BE Semiconductor Industries N.V. ADR (BESIY)
OTHER OTC:BESIY
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BE Semiconductor
(OTC:BESIY)
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Rating:73Outperform
Price Target:
$329.00
▲(73.69% Upside)
Action:UpgradedDate:04/27/26
The score is driven primarily by strong operating momentum and guidance from the latest earnings call, supported by solid profitability and improving cash generation. Offsetting factors are an elevated valuation (high P/E and low yield), a more levered balance sheet versus prior years, and technically overbought indicators that increase near-term volatility risk.
Positive Factors
Strong cash generation
Sustained, high free cash flow (FCF growth ~39% and FCF ≈0.90x net income) gives BESI durable financial flexibility: funds reinvestment for capacity, higher R&D/service support, share repurchases, and a buffer through semiconductor capex cycles, supporting long-term operations and capital allocation.
Negative Factors
Higher leverage
materially higher leverage compared with prior years reduces financial flexibility. If semiconductor capex weakens, servicing debt and fixed obligations could constrain growth spending or force cuts to buybacks/dividends. Equity erosion also increases vulnerability to cyclical downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Sustained, high free cash flow (FCF growth ~39% and FCF ≈0.90x net income) gives BESI durable financial flexibility: funds reinvestment for capacity, higher R&D/service support, share repurchases, and a buffer through semiconductor capex cycles, supporting long-term operations and capital allocation.
Read all positive factors
BE Semiconductor (BESIY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$22.56B
Dividend Yield1.6%
Average Volume (3M)1.60K
Price to Earnings (P/E)70.0
Beta (1Y)1.16
Revenue Growth12.74%
EPS Growth-8.43%
CountryUS
Employees1,820
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)0.76
Shares Outstanding81,146,736
10 Day Avg. Volume2,161
30 Day Avg. Volume1,603
Financial Highlights & Ratios
PEG Ratio-2.72
Price to Book (P/B)25.36
Price to Sales (P/S)18.59
P/FCF Ratio67.70
Enterprise Value/Market Cap0.85
Enterprise Value/Revenue30.20
Enterprise Value/Gross Profit49.16
Enterprise Value/Ebitda78.45
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)4.47
Revenue Forecast (FY)$1.07B
BE Semiconductor Business Overview & Revenue Model
Company Description
BE Semiconductor Industries N.V. develops, manufactures, markets, sells, and services semiconductor assembly equipment for the semiconductor and electronics industries worldwide. The company's principal products include die attach equipment, such ...
How the Company Makes Money
BESI makes money primarily by selling semiconductor back-end assembly equipment used in the packaging stage of chip manufacturing. Its revenue is mainly generated from (1) equipment sales to semiconductor manufacturers and OSAT customers, where de...
BE Semiconductor Earnings Call Summary
Earnings Call Date:Apr 23, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Positive
The call communicates a strongly positive operational and commercial momentum: sizable revenue and order growth, expanding margins and cash generation, accelerating hybrid bonding adoption across logic, memory (HBM), photonics and mobile markets, active capacity expansion, and supportive guidance for Q2 and H1. Notable risks include ongoing qualification and yield proof points for HBM, input-cost inflation, operational ramp execution, regulatory constraints for China sales, and lead-time/backlog digestion considerations. Overall, positives (strong financials, product adoption, guidance, balance sheet strength) materially outweigh the identified risks.Positive Updates
Strong Revenue Growth
Q1 2026 revenue of EUR 184.9 million, up 28.3% versus Q1 2025 driven by higher shipments for high-end mobile and 2.5D AI photonics and data center applications.
Negative Updates
Component and Energy Cost Inflation
Management noted increased component and energy cost inflation that required price increases to offset; although gross margin remained healthy (63.5%), input-cost pressures persist.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Revenue Growth
Q1 2026 revenue of EUR 184.9 million, up 28.3% versus Q1 2025 driven by higher shipments for high-end mobile and 2.5D AI photonics and data center applications.
Read all positive updates
Company Guidance
Management guided Q2 2026 revenue to grow 30–40% versus Q1 2026 (Q1 revenue €184.9m), implying a Q2 range of roughly €240.4m–€258.9m (midpoint ≈ €249.6m); gross margin is expected to expand to 64–66% (up from Q1’s 63.5%); operating expenses are forecast to be flat to up 10% as support activities scale; management said this should drive a significant expansion in net income and profit margins versus Q1 2026 and Q2 2025, and—using the Q2 midpoint—they forecast H1 2026 revenue to be about 49% higher than H1 2025.BE Semiconductor Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
62
Positive
Cash Flow
81
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 633.24M | 567.99M | 607.47M | 578.86M | 722.87M | 749.30M |
| Gross Profit | 389.09M | 359.50M | 395.94M | 375.79M | 443.07M | 446.82M |
| EBITDA | 243.80M | 198.62M | 224.19M | 221.10M | 317.11M | 332.37M |
| Net Income | 152.09M | 126.45M | 181.99M | 177.08M | 240.65M | 282.42M |
Balance Sheet | ||||||
| Total Assets | 1.20B | 1.11B | 1.23B | 896.55M | 1.14B | 1.14B |
| Cash, Cash Equivalents and Short-Term Investments | 612.08M | 542.75M | 672.32M | 413.48M | 491.69M | 451.39M |
| Total Debt | 519.65M | 529.41M | 544.71M | 319.16M | 342.88M | 312.48M |
| Total Liabilities | 742.78M | 697.05M | 733.21M | 475.14M | 506.65M | 524.77M |
| Stockholders Equity | 457.42M | 416.22M | 501.26M | 421.41M | 628.53M | 619.27M |
Cash Flow | ||||||
| Free Cash Flow | 204.39M | 155.94M | 169.61M | 180.55M | 243.48M | 249.50M |
| Operating Cash Flow | 227.31M | 171.11M | 201.08M | 208.57M | 271.87M | 277.85M |
| Investing Cash Flow | -10.32M | 108.59M | -136.48M | -72.95M | 16.32M | -24.84M |
| Financing Cash Flow | -263.43M | -250.97M | 88.67M | -439.80M | -247.68M | -182.07M |
BE Semiconductor Technical Analysis
Positive
189.42
Price Trends
217.30
Positive
195.10
Positive
171.82
Positive
Market Momentum
13.64
Negative
73.11
Negative
99.36
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 189.42 is below the 20-day moving average (MA) of 228.01, below the 50-day MA of 217.30, and above the 200-day MA of 171.82, indicating a bullish trend. The MACD of 13.64 indicates Negative momentum. The RSI at 73.11 is Negative, neither overbought nor oversold. The STOCH value of 99.36 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $14.14B | 59.58 | 6.85% | ― | 1.82% | -31.84% | |
74 Outperform | $15.94B | 38.14 | 22.70% | ― | 30.96% | 37.48% | |
73 Outperform | $22.56B | 70.04 | 38.13% | 1.60% | 12.74% | -8.43% | |
73 Outperform | $15.83B | 3,496.18 | 0.44% | ― | 2.72% | -95.00% | |
71 Outperform | $8.61B | 33.85 | 8.42% | ― | 15.57% | -57.34% | |
64 Neutral | $17.50B | 33.43 | 8.73% | 0.81% | 6.18% | 5.30% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
BESIY
BE Semiconductor
280.10
173.56
162.90%
AMKR
Amkor
70.61
53.36
309.42%
CAMT
Camtek
187.83
122.49
187.47%
LSCC
Lattice Semiconductor
115.67
66.74
136.40%
ONTO
Onto Innovation
284.34
162.37
133.12%
NVMI
Nova
501.47
305.26
155.58%
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.