Fact based stock research
Heineken (ENXTAM:HEIO)

NL0000008977

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For every stock, we judge its performance against its peers and rank it on a scale of 1 to 100. The higher the rank, the better the stock performs than its peers. And, we do this for six investment strategies:
Value - shows how good of a value the stock is. Green is "inexpensive"; red is "expensive".

Growth - shows a company's growth potential. Green is "high growth" expected; red is "tough times ahead".

Safety - relates to the amount of debt a company has. Green is low debt level; red is high debt level.

Combined Financial - this isn't an average of the first three ranks but rather a consolidated view across several financial indicators. Green = good; red = tread carefully.

(NEW) Sentiment - quantifies professional analyst ratings and holdings as well as market pulse. Green = positive sentiment; red = skepticism (Only available to Premium Subscribers).

(NEW) 360° View - the ultimate rating with all financial and non-financial indicators.

Heineken stock research in summary

heinekenholding.com

ANALYSIS: With an Obermatt Combined Rank of 11 (worse than 89% compared with investment alternatives), Heineken (Brewers, Netherlands) shares have lower financial characteristics compared with similar stocks. Shares of Heineken are a good value (attractively priced) with a consolidated Value Rank of 65 (better than 65% of alternatives) but show below-average growth (Growth Rank of 7), and are riskily financed (Safety Rank of 15), which means above-average debt burdens. ...read more

RECOMMENDATION: A Combined Rank of 11, is a sell recommendation based on Heineken's financial characteristics. As the company Heineken's key financial metrics exhibit good value (Obermatt Value Rank of 65) but low growth (Obermatt Growth Rank of 7) and risky financing practices (Obermatt Safety Rank of 15), it may be a risky investment, because debt in times of crises can make things worse. The good value, better than 65% of comparable companies, may indicate the company's future is challenging. If you believe that low growth is temporary or just due to a specific current event, you may conclude that the good value of the stock provides an attractive investment opportunity. Obermatt Premium subscribers can further check the stock’s Sentiment Ranks, which also flow into the Obermatt 360° View for investors. ...read more

Latest Obermatt Ranks


360° View^new
Sentiment Rank^new
Value Rank	65
Growth Rank	7
Safety Rank	15
Combined Rank	11

Country	Netherlands
Industry	Brewers
Index	Diversity Europe, Human Rights, Sound Pay Europe
Size class	X-Large

31-Jul-2025. Stock data may be delayed. Log in or sign up to get the most recent research.

Further information

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Analysts rarely agree on a stock’s future. So, who do you believe? Obermatt translates those collective views into a single Sentiment Rank. That plus the financial ranks give you the ultimate 360° View. Sign up to access them.

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Review the performance ranks of the individual metrics that form each investment strategy.

Research History: Heineken

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	41	47	43	65
GROWTH
GROWTH	87	87	45	7
SAFETY
SAFETY	3	17	28	15
SENTIMENT
SENTIMENT	73	32	55	^new
360° VIEW
360° VIEW	51	34	37	^new

Most recent update of the stock research: 31-Jul-2025. Financial reporting date used for calculating ranks: 31-Dec-2024. Stock research history is based on the Obermatt Method. The higher the rank, the better Heineken is in the corresponding investment strategy.
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Combined financial peformance in Detail

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	41	47	43	65
GROWTH
GROWTH	87	87	45	7
SAFETY
SAFETY	3	17	28	15
COMBINED
COMBINED	21	47	23	11

Last update of combined financial performance: 31-Jul-2025. Stock analysis on combined financial performance: The higher the rank of Heineken the better the performance.

Value Metrics in Detail

ANALYSIS: With an Obermatt Value Rank of 65 (better than 65% compared with alternatives), Heineken shares are more attractively priced than the majority of comparable stocks. The Value Rank is based on consolidating four value indicators that are all above average for Heineken. Price-to-Sales is 68 which means that the stock price compared with what market professionals expect for future sales is lower than for 68% of comparable companies, indicating a good value for Heineken's revenue size. The same is valid for expected Price-to-Profits, more favorable than for 73% of alternatives, and this is also true for the Price-to-Book capital ratio (also referred to as market-to-book ratio) with a Price-to-Capital Rank of 50. Compared with other companies in the same industry, dividend yields of Heineken are expected to be higher than for 51% of all competitors (a Dividend Yield rank of 51). ...read more

RECOMMENDATION: The overall picture with a consolidated Value Rank of 65, is a buy recommendation based on Heineken's stock price compared with the company's operational size and dividend yields. Since all value metrics are above the industry average, there is no objection to investing in Heineken based on its detailed value metrics. We recommend further analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks, including the 360° View, before making an investment decision. ...read more

VALUE METRICS	2022	2023	2024	2025
PRICE VS. REVENUES (P/S)
PRICE VS. REVENUES (P/S)	58	62	65	68
PRICE VS. PROFITS (P/E)
PRICE VS. PROFITS (P/E)	33	44	12	73
PRICE VS. CAPITAL (Market-to-Book)
PRICE VS. CAPITAL (Market-to-Book)	31	40	46	50
DIVIDEND YIELD
DIVIDEND YIELD	43	38	44	51
CONSOLIDATED RANK: VALUE
CONSOLIDATED RANK: VALUE	41	47	43	65

Last update of Value Rank: 31-Jul-2025. Stock analysis on value ratios: The higher the rank, the lower the value ratio of Heineken; except for dividend yield where the rank is higher, the higher the yield.

Growth Metrics in Detail

ANALYSIS: With an Obermatt Growth Rank of 7 (better than 7% compared with alternatives), Heineken shows one of the most restricted growth dynamics in its industry. There is little momentum in this company. The Growth Rank is based on consolidating four value indicators, with all four metrics below average for Heineken. Sales Growth has a rank of 21, which means that currently professionals expect the company to grow less than 79% of its competitors. The same is valid for Profit Growth, with a rank of 20, and Capital Growth with 19. In addition, Stock Returns have a below market rank of 31, which means that the stock returns have recently been below 69% of alternative investments. ...read more

RECOMMENDATION: The overall picture with a consolidated Growth Rank of 7, is a sell recommendation for growth and momentum investors. These are all bad growth momentum indicators. These are negative signals for investors interested in growth companies. Value is likely good for this company, as investors may have left this stock in the cold. If that is the case, investors should look at the company's outlook, especially Sentiment performance, because it may be a turnaround situation that could entail above-average stock returns in the future. But it remains a risky bet, as no growth signals are in the green zone yet. While momentum is a popular investment factor, the value aspect might be the more important one, in the longer term. We recommend analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks to arrive at a 360° View of the stock purchase case, especially since the growth performance is low here. ...read more

GROWTH METRICS	2022	2023	2024	2025
REVENUE GROWTH
REVENUE GROWTH	85	89	33	21
PROFIT GROWTH
PROFIT GROWTH	76	29	21	20
CAPITAL GROWTH
CAPITAL GROWTH	81	67	94	19
STOCK RETURNS
STOCK RETURNS	45	65	41	31
CONSOLIDATED RANK: GROWTH
CONSOLIDATED RANK: GROWTH	87	87	45	7

Last update of Growth Rank: 31-Jul-2025. Stock analysis on growth metrics: The higher the rank, the higher the growth and returns of Heineken.

Safety Metrics in Detail

ANALYSIS: With an Obermatt Safety Rank of 15 (better than 15% compared with alternatives), the company Heineken has much riskier financing practices than comparable other companies, which means that their overall debt burden is significantly above the industry average. This doesn't mean that the business of Heineken is also risky, it only means that the company is on the riskier side in respect to bankruptcy in case things turn sour, assuming that public reporting is correct. The Safety Rank is based on consolidating three financing indicators, with just one indicator above average for Heineken. Liquidity is at 52, meaning the company generates more profit to service its debt than 52% of its competitors. This indicates that the company is safer when it comes to debt service. But Refinancing is riskier at a rank of 5, which means that the portion of the debt that is about to be refinanced is above average. It has more debt in the refinancing stage than 95% of its competitors. Leverage is also high at a rank of 38, which means that the company has an above-average debt-to-equity ratio. It has more debt than 62% of its competitors. ...read more

RECOMMENDATION: With a consolidated Safety Rank of 15 (worse than 85% compared with alternatives), Heineken has a financing structure that is significantly riskier than that of its competitors. High Leverage (a low Obermatt Leverage Rank) is good in good times, because it usually indicates that shareholders get higher returns. The good Liquidity performance of the company is an indicator that this is the case. However, if you expect an economic downturn, you may stay clear of this stock because they have an above-average debt level that needs refinancing soon. If the company is sailing with good winds, as may be visible from the Growth and Sentiment performance, the refinancing risk may be lower than the low Refinancing rank suggests. ...read more

SAFETY METRICS	2022	2023	2024	2025
LEVERAGE
LEVERAGE	18	32	37	38
REFINANCING
REFINANCING	7	5	10	5
LIQUIDITY
LIQUIDITY	15	45	60	52
CONSOLIDATED RANK: SAFETY
CONSOLIDATED RANK: SAFETY	3	17	28	15

Last update of Safety Rank: 31-Jul-2025. Stock analysis on safety metrics: The higher the rank, the lower the leverage of Heineken and the more cash is available to service its debt.

Sentiment Metrics in Detail

SENTIMENT	2022	2023	2024	2025
ANALYST OPINIONS
ANALYST OPINIONS	n/a	47	79	^new
OPINIONS CHANGE
OPINIONS CHANGE	92	50	50	^new
PRO HOLDINGS
PRO HOLDINGS	12	51	23	^new
MARKET PULSE
MARKET PULSE	46	21	59	^new
CONSOLIDATED RANK: SENTIMENT
CONSOLIDATED RANK: SENTIMENT	73	32	55	^new

Last update of Sentiment Rank: 31-Jul-2025. Stock analysis on sentiment metrics: The higher the rank, the more positive the sentiment for Heineken.
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