Valuation Heineken N.V.

Equities

Market Closed - Euronext Amsterdam Other stock markets 16:55:00 13/03/2026 GMT			5-day change	1st Jan Change
71.42 ^EUR	+2.47%		-0.39%	+2.41%

03-12	Heineken N.V. Presents at UBS Global Consumer and Retail Conference, Mar-12-2026 01:00 PM
03-11	South African Markets - Factors to watch on March 11	RE

Data adjusted to current consolidation scope

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Capitalization ¹	56,918	50,583	52,101	38,487	38,598	39,724	-	-
Change	-	-11.13%	3%	-26.13%	0.29%	2.92%	-	-
Enterprise Value (EV) ¹	70,543	64,114	67,936	53,138	53,077	56,383	55,120	53,857
Change	-	-9.11%	5.96%	-21.78%	-0.11%	6.23%	-2.24%	-2.29%
P/E ratio	17.1x	18.9x	22.5x	39.5x	20.6x	15.6x	14.2x	13x
PBR	3.28x	2.59x	2.58x	1.72x	2.16x	2.09x	1.9x	1.78x
PEG	-	-1x	-1.9x	-0.7x	0.2x	0.4x	1.48x	1.33x
Capitalization / Revenue	2.6x	1.76x	1.72x	1.07x	1.13x	1.29x	1.24x	1.2x
EV / Revenue	3.22x	2.23x	2.24x	1.48x	1.55x	1.84x	1.73x	1.63x
EV / EBITDA	13.9x	10.6x	9.5x	7.84x	7.97x	8.14x	7.55x	7.12x
EV / EBIT	20.7x	14.2x	15.3x	11.8x	12.1x	11.8x	10.9x	10.1x
EV / FCF	24.7x	23.7x	34x	17.5x	20.3x	21.2x	18.9x	18.1x
FCF Yield	4.05%	4.22%	2.94%	5.72%	4.92%	4.72%	5.3%	5.52%
Dividend per Share ²	1.24	1.73	1.73	1.86	1.9	1.991	2.137	2.217
Rate of return	1.25%	1.97%	1.88%	2.71%	2.72%	2.79%	2.99%	3.1%
EPS ²	5.77	4.65	4.09	1.74	3.38	4.584	5.024	5.514
Distribution rate	21.5%	37.2%	42.3%	107%	56.2%	43.4%	42.5%	40.2%
Net sales ¹	21,901	28,694	30,308	35,955	34,257	30,705	31,936	33,088
EBITDA ¹	5,087	6,055	7,154	6,780	6,658	6,927	7,298	7,569
EBIT ¹	3,414	4,502	4,443	4,512	4,385	4,796	5,058	5,325
Net income ¹	3,324	2,682	2,304	978	1,885	2,606	2,838	3,040
Net Debt ¹	13,625	13,531	15,835	14,651	14,479	16,660	15,396	14,133
Reference price ²	98.86	87.88	91.94	68.70	69.74	71.42	71.42	71.42
Nbr of stocks (in thousands)	575,740	575,595	566,680	560,214	553,454	556,200	-	-
Announcement Date	16/02/22	15/02/23	14/02/24	12/02/25	11/02/26	-	-	-

¹EUR in Million²EUR

Estimates

Add to a list 0 selected To use this feature you must be a member Log in Sign up	P/E (Y)	EV / Sales (Y)	EV / EBITDA (Y)	Dividend Yield (Y)	Capi.($)
HEINEKEN N.V.	15.58x	1.84x	8.14x	2.79%	45.45B
ANHEUSER-BUSCH INBEV SA/NV	16.67x	3.15x	8.66x	1.97%	142B
AMBEV S.A.	14.98x	2.32x	7.06x	5.85%	44.27B
CONSTELLATION BRANDS, INC.	14.57x	4.07x	11.02x	2.72%	26.03B
CARLSBERG A/S	14.52x	1.91x	8.87x	3.53%	18.23B
ASAHI GROUP HOLDINGS, LTD.	14.73x	1.23x	8.91x	3.18%	14.66B
KIRIN HOLDINGS COMPANY, LIMITED	14.14x	1.18x	8.96x	2.89%	13.21B
BUDWEISER BREWING COMPANY APAC LIMITED	20.74x	1.74x	6.29x	5.51%	12.65B
Average	15.74x	2.18x	8.49x	3.56%	39.6B
Weighted average by Cap.	15.95x	2.62x	8.50x	3.02%