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Dutch health-technology company making diagnostic imaging, patient monitoring and personal-care/consumer health devices.
Dutch health-technology company making diagnostic imaging, patient monitoring and personal-care/consumer health devices.
Sells scanners, monitors and therapy equipment to hospitals, then earns recurring revenue from service contracts, software upgrades and consumables on the machines it has installed; consumer devices go through retailers. Over two decades it shed lighting (now Signify), TVs and home appliances to become a pure health-technology group.
In one line: A European GE HealthCare/Medtronic.
Moat: narrow (installed base, switching costs, regulatory licence). Large installed base of imaging equipment creates service/upgrade lock-in, versus larger scaled rivals.
Headquarters: Amsterdam, Netherlands · Founded: 1891 · Employees: 66,401
Size Koninklijke Philips (PHIA.AS) is a Netherlands Health Care company (Medical/Nursing Services) with a market value of $29.8B, the 10th largest of 61 Netherlands companies the cockpit tracks. Shares closed at €27.33 on 6 Nov 2026.
Performance Over six months the shares gained 23.9%, against +18.3% for the median peer and +0.4% for the Netherlands market (cap-weighted) — 3rd highest of 9 in its peer set.
Growth Revenue fell 1.5% over the last twelve months (peer median +6.2%); the operating margin is 9.6% (peer median 11.1%).
Valuation It trades at 16.5× forward earnings against a peer median of 19.8× (4th cheapest of 9).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is +5 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 0.8 points above its cost of capital (6.6% WACC).
Backlog Backlog (remaining performance obligations) was €14.9B at 31 Dec 2025, down 5% on a year earlier — 0.8 years of trailing revenue. Backlog detail →
Next results Next results expected around 1 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €17.8B | €17.8B | €18.0B | €18.2B | €17.8B |
| Revenue growth | — | -1% | -1% | +2% | — |
| Gross profit | €8.24B | €7.46B | €7.22B | €6.64B | €6.53B |
| EBITDA | €2.88B | €2.68B | €2.40B | €2.08B | €1.41B |
| Net income | €957M | €896M | -€842M | -€466M | -€1.61B |
| Free cash flow | €2.20B | €903M | €1.25B | €1.79B | -€617M |
| Capital expenditure | €673M | €668M | €676M | €643M | €806M |
| Total debt | €8.14B | €8.09B | €7.64B | €7.69B | €8.20B |
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 Philips PHIA.AS | $29.8B | +24% | -1% | 10% | 16.5× | 5.7% |
| GE HealthCare GEHC | $37.2B | +30% | +7% | 14% | 15.4× | 4.3% |
| Siemens Healthineers SHL.DE | $55.9B | +31% | -1% | 15% | 18.9× | 9.0% |
| Medtronic MDT | $130B | +35% | +10% | 20% | 16.9× | 8.6% |
| Canon 7751.T | $28.4B | +18% | +4% | 10% | 12.2× | -0.6% |
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 | PHIA.AS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +27.2% | +10.2% | highest of 9 |
| 6-month return | +23.9% | +18.3% | 3rd highest of 9 |
| Distance from 52-week high | -2.5% | -8.5% | 2nd highest of 9 |
| Revenue growth (TTM) | -1.5% | +6.2% | lowest of 9 |
| Operating margin | 9.6% | 11.1% | 4th lowest of 9 |
| Forward P/E | 16.5× | 19.8× | 4th cheapest of 9 |
| Growth the price implies (Req g, 7 yrs) | 5.7% | 11.7% | 4th least demanding of 8 |
| Growth delivered (Del g) | +0.6% | +5.0% | 2nd lowest of 8 |
| Hurdle (Req g minus delivered) | +5.1 pp | -1.8 pp | 3rd most demanding of 8 |
| ROIC minus cost of capital | +0.8 pp | +0.9 pp | 5th highest of 9 |
| EV / EBITDA | 11.1× | 13.3× | 3rd cheapest of 7 |
| Net debt / EBITDA | 1.9× | 2.8× | 2nd least indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Koninklijke Philips PHIA.AS | Netherlands | $29.8B | +24% | -1% | 10% | 16.5× | 5.7% | +0.6% |
| Labcorp LH | United States | $29.8B | +45% | +6% | 11% | 19.0× | 13.9% | 0.0% |
| Solventum SOLV | United States | $15.4B | +23% | -1% | 8% | 12.2× | n/a | n/a |
| Encompass Health EHC | United States | $13.5B | +30% | +9% | 18% | 20.5× | 5.6% | +5.0% |
| BrightSpring Health Services BTSG | United States | $13.4B | +22% | +23% | 4% | 28.3× | 24.2% | +18.3% |
| Fresenius Medical Care FME.DE | Germany | $12.6B | +14% | 0% | 11% | 10.4× | -3.6% | +1.9% |
| Aier Eye Hospital 300015.SZ | China | $12.5B | -16% | +5% | 21% | 29.5× | 11.7% | +13.4% |
| DaVita DVA | United States | $12.0B | -4% | +6% | 15% | 11.9× | -1.1% | +3.4% |
| Ensign ENSG | United States | $10.6B | +6% | +17% | 9% | 21.1× | 12.0% | +16.5% |
Koninklijke Philips reported €14.9B of remaining performance obligations at 31 Dec 2025, down 5% from a year earlier. That is 0.8 years of trailing revenue already under contract.