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World's second-largest brewer, selling Heineken and a portfolio of local beer brands in 190+ countries.
World's second-largest brewer, selling Heineken and a portfolio of local beer brands in 190+ countries.
Sells beer through bars, shops and distributors, brewing locally in most markets. It grew by buying brewers in emerging markets: FEMSA's beer business in Mexico in 2010, Asia Pacific Breweries in 2012 and Distell in South Africa in 2023. The Heineken family controls it through a holding company.
Moat: wide (brand, scale, distribution). Global Heineken brand plus dense local distribution and bottling networks across dozens of markets.
Headquarters: Amsterdam, Netherlands · Founded: 1864 · Employees: 87,160
Size Heineken (HEIA.AS) is a Netherlands Consumer Staples company (Beverages: Alcoholic) with a market value of $51.8B, the 4th largest of 61 Netherlands companies the cockpit tracks. Shares closed at €83.58 on 6 Nov 2026.
Performance Over six months the shares gained 28.9%, against +9.7% for the median peer and +0.4% for the Netherlands market (cap-weighted) — 2nd highest of 14 in its peer set.
Growth Revenue grew 0.8% over the last twelve months (peer median -0.2%); the operating margin is 11.9% (peer median 25.8%).
Valuation It trades at 15.9× forward earnings against a peer median of 15.2× (7th most expensive of 14).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.4 points above its cost of capital (5.7% WACC).
Credit Heineken has 26 bonds outstanding ($17.3B), rated BBB+ by the agencies and trading like AA at a weighted spread of 79 bp.
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €29.4B | €28.8B | €29.8B | €30.4B | €28.7B |
| Revenue growth | — | -4% | -2% | +6% | — |
| Gross profit | €3.50B | €10.8B | €11.3B | €11.3B | €11.4B |
| EBITDA | €5.96B | €6.00B | €6.18B | €6.06B | €6.09B |
| Net income | €2.27B | €1.89B | €978M | €2.30B | €2.68B |
| Free cash flow | €3.97B | €2.88B | €3.32B | €2.00B | €2.71B |
| Capital expenditure | €2.06B | €2.40B | €2.46B | €2.68B | €2.01B |
| Total debt | n/a | €19.3B | €17.0B | €18.2B | €16.4B |
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 |
|---|---|---|---|---|---|---|
| Heineken HEIA.AS | $51.8B | +29% | +1% | 12% | 15.9× | 4.2% |
| Anheuser-Busch InBev SA/NV Sponsored ADR BUD | $168B | +5% | +7% | 26% | 18.9× | 2.7% |
| Carlsberg AS CARL-A.CO | $20.9B | +12% | +10% | 14% | 17.2× | -2.2% |
| Molson Coors Beverage TAP | $7.54B | -4% | -2% | 12% | 9.2× | -4.7% |
| Asahi Group Hldgs 2502.T | $16.4B | +10% | +3% | 9% | 13.1× | 1.8% |
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 | HEIA.AS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +18.1% | +11.8% | 2nd highest of 14 |
| 6-month return | +28.9% | +9.7% | 2nd highest of 14 |
| Distance from 52-week high | -1.1% | -6.6% | highest of 14 |
| Revenue growth (TTM) | +0.8% | -0.2% | 6th highest of 14 |
| Operating margin | 11.9% | 25.8% | 3rd lowest of 14 |
| Forward P/E | 15.9× | 15.2× | 7th most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | 4.2% | -0.9% | 3rd most demanding of 14 |
| Growth delivered (Del g) | +7.8% | +5.6% | 4th highest of 14 |
| Hurdle (Req g minus delivered) | -3.6 pp | -5.7 pp | 5th most demanding of 14 |
| ROIC minus cost of capital | +0.4 pp | +4.9 pp | 3rd lowest of 14 |
| EV / EBITDA | 11.2× | 10.9× | 5th most expensive of 12 |
| Net debt / EBITDA | 3.0× | 3.0× | 6th least indebted of 12 |
| Bond spread | 79 bp | 81 bp | 4th tightest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Heineken HEIA.AS | Netherlands | $51.8B | +29% | +1% | 12% | 15.9× | 4.2% | +7.8% |
| Diageo DGE.L | United Kingdom | $56.3B | +25% | -6% | 29% | 15.2× | -0.9% | +2.8% |
| Wuliangye Yibin 000858.SZ | China | $43.9B | -22% | -6% | 32% | 22.1× | 7.1% | -9.6% |
| Ambev SA Sponsored ADR ABEV | United States | $43.2B | -15% | +4% | 23% | 14.5× | -5.5% | +6.9% |
| Heineken HEIO.AS | Netherlands | $24.7B | +32% | +1% | 12% | 14.5× | -1.1% | +7.8% |
| Shanxi Xinghuacun Fen Wine Factory 600809.SS | China | $24.1B | -8% | -9% | 36% | 17.1× | 3.0% | +22.7% |
| Constellation Brands STZ | United States | $24.0B | -4% | -4% | 30% | 11.9× | -4.5% | +1.2% |
| Carlsberg AS CARL-A.CO | Denmark | $20.9B | +12% | +10% | 14% | 17.2× | -2.2% | +8.8% |
| Pernod Ricard RI.PA | France | $20.0B | +16% | -14% | 26% | 12.5× | 2.1% | +1.3% |
| Luzhou Laojiao 000568.SZ | China | $17.9B | -19% | -38% | 40% | 17.5× | 9.9% | +8.7% |
| Asahi Group Hldgs 2502.T | Japan | $16.4B | +10% | +3% | 9% | 13.1× | 1.8% | +7.4% |
| Anheuser-Busch InBev SA/NV Sponsored ADR BUD | United States | $168B | +5% | +7% | 26% | 18.9× | 2.7% | +4.7% |
| Kirin 2503.T | Japan | $15.2B | +21% | +6% | 11% | 13.7× | -4.2% | +5.6% |
| Brown–Forman BF-B | United States | $14.2B | +11% | 0% | 29% | 17.9× | -5.1% | +2.7% |
Heineken has 26 bonds outstanding with $17.3B face value. The agencies rate it BBB+; its bonds trade like AA. Weighted yield 4.21%, a spread of 79 bp over government bonds.