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BE Semiconductor Industries N.V. ADR (BESIY)
:BESIY
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BE Semiconductor
(OTC:BESIY)
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Rating:61Neutral
Price Target:
$161.00
▲(7.18% Upside)
BE Semiconductor's overall stock score reflects strong financial performance and positive future guidance, offset by bearish technical indicators and high valuation concerns. The company's ability to manage cash flow and maintain profitability amidst revenue challenges is a key strength, while market momentum and valuation present significant risks.
Positive Factors
Strong Liquidity Position
A strong liquidity position enhances financial flexibility, enabling the company to invest in growth opportunities and weather economic downturns.
Advanced Packaging Demand
Growing demand for advanced packaging positions the company well in a key growth area, supporting long-term revenue expansion and market leadership.
Positive Guidance for Q4 '25
Positive revenue guidance reflects strong order momentum and suggests potential recovery in market demand, boosting future earnings prospects.
Negative Factors
Revenue Decline
Continued revenue decline indicates challenges in key markets, potentially impacting long-term growth and profitability if not addressed.
High Debt-to-Equity Ratio
Increased leverage can limit financial flexibility and increase risk, potentially affecting the company's ability to invest in growth initiatives.
Delayed Recovery in Assembly Market
A delayed market recovery could prolong revenue challenges, impacting the company's ability to capitalize on industry growth trends in the near term.
BE Semiconductor (BESIY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$12.34B
Dividend Yield1.57%
Average Volume (3M)0.00
Price to Earnings (P/E)74.4
Beta (1Y)1.20
Revenue Growth-4.02%
EPS Growth-16.70%
CountryUS
Employees1,820
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)0.37
Shares Outstanding81,146,736
10 Day Avg. Volume0
30 Day Avg. Volume0
Financial Highlights & Ratios
PEG Ratio15.98
Price to Book (P/B)20.82
Price to Sales (P/S)17.18
P/FCF Ratio61.53
Enterprise Value/Market Cap0.98
Enterprise Value/Revenue20.13
Enterprise Value/Gross Profit31.50
Enterprise Value/Ebitda53.55
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.95
Revenue Forecast (FY)$686.27M
BE Semiconductor Business Overview & Revenue Model
Company DescriptionBE Semiconductor Industries N.V. (BESIY) is a global leader in the semiconductor equipment industry, specializing in the design, development, and manufacturing of advanced packaging equipment for integrated circuits. The company operates primarily in the semiconductor sector, providing innovative solutions that enhance the performance and efficiency of microelectronics. BESIY's core products include die bonding, wire bonding, and packaging equipment, which serve a wide range of applications across various industries, including consumer electronics, automotive, and telecommunications.
How the Company Makes MoneyBESIY generates revenue primarily through the sale of its semiconductor packaging equipment and related services. The company's revenue model is built on both direct sales of its machinery and systems, as well as after-sales services and support, which include maintenance, upgrades, and spare parts. Key revenue streams include sales of die attach and wire bond equipment, as well as packaging systems that cater to different semiconductor technologies. Additionally, BESIY benefits from long-term partnerships with major semiconductor manufacturers and technology companies, which contribute to its stable revenue growth. The company's ability to innovate and adapt its product offerings to meet the evolving needs of the semiconductor market also plays a significant role in driving its earnings.
BE Semiconductor Earnings Call Summary
Earnings Call Date:Oct 23, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Feb 19, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted significant increases in bookings and a strong liquidity position, alongside a positive outlook for advanced packaging demand. However, it also noted declines in revenue and net income, and a delayed market recovery. The sentiment is mixed, as the highlights are tempered by notable lowlights.Q3-2025 Updates
Positive Updates
Significant Increase in Bookings
Besi reported Q3 '25 bookings of EUR 174.7 million, marking a significant increase of 36.5% compared to Q2 '25 and 15.1% compared to Q3 '24.
Improved Order Outlook
The order outlook for the quarter improved due to increased die attach bookings, particularly for 2.5D data center applications and photonics customers, indicating a positive trend for future quarters.
Strong Liquidity Position
Liquidity remained strong with cash and deposits of EUR 518.6 million, increasing EUR 28.4 million or 5.8% versus June 30, 2025, due to cash flow from operations more than doubling.
Completion of Share Buyback Program
Besi completed a EUR 100 million share buyback program and authorized a new EUR 60 million program with an anticipated completion date of October 2026.
Advanced Packaging Demand
There is increased demand for advanced packaging capacity to support the expansion of data centers and next-gen semiconductor devices, with expectations to exceed market growth rates.
Positive Guidance for Q4 '25
For Q4 '25, Besi anticipates revenue to increase by approximately 15% to 25% due to increased bookings levels and gross margins to range between 61% and 63%.
Negative Updates
Revenue Decline
Q3 '25 revenue decreased by 10.4% compared to Q2 '25 and by 15.3% compared to Q3 '24, reflecting weakness in mainstream assembly markets, particularly mobile and automotive applications.
Decrease in Year-to-Date Net Income
Year-to-date '25, net income of EUR 88.8 million decreased by 27.6% compared to the same period in 2024, primarily due to lower revenue, adverse foreign exchange effects, and higher interest expenses.
Delayed Recovery in Assembly Market
TechInsights revised its assembly market growth forecast for 2025 to 1.8%, down from the previous 9% forecast, with an anticipated recovery pushed out to 2026.
Company Guidance
During the call, Besi provided guidance for the fourth quarter of 2025, anticipating a revenue increase of approximately 15% to 25% compared to the third quarter due to increased booking levels. The company expects gross margins to range between 61% and 63%, with operating expenses projected to rise by 5% to 10%, primarily driven by higher R&D expenses. This guidance reflects a positive outlook driven by significant order momentum, particularly in the advanced packaging sector, which is essential for supporting the rapid expansion of data centers and next-generation semiconductor devices. The improved order outlook for Q3 was highlighted by a 36.5% increase in bookings versus Q2, reaching EUR 174.7 million, indicating strong demand recovery, especially in AI and data center applications.BE Semiconductor Financial Statement Overview
Summary
BE Semiconductor demonstrates strong profitability and cash flow management, with robust EBIT and EBITDA margins. However, a significant revenue decline and high leverage pose potential risks.Income Statement
BE Semiconductor's income statement reflects strong profitability with a TTM gross profit margin of 63.28% and a net profit margin of 28.17%. However, the company experienced a significant revenue decline of 50.8% in the TTM period, indicating potential market challenges. Despite this, EBIT and EBITDA margins remain robust at 33.91% and 38.82% respectively, showcasing efficient cost management.72
Positive
Balance Sheet
The balance sheet shows a high debt-to-equity ratio of 1.51 in the TTM period, indicating increased leverage which could pose financial risks. However, the return on equity remains strong at 36.94%, reflecting effective use of equity capital. The equity ratio is moderate, suggesting a balanced asset structure.65
Positive
Cash Flow
Cash flow analysis reveals a positive free cash flow growth of 6.51% in the TTM period, indicating improved cash generation. The operating cash flow to net income ratio is healthy at 1.44, and the free cash flow to net income ratio is strong at 0.84, highlighting efficient cash conversion and liquidity management.78
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 602.23M | 607.47M | 578.86M | 722.87M | 749.30M | 433.62M |
| Gross Profit | 384.82M | 395.94M | 375.79M | 443.07M | 446.82M | 258.57M |
| EBITDA | 226.37M | 224.19M | 221.10M | 317.11M | 332.37M | 159.96M |
| Net Income | 169.62M | 181.99M | 177.08M | 240.65M | 282.42M | 132.28M |
Balance Sheet | ||||||
| Total Assets | 1.07B | 1.23B | 896.55M | 1.14B | 1.14B | 911.36M |
| Cash, Cash Equivalents and Short-Term Investments | 330.17M | 672.32M | 413.48M | 491.69M | 451.39M | 375.41M |
| Total Debt | 540.51M | 544.71M | 319.16M | 342.88M | 312.48M | 409.88M |
| Total Liabilities | 710.48M | 733.21M | 475.14M | 506.65M | 524.77M | 540.13M |
| Stockholders Equity | 356.78M | 501.26M | 421.41M | 628.53M | 619.27M | 371.23M |
Cash Flow | ||||||
| Free Cash Flow | 165.76M | 169.61M | 180.55M | 243.48M | 249.50M | 140.16M |
| Operating Cash Flow | 206.34M | 201.08M | 208.57M | 271.87M | 277.85M | 162.02M |
| Investing Cash Flow | -75.80M | -136.48M | -72.95M | 16.32M | -24.84M | -115.44M |
| Financing Cash Flow | 71.26M | 88.67M | -439.80M | -247.68M | -182.07M | 51.85M |
BE Semiconductor Technical Analysis
Positive
150.21
Price Trends
158.60
Negative
148.69
Positive
134.24
Positive
Market Momentum
-3.53
Positive
45.66
Neutral
92.16
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BESIY, the sentiment is Positive. The current price of 150.21 is below the 20-day moving average (MA) of 153.45, below the 50-day MA of 158.60, and above the 200-day MA of 134.24, indicating a neutral trend. The MACD of -3.53 indicates Positive momentum. The RSI at 45.66 is Neutral, neither overbought nor oversold. The STOCH value of 92.16 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BESIY.
BE Semiconductor Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $9.67B | 42.34 | 23.58% | ― | 39.37% | 40.87% | |
80 Outperform | $7.55B | 44.57 | 8.96% | ― | 6.38% | -4.15% | |
76 Outperform | $4.82B | 119.26 | 8.76% | ― | 21.12% | -54.97% | |
69 Neutral | $10.05B | 32.76 | 7.27% | 0.77% | 0.13% | -16.17% | |
68 Neutral | $9.77B | 362.30 | 3.86% | ― | -12.03% | -80.99% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | $12.34B | 74.44 | 34.39% | 1.57% | -4.02% | -16.70% |
* Technology Sector Average
BESIY
BE Semiconductor
158.54
31.83
25.12%
AMKR
Amkor
43.93
18.29
71.31%
CAMT
Camtek
116.93
45.34
63.33%
LSCC
Lattice Semiconductor
75.13
17.42
30.19%
ONTO
Onto Innovation
158.12
-6.87
-4.16%
NVMI
Nova
322.56
136.67
73.52%
BE Semiconductor Corporate Events
Besi’s Earnings Call: Mixed Sentiment Amid Growth
Oct 25, 2025
The recent earnings call for BE Semiconductor Industries N.V. ADR (Besi) painted a mixed picture of the company’s financial health and market position. While there were notable highlights such as a significant increase in bookings and a robust liquidity position, these were counterbalanced by declines in revenue and net income, as well as a delayed market recovery. The sentiment expressed during the call was one of cautious optimism, with positive trends in advanced packaging demand offering a silver lining amid the challenges.
BE Semiconductor Industries Reports Q3 2025 Earnings
Oct 24, 2025
BE Semiconductor Industries N.V. (Besi) is a prominent manufacturer of assembly equipment for the semiconductor industry, known for its advanced packaging solutions that cater to leading semiconductor manufacturers, foundries, and electronics companies. Headquartered in Duiven, the Netherlands, Besi is listed on Euronext Amsterdam and the OTC markets.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.