Heineken N.V.
Financial ratios & Valuation

Forward Multiples (2025 – 2028)

2025202620272028
Price/Earnings ratio
13.4712.1710.218.72
Price/Sales ratio
N/AN/AN/AN/A
Earnings per Share (EPS)
$2.99$3.31$3.95$4.62

Historical Multiples (2014 – 2023)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
22.1423.8126.3125.5722.8525.23-597.7117.2218.8411.2718.2725.23
Price/Sales ratio
1.742.191.942.261.942.282.662.601.760.851.262.28
Price/Book Value ratio
2.703.323.063.713.043.383.923.292.581.290.993.38
Price/Cash Flow ratio
10.9712.9110.8912.749.9612.6016.7713.6911.245.863.6012.60
Price/Free Cash Flow ratio
22.2725.6121.8724.1418.7424.4435.1522.1620.3414.8213.3724.44
Price/Earnings Growth ratio
1.980.93-1.430.99-22.622.015.74-0.00-0.970.140.19-22.62
Dividend Yield
2.15%2.01%2.54%2.04%2.49%1.73%1.10%1.39%2.17%5.13%2.70%2.49%
Profitability Indicator Ratios
Gross Profit Margin
37.40%36.95%37.46%38.13%37.84%39.12%36.85%38.31%35.17%35.25%21.56%39.12%
Operating Profit Margin
14.43%14.99%13.25%15.31%13.96%15.15%3.94%20.43%14.91%10.63%9.79%15.15%
Pretax Profit Margin
12.67%13.83%11.60%13.28%12.69%13.70%0.79%19.75%14.52%8.30%4.78%13.70%
Net Profit Margin
7.87%9.22%7.40%8.84%8.51%9.03%-0.44%15.14%9.33%7.58%3.43%9.03%
Effective Tax Rate
30%24.55%27.90%25.96%26.54%27.71%156.05%18.43%27.12%4.79%28.56%26.54%
Return on Assets
4.35%5.01%3.91%4.71%4.55%4.65%-0.20%6.80%5.11%4.17%1.92%4.65%
Return On Equity
12.21%13.97%11.63%14.52%13.32%13.41%-0.65%19.15%13.71%11.48%5.33%13.41%
Return on Capital Employed
10.57%10.53%9.52%10.96%9.95%10.62%2.44%12.19%11.20%8.00%7.64%10.62%
Liquidity Ratios
Current Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0.77N/A
Quick Ratio
0.520.490.620.610.680.500.640.590.540.510.520.50
Cash ratio
0.070.090.290.230.270.140.360.260.190.160.140.14
Days of Sales Outstanding
38.6839.0740.4243.4442.1644.5433.1039.7439.6540.5864.1042.16
Days of Inventory outstanding
49.4848.0445.4148.9050.1755.3557.4065.7463.7169.0858.5650.17
Operating Cycle
88.1687.1285.8492.3492.3499.8990.50105.48103.36109.67122.6692.34
Days of Payables Outstanding
70.8378.9582.3592.46104.95118.06107.38124.88114.72106.47142.67104.95
Cash Conversion Cycle
17.338.173.48-0.12-12.60-18.16-16.88-19.39-11.353.19-20.00-18.16
Debt Ratios
Debt Ratio
0.330.330.370.370.350.330.390.320.280.300.310.33
Debt Equity Ratio
0.940.931.101.161.040.971.260.900.770.840.880.97
Long-term Debt to Capitalization
0.430.440.450.470.460.430.500.420.380.390.390.43
Total Debt to Capitalization
0.480.480.520.530.510.490.550.470.430.450.460.49
Interest Coverage Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A4.37N/A
Cash Flow to Debt Ratio
0.260.270.250.250.290.270.180.260.290.260.310.29
Company Equity Multiplier
2.802.782.973.082.922.883.182.812.682.742.812.88
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.150.170.170.170.190.180.150.190.150.140.170.18
Free Cash Flow / Operating Cash Flow Ratio
0.490.500.490.520.530.510.470.610.550.390.540.53
Cash Flow Coverage Ratio
0.260.270.250.250.290.270.180.260.290.260.310.29
Short Term Coverage Ratio
1.351.791.011.201.861.260.941.401.421.131.131.26
Dividend Payout Ratio
47.69%48.04%66.94%52.24%56.97%43.90%-662.5%23.94%40.97%57.94%107.59%56.97%