ams-OSRAM (CH:AMS)
:AMS
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ams-OSRAM
(AMS)
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Rating:45Neutral
Price Target:
CHF10.00
▼(-3.94% Downside)
Action:ReiteratedDate:03/26/26
The score is held down primarily by weak financial quality: multi-year revenue declines, still-negative net profitability, and a highly levered balance sheet. Technicals are mixed/neutral (above short-term averages but below the 200-day with slightly negative MACD). The earnings call adds both support (cost savings, design wins, planned divestment cash proceeds) and risk (softer FY26 outlook, temporary EBITDA pressure and high financing costs), while valuation is constrained by losses and lack of dividend data.
Positive Factors
Design wins and product pipeline
A multi‑billion euro pipeline of design wins gives durable multi‑year revenue visibility and strengthens OEM relationships. Large, recurring design wins increase switching costs, support cross‑sell of sensor and emitter combos, and underpin secular growth beyond quarter‑to‑quarter cycles.
Negative Factors
Elevated leverage and balance‑sheet risk
High and rising leverage constrains strategic flexibility and increases refinancing and interest‑rate vulnerability. With a thin equity base, earnings volatility can quickly worsen net leverage, making execution of cost saves and divestment timing critical to avoid distressed refinancing conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
Design wins and product pipeline
A multi‑billion euro pipeline of design wins gives durable multi‑year revenue visibility and strengthens OEM relationships. Large, recurring design wins increase switching costs, support cross‑sell of sensor and emitter combos, and underpin secular growth beyond quarter‑to‑quarter cycles.
Read all positive factors
ams-OSRAM (AMS) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF1.03B
Dividend YieldN/A
Average Volume (3M)543.55K
Price to Earnings (P/E)―
Beta (1Y)2.12
Revenue Growth-5.48%
EPS Growth79.75%
CountryCH
Employees19,700
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)0.32
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
CHF8.70Price Target Upside-16.45% Downside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)-0.54
Revenue Forecast (FY)CHF3.16B
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:Feb 10, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Neutral
The call balanced strong operational and financial achievements (core semiconductor growth, record design wins, #1 packaged LED position, EUR 220 million cost savings delivered early, EUR 144 million free cash flow, EUR 670 million planned divestment proceeds and improved pro‑forma leverage) against several meaningful near‑term headwinds (currency and precious metal costs, 2026 one‑offs and stranded costs, temporary EBITDA pressure, restructuring affecting ~2,000 roles, and elevated financing costs until refinancing). Management has clear mitigation plans (Simplify program, divestments, cost relocation, hedging and refinancing) and long‑term targets (semiconductor margin >25%, group FCF >EUR 200 million, net debt/EBITDA <2x), but execution and macro factors will determine timing of recovery.Positive Updates
Core Semiconductor Growth
Core semiconductor portfolio grew ~7-8% year‑on‑year (8% like‑for‑like cited), in line with the company's semi target operating model and midterm growth ambition.
Negative Updates
Reported Revenue Decline and FX Headwinds
IFRS top line declined ~3% year‑on‑year; management cited roughly EUR 100 million FX impact for the year and a weaker U.S. dollar that reduced Q4 top line by about EUR 55 million.
Read all updates
Q4-2025 Updates
Positive
Negative
Core Semiconductor Growth
Core semiconductor portfolio grew ~7-8% year‑on‑year (8% like‑for‑like cited), in line with the company's semi target operating model and midterm growth ambition.
Read all positive updates
Company Guidance
For Q1 FY26 the company guides revenues of €710–€810m and adjusted EBITDA around 15% (±1.5pp) assuming €/$ = $1.19, with Lamps & Systems showing the usual seasonal reduction (including one month deconsolidation of Specialty Lamps) and semiconductors a typical seasonal decline; for the full year management expects group revenue to be slightly softer than FY25 (management described this as a modest/moderate to mid‑single‑digit decline), noting FX sensitivity (~€20m revenue per $0.10 move — e.g. $1.13→$1.19 ≈ –€20m), headwinds from precious metals (gold cost hit of €35m in 2025 and a potential additional ~€60m at ~$5,000/oz), and stranded/divestment effects that will depress adjusted EBITDA in 2026; near‑term financing costs are expected at ~€250–€300m in 2026 until planned refinancing in 2027 (targeting <€150m thereafter), the announced divestments will generate €670m cash proceeds and a one‑time profit of ~€450–€500m, Specialty Lamps (~€150m revenue/€15m EBITDA) is expected to exit around end‑Q1, the non‑optical sensor business (~€200m revenue/€60m EBITDA) around mid‑year, and management is implementing Simplify to target an additional ~€200m of annual savings as it works to reduce pro‑forma leverage from 3.3x to ~2.5x (or ~1.6x net of OSRAM puts).ams-OSRAM Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
33
Negative
Cash Flow
44
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.32B | 3.43B | 3.59B | 4.82B | 5.04B |
| Gross Profit | 848.00M | 857.00M | 1.02B | 1.26B | 1.44B |
| EBITDA | 693.00M | 462.00M | 471.00M | 855.00M | 938.00M |
| Net Income | -130.00M | -786.00M | -1.61B | -444.00M | -32.00M |
Balance Sheet | |||||
| Total Assets | 6.81B | 6.90B | 7.40B | 8.83B | 9.64B |
| Cash, Cash Equivalents and Short-Term Investments | 1.56B | 1.12B | 1.18B | 1.11B | 1.34B |
| Total Debt | 2.69B | 2.69B | 2.67B | 3.02B | 3.40B |
| Total Liabilities | 5.86B | 5.67B | 5.50B | 6.00B | 6.49B |
| Stockholders Equity | 942.00M | 1.23B | 1.90B | 2.83B | 3.14B |
Cash Flow | |||||
| Free Cash Flow | 38.00M | -67.00M | -375.00M | 62.00M | 482.00M |
| Operating Cash Flow | 237.00M | 435.00M | 674.00M | 599.00M | 792.00M |
| Investing Cash Flow | 299.00M | -424.00M | -826.00M | -183.00M | -560.00M |
| Financing Cash Flow | -97.00M | -98.00M | 245.00M | -726.00M | -534.00M |
ams-OSRAM Technical Analysis
Positive
10.41
Price Trends
8.43
Positive
8.25
Positive
9.57
Positive
Market Momentum
0.34
Negative
71.92
Negative
86.37
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 10.41 is above the 20-day moving average (MA) of 8.60, above the 50-day MA of 8.43, and above the 200-day MA of 9.57, indicating a bullish trend. The MACD of 0.34 indicates Negative momentum. The RSI at 71.92 is Negative, neither overbought nor oversold. The STOCH value of 86.37 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | CHF2.81B | 33.89 | ― | 2.14% | -0.84% | -8.41% | |
70 Outperform | CHF3.75B | 35.95 | 11.33% | 1.32% | 13.03% | 20.38% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
52 Neutral | CHF1.02B | -4.01 | -20.37% | ― | -27.51% | -36.15% | |
50 Neutral | CHF357.21M | 20.05 | 5.15% | ― | -11.90% | -78.34% | |
45 Neutral | CHF1.03B | -10.54 | -12.96% | ― | -5.48% | 79.75% | |
44 Neutral | CHF70.79M | -1.96 | -52.82% | ― | -41.32% | 89.56% |
* Technology Sector Average
CH:AMS
ams-OSRAM
10.41
4.23
68.31%
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ams-OSRAM Corporate Events
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...
ams-OSRAM boosts cash flow, cuts debt and launches EUR 200 million cost program as it pivots to Digital Photonics
Feb 10, 2026
ams-OSRAM reported 2025 revenue of EUR 3.32 billion and an adjusted EBITDA margin of 18.3%, with its core semiconductor business growing 7% at constant exchange rates and free cash flow reaching EUR 144 million. The company exceeded the midpoint o...
Ams-OSRAM Beats Q4 Targets, Strengthens Balance Sheet and Unveils EUR 200m ‘Simplify’ Program
Feb 10, 2026
Ams-OSRAM reported fourth-quarter 2025 revenue of EUR 874 million and an adjusted EBITDA margin of 18.4%, exceeding the midpoint of guidance and generating EUR 144 million in comparable free cash flow. The company achieved about 8% underlying grow...
ams OSRAM Buys Back EUR 199.9 Million of 2027 Convertible Bonds at 96% of Nominal
Jan 19, 2026
ams OSRAM has completed a partial repurchase of its outstanding EUR 760 million convertible bonds due 2027, accepting 1,999 bonds with a total nominal value of EUR 199.9 million in a Dutch auction at 96% of nominal value. Settlement is expected on...
ams OSRAM in Advanced Talks to Sell Assets Under Deleveraging Plan
Jan 12, 2026
ams OSRAM has confirmed it is in advanced discussions to sell selected business activities as part of its ongoing deleveraging programme, launched in April 2025 to accelerate debt reduction. The prospective divestments, aimed at raising well over ...
ams OSRAM in advanced talks to sell units under accelerated deleveraging plan
Jan 12, 2026
ams OSRAM has confirmed that it is in advanced talks to sell selected business activities as part of its accelerated deleveraging strategy, responding to market rumours about potential divestments. The contemplated transactions are intended to con...
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.