# Melexis NV (MELE.BR)

Canonical: https://gigainvestors.com/s/MELE.BR

Analysis as of: 2026-10-16T07:39:56.796Z. Financial observations: FY2002–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 56.75 per share; close as of 2026-10-15.

Estimated value: low EUR 48.12 per share, central EUR 56.36 per share, high EUR 65.48 per share. Buy at or below the central value EUR 56.36 per share. Valuation as of 2026-10-16T07:39:56.796Z; scenarios are not confidence intervals.

Expected annual return: 10.0% at the stated quote. About 10.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; BE 10-year bond 4.3% + 4 points).

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.22×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.25×

- FY2017: 0.26×

- FY2018: 0.24×

- FY2019: 0.15×

- FY2020: 0.15×

- FY2021: 0.23×

- FY2022: 0.27×

- FY2023: 0.27×

- FY2024: 0.24×

- FY2025: 0.16×

### moat: fail

- Recent gross margin fell 5.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 33.0%

- ROIC, second-lowest year: 18.8%

- Typical minus recent gross margin: 5.3 pp

- Typical gross margin (annual median): 43.9%

- Recent gross margin (lower of latest and 3-year median): 38.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.9%

- ROIC including acquisitions, ten-year median: 27.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 48.2%

- FY2017: 46.3%

- FY2018: 35.3%

- FY2019: 18.8%

- FY2020: 21.4%

- FY2021: 35.2%

- FY2022: 48.2%

- FY2023: 30.9%

- FY2024: 24.3%

- FY2025: 14.4%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 824M

- Net income, five-year total: EUR 822M

- Return on incremental invested capital: 4.4%

- Working capital / revenue, annual change: 1.0 pp

- Working capital / revenue, change between three-year averages: 6.7 pp

- Working capital / revenue, final three-year average: 37.2%

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

- FY2021: 1.04×

- FY2022: 1.02×

- FY2023: 0.90×

- FY2024: 0.95×

- FY2025: 1.20×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 46.3% vs 24.3%

- Per-share earnings: 2.43 to 4.24 (three-year endpoint medians)

- 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 -258M

- Cumulative retained earnings: EUR 267M

- 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: 7.2%

- Per-share value change: EUR 1.81

- Per-share value, starting three-year median: EUR 2.43

- Per-share value, ending three-year median: EUR 4.24

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 1.1%

- Buyback history: 2 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 80K

- Cumulative net income, 10 years: EUR 1.3B

- ROIC, first three-year median: 46.3%

- ROIC, last three-year median: 24.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 2.38

- FY2017: EUR 2.74

- FY2018: EUR 2.84

- FY2019: EUR 1.49

- FY2020: EUR 1.70

- FY2021: EUR 3.23

- FY2022: EUR 4.88

- FY2023: EUR 5.18

- FY2024: EUR 4.24

- FY2025: EUR 2.79

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -1.5%

- Receivables to sales index (DSRI): 1.47×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.12×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.3%

- FY2017: -0.6%

- FY2018: 3.7%

- FY2019: -8.2%

- FY2020: -6.1%

- FY2021: -2.4%

- FY2022: 1.6%

- FY2023: 23.8%

- FY2024: -0.8%

- FY2025: -1.5%

## Holders

## Price story

Down 47% since Mar 2023 · sales -10%

Story as of 2026-10-16T10:00:11.066Z; price observation 2026-10-15.

Price needs cash profits to grow 1.7% a year for ten years

### Sales · FY2024–2025

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

- FY2016: EUR 456M 

- FY2017: EUR 512M 

- FY2018: EUR 569M 

- FY2019: EUR 487M 

- FY2020: EUR 508M 

- FY2021: EUR 644M 

- FY2022: EUR 836M 

- FY2023: EUR 964M 

- FY2024: EUR 933M 

- FY2025: EUR 840M 

### Gross margin · FY2025

gross margin 38.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 45.7% 

- FY2017: 46.0% 

- FY2018: 45.9% 

- FY2019: 40.3% 

- FY2020: 39.0% 

- FY2021: 42.5% 

- FY2022: 44.8% 

- FY2023: 45.7% 

- FY2024: 43.0% 

- FY2025: 38.6% 

## Owner memo

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

### How it makes money

Operates in semiconductors; annual sales are EUR 839.6 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:56.796Z); FY2025: revenue 839617000; grossProfit 324009000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MELE.BR: Melexis NV designs, develops, tests, and markets advanced integrated semiconductor devices primarily for the automotive industry in Europe, the Middle East, Africa, the Asia Pacific, and North and Latin America. The company provides current, inductive position, latch and switch, magnetic position, speed, optical, pressure, temperature motor, and tire monitoring sensors ICs, as well as time-of-flight ICs; embedded motor, fan and pump, smart LED, pre-driver, and transceivers ICs, such as LIN, CAN, and RFID transceivers; and embedded lighting ICs. Melexis NV was founded in 1988 and is headquartered in Ieper, Belgium.

### Why customers stay

Margins ranged from 38.6% to 45.7% during 2023–25; it earns 33% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:56.796Z); FY2023: grossProfit / revenue = 45.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:56.796Z); FY2024: grossProfit / revenue = 43%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:56.796Z); FY2025: grossProfit / revenue = 38.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:56.796Z); 10-year return on capital observations [[2016,0.48243498235811944],[2017,0.4625818280339071],[2018,0.3529476192673685],[2019,0.18784813260772762],[2020,0.21437496757853353],[2021,0.3516154959106581],[2022,0.481931435059327],[2023,0.3088393910322296],[2024,0.2425505058442747],[2025,0.14367103915879814]]; median 0.33022744347144384. 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 45.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:56.796Z); FY2016: growth capex 2902410; upkeep 25871601; owner earnings 96256883. Growth capex / owner earnings = 0.030152752816647928.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:56.796Z); FY2017: growth capex 12449330.852445178; upkeep 33967965.14755482; owner earnings 109344086.85244519. Growth capex / owner earnings = 0.11385463275435256.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:56.796Z); FY2018: growth capex 13384562.945744619; upkeep 62911299.05425538; owner earnings 91662079.94574462. Growth capex / owner earnings = 0.1460207203858676.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:56.796Z); FY2019: growth capex 0; upkeep 26631932; owner earnings 81257353.4. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:56.796Z); FY2020: growth capex 0; upkeep 24835443; owner earnings 90084446. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:56.796Z); FY2021: growth capex 0; upkeep 39088143; owner earnings 135886464. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:56.796Z); FY2022: growth capex 0; upkeep 39884000; owner earnings 201585455. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:56.796Z); FY2023: growth capex 29517959.617290214; upkeep 64712581.38270979; owner earnings 189216990.81729022. Growth capex / owner earnings = 0.15600057632135714.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:56.796Z); FY2024: growth capex 0; upkeep 53107000; owner earnings 162206600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:56.796Z); FY2025: growth capex 0; upkeep 29364000; owner earnings 134932200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:56.796Z); Dividend observations: [[2016,76102333],[2017,80107718],[2018,84113104],[2019,88118490],[2020,52070017],[2021,88880000],[2022,105040000],[2023,141400000],[2024,149480000],[2025,147851000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:56.796Z); FY2025: cash repurchases 45621000 EUR.

### Are managers owners

Insiders own 50% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MELE.BR SharesStats.PercentInsiders = 50 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 1.7% yearly over ten years; actual growth was 3.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:56.796Z); Ten-year compound average after fade. Initial solved rate 0.011847293452099263. Price 56.75; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.3828295288751336 → FY2025 3.347155348837209. Closing-price date 2026-10-15.

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

- 2016-10: EUR 59.71 per share

- 2016-11: EUR 59.10 per share

- 2016-12: EUR 63.65 per share

- 2017-01: EUR 69.52 per share

- 2017-02: EUR 78.47 per share

- 2017-03: EUR 81.21 per share

- 2017-04: EUR 76.51 per share

- 2017-05: EUR 80.31 per share

- 2017-06: EUR 71.90 per share

- 2017-07: EUR 72.68 per share

- 2017-08: EUR 77.05 per share

- 2017-09: EUR 81.80 per share

- 2017-10: EUR 86.01 per share

- 2017-11: EUR 82.09 per share

- 2017-12: EUR 84.37 per share

- 2018-01: EUR 84.80 per share

- 2018-02: EUR 90.50 per share

- 2018-03: EUR 81.00 per share

- 2018-04: EUR 79.05 per share

- 2018-05: EUR 85.75 per share

- 2018-06: EUR 79.50 per share

- 2018-07: EUR 79.55 per share

- 2018-08: EUR 77.20 per share

- 2018-09: EUR 66.65 per share

- 2018-10: EUR 58.10 per share

- 2018-11: EUR 52.20 per share

- 2018-12: EUR 50.90 per share

- 2019-01: EUR 61.60 per share

- 2019-02: EUR 57.90 per share

- 2019-03: EUR 53.95 per share

- 2019-04: EUR 71.50 per share

- 2019-05: EUR 62.75 per share

- 2019-06: EUR 59.50 per share

- 2019-07: EUR 62.10 per share

- 2019-08: EUR 57.70 per share

- 2019-09: EUR 63.55 per share

- 2019-10: EUR 62.80 per share

- 2019-11: EUR 66.20 per share

- 2019-12: EUR 67.05 per share

- 2020-01: EUR 64.40 per share

- 2020-02: EUR 62.30 per share

- 2020-03: EUR 48.20 per share

- 2020-04: EUR 55.55 per share

- 2020-05: EUR 59.05 per share

- 2020-06: EUR 67.50 per share

- 2020-07: EUR 72.35 per share

- 2020-08: EUR 67.15 per share

- 2020-09: EUR 66.45 per share

- 2020-10: EUR 65.30 per share

- 2020-11: EUR 80.15 per share

- 2020-12: EUR 79.90 per share

- 2021-01: EUR 92.30 per share

- 2021-02: EUR 98.00 per share

- 2021-03: EUR 90.25 per share

- 2021-04: EUR 90.60 per share

- 2021-05: EUR 85.40 per share

- 2021-06: EUR 87.55 per share

- 2021-07: EUR 93.95 per share

- 2021-08: EUR 100.20 per share

- 2021-09: EUR 92.00 per share

- 2021-10: EUR 99.60 per share

- 2021-11: EUR 102.70 per share

- 2021-12: EUR 104.80 per share

- 2022-01: EUR 92.30 per share

- 2022-02: EUR 81.80 per share

- 2022-03: EUR 84.00 per share

- 2022-04: EUR 82.95 per share

- 2022-05: EUR 80.75 per share

- 2022-06: EUR 68.45 per share

- 2022-07: EUR 83.55 per share

- 2022-08: EUR 75.20 per share

- 2022-09: EUR 70.00 per share

- 2022-10: EUR 69.80 per share

- 2022-11: EUR 82.75 per share

- 2022-12: EUR 81.00 per share

- 2023-01: EUR 97.50 per share

- 2023-02: EUR 102.40 per share

- 2023-03: EUR 106.40 per share

- 2023-04: EUR 86.35 per share

- 2023-05: EUR 85.35 per share

- 2023-06: EUR 89.90 per share

- 2023-07: EUR 97.90 per share

- 2023-08: EUR 87.20 per share

- 2023-09: EUR 81.70 per share

- 2023-10: EUR 69.35 per share

- 2023-11: EUR 84.55 per share

- 2023-12: EUR 91.25 per share

- 2024-01: EUR 80.10 per share

- 2024-02: EUR 77.60 per share

- 2024-03: EUR 75.15 per share

- 2024-04: EUR 78.80 per share

- 2024-05: EUR 82.65 per share

- 2024-06: EUR 80.40 per share

- 2024-07: EUR 80.55 per share

- 2024-08: EUR 81.60 per share

- 2024-09: EUR 74.15 per share

- 2024-10: EUR 59.65 per share

- 2024-11: EUR 56.70 per share

- 2024-12: EUR 56.50 per share

- 2025-01: EUR 58.50 per share

- 2025-02: EUR 56.95 per share

- 2025-03: EUR 51.80 per share

- 2025-04: EUR 52.65 per share

- 2025-05: EUR 59.10 per share

- 2025-06: EUR 72.15 per share

- 2025-07: EUR 67.50 per share

- 2025-08: EUR 67.60 per share

- 2025-09: EUR 67.45 per share

- 2025-10: EUR 62.50 per share

- 2025-11: EUR 53.00 per share

- 2025-12: EUR 57.50 per share

- 2026-01: EUR 63.75 per share

- 2026-02: EUR 56.85 per share

- 2026-03: EUR 52.55 per share

- 2026-04: EUR 71.35 per share

- 2026-05: EUR 81.10 per share

- 2026-06: EUR 78.10 per share

- 2026-07: EUR 68.30 per share

- 2026-08: EUR 66.00 per share

- 2026-09: EUR 69.05 per share

- 2026-10: EUR 60.50 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 33.98 per share, central EUR 47.84 per share, high EUR 55.90 per share

- FY2017: low EUR 38.27 per share, central EUR 53.99 per share, high EUR 63.14 per share

- FY2018: low EUR 41.26 per share, central EUR 58.70 per share, high EUR 68.86 per share

- FY2019: low EUR 34.58 per share, central EUR 48.13 per share, high EUR 56.36 per share

- FY2020: low EUR 25.39 per share, central EUR 28.73 per share, high EUR 33.17 per share

- FY2021: low EUR 38.80 per share, central EUR 55.20 per share, high EUR 64.75 per share

- FY2022: low EUR 55.35 per share, central EUR 79.82 per share, high EUR 93.47 per share

- FY2023: low EUR 68.44 per share, central EUR 99.61 per share, high EUR 117.00 per share

- FY2024: low EUR 59.59 per share, central EUR 78.19 per share, high EUR 91.47 per share

- FY2025: low EUR 46.43 per share, central EUR 54.39 per share, high EUR 63.20 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 2026-10-15T06:45:29.762Z 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