S92 Stock Analysis: SMA Solar Technology | XETRA
Solar | XETRA, Germany | Market Cap: 2.063m EUR | 12M Return: 143.9% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 7.78M
Qual. Beats: 0
Rev. Trend: -34.7%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 10.5 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: -188.3m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.01 > 0.02 and ΔFCF/TA 1.59 > 1.0 |
| NWC/Revenue: 13.58% < 20% (prev 24.08%; Δ -10.50% < -1%) |
| CFO/TA 0.01 > 3% & CFO 11.2m > Net Income -188.3m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 1.35 > 1.5 & < 3 |
| Outstanding Shares: last quarter (34.7m) vs 12m ago 0.0% < -2% |
| Gross Margin: 7.98% > 18% (prev 15.86%; Δ -7.88% > 0.5%) |
| Asset Turnover: 104.6% > 50% (prev 91.35%; Δ 13.23% > 0%) |
| Interest Coverage Ratio: -597.3 > 6 (EBIT TTM -195.9m / Interest Expense TTM 328k) |
| A: 0.16 (Total Current Assets 808.0m - Total Current Liabilities 600.3m) / Total Assets 1.29b |
| B: 0.17 (Retained Earnings 212.8m / Total Assets 1.29b) |
| C: -0.13 (EBIT TTM -195.9m / Avg Total Assets 1.46b) |
| D: 0.40 (Book Value of Equity 365.9m / Total Liabilities 921.0m) |
| Altman-Z'' = 1.11 = BB |
| DSRI: 1.70 (Receivables 264.3m/152.3m, Revenue 1.53b/1.50b) |
| GMI: 1.99 (GM 15.86% / 7.98%) |
| AQI: 1.23 (AQ_t 0.17 / AQ_t-1 0.14) |
| SGI: 1.02 (Revenue 1.53b / 1.50b) |
| TATA: -0.15 (NI -188.3m - CFO 11.2m) / TA 1.29b) |
| Beneish M = -1.42 (Cap -4..+1) = D |
As of July 06, 2026, the stock is trading at EUR 60.15 with a total of 101,095 shares traded. Over the past week, the price has changed by +11.49%, over one month by -6.31%, over three months by +31.16% and over the past year by +143.92%.
Current recommended Stop Loss: 55.20 (which is 8.2% or 1.2 ATR below the current price).
SMA Solar Technology has no consensus analysts rating.
P/E Forward = 5.4915
P/S = 1.349
P/B = 5.7468
P/EG = 0.8044
Revenue TTM = 1.53b EUR
EBIT TTM = -195.9m EUR
EBITDA TTM = -73.7m EUR
Long Term Debt = 99.8m EUR (from longTermDebtTotal, last fiscal year)
Short Term Debt = 12.7m EUR (from shortTermDebt, last quarter)
Debt = 112.6m EUR (corrected: LT Debt 99.8m + ST Debt 12.7m)
Net Debt = -16.5m EUR (calculated: Debt 112.6m - CCE 129.1m)
Enterprise Value = 2.05b EUR (2.06b + Debt 112.6m - CCE 129.1m)
Interest Coverage Ratio = -597.3 (Ebit TTM -195.9m / Interest Expense TTM 328k)
EV/FCF = -155.0x (Enterprise Value 2.05b / FCF TTM -13.2m)
FCF Yield = -0.65% (FCF TTM -13.2m / Enterprise Value 2.05b)
FCF Margin = -0.86% (FCF TTM -13.2m / Revenue TTM 1.53b)
Net Margin = -12.31% (Net Income TTM -188.3m / Revenue TTM 1.53b)
Gross Margin = 7.98% ((Revenue TTM 1.53b - Cost of Revenue TTM 1.41b) / Revenue TTM)
Gross Margin QoQ = 25.36% (prev 7.52%)
Tobins Q-Ratio = 1.59 (Enterprise Value 2.05b / Total Assets 1.29b)
Interest Expense / Debt = 0.29% (Interest Expense 328k / Debt 112.6m)
Taxrate = 25.0% (non-US conservative default 25%)
NOPAT = -146.9m (EBIT -195.9m * (1 - 25.00%)) [loss with tax shield]
Current Ratio = 1.35 (Total Current Assets 808.0m / Total Current Liabilities 600.3m)
Debt / Equity = 0.31 (Debt 112.6m / totalStockholderEquity, last quarter 365.9m)
Debt / EBITDA = 0.22 (negative EBITDA) (Net Debt -16.5m / EBITDA -73.7m)
Debt / FCF = 1.25 (negative FCF - burning cash) (Net Debt -16.5m / FCF TTM -13.2m)
Total Stockholder Equity = 409.8m (last 4 quarters mean from totalStockholderEquity)
RoA = -12.87% (Net Income -188.3m / Total Assets 1.29b)
RoE = -45.94% (Net Income TTM -188.3m / Total Stockholder Equity 409.8m)
RoCE = -38.44% (EBIT -195.9m / Capital Employed (Equity 409.8m + L.T.Debt 99.8m))
RoIC = -23.59% (negative operating profit) (NOPAT -146.9m / Invested Capital 622.8m)
WACC = 9.45% (E(2.06b)/V(2.18b) * Re(9.95%) + D(112.6m)/V(2.18b) * Rd(0.29%) * (1-Tc(0.25)))
Discount Rate = 9.95% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -34.78 | Cagr: 0.0%
[DCF] Fair Price = unknown (Cash Flow -13.2m)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -0.49 | # QB: 0
Revenue Correlation: -34.73 | Revenue CAGR: -4.13% | SUE: -0.38 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.43 | Chg30d=-2.27% | Revisions=+25% | Analysts=1
EPS next Quarter (2026-09-30): EPS=0.68 | Chg30d=+61.90% | Revisions=+25% | Analysts=1
EPS current Year (2026-12-31): EPS=2.00 | Chg30d=+8.00% | Revisions=+17% | GrowthEPS=+138.3% | GrowthRev=+6.6%
EPS next Year (2027-12-31): EPS=3.13 | Chg30d=+8.00% | Revisions=+57% | GrowthEPS=+56.7% | GrowthRev=+4.8%
[Analyst] Revisions Ratio: +58% (up=8, down=1)