ams-OSRAM (AMS) AI Stock Analysis

• Market Cap: CHF868.06M
• Dividend Yield: N/A
• Average Volume (3M): 543.55K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.25
• Revenue Growth: -5.48%
• EPS Growth: 79.75%
• Country: CH
• Employees: 19,700
• Sector: Technology
• Sector Strength: 88
• Industry: Semiconductors
• EPS (TTM): 0.32
• Shares Outstanding: 99,844,390
• 10 Day Avg. Volume: 835,302
• 30 Day Avg. Volume: 543,554
• PEG Ratio: 0.08
• Price to Book (P/B): 0.89
• Price to Sales (P/S): 0.25
• P/FCF Ratio: 22.02
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: CHF9.16
• Price Target Upside: 4.30% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 6
• EPS Forecast (FY): -0.15
• Revenue Forecast (FY): CHF3.21B

• Rating: 44 Neutral
• Price Target: CHF8.50 ▼(-3.19% Downside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is mainly weighed down by weak financial performance: multi-year revenue contraction, still-negative net results, and a highly leveraged balance sheet. Technicals provide partial offset with improving short-term momentum, but longer-term trend levels remain a constraint. Valuation is limited by loss-making earnings and no stated dividend yield.

Positive Factors

Technology & market leadership

The firm’s leadership in high-performance sensors and photonics, backed by focused R&D, is a durable competitive advantage. Proprietary sensor and LED technologies support long-term product differentiation and integration into OEM platforms, sustaining structural demand across sectors.

Diversified end markets

Exposure across automotive, industrial, consumer and healthcare reduces single-market cyclicality. Critical automotive sensor revenue (ADAS) and established OEM partnerships provide recurring, structural demand and help stabilize revenue mix over multi-quarter horizons.

Operating profit rebound & healthy EBITDA margin

A return to operating profitability and ~21% EBITDA margin signals improved cost structure and operational leverage. Sustained margin recovery enables internal cash generation, supporting reinvestment and gradual repair of earnings quality if revenue stabilizes.

Negative Factors

Multi-year revenue contraction

Persistent multi-year revenue declines, including a sharp 2025 drop, indicate structural demand weakness or market share loss. Continued top-line erosion impairs operating leverage, limits scale benefits, and makes sustainable margin recovery and reinvestment more difficult.

High leverage and debt burden

A debt-heavy capital structure with D/E ~2.7x raises refinancing and interest coverage risk. High leverage constrains strategic flexibility, increases sensitivity to earnings volatility, and limits the company’s ability to fund R&D or absorb further demand shocks without external capital.

Net losses persist despite operating gains

Although operating profit returned, the company still reports negative net margins. Ongoing net losses hinder equity rebuild, restrict dividend capacity, and complicate access to equity financing, prolonging balance-sheet repair even if operations improve.

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 segment offers semiconductor-based products and solutions, such as LEDs, lasers, and optical and image sensors for automotive, consumer, and industrial end markets. The Lamps & Systems segment provides lamps and lighting systems, such as spectral sensing, ambient and smart lighting, horticulture lighting, time-of-flight, presence detection, near-infrared, human-centric lighting, outdoor and indoor lighting solutions for automotive, industrial, and medical end markets. The company was formerly known as ams AG and changed its name to ams-OSRAM AG in January 2022. ams-OSRAM AG was founded in 1981 and is headquartered in Premstätten, Austria.

How the Company Makes Money

ams-OSRAM generates revenue primarily through the sale of its semiconductor and sensor products, which are used in various applications across multiple industries. Key revenue streams include automotive sensors, which are critical for advanced driver-assistance systems (ADAS), and industrial sensors that enhance automation and efficiency. Additionally, the company benefits from its lighting solutions, particularly in the automotive sector, where LED technology is increasingly favored. Significant partnerships with leading automotive manufacturers and electronic companies also play a crucial role in driving sales, as these collaborations enable AMS to integrate its technologies into a wide array of products, thus ensuring a steady demand for its offerings.

ams-OSRAM Financial Statement Overview

Summary

Income statement remains pressured by multi-year revenue declines and still-negative net margin despite a 2025 operating-profit rebound. Balance sheet risk is high with elevated and worsening leverage (debt-to-equity ~2.7x). Cash flow is improving but still thin, with only modest positive free cash flow in 2025.

Income Statement

Revenue has been shrinking for several years (2025: -21% after declines in 2024 and 2023), signaling weak end-demand and/or share loss. Profitability improved meaningfully versus the deep losses in 2023–2024, with 2025 returning to positive operating profit and a solid EBITDA margin (~21%), but net results remain negative (2025 net margin ~-4%). Gross margin has been relatively stable in the mid‑20% range, yet the company still struggles to translate that into consistent bottom-line profitability.

Balance Sheet

Leverage is elevated and has worsened: debt-to-equity moved up to ~2.7x in 2025 as equity declined, limiting financial flexibility. Total debt remains high (~2.6B) relative to the equity base (~0.9B), increasing sensitivity to earnings volatility and refinancing conditions. While assets are sizeable, the capital structure looks increasingly debt-heavy following multiple loss-making years.

Cash Flow

Operating cash flow stayed positive across the period and remained positive in 2025 (~237M), but it has stepped down materially from 2023–2024 levels, reducing liquidity cushion. Free cash flow was positive but thin in 2025 (~38M) after being negative in 2023–2024, indicating improving but still fragile cash generation. The business is generating cash despite accounting losses, yet the low free-cash-flow level leaves limited room for deleveraging or large reinvestment without external funding.

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	2.56B	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

• Technical Analysis Sentiment: Positive
• Last Price: 8.78
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 8.78 is above the 20-day moving average (MA) of 8.37, above the 50-day MA of 8.12, and below the 200-day MA of 9.52, indicating a neutral trend. The MACD of 0.13 indicates Negative momentum. The RSI at 57.78 is Neutral, neither overbought nor oversold. The STOCH value of 63.88 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CH:AMS.

ams-OSRAM Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IFCN	75 Outperform	CHF2.97B	32.92	―	2.14%	-0.84%	-8.41%
HUBN	67 Neutral	CHF3.42B	46.76	11.64%	1.32%	13.03%	20.38%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
UBXN	58 Neutral	CHF1.02B	-8.98	-20.37%	―	-27.51%	-36.15%
LEHN	54 Neutral	CHF364.62M	53.78	5.19%	―	-11.90%	-78.34%
KUD	48 Neutral	CHF66.84M	-37.46	-52.82%	―	-41.32%	89.56%
AMS	44 Neutral	CHF868.06M	-7.03	-14.27%	―	-5.48%	79.75%

ams-OSRAM Corporate Events

ams-OSRAM boosts cash flow, cuts debt and launches EUR 200 million cost program as it pivots to Digital Photonics

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 of Q4 guidance, improved profitability despite currency headwinds and portfolio pruning, and booked more than EUR 5 billion in semiconductor design wins.

The group advanced its balance sheet repair with a EUR 200 million partial repurchase of its 2027 convertible bond and the EUR 570 million sale of its non-optical sensor business to Infineon, cutting pro-forma leverage to 2.5 times. It also launched the ‘Simplify’ transformation and cost savings program targeting an additional EUR 200 million in annual savings by 2028 and affecting about 2,000 jobs, as it refocuses on Digital Photonics amid expectations for lower 2026 revenue and margin pressure from divestment-related one-offs and cost factors.

The most recent analyst rating on (CH:AMS) stock is a Buy with a CHF13.20 price target. To see the full list of analyst forecasts on ams-OSRAM stock, see the CH:AMS Stock Forecast page.

Ams-OSRAM Beats Q4 Targets, Strengthens Balance Sheet and Unveils EUR 200m ‘Simplify’ Program

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 growth in its core semiconductor business at constant exchange rates, improved profitability, and cut net debt to EUR 1,078 million, while its earlier ‘Re-establish the Base’ savings program reached EUR 220 million in annual savings a year ahead of schedule.

For full-year 2025, revenue reached EUR 3.323 billion with an adjusted EBITDA margin of 18.3%, supported by more than EUR 5 billion in semiconductor design wins and 7% growth in the core semiconductor portfolio. Strategically, ams-OSRAM is sharpening its focus on Digital Photonics with divestments, a EUR 200 million partial buyback of its 2027 convertible bond, a sale of its non-optical sensor business to Infineon, and the launch of a new ‘Simplify’ transformation program targeting an additional EUR 200 million in annual savings by 2028 and impacting around 2,000 jobs.

The transactions and savings measures are expected to reduce pro-forma leverage to 2.5 times and support new 2030 financial targets, including mid to high single-digit revenue CAGR and at least 25% adjusted EBITDA margin in semiconductors, plus group free cash flow above EUR 200 million and leverage below 2. For 2026, management flags a moderate revenue decline and pressure on adjusted EBITDA from divestment-related one-offs, residual overheads, and higher precious metal costs, indicating a transitional year as the company reshapes its portfolio and cost base.

The most recent analyst rating on (CH:AMS) stock is a Buy with a CHF13.20 price target. To see the full list of analyst forecasts on ams-OSRAM stock, see the CH:AMS Stock Forecast page.

ams OSRAM Buys Back EUR 199.9 Million of 2027 Convertible Bonds at 96% of Nominal

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 21 January 2026, after which EUR 560.1 million in nominal value of the bonds will remain outstanding and continue to trade on the Open Market of the Frankfurt Stock Exchange, reflecting a targeted liability management move that modestly reduces the company’s future debt burden while maintaining access to capital markets.

The most recent analyst rating on (CH:AMS) stock is a Hold with a CHF8.30 price target. To see the full list of analyst forecasts on ams-OSRAM stock, see the CH:AMS Stock Forecast page.

ams OSRAM in Advanced Talks to Sell Assets Under Deleveraging Plan

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 €500 million, are intended to strengthen the balance sheet while safeguarding the long-term future of the company’s main site in Premstätten, Austria; however, management cautioned that there is currently no assurance on the final outcome of the talks, leaving investors and other stakeholders awaiting further details on which assets may be sold and how the portfolio reshaping will affect the group’s future strategic focus.

The most recent analyst rating on (CH:AMS) stock is a Hold with a CHF10.00 price target. To see the full list of analyst forecasts on ams-OSRAM stock, see the CH:AMS Stock Forecast page.

ams OSRAM in advanced talks to sell units under accelerated deleveraging plan

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 contribute to a divestment programme targeting proceeds significantly above €500 million, while the company emphasizes that the long-term future of its main site in Premstätten, Austria, will be secured; however, management cautions that there is currently no assurance on the final outcome or structure of the negotiations, leaving investors and other stakeholders awaiting further details on the scope and financial impact of the planned sales.

The most recent analyst rating on (CH:AMS) stock is a Hold with a CHF10.00 price target. To see the full list of analyst forecasts on ams-OSRAM stock, see the CH:AMS Stock Forecast page.

ams OSRAM Announces Partial Repurchase Offer for Convertible Bonds

ams OSRAM has announced a partial repurchase offer for up to 300 million euros of outstanding convertible bonds maturing in 2027, allowing bondholders to sell through a Dutch Auction process at between 94% and 96% of their nominal value. This move could enhance financial flexibility and improve the company’s balance sheet position while potentially impacting the convertible bond market and investor confidence.

The most recent analyst rating on (CH:AMS) stock is a Hold with a CHF7.00 price target. To see the full list of analyst forecasts on ams-OSRAM stock, see the CH:AMS Stock Forecast page.

ams-OSRAM Reports Strong Q3 Performance and Strategic Progress

ams-OSRAM AG reported a strong free cash flow of 43 million EUR in the third quarter, with a 9% growth in its semiconductor core business, indicating the success of its strategic direction. The company is on track with its debt reduction plan and continues to invest in advanced technology platforms, which could enhance its market position and provide significant benefits to stakeholders.

The most recent analyst rating on (CH:AMS) stock is a Hold with a CHF10.50 price target. To see the full list of analyst forecasts on ams-OSRAM stock, see the CH:AMS Stock Forecast page.