# Siemens Aktiengesellschaft (SIE.XETRA)

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

Analysis as of: 2026-10-16T07:33:32.403Z. Financial observations: FY1999–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 270.65 per share; close as of 2026-10-15.

Estimated value: low EUR 143.00 per share, central EUR 161.07 per share, high EUR 185.13 per share. Buy at or below the central value EUR 161.07 per share. Valuation as of 2026-10-16T07:33:32.403Z; scenarios are not confidence intervals.

Expected annual return: 7.0% at the stated quote. About 7.0% 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: 0.15×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.09×

- FY2017: 0.09×

- FY2018: 0.08×

- FY2019: 0.11×

- FY2020: 0.09×

- FY2021: 0.11×

- FY2022: 0.10×

- FY2023: 0.13×

- FY2024: 0.13×

- FY2025: 0.12×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 12.3%

- ROIC, second-lowest year: 8.9%

- Typical minus recent gross margin: -2.3 pp

- Typical gross margin (annual median): 36.3%

- Recent gross margin (lower of latest and 3-year median): 38.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.9%

- ROIC including acquisitions, ten-year median: 9.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 18.6%

- FY2017: 15.1%

- FY2018: 13.0%

- FY2019: 11.5%

- FY2020: 7.9%

- FY2021: 9.5%

- FY2022: 8.9%

- FY2023: 14.2%

- FY2024: 13.2%

- FY2025: 11.3%

### economics: pass

- Owner earnings / net income, 5-yr: 1.09×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 38B

- Net income, five-year total: EUR 35B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.0 pp

- Working capital / revenue, change between three-year averages: 3.3 pp

- Working capital / revenue, final three-year average: 47.2%

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

- FY2021: 1.14×

- FY2022: 1.20×

- FY2023: 1.10×

- FY2024: 1.06×

- FY2025: 1.03×

### 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: 15.1% vs 13.2%

- Per-share earnings: 6.60 to 10.44 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.4%

- Ordinary dilution, 5-year annual growth: -0.6%

- Market cap gain: EUR 91B

- Cumulative retained earnings: EUR 14B

- Diluted shares, 10-year annual growth: -0.4%

- Diluted shares, 5-year annual growth: -0.6%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 5.9%

- Per-share value change: EUR 3.85

- Per-share value, starting three-year median: EUR 6.60

- Per-share value, ending three-year median: EUR 10.44

- Buybacks concentrated in cheaper years (correlation): 0.12

- Average buyback yield: 1.6%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 42B

- Cumulative net income, 10 years: EUR 61B

- ROIC, first three-year median: 15.1%

- ROIC, last three-year median: 13.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 6.51

- FY2017: EUR 7.19

- FY2018: EUR 7.19

- FY2019: EUR 6.28

- FY2020: EUR 4.98

- FY2021: EUR 6.47

- FY2022: EUR 4.70

- FY2023: EUR 9.95

- FY2024: EUR 10.44

- FY2025: EUR 12.23

### accounting: pass

- Sloan accruals: -1.1%

- Receivables to sales index (DSRI): 0.98×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.20×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.85×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.8%

- FY2017: -0.9%

- FY2018: -1.9%

- FY2019: -2.2%

- FY2020: -3.2%

- FY2021: -3.4%

- FY2022: -4.3%

- FY2023: -3.0%

- FY2024: -2.3%

- FY2025: -1.1%

## Holders

## Price story

Price needs cash profits to grow 7.8% a year for ten years · "Siemens Lifts Growth Targets, Will Cut Stake in MRI Maker" (finance.yahoo.com, Nov 2025) · sales +3.9%

Story as of 2026-10-16T09:59:56.606Z; price observation 2026-10-15.

Price needs cash profits to grow 7.8% a year for ten years

- 2025-08-07: Siemens Beats Market Views With Order Momentum in Mobility ([finance.yahoo.com](https://finance.yahoo.com/news/siemens-beats-market-views-order-083400061.html))

- 2025-11-13: Siemens shares fall on earnings concerns despite sales outlook hike ([finance.yahoo.com](https://finance.yahoo.com/news/siemens-expects-faster-sales-growth-060216741.html))

- 2026-05-06: Siemens Links $1b U.S. Buildout With Smart Grid Cybersecurity Growth ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/siemens-links-1b-u-buildout-002443673.html))

### Sales · FY2024–2025

sales +3.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 80B 

- FY2017: EUR 83B 

- FY2018: EUR 83B 

- FY2019: EUR 58B 

- FY2020: EUR 55B 

- FY2021: EUR 62B 

- FY2022: EUR 72B 

- FY2023: EUR 75B 

- FY2024: EUR 76B 

- FY2025: EUR 79B 

### Gross margin · FY2025

gross margin 38.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 29.9% 

- FY2017: 30.2% 

- FY2018: 29.9% 

- FY2019: 37.0% 

- FY2020: 36.0% 

- FY2021: 36.5% 

- FY2022: 35.9% 

- FY2023: 38.9% 

- FY2024: 39.3% 

- FY2025: 38.5% 

## Owner memo

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

### How it makes money

Operates in specialty industrial machinery; annual sales are EUR 78.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.403Z); FY2025: revenue 78914000000; grossProfit 30399000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SIE.XETRA: Siemens Aktiengesellschaft, a technology company, focuses in the areas of automation and digitalization across the world. It operates through Digital Industries, Smart Infrastructure, Mobility, Siemens Healthineers, and Siemens Financial Services (SFS) segments. The Digital Industries segment provides automation systems and software for factories, numerical control systems, servo motors, drives and inverters, and integrated automation systems for machine tools and production machines; process control systems, machine-to-machine communication products, sensors and radio frequency identification systems; production and product lifecycle management software, and simulation and testing of mechatronic system. The Smart Infrastructure segment offers products, systems, solutions, services, and software to support sustainable transition from fossil and renewable energy sources; sustainable buildings and communities; and buildings, electrification, and electrical products. The Mobility segment provides rail passenger and freight transportation, such as metro systems, trams and light rail, and commuter trains, as well as trains and passenger coaches; locomotives and solutions for automated transportation and leasing; products and solutions for rail automation and electrification; maintenance and digital services; and digital and cloud-based solutions, and related services. The Siemens Healthineers segment develops, manufactures, and sells various diagnostic and therapeutic products and services; and provides clinical consulting and training services. Its financial services segment offers debt and equity investments; leasing, lending, and working capital; structured, equipment, and project financing; and financial advisory services. It has a strategic collaboration with IFS to improve product lifecycle with industrial AI. The company was founded in 1847 and is headquartered in Munich, Germany.

### Why customers stay

Margins ranged from 38.5% to 39.3% during 2023–25; it earns 12.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.403Z); FY2023: grossProfit / revenue = 38.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.403Z); FY2024: grossProfit / revenue = 39.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.403Z); FY2025: grossProfit / revenue = 38.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.403Z); 10-year return on capital observations [[2016,0.1855510894616082],[2017,0.151384909114954],[2018,0.13036831136529803],[2019,0.11478445750425854],[2020,0.07912660520711558],[2021,0.09546433620188287],[2022,0.0891197998702863],[2023,0.14188763550023717],[2024,0.13175514950330405],[2025,0.11265645500889591]]; median 0.12257638443477828. 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 2.3 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.403Z); FY2016: growth capex 0; upkeep 2135000000; owner earnings 5977000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.403Z); FY2017: growth capex 0; upkeep 2406000000; owner earnings 6766000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.403Z); FY2018: growth capex 0; upkeep 2602000000; owner earnings 6624000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.403Z); FY2019: growth capex 0; upkeep 1780000000; owner earnings 5723800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.403Z); FY2020: growth capex 0; upkeep 1498000000; owner earnings 4977200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.403Z); FY2021: growth capex 0; upkeep 1730000000; owner earnings 6020200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.403Z); FY2022: growth capex 0; upkeep 2084000000; owner earnings 4462538137.32155. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.403Z); FY2023: growth capex 0; upkeep 2146000000; owner earnings 8762400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.403Z); FY2024: growth capex 0; upkeep 2088000000; owner earnings 8758600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.403Z); FY2025: growth capex 0; upkeep 2445000000; owner earnings 9914600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.403Z); Dividend observations: [[2016,2827000000],[2017,2914000000],[2018,3011000000],[2019,3060000000],[2020,3174000000],[2021,2804000000],[2022,3215000000],[2023,3362000000],[2024,3709000000],[2025,4093000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.403Z); FY2025: cash repurchases 2269000000 EUR.

### Are managers owners

Insiders own 6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SIE.XETRA SharesStats.PercentInsiders = 6.0040000000000004 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 7.8% yearly over ten years; actual growth was 5.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:32.403Z); Ten-year compound average after fade. Initial solved rate 0.09914250293119464. Price 270.65; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 7.394220009048545 → FY2025 12.600821761779066. Closing-price date 2026-10-15.

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

- 2016-10: EUR 93.26 per share

- 2016-11: EUR 96.10 per share

- 2016-12: EUR 105.29 per share

- 2017-01: EUR 104.79 per share

- 2017-02: EUR 110.70 per share

- 2017-03: EUR 115.75 per share

- 2017-04: EUR 118.63 per share

- 2017-05: EUR 114.53 per share

- 2017-06: EUR 108.49 per share

- 2017-07: EUR 103.44 per share

- 2017-08: EUR 98.98 per share

- 2017-09: EUR 107.45 per share

- 2017-10: EUR 110.43 per share

- 2017-11: EUR 102.95 per share

- 2017-12: EUR 104.70 per share

- 2018-01: EUR 110.12 per share

- 2018-02: EUR 97.75 per share

- 2018-03: EUR 93.32 per share

- 2018-04: EUR 95.23 per share

- 2018-05: EUR 100.51 per share

- 2018-06: EUR 102.06 per share

- 2018-07: EUR 108.86 per share

- 2018-08: EUR 100.95 per share

- 2018-09: EUR 99.47 per share

- 2018-10: EUR 91.70 per share

- 2018-11: EUR 92.31 per share

- 2018-12: EUR 87.78 per share

- 2019-01: EUR 86.34 per share

- 2019-02: EUR 86.66 per share

- 2019-03: EUR 86.49 per share

- 2019-04: EUR 96.22 per share

- 2019-05: EUR 91.44 per share

- 2019-06: EUR 94.29 per share

- 2019-07: EUR 89.24 per share

- 2019-08: EUR 81.99 per share

- 2019-09: EUR 88.57 per share

- 2019-10: EUR 93.19 per share

- 2019-11: EUR 105.58 per share

- 2019-12: EUR 105.06 per share

- 2020-01: EUR 100.64 per share

- 2020-02: EUR 84.02 per share

- 2020-03: EUR 69.84 per share

- 2020-04: EUR 76.34 per share

- 2020-05: EUR 88.82 per share

- 2020-06: EUR 94.44 per share

- 2020-07: EUR 97.65 per share

- 2020-08: EUR 104.26 per share

- 2020-09: EUR 107.88 per share

- 2020-10: EUR 100.70 per share

- 2020-11: EUR 112.00 per share

- 2020-12: EUR 117.52 per share

- 2021-01: EUR 127.94 per share

- 2021-02: EUR 127.98 per share

- 2021-03: EUR 140.00 per share

- 2021-04: EUR 138.82 per share

- 2021-05: EUR 132.64 per share

- 2021-06: EUR 133.62 per share

- 2021-07: EUR 131.58 per share

- 2021-08: EUR 140.84 per share

- 2021-09: EUR 141.92 per share

- 2021-10: EUR 140.28 per share

- 2021-11: EUR 141.28 per share

- 2021-12: EUR 152.68 per share

- 2022-01: EUR 139.88 per share

- 2022-02: EUR 126.66 per share

- 2022-03: EUR 125.66 per share

- 2022-04: EUR 117.78 per share

- 2022-05: EUR 122.44 per share

- 2022-06: EUR 97.09 per share

- 2022-07: EUR 108.54 per share

- 2022-08: EUR 101.08 per share

- 2022-09: EUR 101.20 per share

- 2022-10: EUR 110.64 per share

- 2022-11: EUR 131.22 per share

- 2022-12: EUR 129.64 per share

- 2023-01: EUR 142.90 per share

- 2023-02: EUR 144.70 per share

- 2023-03: EUR 149.26 per share

- 2023-04: EUR 148.90 per share

- 2023-05: EUR 153.34 per share

- 2023-06: EUR 152.54 per share

- 2023-07: EUR 154.98 per share

- 2023-08: EUR 138.88 per share

- 2023-09: EUR 135.66 per share

- 2023-10: EUR 124.96 per share

- 2023-11: EUR 154.00 per share

- 2023-12: EUR 169.92 per share

- 2024-01: EUR 166.68 per share

- 2024-02: EUR 182.94 per share

- 2024-03: EUR 176.96 per share

- 2024-04: EUR 175.90 per share

- 2024-05: EUR 176.26 per share

- 2024-06: EUR 173.72 per share

- 2024-07: EUR 169.42 per share

- 2024-08: EUR 169.92 per share

- 2024-09: EUR 181.34 per share

- 2024-10: EUR 178.40 per share

- 2024-11: EUR 183.16 per share

- 2024-12: EUR 188.56 per share

- 2025-01: EUR 207.45 per share

- 2025-02: EUR 221.20 per share

- 2025-03: EUR 211.90 per share

- 2025-04: EUR 201.95 per share

- 2025-05: EUR 211.80 per share

- 2025-06: EUR 217.65 per share

- 2025-07: EUR 224.90 per share

- 2025-08: EUR 236.60 per share

- 2025-09: EUR 229.20 per share

- 2025-10: EUR 245.55 per share

- 2025-11: EUR 228.30 per share

- 2025-12: EUR 239.15 per share

- 2026-01: EUR 256.30 per share

- 2026-02: EUR 247.40 per share

- 2026-03: EUR 205.70 per share

- 2026-04: EUR 252.55 per share

- 2026-05: EUR 269.80 per share

- 2026-06: EUR 281.15 per share

- 2026-07: EUR 282.65 per share

- 2026-08: EUR 285.60 per share

- 2026-09: EUR 275.50 per share

- 2026-10: EUR 274.50 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 96.77 per share, central EUR 112.34 per share, high EUR 128.48 per share

- FY2017: low EUR 101.12 per share, central EUR 117.26 per share, high EUR 134.64 per share

- FY2018: low EUR 105.82 per share, central EUR 121.20 per share, high EUR 138.67 per share

- FY2019: low EUR 77.01 per share, central EUR 85.53 per share, high EUR 96.87 per share

- FY2020: low EUR 78.40 per share, central EUR 86.80 per share, high EUR 97.97 per share

- FY2021: low EUR 86.97 per share, central EUR 97.36 per share, high EUR 111.19 per share

- FY2022: low EUR 100.48 per share, central EUR 112.83 per share, high EUR 129.27 per share

- FY2023: low EUR 111.10 per share, central EUR 124.76 per share, high EUR 142.94 per share

- FY2024: low EUR 113.54 per share, central EUR 129.73 per share, high EUR 149.02 per share

- FY2025: low EUR 144.17 per share, central EUR 161.61 per share, high EUR 184.82 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 2026-10-15T06:39:17.881Z 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.