Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Heineken Holding NVFRA:4H5 +0.13%83 Cyclically Adjusted PB Ratio is 2.23 as of Aug. 07, 2026, which is 27% below its 10-year median of 3.05. GuruFocus rates FRA:4H5 with a GF Score™ of 83/100 and a GF Value™ of €71.92 (Fairly Valued). The stock has 8 warning signs investors should review. Among 166 Beverages - Alcoholic companies, Heineken Holding NV ranks worse than 64.46% on this metric.
The historical rank and industry rank for Heineken Holding NV's Cyclically Adjusted PB Ratio or its related term are showing as below:
FRA:4H5'
s Cyclically Adjusted PB Ratio Range Over the Past 10 Years
Min: 1.7 Med: 3.05 Max: 4.96
Current: 2.22
During the past 13 years, Heineken Holding NV's highest Cyclically Adjusted PB Ratio was 4.96. The lowest was 1.70. And the median was 3.05.
FRA:4H5's Cyclically Adjusted PB Ratio is ranked worse than 64.46% of 166
companies
in the Beverages - Alcoholic industry
Industry Median: 1.415
vs FRA:4H5: 2.22
The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted book value per share of a company over the past 10 years.
Heineken Holding NV's adjusted book value per share data of for the fiscal year that ended in Dec25 was €31.047. Add all the adjusted book value per share for the past 10 years together and divide the count will get our Cyclically Adjusted Book per Share, which is €33.22 for the trailing ten years ended in Dec25.
Shiller PE for Stocks: The True Measure of Stock Valuation
Heineken Holding NV (FRA:4H5) Cyclically Adjusted PB Ratio Explanation
Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.
If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.
Heineken Holding NV Cyclically Adjusted PB Ratio Related Terms
Heineken Holding NV Cyclically Adjusted PB Ratio Historical Data
* Premium members only.
The historical data trend for Heineken Holding NV's Cyclically Adjusted PB Ratio can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Heineken Holding NV Cyclically Adjusted PB Ratio Chart
FRA:4H5 vs STZ, TAP: Cyclically Adjusted PB Ratio Comparison
For the Beverages - Brewers subindustry, Heineken Holding NV's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Heineken Holding NV Cyclically Adjusted PB Ratio vs Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Heineken Holding NV's Cyclically Adjusted PB Ratio distribution charts can be found below:
* The bar in red indicates where Heineken Holding NV's Cyclically Adjusted PB Ratio falls into.
Heineken Holding NV Cyclically Adjusted PB Ratio Calculation
Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.
The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.
Heineken Holding NV's Cyclically Adjusted PB Ratio for today is calculated as
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.
What does a Cyclically Adjusted PB Ratio of 2.23 mean?
Heineken Holding NV (FRA:4H5) has a Cyclically Adjusted PB Ratio of 2.23 as of Aug. 07, 2026. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on Heineken Holding NV and its competitors. This is 27% below median its historical median of 3.05. Over the past decade, Heineken Holding NV's Cyclically Adjusted PB Ratio has ranged from 1.70 to 4.96. According to the industry distribution chart, Heineken Holding NV ranks #107 out of 166 companies in the Beverages - Alcoholic industry, placing it in the top 64.5%.
Is Heineken Holding NV's Cyclically Adjusted PB Ratio too high?
Heineken Holding NV's current Cyclically Adjusted PB Ratio of 2.23 is 27% below median its 10-year median of 3.05. Over the past 10 years, this metric has ranged from a low of 1.70 to a high of 4.96. The Beverages - Alcoholic industry median Cyclically Adjusted PB Ratio is 1.42. Heineken Holding NV's value of 2.23 is 57.6% above this industry median. Based on the distribution chart, Heineken Holding NV ranks #107 out of 166 companies in the Beverages - Alcoholic industry, which is below the industry midpoint. Overall, Heineken Holding NV has a GF Score™ of 83/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Heineken Holding NV's Cyclically Adjusted PB Ratio compare to STZ and TAP?
According to the Beverages - Alcoholic industry distribution chart, Heineken Holding NV ranks #107 out of 166 companies for Cyclically Adjusted PB Ratio. This places Heineken Holding NV in the lower half of its industry. The industry median Cyclically Adjusted PB Ratio is 1.42. Heineken Holding NV's value of 2.23 is 57.6% above this benchmark. Historically, Heineken Holding NV's own Cyclically Adjusted PB Ratio has ranged from 1.70 to 4.96 over the past decade. While the company's 10-year median is 3.05 vs. the industry median of 1.42, Heineken Holding NV has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PB Ratio for a Beverages - Alcoholic company?
The median Cyclically Adjusted PB Ratio among Beverages - Alcoholic companies is 1.42, based on 166 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Heineken Holding NV's current Cyclically Adjusted PB Ratio of 2.23 is 57.6% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PB Ratio mean?
A high Cyclically Adjusted PB Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on Heineken Holding NV and its competitors. For the Beverages - Alcoholic industry, the median Cyclically Adjusted PB Ratio is 1.42 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Heineken Holding NV's current Cyclically Adjusted PB Ratio is 2.23, which is 27% below median its own 10-year median of 3.05. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Heineken Holding NV stock overvalued right now?
Based on GuruFocus' analysis, Heineken Holding NV (FRA:4H5) is currently considered Fairly Valued. The stock's GF Value™ is €71.92, compared to a current price of €74.20 — trading 3.2% above its estimated fair value. The current Cyclically Adjusted PB Ratio is 2.23, which is 27% below median its 10-year median of 3.05 and 57.6% above the Beverages - Alcoholic industry median of 1.42. Heineken Holding NV's overall GF Score™ is 83/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PB Ratio calculated?
Cyclically Adjusted PB Ratio is calculated from a company's financial statements. For Heineken Holding NV (FRA:4H5), the current Cyclically Adjusted PB Ratio is 2.23 as of Aug. 07, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Heineken Holding NV (FRA:4H5) Overvalued in 2026?
Based on GuruFocus' analysis, Heineken Holding NV stock appears to be overvalued.
The current stock price of €74.20 is trading 3.2% above its estimated GF Value™ of €71.92.
GuruFocus considers Heineken Holding NV to be Fairly Valued.
Key valuation signals for FRA:4H5:
Cyclically Adjusted PB Ratio: 2.23 (27% below median its 10-year median of 3.05)
GF Value™: €71.92 vs. price of €74.20 (3.2% above fair value)
Industry Position: 57.6% above the Beverages - Alcoholic median (#107 of 166)
No single metric tells the full story. See the FRA:4H5 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Heineken Holding NV, through its subsidiary, is involved in the brewing and selling of beer and cider. It does not engage in operational activities and generates income almost exclusively by receiving Heineken dividends. The company has five reportable segments: Europe, Americas, Africa & Middle East, Asia Pacific and Heineken N.V. Head Office & Other/Eliminations. The majority of the revenue is generated from the Europe segment.
83GF Score
Get the complete analysis for FRA:4H5
Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
FRA:4H5 has been successfully added to your 
