# Elmos Semiconductor SE (ELG.XETRA)

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

Analysis as of: 2026-10-16T07:40:03.957Z. Financial observations: FY2003–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 127.60 per share; close as of 2026-10-15.

Estimated value: low EUR 82.95 per share, central EUR 116.17 per share, high EUR 135.51 per share. Buy at or below the central value EUR 116.17 per share. Valuation as of 2026-10-16T07:40:03.957Z; scenarios are not confidence intervals.

Expected annual return: 9.4% at the stated quote. About 9.4% 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: pass

- FY2020 operating-margin dip fully recovered the next year and stayed recovered; holding that year at the preceding margin meets the existing variation limit. Raw variation still determines the price discount.

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.38×

- One fully recovered margin dip: Yes

- Variation with recovered dip held at prior margin: 0.27

- Recovered dip fiscal year: FY2020

Chart: Operating margin; fiscal year observations.

- FY2016: 0.10×

- FY2017: 0.15×

- FY2018: 0.17×

- FY2019: 0.15×

- FY2020: 0.04×

- FY2021: 0.19×

- FY2022: 0.25×

- FY2023: 0.26×

- FY2024: 0.24×

- FY2025: 0.24×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 12.3%

- ROIC, second-lowest year: 7.4%

- Typical minus recent gross margin: 2.1 pp

- Typical gross margin (annual median): 44.4%

- Recent gross margin (lower of latest and 3-year median): 42.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 18.0%

- ROIC including acquisitions, ten-year median: 10.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.4%

- FY2017: 11.1%

- FY2018: 12.2%

- FY2019: 9.7%

- FY2020: 2.2%

- FY2021: 12.4%

- FY2022: 18.4%

- FY2023: 21.1%

- FY2024: 18.3%

- FY2025: 17.7%

### economics: pass

- Owner earnings / net income, 5-yr: 0.92×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 405M

- Net income, five-year total: EUR 440M

- Return on incremental invested capital: 21.4%

- Working capital / revenue, annual change: 0.7 pp

- Working capital / revenue, change between three-year averages: 5.8 pp

- Working capital / revenue, final three-year average: 42.5%

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

- FY2021: 0.95×

- FY2022: 0.98×

- FY2023: 0.80×

- FY2024: 0.78×

- FY2025: 1.16×

### management: fail

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

- ROIC first 3 years vs last 3 years: 11.1% vs 18.3%

- Per-share earnings: 0.89 to 5.86 (three-year endpoint medians)

- material buybacks concentrated at lower earnings yields (Spearman rho below threshold)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.5%

- Ordinary dilution, 5-year annual growth: -1.0%

- Market cap gain: EUR 1.4B

- Cumulative retained earnings: EUR 485M

- Diluted shares, 10-year annual growth: -0.5%

- Diluted shares, 5-year annual growth: -1.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 26.5%

- Per-share value change: EUR 4.97

- Per-share value, starting three-year median: EUR 0.89

- Per-share value, ending three-year median: EUR 5.86

- Buybacks concentrated in cheaper years (correlation): -0.77

- Average buyback yield: 2.2%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 76M

- Cumulative net income, 10 years: EUR 541M

- ROIC, first three-year median: 11.1%

- ROIC, last three-year median: 18.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.88

- FY2017: EUR 1.38

- FY2018: EUR 1.96

- FY2019: EUR 1.03

- FY2020: EUR 0.35

- FY2021: EUR 2.25

- FY2022: EUR 4.17

- FY2023: EUR 5.79

- FY2024: EUR 7.51

- FY2025: EUR 5.86

### accounting: pass

- Sloan accruals: -2.3%

- Receivables to sales index (DSRI): 1.45×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.19×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.14×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.6%

- FY2017: -3.9%

- FY2018: -3.5%

- FY2019: -6.1%

- FY2020: -5.3%

- FY2021: -9.5%

- FY2022: -5.0%

- FY2023: -0.4%

- FY2024: 14.1%

- FY2025: -2.3%

## Holders

## Price story

Down 31% since Apr 2026 · sales +0.3%

Story as of 2026-10-16T10:00:11.175Z; price observation 2026-10-15.

Price needs cash profits to grow 7.7% a year for ten years

### Sales · FY2024–2025

sales +0.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 229M 

- FY2017: EUR 250M 

- FY2018: EUR 278M 

- FY2019: EUR 273M 

- FY2020: EUR 233M 

- FY2021: EUR 322M 

- FY2022: EUR 447M 

- FY2023: EUR 575M 

- FY2024: EUR 581M 

- FY2025: EUR 583M 

### Gross margin · FY2025

gross margin 42.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 42.3% 

- FY2017: 43.9% 

- FY2018: 45.2% 

- FY2019: 45.9% 

- FY2020: 39.8% 

- FY2021: 44.9% 

- FY2022: 46.4% 

- FY2023: 47.2% 

- FY2024: 43.8% 

- FY2025: 42.3% 

## Owner memo

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

### How it makes money

Operates in semiconductors; annual sales are EUR 582.6 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:03.957Z); FY2025: revenue 582600000; grossProfit 246400000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ELG.XETRA: Elmos Semiconductor SE develops, manufactures, and distributes microelectronic components and system parts, and technological devices in Germany, other European Union countries, the United States, Asia/Pacific, and internationally. The company provides motor control IC solutions, which includes stepper motor controller IC, brushless DC motor controller IC, and DC motor controller IC; sensor ICs, such as ultrasonic distance IC, sensor signal processor IC, integrated absolute pressure system IC, optical IR sensor IC, ToF imager, and passive infrared IC; and LED driver ICs, such as high voltage, liner LED, and LIN RGB controller ICs. It also offers DC/DC converter IC; low dropout (LDO) regulator; and interface ICs, which includes PSI5, LIN/CAN, and KNX transceiver. In addition, the company offers ASIC design, automotive safety IC, engine management IC, and relay driver ICs, as well as interface ICs, including PSI5 transceiver; LIN / CAN transceiver; and KNX transceiver. Further, it provides ambient light; electronic fuse controller; thermal management; and ultrasonic ranging solutions. The company serves automotive and non-automotive applications comprising smart home, industrial automation, robotics, and cybersecurity applications. The company was founded in 1984 and is headquartered in Leverkusen, Germany.

### Why customers stay

Margins ranged from 42.3% to 47.2% during 2023–25; it earns 12.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:03.957Z); FY2023: grossProfit / revenue = 47.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:03.957Z); FY2024: grossProfit / revenue = 43.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:03.957Z); FY2025: grossProfit / revenue = 42.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:03.957Z); 10-year return on capital observations [[2016,0.07373809788163317],[2017,0.11071115323203155],[2018,0.12216274005775433],[2019,0.09716213206503388],[2020,0.022002641610109595],[2021,0.1235073080810483],[2022,0.1839573227953187],[2023,0.2106938928671686],[2024,0.18315041189924386],[2025,0.17668641366302162]]; median 0.12283502406940132. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:03.957Z); FY2016: growth capex 0; upkeep 24547000; owner earnings 20395000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:03.957Z); FY2017: growth capex 8585589.52460666; upkeep 35865410.47539334; owner earnings 13315589.52460666. Growth capex / owner earnings = 0.6447772746930089.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:03.957Z); FY2018: growth capex 11141549.35275735; upkeep 40895450.64724265; owner earnings 20166549.35275735. Growth capex / owner earnings = 0.5524767355022975.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:03.957Z); FY2019: growth capex 0; upkeep 49679000; owner earnings 1638000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:03.957Z); FY2020: growth capex 0; upkeep 22537000; owner earnings 14417000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:03.957Z); FY2021: growth capex 37338000; upkeep 31363000; owner earnings 37970800. Growth capex / owner earnings = 0.9833345623479094.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:03.957Z); FY2022: growth capex 40411000; upkeep 43454000; owner earnings 70050400. Growth capex / owner earnings = 0.5768846430569989.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:03.957Z); FY2023: growth capex 66269259.243605286; upkeep 60923740.756394714; owner earnings 78945259.24360529. Growth capex / owner earnings = 0.8394330435867587.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:03.957Z); FY2024: growth capex 3150581.1891179234; upkeep 63892418.81088208; owner earnings 100508581.18911792. Growth capex / owner earnings = 0.03134639004792794.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:03.957Z); FY2025: growth capex 0; upkeep 20730000; owner earnings 117558400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:03.957Z); Dividend observations: [[2016,6510000],[2017,6912000],[2018,7906000],[2019,10218000],[2020,9409000],[2021,9425000],[2022,11121000],[2023,12839000],[2024,14567000],[2025,17168000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 47.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ELG.XETRA SharesStats.PercentInsiders = 47.926 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 7.7% yearly over ten years; actual growth was 28.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:03.957Z); Ten-year compound average after fade. Initial solved rate 0.0978788414299877. Price 127.6; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.5630878888713329 → FY2025 6.813794702370602. Closing-price date 2026-10-15.

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

- 2016-10: EUR 13.80 per share

- 2016-11: EUR 14.40 per share

- 2016-12: EUR 14.23 per share

- 2017-01: EUR 14.47 per share

- 2017-02: EUR 19.00 per share

- 2017-03: EUR 22.41 per share

- 2017-04: EUR 24.40 per share

- 2017-05: EUR 21.60 per share

- 2017-06: EUR 19.28 per share

- 2017-07: EUR 20.60 per share

- 2017-08: EUR 20.87 per share

- 2017-09: EUR 21.91 per share

- 2017-10: EUR 24.29 per share

- 2017-11: EUR 24.02 per share

- 2017-12: EUR 23.08 per share

- 2018-01: EUR 23.85 per share

- 2018-02: EUR 27.15 per share

- 2018-03: EUR 24.90 per share

- 2018-04: EUR 26.95 per share

- 2018-05: EUR 26.40 per share

- 2018-06: EUR 22.60 per share

- 2018-07: EUR 23.05 per share

- 2018-08: EUR 22.25 per share

- 2018-09: EUR 18.22 per share

- 2018-10: EUR 18.40 per share

- 2018-11: EUR 18.74 per share

- 2018-12: EUR 19.36 per share

- 2019-01: EUR 23.85 per share

- 2019-02: EUR 24.25 per share

- 2019-03: EUR 19.48 per share

- 2019-04: EUR 24.50 per share

- 2019-05: EUR 21.35 per share

- 2019-06: EUR 22.00 per share

- 2019-07: EUR 19.68 per share

- 2019-08: EUR 24.70 per share

- 2019-09: EUR 24.35 per share

- 2019-10: EUR 25.15 per share

- 2019-11: EUR 28.65 per share

- 2019-12: EUR 28.50 per share

- 2020-01: EUR 28.00 per share

- 2020-02: EUR 21.35 per share

- 2020-03: EUR 18.94 per share

- 2020-04: EUR 18.20 per share

- 2020-05: EUR 20.10 per share

- 2020-06: EUR 21.60 per share

- 2020-07: EUR 21.05 per share

- 2020-08: EUR 21.75 per share

- 2020-09: EUR 20.85 per share

- 2020-10: EUR 18.98 per share

- 2020-11: EUR 26.90 per share

- 2020-12: EUR 27.45 per share

- 2021-01: EUR 32.85 per share

- 2021-02: EUR 33.00 per share

- 2021-03: EUR 35.80 per share

- 2021-04: EUR 34.70 per share

- 2021-05: EUR 35.50 per share

- 2021-06: EUR 36.50 per share

- 2021-07: EUR 38.00 per share

- 2021-08: EUR 38.00 per share

- 2021-09: EUR 43.90 per share

- 2021-10: EUR 40.25 per share

- 2021-11: EUR 43.90 per share

- 2021-12: EUR 58.50 per share

- 2022-01: EUR 55.00 per share

- 2022-02: EUR 58.70 per share

- 2022-03: EUR 52.50 per share

- 2022-04: EUR 47.45 per share

- 2022-05: EUR 46.95 per share

- 2022-06: EUR 36.40 per share

- 2022-07: EUR 47.25 per share

- 2022-08: EUR 42.30 per share

- 2022-09: EUR 38.70 per share

- 2022-10: EUR 46.25 per share

- 2022-11: EUR 59.70 per share

- 2022-12: EUR 53.60 per share

- 2023-01: EUR 62.30 per share

- 2023-02: EUR 76.90 per share

- 2023-03: EUR 89.50 per share

- 2023-04: EUR 68.40 per share

- 2023-05: EUR 65.60 per share

- 2023-06: EUR 75.20 per share

- 2023-07: EUR 81.00 per share

- 2023-08: EUR 66.80 per share

- 2023-09: EUR 63.90 per share

- 2023-10: EUR 61.70 per share

- 2023-11: EUR 79.20 per share

- 2023-12: EUR 74.00 per share

- 2024-01: EUR 65.00 per share

- 2024-02: EUR 73.20 per share

- 2024-03: EUR 73.90 per share

- 2024-04: EUR 78.00 per share

- 2024-05: EUR 84.80 per share

- 2024-06: EUR 76.10 per share

- 2024-07: EUR 75.70 per share

- 2024-08: EUR 81.70 per share

- 2024-09: EUR 66.10 per share

- 2024-10: EUR 54.90 per share

- 2024-11: EUR 62.10 per share

- 2024-12: EUR 68.00 per share

- 2025-01: EUR 71.00 per share

- 2025-02: EUR 67.80 per share

- 2025-03: EUR 58.20 per share

- 2025-04: EUR 59.50 per share

- 2025-05: EUR 67.70 per share

- 2025-06: EUR 89.70 per share

- 2025-07: EUR 88.00 per share

- 2025-08: EUR 81.60 per share

- 2025-09: EUR 81.90 per share

- 2025-10: EUR 81.80 per share

- 2025-11: EUR 97.60 per share

- 2025-12: EUR 97.00 per share

- 2026-01: EUR 115.40 per share

- 2026-02: EUR 146.80 per share

- 2026-03: EUR 143.80 per share

- 2026-04: EUR 183.60 per share

- 2026-05: EUR 180.80 per share

- 2026-06: EUR 180.40 per share

- 2026-07: EUR 146.00 per share

- 2026-08: EUR 131.40 per share

- 2026-09: EUR 155.00 per share

- 2026-10: EUR 131.20 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 14.68 per share, central EUR 16.36 per share, high EUR 18.59 per share

- FY2017: low EUR 15.40 per share, central EUR 17.21 per share, high EUR 19.63 per share

- FY2018: low EUR 15.80 per share, central EUR 20.02 per share, high EUR 23.09 per share

- FY2019: low EUR 14.35 per share, central EUR 15.56 per share, high EUR 17.16 per share

- FY2020: low EUR 10.84 per share, central EUR 12.04 per share, high EUR 13.64 per share

- FY2021: low EUR 15.11 per share, central EUR 19.41 per share, high EUR 22.52 per share

- FY2022: low EUR 27.74 per share, central EUR 38.79 per share, high EUR 45.23 per share

- FY2023: low EUR 58.55 per share, central EUR 81.62 per share, high EUR 95.05 per share

- FY2024: low EUR 68.17 per share, central EUR 95.28 per share, high EUR 111.07 per share

- FY2025: low EUR 77.85 per share, central EUR 108.66 per share, high EUR 126.60 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 2026-10-15T06:45:34.361Z 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