# SÜSS MicroTec SE (SMHN.XETRA)

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

Analysis as of: 2026-10-16T07:43:20.982Z. 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 56.80 per share; close as of 2026-10-15.

Estimated value: low EUR 28.09 per share, central EUR 37.81 per share, high EUR 43.47 per share. Buy at or below the central value EUR 37.81 per share. Valuation as of 2026-10-16T07:43:20.982Z; scenarios are not confidence intervals.

Expected annual return: 7.5% at the stated quote. About 7.5% 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: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 0.69×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: 0.08×

- FY2018: 0.05×

- FY2019: -0.06×

- FY2020: 0.08×

- FY2021: 0.09×

- FY2022: 0.12×

- FY2023: 0.09×

- FY2024: 0.17×

- 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: 14.1%

- ROIC, second-lowest year: 7.3%

- Typical minus recent gross margin: -0.8 pp

- Typical gross margin (annual median): 34.9%

- Recent gross margin (lower of latest and 3-year median): 35.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.1%

- ROIC including acquisitions, ten-year median: 7.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 9.4%

- FY2017: 11.6%

- FY2018: 7.3%

- FY2019: -7.8%

- FY2020: 13.6%

- FY2021: 15.8%

- FY2022: 19.9%

- FY2023: 14.5%

- FY2024: 36.4%

- FY2025: 18.3%

### economics: pass

- Owner earnings / net income, 5-yr: 0.92×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 186M

- Net income, five-year total: EUR 202M

- Return on incremental invested capital: 22.1%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -1.2 pp

- Working capital / revenue, final three-year average: 57.4%

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

- FY2021: 0.82×

- FY2022: 0.82×

- FY2023: 1.38×

- FY2024: 0.99×

- FY2025: 0.79×

### management: pass

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 9.4% vs 18.3%

- Per-share earnings: 0.26 to 2.41 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.0%

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

- Market cap gain: EUR 625M

- Cumulative retained earnings: EUR 218M

- Diluted shares, 10-year annual growth: -0.0%

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 32.1%

- Per-share value change: EUR 2.15

- Per-share value, starting three-year median: EUR 0.26

- Per-share value, ending three-year median: EUR 2.41

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 6.7M

- Cumulative net income, 10 years: EUR 214M

- ROIC, first three-year median: 9.4%

- ROIC, last three-year median: 18.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.26

- FY2017: EUR 0.35

- FY2018: EUR 0.24

- FY2019: EUR -0.86

- FY2020: EUR 0.65

- FY2021: EUR 0.84

- FY2022: EUR 1.28

- FY2023: EUR 0.25

- FY2024: EUR 5.77

- FY2025: EUR 2.41

### accounting: fail

- earnings not backed by cash

- Sloan accruals: 8.5%

- Receivables to sales index (DSRI): 1.21×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -0.02×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.07×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 5.8%

- FY2017: -1.3%

- FY2018: 1.4%

- FY2019: 7.3%

- FY2020: -18.5%

- FY2021: -3.0%

- FY2022: 0.2%

- FY2023: 0.2%

- FY2024: 14.3%

- FY2025: 8.5%

## Holders

## Price story

Down 39% since Jun 2026 · sales +12.8%

Story as of 2026-10-16T10:00:12.677Z; price observation 2026-10-15.

Price needs cash profits to grow 12.3% a year for ten years

### Sales · FY2024–2025

sales +12.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 178M 

- FY2017: EUR 167M 

- FY2018: EUR 204M 

- FY2019: EUR 214M 

- FY2020: EUR 253M 

- FY2021: EUR 263M 

- FY2022: EUR 260M 

- FY2023: EUR 304M 

- FY2024: EUR 446M 

- FY2025: EUR 503M 

### Gross margin · FY2025

gross margin 35.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 33.0% 

- FY2017: 35.7% 

- FY2018: 33.0% 

- FY2019: 23.3% 

- FY2020: 33.4% 

- FY2021: 35.8% 

- FY2022: 42.3% 

- FY2023: 34.1% 

- FY2024: 40.0% 

- FY2025: 35.6% 

## Owner memo

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

### How it makes money

Operates in semiconductor equipment & materials; annual sales are EUR 503.2 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:20.982Z); FY2025: revenue 503180000; grossProfit 179370000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SMHN.XETRA: SUSS MicroTec SE, together with its subsidiaries, develops, manufactures, markets, and maintains systems to produce microelectronics, microelectromechanical systems, and related applications. It operates in two divisions, Advanced Backend Solutions and Photomask Solutions. The company provides mask aligners, coaters and developers, UV projection scanners, and temporary and permanent bonders for advanced packaging, micro electro-mechanical systems, compound semiconductors, and 3D integration markets. It also provides specialized systems for the cleaning and processing of photomasks for the semiconductor industry. The company operates in Europe, the Middle East, Africa, North America, and the Asia Pacific. The company was founded in 1949 and is headquartered in Garching bei Munchen, Germany.

### Why customers stay

Margins ranged from 34.1% to 40% during 2023–25; it earns 14.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:20.982Z); FY2023: grossProfit / revenue = 34.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:20.982Z); FY2024: grossProfit / revenue = 40%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:20.982Z); FY2025: grossProfit / revenue = 35.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:20.982Z); 10-year return on capital observations [[2016,0.0937485445183326],[2017,0.11597430764097431],[2018,0.07337718979428655],[2019,-0.07769973888292074],[2020,0.13599699014117672],[2021,0.1584781604596273],[2022,0.1990440251108596],[2023,0.14532075987866402],[2024,0.36380329164486575],[2025,0.18257696100783702]]; median 0.14065887500992036. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 22.7% of cash earnings on expansion; earns 22.1% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:20.982Z); FY2016: growth capex 0; upkeep 3642000; owner earnings 5510000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:20.982Z); FY2017: growth capex 0; upkeep 6488000; owner earnings 4292000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:20.982Z); FY2018: growth capex 2095000; upkeep 4846000; owner earnings 4784000. Growth capex / owner earnings = 0.4379180602006689.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:20.982Z); FY2020: growth capex 188000; upkeep 7765000; owner earnings 10354400. Growth capex / owner earnings = 0.01815653248860388.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:20.982Z); FY2021: growth capex 1590023.7609657375; upkeep 8029976.2390342625; owner earnings 13177623.760965738. Growth capex / owner earnings = 0.12066088619676987.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:20.982Z); FY2022: growth capex 0; upkeep 7897000; owner earnings 20097000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:20.982Z); FY2023: growth capex 0; upkeep 3353000; owner earnings 6485800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:20.982Z); FY2024: growth capex 0; upkeep 6846000; owner earnings 109724800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:20.982Z); FY2025: growth capex 8282285.079058163; upkeep 12285714.920941837; owner earnings 36507285.07905816. Growth capex / owner earnings = 0.22686663938779625.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:20.982Z); Incremental return on capital 0.22085761090889172, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:20.982Z); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,3058000],[2023,3823000],[2024,3823000],[2025,5735000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 7.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SMHN.XETRA SharesStats.PercentInsiders = 7.646999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 12.3% yearly over ten years; actual growth was 43.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:20.982Z); Ten-year compound average after fade. Initial solved rate 0.16489703246581922. Price 56.8; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.052102950408035156 → FY2025 1.9098263230916357. Closing-price date 2026-10-15.

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

- 2016-10: EUR 6.38 per share

- 2016-11: EUR 6.11 per share

- 2016-12: EUR 6.40 per share

- 2017-01: EUR 7.63 per share

- 2017-02: EUR 8.40 per share

- 2017-03: EUR 8.70 per share

- 2017-04: EUR 10.33 per share

- 2017-05: EUR 11.16 per share

- 2017-06: EUR 10.30 per share

- 2017-07: EUR 12.20 per share

- 2017-08: EUR 13.83 per share

- 2017-09: EUR 16.76 per share

- 2017-10: EUR 16.49 per share

- 2017-11: EUR 16.36 per share

- 2017-12: EUR 16.64 per share

- 2018-01: EUR 16.04 per share

- 2018-02: EUR 14.92 per share

- 2018-03: EUR 12.40 per share

- 2018-04: EUR 12.76 per share

- 2018-05: EUR 15.14 per share

- 2018-06: EUR 12.86 per share

- 2018-07: EUR 14.36 per share

- 2018-08: EUR 14.78 per share

- 2018-09: EUR 14.00 per share

- 2018-10: EUR 11.26 per share

- 2018-11: EUR 9.98 per share

- 2018-12: EUR 8.70 per share

- 2019-01: EUR 10.26 per share

- 2019-02: EUR 10.22 per share

- 2019-03: EUR 10.14 per share

- 2019-04: EUR 11.68 per share

- 2019-05: EUR 10.10 per share

- 2019-06: EUR 9.39 per share

- 2019-07: EUR 8.99 per share

- 2019-08: EUR 8.14 per share

- 2019-09: EUR 8.29 per share

- 2019-10: EUR 9.92 per share

- 2019-11: EUR 11.60 per share

- 2019-12: EUR 12.00 per share

- 2020-01: EUR 10.32 per share

- 2020-02: EUR 8.80 per share

- 2020-03: EUR 6.50 per share

- 2020-04: EUR 8.53 per share

- 2020-05: EUR 10.42 per share

- 2020-06: EUR 14.44 per share

- 2020-07: EUR 12.32 per share

- 2020-08: EUR 15.18 per share

- 2020-09: EUR 15.82 per share

- 2020-10: EUR 15.44 per share

- 2020-11: EUR 18.56 per share

- 2020-12: EUR 18.90 per share

- 2021-01: EUR 22.80 per share

- 2021-02: EUR 23.55 per share

- 2021-03: EUR 26.65 per share

- 2021-04: EUR 27.05 per share

- 2021-05: EUR 23.35 per share

- 2021-06: EUR 27.70 per share

- 2021-07: EUR 26.60 per share

- 2021-08: EUR 24.75 per share

- 2021-09: EUR 22.30 per share

- 2021-10: EUR 22.70 per share

- 2021-11: EUR 20.90 per share

- 2021-12: EUR 21.00 per share

- 2022-01: EUR 19.00 per share

- 2022-02: EUR 17.32 per share

- 2022-03: EUR 15.96 per share

- 2022-04: EUR 14.86 per share

- 2022-05: EUR 16.82 per share

- 2022-06: EUR 13.50 per share

- 2022-07: EUR 15.42 per share

- 2022-08: EUR 12.34 per share

- 2022-09: EUR 9.90 per share

- 2022-10: EUR 11.46 per share

- 2022-11: EUR 15.08 per share

- 2022-12: EUR 15.14 per share

- 2023-01: EUR 18.26 per share

- 2023-02: EUR 21.70 per share

- 2023-03: EUR 23.00 per share

- 2023-04: EUR 23.65 per share

- 2023-05: EUR 24.75 per share

- 2023-06: EUR 24.35 per share

- 2023-07: EUR 22.70 per share

- 2023-08: EUR 21.60 per share

- 2023-09: EUR 21.90 per share

- 2023-10: EUR 16.32 per share

- 2023-11: EUR 26.65 per share

- 2023-12: EUR 27.70 per share

- 2024-01: EUR 31.65 per share

- 2024-02: EUR 38.40 per share

- 2024-03: EUR 36.55 per share

- 2024-04: EUR 46.65 per share

- 2024-05: EUR 54.60 per share

- 2024-06: EUR 61.50 per share

- 2024-07: EUR 62.90 per share

- 2024-08: EUR 58.10 per share

- 2024-09: EUR 68.70 per share

- 2024-10: EUR 55.00 per share

- 2024-11: EUR 48.95 per share

- 2024-12: EUR 48.65 per share

- 2025-01: EUR 43.60 per share

- 2025-02: EUR 37.35 per share

- 2025-03: EUR 34.15 per share

- 2025-04: EUR 33.46 per share

- 2025-05: EUR 38.26 per share

- 2025-06: EUR 46.56 per share

- 2025-07: EUR 32.02 per share

- 2025-08: EUR 25.42 per share

- 2025-09: EUR 30.40 per share

- 2025-10: EUR 27.88 per share

- 2025-11: EUR 34.16 per share

- 2025-12: EUR 39.14 per share

- 2026-01: EUR 49.78 per share

- 2026-02: EUR 55.30 per share

- 2026-03: EUR 49.06 per share

- 2026-04: EUR 76.20 per share

- 2026-05: EUR 92.15 per share

- 2026-06: EUR 93.05 per share

- 2026-07: EUR 74.40 per share

- 2026-08: EUR 69.90 per share

- 2026-09: EUR 73.40 per share

- 2026-10: EUR 62.05 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 4.80 per share, central EUR 5.23 per share, high EUR 5.80 per share

- FY2017: low EUR 4.22 per share, central EUR 4.55 per share, high EUR 5.00 per share

- FY2018: low EUR 4.53 per share, central EUR 5.36 per share, high EUR 6.03 per share

- FY2019: low EUR 3.21 per share, central EUR 3.61 per share, high EUR 4.14 per share

- FY2020: low EUR 5.66 per share, central EUR 6.17 per share, high EUR 6.86 per share

- FY2021: low EUR 6.40 per share, central EUR 6.94 per share, high EUR 7.65 per share

- FY2022: low EUR 9.84 per share, central EUR 11.88 per share, high EUR 13.39 per share

- FY2023: low EUR 11.10 per share, central EUR 14.90 per share, high EUR 17.11 per share

- FY2024: low EUR 22.54 per share, central EUR 29.34 per share, high EUR 33.30 per share

- FY2025: low EUR 30.60 per share, central EUR 41.73 per share, high EUR 48.21 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 2026-10-15T06:48:45.520Z 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.