# Infineon Technologies AG (IFX.XETRA)

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

Analysis as of: 2026-10-16T07:33:46.781Z. Financial observations: FY1998–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 52.47 per share; close as of 2026-10-15.

Estimated value: low EUR 15.69 per share, central EUR 19.55 per share, high EUR 22.65 per share. Buy at or below the central value EUR 19.55 per share. Valuation as of 2026-10-16T07:33:46.781Z; scenarios are not confidence intervals.

Expected annual return: 5.5% at the stated quote. About 5.5% 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

- 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: 0.34×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.12×

- FY2017: 0.15×

- FY2018: 0.14×

- FY2019: 0.13×

- FY2020: 0.06×

- FY2021: 0.12×

- FY2022: 0.22×

- FY2023: 0.25×

- FY2024: 0.17×

- FY2025: 0.14×

### moat: pass

- ROIC, median of available years: 17.8%

- ROIC, second-lowest year: 10.4%

- Typical minus recent gross margin: -2.4 pp

- Typical gross margin (annual median): 37.8%

- Recent gross margin (lower of latest and 3-year median): 40.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 15.4%

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

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 20.3%

- FY2017: 20.5%

- FY2018: 19.8%

- FY2019: 15.3%

- FY2020: 5.4%

- FY2021: 13.8%

- FY2022: 24.2%

- FY2023: 27.1%

- FY2024: 15.7%

- FY2025: 10.4%

### economics: fail

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

- Owner earnings / net income, 5-yr: 0.84×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 7.4B

- Net income, five-year total: EUR 8.8B

- Return on incremental invested capital: 13.4%

- Working capital / revenue, annual change: 1.5 pp

- Working capital / revenue, change between three-year averages: 11.7 pp

- Working capital / revenue, final three-year average: 28.3%

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

- FY2021: 0.96×

- FY2022: 0.96×

- FY2023: 0.88×

- FY2024: 0.29×

- FY2025: 1.04×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 20.3% vs 15.7%

- Per-share earnings: 0.66 to 1.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.6%

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: EUR 19B

- Cumulative retained earnings: EUR 9.0B

- Diluted shares, 10-year annual growth: 1.6%

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 5.4%

- Per-share value change: EUR 0.34

- Per-share value, starting three-year median: EUR 0.66

- Per-share value, ending three-year median: EUR 1.00

- Buybacks concentrated in cheaper years (correlation): 0.60

- Average buyback yield: 0.2%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 11B

- Cumulative net income, 10 years: EUR 13B

- ROIC, first three-year median: 20.3%

- ROIC, last three-year median: 15.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.66

- FY2017: EUR 0.70

- FY2018: EUR 0.95

- FY2019: EUR 0.70

- FY2020: EUR 0.28

- FY2021: EUR 0.90

- FY2022: EUR 1.67

- FY2023: EUR 2.40

- FY2024: EUR 1.00

- FY2025: EUR 0.77

### accounting: pass

- Sloan accruals: -7.2%

- Receivables to sales index (DSRI): 0.90×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 5.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.17×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.65×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.0%

- FY2017: -9.4%

- FY2018: -4.6%

- FY2019: -5.5%

- FY2020: -6.6%

- FY2021: -8.1%

- FY2022: -6.7%

- FY2023: -2.9%

- FY2024: -5.2%

- FY2025: -7.2%

## Holders

## Price story

Down 36% since Jun 2026 · "Infineon (XTRA:IFX) Loses Final China Patent Fight Over GaN Products" (finance.yahoo.com, Jun 2026) · sales -2%

Story as of 2026-10-16T09:59:57.707Z; price observation 2026-10-15.

Price needs cash profits to grow 16.5% a year for ten years

- 2025-05-08: US tariff uncertainty weighs on Infineon's revenue outlook ([finance.yahoo.com](https://finance.yahoo.com/news/us-tariff-uncertainty-weighs-infineons-093427003.html))

- 2025-08-05: Infineon slightly raises outlook for profitability after strong Q3 ([finance.yahoo.com](https://finance.yahoo.com/news/infineon-slightly-raises-outlook-operating-053444096.html))

- 2025-11-12: Infineon Soars as AI Outlook Boosts 2026 Revenue Growth Forecast ([finance.yahoo.com](https://finance.yahoo.com/news/infineon-sees-2026-revenue-growth-070734027.html))

- 2026-05-06: Infineon lifts 2026 outlook as AI demand boosts growth prospects ([finance.yahoo.com](https://finance.yahoo.com/sectors/technology/articles/infineon-lifts-2026-outlook-ai-053514964.html))

- 2026-06-24: Infineon Technologies (XTRA:IFX) Stock Sees Fair Value Lift As AI Power Demand Drives Revisions ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/infineon-technologies-xtra-ifx-stock-221814636.html))

### Sales · FY2024–2025

sales -2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 6.5B 

- FY2017: EUR 7.1B 

- FY2018: EUR 7.6B 

- FY2019: EUR 8.0B 

- FY2020: EUR 8.6B 

- FY2021: EUR 11B 

- FY2022: EUR 14B 

- FY2023: EUR 16B 

- FY2024: EUR 15B 

- FY2025: EUR 15B 

### Gross margin · FY2025

gross margin 40.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 36.0% 

- FY2017: 37.1% 

- FY2018: 37.5% 

- FY2019: 36.7% 

- FY2020: 32.3% 

- FY2021: 38.1% 

- FY2022: 44.7% 

- FY2023: 46.7% 

- FY2024: 41.3% 

- FY2025: 40.2% 

## Owner memo

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

### How it makes money

Operates in semiconductors; annual sales are EUR 14.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:46.781Z); FY2025: revenue 14662000000; grossProfit 5900000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IFX.XETRA: Infineon Technologies AG develops, manufactures, and markets semiconductors and semiconductor-based solutions in Germany, Europe, the Middle East, Africa, Mainland China, Hong Kong, Taiwan, the Asia-Pacific, Japan, the United States, and the Americas. The Automotive segment offers automotive and industrial microcontrollers; analog and memory ICs; ethernet; power diodes and modules; power switches; sensors; transceivers; and voltage regulators for assistance and safety systems, comfort electronics, infotainment, powertrain, and security applications. Its Green Industrial Power segment provides discrete and bare die IGBTs; IGBT modules; and SiC discretes and modules for air conditioning technology, energy generation and storage, energy transmission, home appliances, industrial drives, industrial power supplies and vehicles, and traction applications. The Power & Sensor Systems segment offers 3D ToF sensors; chips for gas and pressure sensors, and MEMS microphones; control ICs; customized chips; discrete low-, mid-, and high-voltage power MOSFETs; ESD protection diodes; GaN power switches; GPS low-noise amplifiers; low- and high-voltage driver ICs; radar sensor ICs; RF antenna switches and power transistors; SiC diode and MOSFETs; and USB controllers for audio amplifiers, automotive electronics, BLDC motors, cellular communications infrastructure, charging stations for electric vehicles, human machine interaction, IoT, LED and conventional lighting systems, microinverters, mobile devices, power management, and harsh environment applications. Its Connected Secure Systems segment provides connectivity solutions, embedded security controllers, microcontrollers, and security controllers for authentication, automotive, consumer electronics, government identification document, IoT, mobile communication, payment system, ticketing, access control, and trusted computing applications. The company was founded in 1952 and is headquartered in Neubiberg, Germany.

### Why customers stay

Margins ranged from 40.2% to 46.7% during 2023–25; it earns 17.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:46.781Z); FY2023: grossProfit / revenue = 46.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:46.781Z); FY2024: grossProfit / revenue = 41.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:46.781Z); FY2025: grossProfit / revenue = 40.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:46.781Z); 10-year return on capital observations [[2016,0.20303756994404476],[2017,0.20483424924257237],[2018,0.1984790573378178],[2019,0.15339979317115682],[2020,0.05364991957272732],[2021,0.1377490340620942],[2022,0.24173525310008184],[2023,0.2707163127622809],[2024,0.15666312330450397],[2025,0.10394879219690621]]; median 0.17757109032116086. 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 36 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:46.781Z); FY2016: growth capex 0; upkeep 826000000; owner earnings 751000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:46.781Z); FY2017: growth capex 210000000; upkeep 812000000; owner earnings 790000000. Growth capex / owner earnings = 0.26582278481012656.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:46.781Z); FY2018: growth capex 199210844.29312003; upkeep 1054789155.70688; owner earnings 881210844.29312. Growth capex / owner earnings = 0.22606490328988266.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:46.781Z); FY2019: growth capex 163568290.99467134; upkeep 1287431709.0053287; owner earnings 527568290.99467134. Growth capex / owner earnings = 0.3100419297116616.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:46.781Z); FY2020: growth capex 0; upkeep 1099000000; owner earnings 470200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:46.781Z); FY2021: growth capex 0; upkeep 1497000000; owner earnings 1118800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:46.781Z); FY2022: growth capex 646000000; upkeep 1664000000; owner earnings 2101800000. Growth capex / owner earnings = 0.3073555999619374.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:46.781Z); FY2023: growth capex 944162325.6619914; upkeep 2049837674.3380086; owner earnings 2764962325.661991. Growth capex / owner earnings = 0.34147384826877836.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:46.781Z); FY2024: growth capex 0; upkeep 2719000000; owner earnings 375600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:46.781Z); FY2025: growth capex 0; upkeep 1800000000; owner earnings 1054600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:46.781Z); Dividend observations: [[2016,225000000],[2017,248000000],[2018,283000000],[2019,305000000],[2020,336000000],[2021,286000000],[2022,351000000],[2023,417000000],[2024,456000000],[2025,455000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:46.781Z); FY2025: cash repurchases 36000000 EUR.

### Are managers owners

Insiders own <0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IFX.XETRA SharesStats.PercentInsiders = 0.004 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 16.5% yearly over ten years; actual growth was 3.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:46.781Z); Ten-year compound average after fade. Initial solved rate 0.22530225689125916. Price 52.47; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.5622775800711743 → FY2025 0.8044241037376049. Closing-price date 2026-10-15.

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

- 2016-10: EUR 16.36 per share

- 2016-11: EUR 15.78 per share

- 2016-12: EUR 16.51 per share

- 2017-01: EUR 16.99 per share

- 2017-02: EUR 16.80 per share

- 2017-03: EUR 19.15 per share

- 2017-04: EUR 19.00 per share

- 2017-05: EUR 19.69 per share

- 2017-06: EUR 18.49 per share

- 2017-07: EUR 18.39 per share

- 2017-08: EUR 19.37 per share

- 2017-09: EUR 21.27 per share

- 2017-10: EUR 23.51 per share

- 2017-11: EUR 23.20 per share

- 2017-12: EUR 22.84 per share

- 2018-01: EUR 23.41 per share

- 2018-02: EUR 22.40 per share

- 2018-03: EUR 21.74 per share

- 2018-04: EUR 21.28 per share

- 2018-05: EUR 23.49 per share

- 2018-06: EUR 21.83 per share

- 2018-07: EUR 22.66 per share

- 2018-08: EUR 21.92 per share

- 2018-09: EUR 19.57 per share

- 2018-10: EUR 17.71 per share

- 2018-11: EUR 18.50 per share

- 2018-12: EUR 17.37 per share

- 2019-01: EUR 19.42 per share

- 2019-02: EUR 19.31 per share

- 2019-03: EUR 17.69 per share

- 2019-04: EUR 21.03 per share

- 2019-05: EUR 16.08 per share

- 2019-06: EUR 15.55 per share

- 2019-07: EUR 17.02 per share

- 2019-08: EUR 15.75 per share

- 2019-09: EUR 16.51 per share

- 2019-10: EUR 17.38 per share

- 2019-11: EUR 19.39 per share

- 2019-12: EUR 20.31 per share

- 2020-01: EUR 19.58 per share

- 2020-02: EUR 18.79 per share

- 2020-03: EUR 13.43 per share

- 2020-04: EUR 16.95 per share

- 2020-05: EUR 18.86 per share

- 2020-06: EUR 20.88 per share

- 2020-07: EUR 21.13 per share

- 2020-08: EUR 23.16 per share

- 2020-09: EUR 24.12 per share

- 2020-10: EUR 23.90 per share

- 2020-11: EUR 29.52 per share

- 2020-12: EUR 31.39 per share

- 2021-01: EUR 33.13 per share

- 2021-02: EUR 36.00 per share

- 2021-03: EUR 36.16 per share

- 2021-04: EUR 33.57 per share

- 2021-05: EUR 33.27 per share

- 2021-06: EUR 33.82 per share

- 2021-07: EUR 32.14 per share

- 2021-08: EUR 36.07 per share

- 2021-09: EUR 35.53 per share

- 2021-10: EUR 40.40 per share

- 2021-11: EUR 39.93 per share

- 2021-12: EUR 40.76 per share

- 2022-01: EUR 36.34 per share

- 2022-02: EUR 30.75 per share

- 2022-03: EUR 30.99 per share

- 2022-04: EUR 27.45 per share

- 2022-05: EUR 28.94 per share

- 2022-06: EUR 23.09 per share

- 2022-07: EUR 26.55 per share

- 2022-08: EUR 24.30 per share

- 2022-09: EUR 22.71 per share

- 2022-10: EUR 24.64 per share

- 2022-11: EUR 31.52 per share

- 2022-12: EUR 28.43 per share

- 2023-01: EUR 32.92 per share

- 2023-02: EUR 33.52 per share

- 2023-03: EUR 37.68 per share

- 2023-04: EUR 32.91 per share

- 2023-05: EUR 34.73 per share

- 2023-06: EUR 37.79 per share

- 2023-07: EUR 40.00 per share

- 2023-08: EUR 33.02 per share

- 2023-09: EUR 31.36 per share

- 2023-10: EUR 27.48 per share

- 2023-11: EUR 35.55 per share

- 2023-12: EUR 37.80 per share

- 2024-01: EUR 33.75 per share

- 2024-02: EUR 33.10 per share

- 2024-03: EUR 31.52 per share

- 2024-04: EUR 32.72 per share

- 2024-05: EUR 36.83 per share

- 2024-06: EUR 34.31 per share

- 2024-07: EUR 32.05 per share

- 2024-08: EUR 33.00 per share

- 2024-09: EUR 31.46 per share

- 2024-10: EUR 29.03 per share

- 2024-11: EUR 30.82 per share

- 2024-12: EUR 31.40 per share

- 2025-01: EUR 32.06 per share

- 2025-02: EUR 35.51 per share

- 2025-03: EUR 30.40 per share

- 2025-04: EUR 28.89 per share

- 2025-05: EUR 34.28 per share

- 2025-06: EUR 36.12 per share

- 2025-07: EUR 34.64 per share

- 2025-08: EUR 34.96 per share

- 2025-09: EUR 33.20 per share

- 2025-10: EUR 34.32 per share

- 2025-11: EUR 36.33 per share

- 2025-12: EUR 37.73 per share

- 2026-01: EUR 41.61 per share

- 2026-02: EUR 45.83 per share

- 2026-03: EUR 38.00 per share

- 2026-04: EUR 57.13 per share

- 2026-05: EUR 81.11 per share

- 2026-06: EUR 81.67 per share

- 2026-07: EUR 61.67 per share

- 2026-08: EUR 56.29 per share

- 2026-09: EUR 59.50 per share

- 2026-10: EUR 56.00 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 8.67 per share, central EUR 9.61 per share, high EUR 10.86 per share

- FY2017: low EUR 9.96 per share, central EUR 11.43 per share, high EUR 12.97 per share

- FY2018: low EUR 11.02 per share, central EUR 12.77 per share, high EUR 14.52 per share

- FY2019: low EUR 12.41 per share, central EUR 16.07 per share, high EUR 18.35 per share

- FY2020: low EUR 10.38 per share, central EUR 11.49 per share, high EUR 12.97 per share

- FY2021: low EUR 13.35 per share, central EUR 16.32 per share, high EUR 18.60 per share

- FY2022: low EUR 16.74 per share, central EUR 21.51 per share, high EUR 24.74 per share

- FY2023: low EUR 19.29 per share, central EUR 25.97 per share, high EUR 30.05 per share

- FY2024: low EUR 14.13 per share, central EUR 15.88 per share, high EUR 18.20 per share

- FY2025: low EUR 15.04 per share, central EUR 18.64 per share, high EUR 21.53 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 2026-10-15T06:39:30.656Z 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