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Heineken N.V.

HEIA.AS
46
Beverages - Alcoholic · Consumer Defensive
Exchange
Euronext Amsterdam
Winston Score
46
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Dec 31, 2025
How the score breaks down
Quality
Mixed
Growth
Mixed
Cash Flow
Strong
Stability
Good
Valuation
Mixed

Winston Score History

The full picture

Heineken N.V. is one of the largest beer companies in the world, headquartered in Amsterdam, Netherlands. It brews and sells beer, cider, and other alcoholic drinks to consumers through bars, restaurants, grocery stores, and convenience shops. Its most well-known brand is Heineken lager, but the company also owns over 300 other brands including Amstel, Tiger, and Dos Equis.

Heineken makes money by selling its drinks to distributors, retailers, and hospitality businesses across more than 190 countries. It is the second-largest beer company globally by volume, giving it strong negotiating power with suppliers and shelf space in stores. The company's wide geographic reach — especially in fast-growing markets across Africa, Asia, and Latin America — is its main growth driver, though rising input costs for ingredients like barley and aluminum, along with slowing beer consumption in mature markets, remain ongoing risks to profitability.

Score breakdown

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Quality

Profit per sale
Gross Margin
36.1%
Modest — 36.1% gross margin
Profit after running costs
Operating Margin
12.4%
Healthy — 12.4% operating margin
Return on the money invested
ROCE
9.2%
Below par — 9.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
-3.6%
Shrinking sales (-3.6% YoY)
Profit growth
EPS YoY
+56.6%
Earnings growing fast (+56.6% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
275%
Turns 275% of profit into real cash
Spare cash per sale
FCF Margin
9.3%
Modest free cash flow (9.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
1.05
Elevated debt (1.05)
Covers its interest
Interest Cover
5.49x
Adequate interest coverage (5.5x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
17.5x
no trend
Fair value — P/E 17.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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