# Siemens Aktiengesellschaft (XETRA:SIE)

As of Sun 8 Nov 2026 12:00 UTC (weekly snapshot). Full report: https://standard-equity.report/XETRA/SIE

Price €263.70 (EUR), market cap €202.5B, Industrials - Specialty Industrial Machinery.

## Valuation

- SE Reference Value (expected value, DCF): €218.20 (central 50% range €166.58 to €289.45), -17% against the price; range width moderate
- SE Grade: not rated
- Consensus Rating: Buy (Strong buy 13, Buy 3, Hold 7, Sell 2, Strong sell 0)
- Consensus Price (mean): €305.35, +16% against the price

## Key metrics

Financials in EUR. Peer percentile: 100 = best in the peer group.

| Metric | Now | 5Y median | 10Y median | Peers |
|---|---|---|---|---|
| Revenue | €81.11B | CAGR 7.4% | CAGR -0.1% | P100 |
| Revenue growth | 3.6% | 4.0% | 3.9% | P20 |
| Gross margin | 39.4% | 38.5% | 36.3% | P53 |
| Operating margin | 12.1% | 11.5% | 10.2% | P30 |
| Net margin | 9.8% | 10.6% | 8.1% | P33 |
| FCF yield | 5.8% | 8.0% | 7.6% | P87 |
| FCF margin | 14.6% | 13.3% | 12.0% | P47 |
| FCF / net income | 1.49x | 1.27x | 1.21x | P80 |
| ROIC | 6.7% | 6.9% | 6.7% | P7 |
| ROE | 12.3% | 16.4% | 15.4% | P21 |
| ROA | 4.7% | 5.5% | 4.4% | P17 |
| EPS | €10.19 | CAGR 19.7% | CAGR 6.9% | - |
| EPS growth | -18.4% | 16.6% | 4.7% | P7 |
| Book value per share | €87.51 | CAGR 12.0% | CAGR 7.3% | - |
| FCF per share | €15.19 | CAGR 8.6% | CAGR 8.2% | - |
| Dividend per share | €5.35 | CAGR 8.9% | CAGR 4.5% | - |
| Dividend yield | 2.0% | 3.1% | 3.4% | P82 |
| Payout ratio (FY2025) | 44.2% | 50.1% | 53.4% | P79 |
| Diluted shares | 768.0M | CAGR -0.6% | CAGR -0.4% | P69 |
| Buyback yield | 1.6% | 0.6% | 0.3% | P69 |
| Debt/equity | 0.66x | 0.88x | 0.87x | P24 |
| Enterprise value | €243.8B | CAGR 13.5% | CAGR 9.1% | P100 |
| Long-term debt | €41.32B | CAGR 3.4% | CAGR 6.8% | P100 |

## Company Note (Q3 2026)

Written by AI from the data above.

**Siemens' fiscal third quarter turned** on Digital Industries and Smart Infrastructure. Revenue rose 7.3% to €20.79B and diluted EPS gained 12.8% to €2.91. Higher-volume EDA software bookings lifted Digital Industries margin through accretive mix. Data center orders drove record order intake in Smart Infrastructure. U.S. tariff refunds helped that segment's margin, net of an e-mobility impairment. Even so, the stock looks expensive: SE fair value of €218 is 17.3% below the price.

**Management guided Digital Industries** to revenue growth of 7%-10% for FY2026 and a profit margin of 17%-19%. Fourth-quarter orders are expected around last year's level on very tough EDA comparables. Strategy centers on spinning off Siemens Healthineers, with shareholder approvals due in February 2027, and on expanding industrial AI offerings. Analysts pressed on China, where June eased but July picked up again. They also asked about software pricing; the CEO said, "Currently we are not charging tokens."

**Consensus has EPS falling** 11.4% in FY2026, then rebounding 13.4% in FY2027. Revenue is seen rising 5.4% in FY2026, below the 9.7% annual growth the price implies, so the market is asking for more than analysts forecast. Our projection is lower than consensus in both years: €10.50 for FY2027 against €13.01, though our 80% interval is wide at plus or minus 54%. Siemens beat estimates in 7 of the last 8 quarters, but the stock already prices in beats like these.

**Profitability has improved**, though it still trails the peers nearest in size. ROE moved from 8.0% in FY2022 to 17.0% in FY2025, and net margin rose from 5.2% to 12.2% over the same years. Capital returns tell a weaker story. ROIC of 6.7% sits in line with its median and gained only 1.9pp in three years, ranking near the bottom of peers. ROA of 4.7% is also in line with its median and ranks low. ROIC runs below the cost of capital, and share count is what else holds Quality back.

**The P/E** of 25.9x is 59% above its ten-year median of 16.3x, so earnings must grow into the multiple. SE fair value of €218 is 17.3% below the price, a medium-confidence estimate. The star-weighted analyst target of €305 sits 15.8% above it. For the price to hold, revenue needs to roughly double over ten years, a pace few companies this size have achieved. If FY2027 EPS lands nearer our €10.50 than €13.01, the multiple would be hard to defend.

**Siemens is not rated** by the SE Score because its Moat pillar scores zero, which marks a weak business on this measure. Quality earns two stars: free cash flow has run at 131% of net income over five years, though ROIC of 7% falls below the cost of capital. Moat holds zero stars, as ROIC never exceeded 15% in any of the last ten years. Value holds zero stars, with SE fair value 17.4% below the price and the P/E 59% above its own ten-year median.

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Weekly snapshot, not live data. For information only, not investment advice. Methodology: https://standard-equity.report/methodology