Heineken - Public Comps and Valuation Multiples

Heineken Overview

About Heineken

Heineken 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

Employees

88.5K+

Website

theheinekencompany.com

Sectors

Alcohol

Financials

LTM Revenue $34.5B

LTM EBITDA $7.6B

EV

$61.9B

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Heineken Financials

As of August 2025, Heineken reported last 12-month revenue of $34.5B and EBITDA of $7.6B.

In the same period, Heineken generated $16.8B in LTM gross profit and $2.3B in net income.

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Heineken P&L

In the most recent fiscal year, Heineken reported revenue of $35.0B and EBITDA of $6.2B.

Heineken 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	$34.5B	XXX	$35.0B	XXX	XXX	XXX
Gross Profit	$16.8B	XXX	$12.3B	XXX	XXX	XXX
Gross Margin	49%	XXX	35%	XXX	XXX	XXX
EBITDA	$7.6B	XXX	$6.2B	XXX	XXX	XXX
EBITDA Margin	22%	XXX	18%	XXX	XXX	XXX
EBIT	$4.9B	XXX	$4.1B	XXX	XXX	XXX
EBIT Margin	14%	XXX	12%	XXX	XXX	XXX
Net Profit	$2.3B	XXX	$1.1B	XXX	XXX	XXX
Net Margin	7%	XXX	3%	XXX	XXX	XXX
Net Debt	XXX	XXX	$15.7B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Heineken including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $34.5B. EBITDA for the last twelve months was $7.6B. In the most recent fiscal year, Heineken achieved $35.0B 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	$34.5B	Analyst estimates available to subscribers	$35.0B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$16.8B	Analyst estimates available to subscribers	$12.3B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	48.6% gross margin	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)	$7.6B	Analyst estimates available to subscribers	$6.2B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	22.1% EBITDA margin	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)	$4.9B	Analyst estimates available to subscribers	$4.1B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	14.3% EBIT margin	Analyst estimates available to subscribers	11.7% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$2.3B	Analyst estimates available to subscribers	$1.1B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	6.8% net profit margin	Analyst estimates available to subscribers	3.3% 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	$15.7B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Heineken

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

Recent Performance Highlights

Heineken generated $34.5B in revenue over the last twelve months.
The company achieved $7.6B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $16.8B.
Net income over the last twelve months reached $2.3B.

Fiscal Year Performance

In the most recent fiscal year, Heineken reported $35.0B 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 3.3% in the most recent fiscal year.

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

Heineken Stock Performance

Heineken has current market cap of EUR 37.3B (or $43.7B), and EV of EUR 52.8B (or $61.9B).

Market Cap Evolution

Heineken Stock Data

As of September 12, 2025, Heineken's stock price is EUR 67 (or $78).

See Heineken trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$61.9B	$43.7B	XXX	XXX	XXX	XXX	$5.65

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Heineken Valuation Multiples

Heineken's trades at 1.8x EV/Revenue multiple, and 9.9x EV/EBITDA.

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Heineken Financial Valuation Multiples

As of September 12, 2025, Heineken has market cap of $43.7B and EV of $61.9B.

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

Heineken has a P/E ratio of 18.7x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$43.7B	XXX	$43.7B	XXX	XXX	XXX
EV (current)	$61.9B	XXX	$61.9B	XXX	XXX	XXX
EV/Revenue	1.8x	XXX	1.8x	XXX	XXX	XXX
EV/EBITDA	8.1x	XXX	9.9x	XXX	XXX	XXX
EV/EBIT	12.5x	XXX	15.1x	XXX	XXX	XXX
EV/Gross Profit	3.7x	XXX	n/a	XXX	XXX	XXX
P/E	18.7x	XXX	38.1x	XXX	XXX	XXX
EV/FCF	20.6x	XXX	17.4x	XXX	XXX	XXX

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

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Heineken Margins & Growth Rates

Heineken's last 12 month revenue growth is 2%

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

Heineken's rule of 40 is 22% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Heineken's rule of X is 26% (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 Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	2%	XXX	1%	XXX	XXX	XXX
EBITDA Margin	22%	XXX	18%	XXX	XXX	XXX
EBITDA Growth	3%	XXX	4%	XXX	XXX	XXX
Rule of 40	22%	XXX	20%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	26%	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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