# Heidelberg Materials AG (HEI.XETRA)

Canonical: https://gigainvestors.com/s/HEI.XETRA

Analysis as of: 2026-10-16T07:34:23.821Z. Financial observations: FY2002–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 142.05 per share; close as of 2026-10-15.

Estimated value: low EUR 118.07 per share, central EUR 132.62 per share, high EUR 152.00 per share. Buy at or below the central value EUR 132.62 per share. Valuation as of 2026-10-16T07:34:23.821Z; scenarios are not confidence intervals.

Expected annual return: 9.5% at the stated quote. About 9.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DE 10-year bond 3.4% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 1

- Operating margin variation: 0.09×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.13×

- FY2017: 0.13×

- FY2018: 0.11×

- FY2019: 0.12×

- FY2020: 0.13×

- FY2021: 0.14×

- FY2022: 0.12×

- FY2023: 0.14×

- FY2024: 0.15×

- FY2025: 0.14×

### moat: fail

- ROIC median below threshold

- Recent gross margin fell 30.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 14.4%

- ROIC, second-lowest year: 11.9%

- Typical minus recent gross margin: 30.3 pp

- Typical gross margin (annual median): 61.2%

- Recent gross margin (lower of latest and 3-year median): 30.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.3%

- ROIC including acquisitions, ten-year median: 5.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 10.7%

- FY2017: 11.9%

- FY2018: 12.2%

- FY2019: 12.6%

- FY2020: 16.2%

- FY2021: 14.4%

- FY2022: 14.4%

- FY2023: 16.3%

- FY2024: 15.4%

- FY2025: 15.0%

### economics: pass

- Owner earnings / net income, 5-yr: 0.87×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 7.9B

- Net income, five-year total: EUR 9.0B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -3.7 pp

- Working capital / revenue, final three-year average: 8.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.88×

- FY2022: 0.88×

- FY2023: 0.87×

- FY2024: 0.87×

- FY2025: 0.88×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 11.9% vs 15.4%

- Per-share earnings: 4.26 to 10.49 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.6%

- Ordinary dilution, 5-year annual growth: -2.3%

- Market cap gain: EUR 22B

- Cumulative retained earnings: EUR 4.9B

- Diluted shares, 10-year annual growth: -0.6%

- Diluted shares, 5-year annual growth: -2.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 11.9%

- Per-share value change: EUR 6.24

- Per-share value, starting three-year median: EUR 4.26

- Per-share value, ending three-year median: EUR 10.49

- Buybacks concentrated in cheaper years (correlation): 0.79

- Average buyback yield: 1.6%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 3.6B

- Cumulative net income, 10 years: EUR 11B

- ROIC, first three-year median: 11.9%

- ROIC, last three-year median: 15.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 3.31

- FY2017: EUR 4.63

- FY2018: EUR 5.76

- FY2019: EUR 5.50

- FY2020: EUR -10.56

- FY2021: EUR 9.11

- FY2022: EUR 8.57

- FY2023: EUR 10.49

- FY2024: EUR 9.95

- FY2025: EUR 10.97

### accounting: pass

- Sloan accruals: -3.6%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.68×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.51×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.3%

- FY2017: -3.2%

- FY2018: -2.3%

- FY2019: -4.1%

- FY2020: -15.8%

- FY2021: -1.9%

- FY2022: -2.5%

- FY2023: -3.6%

- FY2024: -3.9%

- FY2025: -3.6%

## Holders

## Price story

Down 39% since Jan 2026 · sales +1.2%

Story as of 2026-10-16T10:00:00.415Z; price observation 2026-10-15.

Price needs cash profits to grow 1.8% a year for ten years

- 2026-05-13: Heidelberg Materials AGM: Record 2025 Results Fuel Dividend Hike, Buybacks ([finance.yahoo.com](https://finance.yahoo.com/news/heidelberg-materials-agm-record-2025-100519750.html))

### Sales · FY2024–2025

sales +1.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 15B 

- FY2017: EUR 17B 

- FY2018: EUR 18B 

- FY2019: EUR 19B 

- FY2020: EUR 18B 

- FY2021: EUR 19B 

- FY2022: EUR 21B 

- FY2023: EUR 21B 

- FY2024: EUR 21B 

- FY2025: EUR 21B 

### Gross margin · FY2025

gross margin 30.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 61.4% 

- FY2017: 61.0% 

- FY2018: 59.1% 

- FY2019: 60.2% 

- FY2020: 62.9% 

- FY2021: 61.4% 

- FY2022: 58.9% 

- FY2023: 61.9% 

- FY2024: 63.8% 

- FY2025: 30.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in building materials; annual sales are EUR 21.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.821Z); FY2025: revenue 21460200000; grossProfit 6629100000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HEI.XETRA: Heidelberg Materials AG, together with its subsidiaries, produces and distributes cement, aggregates, ready-mixed concrete, and asphalt worldwide. The company provides cement products; natural stone aggregates, including sand and gravel; crushed aggregates comprising stone chippings and crushed stones; and ready-mixed concrete for use in the construction of tunnels or bridges, office buildings, or schools, as well as to produce precast concrete parts, such as stairs, ceiling elements, or structural components. It also offers asphalt; and trades in cement, clinker, secondary cementitious materials, solid, alternative fuels, other building materials, and additives. The company was formerly known as HeidelbergCement AG and changed its name to Heidelberg Materials AG in May 2023. Heidelberg Materials AG was founded in 1873 and is headquartered in Heidelberg, Germany.

### Why customers stay

Margins ranged from 30.9% to 63.8% during 2023–25; it earns 14.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.821Z); FY2023: grossProfit / revenue = 61.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.821Z); FY2024: grossProfit / revenue = 63.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.821Z); FY2025: grossProfit / revenue = 30.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.821Z); 10-year return on capital observations [[2016,0.10692610369572585],[2017,0.1185694755883064],[2018,0.12199316573095322],[2019,0.12613388933807881],[2020,0.16151293364477895],[2021,0.14436019043214676],[2022,0.14408385782223235],[2023,0.16337351536102923],[2024,0.1538289423462469],[2025,0.15007470029981498]]; median 0.14422202412718954. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 3.9% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.821Z); FY2016: growth capex 81100000; upkeep 958800000; owner earnings 657000000. Growth capex / owner earnings = 0.12343987823439878.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.821Z); FY2017: growth capex 0; upkeep 1035400000; owner earnings 991300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.821Z); FY2018: growth capex 0; upkeep 1060800000; owner earnings 1212000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.821Z); FY2019: growth capex 0; upkeep 1182800000; owner earnings 1044960000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.821Z); FY2021: growth capex 159000000; upkeep 1260500000; owner earnings 1547180000. Growth capex / owner earnings = 0.10276761592057808.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.821Z); FY2022: growth capex 71300000; upkeep 1263900000; owner earnings 1401280000. Growth capex / owner earnings = 0.05088205069650605.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.821Z); FY2023: growth capex 58448652.60713172; upkeep 1271251347.3928683; owner earnings 1675548652.6071317. Growth capex / owner earnings = 0.03488329181977878.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.821Z); FY2024: growth capex 16862716.925904512; upkeep 1306237283.0740955; owner earnings 1541842716.9259045. Growth capex / owner earnings = 0.010936729629287392.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.821Z); FY2025: growth capex 66700000; upkeep 1297900000; owner earnings 1702340000. Growth capex / owner earnings = 0.0391813621250749.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.821Z); Dividend observations: [[2016,244300000],[2017,317500000],[2018,377000000],[2019,416700000],[2020,119100000],[2021,436500000],[2022,458300000],[2023,484100000],[2024,546200000],[2025,588800000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.821Z); FY2025: cash repurchases 400000000 EUR.

### Are managers owners

Insiders own 28.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HEI.XETRA SharesStats.PercentInsiders = 28.4 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 1.8% yearly over ten years; actual growth was 8.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:23.821Z); Ten-year compound average after fade. Initial solved rate 0.013457899256881123. Price 142.05; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 4.257742135469743 → FY2025 9.61996846727208. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 86.16 per share

- 2016-11: EUR 84.61 per share

- 2016-12: EUR 88.63 per share

- 2017-01: EUR 89.14 per share

- 2017-02: EUR 88.21 per share

- 2017-03: EUR 87.76 per share

- 2017-04: EUR 85.00 per share

- 2017-05: EUR 82.88 per share

- 2017-06: EUR 84.65 per share

- 2017-07: EUR 83.82 per share

- 2017-08: EUR 80.65 per share

- 2017-09: EUR 86.97 per share

- 2017-10: EUR 87.47 per share

- 2017-11: EUR 89.37 per share

- 2017-12: EUR 90.25 per share

- 2018-01: EUR 87.28 per share

- 2018-02: EUR 82.74 per share

- 2018-03: EUR 79.78 per share

- 2018-04: EUR 81.26 per share

- 2018-05: EUR 75.80 per share

- 2018-06: EUR 72.08 per share

- 2018-07: EUR 72.62 per share

- 2018-08: EUR 68.58 per share

- 2018-09: EUR 67.32 per share

- 2018-10: EUR 60.00 per share

- 2018-11: EUR 58.70 per share

- 2018-12: EUR 53.38 per share

- 2019-01: EUR 60.36 per share

- 2019-02: EUR 64.64 per share

- 2019-03: EUR 64.16 per share

- 2019-04: EUR 72.00 per share

- 2019-05: EUR 66.56 per share

- 2019-06: EUR 71.16 per share

- 2019-07: EUR 65.62 per share

- 2019-08: EUR 63.04 per share

- 2019-09: EUR 66.32 per share

- 2019-10: EUR 66.62 per share

- 2019-11: EUR 67.10 per share

- 2019-12: EUR 64.96 per share

- 2020-01: EUR 61.28 per share

- 2020-02: EUR 53.84 per share

- 2020-03: EUR 39.09 per share

- 2020-04: EUR 43.38 per share

- 2020-05: EUR 44.63 per share

- 2020-06: EUR 47.54 per share

- 2020-07: EUR 47.20 per share

- 2020-08: EUR 53.22 per share

- 2020-09: EUR 52.32 per share

- 2020-10: EUR 49.12 per share

- 2020-11: EUR 59.54 per share

- 2020-12: EUR 61.22 per share

- 2021-01: EUR 61.02 per share

- 2021-02: EUR 65.48 per share

- 2021-03: EUR 77.46 per share

- 2021-04: EUR 76.22 per share

- 2021-05: EUR 74.66 per share

- 2021-06: EUR 72.34 per share

- 2021-07: EUR 74.78 per share

- 2021-08: EUR 73.60 per share

- 2021-09: EUR 64.78 per share

- 2021-10: EUR 65.14 per share

- 2021-11: EUR 59.14 per share

- 2021-12: EUR 59.52 per share

- 2022-01: EUR 61.26 per share

- 2022-02: EUR 58.14 per share

- 2022-03: EUR 51.66 per share

- 2022-04: EUR 55.26 per share

- 2022-05: EUR 54.10 per share

- 2022-06: EUR 45.84 per share

- 2022-07: EUR 49.50 per share

- 2022-08: EUR 45.10 per share

- 2022-09: EUR 40.85 per share

- 2022-10: EUR 46.65 per share

- 2022-11: EUR 52.12 per share

- 2022-12: EUR 53.28 per share

- 2023-01: EUR 62.80 per share

- 2023-02: EUR 65.12 per share

- 2023-03: EUR 67.26 per share

- 2023-04: EUR 68.56 per share

- 2023-05: EUR 66.88 per share

- 2023-06: EUR 75.20 per share

- 2023-07: EUR 73.70 per share

- 2023-08: EUR 74.28 per share

- 2023-09: EUR 73.52 per share

- 2023-10: EUR 68.48 per share

- 2023-11: EUR 74.80 per share

- 2023-12: EUR 80.94 per share

- 2024-01: EUR 85.88 per share

- 2024-02: EUR 89.70 per share

- 2024-03: EUR 101.95 per share

- 2024-04: EUR 94.64 per share

- 2024-05: EUR 95.72 per share

- 2024-06: EUR 96.82 per share

- 2024-07: EUR 96.48 per share

- 2024-08: EUR 95.66 per share

- 2024-09: EUR 97.60 per share

- 2024-10: EUR 101.20 per share

- 2024-11: EUR 119.40 per share

- 2024-12: EUR 119.30 per share

- 2025-01: EUR 136.45 per share

- 2025-02: EUR 145.20 per share

- 2025-03: EUR 157.55 per share

- 2025-04: EUR 174.25 per share

- 2025-05: EUR 172.45 per share

- 2025-06: EUR 199.45 per share

- 2025-07: EUR 202.50 per share

- 2025-08: EUR 202.00 per share

- 2025-09: EUR 191.55 per share

- 2025-10: EUR 203.10 per share

- 2025-11: EUR 221.30 per share

- 2025-12: EUR 223.00 per share

- 2026-01: EUR 231.30 per share

- 2026-02: EUR 189.55 per share

- 2026-03: EUR 178.35 per share

- 2026-04: EUR 188.35 per share

- 2026-05: EUR 190.80 per share

- 2026-06: EUR 166.90 per share

- 2026-07: EUR 161.00 per share

- 2026-08: EUR 164.75 per share

- 2026-09: EUR 141.75 per share

- 2026-10: EUR 142.30 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 43.17 per share, central EUR 47.95 per share, high EUR 54.32 per share

- FY2017: low EUR 50.09 per share, central EUR 55.77 per share, high EUR 63.33 per share

- FY2018: low EUR 68.37 per share, central EUR 76.26 per share, high EUR 86.75 per share

- FY2019: low EUR 75.50 per share, central EUR 83.72 per share, high EUR 94.66 per share

- FY2020: low EUR 66.31 per share, central EUR 73.72 per share, high EUR 83.59 per share

- FY2021: low EUR 74.95 per share, central EUR 83.33 per share, high EUR 94.50 per share

- FY2022: low EUR 87.50 per share, central EUR 98.84 per share, high EUR 113.93 per share

- FY2023: low EUR 99.27 per share, central EUR 110.80 per share, high EUR 126.15 per share

- FY2024: low EUR 122.01 per share, central EUR 153.35 per share, high EUR 176.66 per share

- FY2025: low EUR 117.30 per share, central EUR 131.76 per share, high EUR 151.01 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:09.736Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.