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German producer of cement, aggregates and ready-mixed concrete for the construction industry worldwide.
German producer of cement, aggregates and ready-mixed concrete for the construction industry worldwide.
Sells cement, aggregates and concrete mainly within regional markets, since these heavy products are costly to haul far, and built its worldwide footprint largely through acquisitions. Its carbon-capture plant at Brevik in Norway, started in 2025, is among the first of its kind at a cement works.
Moat: narrow (scale, installed base, regulatory licence). Cement plants and aggregate quarries are capital-intensive and permit-constrained, limiting new entrants.
Headquarters: Heidelberg, Germany · Founded: 1873 · Employees: 48,973
Size Heidelberg Materials (HEI.DE) is a Germany Materials company (Construction Materials) with a market value of $34.3B, the 27th largest of 205 Germany companies the cockpit tracks. Shares closed at €173.80 on 6 Nov 2026.
Performance Over six months the shares fell 4.6%, against -12.2% for the median peer and +2.6% for the Germany market (cap-weighted) — 4th highest of 9 in its peer set.
Growth Revenue grew 0.4% over the last twelve months (peer median +4.7%); the operating margin is 14.7% (peer median 15.0%).
Valuation It trades at 13.5× forward earnings against a peer median of 19.4× (2nd cheapest of 9).
Price implies For today's price to make sense, revenue must grow about 5% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is +1 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.1 points above its cost of capital (7.6% WACC).
Credit Heidelberg Materials has 12 bonds outstanding ($8.97B), rated BBB by the agencies and trading like A at a weighted spread of 89 bp.
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €21.6B | €21.5B | €21.2B | €21.2B | €21.1B |
| Revenue growth | — | +1% | 0% | 0% | — |
| Gross profit | €9.12B | €6.63B | €6.38B | €6.20B | €5.67B |
| EBITDA | €4.48B | €4.29B | €4.08B | €3.91B | €3.27B |
| Net income | €1.99B | €1.94B | €1.78B | €1.93B | €1.60B |
| Free cash flow | €1.70B | €1.89B | €1.91B | €1.93B | €1.12B |
| Capital expenditure | €1.52B | €1.41B | €1.41B | €1.33B | €1.34B |
| Total debt | n/a | €8.39B | €8.56B | €8.62B | €7.11B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Heidelberg Materials HEI.DE | $34.3B | -5% | 0% | 15% | 13.5× | 4.9% |
| Holcim HOLN.SW | $48.4B | -3% | -26% | 16% | 19.5× | 1.4% |
| CRH CRH | $63.1B | -16% | +6% | 14% | 16.0× | 11.0% |
| Cemex SAB de CV Sponsored ADR CX | $16.6B | -18% | +10% | 13% | 11.2× | 4.4% |
| Buzzi BZU.MI | $8.04B | -9% | +2% | 18% | 9.3× | 2.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HEI.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +24.3% | +13.4% | highest of 9 |
| 6-month return | -4.6% | -12.2% | 4th highest of 9 |
| Distance from 52-week high | -28.1% | -24.3% | 3rd lowest of 9 |
| Revenue growth (TTM) | +0.4% | +4.7% | 3rd lowest of 9 |
| Operating margin | 14.7% | 15.0% | 5th highest of 9 |
| Forward P/E | 13.5× | 19.4× | 2nd cheapest of 9 |
| Growth the price implies (Req g, 7 yrs) | 4.9% | 7.7% | 5th least demanding of 9 |
| Growth delivered (Del g) | +4.0% | +5.1% | 4th lowest of 9 |
| Hurdle (Req g minus delivered) | +0.8 pp | +7.4 pp | 3rd least demanding of 9 |
| ROIC minus cost of capital | +0.1 pp | -0.7 pp | 4th highest of 9 |
| EV / EBITDA | 8.8× | 13.0× | 2nd cheapest of 8 |
| Net debt / EBITDA | 1.7× | 2.1× | 3rd least indebted of 9 |
| Bond spread | 89 bp | 83 bp | 2nd widest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Heidelberg Materials HEI.DE | Germany | $34.3B | -5% | 0% | 15% | 13.5× | 4.9% | +4.0% |
| Vulcan Materials VMC | United States | $36.3B | 0% | +2% | 21% | 29.5× | 18.7% | +10.3% |
| Martin Marietta Materials MLM | United States | $36.8B | -12% | +9% | 20% | 28.8× | 23.2% | +5.4% |
| Holcim HOLN.SW | Switzerland | $48.4B | -3% | -26% | 16% | 19.5× | 1.4% | -7.4% |
| Amrize AMRZ | United States | $22.9B | -21% | +4% | 16% | 17.2× | -0.1% | +3.3% |
| CRH CRH | United States | $63.1B | -16% | +6% | 14% | 16.0× | 11.0% | +6.3% |
| Cemex SAB de CV Sponsored ADR CX | United States | $16.6B | -18% | +10% | 13% | 11.2× | 4.4% | +4.7% |
| James Hardie Industries JHX | United States | $16.2B | +33% | +43% | 14% | 21.0× | 26.1% | +10.7% |
| Anhui Conch Cement 600585.SS | China | $13.9B | -12% | -8% | 4% | 19.4× | -7.7% | -14.1% |
Heidelberg Materials has 12 bonds outstanding with $8.97B face value. The agencies rate it BBB; its bonds trade like A. Weighted yield 3.92%, a spread of 89 bp over government bonds.