Heidelberg Materials Past Earnings Performance
Past criteria checks 4/6
Heidelberg Materials has been growing earnings at an average annual rate of 18.8%, while the Basic Materials industry saw earnings growing at 1% annually. Revenues have been growing at an average rate of 3.7% per year. Heidelberg Materials's return on equity is 11.3%, and it has net margins of 9.2%.
Key information
18.78%
Earnings growth rate
20.47%
EPS growth rate
| Basic Materials Industry Growth | 8.23% |
| Revenue growth rate | 3.75% |
| Return on equity | 11.26% |
| Net Margin | 9.21% |
| Next Earnings Update | 30 Jul 2026 |
Recent past performance updates
Recent updates
Narrative Update • Jun 22
HEI: Autonomous Quarry Rollout And Upgraded Ratings Will Support Future Re Rating
The analyst price target for Heidelberg Materials has been revised to €292 from €285, with analysts citing recent target increases and upgrades as support for the updated view. Analyst Commentary Bullish analysts covering Heidelberg Materials are highlighting recent target changes and upgrades as signs of growing confidence in the company’s outlook and execution.
Narrative Update • Jun 05
HEI: Record Results And Buybacks Will Drive Margin Led Re Rating Potential
Narrative Update: Heidelberg Materials The analyst price target for Heidelberg Materials has been adjusted slightly, with a modest change framed around a mix of recent target increases and a downgrade, as analysts weigh updated expectations for revenue growth, profit margins, and future P/E assumptions. Analyst Commentary Recent research on Heidelberg Materials shows a split in views, with some analysts lifting targets or upgrading the stock and another trimming the target price.Narrative Update • May 21
HEI: Quarry Autonomy And Margin Conviction Will Drive Re Rating Potential
Narrative Update: Heidelberg Materials The analyst price target for Heidelberg Materials has been adjusted slightly to about €226. This reflects a blend of recent target increases and upgrades alongside at least one target cut, as analysts update their views on the stock.Narrative Update • May 04
HEI: Medium Term Margin Conviction Will Drive Re Rating Potential
Narrative Update on Heidelberg Materials The analyst price target for Heidelberg Materials has remained at €225.74, with recent research citing mixed moves in individual broker targets and a wave of upgrades as analysts reassess the stock following the recent selloff. Analyst Commentary Recent research on Heidelberg Materials reflects a mix of optimism and caution, with several firms adjusting ratings and price targets following the recent selloff and reassessments of valuation and execution risks.Narrative Update • Apr 20
HEI: Medium Term Margin Conviction Will Shape Future Upside Potential
Heidelberg Materials' analyst price target has edged up to about €226, with analysts highlighting adjusted assumptions on discount rates, revenue growth, profit margins and future P/E multiples, following a mix of target changes and upgrades across recent research. Analyst Commentary Bullish Takeaways Bullish analysts are raising or reiterating price targets in the €220 range and above, which signals confidence that the current valuation still leaves room for upside if execution on earnings and cash flow meets expectations.Narrative Update • Apr 06
HEI: Upgraded Ratings And Earnings Quality Will Support Future Re Rating
Analysts have trimmed the fair value estimate for Heidelberg Materials from €300 to €285 as slightly higher discount rate assumptions and a lower future P/E multiple offset modestly stronger views on revenue growth and profit margins, in line with mixed recent price target revisions and upgrades from the Street. Analyst Commentary Recent Street research on Heidelberg Materials reflects a generally constructive tone, with several bullish analysts shifting their stance more positively even as some price targets are adjusted lower.
Narrative Update • Mar 23
HEI: Recent Rating Upgrades And Trimmed Expectations Will Likely Restrain Returns
Analysts have trimmed their fair value estimate for Heidelberg Materials by about €0.88 to €156.11, reflecting recent price target cuts on the stock even as some firms have upgraded their rating and still view the latest share pullback as overdone. Analyst Commentary Recent research points to a more mixed backdrop for Heidelberg Materials, with some firms trimming their fair value assumptions even when reiterating relatively constructive stances on the stock.Narrative Update • Mar 09
HEI: Upgraded Rating And Stable Fair Value Will Support Re Rating
Analysts have trimmed their average price target on Heidelberg Materials from €239 to €220, citing what they see as an overdone share price selloff while still maintaining a constructive view on the company. Analyst Commentary Bullish Takeaways Bullish analysts have shifted to a more positive stance on Heidelberg Materials with an upgrade to a Buy rating, signalling increased confidence in the shares at current levels.Narrative Update • Feb 23
HEI: Higher Required Return And P/E Outlook Will Support Re Rating
Analysts are maintaining their €300.00 price target for Heidelberg Materials, citing only small adjustments to discount rate, revenue growth, profit margin and future P/E assumptions in their models. Valuation Changes Fair Value: €300.00 fair value estimate is unchanged, indicating no shift in the overall price target.Narrative Update • Feb 09
HEI: Higher Discount Rate And Rich P/E Will Likely Cap Upside
Analysts have kept their price target for Heidelberg Materials steady at €156.99, with small tweaks to the discount rate, a revenue growth outlook of 5.56% and a future P/E of 12.58x to reflect updated views on the company’s risk profile and earnings potential. Valuation Changes Fair Value: Model fair value remains unchanged at €156.99.Narrative Update • Jan 25
HEI: Richer P/E Assumptions Will Likely Limit Long Term Upside Potential
Analysts have lifted their price target for Heidelberg Materials from €146.80 to €157.00. This reflects updated assumptions on revenue growth, profit margins and the future P/E multiple.Narrative Update • Jan 11
HEI: Higher Multiple Outlook Will Support More Constructive Future Re Rating
Analysts have raised their price target on Heidelberg Materials from €240 to €300, citing higher expected growth. They see this as supporting a higher future P/E multiple, even with more conservative margin assumptions and a slightly higher discount rate.Analysis Article • Dec 29
Heidelberg Materials AG's (ETR:HEI) Shareholders Might Be Looking For Exit
Heidelberg Materials AG's ( ETR:HEI ) price-to-earnings (or "P/E") ratio of 21x might make it look like a sell right...Narrative Update • Dec 25
HEI: Future Margin Pressures May Cap Upside Despite Recent Optimism
Analysts have raised their price target for Heidelberg Materials from about EUR 121 to approximately EUR 147, citing expectations that the company's higher growth and improving profitability will support a higher earnings multiple. Analyst Commentary Recent Street research has highlighted a more constructive stance on Heidelberg Materials, with some major houses citing stronger growth prospects and room for the valuation multiple to expand.Analysis Article • Dec 16
Is It Too Late To Consider Buying Heidelberg Materials AG (ETR:HEI)?
Let's talk about the popular Heidelberg Materials AG ( ETR:HEI ). The company's shares saw a decent share price growth...Narrative Update • Dec 11
HEI: Higher Multiple Outlook And Cyclical Risks Will Shape Future Opportunity
Analysts have raised their price target on Heidelberg Materials from EUR 214.01 to EUR 224.67, citing expectations that the company’s higher growth will support a stronger valuation multiple. Analyst Commentary Recent research highlights that bullish analysts are turning more positive on Heidelberg Materials as they factor in stronger growth prospects and potential for multiple expansion.Analysis Article • Dec 03
We Like These Underlying Return On Capital Trends At Heidelberg Materials (ETR:HEI)
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? One common approach...Narrative Update • Nov 27
HEI: Upgraded Growth Outlook And Acquisition Activity Will Shape Future Opportunity
Analysts have raised their price target for Heidelberg Materials from €188 to €230, citing stronger growth prospects and improved profit margins as supporting factors for the upgrade. Analyst Commentary Recent research has highlighted a shift in sentiment toward Heidelberg Materials, with valuation and growth expectations playing central roles in the latest assessment.Narrative Update • Nov 11
HEI: Future Profit Margins And Potential Acquisitions Will Shape Risk And Opportunity
The analyst price target for Heidelberg Materials has increased slightly to €210.29 from €210.55. Analysts cite improved revenue growth projections and expanding profit margins as factors supporting a higher stock valuation.Narrative Update • Oct 28
Upgraded Outlook and Market Opportunities Will Drive Long-Term Share Price Gains
Narrative Update on Heidelberg Materials Analysts have raised their price target for Heidelberg Materials from €204.16 to €210.55, citing improved growth outlook and expectations for higher valuation multiples. Analyst Commentary Recent assessments by bullish analysts have provided further insight into Heidelberg Materials’ prospects, with both optimistic and cautious points coming to the forefront as they evaluated the company’s execution and valuation trajectory.Narrative Update • Oct 14
Emerging Markets And Green Construction Will Create Long-Term Value
Analysts have raised their price target for Heidelberg Materials to approximately EUR 204 from about EUR 201, citing expectations of higher growth that could support an improved stock multiple. Analyst Commentary Analyst perspectives on Heidelberg Materials highlight both opportunities for continued growth and potential risks that could impact valuation and performance.Narrative Update • Sep 18
Emerging Markets And Green Construction Will Create Long-Term Value
The slight increase in Heidelberg Materials' future P/E ratio despite a modest decline in expected revenue growth suggests improved market sentiment or confidence in profitability, leading to a higher consensus price target, which has risen from €195.16 to €200.62. What's in the News Heidelberg Materials is among the bidders for NCC AB's aggregates, asphalt, and paving business, currently valued at up to $1 billion, with the sale process advancing to the next round of bidding.Narrative Update • Sep 03
Emerging Markets And Green Construction Will Create Long-Term Value
The modest increase in Heidelberg Materials' consensus analyst price target is primarily underpinned by a slightly higher forward P/E multiple, reflecting improved earnings expectations, raising fair value from €191.28 to €195.16. Valuation Changes Summary of Valuation Changes for Heidelberg Materials The Consensus Analyst Price Target has risen slightly from €191.28 to €195.16.Analysis Article • Sep 03
At €197, Is Heidelberg Materials AG (ETR:HEI) Worth Looking At Closely?
Heidelberg Materials AG ( ETR:HEI ) saw a decent share price growth of 14% on the XTRA over the last few months. The...Analysis Article • Aug 19
These 4 Measures Indicate That Heidelberg Materials (ETR:HEI) Is Using Debt Reasonably Well
XTRA:HEI 1 Year Share Price vs Fair Value Explore Heidelberg Materials's Fair Values from the Community and select...Analysis Article • Aug 04
Analysts Have Made A Financial Statement On Heidelberg Materials AG's (ETR:HEI) Interim Report
Last week saw the newest half-yearly earnings release from Heidelberg Materials AG ( ETR:HEI ), an important milestone...Analysis Article • Jul 31
Heidelberg Materials (ETR:HEI) Is Looking To Continue Growing Its Returns On Capital
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for...
New Narrative • Nov 10
Sustainability Projects And Calculated Moves Fuel Exciting Growth And Margin Expansion
Transformation initiatives and sustainability projects are set to improve margins, revenues, and earnings through cost efficiencies and eco-friendly strategies.Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Heidelberg Materials makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Dec 25 | 21,552 | 1,985 | 3,618 | 0 |
| 30 Sep 25 | 21,603 | 1,922 | 3,643 | 0 |
| 30 Jun 25 | 21,654 | 1,860 | 3,668 | 0 |
| 31 Mar 25 | 21,452 | 1,803 | 3,644 | 0 |
| 31 Dec 24 | 21,251 | 1,746 | 3,621 | 0 |
| 30 Sep 24 | 21,020 | 1,800 | 3,594 | 0 |
| 30 Jun 24 | 20,790 | 1,854 | 3,566 | 0 |
| 31 Mar 24 | 21,024 | 1,943 | 3,567 | 0 |
| 31 Dec 23 | 21,259 | 2,032 | 3,569 | 0 |
| 30 Sep 23 | 21,474 | 1,933 | 3,519 | 0 |
| 30 Jun 23 | 21,689 | 1,834 | 3,470 | 0 |
| 31 Mar 23 | 21,428 | 1,720 | 3,409 | 0 |
| 31 Dec 22 | 21,166 | 1,606 | 3,348 | 0 |
| 30 Sep 22 | 20,482 | 1,593 | 3,302 | 0 |
| 30 Jun 22 | 19,798 | 1,581 | 3,257 | 0 |
| 31 Mar 22 | 19,293 | 1,693 | 3,244 | 0 |
| 31 Dec 21 | 18,787 | 1,805 | 3,230 | 0 |
| 30 Sep 21 | 18,569 | 1,802 | 3,228 | 0 |
| 30 Jun 21 | 18,350 | 1,800 | 3,226 | 0 |
| 31 Mar 21 | 18,006 | -133 | 3,188 | 0 |
| 31 Dec 20 | 17,662 | -2,067 | 3,149 | 0 |
| 30 Sep 20 | 17,587 | -2,246 | 3,369 | 0 |
| 30 Jun 20 | 17,953 | -2,212 | 3,335 | 0 |
| 31 Mar 20 | 18,433 | -544 | 3,381 | 0 |
| 31 Dec 19 | 18,914 | 1,123 | 3,427 | 0 |
| 30 Sep 19 | 19,043 | 1,010 | 3,555 | 0 |
| 30 Jun 19 | 18,921 | 999 | 3,523 | 0 |
| 31 Mar 19 | 19,119 | 1,289 | 3,501 | 0 |
| 31 Dec 18 | 18,139 | 1,157 | 3,424 | 0 |
| 30 Sep 18 | 17,725 | 1,116 | 3,372 | 0 |
| 30 Jun 18 | 17,390 | 1,053 | 3,356 | 0 |
| 31 Mar 18 | 17,194 | 1,022 | 3,370 | 0 |
| 31 Dec 17 | 17,351 | 969 | 3,387 | 0 |
| 30 Sep 17 | 17,317 | 852 | 3,359 | 0 |
| 30 Jun 17 | 17,230 | 687 | 3,368 | 0 |
| 31 Mar 17 | 16,194 | 648 | 3,191 | 0 |
| 31 Dec 16 | 15,242 | 660 | 3,004 | 0 |
| 30 Sep 16 | 14,385 | 823 | 2,778 | 0 |
| 30 Jun 16 | 13,468 | 934 | 2,569 | 0 |
| 31 Mar 16 | 13,528 | 884 | 2,551 | 0 |
| 31 Dec 15 | 13,532 | 836 | 2,547 | 0 |
| 30 Sep 15 | 13,454 | 881 | 2,456 | 0 |
Quality Earnings: HEI has high quality earnings.
Growing Profit Margin: HEI's current net profit margins (9.2%) are higher than last year (8.2%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: HEI has become profitable over the past 5 years, growing earnings by 18.8% per year.
Accelerating Growth: HEI's earnings growth over the past year (13.7%) is below its 5-year average (18.8% per year).
Earnings vs Industry: HEI earnings growth over the past year (13.7%) exceeded the Basic Materials industry -0.7%.
Return on Equity
High ROE: HEI's Return on Equity (11.3%) is considered low.
Return on Assets
Return on Capital Employed
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/07/10 17:55 |
| End of Day Share Price | 2026/07/10 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Heidelberg Materials AG is covered by 34 analysts. 18 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Gerhard Schwarz | Baader Helvea Equity Research |
| Tom Zhang | Barclays |
| Katherine Hearne | Barclays |