Henkel AG & Co. KGaA vz. (Pref Shares)
5-year stock timeline
Henkel (HEN3.XETRA) — concise factual 2020–2026 timeline, anchored to the latest price of 66.16 and focused on events that materially moved the stock and shaped investor narrative.
Key company events
In 2020, COVID‑19 forced Henkel to withdraw its annual forecast as demand patterns shifted unpredictably across Adhesive Technologies and consumer businesses, creating near‑term earnings uncertainty.
Through 2021–2022, management reorganized operations by merging Laundry & Home Care with Beauty Care into a single Consumer Brands unit and authorized a large share buyback. The same period saw a costly exit from Russia and a sharp rise in raw‑material costs that pressured margins and forced guidance cuts.
From 2023 into 2024, profitability recovered from the 2022 trough. EBITDA and margins improved steadily, and management raised 2024 guidance multiple times following strong H1 results and successful integration of smaller acquisitions like Seal for Life and Vidal Sassoon.
In 2025 and early 2026, capital deployment accelerated through a €1bn share‑buyback program (approved March 2025) and a more aggressive M&A posture. Major deals were signed or announced including Stahl (February 2026) and premium haircare acquisitions announced in March 2026, signalling a shift toward acquisition‑led growth.
How investor perception evolved
Early in the pandemic, Henkel traded as a mixed defensive and industrial stock—consumer staples strength offset industrial cyclicality, leaving earnings visibility uncertain.
The 2021–2022 period reframed the narrative as restructuring and value. Management outlined longer‑term ambitions, executed portfolio moves, and warned on inflation and the Russia exit, raising concerns that Henkel might become a value trap until margins stabilized.
From 2023 through 2025, the market increasingly viewed Henkel as a defensive compounder with an improving margin trajectory, disciplined capital returns via buybacks, and targeted M&A to re‑accelerate growth. Sentiment turned constructive as guidance upgrades appeared.
Stock‑moving drivers
Raw‑material and logistics inflation in 2021–2022 forced the largest contemporaneous negative impact, triggering guidance cuts and margin downgrades that weighed on the share.
The Russia and Belarus exit removed roughly €1bn in sales and generated one‑off charges in 2022, creating headline earnings volatility and stock pressure.
From 2023 onward, margin recovery, organic improvement across both Adhesive Technologies and Consumer Brands, plus disciplined capital returns and bolt‑on acquisitions, became the primary positive catalysts for rallies and re‑rating episodes.
Technical phases
Early and mid‑2020 saw a sharp COVID shock followed by a strong rebound into 2021 as industrial activity and consumer demand recovered.
2022 produced a large drawdown with volatile ranging, driven by inflationary guidance cuts and the Russia exit. Price action was marked by breakdowns and failed rallies as investors absorbed earnings risk.
From 2023 through mid‑2024, the stock moved into a sideways‑to‑uptrend pattern as margins normalized. Notable rallies occurred around positive earnings beats and the May–July 2024 guidance upgrades.
In 2025 and into 2026, renewed upward pressure built around buyback execution and M&A announcements, with consolidation phases punctuating the re‑rating as the market digested the acquisition activity.
Key risks and downside factors
Henkel straddles two distinct competitive landscapes. In consumer brands—laundry, home care, and beauty—it faces relentless pressure from global giants like Procter & Gamble, Unilever, and Reckitt. The adhesives business is different: Henkel holds genuine leadership here, though it competes against capable specialists including H.B. Fuller, 3M, and Arkema, which keeps the focus sharp on scale and product innovation. The margin picture is what matters. CPG competition erodes pricing power in the consumer segments. Adhesives face their own pressures—pricing and the constant need to innovate. Layer in cyclicality from industrial end markets, plus exposure to currency swings and supply chain friction across a sprawling global operation, and you're looking at a company managing real structural headwinds, not temporary noise.
- Intense competition from Procter & Gamble, Unilever, and Reckitt in consumer brands creates real pressure on market share and margins [2].
- Specialty adhesives competitors—H.B. Fuller, 3M, Arkema—are raising prices while simultaneously intensifying innovation pressure across Adhesive Technologies.
- Revenue swings tied to cyclical demand in automotive, electronics, and packaging end markets.
- Henkel's global manufacturing and sales network leaves it vulnerable to supply-chain disruptions and currency swings that can compress margins.
Competitive landscape
Henkel operates across industrial chemicals and consumer goods with genuine market leadership in adhesives and recognizable brands in laundry, home care and beauty. Its adhesives business competes directly with specialists like 3M and Sika, while the consumer side faces the usual heavyweights—Procter & Gamble, Unilever, L'Oréal. The structural pressures are real: raw material costs swing unpredictably for adhesives and polymers, industrial demand (automotive, construction especially) moves with the cycle, consumer margins get squeezed by relentless FMCG competition, and regulatory and sustainability demands keep tightening across most markets where it operates.
Private competitors
- Soudal Group [web:5]
- LORD Corporation [web:1]
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Start Free TrialPerformance Figures of Henkel AG & Co. KGaA vz. (Pref Shares)
Relative Performance vs Benchmarks
| Period | Henkel AG & Co. KGaA vz. (Pref Shares) | vs DAX | vs S&P 500 (SPY) |
|---|---|---|---|
| 1M | +3.15% | +2.91% | -0.38% |
| 3M | -16.80% | -14.53% | -24.29% |
| 6M | -2.63% | -8.62% | -14.60% |
| 1Y | -3.49% | -5.32% | -28.67% |
| 3Y | -7.82% | -58.20% | -89.96% |
| 5Y | -19.11% | -77.66% | -108.44% |
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Start Free TrialHistorical valuation trends
How the company’s key valuation ratios (P/E, P/S, P/B and P/CF) have evolved over time compared to today.
| Period | P/E Ratio | P/S Ratio | P/B Ratio | P/CF Ratio |
|---|---|---|---|---|
| Current | 13.2 | 1.3 | 1.3 | 10.7 |
| 1Y ago | 8.9 | 0.7 | 1.4 | 4.6 |
| 3Y ago | 16.9 | 1.0 | 1.6 | 14.6 |
| 5Y ago | 28.8 | 2.1 | 2.1 | 9.4 |
Frequently Asked Questions
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How has Henkel AG & Co. KGaA vz. (Pref Shares)'s stock price performed?
How is HEN3.XETRA valued?
Does HEN3.XETRA pay dividends?
What are the key risks when investing in HEN3.XETRA?
- Intense competition from Procter & Gamble, Unilever, and Reckitt in consumer brands creates real pressure on market share and margins [web:2].
- Specialty adhesives competitors—H.B. Fuller, 3M, Arkema—are raising prices while simultaneously intensifying innovation pressure across Adhesive Technologies.
- Revenue swings tied to cyclical demand in automotive, electronics, and packaging end markets.
- Henkel's global manufacturing and sales network leaves it vulnerable to supply-chain disruptions and currency swings that can compress margins.
Who are the main competitors of Henkel AG & Co. KGaA vz. (Pref Shares)?
Key Metrics
Valuation Metrics
Profitability Metrics
Growth Metrics
Dividend history
Long-term record of paid dividends (amount per share and dividend yield at the time of payment).
| Year | Dividend | Yield at payment | Avg. yield |
|---|---|---|---|
| 2026 | 2.07 EUR | 3.23% | 2.08% |
| 2025 | 2.04 EUR | 2.97% | |
| 2024 | 1.85 EUR | 2.50% | |
| 2023 | 1.85 EUR | 2.49% | |
| 2022 | 1.85 EUR | 3.06% | |
| 2021 | 1.85 EUR | 1.87% | |
| 2020 | 1.85 EUR | 2.17% | |
| 2020 | 1.85 EUR | 2.35% | |
| 2019 | 1.85 EUR | 2.04% | |
| 2018 | 1.79 EUR | 1.67% | |
| 2017 | 1.62 EUR | 1.32% | |
| 2016 | 1.47 EUR | 1.49% | |
| 2015 | 1.31 EUR | 1.14% | |
| 2014 | 1.22 EUR | 1.55% | |
| 2013 | 0.95 EUR | 1.30% |
Earnings history & estimates
Historical earnings performance shows how consistently the company meets or exceeds analyst expectations. Forward estimates provide insight into expected profitability and growth trajectory.
Historical earnings performance
Analyst estimates for upcoming periods
Key financial figures
Selected income statement, balance sheet and cash flow figures. Annual and quarterly, based on reported IFRS/GAAP financials.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 20.50B | 21.59B | 21.51B | 22.40B | 20.07B |
| Operating income (EBIT) | 3.00B | 2.83B | 2.01B | 2.15B | 2.58B |
| Net income | 2.04B | 2.01B | 1.32B | 1.26B | 1.63B |
| Free cash flow | 1.82B | 2.49B | 2.65B | 654.00M | 1.49B |
| Total assets | 33.35B | 35.27B | 31.73B | 33.18B | 32.67B |
| Equity | 20.49B | 21.73B | 19.92B | 20.08B | 20.80B |
| Net debt | 998.00M | 1.40B | 936.00M | 2.47B | 842.00M |
PWP Leeway UG (haftungsbeschränkt)
