# Aixtron Se (AIXA.XETRA)

Canonical: https://gigainvestors.com/s/AIXA.XETRA

Analysis as of: 2026-10-16T07:38:15.566Z. Financial observations: FY2001–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 30.98 per share; close as of 2026-10-15.

Estimated value: low EUR 17.87 per share, central EUR 22.46 per share, high EUR 25.14 per share. Buy at or below the central value EUR 22.46 per share. Valuation as of 2026-10-16T07:38:15.566Z; scenarios are not confidence intervals.

Expected annual return: 7.6% at the stated quote. About 7.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DE 10-year bond 3.4% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 0.73×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.11×

- FY2017: 0.02×

- FY2018: 0.15×

- FY2019: 0.15×

- FY2020: 0.13×

- FY2021: 0.23×

- FY2022: 0.23×

- FY2023: 0.25×

- FY2024: 0.21×

- FY2025: 0.17×

### moat: pass

- ROIC, median of available years: 25.5%

- ROIC, second-lowest year: 12.6%

- Typical minus recent gross margin: 2.0 pp

- Typical gross margin (annual median): 41.7%

- Recent gross margin (lower of latest and 3-year median): 39.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.1%

- ROIC including acquisitions, ten-year median: 17.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -15.5%

- FY2017: 23.6%

- FY2018: >100%

- FY2019: 33.5%

- FY2020: 19.3%

- FY2021: 55.4%

- FY2022: 36.6%

- FY2023: 27.3%

- FY2024: 14.8%

- FY2025: 12.6%

### economics: fail

- owner earnings cash conversion below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.76×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 406M

- Net income, five-year total: EUR 533M

- Return on incremental invested capital: 20.9%

- Working capital / revenue, annual change: 5.7 pp

- Working capital / revenue, change between three-year averages: 42.3 pp

- Working capital / revenue, final three-year average: 78.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.99×

- FY2022: 0.85×

- FY2023: 0.89×

- FY2024: 0.20×

- FY2025: 0.86×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 23.6% vs 14.8%

- Per-share earnings: -0.21 to 0.93 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.0%

- Ordinary dilution, 5-year annual growth: -0.0%

- Market cap gain: EUR 1.6B

- Cumulative retained earnings: EUR 521M

- Diluted shares, 10-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: -0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: EUR 1.14

- Per-share value, starting three-year median: EUR -0.21

- Per-share value, ending three-year median: EUR 0.93

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 8.8M

- Cumulative net income, 10 years: EUR 629M

- ROIC, first three-year median: 23.6%

- ROIC, last three-year median: 14.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR -0.21

- FY2017: EUR 0.06

- FY2018: EUR 0.41

- FY2019: EUR 0.29

- FY2020: EUR 0.31

- FY2021: EUR 0.85

- FY2022: EUR 0.89

- FY2023: EUR 1.29

- FY2024: EUR 0.93

- FY2025: EUR 0.76

### accounting: pass

- Sloan accruals: -11.9%

- Receivables to sales index (DSRI): 0.91×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.45×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.09×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 3.1%

- FY2017: -14.0%

- FY2018: 6.1%

- FY2019: -1.8%

- FY2020: 12.5%

- FY2021: 14.7%

- FY2022: 7.0%

- FY2023: 18.7%

- FY2024: 7.9%

- FY2025: -11.9%

## Holders

## Price story

Down 47% since May 2026 · sales -12.1%

Story as of 2026-10-16T10:00:09.828Z; price observation 2026-10-15.

Price needs cash profits to grow 12.1% a year for ten years

- 2025-04-30: Aixtron first-quarter orders beat expectations, says US tariff risk 'insignificant' ([finance.yahoo.com](https://finance.yahoo.com/news/aixtron-q1-orders-above-last-065747708.html))

- 2026-04-15: Aixtron Shares Jump 17% As AI Demand Lifts Revenue Outlook ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/aixtron-shares-jump-17-ai-163749035.html))

### Sales · FY2024–2025

sales -12.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 196M 

- FY2017: EUR 230M 

- FY2018: EUR 269M 

- FY2019: EUR 260M 

- FY2020: EUR 269M 

- FY2021: EUR 429M 

- FY2022: EUR 463M 

- FY2023: EUR 630M 

- FY2024: EUR 633M 

- FY2025: EUR 557M 

### Gross margin · FY2025

gross margin 39.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 28.6% 

- FY2017: 32.1% 

- FY2018: 43.8% 

- FY2019: 41.9% 

- FY2020: 40.2% 

- FY2021: 42.3% 

- FY2022: 42.2% 

- FY2023: 44.3% 

- FY2024: 41.5% 

- FY2025: 39.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in semiconductor equipment & materials; annual sales are EUR 556.6 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:15.566Z); FY2025: revenue 556552000; grossProfit 220958000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AIXA.XETRA: AIXTRON SE, together with its subsidiaries, manufactures and sells deposition equipment to the semiconductor industry in Asia, Europe, and the United States. The company offers G10-SiC, G10-GaN, G10-AsP, AIX G5+ C, Closed Coupled Showerhead systems for research and development, AIX 2800G4-TM, and AIX G5 WW C. It also develops, produces, and installs equipment for the deposition of semiconductor materials; and offers deposition processes, consulting, training, customer support, and other related services, as well as peripheral equipment and services to support the operation of its systems. In addition, the company engages in supplying deposition equipment for volume production; and research and development and pre-series production activities. Its products are used in laser, LED, display technologies, optical data transmission, SiC and GaN power electronics, and other applications. AIXTRON SE was founded in 1983 and is headquartered in Herzogenrath, Germany.

### Why customers stay

Margins ranged from 39.7% to 44.3% during 2023–25; it earns 25.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:15.566Z); FY2023: grossProfit / revenue = 44.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:15.566Z); FY2024: grossProfit / revenue = 41.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:15.566Z); FY2025: grossProfit / revenue = 39.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:15.566Z); 10-year return on capital observations [[2016,-0.15504964213617178],[2017,0.2360545846301173],[2018,1.037557863130239],[2019,0.3351335769541785],[2020,0.1926215729201823],[2021,0.5541742699522197],[2022,0.3658468961551604],[2023,0.2729535867388914],[2024,0.14756053142469636],[2025,0.1257768293282227]]; median 0.25450408568450433. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:15.566Z); FY2017: growth capex 0; upkeep 9652000; owner earnings 14598000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:15.566Z); FY2018: growth capex 795000; upkeep 8410000; owner earnings 45862000. Growth capex / owner earnings = 0.017334612533251928.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:15.566Z); FY2019: growth capex 0; upkeep 7756000; owner earnings 34595000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:15.566Z); FY2020: growth capex 0; upkeep 9290000; owner earnings 34540200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:15.566Z); FY2021: growth capex 8443000; upkeep 9018000; owner earnings 94853800. Growth capex / owner earnings = 0.08901066694217838.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:15.566Z); FY2022: growth capex 7563367.092086058; upkeep 22098632.907913942; owner earnings 85612967.09208606. Growth capex / owner earnings = 0.08834370947511765.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:15.566Z); FY2023: growth capex 36847599.04489691; upkeep 25797400.955103092; owner earnings 129911399.0448969. Growth capex / owner earnings = 0.28363638076257275.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:15.566Z); FY2024: growth capex 796993.6367233247; upkeep 97902006.36327668; owner earnings 21603593.636723325. Growth capex / owner earnings = 0.03689171580086279.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:15.566Z); FY2025: growth capex 0; upkeep 27423000; owner earnings 73605400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:15.566Z); Dividend observations: [[2016,0],[2017,0],[2018,12303000],[2019,12303000],[2020,12303000],[2021,12303000],[2022,33662000],[2023,34839000],[2024,45033000],[2025,16916000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 1.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AIXA.XETRA SharesStats.PercentInsiders = 1.598 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 12.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:15.566Z); Ten-year compound average after fade. Initial solved rate 0.16134390814340682. Price 30.98; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.271122381606976 → FY2025 0.6526117183087602. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 4.51 per share

- 2016-11: EUR 3.87 per share

- 2016-12: EUR 3.10 per share

- 2017-01: EUR 3.41 per share

- 2017-02: EUR 3.23 per share

- 2017-03: EUR 3.48 per share

- 2017-04: EUR 5.03 per share

- 2017-05: EUR 5.86 per share

- 2017-06: EUR 6.16 per share

- 2017-07: EUR 7.51 per share

- 2017-08: EUR 8.12 per share

- 2017-09: EUR 11.39 per share

- 2017-10: EUR 13.40 per share

- 2017-11: EUR 12.33 per share

- 2017-12: EUR 11.58 per share

- 2018-01: EUR 12.14 per share

- 2018-02: EUR 16.42 per share

- 2018-03: EUR 15.68 per share

- 2018-04: EUR 11.86 per share

- 2018-05: EUR 12.86 per share

- 2018-06: EUR 11.10 per share

- 2018-07: EUR 12.31 per share

- 2018-08: EUR 10.76 per share

- 2018-09: EUR 8.72 per share

- 2018-10: EUR 11.11 per share

- 2018-11: EUR 9.66 per share

- 2018-12: EUR 8.41 per share

- 2019-01: EUR 8.70 per share

- 2019-02: EUR 7.86 per share

- 2019-03: EUR 8.01 per share

- 2019-04: EUR 10.25 per share

- 2019-05: EUR 8.66 per share

- 2019-06: EUR 8.39 per share

- 2019-07: EUR 10.22 per share

- 2019-08: EUR 8.98 per share

- 2019-09: EUR 9.36 per share

- 2019-10: EUR 8.18 per share

- 2019-11: EUR 8.59 per share

- 2019-12: EUR 8.53 per share

- 2020-01: EUR 9.57 per share

- 2020-02: EUR 9.15 per share

- 2020-03: EUR 8.01 per share

- 2020-04: EUR 8.50 per share

- 2020-05: EUR 9.49 per share

- 2020-06: EUR 10.73 per share

- 2020-07: EUR 10.28 per share

- 2020-08: EUR 9.65 per share

- 2020-09: EUR 10.30 per share

- 2020-10: EUR 9.67 per share

- 2020-11: EUR 12.17 per share

- 2020-12: EUR 14.27 per share

- 2021-01: EUR 15.42 per share

- 2021-02: EUR 18.85 per share

- 2021-03: EUR 19.38 per share

- 2021-04: EUR 17.77 per share

- 2021-05: EUR 16.89 per share

- 2021-06: EUR 22.85 per share

- 2021-07: EUR 20.78 per share

- 2021-08: EUR 24.43 per share

- 2021-09: EUR 21.67 per share

- 2021-10: EUR 20.55 per share

- 2021-11: EUR 17.71 per share

- 2021-12: EUR 17.87 per share

- 2022-01: EUR 18.17 per share

- 2022-02: EUR 19.39 per share

- 2022-03: EUR 20.00 per share

- 2022-04: EUR 24.75 per share

- 2022-05: EUR 27.44 per share

- 2022-06: EUR 24.18 per share

- 2022-07: EUR 25.13 per share

- 2022-08: EUR 23.38 per share

- 2022-09: EUR 24.93 per share

- 2022-10: EUR 24.89 per share

- 2022-11: EUR 31.06 per share

- 2022-12: EUR 26.97 per share

- 2023-01: EUR 27.24 per share

- 2023-02: EUR 29.08 per share

- 2023-03: EUR 31.23 per share

- 2023-04: EUR 25.63 per share

- 2023-05: EUR 29.01 per share

- 2023-06: EUR 31.09 per share

- 2023-07: EUR 36.08 per share

- 2023-08: EUR 35.10 per share

- 2023-09: EUR 34.82 per share

- 2023-10: EUR 26.46 per share

- 2023-11: EUR 33.41 per share

- 2023-12: EUR 38.66 per share

- 2024-01: EUR 34.77 per share

- 2024-02: EUR 25.68 per share

- 2024-03: EUR 24.50 per share

- 2024-04: EUR 21.86 per share

- 2024-05: EUR 20.94 per share

- 2024-06: EUR 18.34 per share

- 2024-07: EUR 21.60 per share

- 2024-08: EUR 17.35 per share

- 2024-09: EUR 15.96 per share

- 2024-10: EUR 14.57 per share

- 2024-11: EUR 13.67 per share

- 2024-12: EUR 15.22 per share

- 2025-01: EUR 13.52 per share

- 2025-02: EUR 12.17 per share

- 2025-03: EUR 10.14 per share

- 2025-04: EUR 11.82 per share

- 2025-05: EUR 12.16 per share

- 2025-06: EUR 15.59 per share

- 2025-07: EUR 14.87 per share

- 2025-08: EUR 12.54 per share

- 2025-09: EUR 14.75 per share

- 2025-10: EUR 13.88 per share

- 2025-11: EUR 17.94 per share

- 2025-12: EUR 17.31 per share

- 2026-01: EUR 19.37 per share

- 2026-02: EUR 27.60 per share

- 2026-03: EUR 32.70 per share

- 2026-04: EUR 46.98 per share

- 2026-05: EUR 58.24 per share

- 2026-06: EUR 52.62 per share

- 2026-07: EUR 36.27 per share

- 2026-08: EUR 35.79 per share

- 2026-09: EUR 37.92 per share

- 2026-10: EUR 34.53 per share

## Annual estimated value (EUR per share)

- FY2019: low EUR 4.19 per share, central EUR 4.41 per share, high EUR 4.70 per share

- FY2020: low EUR 5.51 per share, central EUR 5.97 per share, high EUR 6.58 per share

- FY2021: low EUR 8.63 per share, central EUR 9.40 per share, high EUR 10.42 per share

- FY2022: low EUR 12.13 per share, central EUR 15.79 per share, high EUR 18.04 per share

- FY2023: low EUR 15.57 per share, central EUR 21.60 per share, high EUR 25.10 per share

- FY2024: low EUR 14.35 per share, central EUR 20.31 per share, high EUR 23.78 per share

- FY2025: low EUR 14.29 per share, central EUR 19.61 per share, high EUR 22.70 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:43:35.242Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations