olivLaw · European equity research
Koninklijke Ahold Delhaize N.V. AD.AS
Netherlands · Euronext Amsterdam · ISIN NL0011794037 · Vertical: Listed companies from Netherlands
At the close of 04 Nov 2026, Koninklijke Ahold Delhaize N.V. (AD.AS) stock was 34.29 EUR (+6.62% on the day), with market capitalisation 30.9 bn EUR, P/E 13.7 on diluted EPS of 2.50 EUR over the last 12 months, dividend yield 3.46%, beta 0.15, 52-week range 30.56–42.50 EUR.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 66.9
- strong (55–70)
- Bollinger (20, 2)
- 31.33 – 33.74
- above the upper band · %B 1.23 · band width 7.4%
- SMA 50 / 200
- 31.88 / 35.84
- mixed trend
- MACD (12, 26, 9)
- 0.28 / 0.23
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +9.0% | −1.5% | +10.5 pp | — |
| 3 months | −0.4% | −5.3% | +4.8 pp | — |
| 6 months | −10.9% | +4.7% | −15.6 pp | — |
| Year to date | −1.7% | +6.0% | −7.7 pp | — |
| 1 year | −3.9% | +8.2% | −12.1 pp | +2.6% |
| 3 years | +21.1% | +47.2% | −26.1 pp | −0.1% |
| 5 years | +19.9% | +41.8% | −21.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 3-quarter history (min 13.4, median 13.8, max 16.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 88.7 bn | 89.4 bn | 92.4 bn |
| Revenue YoY | unavailable | +0.7% | +3.4% |
| Net income | 1.9 bn | 1.8 bn | 2.3 bn |
| Net income YoY | unavailable | −5.9% | +28.3% |
| Diluted EPS | 1.94 | 1.89 | 2.50 |
| Diluted EPS YoY | unavailable | −2.6% | +32.3% |
| net % | 2.1% | 2.0% | 2.5% |
| Free cash flow | 4.0 bn | 3.9 bn | 4.4 bn |
Balance sheet & financial health
Fiscal year 2025 · 28 Dec 2025
- Cash
- 3.6 bn EUR
- Financial debt
- 4.6 bn EUR
- Net debt
- 972.0 m EUR
- Equity
- 14.2 bn EUR
- Total assets
- 49.1 bn EUR
- Debt / equity
- 0.32x
- Current ratio
- 0.71x
- ROE
- 15.3%
- ROA
- 4.5%
- FCF margin
- 4.8%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 88.7 bn | 89.4 bn | 92.4 bn | esef· 04 Mar 2026verified |
| Cost of revenue | 64.9 bn | 65.6 bn | 67.8 bn | esef· 04 Mar 2026verified |
| Gross profit | 23.9 bn | 23.8 bn | 24.5 bn | esef· 04 Mar 2026verified |
| Operating income | 2.8 bn | 2.8 bn | 3.5 bn | esef· 04 Mar 2026verified |
| Pre-tax income | 2.3 bn | 2.2 bn | 2.9 bn | esef· 04 Mar 2026verified |
| Income tax | 456.0 m | 481.0 m | 649.0 m | esef· 04 Mar 2026verified |
| Net income | 1.9 bn | 1.8 bn | 2.3 bn | esef· 04 Mar 2026verified |
| Diluted EPS | 1.94 | 1.89 | 2.50 | esef· 04 Mar 2026verified |
| Dividend per share | 1.09 | 1.12 | 1.19 | esef· 04 Mar 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 3.5 bn | 6.2 bn | 3.6 bn | esef· 04 Mar 2026verified |
| Receivables | 2.5 bn | 2.7 bn | 2.8 bn | esef· 04 Mar 2026verified |
| Inventories | 4.6 bn | 4.8 bn | 4.8 bn | esef· 04 Mar 2026verified |
| Current assets | 11.5 bn | 14.5 bn | 11.9 bn | esef· 04 Mar 2026verified |
| Property, plant & equipment, net | 11.6 bn | 12.0 bn | 11.6 bn | esef· 04 Mar 2026verified |
| Total assets | 47.8 bn | 51.8 bn | 49.1 bn | esef· 04 Mar 2026verified |
| Long-term debt | 4.1 bn | 5.2 bn | 4.6 bn | esef· 04 Mar 2026verified |
| Current liabilities | 15.6 bn | 17.4 bn | 16.8 bn | esef· 04 Mar 2026verified |
| Equity | 14.8 bn † | 15.5 bn † | 14.2 bn † | esef· 04 Mar 2026verified |
| Shares outstanding at year end | 961.0 m | 928.4 m | 902.0 m | esef· 04 Mar 2026derived |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 6.5 bn | 6.2 bn | 7.0 bn | esef· 04 Mar 2026verified |
| Capex | 2.4 bn | 2.3 bn | 2.6 bn | esef· 04 Mar 2026verified |
| Free cash flow | 4.0 bn ≈ | 3.9 bn ≈ | 4.4 bn ≈ | esef· 04 Mar 2026derived |
| Investing cash flow | -2.2 bn | -1.7 bn | -3.6 bn | esef· 04 Mar 2026verified |
| Financing cash flow | -3.8 bn | -2.0 bn | -5.7 bn | esef· 04 Mar 2026verified |
| Dividends paid | 1.0 bn | 1.0 bn | 1.1 bn | esef· 04 Mar 2026verified |
| Share repurchases | 999.0 m | 1.0 bn | 1.0 bn | esef· 04 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 56.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 30.9 bn EUR
Key indicators
Coverage and freshness
Score by group
56% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 16.13 – 57.08 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E25.17 – 57.08 (Mid 34.48)15 companies used · median multiple 13.8x · quartiles 10.1x – 22.8xAALB.AS, ACOMO.AS, ADYEN.AS, AKZA.AS, ARCAD.AS, ASM.AS, AXS.AS, BAMNB.AS, BNJ.AS, CRBN.AS, CTAC.AS, ECMPA.AS, FFARM.AS, HAL.AS, HAVAS.AS
- Dividend discount (DDM)16.13 – 22.00 (Mid 18.62)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 56.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 18.6% | 88 (vs peers) | 19% |
| Net margin · Quality | 2.5% | 53 (vs peers) | 11% |
| FCF conversion · Quality | 195.5% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 13.7x | 67 (vs peers) | 19% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 14.3% | 100 (on a fixed band) | 15% |
| Shareholder yield (distributions) · Returns | 6.7% | 96 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | 24.2% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality82/100 · 3/3 factors with a value
- Returns98/100 · 2/2 factors with a value
- Valuation81/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Koninklijke Ahold Delhaize N.V. (AD.AS). Latest full fiscal year: 2025; data up to 2025-12-28.
Figures computed from the financial statements: revenue 92.4 bn EUR in 2025; YoY growth 3.4%; net margin 2.5%; ROE 15.3%.
The estimated value range is 20.65–39.54 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 26.55 EUR, the price of 34.29 EUR leaves a potential of -22.6% (value / price − 1) and a margin of safety of -29.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 56.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 18.6%
- FCF conversion: 195.5%
- FCF yield: 14.3%
- Shareholder yield (distributions): 6.7%
- Payout ratio (FCF): 24.2%
What contradicts it
- Current ratio: 0.7x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Listed companies from Netherlands · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 519.6 bn | 50.9 | 44.2% | 31.3% | +15.6% | +48% / +115% |
| ASM.ASASM International N.V. | 33.5 bn | 46.5 | 18.7% | 22.8% | +8.2% | +44% / +45% |
| DSFIR.ASDSM-Firmenich AG | 32.0 bn | 114.3 | 1.2% | 2.2% | +20.4% | +52% / +24% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 30.9 bn | 13.7 | 15.3% | 2.5% | +3.4% | −4% / +29% |
| ADYEN.ASAdyen N.V. | 26.9 bn | 25.4 | 22.3% | 40.1% | +18.9% | −36% / −20% |
| HAL.ASHAL Trust | 15.6 bn | 9.8 | 10.5% | 12.8% | +1.2% | +23% / +49% |
| EXO.ASExor N.V. | 15.3 bn | — | -10.6% | — | −100.0% | +3% / −17% |
| BESI.ASBE Semiconductor Industries N.V. | 12.1 bn | 91.6 | 28.7% | 22.3% | −2.7% | +17% / +18% |
| AKZA.ASAkzo Nobel N.V. | 10.8 bn | 17.1 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.6 bn | 25.8 | 7.2% | 5.7% | −5.3% | +51% / +15% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.3 | 18.3% | 4.3% | −2.4% | +24% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.8 | 343.8% | 5.1% | +1.6% | −11% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.4 bn | 42.5 | 9.1% | 1.3% | +2.9% | +49% / +408% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| HAVAS.ASHavas N.V. | 1.8 bn | 9.7 | 10.2% | 6.5% | +1.7% | +27% / unavailable |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +56% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 973.4 m | — | -1.5% | -1.1% | −18.8% | −1% / −49% |
| ACOMO.ASAcomo N.V. | 687.4 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 667.9 m | — | -28.2% | -21.7% | +66.1% | +61% / +25% |
| FFARM.ASForFarmers N.V. | 515.9 m | 10.3 | 14.5% | 1.6% | +14.8% | +31% / +140% |
| BRNL.ASBrunel International N.V. | 386.2 m | 126.5 | 1.0% | 0.3% | −10.8% | −5% / −29% |
| ALFEN.ASAlfen N.V. | 229.8 m | — | -0.1% | -0.0% | −10.7% | +0% / −77% |
| ENVI.ASEnvipco Holding N.V. | 227.9 m | — | -12.7% | -11.9% | −20.8% | −24% / +49% |
| CMCOM.ASCM.com N.V. | 188.7 m | — | -22.2% | -1.5% | −5.4% | +21% / −31% |
1- and 3-year price returns: for AD.AS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 20.11 Total return -39% · Per year -39% | 35.58 Total return 7% · Per year 7% | 53.62 Total return 61% · Per year 61% |
| 3 years | 19.07 Total return -36% · Per year -14% | 38.01 Total return 22% · Per year 7% | 62.96 Total return 98% · Per year 26% |
| 5 years | 18.09 Total return -34% · Per year -8% | 40.60 Total return 38% · Per year 7% | 73.91 Total return 141% · Per year 19% |
- Exit P/E± 9.50
- Net margin± 6.65
- Annual revenue growth± 5.52
- Annual dilution± 0.56
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202504 Mar 2026
- Annual report 202404 Mar 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.