olivLaw · European equity research
Koninklijke Heijmans N.V. HEIJM.AS
Netherlands · Euronext Amsterdam · Vertical: Listed companies from Netherlands
Koninklijke Heijmans N.V. is a Dutch construction and development group active in infrastructure, energy, area development and buildings. In 2025 it posted solid growth, and its order backlog reached 3.68 billion EUR, in a context where the Netherlands needs far more housing and renewed infrastructure.
At the close of 05 Nov 2026, Koninklijke Heijmans N.V. (HEIJM.AS) stock was 82.25 EUR (−4.19% on the day), with market capitalisation 2.3 bn EUR, P/E 17.4 on diluted EPS of 4.73 EUR over the last 12 months, dividend yield 1.99%, beta 1.13, 52-week range 54.30–117.10 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 45.8
- neutral
- Bollinger (20, 2)
- 77.73 – 86.25
- in the upper half of the band · %B 0.53 · band width 10.4%
- SMA 50 / 200
- 84.93 / 89.39
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.17 / -0.78
- 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 | −3.3% | +0.4% | −3.7 pp | — |
| 3 months | −7.9% | −3.3% | −4.6 pp | — |
| 6 months | −8.7% | +4.0% | −12.7 pp | — |
| Year to date | +21.7% | +8.1% | +13.6 pp | — |
| 1 year | +45.1% | +10.7% | +34.4 pp | −0.2% |
| 3 years | +646.4% | +50.1% | +596.3 pp | +2.2% |
| 5 years | +464.1% | +43.6% | +420.5 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 100 percentile of its own 3-quarter history (min 5.1, median 9.5, max 14.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2.1 bn | 2.6 bn | 2.8 bn |
| Revenue YoY | unavailable | +22.1% | +7.3% |
| Net income | 59.7 m | 90.0 m | 130.2 m |
| Net income YoY | unavailable | +50.8% | +44.7% |
| Diluted EPS | 2.39 | 3.31 | 4.73 |
| Diluted EPS YoY | unavailable | +38.5% | +42.9% |
| net % | 2.8% | 3.5% | 4.7% |
| Free cash flow | 40.6 m | 219.8 m | 228.4 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 190.0 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 548.3 m EUR
- Total assets
- 1.7 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.02x
- ROE
- 25.7%
- ROA
- 8.6%
- FCF margin
- 8.2%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.1 bn | 2.6 bn | 2.8 bn | esef· 07 Apr 2026verified |
| Cost of revenue | 1.8 bn | 2.2 bn | 2.3 bn | esef· 07 Apr 2026verified |
| Gross profit | 288.7 m | 338.4 m | 439.8 m | esef· 07 Apr 2026verified |
| Operating income | 81.0 m | 111.0 m | 162.2 m | esef· 07 Apr 2026verified |
| Interest expense | 8.5 m | 13.9 m | 9.9 m | esef· 07 Apr 2026verified |
| Pre-tax income | 81.1 m | 117.0 m | 175.6 m | esef· 07 Apr 2026verified |
| Income tax | 21.4 m | 27.0 m | 45.4 m | esef· 07 Apr 2026verified |
| Net income | 59.7 m | 90.0 m | 130.2 m | esef· 07 Apr 2026verified |
| Diluted EPS | 2.39 | 3.31 | 4.73 | esef· 07 Apr 2026verified |
| Dividend per share | 1.01 | 0.89 | 1.64 | esef· 07 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 40.4 m | 105.4 m | 190.0 m | esef· 07 Apr 2026verified |
| Receivables | 229.3 m | 213.4 m | 245.4 m | esef· 07 Apr 2026verified |
| Current assets | 798.2 m | 790.1 m | 947.2 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 114.7 m | 123.3 m | 144.6 m | esef· 07 Apr 2026verified |
| Goodwill | 165.1 m | 164.8 m | 187.2 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 10.9 m | 2.2 m | 27.1 m | esef· 07 Apr 2026verified |
| Total assets | 1.3 bn | 1.4 bn | 1.7 bn | esef· 07 Apr 2026verified |
| Accounts payable | 346.1 m | 367.3 m | 446.2 m | esef· 07 Apr 2026verified |
| Current liabilities | 727.2 m | 738.0 m | 927.1 m | esef· 07 Apr 2026verified |
| Equity | 383.6 m | 463.0 m | 548.3 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 24.9 m | 27.2 m | 27.5 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 84.5 m | 249.2 m | 272.3 m | esef· 07 Apr 2026verified |
| Capex | 43.9 m | 29.4 m | 43.9 m | esef· 07 Apr 2026verified |
| Free cash flow | 40.6 m ≈ | 219.8 m ≈ | 228.4 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -313.8 m | -59.1 m | -102.8 m | esef· 07 Apr 2026verified |
| Financing cash flow | 32.7 m | -125.1 m | -84.9 m | esef· 07 Apr 2026verified |
| Dividends paid | 12.8 m | 10.6 m | 45.1 m | esef· 07 Apr 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: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.3 bn EUR
Key indicators
Coverage and freshness
Score by group
52% · 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: 22.30 – 121.40 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E49.93 – 121.40 (Mid 68.63)16 companies used · median multiple 14.5x · quartiles 10.6x – 25.7xAALB.AS, ACOMO.AS, AD.AS, ADYEN.AS, AKZA.AS, ARCAD.AS, ASM.AS, ASML.AS, AXS.AS, BAMNB.AS, BNJ.AS, CRBN.AS, CTAC.AS, ECMPA.AS, FFARM.AS, HAL.AS
- Dividend discount (DDM)22.30 – 30.41 (Mid 25.74)
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: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 4.7% | 67 (vs peers) | 12% |
| FCF conversion · Quality | 175.4% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 16.4x | 100 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.0x | 18 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 17.4x | 52 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 10.1% | 100 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 2.0% | 28 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 19.7% | 100 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet67/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality83/100 · 2/3 factors with a value
- Returns57/100 · 2/2 factors with a value
- Valuation74/100 · 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 Heijmans N.V. (HEIJM.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 2.8 bn EUR in 2025; YoY growth 7.3%; net margin 4.7%; ROE 25.7%.
The estimated value range is 36.12–75.91 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 47.18 EUR, the price of 82.25 EUR leaves a potential of -42.6% (value / price − 1) and a margin of safety of -74.3% (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: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 175.4%
- Interest coverage: 16.4x
- FCF yield: 10.1%
- Payout ratio (FCF): 19.7%
What contradicts it
- Current ratio: 1.0x
- Shareholder yield (distributions): 2.0%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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. | 485.6 bn | 47.6 | 44.2% | 31.3% | +15.6% | +38% / +101% |
| DSFIR.ASDSM-Firmenich AG | 33.7 bn | 120.5 | 1.2% | 2.2% | +20.4% | +60% / +30% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 31.2 bn | 13.9 | 15.3% | 2.5% | +3.4% | −3% / +30% |
| ASM.ASASM International N.V. | 31.2 bn | 43.3 | 18.7% | 22.8% | +8.2% | +34% / +35% |
| ADYEN.ASAdyen N.V. | 28.1 bn | 26.6 | 22.3% | 40.1% | +18.9% | −33% / −17% |
| HAL.ASHAL Trust | 15.5 bn | 9.7 | 10.5% | 12.8% | +1.2% | +22% / +47% |
| EXO.ASExor N.V. | 15.0 bn | — | -10.6% | — | −100.0% | +1% / −18% |
| BESI.ASBE Semiconductor Industries N.V. | 11.2 bn | 84.9 | 28.7% | 22.3% | −2.7% | +8% / +10% |
| AKZA.ASAkzo Nobel N.V. | 10.7 bn | 17.0 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.5 bn | 25.4 | 7.2% | 5.7% | −5.3% | +48% / +13% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.2 | 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. | 3.3 bn | 41.8 | 9.1% | 1.3% | +2.9% | +47% / +400% |
| HEIJM.ASKoninklijke Heijmans N.V. | 2.3 bn | 17.4 | 25.7% | 4.7% | +7.3% | +37% / +559% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +55% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 985.3 m | — | -1.5% | -1.1% | −18.8% | −0% / −49% |
| ACOMO.ASAcomo N.V. | 685.9 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 663.0 m | — | -28.2% | -21.7% | +66.1% | +60% / +25% |
| FFARM.ASForFarmers N.V. | 479.4 m | 9.6 | 14.5% | 1.6% | +14.8% | +22% / +123% |
| BRNL.ASBrunel International N.V. | 383.2 m | 125.5 | 1.0% | 0.3% | −10.8% | −6% / −29% |
| ENVI.ASEnvipco Holding N.V. | 224.1 m | — | -12.7% | -11.9% | −20.8% | −25% / +47% |
| ALFEN.ASAlfen N.V. | 219.8 m | — | -0.1% | -0.0% | −10.7% | −4% / −78% |
| CMCOM.ASCM.com N.V. | 192.5 m | — | -22.2% | -1.5% | −5.4% | +23% / −30% |
1- and 3-year price returns: for HEIJM.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 | 49.97 Total return -38% · Per year -38% | 88.23 Total return 9% · Per year 9% | 132.75 Total return 64% · Per year 64% |
| 3 years | 51.24 Total return -33% · Per year -12% | 101.54 Total return 30% · Per year 9% | 167.34 Total return 112% · Per year 28% |
| 5 years | 52.54 Total return -28% · Per year -6% | 116.85 Total return 54% · Per year 9% | 210.94 Total return 173% · Per year 22% |
- Exit P/E± 25.38
- Net margin± 17.77
- Annual revenue growth± 14.21
- Annual dilution± 1.49
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Koninklijke Heijmans N.V. is a Dutch construction and development group active in infrastructure, energy, area development and buildings. In 2025 it posted solid growth, and its order backlog reached 3.68 billion EUR, in a context where the Netherlands needs far more housing and renewed infrastructure.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Project executionmedium
Complex projects with short timelines or works in partly occupied buildings can generate cost overruns 1.
- Labour shortagehigh
A lack of technical staff can delay execution and raise wage pressure 1.
- Costs and materialsmedium
Swings in material and energy prices can affect margins, especially on fixed-price contracts 1.
- Permitting and regulationhigh
Permit procedures and nature-related issues could delay projects if rules change 1.
- Dependence on public clientslow
Revenue partly depends on government budgets and the timing of public investment 1.
Investment thesis
What would need to be true (bull case)
What would break the thesis
What to watch
- Delivery of revenue of about 3.1 billion EUR and an underlying EBITDA margin toward 9.5%2026
- Development of the order backlog against the 3.68 billion EUR levelQ1 2026
- Outcomes of the Capital Markets Day and detail on the Samen naar 2030 strategy2026
- Production pace at the Krachtveld factory and delivery of the first modules2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Heijmans operates in the Netherlands through divisions covering infrastructure, energy, area development, building construction and asset management. In fiscal 2025 revenue was 2,772 million EUR and underlying EBITDA 252 million EUR, a margin of 9.1% 1. The company emphasises long-term contracts and partnerships with public and private clients, which supports revenue predictability 1.
The business model relies on framework contracts, alliances and asset management rather than only one-off projects. Heijmans also invests in prefabrication, such as the Krachtveld factory in Ede, which produces modules for high-voltage fields for TenneT 1. The 'Samen naar 2030' strategy aims to combine construction expertise with innovation and sustainability 1.
The company had on average about 5,905 full-time equivalent employees in 2025 and an order backlog of 3,682 million EUR 1. The focus on digitalisation, modular construction and circular practices reflects the need to do more with a scarcer workforce 1.
Segments
Infrastructure and energy
Heijmans works on renewing bridges, roads and electricity networks, including asset management contracts with Rijkswaterstaat and the prefabrication factory for TenneT 1. This segment benefits from public infrastructure investment in an ageing asset base.
Area development and buildings
The company develops new neighbourhoods, from nature-inclusive housing projects to conversions of industrial sites, in partnership with municipalities and investors 1. The segment is closely tied to housing demand and sustainability rules.
Market context
Trends
- Housing shortagemixed
Permit delays and land scarcity limit output, but they create sustained demand for construction projects 1.
- Infrastructure renewaltailwind
Bridges, locks and networks built after the war are reaching the end of their service life, opening a large volume of work 1.
- Industrialisation and modularisationtailwind
Prefabricated and modular construction can shorten lead times and reduce on-site labour needs 1.
- Labour shortage and costsheadwind
A lack of skilled staff and pressure on procurement costs can affect execution and margins 1.
Competitive position
Heijmans competes with other large construction and infrastructure groups in the Netherlands and across Europe for large public and private contracts. Differentiation comes from the ability to combine construction, energy and area development within a single project 1.
The company's advantage lies in long-term relationships with clients such as Rijksvastgoedbedrijf, Rijkswaterstaat and TenneT, as well as its prefabrication expertise 1. Price competition and execution quality remain intense in public procurement 1.
- Other Dutch construction and infrastructure groups
Competitors for public and development contracts; the sources do not give a detailed list.
- European infrastructure contractors
Competitors in infrastructure and energy works in the region.
- Property and area developers
Competitors in housing projects and urban conversions.
- Prefabrication and module suppliers
Competition in modular and industrialised construction.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202418 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Koninklijke Heijmans N.V. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.