# STMicroelectronics N.V. (STMMI.MI)

Canonical: https://gigainvestors.com/s/STMMI.MI

Analysis as of: 2026-10-16T07:33:57.601Z. Financial observations: FY2014–FY2025.

Listing currency: EUR. Reporting currency: USD.

## 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 43.04 per share; close as of 2026-10-14.

Estimated value: low EUR 13.12 per share, central EUR 14.58 per share, high EUR 16.53 per share. Buy at or below the central value EUR 14.58 per share. Valuation as of 2026-10-16T07:33:57.601Z; scenarios are not confidence intervals.

Expected annual return: 5.0% at the stated quote. About 5.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; IT 10-year bond 4.5% + 4 points).

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.54×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.04×

- FY2017: 0.13×

- FY2018: 0.15×

- FY2019: 0.13×

- FY2020: 0.12×

- FY2021: 0.19×

- FY2022: 0.28×

- FY2023: 0.27×

- FY2024: 0.13×

- FY2025: 0.03×

### moat: fail

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

- Recent gross margin fell 9.6pp below the typical margin (limit 4pp)

- ROIC, median of available years: 17.8%

- ROIC, second-lowest year: 6.6%

- Typical minus recent gross margin: 9.6 pp

- Typical gross margin (annual median): 38.9%

- Recent gross margin (lower of latest and 3-year median): 29.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 17.0%

- ROIC including acquisitions, ten-year median: 8.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.6%

- FY2017: 18.6%

- FY2018: 23.6%

- FY2019: 16.9%

- FY2020: 13.9%

- FY2021: 23.8%

- FY2022: 32.0%

- FY2023: 24.1%

- FY2024: 7.7%

- FY2025: 1.1%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.55×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $6.8B

- Net income, five-year total: $12B

- Return on incremental invested capital: 0.5%

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

- Working capital / revenue, change between three-year averages: 0.3 pp

- Working capital / revenue, final three-year average: 22.7%

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

- FY2021: 0.98×

- FY2022: 0.77×

- FY2023: 0.37×

- FY2024: 0.23×

- FY2025: -0.64×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 18.6% vs 7.7%

- Per-share earnings: 1.05 to 2.12 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -1.8%

- Market cap gain: $7.6B

- Cumulative retained earnings: $12B

- Diluted shares, 5-year annual growth: -1.8%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 12.5%

- Per-share value change: $1.07

- Per-share value, starting three-year median: $1.05

- Per-share value, ending three-year median: $2.12

- Buybacks concentrated in cheaper years (correlation): -0.17

- Average buyback yield: 1.1%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: $536M

- Cumulative net income, 10 years: $16B

- ROIC, first three-year median: 18.6%

- ROIC, last three-year median: 7.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: $1.05

- FY2018: $1.25

- FY2019: $1.02

- FY2020: $0.69

- FY2021: $1.89

- FY2022: $4.74

- FY2023: $4.22

- FY2024: $2.12

- FY2025: $0.32

### accounting: pass

- Sloan accruals: -8.8%

- Receivables to sales index (DSRI): 1.12×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 7.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 8.61×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.10×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -11.0%

- FY2017: -9.0%

- FY2018: -5.1%

- FY2019: -7.1%

- FY2020: -11.5%

- FY2021: -10.7%

- FY2022: -6.0%

- FY2023: -9.4%

- FY2024: -5.3%

- FY2025: -8.8%

## Holders

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 33% since Jun 2026 · sales -11.1%

Story as of 2026-10-16T09:59:58.484Z; price observation 2026-10-14.

Price needs cash profits to grow 16.3% a year for ten years

### Sales · FY2024–2025

sales -11.1%; source https://filings.xbrl.org/213800Z8NOHIKRI42W10/2025-12-31/ESEF/NL/0/stm-2025-12-31-1-en/reports/stm-2025-12-31-1-en.xhtml; observed 2026-04-07.

- FY2016: $7.0B 

- FY2017: $8.3B 

- FY2018: $9.7B 

- FY2019: $9.6B 

- FY2020: $10B 

- FY2021: $13B 

- FY2022: $16B 

- FY2023: $17B 

- FY2024: $13B 

- FY2025: $12B 

### Gross margin · FY2025

gross margin 29.3%; source https://filings.xbrl.org/213800Z8NOHIKRI42W10/2025-12-31/ESEF/NL/0/stm-2025-12-31-1-en/reports/stm-2025-12-31-1-en.xhtml; observed 2026-04-07.

- FY2016: 35.2% 

- FY2017: 39.2% 

- FY2018: 40.0% 

- FY2019: 38.7% 

- FY2020: 33.3% 

- FY2021: 39.6% 

- FY2022: 45.5% 

- FY2023: 45.9% 

- FY2024: 37.1% 

- FY2025: 29.3% 

## Owner memo

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

### How it makes money

Operates in semiconductors; annual sales are USD 11.8 billion.

- Source: https://filings.xbrl.org/213800Z8NOHIKRI42W10/2025-12-31/ESEF/NL/0/stm-2025-12-31-1-en.json (filed 2026-04-07); FY2025: revenue 11800000000; grossProfit 3454000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); STM.US: STMicroelectronics N.V., together with its subsidiaries, designs, develops, manufactures, and sells semiconductor products in Europe, the Middle East, Africa, the Americas, and the Asia Pacific. The company operates through Analog products, MEMS and Sensors Group (AM&S); Power and Discrete products (P&D); Embedded Processing ("EMP"); and RF Products (D&RF) segments. It offers industrial application-specific integrated circuits (ASICs) and application-specific standard products (ASSPs); power management solutions; custom analog ICs, wireless charging solutions; galvanic isolated gate and LED drivers; converters, transistors, intelligent power switches, clocks and timers, comparators, and current-sense amplifiers; micro-electro-mechanical systems (MEMS) sensors, including accelerometers, gyroscopes, magnetic sensors, pressure, temperature, presence detection, biosensors, machine learning, and edge AI processing smart sensors, as well as thermal and piezoelectric actuators; and optical sensing solutions. The company also provides silicon MOSFETs, SiC MOSFETs, IGBTs, thyristors, rectifiers, and power modules and bipolar transistors; microcontrollers, and automotive microcontrollers and secured; radio frequency (RF) communications and ASICs; car infotainment products; ultra-wide band and radar systems; and Connected Security Products; and automotive driver assistance systems. It serves automotive, industrial, personal electronics and communications equipment, and computers and peripherals markets. STMicroelectronics N.V. was incorporated in 1987 and is headquartered in Schiphol, the Netherlands.

### Why customers stay

Margins ranged from 29.3% to 45.9% during 2023–25; it earns 17.8% on its capital.

- Source: https://filings.xbrl.org/213800Z8NOHIKRI42W10/2024-12-31/ESEF/NL/0/stm-2024-12-31-en.json (filed 2026-04-07); FY2023: grossProfit / revenue = 45.9%.

- Source: https://filings.xbrl.org/213800Z8NOHIKRI42W10/2025-12-31/ESEF/NL/0/stm-2025-12-31-1-en.json (filed 2026-04-07); FY2024: grossProfit / revenue = 37.1%.

- Source: https://filings.xbrl.org/213800Z8NOHIKRI42W10/2025-12-31/ESEF/NL/0/stm-2025-12-31-1-en.json (filed 2026-04-07); FY2025: grossProfit / revenue = 29.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); 10-year return on capital observations [[2016,0.06647510017755565],[2017,0.1857043130646215],[2018,0.23590704962623163],[2019,0.16949440640790503],[2020,0.13889467953009055],[2021,0.238022774650187],[2022,0.319725766425612],[2023,0.24131060647144953],[2024,0.07673323096038079],[2025,0.011493617726695032]]; median 0.17759935973626328. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Prices fell 6%; sales volumes fell.

- Source: https://filings.xbrl.org/213800Z8NOHIKRI42W10/2025-12-31/ESEF/NL/0/stm-2025-12-31-1-en/reports/stm-2025-12-31-1-en.xhtml (filed 2026-04-07); [p0] proximately 15% for the SAM, to reach approximately $792 billion and $279 billion, respectively. Full year 2025 total revenues decreased 11.1% to 11.80 billion from $13.27 billion in 2024, as a result of an approximate 6% decrease in average selling prices, due to product mix and lower selling prices, and a 5% decrease in volumes. By reportable segments, AM&S revenues decreased 6.3%, driven by lower volumes of approximately 11%, partially offset by higher average selling prices of approximately 5% due to a more favorable product mix. P&D revenues decreased 31.5%, driven by lower average selling prices of approximately 29% due to a less favorable product mix and lower selling prices, and lower volumes of approximately 3%. EMP revenues decreased 7.1% due to lower volumes of approximately 4% and lower average selling prices of approximately 3% mainly driven by a less favorable product mix. RFOC revenues decreased by 4.9 %, driven by lower average selling prices of approximately 19%, due to less favorable product mix, partially offset by higher volumes of approximately 14%. Starting 2025, we engaged in a company-wide program aimed to reshape our manufacturing footprint by accelerating the wafer fab capacity to 300mm silicon (Agrate, Italy and Crolles, France) and 200mm silicon carbide (Catania, Italy) and resizing our global cost base. This program is expected to result in strengthening our capability to grow revenues with an improved operating efficiency. Impairment, restructuring charges and other related phase-out costs, totaled $376 million in 2025, of which $189 million of impairment charges, reflecting the comprehensive impairment test carried out during the year, which accounted for the majority of impairment charges recorded and relate to the company-wide program aimed at reshaping our manufacturing footprint and r

[p1] mately $792 billion and $279 billion, respectively. Full year 2025 total revenues decreased 11.1% to 11.80 billion from $13.27 billion in 2024, as a result of an approximate 6% decrease in average selling prices, due to product mix and lower selling prices, and a 5% decrease in volumes. By reportable segments, AM&S revenues decreased 6.3%, driven by lower volumes of approximately 11%, partially offset by higher average selling prices of approximately 5% due to a more favorable product mix. P&D revenues decreased 31.5%, driven by lower average selling prices of approximately 29% due to a less favorable product mix and lower selling prices, and lower volumes of approximately 3%. EMP revenues decreased 7.1% due to lower volumes of approximately 4% and lower average selling prices of approximately 3% mainly driven by a less favorable product mix. RFOC revenues decreased by 4.9 %, driven by lower average selling prices of approximately 19%, due to less favorable product mix, partially offset by higher volumes of approximately 14%. Starting 2025, we engaged in a company-wide program aimed to reshape our manufacturing footprint by accelerating the wafer fab capacity to 300mm silicon (Agrate, Italy and Crolles, France) and 200mm silicon carbide (Catania, Italy) and resizing our global cost base. This program is expected to result in strengthening our capability to grow revenues with an improved operating efficiency. Impairment, restructuring charges and other related phase-out costs, totaled $376 million in 2025, of which $189 million of impairment charges, reflecting the comprehensive impairment test carried out during the year, which accounted for the majority of impairment charges recorded and relate to the company-wide program aimed at reshaping our manufacturing footprint and resizing our global cost base. In 2025, we als

[p2] ease in average selling prices, due to product mix and lower selling prices, and a 5% decrease in volumes. By reportable segments, AM&S revenues decreased 6.3%, driven by lower volumes of approximately 11%, partially offset by higher average selling prices of approximately 5% due to a more favorable product mix. P&D revenues decreased 31.5%, driven by lower average selling prices of approximately 29% due to a less favorable product mix and lower selling prices, and lower volumes of approximately 3%. EMP revenues decreased 7.1% due to lower volumes of approximately 4% and lower average selling prices of approximately 3% mainly driven by a less favorable product mix. RFOC revenues decreased by 4.9 %, driven by lower average selling prices of approximately 19%, due to less favorable product mix, partially offset by higher volumes of approximately 14%. Starting 2025, we engaged in a company-wide program aimed to reshape our manufacturing footprint by accelerating the wafer fab capacity to 300mm silicon (Agrate, Italy and Crolles, France) and 200mm silicon carbide (Catania, Italy) and resizing our global cost base. This program is expected to result in strengthening our capability to grow revenues with an improved operating efficiency. Impairment, restructuring charges and other related phase-out costs, totaled $376 million in 2025, of which $189 million of impairment charges, reflecting the comprehensive impairment test carried out during the year, which accounted for the majority of impairment charges recorded and relate to the company-wide program aimed at reshaping our manufacturing footprint and resizing our global cost base. In 2025, we also recorded $176 million of restructuring charges, of which $97 million for labor-related costs and $79 million for non-labor related costs. We also recorded $11 million of phase out

[p3] nts, AM&S revenues decreased 6.3%, driven by lower volumes of approximately 11%, partially offset by higher average selling prices of approximately 5% due to a more favorable product mix. P&D revenues decreased 31.5%, driven by lower average selling prices of approximately 29% due to a less favorable product mix and lower selling prices, and lower volumes of approximately 3%. EMP revenues decreased 7.1% due to lower volumes of approximately 4% and lower average selling prices of approximately 3% mainly driven by a less favorable product mix. RFOC revenues decreased by 4.9 %, driven by lower average selling prices of approximately 19%, due to less favorable product mix, partially offset by higher volumes of approximately 14%. Starting 2025, we engaged in a company-wide program aimed to reshape our manufacturing footprint by accelerating the wafer fab capacity to 300mm silicon (Agrate, Italy and Crolles, France) and 200mm silicon carbide (Catania, Italy) and resizing our global cost base. This program is expected to result in strengthening our capability to grow revenues with an improved operating efficiency. Impairment, restructuring charges and other related phase-out costs, totaled $376 million in 2025, of which $189 million of impairment charges, reflecting the comprehensive impairment test carried out during the year, which accounted for the majority of impairment charges recorded and relate to the company-wide program aimed at reshaping our manufacturing footprint and resizing our global cost base. In 2025, we also recorded $176 million of restructuring charges, of which $97 million for labor-related costs and $79 million for non-labor related costs. We also recorded $11 million of phase out costs. No impairment and restructuring charges related to the launch of the company-wide program were recorded in 2024. We be

[p4] artially offset by higher average selling prices of approximately 5% due to a more favorable product mix. P&D revenues decreased 31.5%, driven by lower average selling prices of approximately 29% due to a less favorable product mix and lower selling prices, and lower volumes of approximately 3%. EMP revenues decreased 7.1% due to lower volumes of approximately 4% and lower average selling prices of approximately 3% mainly driven by a less favorable product mix. RFOC revenues decreased by 4.9 %, driven by lower average selling prices of approximately 19%, due to less favorable product mix, partially offset by higher volumes of approximately 14%. Starting 2025, we engaged in a company-wide program aimed to reshape our manufacturing footprint by accelerating the wafer fab capacity to 300mm silicon (Agrate, Italy and Crolles, France) and 200mm silicon carbide (Catania, Italy) and resizing our global cost base. This program is expected to result in strengthening our capability to grow revenues with an improved operating efficiency. Impairment, restructuring charges and other related phase-out costs, totaled $376 million in 2025, of which $189 million of impairment charges, reflecting the comprehensive impairment test carried out during the year, which accounted for the majority of impairment charges recorded and relate to the company-wide program aimed at reshaping our manufacturing footprint and resizing our global cost base. In 2025, we also recorded $176 million of restructuring charges, of which $97 million for labor-related costs and $79 million for non-labor related costs. We also recorded $11 million of phase out costs. No impairment and restructuring charges related to the launch of the company-wide program were recorded in 2024. We believe Gross Margin and Operating Margin provide useful information as they measure

[p5]  by lower average selling prices of approximately 29% due to a less favorable product mix and lower selling prices, and lower volumes of approximately 3%. EMP revenues decreased 7.1% due to lower volumes of approximately 4% and lower average selling prices of approximately 3% mainly driven by a less favorable product mix. RFOC revenues decreased by 4.9 %, driven by lower average selling prices of approximately 19%, due to less favorable product mix, partially offset by higher volumes of approximately 14%. Starting 2025, we engaged in a company-wide program aimed to reshape our manufacturing footprint by accelerating the wafer fab capacity to 300mm silicon (Agrate, Italy and Crolles, France) and 200mm silicon carbide (Catania, Italy) and resizing our global cost base. This program is expected to result in strengthening our capability to grow revenues with an improved operating efficiency. Impairment, restructuring charges and other related phase-out costs, totaled $376 million in 2025, of which $189 million of impairment charges, reflecting the comprehensive impairment test carried out during the year, which accounted for the majority of impairment charges recorded and relate to the company-wide program aimed at reshaping our manufacturing footprint and resizing our global cost base. In 2025, we also recorded $176 million of restructuring charges, of which $97 million for labor-related costs and $79 million for non-labor related costs. We also recorded $11 million of phase out costs. No impairment and restructuring charges related to the launch of the company-wide program were recorded in 2024. We believe Gross Margin and Operating Margin provide useful information as they measure the profitability of our operations. Gross Margin is defined as gross profit divided by total revenues. Gross profit is calculated as total r

[p6] roximately 3%. EMP revenues decreased 7.1% due to lower volumes of approximately 4% and lower average selling prices of approximately 3% mainly driven by a less favorable product mix. RFOC revenues decreased by 4.9 %, driven by lower average selling prices of approximately 19%, due to less favorable product mix, partially offset by higher volumes of approximately 14%. Starting 2025, we engaged in a company-wide program aimed to reshape our manufacturing footprint by accelerating the wafer fab capacity to 300mm silicon (Agrate, Italy and Crolles, France) and 200mm silicon carbide (Catania, Italy) and resizing our global cost base. This program is expected to result in strengthening our capability to grow revenues with an improved operating efficiency. Impairment, restructuring charges and other related phase-out costs, totaled $376 million in 2025, of which $189 million of impairment charges, reflecting the comprehensive impairment test carried out during the year, which accounted for the majority of impairment charges recorded and relate to the company-wide program aimed at reshaping our manufacturing footprint and resizing our global cost base. In 2025, we also recorded $176 million of restructuring charges, of which $97 million for labor-related costs and $79 million for non-labor related costs. We also recorded $11 million of phase out costs. No impairment and restructuring charges related to the launch of the company-wide program were recorded in 2024. We believe Gross Margin and Operating Margin provide useful information as they measure the profitability of our operations. Gross Margin is defined as gross profit divided by total revenues. Gross profit is calculated as total revenues minus cost of sales. Operating Margin is defined as operating profit divided by total revenues. Operating profit is calculated as gr

[p7] fit is calculated as gross profit net of operating expenses, other income and other expenses. Our 2025 Gross Margin decreased 780 basis points to 29.3% from 37.1% in 2024, mainly due to lower manufacturing efficiencies and, to a lesser extent, sales price and mix, lower level of capacity reservations fees, negative currency effect and higher unused capacity charges. Our 2025 Gross profit includes $159 million impairment charges on productive assets, $91 million restructuring charges and $11 million of related phase-out costs, following the launch and subsequent execution of our company-wide program aimed to reshape our manufacturing footprint and resize our global cost base. Operating Margin was 2.7% in 2025, a decrease of 1,000 bps from 12.7% in 2024, mainly driven by the combining effect of lower revenues and gross margin profitability. Operating profit in 2025 decreased to $320 million compared to $1,688 million in 2024. Operating profit in 2025 included $376 million impairment, restructuring charges and other related phase-out costs. Our operating expenses, comprised of aggregated SG&A and R&D expenses, amounted to $3,435 million in 2025, slightly increasing from $3,375 million in the prior year. SG&A and R&D expenses include $84 million restructuring charges and $31 million impairment charges. Other income and expenses, net, was 13 $301 million in 2025 compared to $140 million in 2024, increasing mainly due to positive currency effects and lower start-up costs, partially offset by lower public funding. Combined finance income and costs resulted in a net income of $228 million, compared to a net income of $616 million in 2024, and reflect in both years the IFRS accounting of our convertible bonds. The 2025 finance income included a gain of $14 million for the fair value adjustment of the embedded bondholders’ conve

[p8] e business development through demand creation and customer base expansion, the other is to assist in fulfilling the demand of our customers by servicing their orders. Most of our sales to distributors are made under specific agreements allowing for price protection and stock rotation for unsold merchandise. Sales representatives, on the other hand, generally do not offer products that compete directly with our products, but may carry complementary items manufactured by others. 17 At the request of certain customers, we also sell and deliver our products to EMS companies, which, on a contractual basis with our customers, incorporate our products into the application specific products they manufacture for our customers. We also sell products to original design manufacturers (“ODM”). ODMs manufacture products for our customers much like electronics manufacturing services companies do, but they also design applications for our customers, and in doing so themselves select the products and suppliers that they wish to purchase from. In furtherance of our strong commitment to quality, our sales organizations include personnel dedicated to close monitoring and resolution of quality-related issues. 3.2.2.6. Research and Development We believe that market driven R&D based on leading-edge products and technologies is critical to our success. We devote significant effort to R&D because we believe such investment can be leveraged into competitive advantages: about 19.25% of our employees work in R&D on product design/development and technology and, in 2025, we spent approximately 14.5% of our total revenues on R&D. New developments in semiconductor technology can make end products significantly cheaper, smaller, faster, more reliable and embedded than their predecessors, with differentiated functionalities. They can enable signific

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 367 million of shares.

- Source: https://eodhd.com/api/fundamentals/SGM.F.json#2016-12-31 (filed 2026-04-07); FY2016: growth capex 0; upkeep 653000000; owner earnings 390000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SGM.F.json#2017-12-31 (filed 2026-04-07); FY2017: growth capex 0; upkeep 1301000000; owner earnings 376000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SGM.F.json#2018-12-31 (filed 2026-04-07); FY2018: growth capex 0; upkeep 1263000000; owner earnings 582000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SGM.F.json#2019-12-31 (filed 2026-04-07); FY2019: growth capex 0; upkeep 1181000000; owner earnings 694000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2020: growth capex 294000101.0263262; upkeep 1359999898.9736738; owner earnings 556800101.0263262. Growth capex / owner earnings = 0.5280173270162993.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2021: growth capex 925000000; upkeep 1349000000; cash acquisitions 0; owner earnings 1670400000. Growth capex plus acquisitions / owner earnings = 0.5537595785440613.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2022: growth capex 1551609446.5500946; upkeep 2447390553.4499054; cash acquisitions 0; owner earnings 3346009446.5500946. Growth capex plus acquisitions / owner earnings = 0.46371938613319896.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2023: growth capex 568315309.4415503; upkeep 4328684690.55845; owner earnings 1471115309.4415503. Growth capex / owner earnings = 0.38631595075799213.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2024: growth capex 0; upkeep 3535000000; owner earnings 465200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Dividend observations: [[2016,251000000],[2017,214000000],[2018,216000000],[2019,214000000],[2020,168000000],[2021,205000000],[2022,212000000],[2023,223000000],[2024,288000000],[2025,321000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/213800Z8NOHIKRI42W10/2025-12-31/ESEF/NL/0/stm-2025-12-31-1-en.json (filed 2026-04-07); FY2025: cash repurchases 367000000 USD.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); STM.US SharesStats.PercentInsiders = 0.23800000000000002 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 16.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Ten-year compound average after fade. Initial solved rate 0.2225251090883954. Price 43.04499816894531; FX 0.891837899543379; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-14.

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

- 2016-11: EUR 9.65 per share

- 2016-12: EUR 10.80 per share

- 2017-01: EUR 12.18 per share

- 2017-02: EUR 14.39 per share

- 2017-03: EUR 14.32 per share

- 2017-04: EUR 14.84 per share

- 2017-05: EUR 14.67 per share

- 2017-06: EUR 12.58 per share

- 2017-07: EUR 14.43 per share

- 2017-08: EUR 14.58 per share

- 2017-09: EUR 16.35 per share

- 2017-10: EUR 20.22 per share

- 2017-11: EUR 19.06 per share

- 2017-12: EUR 18.20 per share

- 2018-01: EUR 19.23 per share

- 2018-02: EUR 18.83 per share

- 2018-03: EUR 17.99 per share

- 2018-04: EUR 18.13 per share

- 2018-05: EUR 20.37 per share

- 2018-06: EUR 19.14 per share

- 2018-07: EUR 18.63 per share

- 2018-08: EUR 17.69 per share

- 2018-09: EUR 15.68 per share

- 2018-10: EUR 13.40 per share

- 2018-11: EUR 12.95 per share

- 2018-12: EUR 12.23 per share

- 2019-01: EUR 13.88 per share

- 2019-02: EUR 14.39 per share

- 2019-03: EUR 13.18 per share

- 2019-04: EUR 16.38 per share

- 2019-05: EUR 13.69 per share

- 2019-06: EUR 15.60 per share

- 2019-07: EUR 16.71 per share

- 2019-08: EUR 16.11 per share

- 2019-09: EUR 17.75 per share

- 2019-10: EUR 20.34 per share

- 2019-11: EUR 22.30 per share

- 2019-12: EUR 23.97 per share

- 2020-01: EUR 25.28 per share

- 2020-02: EUR 24.38 per share

- 2020-03: EUR 19.88 per share

- 2020-04: EUR 23.71 per share

- 2020-05: EUR 22.09 per share

- 2020-06: EUR 24.22 per share

- 2020-07: EUR 23.81 per share

- 2020-08: EUR 25.14 per share

- 2020-09: EUR 26.25 per share

- 2020-10: EUR 26.17 per share

- 2020-11: EUR 32.83 per share

- 2020-12: EUR 30.55 per share

- 2021-01: EUR 33.27 per share

- 2021-02: EUR 31.99 per share

- 2021-03: EUR 32.52 per share

- 2021-04: EUR 31.15 per share

- 2021-05: EUR 30.65 per share

- 2021-06: EUR 30.60 per share

- 2021-07: EUR 34.53 per share

- 2021-08: EUR 37.68 per share

- 2021-09: EUR 37.76 per share

- 2021-10: EUR 40.90 per share

- 2021-11: EUR 43.10 per share

- 2021-12: EUR 43.76 per share

- 2022-01: EUR 41.25 per share

- 2022-02: EUR 37.96 per share

- 2022-03: EUR 39.61 per share

- 2022-04: EUR 35.77 per share

- 2022-05: EUR 37.19 per share

- 2022-06: EUR 29.99 per share

- 2022-07: EUR 36.94 per share

- 2022-08: EUR 34.79 per share

- 2022-09: EUR 32.25 per share

- 2022-10: EUR 31.60 per share

- 2022-11: EUR 36.04 per share

- 2022-12: EUR 33.01 per share

- 2023-01: EUR 43.11 per share

- 2023-02: EUR 45.40 per share

- 2023-03: EUR 48.95 per share

- 2023-04: EUR 38.56 per share

- 2023-05: EUR 40.57 per share

- 2023-06: EUR 45.56 per share

- 2023-07: EUR 48.64 per share

- 2023-08: EUR 43.67 per share

- 2023-09: EUR 40.99 per share

- 2023-10: EUR 35.97 per share

- 2023-11: EUR 43.45 per share

- 2023-12: EUR 45.21 per share

- 2024-01: EUR 40.90 per share

- 2024-02: EUR 41.74 per share

- 2024-03: EUR 39.94 per share

- 2024-04: EUR 37.65 per share

- 2024-05: EUR 37.79 per share

- 2024-06: EUR 36.88 per share

- 2024-07: EUR 30.60 per share

- 2024-08: EUR 28.76 per share

- 2024-09: EUR 26.64 per share

- 2024-10: EUR 25.03 per share

- 2024-11: EUR 24.28 per share

- 2024-12: EUR 24.01 per share

- 2025-01: EUR 21.83 per share

- 2025-02: EUR 23.72 per share

- 2025-03: EUR 19.99 per share

- 2025-04: EUR 19.82 per share

- 2025-05: EUR 22.10 per share

- 2025-06: EUR 25.94 per share

- 2025-07: EUR 22.45 per share

- 2025-08: EUR 23.25 per share

- 2025-09: EUR 23.84 per share

- 2025-10: EUR 21.33 per share

- 2025-11: EUR 19.79 per share

- 2025-12: EUR 22.48 per share

- 2026-01: EUR 23.83 per share

- 2026-02: EUR 28.41 per share

- 2026-03: EUR 28.60 per share

- 2026-04: EUR 45.99 per share

- 2026-05: EUR 58.95 per share

- 2026-06: EUR 64.52 per share

- 2026-07: EUR 45.68 per share

- 2026-08: EUR 43.03 per share

- 2026-09: EUR 46.86 per share

- 2026-10: EUR 41.40 per share

## Annual estimated value (EUR per share)

- FY2018: low EUR 7.17 per share, central EUR 7.88 per share, high EUR 8.81 per share

- FY2019: low EUR 7.42 per share, central EUR 8.14 per share, high EUR 9.08 per share

- FY2020: low EUR 7.99 per share, central EUR 8.75 per share, high EUR 9.76 per share

- FY2021: low EUR 11.19 per share, central EUR 12.33 per share, high EUR 13.84 per share

- FY2022: low EUR 15.39 per share, central EUR 17.11 per share, high EUR 19.41 per share

- FY2023: low EUR 17.90 per share, central EUR 20.00 per share, high EUR 22.79 per share

- FY2024: low EUR 16.23 per share, central EUR 21.98 per share, high EUR 25.46 per share

- FY2025: low EUR 13.12 per share, central EUR 14.58 per share, high EUR 16.53 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

[Original ESEF filing](https://filings.xbrl.org/213800Z8NOHIKRI42W10/2025-12-31/ESEF/NL/0/stm-2025-12-31-1-en/reports/stm-2025-12-31-1-en.xhtml); period 2025-12-31, filed 2026-04-07.

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.