ams-OSRAM (CH:AMS)
:AMS
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ams-OSRAM
(AMS)
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Rating:52Neutral
Price Target:
CHF23.00
▲(84.59% Upside)
Action:Reiterated
Date:05/13/26
The score is held back primarily by elevated balance-sheet leverage, continued net losses, and weak TTM revenue momentum despite improving profitability and positive operating cash flow. Technicals are supportive due to a strong uptrend, but momentum is very overextended, raising near-term pullback risk. The earnings call was constructive (beats, reiterated EBITDA outlook, strong design wins and liquidity), but near-term cash burn excluding divestments remains a key concern; valuation is also constrained by negative earnings and no stated dividend yield.
Positive Factors
Design-win momentum (EUR 850m)
EUR 850m of design wins across automotive, industrial, consumer and Digital Photonics gives multi-year revenue visibility. Strong design-in momentum supports cross-selling of sensors and emitters, underpins future production volumes, and de-risks long product-cycle revenue streams.
Negative Factors
Elevated leverage (debt/equity ~2.9)
Debt-to-equity near 2.9 and an eroding equity base materially constrain strategic flexibility. High leverage increases interest and refinancing risk, forces prioritization of deleveraging over growth investments, and limits the company's ability to absorb shocks over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Design-win momentum (EUR 850m)
EUR 850m of design wins across automotive, industrial, consumer and Digital Photonics gives multi-year revenue visibility. Strong design-in momentum supports cross-selling of sensors and emitters, underpins future production volumes, and de-risks long product-cycle revenue streams.
Read all positive factors
ams-OSRAM (AMS) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF2.28B
Dividend YieldN/A
Average Volume (3M)543.55K
Price to Earnings (P/E)―
Beta (1Y)2.29
Revenue Growth-5.27%
EPS Growth-24.26%
CountryCH
Employees19,700
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)-2.03
Shares Outstanding99,844,390
10 Day Avg. Volume835,302
30 Day Avg. Volume543,554
Financial Highlights & Ratios
PEG Ratio0.08
Price to Book (P/B)0.89
Price to Sales (P/S)0.25
P/FCF Ratio22.02
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF17.85Price Target Upside43.26% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)-1.03
Revenue Forecast (FY)CHF3.18B
ams-OSRAM Business Overview & Revenue Model
Company Description
ams-OSRAM AG designs, manufactures, and sells LED and optical sensor solutions in Europe, the Middle East, Africa, the Americas, and the Asia/Pacific. The company operates through Semiconductor and Lamps & Systems segments. The Semiconductor segme...
How the Company Makes Money
ams-OSRAM makes money primarily by selling components and integrated solutions that combine semiconductors with optical technologies to OEMs and tier suppliers across multiple end markets. Key revenue streams typically include: (1) Semiconductor s...
ams-OSRAM Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
The call was broadly constructive and strategically positive: management beat near-term revenue and profitability guidance, delivered core semiconductor like‑for‑like growth (~9%), recorded strong design‑win momentum (~EUR 850m), made tangible progress on Digital Photonics (AR components and AI photonics development agreement), and materially strengthened liquidity and cost‑savings (EUR 237m realized; EUR 200m target). Offsetting this were FX-related reported revenue headwinds, localized softness and competitive pressure in China, segment margin pressures from input costs and one‑offs, and an expected materially negative 2026 free‑cash‑flow profile when excluding divestment proceeds due to transformation and repurchase cash outflows. On balance, the positive operational beats, strategic milestones and liquidity coverage outweigh the near‑term cash and market challenges.Positive Updates
Revenue Beat and Scale
Group Q1 revenue of EUR 796 million, coming in well above the midpoint/upper half of guidance; on a constant-currency like-for-like basis the clean core portfolio grew ~8% and the semiconductor core portfolio grew 9% year-on-year.
Negative Updates
Reported Revenue Impacted by FX
Reported year-on-year revenues declined slightly, largely due to a weaker U.S. dollar which reduced top-line by roughly EUR 15 million compared with constant-currency performance.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue Beat and Scale
Group Q1 revenue of EUR 796 million, coming in well above the midpoint/upper half of guidance; on a constant-currency like-for-like basis the clean core portfolio grew ~8% and the semiconductor core portfolio grew 9% year-on-year.
Read all positive updates
Company Guidance
The company guided Q2 revenue of EUR 725–825 million and adjusted EBITDA of ~15.5% ±1.5 percentage points (assuming EUR/USD 1.17), reiterated full‑year 2026 adjusted EBITDA of ~15.5% ±1.5 pp and expects free cash flow above EUR 300 million including divestment proceeds (noting that excluding disposals 2026 cash flow will be a triple‑digit million negative with a path to positive FCF in 2027). This follows Q1 results of EUR 796 million revenue, 16.5% adjusted EBITDA, EUR 37 million free cash flow (including EUR 90 million divestment proceeds), operating cash flow breakeven, capex well below the 8%‑of‑revenue guidance, and semiconductor core like‑for‑like growth of 9% (≈8% at constant currencies); Re‑establish the Base delivered EUR 237 million savings and the new Simplify program targets EUR 200 million annual savings by 2028 with ~EUR 5 million achieved in Q1. Liquidity stood at EUR 1.3 billion cash and ~EUR 2.0 billion available, the Infineon sale is expected to bring EUR 570 million mid‑year (pro‑forma cash ≈ EUR 1.9 billion) and near‑term maturities are covered (convertible now EUR 560 million after a EUR 200 million repayment); other metrics cited include ~EUR 850 million of design wins, EVIYOS >60 platforms, residual noncore revenue ~EUR 10 million, smart‑glass content potential of EUR 50–100 per device, and AI‑photonics “slow‑and‑wide” micro‑emitter targets of ~8 Gbit/channel with hundreds of parallel channels.ams-OSRAM Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
38
Negative
Cash Flow
46
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.29B | 3.32B | 3.43B | 3.59B | 4.82B | 5.04B |
| Gross Profit | 823.90M | 848.00M | 857.00M | 1.02B | 1.26B | 1.44B |
| EBITDA | 613.69M | 693.00M | 462.00M | 471.00M | 855.00M | 938.00M |
| Net Income | -200.09M | -130.00M | -786.00M | -1.61B | -444.00M | -32.00M |
Balance Sheet | ||||||
| Total Assets | 6.56B | 6.81B | 6.90B | 7.40B | 8.83B | 9.64B |
| Cash, Cash Equivalents and Short-Term Investments | 1.40B | 1.56B | 1.12B | 1.18B | 1.11B | 1.34B |
| Total Debt | 2.40B | 2.69B | 2.69B | 2.67B | 3.02B | 3.40B |
| Total Liabilities | 5.72B | 5.86B | 5.67B | 5.50B | 6.00B | 6.49B |
| Stockholders Equity | 832.18M | 942.00M | 1.23B | 1.90B | 2.83B | 3.14B |
Cash Flow | ||||||
| Free Cash Flow | 26.32M | 38.00M | -67.00M | -375.00M | 62.00M | 482.00M |
| Operating Cash Flow | 227.00M | 237.00M | 435.00M | 674.00M | 599.00M | 792.00M |
| Investing Cash Flow | 363.83M | 299.00M | -424.00M | -826.00M | -183.00M | -560.00M |
| Financing Cash Flow | 168.26M | -97.00M | -98.00M | 245.00M | -726.00M | -534.00M |
ams-OSRAM Technical Analysis
Positive
12.46
Price Trends
11.99
Positive
10.13
Positive
10.04
Positive
Market Momentum
2.70
Negative
82.70
Negative
98.64
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:AMS, the sentiment is Positive. The current price of 12.46 is below the 20-day moving average (MA) of 15.91, above the 50-day MA of 11.99, and above the 200-day MA of 10.04, indicating a bullish trend. The MACD of 2.70 indicates Negative momentum. The RSI at 82.70 is Negative, neither overbought nor oversold. The STOCH value of 98.64 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CH:AMS.
ams-OSRAM Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | CHF4.91B | 17.58 | 11.33% | 1.32% | -3.33% | 4.16% | |
74 Outperform | CHF3.97B | 33.89 | ― | 2.14% | -5.34% | -28.13% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
52 Neutral | CHF2.28B | -1.43 | -12.96% | ― | -5.27% | -24.26% | |
50 Neutral | CHF373.73M | 20.05 | 5.15% | ― | -11.90% | -78.34% | |
44 Neutral | CHF70.22M | -2.64 | -52.82% | ― | -10.06% | -475.79% |
* Technology Sector Average
CH:AMS
ams-OSRAM
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182.56%
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ams-OSRAM Corporate Events
ams OSRAM raises €1bn in new notes to cut debt and interest costs
May 19, 2026
ams OSRAM has priced an increased €1 billion issue of senior unsecured notes maturing in 2032 with a 7.25% coupon, following strong investor demand that led to oversubscription and an upsized offering. Management positions the deal as a key ...
ams OSRAM refinances debt with €700m notes and extended credit line
May 18, 2026
ams OSRAM has issued senior unsecured notes with a total nominal value of EUR 700 million maturing in 2032, as part of an ongoing effort to optimize its balance sheet structure. The company plans to use the proceeds, together with existing cash, t...
ams OSRAM divests CMOS image sensors to sharpen digital photonics focus
May 11, 2026
ams OSRAM has agreed to sell its CMOS image sensor business to indie Semiconductor for total consideration of EUR 40 million, comprising EUR 35 million in cash and a EUR 5 million vendor loan due in two years. The deal, structured as a mix of shar...
ams-OSRAM Calls 2026 AGM to Decide Governance, Auditor and Capital Measures
May 11, 2026
ams-OSRAM AG has convened its ordinary Annual General Meeting for 10 June 2026 at the company’s premises in Premstätten, Austria, inviting shareholders to review the 2025 financial year and vote on key governance matters. The agenda inc...
ams-OSRAM publishes proposed resolutions ahead of June 2026 AGM
May 11, 2026
ams-OSRAM AG has published the Supervisory and Management Boards’ proposed resolutions for its ordinary Annual General Meeting, scheduled for 10 June 2026 in Premstätten, Austria. The company has made the related AGM documents available...
ams OSRAM Targets AI Data Centers as Q1 Results Bolster Digital Photonics Pivot
May 6, 2026
ams OSRAM reported first-quarter 2026 revenue of EUR 796 million and an adjusted EBITDA margin of 16.5%, landing at the upper end of guidance despite currency headwinds and divestments. The core semiconductor portfolio grew 9% year on year at cons...
ams OSRAM Releases 2025 Annual Report with Voluntary ESRS-Aligned Sustainability Disclosure
Mar 20, 2026
ams OSRAM has released its 2025 Annual Report, providing a comprehensive overview of its performance and activities, alongside a Sustainability Report prepared voluntarily using selected European Sustainability Reporting Standards. By adopting ele...
ams-OSRAM pushes microLED optical links into AI data centers
Mar 18, 2026
ams-OSRAM is expanding its Digital Photonics and microLED portfolio from automotive lighting into data-center infrastructure, aiming to leverage its award-winning EVIYOS micro-emitter technology beyond headlamp applications. By repurposing its ind...
ams OSRAM completes €114m sale of Entertainment & Industry Lamps unit to Ushio
Mar 2, 2026
ams OSRAM has completed the sale of its Entertainment and Industry Lamps business unit to Japan’s Ushio Inc. for €114 million on a cash- and debt-free basis, transferring Berlin production sites, around 500 employees, RD activities and...
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.