# Heineken Holding N.V (HKHHF.US)

Canonical: https://gigainvestors.com/s/HKHHF

Analysis as of: 2026-10-16T07:29:02.782Z. 

Listing currency: USD. Reporting currency: EUR.

## Verdict

Not enough history yet

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

Share price: $76.54 per share; close as of 2026-10-15.

## Checklist

### understandable: na

### moat: na

### economics: na

### management: na

### accounting: na

## Holders

- [Thomas Russo](https://gigainvestors.com/GR): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 0% since Oct 2023

Story as of 2026-10-16T10:01:26.510Z; price observation 2026-10-15.

## Owner memo

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

### How it makes money

Operates in beverages brewers; annual sales are EUR 28.8 billion.

- Source: https://www.heinekenholding.com/sites/heinekenholding-v2/files/2026-02/heineken-holding-nv-annual-report-2025-FINAL.pdf#reviewed-original-annual-table (filed 2026-10-16T07:29:02.782Z); FY2025: revenue 28753000000; grossProfit 10288000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 33.9% to 35.8% during 2023–25.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:29:02.782Z); FY2023: grossProfit / revenue = 33.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:29:02.782Z); FY2024: grossProfit / revenue = 35.2%.

- Source: https://www.heinekenholding.com/sites/heinekenholding-v2/files/2026-02/heineken-holding-nv-annual-report-2025-FINAL.pdf (filed 2026-10-16T07:29:02.782Z); FY2025: grossProfit / revenue = 35.8%.

### Where the cash goes

Paid dividends in 6 of 6 years; bought back EUR 658 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:29:02.782Z); FY2020: growth capex 0; upkeep 1501000000; owner earnings 1271000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:29:02.782Z); FY2021: growth capex 0; upkeep 1324000000; owner earnings 2298000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:29:02.782Z); FY2022: growth capex 0; upkeep 1791000000; owner earnings 1382772951.6288252. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:29:02.782Z); FY2023: growth capex 0; upkeep 2677000000; owner earnings 1378875468.5547688. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:29:02.782Z); FY2024: growth capex 0; upkeep 2465000000; owner earnings 537033591.7312661. Growth capex / owner earnings = 0.

- Source: https://www.heinekenholding.com/sites/heinekenholding-v2/files/2026-02/heineken-holding-nv-annual-report-2025-FINAL.pdf (filed 2026-10-16T07:29:02.782Z); FY2025: growth capex 0; upkeep 2402000000; owner earnings 1025470533.2086061. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:29:02.782Z); Dividend observations: [[2020,811000000],[2021,796000000],[2022,1099000000],[2023,1335000000],[2024,1199000000],[2025,1276000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.heinekenholding.com/sites/heinekenholding-v2/files/2026-02/heineken-holding-nv-annual-report-2025-FINAL.pdf (filed 2026-10-16T07:29:02.782Z); FY2025: cash repurchases 658000000 EUR.

### Are managers owners

Insiders own 56.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HKHHF.US SharesStats.PercentInsiders = 56.553 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.7 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:29:02.782Z); Closing price 76.54 USD; reporting-to-trading FX 1.12128; FY2025 annual sales per share 102.28342726667925; price multiple 0.6673737344865802. FY2025 cash earnings/share 3.6479198934916446. Closing-price date 2026-10-15.

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

- 2016-10: $76.42 per share

- 2016-11: $69.68 per share

- 2016-12: $69.70 per share

- 2017-01: $70.75 per share

- 2017-02: $76.40 per share

- 2017-03: $79.90 per share

- 2017-04: $84.32 per share

- 2017-05: $93.20 per share

- 2017-06: $91.21 per share

- 2017-07: $98.10 per share

- 2017-08: $98.76 per share

- 2017-09: $94.01 per share

- 2017-10: $92.55 per share

- 2017-11: $95.40 per share

- 2017-12: $99.10 per share

- 2018-01: $106.47 per share

- 2018-02: $100.20 per share

- 2018-03: $104.10 per share

- 2018-04: $102.00 per share

- 2018-05: $96.30 per share

- 2018-06: $95.75 per share

- 2018-07: $97.25 per share

- 2018-08: $96.10 per share

- 2018-09: $92.10 per share

- 2018-10: $86.00 per share

- 2018-11: $87.15 per share

- 2018-12: $83.63 per share

- 2019-01: $86.26 per share

- 2019-02: $96.80 per share

- 2019-03: $100.09 per share

- 2019-04: $102.67 per share

- 2019-05: $100.65 per share

- 2019-06: $105.31 per share

- 2019-07: $100.00 per share

- 2019-08: $99.40 per share

- 2019-09: $100.24 per share

- 2019-10: $95.40 per share

- 2019-11: $96.40 per share

- 2019-12: $96.35 per share

- 2020-01: $97.45 per share

- 2020-02: $89.35 per share

- 2020-03: $76.00 per share

- 2020-04: $78.44 per share

- 2020-05: $82.70 per share

- 2020-06: $81.55 per share

- 2020-07: $86.55 per share

- 2020-08: $82.60 per share

- 2020-09: $78.00 per share

- 2020-10: $76.65 per share

- 2020-11: $93.20 per share

- 2020-12: $96.20 per share

- 2021-01: $88.75 per share

- 2021-02: $87.20 per share

- 2021-03: $89.65 per share

- 2021-04: $100.15 per share

- 2021-05: $100.80 per share

- 2021-06: $100.70 per share

- 2021-07: $101.05 per share

- 2021-08: $91.70 per share

- 2021-09: $85.99 per share

- 2021-10: $93.24 per share

- 2021-11: $83.50 per share

- 2021-12: $94.16 per share

- 2022-01: $89.32 per share

- 2022-02: $79.00 per share

- 2022-03: $78.21 per share

- 2022-04: $78.97 per share

- 2022-05: $79.05 per share

- 2022-06: $72.45 per share

- 2022-07: $77.15 per share

- 2022-08: $71.00 per share

- 2022-09: $70.30 per share

- 2022-10: $66.25 per share

- 2022-11: $74.32 per share

- 2022-12: $78.30 per share

- 2023-01: $82.40 per share

- 2023-02: $85.45 per share

- 2023-03: $92.00 per share

- 2023-04: $95.25 per share

- 2023-05: $85.55 per share

- 2023-06: $87.00 per share

- 2023-07: $82.06 per share

- 2023-08: $79.40 per share

- 2023-09: $74.59 per share

- 2023-10: $76.60 per share

- 2023-11: $78.28 per share

- 2023-12: $84.25 per share

- 2024-01: $82.90 per share

- 2024-02: $77.42 per share

- 2024-03: $80.95 per share

- 2024-04: $79.90 per share

- 2024-05: $80.34 per share

- 2024-06: $79.90 per share

- 2024-07: $73.51 per share

- 2024-08: $74.70 per share

- 2024-09: $75.61 per share

- 2024-10: $69.47 per share

- 2024-11: $61.51 per share

- 2024-12: $59.30 per share

- 2025-01: $61.90 per share

- 2025-02: $73.02 per share

- 2025-03: $70.15 per share

- 2025-04: $78.19 per share

- 2025-05: $77.44 per share

- 2025-06: $74.00 per share

- 2025-07: $67.71 per share

- 2025-08: $71.00 per share

- 2025-09: $67.39 per share

- 2025-10: $69.00 per share

- 2025-11: $70.71 per share

- 2025-12: $70.78 per share

- 2026-01: $73.47 per share

- 2026-02: $85.17 per share

- 2026-03: $68.41 per share

- 2026-04: $70.76 per share

- 2026-05: $71.65 per share

- 2026-06: $73.85 per share

- 2026-07: $84.00 per share

- 2026-08: $76.87 per share

- 2026-09: $75.23 per share

- 2026-10: $73.00 per share

## Annual estimated value (USD 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

## Sources

[Original annual-report filing](https://www.heinekenholding.com/sites/heinekenholding-v2/files/2026-02/heineken-holding-nv-annual-report-2025-FINAL.pdf); period 2025-12-31, filed see filing.

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

- [Thomas Russo](https://gigainvestors.com/GR): 8,905,683 HKHHF shares; USD 679,640,000 reported position value; 7.61% of portfolio; reduce; quarter 2026 Q2.

# HKHHF — Heineken Holding NV

Held by 1 investor · USD 679,640,000 total · 2026 Q2 · reported price USD 76.32 (split-adjusted).
Page: https://gigainvestors.com/s/HKHHF

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Thomas Russo (https://gigainvestors.com/GR) | USD 679,640,000 | 7.6% | reduce -2.15% |

## Total held by quarter

- 2011 Q1: USD 330,364,697 · 1 holder · USD 48.14
- 2011 Q2: USD 358,883,745 · 1 holder · USD 51.15
- 2011 Q3: USD 282,751,099 · 1 holder · USD 38.82
- 2011 Q4: USD 318,024,530 · 1 holder · USD 41.05
- 2012 Q1: USD 376,544,498 · 1 holder · USD 46.74
- 2012 Q2: USD 395,165,704 · 1 holder · USD 44.82
- 2012 Q3: USD 445,747,042 · 1 holder · USD 48.62
- 2012 Q4: USD 504,081,007 · 1 holder · USD 54.63
- 2013 Q1: USD 613,421,465 · 1 holder · USD 64.19
- 2013 Q2: USD 544,804,623 · 1 holder · USD 56.03
- 2013 Q3: USD 631,169,335 · 1 holder · USD 63.29
- 2013 Q4: USD 645,126,705 · 1 holder · USD 63.36
- 2014 Q1: USD 672,164,232 · 1 holder · USD 64.59
- 2014 Q2: USD 681,534,798 · 1 holder · USD 65.74
- 2014 Q3: USD 696,497,812 · 1 holder · USD 66.16
- 2014 Q4: USD 674,241,089 · 1 holder · USD 62.84
- 2015 Q1: USD 746,477,830 · 1 holder · USD 68.84
- 2015 Q2: USD 764,778,294 · 1 holder · USD 70.14
- 2015 Q3: USD 770,982,421 · 1 holder · USD 71.03
- 2015 Q4: USD 838,406,417 · 1 holder · USD 77.13
- 2016 Q1: USD 846,367,157 · 1 holder · USD 78.15
- 2016 Q2: USD 879,206,166 · 1 holder · USD 81.28
- 2016 Q3: USD 867,090,520 · 1 holder · USD 80.22
- 2016 Q4: USD 757,388,506 · 1 holder · USD 69.76
- 2017 Q1: USD 889,397,539 · 1 holder · USD 79.76
- 2017 Q2: USD 1,011,730,882 · 1 holder · USD 91.53
- 2017 Q3: USD 1,034,171,199 · 1 holder · USD 93.82
- 2017 Q4: USD 1,068,406,909 · 1 holder · USD 98.90
- 2018 Q1: USD 1,103,252,581 · 1 holder · USD 102.80
- 2018 Q2: USD 1,014,457,629 · 1 holder · USD 95.68
- 2018 Q3: USD 961,129,196 · 1 holder · USD 90.43
- 2018 Q4: USD 870,718,431 · 1 holder · USD 84.20
- 2019 Q1: USD 970,440,535 · 1 holder · USD 100.13
- 2019 Q2: USD 986,807,575 · 1 holder · USD 104.96
- 2019 Q3: USD 912,640,066 · 1 holder · USD 99.41
- 2019 Q4: USD 873,661,865 · 1 holder · USD 96.85
- 2020 Q1: USD 678,886,282 · 1 holder · USD 76.52
- 2020 Q2: USD 696,106,323 · 1 holder · USD 81.67
- 2020 Q3: USD 647,323,650 · 1 holder · USD 77.77
- 2020 Q4: USD 747,389,282 · 1 holder · USD 94.13
- 2021 Q1: USD 680,703,036 · 1 holder · USD 89.06
- 2021 Q2: USD 746,872,243 · 1 holder · USD 100.57
- 2021 Q3: USD 640,480,349 · 1 holder · USD 87.01
- 2021 Q4: USD 714,181,958 · 1 holder · USD 92.28
- 2022 Q1: USD 651,028,388 · 1 holder · USD 79.11
- 2022 Q2: USD 596,977,274 · 1 holder · USD 72.61
- 2022 Q3: USD 566,969,452 · 1 holder · USD 69.07
- 2022 Q4: USD 633,928,611 · 1 holder · USD 76.90
- 2023 Q1: USD 752,802,988 · 1 holder · USD 91.86
- 2023 Q2: USD 694,708,407 · 1 holder · USD 86.90
- 2023 Q3: USD 597,849,323 · 1 holder · USD 75.59
- 2023 Q4: USD 663,760,380 · 1 holder · USD 84.62
- 2024 Q1: USD 632,080,316 · 1 holder · USD 80.78
- 2024 Q2: USD 630,045,938 · 1 holder · USD 78.93
- 2024 Q3: USD 617,653,575 · 1 holder · USD 75.67
- 2024 Q4: USD 470,823,704 · 1 holder · USD 59.90
- 2025 Q1: USD 588,266,092 · 1 holder · USD 72.27
- 2025 Q2: USD 625,975,466 · 1 holder · USD 74.25
- 2025 Q3: USD 636,641,715 · 1 holder · USD 68.56
- 2025 Q4: USD 674,288,228 · 1 holder · USD 73.29
- 2026 Q1: USD 643,387,014 · 1 holder · USD 70.69
- 2026 Q2: USD 679,640,000 · 1 holder · USD 76.32