Heineken Holding - Public Comps and Valuation Multiples

Heineken Holding Overview

About Heineken Holding

Heineken Holding NV through its subsidiary is involved in the brewing and selling of beer and cider. It does not engage in operational activities and generates income almost exclusively by receiving Heineken dividends. Heineken Holding NV has five segments: Europe; Americas; Africa & Middle East; Asia Pacific and Heineken N.V. Head Office & Other/Eliminations. Heineken NV has a range of more than 340 international, regional, local and specialty beers and ciders. Notable brands include Heineken, Amstel, Dos Equis, Tecate, Goldberg, Red Stripe, Legunitas, and Tiger.

Founded

1864

HQ

Employees

88.5K+

Website

heinekenholding.com

Sectors

Alcohol

Financials

LTM Revenue $33.8B

Last FY EBITDA $6.2B

EV

$37.4B

Valuation Multiples

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Heineken Holding Financials

As of October 2025, Heineken Holding reported last 12-month revenue of $33.8B.

In the same period, Heineken Holding achieved $581M in LTM net income.

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Heineken Holding P&L

In the most recent fiscal year, Heineken Holding reported revenue of $34.8B and EBITDA of $6.2B.

Heineken Holding expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$33.8B	XXX	$34.8B	XXX	XXX	XXX
Gross Profit	n/a	XXX	$12.2B	XXX	XXX	XXX
Gross Margin	n/a	XXX	35%	XXX	XXX	XXX
EBITDA	n/a	XXX	$6.2B	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	18%	XXX	XXX	XXX
EBIT	n/a	XXX	$4.0B	XXX	XXX	XXX
EBIT Margin	n/a	XXX	12%	XXX	XXX	XXX
Net Profit	$581M	XXX	$581M	XXX	XXX	XXX
Net Margin	2%	XXX	2%	XXX	XXX	XXX
Net Debt	XXX	XXX	$15.6B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Heineken Holding including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $33.8B. In the most recent fiscal year, Heineken Holding achieved $34.8B in revenue and $6.2B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$33.8B	Analyst estimates available to subscribers	$34.8B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$12.2B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	35.2% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	n/a	Analyst estimates available to subscribers	$6.2B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	n/a	Analyst estimates available to subscribers	17.8% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	n/a	Analyst estimates available to subscribers	$4.0B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	n/a	Analyst estimates available to subscribers	11.5% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$581M	Analyst estimates available to subscribers	$581M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	1.7% net profit margin	Analyst estimates available to subscribers	1.7% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$15.6B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Heineken Holding

This financial data table provides comprehensive performance metrics for Heineken Holding, a company based in Netherlands. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Heineken Holding generated $33.8B in revenue over the last twelve months.
Net income over the last twelve months reached $581M.

Fiscal Year Performance

In the most recent fiscal year, Heineken Holding reported $34.8B in total revenue.
Fiscal year EBITDA was $6.2B.
The company maintained a gross profit margin of 35.2% in the most recent fiscal year.
EBITDA margin for the fiscal year was 17.8%.
Net profit margin reached 1.7% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Heineken Holding. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Heineken Holding Stock Performance

Heineken Holding has current market cap of EUR 16.6B (or $19.4B), and EV of EUR 32.1B (or $37.4B).

Market Cap Evolution

Heineken Holding Stock Data

As of October 31, 2025, Heineken Holding's stock price is EUR 59 (or $69).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$37.4B	$19.4B	XXX	XXX	XXX	XXX	$4.34

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Heineken Holding Valuation Multiples

Heineken Holding's trades at 1.1x EV/Revenue multiple, and 6.0x EV/EBITDA.

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Heineken Holding Financial Valuation Multiples

As of October 31, 2025, Heineken Holding has market cap of $19.4B and EV of $37.4B.

Equity research analysts estimate Heineken Holding's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Heineken Holding has a P/E ratio of 33.4x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$19.4B	XXX	$19.4B	XXX	XXX	XXX
EV (current)	$37.4B	XXX	$37.4B	XXX	XXX	XXX
EV/Revenue	1.1x	XXX	1.1x	XXX	XXX	XXX
EV/EBITDA	n/a	XXX	6.0x	XXX	XXX	XXX
EV/EBIT	n/a	XXX	9.3x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	33.4x	XXX	33.4x	XXX	XXX	XXX
EV/FCF	n/a	XXX	10.6x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Heineken Holding Margins & Growth Rates

Heineken Holding's last 12 month revenue growth is 6%

Heineken Holding's revenue per employee in the last FY averaged $0.4M, while opex per employee averaged $0.1M for the same period.

Heineken Holding's rule of 40 is 27% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Heineken Holding's rule of X is unknown (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Heineken Holding Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	6%	XXX	2%	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	18%	XXX	XXX	XXX
EBITDA Growth	n/a	XXX	n/a	XXX	XXX	XXX
Rule of 40	27%	XXX	24%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	n/a	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.4M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	24%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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