# Jenoptik AG (JEN.XETRA)

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

Analysis as of: 2026-10-16T07:40:15.320Z. Financial observations: FY2002–FY2026.

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 36.98 per share; close as of 2026-10-15.

Estimated value: low EUR 16.32 per share, central EUR 19.21 per share, high EUR 22.07 per share. Buy at or below the central value EUR 19.21 per share. Valuation as of 2026-10-16T07:40:15.320Z; scenarios are not confidence intervals.

Expected annual return: 6.4% at the stated quote. About 6.4% 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

- 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: 0.13×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.11×

- FY2018: 0.11×

- FY2019: 0.11×

- FY2020: 0.09×

- FY2021: 0.11×

- FY2022: 0.09×

- FY2023: 0.13×

- FY2024: 0.13×

- FY2025: 0.10×

- LTM to Jun 2026: 0.12×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 5.0pp below the typical margin (limit 4pp)

- ROIC, median of available years: 12.7%

- ROIC, second-lowest year: 9.1%

- Typical minus recent gross margin: 5.0 pp

- Typical gross margin (annual median): 34.5%

- Recent gross margin (lower of latest and 3-year median): 29.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.2%

- ROIC including acquisitions, ten-year median: 6.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 16.0%

- FY2017: 20.5%

- FY2018: 22.5%

- FY2019: 15.2%

- FY2020: 9.1%

- FY2021: 9.8%

- FY2022: 8.0%

- FY2023: 12.5%

- FY2024: 12.9%

- FY2025: 10.3%

### economics: pass

- Owner earnings / net income, 5-yr: 0.90×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 337M

- Net income, five-year total: EUR 374M

- Return on incremental invested capital: 15.9%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 0.9 pp

- Working capital / revenue, final three-year average: 35.1%

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

- FY2021: 1.00×

- FY2022: 0.80×

- FY2023: 0.82×

- FY2024: 0.86×

- FY2025: 1.00×

### management: fail

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 20.5% vs 12.5%

- Per-share earnings: 0.99 to 1.27 (three-year endpoint medians)

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.1%

- Ordinary dilution, 5-year annual growth: -0.2%

- Market cap gain: EUR 171M

- Cumulative retained earnings: EUR 479M

- Diluted shares, 10-year annual growth: -0.1%

- Diluted shares, 5-year annual growth: -0.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 3.1%

- Per-share value change: EUR 0.27

- Per-share value, starting three-year median: EUR 0.99

- Per-share value, ending three-year median: EUR 1.27

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.0%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 642M

- Cumulative net income, 10 years: EUR 701M

- ROIC, first three-year median: 20.5%

- ROIC, last three-year median: 12.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.99

- FY2017: EUR 1.25

- FY2018: EUR 1.52

- FY2019: EUR 1.17

- FY2020: EUR 0.72

- FY2021: EUR 1.42

- FY2022: EUR 0.96

- FY2023: EUR 1.27

- FY2024: EUR 1.62

- FY2025: EUR 1.26

### accounting: pass

- Sloan accruals: -6.4%

- Receivables to sales index (DSRI): 1.08×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.54×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.67×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.3%

- FY2017: -2.7%

- FY2018: -4.9%

- FY2019: -3.8%

- FY2020: -3.6%

- FY2021: -0.9%

- FY2022: -5.2%

- FY2023: -5.7%

- FY2024: -4.3%

- FY2025: -6.4%

## Holders

## Price story

Down 21% since Jun 2026 · sales +0.5%

Story as of 2026-10-16T10:00:11.324Z; price observation 2026-10-15.

Price needs cash profits to grow 11.1% a year for ten years

- 2026-08-14: Jenoptik AG (JNPKF) (Q2 2026) Earnings Call Highlights: Record Orders and Raised Guidance ... ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/jenoptik-ag-jnpkf-q2-2026-010555946.html))

### Sales · FY2025–2026

sales +0.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: EUR 748M 

- FY2018: EUR 835M 

- FY2019: EUR 855M 

- FY2020: EUR 615M 

- FY2021: EUR 751M 

- FY2022: EUR 981M 

- FY2023: EUR 1.1B 

- FY2024: EUR 1.1B 

- FY2025: EUR 1.0B 

- FY2026: EUR 1.1B 

### Gross margin · FY2025

gross margin 29.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 34.7% 

- FY2017: 35.3% 

- FY2018: 35.1% 

- FY2019: 34.1% 

- FY2020: 42.6% 

- FY2021: 34.2% 

- FY2022: 31.7% 

- FY2023: 34.8% 

- FY2024: 33.4% 

- FY2025: 29.5% 

## Owner memo

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

### How it makes money

Operates in electronic components; annual sales are EUR 1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:15.320Z); FY2025: revenue 1045973000; grossProfit 308328000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); JEN.XETRA: Jenoptik AG provides advanced photonic solutions and smart mobility solutions in Germany and internationally. The company operates through Semiconductor & Advanced Manufacturing, Biophotonics, Metrology & Production Solutions, and Smart Mobility Solutions segments. It provides imaging solutions and cameras, including microscope and thermographic camera, imaging modules, polymer-based camera modules, and miniaturized digital microscope subsystem; and laser and laser technology, such as laser ablation, scoring, cutting, and rangefinder, as well as laser OEM solutions comprising diode laser and disk laser technology, diode pumped disk lasers, laser systems, and LK heat sink. The company offers optics and microoptics, including objective lenses for laser material processing, customized and standardized objective lenses, polymer optics, and optical and microoptical components; optical shaft measuring systems, optical 3D measurement technology, optical in-line inspection, vision-systems, and ultra-fast opto-electronic probe card; and optoelectronics and optoelectronic systems comprising system partner for optoelectronic systems, customized-specific optoelectronic systems, optoelectronics assemblies and subsystems, light modulation, and photodiodes and LEDs. In addition, it offers road safety solutions, such as speed enforcement, average speed cameras, red light cameras, evaluation software, and traffic services; and civil security solutions, including automatic number plate recognition and data analysis software, border security, combating organized crime, protecting public places, and monitoring suspect vehicles. It serves automotive, defense and security, data communication, electronics and information technology, medical technology and life science, industry and mechanical engineering, semiconductor equipment, and public safety sectors. Jenoptik AG was founded in 1846 and is headquartered in Jena, Germany.

### Why customers stay

Margins ranged from 29.5% to 34.8% during 2023–25; it earns 12.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:15.320Z); FY2023: grossProfit / revenue = 34.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:15.320Z); FY2024: grossProfit / revenue = 33.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:15.320Z); FY2025: grossProfit / revenue = 29.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:15.320Z); 10-year return on capital observations [[2016,0.15959140133518043],[2017,0.2050066461778207],[2018,0.22481914824296992],[2019,0.1523804726426039],[2020,0.09110361708162416],[2021,0.0977448142748314],[2022,0.08003831808623128],[2023,0.12471967631054727],[2024,0.12910523937389032],[2025,0.1027005611722862]]; median 0.1269124578422188. 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 2026-10-16T07:40:15.320Z); FY2016: growth capex 1618000; upkeep 27509000; owner earnings 57403000. Growth capex / owner earnings = 0.02818668013866871.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:15.320Z); FY2017: growth capex 6140000; upkeep 28584000; owner earnings 72504000. Growth capex / owner earnings = 0.0846849828974953.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:15.320Z); FY2018: growth capex 11384000; upkeep 30473000; owner earnings 87575000. Growth capex / owner earnings = 0.12999143591207538.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:15.320Z); FY2019: growth capex 4959471.263421029; upkeep 39987528.73657897; owner earnings 48749071.26342103. Growth capex / owner earnings = 0.1017346820131603.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:15.320Z); FY2020: growth capex 0; upkeep 43705000; owner earnings 31357800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:15.320Z); FY2021: growth capex 0; upkeep 46163000; owner earnings 82224800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:15.320Z); FY2022: growth capex 10985000; upkeep 68265000; owner earnings 44244800. Growth capex / owner earnings = 0.248277763714606.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:15.320Z); FY2023: growth capex 18187000; upkeep 70870000; owner earnings 59514200. Growth capex / owner earnings = 0.3055909346004819.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:15.320Z); FY2024: growth capex 18203673.538073033; upkeep 75796326.46192697; owner earnings 79542273.53807303. Growth capex / owner earnings = 0.22885533350212597.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:15.320Z); FY2025: growth capex 0; upkeep 64380000; owner earnings 71745600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:15.320Z); Dividend observations: [[2016,12592000],[2017,14310000],[2018,17171000],[2019,20033000],[2020,8426000],[2021,14310000],[2022,14310000],[2023,17171000],[2024,20033000],[2025,21750000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 11% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); JEN.XETRA SharesStats.PercentInsiders = 11 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 11.1% yearly over ten years; actual growth was 2.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:15.320Z); Ten-year compound average after fade. Initial solved rate 0.14649952199733407. Price 36.98; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.0051384083044983 → FY2025 1.2534587975491849. Closing-price date 2026-10-15.

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

- 2016-10: EUR 15.62 per share

- 2016-11: EUR 15.88 per share

- 2016-12: EUR 16.43 per share

- 2017-01: EUR 17.70 per share

- 2017-02: EUR 21.05 per share

- 2017-03: EUR 23.24 per share

- 2017-04: EUR 24.71 per share

- 2017-05: EUR 24.82 per share

- 2017-06: EUR 22.97 per share

- 2017-07: EUR 23.30 per share

- 2017-08: EUR 24.62 per share

- 2017-09: EUR 28.04 per share

- 2017-10: EUR 28.91 per share

- 2017-11: EUR 27.43 per share

- 2017-12: EUR 27.55 per share

- 2018-01: EUR 33.40 per share

- 2018-02: EUR 28.34 per share

- 2018-03: EUR 28.72 per share

- 2018-04: EUR 30.20 per share

- 2018-05: EUR 35.36 per share

- 2018-06: EUR 33.58 per share

- 2018-07: EUR 34.36 per share

- 2018-08: EUR 33.86 per share

- 2018-09: EUR 31.74 per share

- 2018-10: EUR 26.64 per share

- 2018-11: EUR 26.72 per share

- 2018-12: EUR 22.78 per share

- 2019-01: EUR 28.20 per share

- 2019-02: EUR 32.02 per share

- 2019-03: EUR 33.20 per share

- 2019-04: EUR 35.20 per share

- 2019-05: EUR 27.85 per share

- 2019-06: EUR 28.45 per share

- 2019-07: EUR 25.50 per share

- 2019-08: EUR 21.85 per share

- 2019-09: EUR 22.74 per share

- 2019-10: EUR 26.70 per share

- 2019-11: EUR 26.42 per share

- 2019-12: EUR 25.48 per share

- 2020-01: EUR 24.92 per share

- 2020-02: EUR 21.32 per share

- 2020-03: EUR 14.90 per share

- 2020-04: EUR 18.84 per share

- 2020-05: EUR 21.66 per share

- 2020-06: EUR 20.84 per share

- 2020-07: EUR 21.72 per share

- 2020-08: EUR 22.36 per share

- 2020-09: EUR 22.90 per share

- 2020-10: EUR 21.18 per share

- 2020-11: EUR 25.10 per share

- 2020-12: EUR 25.12 per share

- 2021-01: EUR 28.60 per share

- 2021-02: EUR 26.56 per share

- 2021-03: EUR 25.60 per share

- 2021-04: EUR 25.48 per share

- 2021-05: EUR 24.18 per share

- 2021-06: EUR 23.06 per share

- 2021-07: EUR 28.94 per share

- 2021-08: EUR 30.58 per share

- 2021-09: EUR 29.30 per share

- 2021-10: EUR 33.08 per share

- 2021-11: EUR 35.78 per share

- 2021-12: EUR 37.14 per share

- 2022-01: EUR 32.26 per share

- 2022-02: EUR 32.42 per share

- 2022-03: EUR 27.48 per share

- 2022-04: EUR 26.94 per share

- 2022-05: EUR 26.04 per share

- 2022-06: EUR 21.28 per share

- 2022-07: EUR 23.58 per share

- 2022-08: EUR 21.10 per share

- 2022-09: EUR 20.34 per share

- 2022-10: EUR 22.22 per share

- 2022-11: EUR 26.46 per share

- 2022-12: EUR 25.56 per share

- 2023-01: EUR 28.44 per share

- 2023-02: EUR 32.88 per share

- 2023-03: EUR 31.32 per share

- 2023-04: EUR 28.88 per share

- 2023-05: EUR 31.16 per share

- 2023-06: EUR 31.44 per share

- 2023-07: EUR 29.40 per share

- 2023-08: EUR 27.06 per share

- 2023-09: EUR 24.00 per share

- 2023-10: EUR 22.36 per share

- 2023-11: EUR 24.76 per share

- 2023-12: EUR 28.44 per share

- 2024-01: EUR 29.16 per share

- 2024-02: EUR 29.22 per share

- 2024-03: EUR 28.80 per share

- 2024-04: EUR 25.24 per share

- 2024-05: EUR 27.38 per share

- 2024-06: EUR 27.02 per share

- 2024-07: EUR 26.40 per share

- 2024-08: EUR 28.10 per share

- 2024-09: EUR 27.60 per share

- 2024-10: EUR 21.50 per share

- 2024-11: EUR 20.94 per share

- 2024-12: EUR 22.44 per share

- 2025-01: EUR 21.72 per share

- 2025-02: EUR 22.32 per share

- 2025-03: EUR 19.09 per share

- 2025-04: EUR 17.42 per share

- 2025-05: EUR 19.33 per share

- 2025-06: EUR 19.53 per share

- 2025-07: EUR 18.70 per share

- 2025-08: EUR 17.00 per share

- 2025-09: EUR 17.18 per share

- 2025-10: EUR 19.56 per share

- 2025-11: EUR 19.74 per share

- 2025-12: EUR 19.57 per share

- 2026-01: EUR 26.66 per share

- 2026-02: EUR 28.14 per share

- 2026-03: EUR 28.20 per share

- 2026-04: EUR 33.38 per share

- 2026-05: EUR 46.00 per share

- 2026-06: EUR 46.94 per share

- 2026-07: EUR 37.28 per share

- 2026-08: EUR 39.68 per share

- 2026-09: EUR 41.98 per share

- 2026-10: EUR 38.84 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 15.73 per share, central EUR 21.52 per share, high EUR 24.89 per share

- FY2017: low EUR 15.92 per share, central EUR 18.86 per share, high EUR 21.47 per share

- FY2018: low EUR 16.98 per share, central EUR 20.18 per share, high EUR 23.13 per share

- FY2019: low EUR 18.36 per share, central EUR 22.77 per share, high EUR 26.16 per share

- FY2020: low EUR 10.74 per share, central EUR 12.09 per share, high EUR 13.88 per share

- FY2021: low EUR 14.50 per share, central EUR 16.40 per share, high EUR 18.93 per share

- FY2022: low EUR 11.36 per share, central EUR 12.84 per share, high EUR 14.80 per share

- FY2023: low EUR 12.86 per share, central EUR 15.38 per share, high EUR 17.79 per share

- FY2024: low EUR 13.91 per share, central EUR 16.82 per share, high EUR 19.42 per share

- FY2025: low EUR 15.51 per share, central EUR 18.39 per share, high EUR 21.24 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 2026-10-15T06:45:42.199Z 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.