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Koninklijke Heijmans N.V.

0M6I.L
69
Engineering & Construction · Industrials
Price
79.68 GBp
+0.57 (+0.73%)
Market Cap
£2.19B
Exchange
London Stock Exchange
Winston Score
69
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 25, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
16/30
Growth
Strong
15/20
Cash Flow
Strong
7/10
Stability
Exceptional
10/10
Valuation
Strong
7/10
Ownership
Good
10/15
Dividends
Strong
4/5

69 of 100 counted points = Winston Score 69.

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Share count rising — dilution

+22.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 22.4M (2021) → 27.5M (2025)

§Winston Score History

The full picture

Heijmans N.V. is a Dutch construction and infrastructure company based in the Netherlands. It builds homes, offices, roads, bridges, and utility networks for customers that include the Dutch government, municipalities, housing corporations, and private developers. The company operates across three main areas: property development, building and construction, and infrastructure.

Heijmans earns money through project contracts and property development sales, meaning revenue depends on winning new contracts and completing projects on time and on budget. It operates almost entirely in the Netherlands, making it a focused domestic player rather than a global contractor. The company benefits from a strong local reputation and long-standing relationships with government clients, which provides a degree of stability. However, its biggest challenge is the ongoing housing shortage in the Netherlands — a tailwind for demand, but also a market shaped by strict planning rules, rising material costs, and labor shortages that can squeeze margins and delay projects.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+15.8% YoY

YoY Growth Rate

Steady revenue growth

Reported EPS Growth

+23.7% YoY

Half-year reporting periods ended:

30 Jun 2025: €2.15

30 Jun 2026: €2.66

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS increased year over year

R&D Spend

€0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

14.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€434M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Koninklijke Heijmans N.V. is a rare growth stock that's already generating positive cash flow while growing at 16%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
17.3%
Thin — 17.3% gross margin
Profit after running costs
Operating Margin
6.1%
Modest — 6.1% operating margin
Return on the money invested
ROCE
25.8%
Exceptional — 25.8% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+11.3%
Steady sales growth (+11.3% YoY)
Profit growth
EPS YoY
+28.4%
Earnings growing fast (+28.4% YoY)

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

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
222%
Turns 222% of profit into real cash
Spare cash per sale
FCF Margin
0.0%
Thin free cash flow (0.0%)

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
0.25
Conservative — low debt load (0.25)
Covers its interest
Interest Cover
44.75x
Comfortably covers interest (44.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
15.2x
Fair value — P/E 15.2

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
+5.0
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (15.2 → 10.2)

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Dividends

Dividend
Dividend Yield
2.91%
Moderate income — 2.91% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+167.4%
Dividend growing fast (167.4% YoY)

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