# Soitec (SOI.PA)

Canonical: https://gigainvestors.com/s/SOI.PA

Analysis as of: 2026-10-16T07:37:26.395Z. Financial observations: FY2005–FY2026.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 129.85 per share; close as of 2026-10-15.

Estimated value: low EUR 23.91 per share, central EUR 25.06 per share, high EUR 26.61 per share. Buy at or below the central value EUR 25.06 per share. Valuation as of 2026-10-16T07:37:26.395Z; scenarios are not confidence intervals.

Expected annual return: 3.6% at the stated quote. About 3.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; FR 10-year bond 4.8% + 4 points).

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 1

- Operating margin variation: 0.53×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.11×

- FY2018: 0.19×

- FY2019: 0.24×

- FY2020: 0.17×

- FY2021: 0.13×

- FY2022: 0.24×

- FY2023: 0.23×

- FY2024: 0.21×

- FY2025: 0.13×

- FY2026: -0.06×

### moat: fail

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

- Recent gross margin fell 16.8pp below the typical margin (limit 4pp)

- ROIC, median of available years: 16.8%

- ROIC, second-lowest year: 5.9%

- Typical minus recent gross margin: 16.8 pp

- Typical gross margin (annual median): 33.0%

- Recent gross margin (lower of latest and 3-year median): 16.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 20.2%

- ROIC including acquisitions, ten-year median: 15.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 15.8%

- FY2018: 25.5%

- FY2019: 22.2%

- FY2020: 17.7%

- FY2021: 11.2%

- FY2022: 23.2%

- FY2023: 21.1%

- FY2024: 12.1%

- FY2025: 5.9%

- FY2026: -1.9%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.49×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 236M

- Net income, five-year total: EUR 485M

- Return on incremental invested capital: -4.6%

- Working capital / revenue, annual change: 5.6 pp

- Working capital / revenue, change between three-year averages: 39.6 pp

- Working capital / revenue, final three-year average: 62.9%

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

- FY2022: 0.94×

- FY2023: 0.93×

- FY2024: 0.25×

- FY2025: 0.20×

- FY2026: 1.07×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 22.2% vs 5.9%

- Per-share earnings: 0.27 to 2.58 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.6%

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

- Market cap gain: EUR 588M

- Cumulative retained earnings: EUR 1.9B

- Diluted shares, 10-year annual growth: 2.6%

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

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 32.9%

- Per-share value change: EUR 2.31

- Per-share value, starting three-year median: EUR 0.27

- Per-share value, ending three-year median: EUR 2.58

- Average buyback yield: 0.2%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 154M

- Cumulative net income, 10 years: EUR 853M

- ROIC, first three-year median: 22.2%

- ROIC, last three-year median: 5.9%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 0.27

- FY2018: EUR 2.52

- FY2019: EUR 2.88

- FY2020: EUR 3.26

- FY2021: EUR 1.98

- FY2022: EUR 5.38

- FY2023: EUR 6.19

- FY2024: EUR 4.99

- FY2025: EUR 2.58

- FY2026: EUR -6.17

### accounting: pass

- Sloan accruals: -18.4%

- Receivables to sales index (DSRI): 0.91×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: -0.3%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.07×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -6.0%

- FY2018: 10.7%

- FY2019: 4.0%

- FY2020: 1.1%

- FY2021: -6.4%

- FY2022: -2.6%

- FY2023: -1.2%

- FY2024: 0.5%

- FY2025: -3.9%

- FY2026: -18.4%

## Holders

## Price story

Down 44% since Nov 2021 · "Chip Demand From Automotive Market Is Unlikely to Recover Soon, Soitec CEO Says" (finance.yahoo.com, Sep 2025) · sales -33.6%

Story as of 2026-10-16T10:00:09.098Z; price observation 2026-10-15.

Price needs cash profits to grow 33.5% a year for ten years

- 2025-07-23: Soitec shares slide as Q2 guidance ’materially below consensus’ ([finance.yahoo.com](https://finance.yahoo.com/news/soitec-shares-slide-q2-guidance-120009326.html))

- 2026-08-31: Soitec shares climb 6% as it locks in customers for AI wafer demand ([finance.yahoo.com](https://finance.yahoo.com/technology/ai/articles/soitec-shares-climb-6-locks-124313266.html))

### Sales · FY2025–2026

sales -33.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: EUR 246M 

- FY2018: EUR 311M 

- FY2019: EUR 444M 

- FY2020: EUR 598M 

- FY2021: EUR 584M 

- FY2022: EUR 863M 

- FY2023: EUR 1.1B 

- FY2024: EUR 978M 

- FY2025: EUR 891M 

- FY2026: EUR 592M 

### Gross margin · FY2026

gross margin 16.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 31.5% 

- FY2018: 34.4% 

- FY2019: 37.2% 

- FY2020: 31.0% 

- FY2021: 28.8% 

- FY2022: 34.1% 

- FY2023: 34.5% 

- FY2024: 33.9% 

- FY2025: 32.1% 

- FY2026: 16.2% 

## Owner memo

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

### How it makes money

Operates in semiconductor equipment & materials; annual sales are EUR 592 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:26.395Z); FY2026: revenue 592000000; grossProfit 96000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SOI.PA: Soitec SA develops and manufactures semiconductor materials in Asia, Europe, and the United States. The company offers CONNECT Radio Frequency Silicon-on-Insulator for smartphone front-end modules; CONNECT FD SOI for AI applications; CONNECT Piezoelectric-on-Insulator RF filters for smartphones; photonics and optical sensing solution for the integration of silicon optical components in data centers; and CONNECT RF gallium nitride which increases the frequency system efficiency and power density of next generation sub 6GHz and mmWave-band cellular 5G infrastructures and mobile devices. It also provides Power-SOI products for the automotive and industrial power electronic devices; Auto Smartsic for cost optimization of electric vehicles and industrial applications; and Photonics SOI that integrates photonic components on a silicon-on-insulator (SOI) substrate to enhance optical communication capabilities, as well as AUTO FD-SOI for automotive radar and processors. In addition, the company offers Imager-SOI, a compact solution for high-resolution 3D images and small form factor; PD -SOI offers complex computation capabilities and functionalities in cloud computing and network equipment; FD-SOI technology which provides the optimal balance between digital performance, mixed signal/RF compatibility, and power consumption and cost; and MEMS-SOI, an insulating oxide layer, and a supporting handle layer. It serves mobile communication, automotive, industry, edge AI and Internet of Things, and cloud AI and network infrastructure market. Soitec SA was incorporated in 1992 and is headquartered in Bernin, France.

### Why customers stay

Margins ranged from 16.2% to 33.9% during 2024–26; it earns 16.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:26.395Z); FY2024: grossProfit / revenue = 33.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:26.395Z); FY2025: grossProfit / revenue = 32.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:26.395Z); FY2026: grossProfit / revenue = 16.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:26.395Z); 10-year return on capital observations [[2017,0.15809328988082186],[2018,0.25462062050153383],[2019,0.221515726101692],[2020,0.1771280889959224],[2021,0.11169046918909742],[2022,0.23248278052219837],[2023,0.21138570728077505],[2024,0.12139417423061089],[2025,0.059179820910680664],[2026,-0.01925253468097751]]; median 0.16761068943837212. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:26.395Z); FY2017: growth capex 0; upkeep 5784000; owner earnings 23413000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:26.395Z); FY2018: growth capex 2355000; upkeep 18648000; owner earnings 86514000. Growth capex / owner earnings = 0.027221027810527775.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:26.395Z); FY2019: growth capex 74427000; upkeep 24597000; owner earnings 82739600. Growth capex / owner earnings = 0.8995329926661477.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:26.395Z); FY2020: growth capex 38602000; upkeep 45520000; owner earnings 99114200. Growth capex / owner earnings = 0.3894699245920363.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:26.395Z); FY2022: growth capex 124116000; upkeep 80814000; owner earnings 190240400. Growth capex / owner earnings = 0.6524166265419964.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:26.395Z); FY2023: growth capex 121736000; upkeep 105759000; owner earnings 217184200. Growth capex / owner earnings = 0.5605195958085348.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:26.395Z); FY2024: growth capex 0; upkeep 225193000; owner earnings 45306800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:26.395Z); FY2025: growth capex 0; upkeep 172000000; owner earnings 18732200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:26.395Z); Dividend observations: [[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 15.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SOI.PA SharesStats.PercentInsiders = 15.669 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 33.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:26.395Z); Ten-year compound average after fade. Initial solved rate 0.48026955507122726. Price 129.85; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share -0.766984126984127 → FY2026 -6.596524566271476. Closing-price date 2026-10-15.

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

- 2016-10: EUR 17.40 per share

- 2016-11: EUR 20.00 per share

- 2016-12: EUR 29.40 per share

- 2017-01: EUR 35.20 per share

- 2017-02: EUR 39.50 per share

- 2017-03: EUR 39.71 per share

- 2017-04: EUR 39.00 per share

- 2017-05: EUR 49.11 per share

- 2017-06: EUR 53.41 per share

- 2017-07: EUR 53.55 per share

- 2017-08: EUR 47.15 per share

- 2017-09: EUR 55.49 per share

- 2017-10: EUR 67.52 per share

- 2017-11: EUR 64.22 per share

- 2017-12: EUR 59.45 per share

- 2018-01: EUR 66.00 per share

- 2018-02: EUR 64.45 per share

- 2018-03: EUR 58.90 per share

- 2018-04: EUR 67.50 per share

- 2018-05: EUR 78.15 per share

- 2018-06: EUR 72.20 per share

- 2018-07: EUR 73.35 per share

- 2018-08: EUR 66.75 per share

- 2018-09: EUR 59.70 per share

- 2018-10: EUR 63.25 per share

- 2018-11: EUR 54.20 per share

- 2018-12: EUR 50.60 per share

- 2019-01: EUR 67.15 per share

- 2019-02: EUR 70.15 per share

- 2019-03: EUR 73.00 per share

- 2019-04: EUR 90.15 per share

- 2019-05: EUR 75.10 per share

- 2019-06: EUR 96.30 per share

- 2019-07: EUR 94.65 per share

- 2019-08: EUR 91.75 per share

- 2019-09: EUR 90.70 per share

- 2019-10: EUR 98.65 per share

- 2019-11: EUR 96.00 per share

- 2019-12: EUR 93.70 per share

- 2020-01: EUR 85.45 per share

- 2020-02: EUR 74.00 per share

- 2020-03: EUR 65.80 per share

- 2020-04: EUR 83.90 per share

- 2020-05: EUR 87.30 per share

- 2020-06: EUR 99.20 per share

- 2020-07: EUR 99.60 per share

- 2020-08: EUR 111.80 per share

- 2020-09: EUR 123.10 per share

- 2020-10: EUR 121.80 per share

- 2020-11: EUR 146.70 per share

- 2020-12: EUR 159.30 per share

- 2021-01: EUR 166.00 per share

- 2021-02: EUR 175.20 per share

- 2021-03: EUR 174.30 per share

- 2021-04: EUR 168.10 per share

- 2021-05: EUR 166.80 per share

- 2021-06: EUR 185.90 per share

- 2021-07: EUR 202.00 per share

- 2021-08: EUR 202.40 per share

- 2021-09: EUR 187.90 per share

- 2021-10: EUR 229.80 per share

- 2021-11: EUR 232.60 per share

- 2021-12: EUR 215.20 per share

- 2022-01: EUR 159.90 per share

- 2022-02: EUR 147.60 per share

- 2022-03: EUR 171.10 per share

- 2022-04: EUR 172.95 per share

- 2022-05: EUR 170.80 per share

- 2022-06: EUR 135.50 per share

- 2022-07: EUR 155.55 per share

- 2022-08: EUR 141.30 per share

- 2022-09: EUR 118.65 per share

- 2022-10: EUR 129.95 per share

- 2022-11: EUR 153.55 per share

- 2022-12: EUR 152.85 per share

- 2023-01: EUR 138.55 per share

- 2023-02: EUR 141.20 per share

- 2023-03: EUR 147.60 per share

- 2023-04: EUR 133.70 per share

- 2023-05: EUR 130.95 per share

- 2023-06: EUR 154.95 per share

- 2023-07: EUR 178.95 per share

- 2023-08: EUR 168.95 per share

- 2023-09: EUR 157.75 per share

- 2023-10: EUR 140.50 per share

- 2023-11: EUR 166.45 per share

- 2023-12: EUR 161.80 per share

- 2024-01: EUR 135.40 per share

- 2024-02: EUR 135.15 per share

- 2024-03: EUR 95.90 per share

- 2024-04: EUR 92.60 per share

- 2024-05: EUR 111.00 per share

- 2024-06: EUR 104.20 per share

- 2024-07: EUR 119.30 per share

- 2024-08: EUR 112.40 per share

- 2024-09: EUR 89.60 per share

- 2024-10: EUR 72.45 per share

- 2024-11: EUR 78.15 per share

- 2024-12: EUR 87.15 per share

- 2025-01: EUR 84.80 per share

- 2025-02: EUR 57.70 per share

- 2025-03: EUR 49.00 per share

- 2025-04: EUR 49.61 per share

- 2025-05: EUR 43.42 per share

- 2025-06: EUR 46.68 per share

- 2025-07: EUR 38.25 per share

- 2025-08: EUR 35.44 per share

- 2025-09: EUR 38.77 per share

- 2025-10: EUR 41.05 per share

- 2025-11: EUR 26.55 per share

- 2025-12: EUR 23.19 per share

- 2026-01: EUR 26.35 per share

- 2026-02: EUR 40.90 per share

- 2026-03: EUR 51.64 per share

- 2026-04: EUR 126.95 per share

- 2026-05: EUR 177.55 per share

- 2026-06: EUR 117.30 per share

- 2026-07: EUR 104.00 per share

- 2026-08: EUR 114.90 per share

- 2026-09: EUR 155.95 per share

- 2026-10: EUR 145.30 per share

## Annual estimated value (EUR per share)

- FY2019: low EUR 20.05 per share, central EUR 22.08 per share, high EUR 24.79 per share

- FY2020: low EUR 37.55 per share, central EUR 41.99 per share, high EUR 47.91 per share

- FY2021: low EUR 46.11 per share, central EUR 50.09 per share, high EUR 55.38 per share

- FY2022: low EUR 65.83 per share, central EUR 72.29 per share, high EUR 80.88 per share

- FY2023: low EUR 82.56 per share, central EUR 95.21 per share, high EUR 107.54 per share

- FY2024: low EUR 74.06 per share, central EUR 88.32 per share, high EUR 99.87 per share

- FY2025: low EUR 34.41 per share, central EUR 40.56 per share, high EUR 44.31 per share

- FY2026: low EUR 23.91 per share, central EUR 25.06 per share, high EUR 26.61 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

## 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