# 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.

## Reported holder observations



# HKHHY — Heineken Holding Nv Spn ADR

Held by 1 investor · USD 225,986 total · 2025 Q1 · reported price USD 36.10 (split-adjusted).
Page: https://gigainvestors.com/s/HKHHY

## Holders (2025 Q1)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Thomas Russo (https://gigainvestors.com/GR) | USD 225,986 | 0.0% | reduce -13.85% |

## Total held by quarter

- 2021 Q4: USD 645,960 · 1 holder · USD 46.14
- 2022 Q1: USD 632,960 · 1 holder · USD 39.56
- 2022 Q2: USD 580,960 · 1 holder · USD 36.31
- 2022 Q3: USD 552,960 · 1 holder · USD 34.56
- 2022 Q4: USD 615,040 · 1 holder · USD 38.44
- 2023 Q1: USD 735,040 · 1 holder · USD 45.94
- 2023 Q2: USD 695,040 · 1 holder · USD 43.44
- 2023 Q3: USD 604,960 · 1 holder · USD 37.81
- 2023 Q4: USD 755,055 · 1 holder · USD 42.30
- 2024 Q1: USD 720,962 · 1 holder · USD 40.39
- 2024 Q2: USD 801,072 · 1 holder · USD 39.45
- 2024 Q3: USD 804,077 · 1 holder · USD 37.83
- 2024 Q4: USD 217,980 · 1 holder · USD 30.00
- 2025 Q1: USD 225,986 · 1 holder · USD 36.10
- 2025 Q2: USD 0 · 0 holders