Siemens Energy (DE:ENR)
XETRA:ENR
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Siemens Energy
(XETRA:ENR)
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Rating:72Outperform
Price Target:
€191.00
▲(11.01% Upside)
Action:ReiteratedDate:03/26/26
The score is primarily driven by improved financial performance and standout free cash flow, reinforced by a constructive earnings call citing record orders/backlog and stronger margins. Offsetting factors are a still-mixed technical setup (negative MACD) and a less attractive valuation (high P/E with low dividend yield).
Positive Factors
Strong free cash flow
Robust FCF and strong cash conversion provide durable financial flexibility: funds capex, the €6bn buyback plan and a €0.70 dividend, supports deleveraging and strategic investments. This cash cushion reduces refinancing risk and underpins multi‑year execution even if margins fluctuate.
Negative Factors
Siemens Gamesa cash and losses
The wind‑business subunit remains a material drag on group cash and returns. Continued negative FCF and residual losses can absorb corporate liquidity, force additional restructuring costs, and delay full margin recovery; this exposure leaves group cash generation sensitive to Gamesa turnaround progress.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow
Robust FCF and strong cash conversion provide durable financial flexibility: funds capex, the €6bn buyback plan and a €0.70 dividend, supports deleveraging and strategic investments. This cash cushion reduces refinancing risk and underpins multi‑year execution even if margins fluctuate.
Read all positive factors
Siemens Energy (ENR) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€144.25B
Dividend YieldN/A
Average Volume (3M)2.76M
Price to Earnings (P/E)38.1
Beta (1Y)1.57
Revenue Growth13.38%
EPS Growth22.22%
CountryDE
Employees98,000
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)0.78
Shares Outstanding861,104,900
10 Day Avg. Volume2,108,231
30 Day Avg. Volume2,762,533
Financial Highlights & Ratios
PEG Ratio3.22
Price to Book (P/B)8.38
Price to Sales (P/S)2.21
P/FCF Ratio21.07
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€167.85Price Target Upside-2.45% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering15
EPS Forecast (FY)3.96
Revenue Forecast (FY)€43.53B
Siemens Energy Business Overview & Revenue Model
Company Description
Siemens Energy AG operates as an energy technology company worldwide. It operates in two segments, Gas and Power; and Siemens Gamesa Renewable Energy. The company provides gas and steam turbines, generators, gas engines, instrumentation and contro...
How the Company Makes Money
Siemens Energy primarily makes money by selling large-scale energy equipment and delivering long-term services tied to that installed base. Key revenue streams include: (1) Project and equipment sales: revenue from engineering, manufacturing, and ...
Siemens Energy Earnings Call Summary
Earnings Call Date:Feb 11, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Positive
The call reported a strong operational quarter with record orders, backlog expansion, margin improvement and exceptional free cash flow supported by broad demand across Gas Services and Grid Technologies. Significant progress at Siemens Gamesa and strategic investments (U.S. expansion, European capacity builds) and credit upgrades underpin a constructive outlook. Key cautions include reliance on reservation fees and timing effects behind cash flow, supply‑chain pressure and longer lead times, a still‑negative cash profile at Siemens Gamesa, and FX headwinds. On balance, the positive developments and scale of improvements outweigh the challenges, though several items are non‑recurring or dependent on execution.Positive Updates
Record Quarterly Orders and Book-to-Bill
Orders of EUR 17.6 billion in Q1, up 34% year‑over‑year on a comparable basis; book‑to‑bill ratio 1.82 and segment book‑to‑bill metrics (e.g., Gas Services 2.83, Grid Technologies 1.95).
Negative Updates
Siemens Gamesa Negative Free Cash Flow and Ongoing Losses
Siemens Gamesa free cash flow pretax was -EUR 545 million in Q1 (including EUR 101 million quality‑related cash out); PBE still negative at -EUR 46 million despite improvement, indicating ongoing turnaround risks.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Quarterly Orders and Book-to-Bill
Orders of EUR 17.6 billion in Q1, up 34% year‑over‑year on a comparable basis; book‑to‑bill ratio 1.82 and segment book‑to‑bill metrics (e.g., Gas Services 2.83, Grid Technologies 1.95).
Read all positive updates
Company Guidance
Management reiterated that FY‑2026 guidance and FY‑2028 targets remain unchanged and said the company is “fully on track” after a very strong start: Q1 orders €17.6bn (group book‑to‑bill 1.82) lifted backlog to a record €146bn (45% services), providing ~90% revenue coverage for the remainder of FY‑26 and just over 70% for FY‑27; Q1 revenue €9.7bn (+12.8% comp), profit before special items €1,159m (12% margin, +660bps y/y), net income €746m and record free cash flow pretax €2.9bn; CapEx guidance remains ~5% of revenues (~€2.5bn); segment detail included Gas Services orders €8.8bn (102 turbines, ~13 GW new orders; 12 GW converted from reservations; book‑to‑bill 2.83; backlog €60bn; PBSI €515m, 16.6% margin; FCF pretax €1.9bn), Grid Technologies orders €6.0bn (book‑to‑bill 1.95; backlog €45bn; revenue €3.1bn; PBSI €538m, 17.6% margin; FCF pretax €1.8bn) and Siemens Gamesa showing improvement to PBSI –€46m (Q1 revenue €2.4bn; Q1 FCF pretax –€545m, incl. €101m quality cash out); balance‑sheet/returns actions include adjusted net cash €7.6bn, proposed dividend €0.70/sh (~€600m) and a share buyback program up to €6bn through FY‑28. Management cautioned on H1 seasonality and timing effects and will reassess at mid‑year.Siemens Energy Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
86
Very Positive
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 39.81B | 39.08B | 34.47B | 31.12B | 29.00B | 28.48B |
| Gross Profit | 7.27B | 6.58B | 4.54B | 826.00M | 3.36B | 3.42B |
| EBITDA | 4.79B | 4.29B | 1.42B | -1.71B | 1.05B | 1.07B |
| Net Income | 1.89B | 1.41B | 1.19B | -4.53B | -467.00M | -453.00M |
Balance Sheet | ||||||
| Total Assets | 60.19B | 56.64B | 50.87B | 47.91B | 51.17B | 44.14B |
| Cash, Cash Equivalents and Short-Term Investments | 11.80B | 10.19B | 7.25B | 4.59B | 8.52B | 5.92B |
| Total Debt | 3.83B | 3.96B | 3.77B | 4.78B | 3.22B | 2.73B |
| Total Liabilities | 48.59B | 45.96B | 41.51B | 39.12B | 33.99B | 28.92B |
| Stockholders Equity | 11.28B | 10.30B | 9.07B | 8.50B | 17.19B | 14.96B |
Cash Flow | ||||||
| Free Cash Flow | 5.47B | 4.10B | 1.38B | 394.00M | 1.06B | 959.00M |
| Operating Cash Flow | 7.28B | 5.82B | 2.89B | 1.62B | 2.22B | 1.95B |
| Investing Cash Flow | -1.92B | -1.62B | 1.25B | -1.63B | -1.12B | -958.00M |
| Financing Cash Flow | -1.36B | -1.14B | -2.26B | -1.13B | -568.00M | -340.00M |
Siemens Energy Technical Analysis
Positive
172.06
Price Trends
156.79
Positive
141.12
Positive
119.77
Positive
Market Momentum
4.92
Negative
62.34
Neutral
89.11
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:ENR, the sentiment is Positive. The current price of 172.06 is above the 20-day moving average (MA) of 155.74, above the 50-day MA of 156.79, and above the 200-day MA of 119.77, indicating a bullish trend. The MACD of 4.92 indicates Negative momentum. The RSI at 62.34 is Neutral, neither overbought nor oversold. The STOCH value of 89.11 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DE:ENR.
Siemens Energy Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | €10.90B | 25.10 | 25.25% | ― | 1.27% | 384.94% | |
72 Outperform | €144.25B | 38.10 | 18.13% | ― | 13.38% | 22.22% | |
66 Neutral | €1.90B | 11.99 | 0.33% | 2.76% | 4.20% | -20.71% | |
65 Neutral | €180.96B | 22.98 | 12.93% | 2.18% | 2.11% | 16.48% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
56 Neutral | €1.49B | 7.78 | 17.73% | 3.12% | -18.21% | -137.62% | |
55 Neutral | €1.54B | 9.62 | 6.02% | 2.03% | 9.79% | -31.93% |
* Industrials Sector Average
DE:ENR
Siemens Energy
172.06
108.53
170.84%
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247.65
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35.23%
Siemens Energy Corporate Events
Regulatory Filings and Compliance
Goldman Sachs Cuts Siemens Energy Voting Stake to Below 5%
Neutral
Apr 17, 2026
Siemens Energy AG has disclosed a change in major shareholdings after The Goldman Sachs Group, Inc. adjusted its position in the company’s voting rights. According to the notification, Goldman Sachs’ total stake through shares and fina...
Business Operations and StrategyStock Buyback
Siemens Energy Expands Ongoing Share Buyback to 8.4 Million Shares
Positive
Apr 13, 2026
Siemens Energy AG disclosed that it repurchased 1,088,625 shares between April 7 and April 12, 2026, under its ongoing share buyback program initiated in early March. During this period, shares were acquired on Xetra and multilateral trading venue...
Regulatory Filings and Compliance
BlackRock Slightly Raises Stake in Siemens Energy to 7.83%
Positive
Apr 10, 2026
Siemens Energy has disclosed a change in its shareholder structure following a voting rights notification from U.S.-based asset manager BlackRock, Inc. BlackRock’s total holding in Siemens Energy, including shares and financial instruments, ...
Regulatory Filings and Compliance
Goldman Sachs Lifts Siemens Energy Stake to 6.5%
Positive
Apr 10, 2026
Siemens Energy has disclosed a change in its shareholder structure after The Goldman Sachs Group, Inc. increased its stake in the company, triggering a mandatory voting rights announcement under German securities law. Goldman Sachs now holds 6.5% ...
Regulatory Filings and Compliance
Siemens Energy Discloses Share Sale by Supervisory Board Member
Neutral
Apr 9, 2026
Siemens Energy has disclosed a manager’s transaction under Article 19 of the EU Market Abuse Regulation, reporting that supervisory board member Robert Kensbock sold company shares on 8 April 2026. The transaction, executed via the Xetra tra...
Business Operations and StrategyStock Buyback
Siemens Energy Expands Share Buyback to Over 7.3 Million Shares
Positive
Apr 7, 2026
Siemens Energy has reported the fifth interim update on its ongoing share buyback program, confirming that it repurchased 1,483,943 shares between March 30 and April 6, 2026 across Xetra and several European multilateral trading platforms. The tra...
Business Operations and StrategyRegulatory Filings and Compliance
Siemens AG Cuts Siemens Energy Stake to 5.54% of Voting Rights
Neutral
Apr 2, 2026
Siemens Energy AG has disclosed a change in its shareholder structure following a voting rights notification under German securities law. Siemens AG, through Siemens Beteiligungen Inland GmbH, has reduced its stake in Siemens Energy to 5.54% of vo...
Regulatory Filings and Compliance
BlackRock Trims but Maintains Significant 7.77% Stake in Siemens Energy
Neutral
Apr 1, 2026
BlackRock, Inc., the U.S. asset management group, has notified Siemens Energy that its total shareholding and related instruments in the German energy company now amount to 7.77% of the voting rights. The position consists of 7.33% of voting right...
Business Operations and StrategyStock Buyback
Siemens Energy Buys Back 5.8 Million Shares in March Program
Positive
Mar 30, 2026
Siemens Energy AG reported that it repurchased 1,550,342 shares between March 23 and March 29, 2026, as part of its ongoing share buyback program launched earlier in the month. The purchases were executed via Xetra and multilateral venues CBOE DXE...
Regulatory Filings and Compliance
Morgan Stanley Trims Siemens Energy Voting Stake to 3.64%
Neutral
Mar 12, 2026
Siemens Energy has disclosed a change in major shareholdings after Morgan Stanley adjusted its position in the company’s voting rights. The U.S. financial institution’s total holding, including both shares and financial instruments, fe...
Business Operations and StrategyRegulatory Filings and Compliance
Goldman Sachs Trims Derivative-Based Stake in Siemens Energy to Just Under 5%
Neutral
Mar 12, 2026
Siemens Energy AG has disclosed a change in major holdings after The Goldman Sachs Group, Inc. adjusted its position in the company’s voting rights. As of 6 March 2026, Goldman Sachs holds 0.60% of Siemens Energy’s voting rights via sh...
Business Operations and StrategyStock Buyback
Siemens Energy repurchases 819,871 shares in first interim buyback report
Positive
Mar 9, 2026
Siemens Energy AG has repurchased 819,871 of its own shares between March 4 and March 8, 2026, under its ongoing share buyback program announced on March 3. The transactions were executed via Xetra and multilateral trading venues CBOE DXE, Aquis E...
Business Operations and StrategyStock Buyback
Siemens Energy launches up to €2 billion share buyback through September 2026
Positive
Mar 3, 2026
Siemens Energy AG has launched a share buyback program starting 4 March 2026, running until at latest 30 September 2026, with an aggregate volume of up to €2 billion or a maximum of 70 million no-par-value shares. The repurchased shares are ...
Regulatory Filings and Compliance
Morgan Stanley Discloses 4.25% Voting Stake in Siemens Energy
Neutral
Feb 27, 2026
Siemens Energy disclosed a voting rights announcement stating that Morgan Stanley has crossed a regulatory threshold in its shareholding. Due to the end of applicability of a custody exemption under German securities law, Morgan Stanley now holds ...
Regulatory Filings and Compliance
Goldman Sachs Lifts Derivative-Based Stake in Siemens Energy to 5.38%
Neutral
Feb 12, 2026
Goldman Sachs Group has increased its total financial exposure to Siemens Energy AG to 5.38% of voting rights, according to a regulatory disclosure under Germany’s WpHG. While its direct shareholding remains small at 0.36%, the bulk of its p...
Regulatory Filings and Compliance
Siemens Energy Reports Insider-Related Share Sale Worth €1.3 Million
Neutral
Feb 12, 2026
Siemens Energy has disclosed a managers’ transaction involving the sale of company shares by a person closely associated with managing board member Anne-Laure Parrical de Chammard. The transaction, conducted on the Xetra trading platform on ...
Regulatory Filings and Compliance
Siemens Energy Reports Insider-Related Share Sale by Associate of Board Member
Neutral
Feb 12, 2026
Siemens Energy AG disclosed a manager-related share transaction in line with market abuse regulations. The filing reports a sale of Siemens Energy shares on the Xetra trading platform, executed by a person closely associated with managing board me...
Financial Disclosures
Siemens Energy Sets May Date for Release of 2026 Half-Year Results
Neutral
Jan 26, 2026
Siemens Energy AG has announced that it will publish its half-year report for the 2026 financial year, covering the period from 1 October 2025 to 31 March 2026, on 12 May 2026 via its investor relations website. The scheduled disclosure signals co...
Other
BlackRock Raises Voting Stake in Siemens Energy to Just Over 8%
Neutral
Jan 20, 2026
Siemens Energy has disclosed that BlackRock, Inc. has increased its attributable voting stake in the company following a change in BlackRock’s group structure. According to the notification, BlackRock’s total voting rights position in ...
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.