Heineken NVHEINY +2.78%75 Operating Margin % is 13.69% as of Dec. 2025, which is 3% above its 10-year median of 13.29. GuruFocus rates HEINY with a GF Score™ of 75/100 and a GF Value™ of $46.00 (Fairly Valued). The stock has 4 warning signs investors should review. Among 211 Beverages - Alcoholic companies, Heineken NV ranks better than 57.82% on this metric.
Operating Margin % is calculated as Operating Income divided by its Revenue. Heineken NV's Operating Income for the
six
months ended in Dec. 2025 was $2,336 Mil. Heineken NV's Revenue for the
six
months ended in Dec. 2025 was $17,064 Mil. Therefore, Heineken NV's Operating Margin % for the quarter that ended in Dec. 2025 was 13.69%.
Good Sign:
Heineken NV operating margin is expanding. Margin expansion is usually a good sign.
The historical rank and industry rank for Heineken NV's Operating Margin % or its related term are showing as below:
HEINY'
s Operating Margin % Range Over the Past 10 Years
Min: 3.85 Med: 13.29 Max: 15.16
Current: 11.59
HEINY's Operating Margin % is ranked better than 57.82% of 211
companies
in the Beverages - Alcoholic industry
Industry Median: 7.82
vs HEINY: 11.59
Heineken NV's 5-Year Average Operating Margin % Growth Rate was 13.80% per year.
Heineken NV's Operating Income for the
six
months ended in Dec. 2025 was $2,336 Mil.
Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was $3,878 Mil.
Just like Gross Margin %, it is important to see a company maintains its operating margin over time. Among the same industry, a company with higher operating margin is more efficient in its operation. It is also more stable during industry slowdown or recessions. Peter Lynch prefers those with higher margins than those with lower margins.
Be Aware
Operating Margin % can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).
If a company is facing competition, its Operating Margin % may decline. Often the Operating Margin % declines well before the company's Revenue or even profit decline. Therefore, Operating Margin % is a very important indicator of whether the company is facing problems.
For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokias Operating Margin % had already been in decline since 2002, although its Earnings per Share (Diluted) were still rising. Investors who paid attention to Operating Margin % would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).
Therefore, Operating Margin % is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.
Heineken NV Operating Margin % Related Terms
Heineken NV Operating Margin % Historical Data
* Premium members only.
The historical data trend for Heineken NV's Operating Margin % 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.
For the Beverages - Brewers subindustry, Heineken NV's Operating Margin %, along with its competitors' market caps and Operating Margin % 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 NV Operating Margin % vs Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Heineken NV's Operating Margin % distribution charts can be found below:
* The bar in red indicates where Heineken NV's Operating Margin % falls into.
Operating Margin % - also known as operating income margin, operating profit margin and return on sales (ROS) - is the ratio of Operating Income divided by net sales or Revenue, usually presented in percent.
Heineken NV's Operating Margin % for the fiscal year that ended in Dec. 2025 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.
Heineken NV (HEINY) has a Operating Margin % of 13.69% as of Dec. 2025. Operating margin is the ratio of total operating income to net sales. View historical data on Heineken NV and its competitors. This is near median its historical median of 13.29. Over the past decade, Heineken NV's Operating Margin % has ranged from 3.85 to 15.16. According to the industry distribution chart, Heineken NV ranks #89 out of 211 companies in the Beverages - Alcoholic industry, placing it in the top 42.2%.
Is Heineken NV's Operating Margin % too high?
Heineken NV's current Operating Margin % of 13.69% is near median its 10-year median of 13.29. Over the past 10 years, this metric has ranged from a low of 3.85 to a high of 15.16. The Beverages - Alcoholic industry median Operating Margin % is 7.82. Heineken NV's value of 13.69% is 75.1% above this industry median. Based on the distribution chart, Heineken NV ranks #89 out of 211 companies in the Beverages - Alcoholic industry, which is above the industry midpoint. Overall, Heineken NV has a GF Score™ of 75/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Heineken NV's Operating Margin % compare to STZ and TAP?
According to the Beverages - Alcoholic industry distribution chart, Heineken NV ranks #89 out of 211 companies for Operating Margin %. This puts Heineken NV in the upper half of its industry. The industry median Operating Margin % is 7.82. Heineken NV's value of 13.69% is 75.1% above this benchmark. Historically, Heineken NV's own Operating Margin % has ranged from 3.85 to 15.16 over the past decade. While the company's 10-year median is 13.29 vs. the industry median of 7.82, Heineken 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 Operating Margin % for a Beverages - Alcoholic company?
The median Operating Margin % among Beverages - Alcoholic companies is 7.82, based on 211 companies in the industry. Companies in the top quartile (top 25%) have a Operating Margin % significantly above this median, while those in the bottom quartile fall well below. However, Operating Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Heineken NV's current Operating Margin % of 13.69% is 75.1% 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 Operating Margin % mean?
A high Operating Margin % can signal that a stock is expensive relative to its fundamentals. Operating margin is the ratio of total operating income to net sales. View historical data on Heineken NV and its competitors. For the Beverages - Alcoholic industry, the median Operating Margin % is 7.82 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Heineken NV's current Operating Margin % is 13.69%, which is near median its own 10-year median of 13.29. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Heineken NV stock overvalued right now?
Based on GuruFocus' analysis, Heineken NV (HEINY) is currently considered Fairly Valued. The stock's GF Value™ is $46.00, compared to a current price of $42.48 — trading 7.7% below its estimated fair value. The current Operating Margin % is 13.69%, which is near median its 10-year median of 13.29 and 75.1% above the Beverages - Alcoholic industry median of 7.82. Heineken NV's overall GF Score™ is 75/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Margin % calculated?
Operating Margin % is calculated from a company's financial statements. For Heineken NV (HEINY), the current Operating Margin % is 13.69% as of Dec. 2025. 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 NV (HEINY) Overvalued in 2026?
Based on GuruFocus' analysis, Heineken NV stock appears to be undervalued.
The current stock price of $42.48 is trading 7.7% below its estimated GF Value™ of $46.00.
GuruFocus considers Heineken NV to be Fairly Valued.
Key valuation signals for HEINY:
Operating Margin %: 13.69% (near median its 10-year median of 13.29)
GF Value™: $46.00 vs. price of $42.48 (7.7% below fair value)
Industry Position: 75.1% above the Beverages - Alcoholic median (#89 of 211)
No single metric tells the full story. See the HEINY stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Heineken is the world's second-largest brewer behind Anheuser-Busch InBev. It has the leading position in many European markets, including the Netherlands, Austria, Greece, and Italy. Its flagship brand, Heineken, is the world's leading international premium lager by volume and has spawned several brand extensions including Heineken 0.0 and Heineken Silver. Heineken is the world's biggest cider producer. Its portfolio also includes brands in the nonalcoholic, Belgian, and craft beer categories.
75GF Score
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