free Cash Flow | 3.97B | 2.61B | 3.04B | 1.75B | 2.48B | 2.58B |
| Operating Cash Flow | 5.81B | 5.01B | 5.50B | 4.43B | 4.50B | 4.18B |
| Investing Cash Flow | -4.83B | -2.46B | -2.44B | -3.58B | -2.29B | -2.28B |
| Financing Cash Flow | -257.00M | 196.00M | -2.57B | -816.00M | -3.13B | -2.88B |
Heineken Holding NV Technical Analysis
Neutral
70.50
Price Trends
68.13
Positive
64.29
Positive
62.97
Positive
Market Momentum
0.67
Positive
46.87
Neutral
8.73
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:HEIO, the sentiment is Neutral. The current price of 70.5 is below the 20-day moving average (MA) of 71.43, above the 50-day MA of 68.13, and above the 200-day MA of 62.97, indicating a neutral trend. The MACD of 0.67 indicates Positive momentum. The RSI at 46.87 is Neutral, neither overbought nor oversold. The STOCH value of 8.73 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for NL:HEIO.
Heineken Holding NV Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | €40.64B | 17.98 | 8.48% | 2.49% | 0.81% | 26.57% | |
67 Neutral | €21.72B | -18.63 | ― | 3.07% | -44.75% | -301.20% | |
62 Neutral | €28.38B | 12.81 | 15.70% | 3.69% | -0.24% | 24.38% | |
61 Neutral | €19.43B | 19.15 | 11.08% | 2.65% | 0.81% | 26.48% | |
60 Neutral | €10.62B | 56.71 | 21.22% | ― | 0.52% | -68.82% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
46 Neutral | €468.22M | 18.34 | 5.63% | 4.62% | -3.79% | -3.53% |
* General Sector Average
NL:HEIO
Heineken Holding NV
69.70
11.61
19.99%
NL:HEIA
Heineken NV
73.52
7.03
10.58%
NL:AD
Koninklijke Ahold Delhaize N.V.
32.40
-0.95
-2.84%
NL:SLIGR
Sligro Food Group NV
10.72
0.27
2.58%
NL:DSFIR
DSM-Firmenich AG
89.80
10.04
12.59%
NL:MICC
Magnum Ice Cream Co. N.V.
17.01
4.04
31.16%
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.