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Dutch construction and infrastructure company focused on homebuilding, roads and non-residential building in the Netherlands.
Dutch construction and infrastructure company focused on homebuilding, roads and non-residential building in the Netherlands.
Builds homes on land it has secured and sells them to buyers, and wins infrastructure and non-residential contracts by competitive bid, with Dutch public authorities among the clients. Nearly all its work is in the Netherlands.
In one line: A mid-size Dutch homebuilder/infrastructure contractor.
Moat: none (scale). Competitive-bid construction with some advantage from Dutch land bank holdings.
Headquarters: Rosmalen, Netherlands · Founded: 1923 · Employees: 6,158
Size Koninklijke Heijmans (HEIJM.AS) is a Netherlands Industrials company (Engineering & Construction) with a market value of $2.55B, the 37th largest of 61 Netherlands companies the cockpit tracks. Shares closed at €82.70 on 6 Nov 2026.
Performance Over six months the shares fell 7.1%, against -7.7% for the median peer and +0.4% for the Netherlands market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 11.3% over the last twelve months (peer median +7.8%); the operating margin is 5.9% (peer median 5.1%).
Valuation It trades at 13.5× forward earnings against a peer median of 15.8× (9th cheapest of 21).
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 +10%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 16.2 points above its cost of capital (9.8% WACC).
Next results Next results expected around 19 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €2.98B | €2.77B | €2.58B | €2.12B | €1.81B |
| Revenue growth | — | +7% | +22% | +17% | — |
| Gross profit | €489M | €454M | €342M | €296M | €240M |
| EBITDA | €242M | €222M | €160M | €137M | €112M |
| Net income | €144M | €130M | €90.0M | €59.7M | €59.6M |
| Free cash flow | n/a | €236M | €234M | €42.4M | €88.8M |
| Capital expenditure | n/a | €43.9M | €30.4M | €45.3M | €24.5M |
| Total debt | n/a | €132M | €115M | €177M | €86.2M |
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 |
|---|---|---|---|---|---|---|
| Koninklijke Heijmans HEIJM.AS | $2.55B | -7% | +11% | 6% | 13.5× | 3.9% |
| Koninklijke BAM Groep BAMNB.AS | $3.85B | +37% | +7% | 3% | 11.5× | -5.2% |
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 | HEIJM.AS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.4% | +1.3% | 10th lowest of 21 |
| 6-month return | -7.1% | -7.7% | 11th highest of 21 |
| Distance from 52-week high | -29.8% | -24.1% | 9th lowest of 21 |
| Revenue growth (TTM) | +11.3% | +7.8% | 5th highest of 21 |
| Operating margin | 5.9% | 5.1% | 9th highest of 21 |
| Forward P/E | 13.5× | 15.8× | 9th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 3.9% | -0.8% | 8th most demanding of 18 |
| Growth delivered (Del g) | +9.7% | +9.4% | 9th highest of 18 |
| Hurdle (Req g minus delivered) | -5.8 pp | -8.1 pp | 9th most demanding of 18 |
| ROIC minus cost of capital | +16.2 pp | +4.0 pp | 4th highest of 21 |
| EV / EBITDA | 9.2× | 9.2× | 8th cheapest of 15 |
| Net debt / EBITDA | -0.2× | 0.3× | 6th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Koninklijke Heijmans HEIJM.AS | Netherlands | $2.55B | -7% | +11% | 6% | 13.5× | 3.9% | +9.7% |
| Shanghai Tunnel Engineering 600820.SS | China | $2.56B | -9% | -9% | 6% | 8.0× | -0.6% | +1.4% |
| Bilfinger GBF.DE | Germany | $2.57B | -31% | +6% | 5% | 15.5× | -6.7% | +9.4% |
| Tecnicas Reunidas TRE.MC | Spain | $2.57B | -5% | +33% | 4% | 13.5× | -2.5% | +12.9% |
| Toda 1860.T | Japan | $2.58B | -3% | +10% | 6% | 11.1× | -0.8% | +5.0% |
| Cemindia Projects CEMPRO.NS | India | $2.58B | +36% | +10% | 9% | 32.8× | 42.2% | +29.9% |
| Aecon ARE.TO | Canada | $2.59B | -4% | +23% | 2% | 26.3× | 5.1% | +8.3% |
| Kalpataru Projects International KPIL.NS | India | $2.48B | +6% | +15% | 6% | 18.6× | 14.9% | +16.0% |
| Keller KLR.L | United Kingdom | $2.63B | +24% | +10% | 7% | 11.8× | 4.4% | +8.4% |
| Arcplus 600629.SS | China | $2.43B | -17% | -25% | -3% | 38.4× | n/a | n/a |
| AF Gruppen AFG.OL | Norway | $2.42B | +13% | +11% | 5% | 16.2× | -9.7% | +3.4% |
| Bird Construction BDT.TO | Canada | $2.70B | +28% | +7% | 4% | 21.5× | 6.1% | +17.7% |
| Webuild WBD.MI | Italy | $2.39B | -22% | +2% | -1% | 6.5× | -2.1% | +24.4% |
| Elecnor ENO.MC | Spain | $2.76B | -30% | +7% | 4% | 17.0× | -4.9% | +12.3% |
| Morgan Sindall MGNS.L | United Kingdom | $2.77B | -7% | +11% | 5% | 11.7× | -4.7% | +10.6% |
| Peab PEAB-B.ST | Sweden | $2.80B | +5% | +4% | 4% | 11.4× | 6.6% | -0.4% |
| EXEO 1951.T | Japan | $2.84B | -22% | +18% | 7% | 12.2× | -5.0% | +6.6% |
| Penta-Ocean Construction 1893.T | Japan | $2.25B | -29% | +7% | 7% | 8.9× | n/a | n/a |
| Shanghai Construction 600170.SS | China | $2.89B | -20% | -22% | 1% | 16.7× | -10.4% | -2.3% |
| Grenergy Renovables GRE.MC | Spain | $2.24B | -40% | +8% | 23% | 18.9× | n/a | n/a |
| Nbcc (india) NBCC.NS | India | $2.23B | -19% | +4% | 6% | 26.0× | 40.1% | +12.9% |