Heineken Holding NV (NL:HEIO)
:HEIO
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Heineken Holding NV
(HEIO)
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Rating:58Neutral
Price Target:
€65.00
▲(5.43% Upside)
Action:Downgraded
Date:02/18/26
The score is driven primarily by middling financial performance: strong cash flow and operating profitability are offset by recent revenue softness, volatile/weaker net income, and a leveraged balance sheet. Technicals are bullish but appear overbought, while valuation is neutral with only moderate dividend support.
Positive Factors
Cash generation
Consistently positive operating and free cash flow in the multi‑billion range provides durable internal funding for holding‑level costs and dividend receipts. Reliable cash generation supports the holding’s ability to receive distributions and withstand cyclical downturns, underpinning medium‑term financial stability.
Negative Factors
High leverage / weak balance-sheet flexibility
A debt‑heavy capital structure constrains strategic flexibility at the holding and operating levels, raising refinancing and interest‑rate exposure. Rising debt‑to‑equity increases sensitivity to earnings variability and can limit dividend capacity or force prioritization of debt service over shareholder returns in adverse scenarios.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Consistently positive operating and free cash flow in the multi‑billion range provides durable internal funding for holding‑level costs and dividend receipts. Reliable cash generation supports the holding’s ability to receive distributions and withstand cyclical downturns, underpinning medium‑term financial stability.
Read all positive factors
Heineken Holding NV (HEIO) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€17.39B
Dividend Yield3.13%
Average Volume (3M)198.07K
Price to Earnings (P/E)23.6
Beta (1Y)0.79
Revenue Growth-3.58%
EPS Growth91.80%
CountryNL
Employees88,497
SectorGeneral
Sector StrengthN/A
IndustryBeverages - Alcoholic
Share Statistics
EPS (TTM)2.93
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)5.71
Revenue Forecast (FY)€31.12B
Heineken Holding NV Business Overview & Revenue Model
Company Description
Heineken Holding N.V., through its subsidiaries, engages in the brewing and selling of beer and cider. The company's portfolio consists of approximately 300 international, regional, local, and specialty beers and ciders. It operates in Africa, the...
How the Company Makes Money
Heineken Holding N.V. does not typically generate operating revenue from producing or selling beverages itself; instead, it functions as a holding vehicle. It makes money primarily through income and value derived from its equity stake in Heineken...
Heineken Holding NV Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
45
Neutral
Cash Flow
60
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 28.75B | 29.82B | 30.36B | 28.72B | 21.94B |
| Gross Profit | 10.29B | 10.51B | 10.70B | 10.10B | 8.41B |
| EBITDA | 6.22B | 5.29B | 5.82B | 6.67B | 6.38B |
| Net Income | 952.00M | 498.00M | 1.17B | 3.04B | 3.54B |
Balance Sheet | |||||
| Total Assets | 53.47B | 54.77B | 54.76B | 52.41B | 48.85B |
| Cash, Cash Equivalents and Short-Term Investments | 4.82B | 2.35B | 2.38B | 2.77B | 3.25B |
| Total Debt | 20.45B | 17.36B | 18.24B | 16.38B | 16.87B |
| Total Liabilities | 33.14B | 32.67B | 32.36B | 30.49B | 29.15B |
| Stockholders Equity | 8.63B | 9.55B | 9.73B | 9.69B | 8.59B |
Cash Flow | |||||
| Free Cash Flow | 2.61B | 3.04B | 1.75B | 2.48B | 2.58B |
| Operating Cash Flow | 5.01B | 5.50B | 4.43B | 4.50B | 4.18B |
| Investing Cash Flow | -2.46B | -2.44B | -3.58B | -2.29B | -2.28B |
| Financing Cash Flow | 196.00M | -2.57B | -816.00M | -3.13B | -2.88B |
Heineken Holding NV Technical Analysis
Positive
61.65
Price Trends
61.14
Positive
62.85
Negative
60.87
Positive
Market Momentum
0.60
Negative
53.93
Neutral
70.93
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:HEIO, the sentiment is Positive. The current price of 61.65 is above the 20-day moving average (MA) of 61.42, above the 50-day MA of 61.14, and above the 200-day MA of 60.87, indicating a bullish trend. The MACD of 0.60 indicates Negative momentum. The RSI at 53.93 is Neutral, neither overbought nor oversold. The STOCH value of 70.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NL:HEIO.
Heineken Holding NV Peers Comparison
UnderperformOutperform
Sector (55)
NL:HEIO
Heineken Holding NV
61.90
-4.39
-6.62%
NL:HEIA
Heineken NV
67.06
-9.20
-12.07%
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.