# Siltronic AG (WAF.XETRA)

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

Analysis as of: 2026-10-16T07:40:05.443Z. Financial observations: FY2013–FY2025.

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 65.20 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 1

- Operating margin variation: 0.63×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.03×

- FY2017: 0.20×

- FY2018: 0.34×

- FY2019: 0.23×

- FY2020: 0.16×

- FY2021: 0.23×

- FY2022: 0.27×

- FY2023: 0.15×

- FY2024: 0.09×

- FY2025: -0.03×

### moat: fail

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

- Recent gross margin fell 21.5pp below the typical margin (limit 4pp)

- ROIC, median of available years: 33.9%

- ROIC, second-lowest year: 2.9%

- Typical minus recent gross margin: 21.5 pp

- Typical gross margin (annual median): 29.8%

- Recent gross margin (lower of latest and 3-year median): 8.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 27.7%

- ROIC including acquisitions, ten-year median: 5.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.5%

- FY2017: 81.4%

- FY2018: >100%

- FY2019: 72.5%

- FY2020: 52.4%

- FY2021: 40.1%

- FY2022: 27.7%

- FY2023: 8.7%

- FY2024: 2.9%

- FY2025: -1.0%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -1.58×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -1.3B

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

- Return on incremental invested capital: -1.0%

- Working capital / revenue, annual change: -1.2 pp

- Working capital / revenue, change between three-year averages: -10.6 pp

- Working capital / revenue, final three-year average: 10.1%

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

- FY2021: 0.51×

- FY2022: -0.07×

- FY2023: -4.53×

- FY2024: -6.78×

- FY2025: 1.96×

### 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: 81.4% vs 2.9%

- Per-share earnings: 0.40 to 2.10 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.2%

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: EUR 146M

- Cumulative retained earnings: EUR 1.2B

- Diluted shares, 10-year annual growth: 0.2%

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 23.0%

- Per-share value change: EUR 1.70

- Per-share value, starting three-year median: EUR 0.40

- Per-share value, ending three-year median: EUR 2.10

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 35M

- Cumulative net income, 10 years: EUR 1.8B

- ROIC, first three-year median: 81.4%

- ROIC, last three-year median: 2.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.40

- FY2017: EUR 6.18

- FY2018: EUR 12.45

- FY2019: EUR 7.50

- FY2020: EUR 5.38

- FY2021: EUR 8.44

- FY2022: EUR 13.02

- FY2023: EUR 6.15

- FY2024: EUR 2.10

- FY2025: EUR -2.31

### accounting: pass

- Sloan accruals: -6.2%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -9.8%

- FY2017: -9.1%

- FY2018: -15.3%

- FY2019: -8.2%

- FY2020: -4.0%

- FY2021: -10.1%

- FY2022: -10.2%

- FY2023: -6.7%

- FY2024: -5.5%

- FY2025: -6.2%

## Holders

## Price story

Down 54% since Dec 2021 · "Siltronic cuts annual revenue guidance, shares fall" (finance.yahoo.com, Jul 2025) · sales -4.7%

Story as of 2026-10-16T10:00:11.211Z; price observation 2026-10-15.

- 2025-07-29: Siltronic cuts 2025 guidance on forex headwinds despite Q2 beat ([investing.com](https://www.investing.com/news/stock-market-news/siltronic-cuts-2025-guidance-on-forex-headwinds-despite-q2-beat-93CH-4156438))

- 2025-10-28: Siltronic narrows profit margin outlook, Q3 in line ([finance.yahoo.com](https://finance.yahoo.com/news/siltronic-posts-q3-core-profit-061707220.html))

### Sales · FY2024–2025

sales -4.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 933M 

- FY2017: EUR 1.2B 

- FY2018: EUR 1.5B 

- FY2019: EUR 1.3B 

- FY2020: EUR 1.2B 

- FY2021: EUR 1.4B 

- FY2022: EUR 1.8B 

- FY2023: EUR 1.5B 

- FY2024: EUR 1.4B 

- FY2025: EUR 1.3B 

### Gross margin · FY2025

gross margin 8.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 18.4% 

- FY2017: 31.5% 

- FY2018: 43.4% 

- FY2019: 36.0% 

- FY2020: 28.1% 

- FY2021: 31.4% 

- FY2022: 34.1% 

- FY2023: 24.6% 

- FY2024: 19.5% 

- FY2025: 8.3% 

## Owner memo

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

### How it makes money

Operates in semiconductors; annual sales are EUR 1.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:05.443Z); FY2025: revenue 1346700000; grossProfit 111200000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WAF.XETRA: Siltronic AG, together with its subsidiaries, develops, produces, markets, and sells hyperpure silicon wafers for the semiconductor industry in Germany, Rest of Europe, the United States, Taiwan, Mainland China, South Korea, Rest of Asia, and internationally. The company offers polished and epitaxial wafers. It also provides Ultimate Silicon for use in CMOS technologies, such as DRAM and NAND components and memory chips; Float zone/FZ wafer based on float zone method; and HIREF wafers for discrete applications. Its products are used in electrical applications comprising computers, smartphones, industrial equipment, wind turbines, and cars with and without electric drives. The company was formerly known as Wacker Siltronic AG and changed its name to Siltronic AG in 2004. Siltronic AG was founded in 1953 and is headquartered in Munich, Germany.

### Why customers stay

Margins ranged from 8.3% to 24.6% during 2023–25; it earns 33.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:05.443Z); FY2023: grossProfit / revenue = 24.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:05.443Z); FY2024: grossProfit / revenue = 19.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:05.443Z); FY2025: grossProfit / revenue = 8.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:05.443Z); 10-year return on capital observations [[2016,0.07506415739948674],[2017,0.8138391060649611],[2018,3.9214998336035802],[2019,0.7251371432131958],[2020,0.523770204338152],[2021,0.40056436942680607],[2022,0.27727752424084673],[2023,0.08652259901115947],[2024,0.02944287530528807],[2025,-0.009639694762925746]]; median 0.3389209468338264. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:05.443Z); FY2016: growth capex 0; upkeep 96700000; owner earnings 34300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:05.443Z); FY2017: growth capex 11900000; upkeep 117400000; owner earnings 185300000. Growth capex / owner earnings = 0.06422018348623854.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:05.443Z); FY2018: growth capex 146900000; upkeep 91600000; owner earnings 373200000. Growth capex / owner earnings = 0.39362272240085744.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:05.443Z); FY2020: growth capex 0; upkeep 204800000; owner earnings 85320000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:05.443Z); FY2021: growth capex 139409039.86459956; upkeep 253290960.13540044; owner earnings 128349039.86459956. Growth capex / owner earnings = 1.086171271804352.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:05.443Z); Dividend observations: [[2016,75000000],[2017,75000000],[2018,75000000],[2019,150000000],[2020,90000000],[2021,60000000],[2022,90000000],[2023,90000000],[2024,36000000],[2025,6000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 49.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WAF.XETRA SharesStats.PercentInsiders = 49.16 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.5 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:05.443Z); Closing price 65.2 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 44.89; price multiple 1.4524392960570283. FY2025 cash earnings/share -4.526. Closing-price date 2026-10-15.

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

- 2016-10: EUR 32.77 per share

- 2016-11: EUR 37.86 per share

- 2016-12: EUR 44.03 per share

- 2017-01: EUR 49.52 per share

- 2017-02: EUR 58.18 per share

- 2017-03: EUR 62.44 per share

- 2017-04: EUR 66.00 per share

- 2017-05: EUR 79.77 per share

- 2017-06: EUR 74.17 per share

- 2017-07: EUR 92.00 per share

- 2017-08: EUR 82.01 per share

- 2017-09: EUR 105.00 per share

- 2017-10: EUR 127.20 per share

- 2017-11: EUR 124.80 per share

- 2017-12: EUR 121.30 per share

- 2018-01: EUR 133.50 per share

- 2018-02: EUR 121.20 per share

- 2018-03: EUR 138.75 per share

- 2018-04: EUR 133.70 per share

- 2018-05: EUR 144.50 per share

- 2018-06: EUR 122.55 per share

- 2018-07: EUR 149.15 per share

- 2018-08: EUR 124.80 per share

- 2018-09: EUR 105.45 per share

- 2018-10: EUR 81.08 per share

- 2018-11: EUR 79.80 per share

- 2018-12: EUR 72.20 per share

- 2019-01: EUR 86.68 per share

- 2019-02: EUR 85.94 per share

- 2019-03: EUR 78.64 per share

- 2019-04: EUR 87.36 per share

- 2019-05: EUR 61.22 per share

- 2019-06: EUR 64.24 per share

- 2019-07: EUR 70.70 per share

- 2019-08: EUR 58.56 per share

- 2019-09: EUR 69.70 per share

- 2019-10: EUR 85.22 per share

- 2019-11: EUR 75.16 per share

- 2019-12: EUR 89.72 per share

- 2020-01: EUR 97.68 per share

- 2020-02: EUR 84.18 per share

- 2020-03: EUR 68.26 per share

- 2020-04: EUR 78.38 per share

- 2020-05: EUR 87.70 per share

- 2020-06: EUR 90.78 per share

- 2020-07: EUR 76.00 per share

- 2020-08: EUR 77.94 per share

- 2020-09: EUR 76.62 per share

- 2020-10: EUR 81.26 per share

- 2020-11: EUR 122.20 per share

- 2020-12: EUR 128.10 per share

- 2021-01: EUR 141.00 per share

- 2021-02: EUR 138.35 per share

- 2021-03: EUR 135.00 per share

- 2021-04: EUR 141.60 per share

- 2021-05: EUR 142.25 per share

- 2021-06: EUR 142.20 per share

- 2021-07: EUR 139.00 per share

- 2021-08: EUR 138.35 per share

- 2021-09: EUR 137.00 per share

- 2021-10: EUR 136.70 per share

- 2021-11: EUR 133.00 per share

- 2021-12: EUR 141.45 per share

- 2022-01: EUR 116.00 per share

- 2022-02: EUR 101.55 per share

- 2022-03: EUR 93.26 per share

- 2022-04: EUR 89.70 per share

- 2022-05: EUR 90.55 per share

- 2022-06: EUR 70.90 per share

- 2022-07: EUR 79.10 per share

- 2022-08: EUR 68.30 per share

- 2022-09: EUR 58.25 per share

- 2022-10: EUR 63.05 per share

- 2022-11: EUR 78.30 per share

- 2022-12: EUR 68.15 per share

- 2023-01: EUR 76.20 per share

- 2023-02: EUR 69.10 per share

- 2023-03: EUR 67.20 per share

- 2023-04: EUR 65.15 per share

- 2023-05: EUR 80.30 per share

- 2023-06: EUR 70.00 per share

- 2023-07: EUR 80.00 per share

- 2023-08: EUR 73.75 per share

- 2023-09: EUR 80.95 per share

- 2023-10: EUR 80.90 per share

- 2023-11: EUR 87.15 per share

- 2023-12: EUR 88.45 per share

- 2024-01: EUR 87.45 per share

- 2024-02: EUR 86.40 per share

- 2024-03: EUR 82.20 per share

- 2024-04: EUR 73.10 per share

- 2024-05: EUR 74.60 per share

- 2024-06: EUR 72.40 per share

- 2024-07: EUR 75.45 per share

- 2024-08: EUR 74.05 per share

- 2024-09: EUR 68.35 per share

- 2024-10: EUR 52.10 per share

- 2024-11: EUR 47.44 per share

- 2024-12: EUR 46.50 per share

- 2025-01: EUR 44.30 per share

- 2025-02: EUR 45.50 per share

- 2025-03: EUR 39.80 per share

- 2025-04: EUR 35.60 per share

- 2025-05: EUR 36.20 per share

- 2025-06: EUR 40.70 per share

- 2025-07: EUR 38.18 per share

- 2025-08: EUR 35.50 per share

- 2025-09: EUR 46.60 per share

- 2025-10: EUR 53.50 per share

- 2025-11: EUR 49.12 per share

- 2025-12: EUR 48.90 per share

- 2026-01: EUR 52.60 per share

- 2026-02: EUR 57.40 per share

- 2026-03: EUR 52.20 per share

- 2026-04: EUR 79.70 per share

- 2026-05: EUR 104.70 per share

- 2026-06: EUR 81.50 per share

- 2026-07: EUR 76.10 per share

- 2026-08: EUR 79.00 per share

- 2026-09: EUR 81.30 per share

- 2026-10: EUR 73.40 per share

## Annual estimated value (EUR per share)

- FY2017: low EUR 33.00 per share, central EUR 36.08 per share, high EUR 40.17 per share

- FY2018: low EUR 82.56 per share, central EUR 90.82 per share, high EUR 101.83 per share

- FY2019: low EUR 41.10 per share, central EUR 44.41 per share, high EUR 48.81 per share

- FY2020: low EUR 45.61 per share, central EUR 49.91 per share, high EUR 55.63 per share

- FY2021: low EUR 64.34 per share, central EUR 70.79 per share, high EUR 79.37 per share

- FY2022: low EUR 79.99 per share, central EUR 86.40 per share, high EUR 94.93 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