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German consumer goods and adhesives company making Persil detergent, Schwarzkopf hair care and Loctite adhesives.
German consumer goods and adhesives company making Persil detergent, Schwarzkopf hair care and Loctite adhesives.
Sells adhesives, sealants and coatings direct to industrial customers such as car and electronics makers, who design them into production processes, and branded laundry and hair products to retailers. Adhesives is the largest of its businesses. The Henkel family controls the company through its ordinary shares, with a separate class of non-voting preferred shares also traded.
Moat: narrow (brand, IP / patents, scale). Leading adhesive technology (Loctite) plus strong European consumer brands (Persil, Schwarzkopf).
Headquarters: Dusseldorf, Germany · Founded: 1876 · Employees: 47,200
Size Henkel AG & Co. KGaA (HEN.DE) is a Germany Materials company (Industrial Specialties) with a market value of $35.4B, the 25th largest of 205 Germany companies the cockpit tracks. Shares closed at €74.85 on 6 Nov 2026.
Performance Over six months the shares gained 24.5%, against +8.9% for the median peer and +2.6% for the Germany market (cap-weighted) — 3rd highest of 11 in its peer set.
Growth Revenue fell 3.5% over the last twelve months (peer median +14.3%); the operating margin is 14.8% (peer median 15.2%).
Valuation It trades at 13.6× forward earnings against a peer median of 16.7× (3rd cheapest of 11).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.9 points above its cost of capital (6.2% WACC).
Credit Henkel AG & Co. KGaA has 7 bonds outstanding ($4.32B), rated A by the agencies and trading like A+ at a weighted spread of 80 bp.
Next results Next results expected around 8 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €20.4B | €20.5B | €21.6B | €21.5B | €22.4B |
| Revenue growth | — | -5% | 0% | -4% | — |
| Gross profit | €10.5B | €10.5B | €10.9B | €9.84B | €9.47B |
| EBITDA | €3.74B | €3.65B | €3.82B | €3.46B | €2.89B |
| Net income | €1.91B | €2.04B | €2.01B | €1.32B | €1.26B |
| Free cash flow | €2.02B | €1.82B | €2.48B | €2.60B | €598M |
| Capital expenditure | €684M | €693M | €626M | €608M | €593M |
| Total debt | n/a | €3.71B | €4.29B | €2.89B | €3.59B |
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 |
|---|---|---|---|---|---|---|
| Henkel AG & Co. KGaA HEN.DE | $35.4B | +25% | -3% | 15% | 13.6× | -1.9% |
| 3M MMM | $95.7B | +30% | +2% | 21% | 19.2× | 11.3% |
| Procter & Gamble PG | $383B | +13% | +4% | 24% | 23.4× | -0.3% |
| L'Oreal OR.PA | $268B | +25% | +3% | 21% | 32.8× | 18.1% |
| Reckitt Benckiser RKT.L | $47.6B | +22% | -2% | 28% | 16.4× | 1.6% |
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 | HEN.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.4% | +6.6% | 3rd highest of 11 |
| 6-month return | +24.5% | +8.9% | 3rd highest of 11 |
| Distance from 52-week high | -3.1% | -11.6% | highest of 11 |
| Revenue growth (TTM) | -3.5% | +14.3% | 2nd lowest of 11 |
| Operating margin | 14.8% | 15.2% | 6th highest of 11 |
| Forward P/E | 13.6× | 16.7× | 3rd cheapest of 11 |
| Growth the price implies (Req g, 7 yrs) | -1.9% | 10.7% | 2nd least demanding of 10 |
| Growth delivered (Del g) | +1.3% | +10.1% | lowest of 10 |
| Hurdle (Req g minus delivered) | -3.2 pp | +4.5 pp | 3rd least demanding of 10 |
| ROIC minus cost of capital | +2.9 pp | +4.3 pp | 3rd lowest of 11 |
| EV / EBITDA | 9.0× | 17.0× | cheapest of 9 |
| Net debt / EBITDA | 0.6× | 2.0× | 4th least indebted of 9 |
| Bond spread | 80 bp | 81 bp | 2nd tightest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Henkel AG & Co. KGaA HEN.DE | Germany | $35.4B | +25% | -3% | 15% | 13.6× | -1.9% | +1.3% |
| Wanhua Chemical 600309.SS | China | $34.1B | -19% | +37% | 11% | 11.3× | -2.6% | +22.7% |
| PPG Industries PPG | United States | $27.0B | +12% | +6% | 13% | 14.6× | 7.1% | +2.8% |
| Asian Paints ASIANPAINT.NS | India | $25.9B | +1% | +12% | 16% | 47.5× | 37.3% | +10.6% |
| Nippon Paint 4612.T | Japan | $20.4B | +40% | +16% | 15% | 16.6× | 1.9% | +18.1% |
| Solar Industries India SOLARINDS.NS | India | $17.8B | +17% | +53% | 25% | 64.6× | n/a | n/a |
| Pidilite Industries PIDILITIND.NS | India | $17.0B | +9% | +17% | 21% | 56.8× | 40.3% | +14.9% |
| China Jushi 600176.SS | China | $16.6B | -20% | +27% | 34% | 13.5× | 14.6% | +10.1% |
| Sherwin-Williams SHW | United States | $83.1B | +9% | +7% | 16% | 26.8× | 14.9% | +5.1% |
| RPM International RPM | United States | $13.2B | +2% | +6% | 13% | 16.9× | 7.5% | +5.2% |
| Akzo Nobel AKZA.AS | Netherlands | $12.1B | +26% | -5% | 6% | 16.1× | 10.7% | +3.6% |
Henkel AG & Co. KGaA has 7 bonds outstanding with $4.32B face value. The agencies rate it A; its bonds trade like A+. Weighted yield 3.81%, a spread of 80 bp over government bonds.