BE Semiconductor (BESIY) AI Stock Analysis

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BE Semiconductor

(OTC:BESIY)

Rating:68Neutral

Price Target:

$152.00

▲(9.45% Upside)

BE Semiconductor's overall stock score is driven by strong financial performance and potential growth in advanced packaging and AI applications. However, high valuation and anticipated short-term revenue declines present risks. The technical analysis suggests a mixed outlook, with long-term trends remaining positive despite short-term challenges.

BE Semiconductor (BESIY) vs. SPDR S&P 500 ETF (SPY)

Market Cap

$11.34B

Dividend Yield1.79%

Average Volume (3M)141.00

Price to Earnings (P/E)60.0

Beta (1Y)1.10

Revenue Growth4.46%

EPS Growth0.59%

CountryUS

Employees1,820

SectorTechnology

Sector Strength85

IndustrySemiconductors

Share Statistics

EPS (TTM)0.47

Shares Outstanding81,146,736

10 Day Avg. Volume138

30 Day Avg. Volume141

Financial Highlights & Ratios

PEG RatioN/A

Price to Book (P/B)N/A

Price to Sales (P/S)N/A

P/FCF RatioN/A

Enterprise Value/Market Cap1.07

Enterprise Value/Revenue20.23

Enterprise Value/Gross Profit31.66

Enterprise Value/Ebitda53.81

Forecast

1Y Price Target

$152.00

Price Target Upside9.45% Upside

Rating ConsensusHold

Number of Analyst Covering0

BE Semiconductor Business Overview & Revenue Model

Company DescriptionBE Semiconductor Industries N.V. (BESIY) is a leading global supplier of semiconductor assembly equipment for the semiconductor and electronics industries. The company specializes in the design, development, manufacturing, marketing, and service of semiconductor assembly equipment for leadframe, substrate, and wafer-level packaging applications in a variety of end-user markets including electronics, mobile internet, cloud infrastructure, computer, automotive, industrial, and LED. Headquartered in the Netherlands, BESIY operates globally with facilities in Asia, Europe, and North America.

How the Company Makes MoneyBE Semiconductor Industries generates revenue primarily through the sale of its semiconductor assembly equipment, which is used in the packaging process of semiconductor manufacturing. The company's key revenue streams include equipment sales, service, and support contracts, as well as spare parts and upgrades for its machinery. BESIY benefits from long-term partnerships with leading semiconductor manufacturers and has a strong presence in Asia, which is a significant market for semiconductor assembly equipment. The company's earnings are also influenced by trends in the global semiconductor industry, demand for advanced packaging technologies, and its ability to innovate and deliver efficient and cost-effective solutions.

BE Semiconductor Earnings Call Summary

Earnings Call Date:Jul 24, 2025

(Q2-2025)

% Change Since: |

Next Earnings Date:Oct 23, 2025

Earnings Call Sentiment Neutral

The earnings call reflected a mixed performance for Besi, with strong liquidity and growth in advanced packaging segments offset by challenges in mainstream markets and anticipated short-term revenue declines. The company shows potential for future growth driven by AI and data center applications, despite current market uncertainties.

Q2-2025 Updates

Positive Updates

Sequential Revenue and Operating Income Growth

Besi's Q2 '25 revenue and operating income grew sequentially by 2.8% and 10.7% respectively, driven by increased shipments to Asian subcontractors for AI-related data center applications and a 4.3% decrease in sequential operating expenses.

Strong Liquidity Position

Liquidity remains strong with cash and deposits at EUR 490.2 million at the end of June 2025, increasing by 90.6% versus June 30, '24.

Expected Growth in Hybrid Bonding Systems

Orders for hybrid bonding systems are expected to increase significantly in the second half '25 versus both first half '25 and second half '24, driven by advancements in AI and data center applications.

Improved Market Outlook

The outlook for Besi's business in the second half of 2025 has improved based on customer feedback and order trends, with expanded CapEx budgets for AI infrastructure confirmed by leading industry players.

Negative Updates

Decline in First Half Revenue and Income

For the first half of 2025, revenue of EUR 292.2 million decreased by 1.8% versus the first half last year, with operating and net income decreasing by 8% and 16.2% respectively, primarily due to lower revenue and a reduction in gross margin.

Challenges in Mainstream Assembly Markets

Market development in Q2 '25 was affected by increased customer caution due to global trade tensions and weakness in mainstream computing and mobile applications.

Anticipated Revenue Decline in Q3 '25

For Q3 '25, revenue is anticipated to decline by approximately 5% to 15% versus Q2 '25, with a decline in gross margin due to the adverse impact of a 12% decline in the value of the U.S. dollar versus the euro.

Decreased Orders in the First Half

Orders decreased by 17% in the first half of 2025 due to the timing of customer orders for hybrid bonding systems and a lack of new product introductions in high-end smartphones.

Company Guidance

During the Besi conference call discussing the 2025 second quarter results, the company provided guidance for the upcoming periods. They anticipate a revenue decline of approximately 5% to 15% in the third quarter compared to the second quarter of 2025, influenced by the current order book. However, an increase in orders is expected due to heightened demand for hybrid bonding and 2.5D advanced packaging applications. Gross margins are projected to decrease to a range of 60% to 62%, primarily due to a 12% decline in the US dollar's value against the euro in the first half of 2025. Operating expenses are expected to remain flat, within a plus or minus 5% range, despite increased R&D spending. The company also highlighted an improvement in the business outlook for the second half of 2025 based on recent customer feedback and order trends, particularly in AI and data center logic and memory applications.

BE Semiconductor Financial Statement Overview

Summary

BE Semiconductor shows strong financial health with robust profitability margins and a solid balance sheet. Despite slowed revenue growth, strong operational and cash flow efficiencies provide a resilient foundation.

Income Statement

Positive

BE Semiconductor shows a stable financial performance with consistent gross and net profit margins. The TTM gross profit margin is approximately 64.3%, and the net profit margin is 29.7%. However, the revenue growth rate has shown a decline, indicating potential challenges in sustaining top-line growth. Despite this, the EBIT and EBITDA margins remain robust at 32.1% and 37.5%, respectively, indicating strong operational efficiency.

Balance Sheet

Positive

The company maintains a strong balance sheet with a manageable debt-to-equity ratio of approximately 1.05, showcasing prudent financial leverage. The equity ratio stands at 41.4%, reflecting a solid capital structure. Return on equity is healthy at around 35%, indicating effective utilization of shareholders' funds. However, the decreasing trend in stockholders' equity warrants monitoring.

Cash Flow

Positive

BE Semiconductor's cash flow position is solid, with a free cash flow to net income ratio of 0.87, demonstrating efficient cash conversion. The operating cash flow to net income ratio is 1.03, indicating a strong correlation between accounting profit and cash generation. Despite a decrease in free cash flow growth due to capital expenditure, the company maintains positive cash flow from operations.

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	300.81M	332.37M	155.63M
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	540.82M	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

Technical Analysis Sentiment

Positive

Last Price138.88

Price Trends

50DMA

142.88

Negative

100DMA

129.89

Positive

200DMA

126.21

Positive

Market Momentum

MACD

-0.67

Negative

RSI

48.59

Neutral

STOCH

64.99

Neutral

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 138.88 is above the 20-day moving average (MA) of 138.66, below the 50-day MA of 142.88, and above the 200-day MA of 126.21, indicating a neutral trend. The MACD of -0.67 indicates Negative momentum. The RSI at 48.59 is Neutral, neither overbought nor oversold. The STOCH value of 64.99 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BESIY.

BE Semiconductor Peers Comparison

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NVMI	84 Outperform	$7.64B	35.46	24.23%	―	43.69%	51.22%
ONTO	79 Outperform	$5.34B	26.73	10.53%	―	15.51%	20.31%
AMKR	76 Outperform	$6.02B	19.88	7.37%	2.98%	-1.20%	-19.46%
LSCC	75 Outperform	$9.00B	287.03	4.57%	―	-22.15%	-83.34%
TSEM	73 Outperform	$6.71B	33.92	7.41%	―	7.18%	-60.59%
BESIY	68 Neutral	$11.34B	60.05	41.65%	1.79%	4.46%	0.59%
Sector *	61 Neutral	$35.62B	7.50	-10.94%	1.87%	8.86%	-10.27%

* Technology Sector Average

Performance Comparison

BESIY

BE Semiconductor

138.88

6.71

5.08%

AMKR

Amkor

24.58

-7.20

-22.66%

LSCC

Lattice Semiconductor

65.82

18.77

39.89%

ONTO

Onto Innovation

107.99

-101.07

-48.34%

NVMI

Nova

263.55

43.20

19.61%

TSEM

Tower

60.80

17.19

39.42%

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.Date of analysis: Aug 23, 2025