# Signify N.V. (LIGHT.AS)

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

Analysis as of: 2026-10-16T07:41:05.961Z. Financial observations: FY2013–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: EUR 14.49 per share; close as of 2026-10-15.

Estimated value: low EUR 39.54 per share, central EUR 44.55 per share, high EUR 51.21 per share. Buy at or below the central value EUR 44.55 per share. Valuation as of 2026-10-16T07:41:05.961Z; scenarios are not confidence intervals.

Expected annual return: 30.2% at the stated quote. About 30.2% 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: fail

- 7 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- Financial history: 10 years

- Years with declining revenue: 7

- Years with a net loss: 0

- Operating margin variation: 0.13×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.05×

- FY2017: 0.06×

- FY2018: 0.06×

- FY2019: 0.06×

- FY2020: 0.06×

- FY2021: 0.07×

- FY2022: 0.07×

- FY2023: 0.06×

- FY2024: 0.08×

- FY2025: 0.08×

### moat: pass

- ROIC, median of available years: 34.5%

- ROIC, second-lowest year: 26.1%

- Typical minus recent gross margin: -1.5 pp

- Typical gross margin (annual median): 38.3%

- Recent gross margin (lower of latest and 3-year median): 39.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.6%

- ROIC including acquisitions, ten-year median: 14.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 20.9%

- FY2017: 35.5%

- FY2018: 35.5%

- FY2019: 34.7%

- FY2020: 31.6%

- FY2021: 37.1%

- FY2022: 29.3%

- FY2023: 26.1%

- FY2024: 34.3%

- FY2025: 37.1%

### economics: pass

- Owner earnings / net income, 5-yr: 1.39×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 2.4B

- Net income, five-year total: EUR 1.7B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.9 pp

- Working capital / revenue, change between three-year averages: -5.7 pp

- Working capital / revenue, final three-year average: 14.2%

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

- FY2021: 1.44×

- FY2022: 1.36×

- FY2023: 1.57×

- FY2024: 1.35×

- FY2025: 1.27×

### management: pass

- 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: 35.5% vs 34.3%

- Per-share earnings: 1.51 to 2.08 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.0%

- Ordinary dilution, 5-year annual growth: -0.8%

- Market cap gain: EUR -952M

- Cumulative retained earnings: EUR 775M

- Diluted shares, 10-year annual growth: -2.0%

- Diluted shares, 5-year annual growth: -0.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 4.1%

- Per-share value change: EUR 0.57

- Per-share value, starting three-year median: EUR 1.51

- Per-share value, ending three-year median: EUR 2.08

- Buybacks concentrated in cheaper years (correlation): 0.18

- Average buyback yield: 3.3%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 1.4B

- Cumulative net income, 10 years: EUR 3.0B

- ROIC, first three-year median: 35.5%

- ROIC, last three-year median: 34.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.26

- FY2017: EUR 2.08

- FY2018: EUR 2.00

- FY2019: EUR 2.08

- FY2020: EUR 2.56

- FY2021: EUR 3.18

- FY2022: EUR 4.11

- FY2023: EUR 1.60

- FY2024: EUR 2.57

- FY2025: EUR 2.08

### accounting: pass

- Sloan accruals: -4.1%

- Receivables to sales index (DSRI): 0.89×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.09×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.17×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.2%

- FY2017: -2.1%

- FY2018: -1.9%

- FY2019: -5.0%

- FY2020: -7.3%

- FY2021: -3.7%

- FY2022: 1.8%

- FY2023: -6.2%

- FY2024: -2.4%

- FY2025: -4.1%

## Holders

## Price story

Down 69% since Jan 2022 · "The OEM business faced reduced demand and price pressure." (LIGHT filing, Mar 2026) · sales -6.2%

Story as of 2026-10-16T10:00:11.800Z; price observation 2026-10-15.

Price needs cash profits to shrink 15.8% a year for ten years

- 2026-02-03: Earnings Miss: Signify N.V. Missed EPS By 17% And Analysts Are Revising Their Forecasts ([finance.yahoo.com](https://finance.yahoo.com/news/earnings-miss-signify-n-v-043255474.html))

### Sales · FY2024–2025

sales -6.2%; source https://filings.xbrl.org/549300072P3J1X8NZO35/2025-12-31/ESEF/NL/0/549300072P3J1X8NZO35-2025-12-31-1-en/reports/549300072P3J1X8NZO35-2025-12-31-1-en.html; observed 2026-03-04.

- FY2016: EUR 7.1B 

- FY2017: EUR 7.0B 

- FY2018: EUR 6.4B 

- FY2019: EUR 6.2B 

- FY2020: EUR 6.5B 

- FY2021: EUR 6.9B 

- FY2022: EUR 7.5B 

- FY2023: EUR 6.7B 

- FY2024: EUR 6.1B 

- FY2025: EUR 5.8B 

### Gross margin · FY2025

gross margin 40.1%; source https://filings.xbrl.org/549300072P3J1X8NZO35/2025-12-31/ESEF/NL/0/549300072P3J1X8NZO35-2025-12-31-1-en/reports/549300072P3J1X8NZO35-2025-12-31-1-en.html; observed 2026-03-04.

- FY2016: 37.6% 

- FY2017: 38.8% 

- FY2018: 37.5% 

- FY2019: 36.9% 

- FY2020: 38.4% 

- FY2021: 38.9% 

- FY2022: 36.4% 

- FY2023: 38.2% 

- FY2024: 39.8% 

- FY2025: 40.1% 

## Owner memo

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

### How it makes money

Operates in electrical equipment & parts; annual sales are EUR 5.8 billion.

- Source: https://filings.xbrl.org/549300072P3J1X8NZO35/2025-12-31/ESEF/NL/0/549300072P3J1X8NZO35-2025-12-31-1-en/reports/549300072P3J1X8NZO35-2025-12-31-1-en.html (filed 2026-03-04); FY2025: revenue 5765000000; grossProfit 2310000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LIGHT.AS: Signify N.V. provides lighting products, systems, and services in Europe, the Americas, and internationally. It operates through Professional, Consumer, OEM, and Conventional segments. The company offers LED products and connected lighting systems and services, including functional LED luminaires, LED and conventional lamps and tubes, and lighting components such as LED drivers, electronics, modules, and sensors. In addition, it produces lamps based on LED technologies, which include high-intensity discharge lamps, compact fluorescent, halogen, incandescent, and specialty lighting products consisting of projection lighting for consumers, electrical installers, distributors, and professional end-users. The company's LED systems and services are used for various market segments, including offices, commercial buildings, shops, hospitality venues, industry, agriculture, and outdoor environments. Signify N.V. was founded in 1891 and is headquartered in Eindhoven, the Netherlands.

### Why customers stay

Margins ranged from 38.2% to 40.1% during 2023–25; it earns 34.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2023: grossProfit / revenue = 38.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2024: grossProfit / revenue = 39.8%.

- Source: https://filings.xbrl.org/549300072P3J1X8NZO35/2025-12-31/ESEF/NL/0/549300072P3J1X8NZO35-2025-12-31-1-en/reports/549300072P3J1X8NZO35-2025-12-31-1-en.html (filed 2026-03-04); FY2025: grossProfit / revenue = 40.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); 10-year return on capital observations [[2016,0.20929319371727748],[2017,0.35462334451299776],[2018,0.3547206587243183],[2019,0.34743964174454833],[2020,0.31580998826136814],[2021,0.37124755989352265],[2022,0.29313534323283835],[2023,0.26104596067282637],[2024,0.3429689619095594],[2025,0.3708025339944822]]; median 0.34520430182705386. 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 154 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2016: growth capex 0; upkeep 109000000; owner earnings 339000000. 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 96000000; owner earnings 443000000. 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 83000000; owner earnings 402000000. 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 87000000; owner earnings 434000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2020: growth capex 0; upkeep 99000000; owner earnings 523000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2021: growth capex 0; upkeep 118000000; owner earnings 570000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2022: growth capex 0; upkeep 132000000; owner earnings 710000000. 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 110000000; owner earnings 318600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2024: growth capex 0; upkeep 99000000; owner earnings 442600000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/549300072P3J1X8NZO35/2025-12-31/ESEF/NL/0/549300072P3J1X8NZO35-2025-12-31-1-en/reports/549300072P3J1X8NZO35-2025-12-31-1-en.html (filed 2026-03-04); FY2025: growth capex 0; upkeep 132000000; owner earnings 323600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Dividend observations: [[2016,10000000],[2017,158000000],[2018,171000000],[2019,164000000],[2020,17000000],[2021,346000000],[2022,182000000],[2023,210000000],[2024,221000000],[2025,203000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/549300072P3J1X8NZO35/2025-12-31/ESEF/NL/0/549300072P3J1X8NZO35-2025-12-31-1-en/reports/549300072P3J1X8NZO35-2025-12-31-1-en.html (filed 2026-03-04); FY2025: cash repurchases 154000000 EUR.

### Are managers owners

Insiders own 6.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LIGHT.AS SharesStats.PercentInsiders = 6.272 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 15.8% yearly over ten years; actual decline was 0.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Ten-year compound average after fade. Initial solved rate -0.23208304792305007. Price 14.49; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.7 → FY2025 2.651915591067404. Closing-price date 2026-10-15.

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

- 2016-10: EUR 21.36 per share

- 2016-11: EUR 21.60 per share

- 2016-12: EUR 23.40 per share

- 2017-01: EUR 23.83 per share

- 2017-02: EUR 26.14 per share

- 2017-03: EUR 26.81 per share

- 2017-04: EUR 31.06 per share

- 2017-05: EUR 33.00 per share

- 2017-06: EUR 32.32 per share

- 2017-07: EUR 32.10 per share

- 2017-08: EUR 31.00 per share

- 2017-09: EUR 34.15 per share

- 2017-10: EUR 32.53 per share

- 2017-11: EUR 31.83 per share

- 2017-12: EUR 30.60 per share

- 2018-01: EUR 31.70 per share

- 2018-02: EUR 32.56 per share

- 2018-03: EUR 30.50 per share

- 2018-04: EUR 25.24 per share

- 2018-05: EUR 24.43 per share

- 2018-06: EUR 22.25 per share

- 2018-07: EUR 23.72 per share

- 2018-08: EUR 24.24 per share

- 2018-09: EUR 22.30 per share

- 2018-10: EUR 21.80 per share

- 2018-11: EUR 23.49 per share

- 2018-12: EUR 20.47 per share

- 2019-01: EUR 21.67 per share

- 2019-02: EUR 23.35 per share

- 2019-03: EUR 23.85 per share

- 2019-04: EUR 26.73 per share

- 2019-05: EUR 23.96 per share

- 2019-06: EUR 26.00 per share

- 2019-07: EUR 24.55 per share

- 2019-08: EUR 26.61 per share

- 2019-09: EUR 25.23 per share

- 2019-10: EUR 26.24 per share

- 2019-11: EUR 27.07 per share

- 2019-12: EUR 27.86 per share

- 2020-01: EUR 30.12 per share

- 2020-02: EUR 26.80 per share

- 2020-03: EUR 17.69 per share

- 2020-04: EUR 18.62 per share

- 2020-05: EUR 19.23 per share

- 2020-06: EUR 22.99 per share

- 2020-07: EUR 25.35 per share

- 2020-08: EUR 27.99 per share

- 2020-09: EUR 31.58 per share

- 2020-10: EUR 30.59 per share

- 2020-11: EUR 35.50 per share

- 2020-12: EUR 34.53 per share

- 2021-01: EUR 39.30 per share

- 2021-02: EUR 36.05 per share

- 2021-03: EUR 43.96 per share

- 2021-04: EUR 47.31 per share

- 2021-05: EUR 50.76 per share

- 2021-06: EUR 53.34 per share

- 2021-07: EUR 47.19 per share

- 2021-08: EUR 47.42 per share

- 2021-09: EUR 43.15 per share

- 2021-10: EUR 41.85 per share

- 2021-11: EUR 40.13 per share

- 2021-12: EUR 40.78 per share

- 2022-01: EUR 46.86 per share

- 2022-02: EUR 45.58 per share

- 2022-03: EUR 42.43 per share

- 2022-04: EUR 40.60 per share

- 2022-05: EUR 37.18 per share

- 2022-06: EUR 31.63 per share

- 2022-07: EUR 31.58 per share

- 2022-08: EUR 28.37 per share

- 2022-09: EUR 26.63 per share

- 2022-10: EUR 28.06 per share

- 2022-11: EUR 32.26 per share

- 2022-12: EUR 31.38 per share

- 2023-01: EUR 33.09 per share

- 2023-02: EUR 32.83 per share

- 2023-03: EUR 30.64 per share

- 2023-04: EUR 30.21 per share

- 2023-05: EUR 23.84 per share

- 2023-06: EUR 25.67 per share

- 2023-07: EUR 28.57 per share

- 2023-08: EUR 26.14 per share

- 2023-09: EUR 25.51 per share

- 2023-10: EUR 24.46 per share

- 2023-11: EUR 26.66 per share

- 2023-12: EUR 30.32 per share

- 2024-01: EUR 27.95 per share

- 2024-02: EUR 24.78 per share

- 2024-03: EUR 28.58 per share

- 2024-04: EUR 25.76 per share

- 2024-05: EUR 24.92 per share

- 2024-06: EUR 23.30 per share

- 2024-07: EUR 22.90 per share

- 2024-08: EUR 22.24 per share

- 2024-09: EUR 21.16 per share

- 2024-10: EUR 22.52 per share

- 2024-11: EUR 21.18 per share

- 2024-12: EUR 21.58 per share

- 2025-01: EUR 20.90 per share

- 2025-02: EUR 20.48 per share

- 2025-03: EUR 19.94 per share

- 2025-04: EUR 18.17 per share

- 2025-05: EUR 21.54 per share

- 2025-06: EUR 22.98 per share

- 2025-07: EUR 21.10 per share

- 2025-08: EUR 22.56 per share

- 2025-09: EUR 22.30 per share

- 2025-10: EUR 20.78 per share

- 2025-11: EUR 20.34 per share

- 2025-12: EUR 20.96 per share

- 2026-01: EUR 17.91 per share

- 2026-02: EUR 19.72 per share

- 2026-03: EUR 18.06 per share

- 2026-04: EUR 19.32 per share

- 2026-05: EUR 20.82 per share

- 2026-06: EUR 16.69 per share

- 2026-07: EUR 14.76 per share

- 2026-08: EUR 15.39 per share

- 2026-09: EUR 15.52 per share

- 2026-10: EUR 14.23 per share

## Annual estimated value (EUR per share)

- FY2017: low EUR 33.24 per share, central EUR 37.00 per share, high EUR 42.01 per share

- FY2018: low EUR 33.12 per share, central EUR 37.07 per share, high EUR 42.33 per share

- FY2019: low EUR 40.04 per share, central EUR 44.77 per share, high EUR 51.07 per share

- FY2020: low EUR 42.74 per share, central EUR 47.65 per share, high EUR 54.19 per share

- FY2021: low EUR 47.39 per share, central EUR 53.14 per share, high EUR 60.79 per share

- FY2022: low EUR 56.06 per share, central EUR 63.22 per share, high EUR 72.75 per share

- FY2023: low EUR 54.36 per share, central EUR 60.75 per share, high EUR 69.25 per share

- FY2024: low EUR 46.38 per share, central EUR 52.22 per share, high EUR 60.00 per share

- FY2025: low EUR 41.37 per share, central EUR 46.50 per share, high EUR 53.33 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 2026-10-15T06:46:50.067Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/549300072P3J1X8NZO35/2025-12-31/ESEF/NL/0/549300072P3J1X8NZO35-2025-12-31-1-en/reports/549300072P3J1X8NZO35-2025-12-31-1-en.html); 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.