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Heidelberg Materials AG (HEI) Fair Value & Analysis

Basic Materials · DE · Market cap €33.7B

HM Heidelberg Materials AG HEI · XETRA
Price€183.70
Fair Value€168.14
Upside-8.5%
Quality90/100
Evidence: High Range €102.14 – €233.86

Fair value as of: Jun 24, 2026

From 25 valuation models · updated 5 days ago

Fair value updated Jun 24, 2026 — revised from €157.48 to €168.14 (+6.8%) since Jun 23, 2026. Share price −12.4% over the past month.

Price vs Fair Value (12 months)

€257.52 €173.47 Fair Value €168.14 Jun 2025 Jun 2026

12‑month range €173.47 – €257.52 · fair‑value band €102.14 – €233.86 · the €183.70 price screens above the €168.14 fair value. As of Jun 24, 2026.

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Analysis

Heidelberg Materials AG (HEI) currently trades at €183.70, while our model-based Fair Value estimate is €168.14 — implying the stock looks roughly 8.5% overvalued today. We read business quality at 90/100 (high quality), in the Basic Materials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium — the entry price still matters most (evidence: high).

Over the trailing twelve months, Heidelberg Materials AG generated revenue of €21.6B at a net margin of 9.0%. Revenue declined 0.9% year over year. It earns a return on equity of 11.1%. Net debt stands at €4.3B. Fundamentals as of Jun 24, 2026

Key figures & financial health

Revenue (TTM) €21.6B
Revenue growth (YoY) -0.9%
Net margin 9.0%
Return on equity 11.1%
Free cash flow €1.9B FY2025
P/E ratio 17.1
More key figures
Operating margin 17.6%
EPS (TTM) €11.16
Dividend yield 1.9%
EPS growth (YoY) +5.2%
Net debt €4.3B FY2025

Figures from reported company fundamentals (EODHD) · as of Jun 24, 2026. TTM = trailing twelve months.

About the company

Heidelberg Materials AG, together with its subsidiaries, produces and distributes cement, aggregates, ready-mixed concrete, and asphalt worldwide. The company provides cement products; natural stone aggregates, including sand and gravel; crushed aggregates comprising stone chippings and crushed stones; and ready-mixed concrete for use in the construction of tunnels or bridges, office buildings, or schools, as well as to produce precast concrete parts, such as stairs, ceiling elements, or structural components. It also offers asphalt; and trades in cement, clinker, secondary cementitious materials, solid, alternative fuels, other building materials, and additives. The company was formerly known as HeidelbergCement AG and changed its name to Heidelberg Materials AG in May 2023. Heidelberg Materials AG was founded in 1873 and is headquartered in Heidelberg, Germany.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Heidelberg Materials AG reported revenue of €21.5B in FY2025 versus €18.7B in FY2021, a compound +3.5%/yr. Reported net income was €1.9B in FY2025, compounding +2.5%/yr from FY2021.

Revenue +3.5%/yr
FY21 €18.7B
FY22 €21.1B
FY23 €21.2B
FY24 €21.2B
FY25 €21.5B
Net income +2.5%/yr
FY21 €1.8B
FY22 €1.6B
FY23 €1.9B
FY24 €1.8B
FY25 €1.9B

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Recent news

External third-party headlines (Yahoo Finance, Reuters and others) — not an editorial selection, not financial advice.

Similar stocks

6 more Building Materials stocks, each showing price versus our Fair Value estimate (as of Jun 24, 2026).

Stock Price Fair Value vs Fair Value
CRH plc CRH $111.25 $70.25 -37%
Holcim AG HCMLY $19.20 $8.68 -55%
Vulcan Materials Company VMC $304.39 $119.01 -61%
Martin Marietta Materials, Inc MLM $552.87 $149.37 -73%
UltraTech Cement Limited ULTRACEMCO ₹10,912 ₹4,589 -58%
Amrize AG AMRZ $52.80 $32.28 -39%

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Frequently asked questions

Is Heidelberg Materials AG (HEI) undervalued?
As of Jun 24, 2026, our model estimates a fair value of €168.14 versus a price of €183.70 — about −8% (overvalued). Model-based estimate, not financial advice.
What is the fair value of HEI?
Our 21-model fair value for Heidelberg Materials AG is €168.14 (as of Jun 24, 2026), built from audited fundamentals. The current price is €183.70.
What is the quality score of HEI?
Heidelberg Materials AG has a Quality Score of 90/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of Heidelberg Materials AG (HEI)?
Heidelberg Materials AG reported trailing-twelve-month revenue of about €21.6B (latest available figure, as of Jun 24, 2026).
What is the net profit margin of HEI?
The net profit margin of Heidelberg Materials AG is about 9.0%, meaning it keeps roughly 9.0% of revenue as net income. Based on the latest reported figures.
Does Heidelberg Materials AG pay a dividend?
Heidelberg Materials AG currently shows a dividend yield of about 1.92% relative to its recent price (as of Jun 24, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data — nothing guessed.

Educational research only · not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.