# BE Semiconductor Industries NV (BESI.AS)

Canonical: https://gigainvestors.com/s/BESI.AS

Analysis as of: 2026-10-16T07:35:12.109Z. Financial observations: FY1996–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 163.40 per share; close as of 2026-10-15.

Estimated value: low EUR 39.86 per share, central EUR 49.39 per share, high EUR 56.67 per share. Buy at or below the central value EUR 49.39 per share. Valuation as of 2026-10-16T07:35:12.109Z; scenarios are not confidence intervals.

Expected annual return: 4.9% at the stated quote. About 4.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; NL 10-year bond 3.5% + 4 points).

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.19×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.20×

- FY2017: 0.35×

- FY2018: 0.33×

- FY2019: 0.26×

- FY2020: 0.35×

- FY2021: 0.42×

- FY2022: 0.41×

- FY2023: 0.37×

- FY2024: 0.32×

- FY2025: 0.29×

### moat: pass

- ROIC, median of available years: 40.6%

- ROIC, second-lowest year: 31.9%

- Typical minus recent gross margin: -3.7 pp

- Typical gross margin (annual median): 59.6%

- Recent gross margin (lower of latest and 3-year median): 63.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.9%

- ROIC including acquisitions, ten-year median: 32.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 31.9%

- FY2017: >100%

- FY2018: 49.4%

- FY2019: 34.8%

- FY2020: 39.9%

- FY2021: 67.8%

- FY2022: 59.2%

- FY2023: 35.9%

- FY2024: 28.7%

- FY2025: 41.3%

### economics: fail

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

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.0B

- Net income, five-year total: EUR 1.0B

- Return on incremental invested capital: 64.2%

- Working capital / revenue, annual change: 1.7 pp

- Working capital / revenue, change between three-year averages: 12.7 pp

- Working capital / revenue, final three-year average: 40.1%

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

- FY2021: 0.99×

- FY2022: 0.96×

- FY2023: 0.97×

- FY2024: 0.98×

- FY2025: 1.12×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 49.4% vs 35.9%

- Per-share earnings: 0.90 to 2.16 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.9%

- Ordinary dilution, 5-year annual growth: 1.8%

- Market cap gain: EUR 9.5B

- Cumulative retained earnings: EUR 58M

- Diluted shares, 10-year annual growth: 0.9%

- Diluted shares, 5-year annual growth: 1.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 11.6%

- Per-share value change: EUR 1.26

- Per-share value, starting three-year median: EUR 0.90

- Per-share value, ending three-year median: EUR 2.16

- Buybacks concentrated in cheaper years (correlation): 0.52

- Average buyback yield: 1.5%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 71M

- Cumulative net income, 10 years: EUR 1.6B

- ROIC, first three-year median: 49.4%

- ROIC, last three-year median: 35.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.90

- FY2017: EUR 2.38

- FY2018: EUR 1.87

- FY2019: EUR 1.12

- FY2020: EUR 1.82

- FY2021: EUR 3.62

- FY2022: EUR 2.84

- FY2023: EUR 2.16

- FY2024: EUR 2.23

- FY2025: EUR 1.66

### accounting: pass

- Sloan accruals: -4.2%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 9.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.35×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.36×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.7%

- FY2017: 0.6%

- FY2018: -6.2%

- FY2019: -5.6%

- FY2020: -3.3%

- FY2021: 0.4%

- FY2022: -2.8%

- FY2023: -3.5%

- FY2024: -1.5%

- FY2025: -4.2%

## Holders

## Price story

Down 43% since Jun 2026 · "Hybrid Bonding Delays Test BE Semiconductor Industries Valuation And Growth Story" (finance.yahoo.com, Mar 2026) · sales -2.7%

Story as of 2026-10-16T10:00:04.055Z; price observation 2026-10-15.

Price needs cash profits to grow 20.4% a year for ten years

- 2025-06-12: Besi lifts long-term targets, expecting new AI customers ([finance.yahoo.com](https://finance.yahoo.com/news/besi-lifts-forecast-expects-higher-052733844.html))

- 2026-01-12: BE Semiconductor Industries Gets Order Boost From Data Centers ([finance.yahoo.com](https://finance.yahoo.com/m/d337bc71-f3bb-3f3c-b263-5813b8f6ebca/be-semiconductor-industries.html))

- 2026-04-23: Besi posts higher bookings in first-quarter, as AI boosts demand for hybrid bonding tech ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/besi-reports-first-quarter-bookings-051524227.html))

- 2026-06-18: BESI raises long-term revenue, margin targets as demand increases ([finance.yahoo.com](https://finance.yahoo.com/technology/articles/besi-raises-long-term-revenue-072037550.html))

### Sales · FY2024–2025

sales -2.7%; source https://filings.xbrl.org/7245007A1YFLI2GNYX06/2025-12-31/ESEF/NL/0/7245007A1YFLI2GNYX06-2025-12-31-0-en/reports/7245007A1YFLI2GNYX06-2025-12-31-0-en.xhtml; observed 2026-03-04.

- FY2016: EUR 375M 

- FY2017: EUR 593M 

- FY2018: EUR 525M 

- FY2019: EUR 356M 

- FY2020: EUR 434M 

- FY2021: EUR 749M 

- FY2022: EUR 723M 

- FY2023: EUR 579M 

- FY2024: EUR 607M 

- FY2025: EUR 591M 

### Gross margin · FY2025

gross margin 63.3%; source https://filings.xbrl.org/7245007A1YFLI2GNYX06/2025-12-31/ESEF/NL/0/7245007A1YFLI2GNYX06-2025-12-31-0-en/reports/7245007A1YFLI2GNYX06-2025-12-31-0-en.xhtml; observed 2026-03-04.

- FY2016: 51.0% 

- FY2017: 57.1% 

- FY2018: 56.8% 

- FY2019: 55.8% 

- FY2020: 59.6% 

- FY2021: 59.6% 

- FY2022: 61.3% 

- FY2023: 64.9% 

- FY2024: 65.2% 

- FY2025: 63.3% 

## Owner memo

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

### How it makes money

Operates in semiconductor equipment & materials; annual sales are EUR 591.3 million.

- Source: https://filings.xbrl.org/7245007A1YFLI2GNYX06/2025-12-31/ESEF/NL/0/7245007A1YFLI2GNYX06-2025-12-31-0-en/reports/7245007A1YFLI2GNYX06-2025-12-31-0-en.xhtml (filed 2026-03-04); FY2025: revenue 591331000; grossProfit 374274000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BESI.AS: BE Semiconductor Industries N.V. develops, manufactures, markets, sells, and services semiconductor assembly equipment for the semiconductor and electronics industries in the Netherlands, Switzerland, Austria, Singapore, Malaysia, and internationally. It operates through three segments: Die Attach, Packaging, and Plating. The company offers single chip, multi chip, multi module, flip chip, epoxy and soft solder die bonding systems, hybrid, TCB and embedded bridge die bonding, die lid attach, and fan out wafer level packaging systems; and conventional, ultra-thin and wafer level molding, trim and form, and singulation systems. It also provides tin, copper, precious metal and solar plating systems, and related process chemicals; and tooling, conversion kits, spare parts, and other services. The company sells its products under the Fico, Meco, Datacon, and Esec brands. It serves multinational chip manufacturers, foundries, assembly subcontractors and electronics, and industrial companies. BE Semiconductor Industries N.V. was incorporated in 1995 and is headquartered in Duiven, the Netherlands.

### Why customers stay

Margins ranged from 63.3% to 65.2% during 2023–25; it earns 40.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2023: grossProfit / revenue = 64.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2024: grossProfit / revenue = 65.2%.

- Source: https://filings.xbrl.org/7245007A1YFLI2GNYX06/2025-12-31/ESEF/NL/0/7245007A1YFLI2GNYX06-2025-12-31-0-en/reports/7245007A1YFLI2GNYX06-2025-12-31-0-en.xhtml (filed 2026-03-04); FY2025: grossProfit / revenue = 63.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); 10-year return on capital observations [[2016,0.318582645422149],[2017,1.2830289984590622],[2018,0.49366581838465445],[2019,0.34813549564835367],[2020,0.399056251235405],[2021,0.6783179203171718],[2022,0.591991597587262],[2023,0.35908577429676297],[2024,0.28711300955921654],[2025,0.4131103511700206]]; median 0.4060833012027128. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 82 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2016: growth capex 0; upkeep 11225000; owner earnings 68614000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2017: growth capex 0; upkeep 11696000; owner earnings 174659000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2018: growth capex 0; upkeep 18022000; owner earnings 133242000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2019: growth capex 0; upkeep 15737000; owner earnings 83351200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2020: growth capex 5799696.009740729; upkeep 16063303.990259271; owner earnings 124323096.00974073. Growth capex / owner earnings = 0.04665018967422049.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2021: growth capex 10788000; upkeep 17564000; owner earnings 280284400. Growth capex / owner earnings = 0.038489477116814205.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2022: growth capex 0; upkeep 28393000; owner earnings 231704200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2023: growth capex 0; upkeep 28020000; owner earnings 171063400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2024: growth capex 2329696.119675413; upkeep 29146303.880324587; owner earnings 178976696.1196754. Growth capex / owner earnings = 0.01301675676322479.

- Source: https://filings.xbrl.org/7245007A1YFLI2GNYX06/2025-12-31/ESEF/NL/0/7245007A1YFLI2GNYX06-2025-12-31-0-en/reports/7245007A1YFLI2GNYX06-2025-12-31-0-en.xhtml (filed 2026-03-04); FY2025: growth capex 0; upkeep 15795000; owner earnings 147305799. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Dividend observations: [[2016,45420000],[2017,65302000],[2018,174018000],[2019,122419000],[2020,73486000],[2021,129357000],[2022,269467000],[2023,222109000],[2024,171534000],[2025,172811000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/7245007A1YFLI2GNYX06/2025-12-31/ESEF/NL/0/7245007A1YFLI2GNYX06-2025-12-31-0-en/reports/7245007A1YFLI2GNYX06-2025-12-31-0-en.xhtml (filed 2026-03-04); FY2025: cash repurchases 81967000 EUR.

### Are managers owners

Insiders own 10.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BESI.AS SharesStats.PercentInsiders = 10.891 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 20.4% yearly over ten years; actual growth was 9.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Ten-year compound average after fade. Initial solved rate 0.28397643668719674. Price 163.4; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.7422037793772376 → FY2025 1.8525605831374576. Closing-price date 2026-10-15.

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

- 2016-10: EUR 14.83 per share

- 2016-11: EUR 15.65 per share

- 2016-12: EUR 15.82 per share

- 2017-01: EUR 16.71 per share

- 2017-02: EUR 18.04 per share

- 2017-03: EUR 19.12 per share

- 2017-04: EUR 23.98 per share

- 2017-05: EUR 23.81 per share

- 2017-06: EUR 23.38 per share

- 2017-07: EUR 27.45 per share

- 2017-08: EUR 27.23 per share

- 2017-09: EUR 29.43 per share

- 2017-10: EUR 33.73 per share

- 2017-11: EUR 34.49 per share

- 2017-12: EUR 34.96 per share

- 2018-01: EUR 38.75 per share

- 2018-02: EUR 40.65 per share

- 2018-03: EUR 41.53 per share

- 2018-04: EUR 28.68 per share

- 2018-05: EUR 28.76 per share

- 2018-06: EUR 23.18 per share

- 2018-07: EUR 18.60 per share

- 2018-08: EUR 18.70 per share

- 2018-09: EUR 18.17 per share

- 2018-10: EUR 18.93 per share

- 2018-11: EUR 19.15 per share

- 2018-12: EUR 18.48 per share

- 2019-01: EUR 22.67 per share

- 2019-02: EUR 22.00 per share

- 2019-03: EUR 23.72 per share

- 2019-04: EUR 25.62 per share

- 2019-05: EUR 20.24 per share

- 2019-06: EUR 22.64 per share

- 2019-07: EUR 26.99 per share

- 2019-08: EUR 26.85 per share

- 2019-09: EUR 28.73 per share

- 2019-10: EUR 33.13 per share

- 2019-11: EUR 33.49 per share

- 2019-12: EUR 34.46 per share

- 2020-01: EUR 38.41 per share

- 2020-02: EUR 35.10 per share

- 2020-03: EUR 27.80 per share

- 2020-04: EUR 37.56 per share

- 2020-05: EUR 34.32 per share

- 2020-06: EUR 39.65 per share

- 2020-07: EUR 37.42 per share

- 2020-08: EUR 40.05 per share

- 2020-09: EUR 36.59 per share

- 2020-10: EUR 34.69 per share

- 2020-11: EUR 43.81 per share

- 2020-12: EUR 49.58 per share

- 2021-01: EUR 56.66 per share

- 2021-02: EUR 62.38 per share

- 2021-03: EUR 71.44 per share

- 2021-04: EUR 67.32 per share

- 2021-05: EUR 66.76 per share

- 2021-06: EUR 71.54 per share

- 2021-07: EUR 73.94 per share

- 2021-08: EUR 77.06 per share

- 2021-09: EUR 68.66 per share

- 2021-10: EUR 78.96 per share

- 2021-11: EUR 83.74 per share

- 2021-12: EUR 75.02 per share

- 2022-01: EUR 73.80 per share

- 2022-02: EUR 76.14 per share

- 2022-03: EUR 77.86 per share

- 2022-04: EUR 58.74 per share

- 2022-05: EUR 56.96 per share

- 2022-06: EUR 45.87 per share

- 2022-07: EUR 52.16 per share

- 2022-08: EUR 47.39 per share

- 2022-09: EUR 44.59 per share

- 2022-10: EUR 51.72 per share

- 2022-11: EUR 60.60 per share

- 2022-12: EUR 56.56 per share

- 2023-01: EUR 65.28 per share

- 2023-02: EUR 73.36 per share

- 2023-03: EUR 80.10 per share

- 2023-04: EUR 81.34 per share

- 2023-05: EUR 103.05 per share

- 2023-06: EUR 99.30 per share

- 2023-07: EUR 108.65 per share

- 2023-08: EUR 106.10 per share

- 2023-09: EUR 93.00 per share

- 2023-10: EUR 97.30 per share

- 2023-11: EUR 128.45 per share

- 2023-12: EUR 136.45 per share

- 2024-01: EUR 139.80 per share

- 2024-02: EUR 167.15 per share

- 2024-03: EUR 141.90 per share

- 2024-04: EUR 125.50 per share

- 2024-05: EUR 135.00 per share

- 2024-06: EUR 156.15 per share

- 2024-07: EUR 119.15 per share

- 2024-08: EUR 117.80 per share

- 2024-09: EUR 113.55 per share

- 2024-10: EUR 97.94 per share

- 2024-11: EUR 113.00 per share

- 2024-12: EUR 132.30 per share

- 2025-01: EUR 124.70 per share

- 2025-02: EUR 106.40 per share

- 2025-03: EUR 95.22 per share

- 2025-04: EUR 94.24 per share

- 2025-05: EUR 106.55 per share

- 2025-06: EUR 127.05 per share

- 2025-07: EUR 119.10 per share

- 2025-08: EUR 115.10 per share

- 2025-09: EUR 126.85 per share

- 2025-10: EUR 147.60 per share

- 2025-11: EUR 129.90 per share

- 2025-12: EUR 133.75 per share

- 2026-01: EUR 164.50 per share

- 2026-02: EUR 189.40 per share

- 2026-03: EUR 178.95 per share

- 2026-04: EUR 247.20 per share

- 2026-05: EUR 284.40 per share

- 2026-06: EUR 287.10 per share

- 2026-07: EUR 198.25 per share

- 2026-08: EUR 195.50 per share

- 2026-09: EUR 191.80 per share

- 2026-10: EUR 172.50 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 13.38 per share, central EUR 17.20 per share, high EUR 19.65 per share

- FY2017: low EUR 27.36 per share, central EUR 36.04 per share, high EUR 41.10 per share

- FY2018: low EUR 22.30 per share, central EUR 30.18 per share, high EUR 34.76 per share

- FY2019: low EUR 16.26 per share, central EUR 17.99 per share, high EUR 20.29 per share

- FY2020: low EUR 21.58 per share, central EUR 23.86 per share, high EUR 26.90 per share

- FY2021: low EUR 42.45 per share, central EUR 57.50 per share, high EUR 66.53 per share

- FY2022: low EUR 38.86 per share, central EUR 53.11 per share, high EUR 61.40 per share

- FY2023: low EUR 29.54 per share, central EUR 39.92 per share, high EUR 46.45 per share

- FY2024: low EUR 28.08 per share, central EUR 31.40 per share, high EUR 35.81 per share

- FY2025: low EUR 30.70 per share, central EUR 34.01 per share, high EUR 38.42 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 2026-10-15T06:40:51.493Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/7245007A1YFLI2GNYX06/2025-12-31/ESEF/NL/0/7245007A1YFLI2GNYX06-2025-12-31-0-en/reports/7245007A1YFLI2GNYX06-2025-12-31-0-en.xhtml); period 2025-12-31, filed 2026-03-04.

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