# Heineken Holding NV (HKHHY.US)

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

Analysis as of: 2026-10-16T07:29:02.847Z. 

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: $39.73 per share; close as of 2026-10-15.

## Checklist

### understandable: na

### moat: na

### economics: na

### management: na

### accounting: na

## Holders

## Price story

Up 4% since Oct 2023

Story as of 2026-10-16T10:01:26.470Z; 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 2026-10-16T07:29:02.847Z); 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 2026-10-16T07:29:02.847Z); FY2023: grossProfit / revenue = 33.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:29:02.847Z); 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 2026-10-16T07:29:02.847Z); 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 2026-10-16T07:29:02.847Z); 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 2026-10-16T07:29:02.847Z); 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 2026-10-16T07:29:02.847Z); 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 2026-10-16T07:29:02.847Z); 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 2026-10-16T07:29:02.847Z); 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 2026-10-16T07:29:02.847Z); 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 2026-10-16T07:29:02.847Z); 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 2026-10-16T07:29:02.847Z); FY2025: cash repurchases 658000000 EUR.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HKHHY.US SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.3 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:29:02.847Z); Closing price 39.73 USD; reporting-to-trading FX 1.12128; FY2025 annual sales per share 103.44077146661958; price multiple 0.3425411396926077. FY2025 cash earnings/share 3.6891963646013965. Closing-price date 2026-10-15.

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

- 2016-10: $38.57 per share

- 2016-11: $35.10 per share

- 2016-12: $34.95 per share

- 2017-01: $35.40 per share

- 2017-02: $38.12 per share

- 2017-03: $39.55 per share

- 2017-04: $42.20 per share

- 2017-05: $45.90 per share

- 2017-06: $46.31 per share

- 2017-07: $49.78 per share

- 2017-08: $48.95 per share

- 2017-09: $46.00 per share

- 2017-10: $45.83 per share

- 2017-11: $47.79 per share

- 2017-12: $49.45 per share

- 2018-01: $53.44 per share

- 2018-02: $49.96 per share

- 2018-03: $51.94 per share

- 2018-04: $50.64 per share

- 2018-05: $48.86 per share

- 2018-06: $47.98 per share

- 2018-07: $48.77 per share

- 2018-08: $47.50 per share

- 2018-09: $45.57 per share

- 2018-10: $43.29 per share

- 2018-11: $43.96 per share

- 2018-12: $43.15 per share

- 2019-01: $43.49 per share

- 2019-02: $48.47 per share

- 2019-03: $50.57 per share

- 2019-04: $51.84 per share

- 2019-05: $49.60 per share

- 2019-06: $52.83 per share

- 2019-07: $51.60 per share

- 2019-08: $49.50 per share

- 2019-09: $50.22 per share

- 2019-10: $47.82 per share

- 2019-11: $48.12 per share

- 2019-12: $48.75 per share

- 2020-01: $49.62 per share

- 2020-02: $43.82 per share

- 2020-03: $37.36 per share

- 2020-04: $38.64 per share

- 2020-05: $41.57 per share

- 2020-06: $41.03 per share

- 2020-07: $43.27 per share

- 2020-08: $41.26 per share

- 2020-09: $39.08 per share

- 2020-10: $38.68 per share

- 2020-11: $46.39 per share

- 2020-12: $48.91 per share

- 2021-01: $44.39 per share

- 2021-02: $43.42 per share

- 2021-03: $44.98 per share

- 2021-04: $49.85 per share

- 2021-05: $50.48 per share

- 2021-06: $50.80 per share

- 2021-07: $49.70 per share

- 2021-08: $46.28 per share

- 2021-09: $43.68 per share

- 2021-10: $46.73 per share

- 2021-11: $42.19 per share

- 2021-12: $47.10 per share

- 2022-01: $43.77 per share

- 2022-02: $40.58 per share

- 2022-03: $39.28 per share

- 2022-04: $39.31 per share

- 2022-05: $39.95 per share

- 2022-06: $36.38 per share

- 2022-07: $39.66 per share

- 2022-08: $35.47 per share

- 2022-09: $34.31 per share

- 2022-10: $34.40 per share

- 2022-11: $37.45 per share

- 2022-12: $38.51 per share

- 2023-01: $41.17 per share

- 2023-02: $42.81 per share

- 2023-03: $45.83 per share

- 2023-04: $47.84 per share

- 2023-05: $42.66 per share

- 2023-06: $43.44 per share

- 2023-07: $41.07 per share

- 2023-08: $40.47 per share

- 2023-09: $37.87 per share

- 2023-10: $38.26 per share

- 2023-11: $39.10 per share

- 2023-12: $42.50 per share

- 2024-01: $42.54 per share

- 2024-02: $38.66 per share

- 2024-03: $40.50 per share

- 2024-04: $40.89 per share

- 2024-05: $40.98 per share

- 2024-06: $40.06 per share

- 2024-07: $37.38 per share

- 2024-08: $37.54 per share

- 2024-09: $38.13 per share

- 2024-10: $34.43 per share

- 2024-11: $31.57 per share

- 2024-12: $29.97 per share

- 2025-01: $30.47 per share

- 2025-02: $37.16 per share

- 2025-03: $36.52 per share

- 2025-04: $39.01 per share

- 2025-05: $39.02 per share

- 2025-06: $37.35 per share

- 2025-07: $34.62 per share

- 2025-08: $35.42 per share

- 2025-09: $34.22 per share

- 2025-10: $34.09 per share

- 2025-11: $35.71 per share

- 2025-12: $37.45 per share

- 2026-01: $36.96 per share

- 2026-02: $43.23 per share

- 2026-03: $35.72 per share

- 2026-04: $35.49 per share

- 2026-05: $36.03 per share

- 2026-06: $38.18 per share

- 2026-07: $42.05 per share

- 2026-08: $39.75 per share

- 2026-09: $36.87 per share

- 2026-10: $37.89 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.