S92 Stock Analysis: SMA Solar Technology | XETRA
Solar | XETRA, Germany | Market Cap: 1.931m EUR | 12M Return: 253.1% | DE000A0DJ6J9 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 4.13M
Qual. Beats: 1
Rev. Trend: -74.0%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 11.6 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
SMA Solar Technology AG (XETRA: S92) is a German manufacturer of solar and battery inverters, PV monitoring systems, and electric vehicle charging solutions, headquartered in Niestetal and founded in 1981. The company operates through two segments - Home & Business Solutions and Large Scale & Project Solutions - serving utility companies, independent power producers, project developers, EPCs, system integrators, grid operators, and energy-intensive industrial customers across Germany and international markets.
Note: While the provided GICS classification places S92 within Information Technology / Semiconductors, the companys actual business is in the renewable energy hardware space. Inverters are a core balance-of-system component in solar installations, converting the direct current generated by photovoltaic modules into grid-compatible alternating current, and increasingly integrating battery storage and EV charging functionality. SMA is one of the longer-established European players in this segment, though the broader inverter market is highly competitive with global manufacturers and has seen ongoing pricing pressure in recent years.
- US utility-scale solar orders boost Large Scale segment
- Chinese inverter competition pressures pricing and margins
- EU energy transition policy fuels residential solar demand
| Net Income: -65.9m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.09 > 0.02 and ΔFCF/TA 3.06 > 1.0 |
| NWC/Revenue: 16.25% < 20% (prev 21.51%; Δ -5.27% < -1%) |
| CFO/TA 0.10 > 3% & CFO 135.7m > Net Income -65.9m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 1.39 > 1.5 & < 3 |
| Outstanding Shares: last quarter (34.7m) vs 12m ago 0.0% < -2% |
| Gross Margin: 12.95% > 18% (prev 12.36%; Δ 0.59% > 0.5%) |
| Asset Turnover: 104.5% > 50% (prev 96.21%; Δ 8.33% > 0%) |
| Interest Coverage Ratio: error (cannot be calculated; needs correct EBIT TTM and Interest Expense TTM) |
| A: 0.18 (Total Current Assets 877.8m - Total Current Liabilities 631.2m) / Total Assets 1.39b |
| B: 0.21 (Retained Earnings 287.1m / Total Assets 1.39b) |
| C: -0.08 (EBIT TTM -122.8m / Avg Total Assets 1.45b) |
| D: 0.46 (Book Value of Equity 441.4m / Total Liabilities 949.5m) |
| Altman-Z'' = 1.76 = BBB |
| DSRI: 1.34 (Receivables 209.4m/150.1m, Revenue 1.52b/1.46b) |
| GMI: 0.95 (GM 12.36% / 12.95%) |
| AQI: 1.28 (AQ_t 0.18 / AQ_t-1 0.14) |
| SGI: 1.04 (Revenue 1.52b / 1.46b) |
| TATA: -0.14 (NI -65.9m - CFO 135.7m) / TA 1.39b) |
| Beneish M = -2.61 (Cap -4..+1) = A |
As of September 03, 2026, the stock is trading at EUR 56.15 with a total of 104,206 shares traded. Over the past week, the price has changed by +2.65%, over one month by +7.46%, over three months by -12.81% and over the past year by +253.14%.
Current recommended Stop Loss: 50.00 (which is 11% or 2.1 ATR below the current price).
SMA Solar Technology has no consensus analysts rating.
P/E Forward = 5.4915
P/S = 1.2803
P/B = 4.4023
P/EG = 0.8044
Revenue TTM = 1.52b EUR
EBIT TTM = -122.8m EUR
EBITDA TTM = -2.30m EUR
Long Term Debt = 99.8m EUR (from longTermDebtTotal, last fiscal year)
Short Term Debt = 13.4m EUR (from shortTermDebt, last quarter)
Debt = 113.3m EUR (corrected: LT Debt 99.8m + ST Debt 13.4m)
Net Debt = -128.4m EUR (calculated: Debt 113.3m - CCE 241.7m)
Enterprise Value = 1.80b EUR (1.93b + Debt 113.3m - CCE 241.7m)
Interest Coverage Ratio = unknown (Ebit TTM -122.8m / Interest Expense TTM 0.0)
EV/FCF = 15.11x (Enterprise Value 1.80b / FCF TTM 119.3m)
FCF Yield = 6.62% (FCF TTM 119.3m / Enterprise Value 1.80b)
FCF Margin = 7.86% (FCF TTM 119.3m / Revenue TTM 1.52b)
Net Margin = -4.35% (Net Income TTM -65.9m / Revenue TTM 1.52b)
Gross Margin = 12.95% ((Revenue TTM 1.52b - Cost of Revenue TTM 1.32b) / Revenue TTM)
Gross Margin QoQ = 34.65% (prev 25.36%)
Tobins Q-Ratio = 1.30 (Enterprise Value 1.80b / Total Assets 1.39b)
Interest Expense / Debt = 0.0% (Interest Expense 0.0 / Debt 113.3m)
Taxrate = 25.0% (non-US conservative default 25%)
NOPAT = -92.1m (EBIT -122.8m * (1 - 25.00%)) [loss with tax shield]
Current Ratio = 1.39 (Total Current Assets 877.8m / Total Current Liabilities 631.2m)
Debt / Equity = 0.26 (Debt 113.3m / totalStockholderEquity, last quarter 441.4m)
Debt / EBITDA = 55.89 (negative EBITDA) (Net Debt -128.4m / EBITDA -2.30m)
Debt / FCF = -1.08 (Net Debt -128.4m / FCF TTM 119.3m)
Total Stockholder Equity = 393.8m (last 4 quarters mean from totalStockholderEquity)
RoA = -4.54% (Net Income -65.9m / Total Assets 1.39b)
RoE = -16.75% (Net Income TTM -65.9m / Total Stockholder Equity 393.8m)
RoCE = -24.88% (EBIT -122.8m / Capital Employed (Equity 393.8m + L.T.Debt 99.8m))
RoIC = -13.21% (negative operating profit) (NOPAT -92.1m / Invested Capital 697.3m)
WACC = 10.58% (E(1.93b)/V(2.04b) * Re(11.20%) + D(113.3m)/V(2.04b) * Rd(0.0%) * (1-Tc(0.25)))
Discount Rate = 11.20% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -29.01 | Cagr: 0.0%
[DCF] Terminal Value 71.11% ; FCFF base≈105.0m ; Y1≈120.3m ; Y5≈177.1m
[DCF] Fair Price = 58.78 (EV 1.91b - Net Debt -128.4m = Equity 2.04b / Shares 34.7m; r=10.58% [WACC]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 1.46 | # QB: 1
Revenue Correlation: -73.96 | Revenue CAGR: -7.82% | SUE: -0.39 | # QB: 0
EPS current Quarter (2026-09-30): EPS=0.83 | Chg30d=+22.06% | Revisions=+25% | Analysts=1
EPS current Year (2026-12-31): EPS=3.30 | Chg30d=+25.38% | Revisions=+50% | GrowthEPS=+163.3% | GrowthRev=+10.1%
EPS next Year (2027-12-31): EPS=3.98 | Chg30d=+10.00% | Revisions=+50% | GrowthEPS=+20.4% | GrowthRev=+6.9%
[Analyst] Revisions Ratio: +70% (up=7, down=0)