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Holding company controlled by the Heineken family that owns roughly half of Heineken N.V.'s shares.
Holding company controlled by the Heineken family that owns roughly half of Heineken N.V.'s shares.
Its only income is its share of Heineken N.V.'s earnings, which it passes on as the same per-share dividend, so it has no operations or customers of its own. Charlene de Carvalho-Heineken, the brewing family heir, controls the holding and through it the brewer, which keeps the family in control while allowing public investment.
In one line: A holding-company tracker for Heineken.
Moat: none (scale). A pure holding vehicle; its value is a claim on Heineken N.V., not an operating moat of its own.
Headquarters: Amsterdam, Netherlands · Founded: 1952
Size Heineken (HEIO.AS) is a Netherlands Consumer Staples company (Beverages: Alcoholic) with a market value of $24.7B, the 13th largest of 61 Netherlands companies the cockpit tracks. Shares closed at €79.35 on 6 Nov 2026.
Performance Over six months the shares gained 32.1%, against -0.7% for the median peer and +0.4% for the Netherlands market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 0.8% over the last twelve months (peer median -1.5%); the operating margin is 12.1% (peer median 15.6%).
Valuation It trades at 14.5× forward earnings against a peer median of 15.5× (10th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -9 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.8 points above its cost of capital (5.4% WACC).
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 | €3.55B | €10.9B | €11.1B | €10.8B | €11.2B |
| EBITDA | €5.95B | €5.99B | €6.05B | €6.02B | €6.03B |
| Net income | €1.14B | €952M | €498M | €1.17B | €1.34B |
| 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 HEIO.AS | $24.7B | +32% | +1% | 12% | 14.5× | -1.1% |
| Heineken HEIA.AS | $51.8B | +29% | +1% | 12% | 15.9× | 4.2% |
| Carlsberg AS CARL-A.CO | $20.9B | +12% | +10% | 14% | 17.2× | -2.2% |
| Anheuser-Busch InBev SA/NV Sponsored ADR BUD | $168B | +5% | +7% | 26% | 18.9× | 2.7% |
| Asahi Group Hldgs 2502.T | $16.4B | +10% | +3% | 9% | 13.1× | 1.8% |
| Molson Coors Beverage TAP | $7.54B | -4% | -2% | 12% | 9.2× | -4.7% |
| Kirin 2503.T | $15.2B | +21% | +6% | 11% | 13.7× | -4.2% |
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 | HEIO.AS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +18.7% | +8.8% | highest of 21 |
| 6-month return | +32.1% | -0.7% | highest of 21 |
| Distance from 52-week high | -1.3% | -17.0% | 2nd highest of 21 |
| Revenue growth (TTM) | +0.8% | -1.5% | 7th highest of 21 |
| Operating margin | 12.1% | 15.6% | 6th lowest of 21 |
| Forward P/E | 14.5× | 15.5× | 10th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -1.1% | -0.9% | 10th least demanding of 20 |
| Growth delivered (Del g) | +7.8% | +3.2% | 7th highest of 20 |
| Hurdle (Req g minus delivered) | -8.9 pp | -5.7 pp | 5th least demanding of 20 |
| ROIC minus cost of capital | +0.8 pp | +4.8 pp | 7th lowest of 21 |
| EV / EBITDA | 8.7× | 10.7× | 6th cheapest of 17 |
| Net debt / EBITDA | 3.0× | 2.7× | 8th most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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% |
| 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% |
| Ambev SA Sponsored ADR ABEV | United States | $43.2B | -15% | +4% | 23% | 14.5× | -5.5% | +6.9% |
| Wuliangye Yibin 000858.SZ | China | $43.9B | -22% | -6% | 32% | 22.1× | 7.1% | -9.6% |
| Heineken HEIA.AS | Netherlands | $51.8B | +29% | +1% | 12% | 15.9× | 4.2% | +7.8% |
| United Spirits UNITDSPR.NS | India | $10.9B | +11% | 0% | 15% | 53.0× | 44.2% | +8.9% |
| Diageo DGE.L | United Kingdom | $56.3B | +25% | -6% | 29% | 15.2× | -0.9% | +2.8% |
| Bud Apac 1876.HK | Hong Kong | $10.7B | -16% | -3% | 15% | 20.1× | -0.9% | +0.7% |
| Tsingtao Brewery 0168.HK | Hong Kong | $9.12B | -21% | +1% | 16% | 10.8× | -5.0% | +2.6% |
| Davide Campari-Milano CPR.MI | Italy | $8.93B | +22% | -1% | 20% | 21.0× | 3.6% | +11.5% |
| China Res Beer 0291.HK | Hong Kong | $8.66B | -18% | +3% | 15% | 10.7× | -1.5% | +3.1% |
| Thai Beverage Public Y92.SI | Singapore | $8.56B | +2% | -8% | 13% | 10.6× | -4.7% | +3.2% |
| Jiangsu Yanghe Distillery 002304.SZ | China | $8.50B | -23% | -31% | 4% | 32.6× | n/a | n/a |
| Molson Coors Beverage TAP | United States | $7.54B | -4% | -2% | 12% | 9.2× | -4.7% | +2.9% |