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Heineken Valuation Multiples

Discover revenue and EBITDA valuation multiples for Heineken and similar public comparables like Diageo, Ambev, Backus, Wuliangye and more.

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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. Its portfolio also includes brands in the nonalcoholic, Belgian, and craft beer categories.

Founded

1864

HQ

Netherlands

Employees

87.9K

Sectors

Alcohol

Financials (LTM)

Revenue: $35B
EBITDA: $8B

EV

$61B

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Heineken Financials

Heineken reported last 12-month revenue of $35B and EBITDA of $8B.

In the same LTM period, Heineken generated $18B in gross profit, $8B in EBITDA, and $2B in net income.

Revenue (LTM)

Heineken P&L

In the most recent fiscal year, Heineken reported revenue of $34B and EBITDA of $8B.

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

See Heineken forward-looking valuation multiples
LTMNTMLast FYFY 2026FY 2027FY 2028
Revenue$35BXXX$34BXXXXXXXXX
Gross Profit$18BXXX$12BXXXXXXXXX
Gross Margin53%XXX35%XXXXXXXXX
EBITDA$8BXXX$8BXXXXXXXXX
EBITDA Margin22%XXX22%XXXXXXXXX
EBIT Margin15%XXX15%XXXXXXXXX
Net Profit$2BXXX$2BXXXXXXXXX
Net Margin7%XXX7%XXXXXXXXX
Net Debt——$15BXXXXXXXXX

Financial data powered by Morningstar, Inc.

Heineken Stock Performance

Heineken has current market cap of $44B, and enterprise value of $61B.

Market Cap Evolution

Heineken's stock price is $78.39.

See Heineken trading valuation data
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$61B$44B0.0%XXXXXXXXX$4.00

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Heineken Valuation Multiples

Heineken trades at 1.8x EV/Revenue multiple, and 7.8x EV/EBITDA.

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EV / Revenue (LTM)

Heineken Financial Valuation Multiples

As of April 27, 2026, Heineken has market cap of $44B and EV of $61B.

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 17.6x.

LTMNTMLast FYFY 2026FY 2027FY 2028
Market cap (current)$44BXXX$44BXXXXXXXXX
EV (current)$61BXXX$61BXXXXXXXXX
EV/Revenue1.8xXXX1.8xXXXXXXXXX
EV/EBITDA7.8xXXX8.0xXXXXXXXXX
EV/EBIT11.5xXXX11.7xXXXXXXXXX
EV/Gross Profit3.3xXXX5.0xXXXXXXXXX
P/E17.6xXXX19.6xXXXXXXXXX
EV/FCF18.2xXXX18.5xXXXXXXXXX

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

Verified Heineken Valuation Multiples

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Heineken Margins & Growth Rates

Heineken's revenue in the last 12 month grew by 5%.

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 30% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Heineken's rule of X is 40% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~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

LTMNTMLast FYFY 2026FY 2027FY 2028
Revenue Growth5%XXX6%XXXXXXXXX
EBITDA Margin22%XXX22%XXXXXXXXX
EBITDA Growth7%XXX8%XXXXXXXXX
Rule of 40—XXX30%XXXXXXXXX
Bessemer Rule of X—XXX40%XXXXXXXXX
Revenue per Employee—XXX$0.4MXXXXXXXXX
Opex per Employee—XXX$0.1MXXXXXXXXX
S&M Expenses to Revenue16%XXX16%XXXXXXXXX
G&A Expenses to Revenue21%XXX22%XXXXXXXXX
Opex to Revenue—XXX24%XXXXXXXXX

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Heineken Public Comps

See public comps and valuation multiples for other Alcohol comps.

EV/RevenueEV/EBITDA
LTM2026E2027ELTM2026E2027E
HeinekenXXXXXXXXXXXXXXXXXX
DiageoXXXXXXXXXXXXXXXXXX
AmbevXXXXXXXXXXXXXXXXXX
BackusXXXXXXXXXXXXXXXXXX
WuliangyeXXXXXXXXXXXXXXXXXX
Constellation BrandsXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXXXXXXX

Valuation data powered by FactSet, Inc.

Heineken M&A Activity

Heineken acquired XXX companies to date.

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

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Latest Acquisitions by Heineken

Acquired CompanyValuationEV/RevenueEV/EBITDA
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX

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Heineken Investment Activity

Heineken invested in XXX companies to date.

Heineken made its latest investment on XXXXXXXX, XXXXX. Heineken invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).

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Latest Investments by Heineken

CompanyValuationEV/RevenueEV/EBITDA
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX

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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 over 87K employees.
Is Heineken publicly listed?Yes, Heineken is a public company listed on Euronext Amsterdam.
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?Heineken main competitors are Diageo, Ambev, Backus, Wuliangye.
What is the current market cap of Heineken?Heineken's current market cap is $44B.
What is the current revenue of Heineken?Heineken's last 12 months revenue is $35B.
What is the current revenue growth of Heineken?Heineken revenue growth (NTM/LTM) is 5%.
What is the current EV/Revenue multiple of Heineken?Current revenue multiple of Heineken is 1.8x.
Is Heineken profitable?Yes, Heineken is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Heineken?Heineken's last 12 months EBITDA is $8B.
What is Heineken's EBITDA margin?Heineken's last 12 months EBITDA margin is 22%.
What is the current EV/EBITDA multiple of Heineken?Current EBITDA multiple of Heineken is 7.8x.
What is the current FCF of Heineken?Heineken's last 12 months FCF is $3B.
What is Heineken's FCF margin?Heineken's last 12 months FCF margin is 10%.
What is the current EV/FCF multiple of Heineken?Current FCF multiple of Heineken is 18.2x.

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