# Henkel AG & Co. KGaA (HEN.XETRA)

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

Analysis as of: 2026-10-16T07:34:16.053Z. Financial observations: FY1997–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 70.85 per share; close as of 2026-10-15.

Estimated value: low EUR 52.38 per share, central EUR 58.39 per share, high EUR 66.38 per share. Buy at or below the central value EUR 58.39 per share. Valuation as of 2026-10-16T07:34:16.053Z; scenarios are not confidence intervals.

Expected annual return: 8.6% at the stated quote. About 8.6% 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

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.18×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.16×

- FY2017: 0.15×

- FY2018: 0.17×

- FY2019: 0.16×

- FY2020: 0.12×

- FY2021: 0.13×

- FY2022: 0.10×

- FY2023: 0.09×

- FY2024: 0.13×

- FY2025: 0.15×

### moat: pass

- ROIC, median of available years: 28.6%

- ROIC, second-lowest year: 19.1%

- Typical minus recent gross margin: -4.3 pp

- Typical gross margin (annual median): 45.9%

- Recent gross margin (lower of latest and 3-year median): 50.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.3%

- ROIC including acquisitions, ten-year median: 8.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 38.9%

- FY2017: 37.1%

- FY2018: 34.3%

- FY2019: 29.0%

- FY2020: 19.1%

- FY2021: 22.7%

- FY2022: 18.3%

- FY2023: 20.2%

- FY2024: 28.2%

- FY2025: 31.2%

### economics: pass

- Owner earnings / net income, 5-yr: 0.98×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 8.1B

- Net income, five-year total: EUR 8.3B

- Return on incremental invested capital: 25.0%

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

- Working capital / revenue, change between three-year averages: -3.6 pp

- Working capital / revenue, final three-year average: 12.3%

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

- FY2021: 0.97×

- FY2022: 1.01×

- FY2023: 0.98×

- FY2024: 1.03×

- FY2025: 0.92×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 37.1% vs 28.2%

- Per-share earnings: 4.73 to 4.78 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.7%

- Ordinary dilution, 5-year annual growth: -1.3%

- Market cap gain: EUR -17B

- Cumulative retained earnings: EUR 9.6B

- Diluted shares, 10-year annual growth: -0.7%

- Diluted shares, 5-year annual growth: -1.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 0.1%

- Per-share value change: EUR 0.05

- Per-share value, starting three-year median: EUR 4.73

- Per-share value, ending three-year median: EUR 4.78

- Buybacks concentrated in cheaper years (correlation): 0.40

- Average buyback yield: 1.8%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 18B

- Cumulative net income, 10 years: EUR 19B

- ROIC, first three-year median: 37.1%

- ROIC, last three-year median: 28.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 4.73

- FY2017: EUR 5.80

- FY2018: EUR 5.33

- FY2019: EUR 4.80

- FY2020: EUR 3.24

- FY2021: EUR 3.76

- FY2022: EUR 2.97

- FY2023: EUR 3.14

- FY2024: EUR 4.78

- FY2025: EUR 5.00

### accounting: pass

- Sloan accruals: -1.4%

- Receivables to sales index (DSRI): 1.14×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.24×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.84×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.8%

- FY2017: 0.3%

- FY2018: -1.1%

- FY2019: -3.6%

- FY2020: -5.5%

- FY2021: -1.6%

- FY2022: 0.0%

- FY2023: -6.1%

- FY2024: -3.2%

- FY2025: -1.4%

## Holders

## Price story

Price needs cash profits to grow 3.7% a year for ten years · sales -5.1%

Story as of 2026-10-16T09:59:59.923Z; price observation 2026-10-15.

Price needs cash profits to grow 3.7% a year for ten years

### Sales · FY2024–2025

sales -5.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 19B 

- FY2017: EUR 20B 

- FY2018: EUR 20B 

- FY2019: EUR 20B 

- FY2020: EUR 19B 

- FY2021: EUR 20B 

- FY2022: EUR 22B 

- FY2023: EUR 22B 

- FY2024: EUR 22B 

- FY2025: EUR 20B 

### Gross margin · FY2025

gross margin 51.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 47.4% 

- FY2017: 45.8% 

- FY2018: 45.9% 

- FY2019: 45.7% 

- FY2020: 46.7% 

- FY2021: 45.2% 

- FY2022: 42.3% 

- FY2023: 45.7% 

- FY2024: 50.1% 

- FY2025: 51.1% 

## Owner memo

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

### How it makes money

Operates in household & personal products; annual sales are EUR 20.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:16.053Z); FY2025: revenue 20495000000; grossProfit 10471000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HEN.XETRA: Henkel AG & Co. KGaA, together with its subsidiaries, engages in the adhesive technologies and consumer brands businesses in Europe, India, the Middle East, Africa, North America, Latin America, the Asia Pacific. It offers adhesives, sealants, and functional coatings for various business areas, including packaging and consumer goods; mobility and electronics; and craftsmen, construction, and professional industries. The company also provides hair styling, hair colorants, and hair care products; and body care products, as well as distributes its products through brick-and-mortar stores, hair salons, and digital channels. In addition, it offers laundry and home care products, such as heavy-duty and specialty detergents, fabric softeners and laundry additives, and other fabric cleaning and fabric care products; dishwashing products; and hard surface and toilet cleaners. Further, the company provides household cleaners products. The company was founded in 1876 and is headquartered in Düsseldorf, Germany.

### Why customers stay

Margins ranged from 45.7% to 51.1% during 2023–25; it earns 28.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:16.053Z); FY2023: grossProfit / revenue = 45.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:16.053Z); FY2024: grossProfit / revenue = 50.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:16.053Z); FY2025: grossProfit / revenue = 51.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:16.053Z); 10-year return on capital observations [[2016,0.388740918802603],[2017,0.37116492088074565],[2018,0.3432181399350071],[2019,0.2902926065006176],[2020,0.19105196750926845],[2021,0.22721476810262006],[2022,0.18320560567458344],[2023,0.20167330041126622],[2024,0.28156650181156573],[2025,0.31196085020923214]]; median 0.28592955415609167. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 856 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:16.053Z); FY2016: growth capex 55000000; upkeep 502000000; owner earnings 2053000000. Growth capex / owner earnings = 0.02679006332196785.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:16.053Z); FY2017: growth capex 75000000; upkeep 625000000; owner earnings 2519000000. Growth capex / owner earnings = 0.029773719730051607.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:16.053Z); FY2018: growth capex 0; upkeep 837000000; owner earnings 2031000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:16.053Z); FY2019: growth capex 0; upkeep 677000000; owner earnings 2014800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:16.053Z); FY2020: growth capex 0; upkeep 715000000; owner earnings 1299000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:16.053Z); FY2021: growth capex 0; upkeep 647000000; owner earnings 1579200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:16.053Z); FY2022: growth capex 0; upkeep 593000000; owner earnings 1274000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:16.053Z); FY2023: growth capex 0; upkeep 608000000; owner earnings 1287400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:16.053Z); FY2024: growth capex 0; upkeep 626000000; owner earnings 2064400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:16.053Z); FY2025: growth capex 0; upkeep 693000000; owner earnings 1868800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:16.053Z); Dividend observations: [[2016,633000000],[2017,698000000],[2018,772000000],[2019,1464000000],[2020,798000000],[2021,798000000],[2022,795000000],[2023,771000000],[2024,771000000],[2025,850000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:16.053Z); FY2025: cash repurchases 856000000 EUR.

### Are managers owners

Insiders own 61.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HEN.XETRA SharesStats.PercentInsiders = 61.85000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 3.7% yearly over ten years; actual growth was 0.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:16.053Z); Ten-year compound average after fade. Initial solved rate 0.04007946882940561. Price 70.85; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 4.423431800168648 → FY2025 4.594050449006483. Closing-price date 2026-10-15.

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

- 2016-10: EUR 100.30 per share

- 2016-11: EUR 96.07 per share

- 2016-12: EUR 98.98 per share

- 2017-01: EUR 97.44 per share

- 2017-02: EUR 101.75 per share

- 2017-03: EUR 104.15 per share

- 2017-04: EUR 107.15 per share

- 2017-05: EUR 110.55 per share

- 2017-06: EUR 105.90 per share

- 2017-07: EUR 106.40 per share

- 2017-08: EUR 101.70 per share

- 2017-09: EUR 102.95 per share

- 2017-10: EUR 108.20 per share

- 2017-11: EUR 102.40 per share

- 2017-12: EUR 100.00 per share

- 2018-01: EUR 100.80 per share

- 2018-02: EUR 98.85 per share

- 2018-03: EUR 102.30 per share

- 2018-04: EUR 98.75 per share

- 2018-05: EUR 96.45 per share

- 2018-06: EUR 95.25 per share

- 2018-07: EUR 91.70 per share

- 2018-08: EUR 96.15 per share

- 2018-09: EUR 91.45 per share

- 2018-10: EUR 86.60 per share

- 2018-11: EUR 91.20 per share

- 2018-12: EUR 85.75 per share

- 2019-01: EUR 80.05 per share

- 2019-02: EUR 82.60 per share

- 2019-03: EUR 84.75 per share

- 2019-04: EUR 84.95 per share

- 2019-05: EUR 77.60 per share

- 2019-06: EUR 80.75 per share

- 2019-07: EUR 85.05 per share

- 2019-08: EUR 84.05 per share

- 2019-09: EUR 84.00 per share

- 2019-10: EUR 86.35 per share

- 2019-11: EUR 87.80 per share

- 2019-12: EUR 84.00 per share

- 2020-01: EUR 83.50 per share

- 2020-02: EUR 76.85 per share

- 2020-03: EUR 67.35 per share

- 2020-04: EUR 71.10 per share

- 2020-05: EUR 72.05 per share

- 2020-06: EUR 74.15 per share

- 2020-07: EUR 73.65 per share

- 2020-08: EUR 75.25 per share

- 2020-09: EUR 79.90 per share

- 2020-10: EUR 77.65 per share

- 2020-11: EUR 80.90 per share

- 2020-12: EUR 78.85 per share

- 2021-01: EUR 77.20 per share

- 2021-02: EUR 73.40 per share

- 2021-03: EUR 84.45 per share

- 2021-04: EUR 82.70 per share

- 2021-05: EUR 80.75 per share

- 2021-06: EUR 77.65 per share

- 2021-07: EUR 76.65 per share

- 2021-08: EUR 76.20 per share

- 2021-09: EUR 74.55 per share

- 2021-10: EUR 72.10 per share

- 2021-11: EUR 65.55 per share

- 2021-12: EUR 68.70 per share

- 2022-01: EUR 69.95 per share

- 2022-02: EUR 68.60 per share

- 2022-03: EUR 59.95 per share

- 2022-04: EUR 60.60 per share

- 2022-05: EUR 62.75 per share

- 2022-06: EUR 58.40 per share

- 2022-07: EUR 61.45 per share

- 2022-08: EUR 62.30 per share

- 2022-09: EUR 58.30 per share

- 2022-10: EUR 59.45 per share

- 2022-11: EUR 63.70 per share

- 2022-12: EUR 60.25 per share

- 2023-01: EUR 61.30 per share

- 2023-02: EUR 65.45 per share

- 2023-03: EUR 67.00 per share

- 2023-04: EUR 67.00 per share

- 2023-05: EUR 67.12 per share

- 2023-06: EUR 64.50 per share

- 2023-07: EUR 63.54 per share

- 2023-08: EUR 63.78 per share

- 2023-09: EUR 59.72 per share

- 2023-10: EUR 59.66 per share

- 2023-11: EUR 64.08 per share

- 2023-12: EUR 64.98 per share

- 2024-01: EUR 63.36 per share

- 2024-02: EUR 62.40 per share

- 2024-03: EUR 66.76 per share

- 2024-04: EUR 67.15 per share

- 2024-05: EUR 73.60 per share

- 2024-06: EUR 73.45 per share

- 2024-07: EUR 71.65 per share

- 2024-08: EUR 75.15 per share

- 2024-09: EUR 76.35 per share

- 2024-10: EUR 71.70 per share

- 2024-11: EUR 71.85 per share

- 2024-12: EUR 74.40 per share

- 2025-01: EUR 74.50 per share

- 2025-02: EUR 73.65 per share

- 2025-03: EUR 66.55 per share

- 2025-04: EUR 62.10 per share

- 2025-05: EUR 64.60 per share

- 2025-06: EUR 61.50 per share

- 2025-07: EUR 62.30 per share

- 2025-08: EUR 65.65 per share

- 2025-09: EUR 63.15 per share

- 2025-10: EUR 64.75 per share

- 2025-11: EUR 64.70 per share

- 2025-12: EUR 65.00 per share

- 2026-01: EUR 69.65 per share

- 2026-02: EUR 76.75 per share

- 2026-03: EUR 61.80 per share

- 2026-04: EUR 58.75 per share

- 2026-05: EUR 62.30 per share

- 2026-06: EUR 69.20 per share

- 2026-07: EUR 71.10 per share

- 2026-08: EUR 70.55 per share

- 2026-09: EUR 67.35 per share

- 2026-10: EUR 69.20 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 47.20 per share, central EUR 53.38 per share, high EUR 61.61 per share

- FY2017: low EUR 55.28 per share, central EUR 62.66 per share, high EUR 72.49 per share

- FY2018: low EUR 55.48 per share, central EUR 63.00 per share, high EUR 72.83 per share

- FY2019: low EUR 57.86 per share, central EUR 66.11 per share, high EUR 76.27 per share

- FY2020: low EUR 53.57 per share, central EUR 60.39 per share, high EUR 69.47 per share

- FY2021: low EUR 55.63 per share, central EUR 62.99 per share, high EUR 72.40 per share

- FY2022: low EUR 47.46 per share, central EUR 53.72 per share, high EUR 62.05 per share

- FY2023: low EUR 42.00 per share, central EUR 47.22 per share, high EUR 54.17 per share

- FY2024: low EUR 45.29 per share, central EUR 50.52 per share, high EUR 57.48 per share

- FY2025: low EUR 49.98 per share, central EUR 55.96 per share, high EUR 63.92 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 2026-10-15T06:40:03.833Z 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.

## Reported holder observations