# Siemens Energy AG (ENR.XETRA)

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

Analysis as of: 2026-10-16T07:33:38.362Z. Financial observations: FY2017–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

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

Share price: EUR 132.36 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 9 years

- Years with declining revenue: 2

- Years with a net loss: 4

- Operating margin variation: 4.32×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.05×

- FY2018: 0.01×

- FY2019: 0.02×

- FY2020: -0.07×

- FY2021: -0.01×

- FY2022: -0.02×

- FY2023: -0.11×

- FY2024: -0.00×

- FY2025: 0.04×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

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

- ROIC, median of available years: -0.5%

- ROIC, second-lowest year: -26.9%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 13.1%

- Recent gross margin (lower of latest and 3-year median): 13.1%

- Years with nonpositive capital: 5

- Capital spending / revenue: 3.5%

- ROIC including acquisitions, ten-year median: 5.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 9.1%

- FY2018: 2.6%

- FY2019: >100%

- FY2020: -57.0%

- FY2021: -14.6%

- FY2022: -26.9%

- FY2023: -19.9%

- FY2024: -0.5%

- FY2025: 8.4%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -3.5B

- Net income, five-year total: EUR -3.1B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -3.1 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: EUR -355M

- FY2022: EUR -454M

- FY2023: EUR -4.6B

- FY2024: EUR 833M

- FY2025: EUR 997M

### management: pass

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 9.1% vs -0.5%

- Per-share earnings: 1.37 to 1.37 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 3.9%

- Diluted shares, 5-year annual growth: 3.9%

- Per-share value growth: 0.0%

- Per-share value change: EUR 0.00

- Per-share value, starting three-year median: EUR 1.37

- Per-share value, ending three-year median: EUR 1.37

- Buybacks concentrated in cheaper years (correlation): -0.60

- Average buyback yield: 0.9%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: 9.1%

- ROIC, last three-year median: -0.5%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 2.28

- FY2018: EUR 1.37

- FY2019: EUR 0.22

- FY2020: EUR -2.24

- FY2021: EUR -0.78

- FY2022: EUR -0.82

- FY2023: EUR -5.20

- FY2024: EUR 1.37

- FY2025: EUR 1.63

### accounting: pass

- Sloan accruals: -7.8%

- Receivables to sales index (DSRI): 0.93×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.12×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.12×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 0.5%

- FY2018: -0.6%

- FY2019: -3.4%

- FY2020: -7.5%

- FY2021: -5.7%

- FY2022: -5.6%

- FY2023: -12.8%

- FY2024: -3.4%

- FY2025: -7.8%

## Holders

## Price story

Down 27% since Apr 2026 · "Siemens Energy plans cost cuts, offshore ramp-up to break even wind unit" (finance.yahoo.com, Aug 2025) · sales +13.4%

Story as of 2026-10-16T09:59:57.003Z; price observation 2026-10-15.

- 2025-08-06: Siemens Energy plans cost cuts, offshore ramp-up to break even wind unit ([finance.yahoo.com](https://finance.yahoo.com/news/siemens-energy-plans-cost-cuts-095439230.html))

- 2025-11-20: Siemens Energy rises after €6bn buyback plan amid strong demand for gas turbines ([finance.yahoo.com](https://finance.yahoo.com/news/siemens-energy-rises-6bn-buyback-164010725.html))

- 2026-04-23: Avis stock crash continues, Siemens Energy lifts outlook ([finance.yahoo.com](https://finance.yahoo.com/video/avis-stock-crash-continues-siemens-energy-lifts-outlook-185100021.html))

### Sales · FY2024–2025

sales +13.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: EUR 30B 

- FY2018: EUR 28B 

- FY2019: EUR 29B 

- FY2020: EUR 27B 

- FY2021: EUR 28B 

- FY2022: EUR 29B 

- FY2023: EUR 31B 

- FY2024: EUR 34B 

- FY2025: EUR 39B 

### Gross margin · FY2025

gross margin 16.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 17.5% 

- FY2018: 14.8% 

- FY2019: 14.5% 

- FY2020: 7.8% 

- FY2021: 12.0% 

- FY2022: 11.8% 

- FY2023: 2.4% 

- FY2024: 13.1% 

- FY2025: 16.8% 

## Owner memo

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

### How it makes money

Operates in specialty industrial machinery; annual sales are EUR 39.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.362Z); FY2025: revenue 39077000000; grossProfit 6579000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ENR.XETRA: Siemens Energy AG operates as an energy technology company worldwide. It operates through Gas Services, Grid Technologies, Transformation of Industry, and Siemens Gamesa segments. The company provides gas and steam turbines, generators, and heat pumps, as well as performance enhancement, maintenance, digitalization, and consulting services for central and distributed power generation; and high voltage direct current transmission systems, offshore wind farm grid connections, transformers, flexible alternating current transmission systems, high voltage substations, air and gas-insulated switchgears, circuit breakers, capacitor, digital grid solutions and components, components and cyber security, and transformers and storage solutions. It also offers electrolyzers, industrial steam turbines, industrial generators, turbo and reciprocating compressors, drive systems and solutions, batteries and fuel cells, and other systems and solutions, as well as service and digital offerings; onshore and onshore wind turbines; design, engineering, manufacturing, and installation solutions for onshore markets; offshore wind turbine equipment design, manufacturing, and installation solutions; and management, operation and maintenance services for wind farms. The company serves utilities, independent power producers, project developers, municipal energy producers, engineering, procurement, and construction companies, oil and gas, transmission and distribution system operators, and industrial and infrastructure customers. Siemens Energy AG was founded in 1866 and is based in Munich, Germany.

### Why customers stay

Margins ranged from 2.4% to 16.8% during 2023–25; it lost 0.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.362Z); FY2023: grossProfit / revenue = 2.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.362Z); FY2024: grossProfit / revenue = 13.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.362Z); FY2025: grossProfit / revenue = 16.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.362Z); 9-year return on capital observations [[2017,0.09123256663069303],[2018,0.025580168776371308],[2019,1.2495395780529166],[2020,-0.5702234234234235],[2021,-0.14557303370786517],[2022,-0.268643949930459],[2023,-0.19861497929996236],[2024,-0.004906803639471267],[2025,0.08378503177617264]]; median -0.004906803639471267. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 3% of cash earnings on expansion; paid dividends in 7 of 9 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.362Z); FY2017: growth capex 0; upkeep 807000000; owner earnings 1242000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.362Z); FY2018: growth capex 0; upkeep 764000000; owner earnings 1064000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.362Z); FY2019: growth capex 0; upkeep 818000000; owner earnings 531600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.362Z); FY2024: growth capex 3000000; upkeep 1511000000; owner earnings 832600000. Growth capex / owner earnings = 0.00360317079029546.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.362Z); FY2025: growth capex 30000000; upkeep 1694000000; owner earnings 997000000. Growth capex / owner earnings = 0.03009027081243731.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.362Z); Dividend observations: [[2017,183000000],[2018,160000000],[2019,183000000],[2020,52000000],[2021,72000000],[2022,72000000],[2023,1628000000],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.362Z); FY2025: cash repurchases 170000000 EUR.

### Are managers owners

Insiders own 12.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ENR.XETRA SharesStats.PercentInsiders = 12.224 percentage points; cache date 2026-10-16.

### What the price says

The price is 2.9 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.362Z); Closing price 132.36 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 45.02224613044527; price multiple 2.9398799788110654. FY2025 cash earnings/share 1.1486854004159461. Closing-price date 2026-10-15.

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

- 2020-09: EUR 23.00 per share

- 2020-10: EUR 18.80 per share

- 2020-11: EUR 24.90 per share

- 2020-12: EUR 30.00 per share

- 2021-01: EUR 30.58 per share

- 2021-02: EUR 31.25 per share

- 2021-03: EUR 30.61 per share

- 2021-04: EUR 27.80 per share

- 2021-05: EUR 26.00 per share

- 2021-06: EUR 25.42 per share

- 2021-07: EUR 22.94 per share

- 2021-08: EUR 24.58 per share

- 2021-09: EUR 23.23 per share

- 2021-10: EUR 24.82 per share

- 2021-11: EUR 23.44 per share

- 2021-12: EUR 22.49 per share

- 2022-01: EUR 19.76 per share

- 2022-02: EUR 21.43 per share

- 2022-03: EUR 20.72 per share

- 2022-04: EUR 18.43 per share

- 2022-05: EUR 17.94 per share

- 2022-06: EUR 13.99 per share

- 2022-07: EUR 16.19 per share

- 2022-08: EUR 14.68 per share

- 2022-09: EUR 11.39 per share

- 2022-10: EUR 11.82 per share

- 2022-11: EUR 15.81 per share

- 2022-12: EUR 17.58 per share

- 2023-01: EUR 19.12 per share

- 2023-02: EUR 18.97 per share

- 2023-03: EUR 20.24 per share

- 2023-04: EUR 22.18 per share

- 2023-05: EUR 23.74 per share

- 2023-06: EUR 16.18 per share

- 2023-07: EUR 15.39 per share

- 2023-08: EUR 13.16 per share

- 2023-09: EUR 12.38 per share

- 2023-10: EUR 8.37 per share

- 2023-11: EUR 10.88 per share

- 2023-12: EUR 12.00 per share

- 2024-01: EUR 13.97 per share

- 2024-02: EUR 14.21 per share

- 2024-03: EUR 17.01 per share

- 2024-04: EUR 19.30 per share

- 2024-05: EUR 24.82 per share

- 2024-06: EUR 24.31 per share

- 2024-07: EUR 26.91 per share

- 2024-08: EUR 26.05 per share

- 2024-09: EUR 33.07 per share

- 2024-10: EUR 37.53 per share

- 2024-11: EUR 51.02 per share

- 2024-12: EUR 50.38 per share

- 2025-01: EUR 57.84 per share

- 2025-02: EUR 54.94 per share

- 2025-03: EUR 53.84 per share

- 2025-04: EUR 67.54 per share

- 2025-05: EUR 85.50 per share

- 2025-06: EUR 98.06 per share

- 2025-07: EUR 102.00 per share

- 2025-08: EUR 90.72 per share

- 2025-09: EUR 99.42 per share

- 2025-10: EUR 107.30 per share

- 2025-11: EUR 115.30 per share

- 2025-12: EUR 120.40 per share

- 2026-01: EUR 144.55 per share

- 2026-02: EUR 166.45 per share

- 2026-03: EUR 142.25 per share

- 2026-04: EUR 180.58 per share

- 2026-05: EUR 163.24 per share

- 2026-06: EUR 165.80 per share

- 2026-07: EUR 147.44 per share

- 2026-08: EUR 142.18 per share

- 2026-09: EUR 142.60 per share

- 2026-10: EUR 143.06 per share

## Annual estimated value (EUR per share)

- FY2021: low EUR 15.53 per share, central EUR 16.63 per share, high EUR 18.11 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

## 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.