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Heineken Valuation Multiples

Discover revenue and EBITDA valuation multiples for Heineken and similar public comparables like United Breweries, Radico Khaitan, and Endeavour Group.

Heineken Overview

About Heineken

Heineken sold 243 million hectoliters of beer in 2023, and is the world's second-largest brewer behind Anheuser-Busch InBev. It has the leading position in many European markets, including the Netherlands, Austria, Greece, and Italy. Its flagship brand, Heineken, is the world's leading international premium lager by volume and has spawned several brand extensions including Heineken 0.0 and Heineken Silver. Heineken is the world's biggest cider producer, and its portfolio also includes brands in the nonalcoholic, Belgian, and craft beer categories.


Founded

1864

HQ

Netherlands
Employees

88.5K+

Sectors

Alcohol

Financials

LTM Revenue $38.1B

LTM EBITDA $7.2B

EV

$64.6B

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Heineken Financials

Heineken has a last 12-month revenue of $38.1B and a last 12-month EBITDA of $7.2B.

In the most recent fiscal year, Heineken achieved revenue of $32.6B and an EBITDA of $5.8B.

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

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Heineken P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $33.2B $32.6B XXX XXX XXX
Gross Profit $11.0B $11.2B XXX XXX XXX
Gross Margin 33% 34% XXX XXX XXX
EBITDA $6.6B $5.8B XXX XXX XXX
EBITDA Margin 20% 18% XXX XXX XXX
Net Profit $2.9B $2.5B XXX XXX XXX
Net Margin 9% 8% XXX XXX XXX
Net Debt $13.5B $15.9B XXX XXX XXX

Financial data powered by Morningstar, Inc.

Heineken Stock Performance

As of March 14, 2025, Heineken's stock price is EUR 79 (or $86).

Heineken has current market cap of EUR 44.4B (or $48.5B), and EV of EUR 59.1B (or $64.6B).

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Heineken Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$64.6B $48.5B XXX XXX XXX XXX $5.40

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Heineken Valuation Multiples

As of March 14, 2025, Heineken has market cap of $48.5B and EV of $64.6B.

Heineken's trades at 1.7x LTM EV/Revenue multiple, and 8.9x LTM EBITDA.

Analysts estimate Heineken's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Heineken Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $64.6B XXX XXX XXX
EV/Revenue 2.0x XXX XXX XXX
EV/EBITDA 11.1x XXX XXX XXX
P/E 45.4x XXX XXX XXX
P/E/Growth 0.6x XXX XXX XXX
EV/FCF 19.5x XXX XXX XXX

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

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Heineken Valuation Multiples

Heineken's NTM/LTM revenue growth is -11%

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

Over next 12 months, Heineken's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate Heineken's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Heineken Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth -2% XXX XXX XXX XXX
EBITDA Margin 18% XXX XXX XXX XXX
EBITDA Growth -12% XXX XXX XXX XXX
Rule of 40 (SaaS-only) 7% XXX XXX XXX XXX
Revenue per Employee $0.4M XXX XXX XXX XXX
Opex per Employee $0.1M XXX XXX XXX XXX
S&M Expenses to Revenue n/a XXX XXX XXX XXX
G&A Expenses to Revenue n/a XXX XXX XXX XXX
R&D Expenses to Revenue n/a XXX XXX XXX XXX
Opex to Revenue 24% XXX XXX XXX XXX

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Heineken Public Comps

See public comps and valuation multiples for Alcohol comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Endeavour Group XXX XXX XXX XXX XXX XXX
Treasury Wine Estates XXX XXX XXX XXX XXX XXX
United Spirits XXX XXX XXX XXX XXX XXX
United Breweries XXX XXX XXX XXX XXX XXX
Radico Khaitan XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

Valuation data powered by FactSet, Inc.

Heineken M&A and Investment Activity

Heineken acquired  XXX companies to date.

Last acquisition by Heineken was  XXXXXXXX, XXXXX XXXXX XXXXXX . Heineken acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Heineken

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Heineken

When was Heineken founded? Heineken was founded in 1864.
Where is Heineken headquartered? Heineken is headquartered in Netherlands.
How many employees does Heineken have? As of today, Heineken has 88.5K+ employees.
Is Heineken publicy listed? Yes, Heineken is a public company listed on AMS.
What is the stock symbol of Heineken? Heineken trades under HEIA ticker.
When did Heineken go public? Heineken went public in 1939.
Who are competitors of Heineken? Similar companies to Heineken include e.g. Endeavour Group, Treasury Wine Estates, United Spirits, United Breweries.
What is the current market cap of Heineken? Heineken's current market cap is $48.5B
What is the current revenue of Heineken? Heineken's last 12-month revenue is $38.1B.
What is the current EBITDA of Heineken? Heineken's last 12-month EBITDA is $7.2B.
What is the current EV/Revenue multiple of Heineken? Current revenue multiple of Heineken is 1.7x.
What is the current EV/EBITDA multiple of Heineken? Current EBITDA multiple of Heineken is 8.9x.
What is the current revenue growth of Heineken? Heineken revenue growth between 2023 and 2024 was -2%.
Is Heineken profitable? Yes, Heineken is EBITDA-positive (as of the last 12 months).

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