WAF Stock Analysis: Siltronic | XETRA
Semiconductors | XETRA, Germany | Market Cap: 2.315m EUR | 12M Return: 76.1% | DE000WAF3001 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 4.87M
Qual. Beats: 0
Rev. Trend: -91.4%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 11.1 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.
Siltronic AG (XETRA: WAF) is a German-headquartered manufacturer of hyperpure silicon wafers, serving the global semiconductor industry. The company produces polished wafers, epitaxial wafers, and specialized products such as Ultimate Silicon (used in CMOS technologies including DRAM and NAND memory chips), Float zone (FZ) wafers, and HIREF wafers for discrete applications. Its wafers are used across a wide range of end markets, including computers, smartphones, industrial equipment, wind turbines, and automobiles with both conventional and electric drivetrains. Siltronic markets its products globally, with significant exposure to Germany, the rest of Europe, the United States, Taiwan, Mainland China, South Korea, and other parts of Asia.
Founded in 1953 and formerly known as Wacker Siltronic AG before adopting its current name in 2004, Siltronic is based in Munich, Germany, and trades on the XETRA exchange as a mid-cap stock in the GICS Information Technology sector (Semiconductors sub-industry). Silicon wafer manufacturing is a highly capital-intensive, long-cycle business: production requires advanced cleanroom facilities, multi-step purification and crystal-growing processes, and long-term qualification cycles with chipmakers, which creates high barriers to entry and results in a global market dominated by a small number of suppliers.
- Wafer ASP downcycle pressures Siltronics operating margins
- DRAM and NAND memory demand drives wafer shipment volumes
- Singapore fab capex weighs on free cash flow profile
| Net Income: -192.8m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.02 > 0.02 and ΔFCF/TA 3.11 > 1.0 |
| NWC/Revenue: 44.19% < 20% (prev 39.91%; Δ 4.29% < -1%) |
| CFO/TA 0.04 > 3% & CFO 186.9m > Net Income -192.8m |
| Net Debt (953.6m) to EBITDA (262.5m): 3.63 < 3 |
| Current Ratio: 1.89 > 1.5 & < 3 |
| Outstanding Shares: last quarter (37.0m) vs 12m ago 22.13% < -2% |
| Gross Margin: -3.42% > 18% (prev 17.94%; Δ -21.35% > 0.5%) |
| Asset Turnover: 26.56% > 50% (prev 28.24%; Δ -1.69% > 0%) |
| Interest Coverage Ratio: -3.69 > 6 (EBIT TTM -193.5m / Interest Expense TTM 52.5m) |
| A: 0.12 (Total Current Assets 1.22b - Total Current Liabilities 644.4m) / Total Assets 4.86b |
| B: 0.13 (Retained Earnings 610.1m / Total Assets 4.86b) |
| C: -0.04 (EBIT TTM -193.5m / Avg Total Assets 4.90b) |
| D: 0.77 (Book Value of Equity 2.04b / Total Liabilities 2.65b) |
| Altman-Z'' = 1.73 = BBB |
| DSRI: 1.27 (Receivables 176.8m/149.4m, Revenue 1.30b/1.39b) |
| GMI: 1.00 (fallback, negative margins) |
| AQI: 1.15 (AQ_t 0.02 / AQ_t-1 0.02) |
| SGI: 0.93 (Revenue 1.30b / 1.39b) |
| TATA: -0.08 (NI -192.8m - CFO 186.9m) / TA 4.86b) |
| Beneish M = -2.77 (Cap -4..+1) = A |
As of September 19, 2026, the stock is trading at EUR 76.95 with a total of 491,561 shares traded. Over the past week, the price has changed by +3.15%, over one month by -7.90%, over three months by -17.26% and over the past year by +76.09%.
Current recommended Stop Loss: 72.10 (which is 6.3% or 1.3 ATR below the current price).
Siltronic has no consensus analysts rating.
P/E Forward = 16.5289
P/S = 1.7807
P/B = 1.132
Revenue TTM = 1.30b EUR
EBIT TTM = -193.5m EUR
EBITDA TTM = 262.5m EUR
Long Term Debt = 1.07b EUR (from longTermDebt, last quarter)
Short Term Debt = 269.5m EUR (from shortTermDebt, last quarter)
Debt = 1.60b EUR (from shortLongTermDebtTotal, last quarter) + Leases 135.8m
Net Debt = 953.6m EUR (calculated: Debt 1.60b - CCE 647.4m)
Enterprise Value = 3.27b EUR (2.31b + Debt 1.60b - CCE 647.4m)
Interest Coverage Ratio = -3.69 (Ebit TTM -193.5m / Interest Expense TTM 52.5m)
EV/FCF = -33.05x (Enterprise Value 3.27b / FCF TTM -98.9m)
FCF Yield = -3.03% (FCF TTM -98.9m / Enterprise Value 3.27b)
FCF Margin = -7.61% (FCF TTM -98.9m / Revenue TTM 1.30b)
Net Margin = -14.83% (Net Income TTM -192.8m / Revenue TTM 1.30b)
Gross Margin = -3.42% ((Revenue TTM 1.30b - Cost of Revenue TTM 1.34b) / Revenue TTM)
Gross Margin QoQ = -4.48% (prev -8.55%)
Tobins Q-Ratio = 0.67 (Enterprise Value 3.27b / Total Assets 4.86b)
Interest Expense / Debt = 3.28% (Interest Expense 52.5m / Debt 1.60b)
Taxrate = 25.0% (non-US conservative default 25%)
NOPAT = -145.1m (EBIT -193.5m * (1 - 25.00%)) [loss with tax shield]
Current Ratio = 1.89 (Total Current Assets 1.22b / Total Current Liabilities 644.4m)
Debt / Equity = 0.79 (Debt 1.60b / totalStockholderEquity, last quarter 2.04b)
Debt / EBITDA = 3.63 (Net Debt 953.6m / EBITDA 262.5m)
Debt / FCF = -9.64 (negative FCF - burning cash) (Net Debt 953.6m / FCF TTM -98.9m)
Total Stockholder Equity = 1.89b (last 4 quarters mean from totalStockholderEquity)
RoA = -3.94% (Net Income -192.8m / Total Assets 4.86b)
RoE = -10.18% (Net Income TTM -192.8m / Total Stockholder Equity 1.89b)
RoCE = -6.53% (EBIT -193.5m / Capital Employed (Equity 1.89b + L.T.Debt 1.07b))
RoIC = -3.28% (negative operating profit) (NOPAT -145.1m / Invested Capital 4.42b)
WACC = 9.32% (E(2.31b)/V(3.92b) * Re(14.06%) + D(1.60b)/V(3.92b) * Rd(3.28%) * (1-Tc(0.25)))
Discount Rate = 14.06% (= CAPM, Blume Beta Adj.) -> capped to 13.17%
Shares (quarterly) Correlation: 53.16 | Cagr: 9.72%
[DCF] Fair Price = unknown (Cash Flow -98.9m)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.22 | # QB: 0
Revenue Correlation: -91.40 | Revenue CAGR: -6.23% | SUE: 0.40 | # QB: 0
EPS current Quarter (2026-09-30): EPS=-1.85 | Chg30d=-10.95% | Revisions=-17% | Analysts=3
EPS current Year (2026-12-31): EPS=-6.54 | Chg30d=+6.49% | Revisions=+46% | GrowthEPS=-183.2% | GrowthRev=-1.8%
EPS next Year (2027-12-31): EPS=-3.83 | Chg30d=-1.98% | Revisions=+42% | GrowthEPS=+41.4% | GrowthRev=+14.3%
[Analyst] Revisions Ratio: +40% (up=16, down=6)