(WAF) Siltronic - XETRA
Sector: Technology | Industry: Semiconductors | Exchange: XETRA (Germany) | Market Cap: 2.760m EUR | Total Return: 148.9% in 12m
Avg Turnover: 14.0M
Qual. Beats: 0
Rev. Trend: -89.1%
Qual. Beats: 0
Warnings
High Debt while negative Cash Flow
Interest Coverage Ratio -2.2 is critical
Beneish M-Score 1.00 > -1.5 - likely earnings manipulation
Tailwinds
No distinct edge detected
Siltronic AG is a Munich-based manufacturer specializing in the production of hyperpure silicon wafers, a fundamental substrate for the semiconductor industry. The company’s portfolio includes polished, epitaxial, and specialized wafers such as Float Zone and HIREF, which support high-performance applications in CMOS technology, power electronics, and automotive systems.
The silicon wafer market operates as an oligopoly, where high capital expenditure requirements and complex chemical engineering processes create significant barriers to entry for new competitors. As a tier-one supplier, Siltronic serves global chipmakers across the computing, industrial, and electric vehicle sectors, directly linking its revenue cycles to broader semiconductor demand.
Investors can evaluate the company’s historical performance and valuation metrics further on ValueRay.
- Global semiconductor demand recovery accelerates 300mm wafer volume shipments
- Capacity expansion in Singapore increases depreciation costs and capital expenditure
- Inventory adjustments in memory and logic sectors impact quarterly pricing
- Rising energy and raw material costs pressure manufacturing gross margins
- Geopolitical trade restrictions limit high-end wafer sales to Chinese customers
| Net Income: -129.2m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.03 > 0.02 and ΔFCF/TA 2.03 > 1.0 |
| NWC/Revenue: 37.32% < 20% (prev 41.63%; Δ -4.31% < -1%) |
| CFO/TA 0.04 > 3% & CFO 193.3m > Net Income -129.2m |
| Net Debt (1.20b) to EBITDA (285.2m): 4.20 < 3 |
| Current Ratio: 1.96 > 1.5 & < 3 |
| Outstanding Shares: last quarter (30.0m) vs 12m ago 0.0% < -2% |
| Gross Margin: 2.31% > 18% (prev 18.39%; Δ -16.08% > 0.5%) |
| Asset Turnover: 27.02% > 50% (prev 28.46%; Δ -1.44% > 0%) |
| Interest Coverage Ratio: -2.16 > 6 (EBIT TTM -112.2m / Interest Expense TTM 51.9m) |
| A: 0.10 (Total Current Assets 993.6m - Total Current Liabilities 505.7m) / Total Assets 4.71b |
| B: 0.14 (Retained Earnings 662.2m / Total Assets 4.71b) |
| C: -0.02 (EBIT TTM -112.2m / Avg Total Assets 4.84b) |
| D: 0.67 (Book Value of Equity 1.82b / Total Liabilities 2.71b) |
| Altman-Z'' = 1.69 = BB |
| DSRI: 1.14 (Receivables 167.6m/158.9m, Revenue 1.31b/1.42b) |
| GMI: 7.96 (GM 18.39% / 2.31%) |
| AQI: 1.25 (AQ_t 0.02 / AQ_t-1 0.01) |
| SGI: 0.92 (Revenue 1.31b / 1.42b) |
| TATA: -0.07 (NI -129.2m - CFO 193.3m) / TA 4.71b) |
| Beneish M = 3.49 (Cap -4..+1) = D |
As of June 20, 2026, the stock is trading at EUR 91.95 with a total of 658,132 shares traded.
Over the past week, the price has changed by +6.04%,
over one month by +5.62%,
over three months by +59.66% and
over the past year by +148.93%.
Siltronic has no consensus analysts rating.
P/E Forward = 16.5289
P/S = 2.1111
P/B = 1.5527
Revenue TTM = 1.31b EUR
EBIT TTM = -112.2m EUR
EBITDA TTM = 285.2m EUR
Long Term Debt = 1.25b EUR (from longTermDebt, last quarter)
Short Term Debt = 131.9m EUR (from shortTermDebt, last quarter)
Debt = 1.64b EUR (from shortLongTermDebtTotal, last quarter) + Leases 136.4m
Net Debt = 1.20b EUR (calculated: Debt 1.64b - CCE 445.1m)
Enterprise Value = 3.96b EUR (2.76b + Debt 1.64b - CCE 445.1m)
Interest Coverage Ratio = -2.16 (Ebit TTM -112.2m / Interest Expense TTM 51.9m)
EV/FCF = -25.03x (Enterprise Value 3.96b / FCF TTM -158.1m)
FCF Yield = -4.00% (FCF TTM -158.1m / Enterprise Value 3.96b)
FCF Margin = -12.09% (FCF TTM -158.1m / Revenue TTM 1.31b)
Net Margin = -9.88% (Net Income TTM -129.2m / Revenue TTM 1.31b)
Gross Margin = 2.31% ((Revenue TTM 1.31b - Cost of Revenue TTM 1.28b) / Revenue TTM)
Gross Margin QoQ = -8.55% (prev -0.05%)
Tobins Q-Ratio = 0.84 (Enterprise Value 3.96b / Total Assets 4.71b)
Interest Expense / Debt = 3.16% (Interest Expense 51.9m / Debt 1.64b)
Taxrate = 25.0% (non-US conservative default 25%)
NOPAT = -84.2m (EBIT -112.2m * (1 - 25.00%)) [loss with tax shield]
Current Ratio = 1.96 (Total Current Assets 993.6m / Total Current Liabilities 505.7m)
Debt / Equity = 0.90 (Debt 1.64b / totalStockholderEquity, last quarter 1.82b)
Debt / EBITDA = 4.20 (Net Debt 1.20b / EBITDA 285.2m)
Debt / FCF = -7.57 (negative FCF - burning cash) (Net Debt 1.20b / FCF TTM -158.1m)
Total Stockholder Equity = 1.87b (last 4 quarters mean from totalStockholderEquity)
RoA = -2.67% (Net Income -129.2m / Total Assets 4.71b)
RoE = -6.91% (Net Income TTM -129.2m / Total Stockholder Equity 1.87b)
RoCE = -3.60% (EBIT -112.2m / Capital Employed (Equity 1.87b + L.T.Debt 1.25b))
RoIC = -1.97% (negative operating profit) (NOPAT -84.2m / Invested Capital 4.27b)
WACC = 8.18% (E(2.76b)/V(4.40b) * Re(11.63%) + D(1.64b)/V(4.40b) * Rd(3.16%) * (1-Tc(0.25)))
Discount Rate = 11.63% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 18.08 | Cagr: 0.0%
[DCF] Fair Price = unknown (Cash Flow -158.1m)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -0.54 | # QB: 0
Revenue Correlation: -89.13 | Revenue CAGR: -8.05% | SUE: -0.82 | # QB: 0
EPS current Quarter (2026-06-30): EPS=-1.82 | Chg30d=+0.88% | Revisions=+33% | Analysts=3
EPS next Quarter (2026-09-30): EPS=-1.67 | Chg30d=+0.96% | Revisions=+33% | Analysts=3
EPS current Year (2026-12-31): EPS=-7.15 | Chg30d=+1.33% | Revisions=-25% | GrowthEPS=-209.5% | GrowthRev=-3.9%
EPS next Year (2027-12-31): EPS=-3.87 | Chg30d=+4.43% | Revisions=+25% | GrowthEPS=+45.9% | GrowthRev=+11.9%
[Analyst] Revisions Ratio: +33%