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Jenoptik
(XETRA:JEN)
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Rating:67Neutral
Price Target:
€46.00
▲(16.87% Upside)
Action:Reiterated
Date:08/18/26
The score is primarily supported by improving financial performance (margin expansion, TTM revenue re-acceleration, and reduced leverage) and a constructive earnings-call backdrop with upgraded guidance and strong order intake/backlog. Offsetting this are uneven cash-flow conversion and segment variability, mixed technical momentum (slightly negative MACD and high stochastic), and a relatively rich valuation (P/E ~28 with a low dividend yield).
Positive Factors
Margin Expansion
The sharp improvement in EBITDA and margins indicates stronger operating leverage and execution. If sustained, higher profitability can improve internal funding capacity and provide resilience across Jenoptik’s cyclical industrial markets.
Negative Factors
Uneven Cash Conversion
Positive free cash flow is encouraging, but inconsistent conversion from earnings indicates working-capital and timing friction. Persistently weak conversion could limit reinvestment, debt reduction and the financial benefit of reported margin improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Margin Expansion
The sharp improvement in EBITDA and margins indicates stronger operating leverage and execution. If sustained, higher profitability can improve internal funding capacity and provide resilience across Jenoptik’s cyclical industrial markets.
Read all positive factors
Jenoptik (JEN) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€2.22B
Dividend Yield1.02%
Average Volume (3M)210.74K
Price to Earnings (P/E)25.8
Beta (1Y)1.18
Revenue Growth-2.11%
EPS Growth12.80%
CountryDE
Employees3,975
SectorGeneral
Sector StrengthN/A
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)1.52
Shares Outstanding57,238,117
10 Day Avg. Volume223,199
30 Day Avg. Volume210,743
Financial Highlights & Ratios
PEG Ratio-0.70
Price to Book (P/B)1.12
Price to Sales (P/S)1.07
P/FCF Ratio9.47
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€43.10Price Target Upside9.50% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)1.8
Revenue Forecast (FY)€1.13B
Jenoptik Business Overview & Revenue Model
Company Description
Jenoptik AG provides advanced photonic solutions and smart mobility solutions in Germany and internationally. The company operates through Semiconductor & Advanced Manufacturing, Biophotonics, Metrology & Production Solutions, and Smart Mobility S...
How the Company Makes Money
Jenoptik makes money primarily by selling photonics-enabled products and solutions and related services to industrial and technology customers. Key revenue streams typically include: (1) Product sales of optical components and modules (e.g., lense...
Jenoptik Earnings Call Summary
Earnings Call Date:Aug 12, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
The call conveyed a broadly positive operational and financial momentum: very strong order intake (+50%+), a substantial backlog (~EUR 825m) and marked margin expansion (EBITDA +25%, +400 bps) underpin an upgraded confidence level with guidance moved to the upper half of ranges (revenue growth 5–9%, EBITDA margin 20–21%). Offsetting factors include modest H1 revenue growth (1%), working capital pressure reducing operating cash flow, uneven performance across segments (MPS softness, biophotonics revenue decline despite higher orders), and order volatility/pull‑forward risk. On balance, the constructive operational execution and margin improvement, together with a stronger backlog and upgraded guidance, outweigh the near‑term cash and segment challenges.Positive Updates
Very Strong Order Intake
Group order intake rose by more than 50% year‑on‑year in H1 2026, driven by OEM (semi) and biophotonics demand; H1 book‑to‑bill improved to 1.4 and order backlog grew to around EUR 825 million.
Negative Updates
Biophotonics Revenue Decline Despite Order Strength
Although biophotonics order intake rose ~45% YoY, H1 revenues in biophotonics were down by almost 5% year‑on‑year due to base effects (strong dental comparatives) and revenue mix; company cautioned that order volatility in this unit will remain high.
Read all updates
Q2-2026 Updates
Positive
Negative
Very Strong Order Intake
Group order intake rose by more than 50% year‑on‑year in H1 2026, driven by OEM (semi) and biophotonics demand; H1 book‑to‑bill improved to 1.4 and order backlog grew to around EUR 825 million.
Read all positive updates
Company Guidance
Guidance was tightened upward: on the basis of year‑to‑date performance Jenoptik now expects full‑year revenue growth in the upper half of its single‑digit range, i.e., roughly +5% to +9%, and an EBITDA margin in the upper half of the prior 19%–21% range (now guided to ~20%–21%); CapEx guidance is unchanged (expected slightly below last year). This update sits alongside strong H1 metrics — group order intake +>50% YoY, H1 book‑to‑bill 1.4, order backlog ~EUR 825m (with management expecting to convert ~60%–65% of backlog to sales), H1 revenues modestly +1% (ex‑FX ~+3%), semi revenues ~+10%, biophotonics ~‑5%, SMS ~+11%, group EBITDA ~EUR 99m (+>25% YoY) with EBITDA margin up ~400 bps, semi EBITDA margin ~32%, biophotonics ~22%, EBIT margin 12.3% and EPS €0.69 (vs €0.42). Management cautioned that some H1 orders were pulled forward and that the very strong H1 order dynamics may not fully continue in H2, while noting working capital is up and expected to trend slightly above 2025 levels and free cash flow was slightly improved year‑on‑year.Jenoptik Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
71
Positive
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.05B | 1.05B | 1.12B | 1.07B | 980.68M | 750.72M |
| Gross Profit | 362.42M | 308.33M | 373.15M | 370.52M | 310.72M | 256.90M |
| EBITDA | 208.61M | 186.94M | 220.69M | 198.69M | 173.60M | 162.69M |
| Net Income | 87.32M | 72.00M | 92.65M | 72.47M | 55.10M | 82.00M |
Balance Sheet | ||||||
| Total Assets | 1.76B | 1.72B | 1.74B | 1.67B | 1.67B | 1.76B |
| Cash, Cash Equivalents and Short-Term Investments | 126.36M | 83.80M | 86.74M | 67.69M | 59.09M | 57.14M |
| Total Debt | 435.76M | 401.20M | 481.12M | 490.76M | 536.78M | 597.74M |
| Total Liabilities | 732.81M | 707.88M | 772.81M | 763.60M | 828.46M | 976.38M |
| Stockholders Equity | 1.02B | 1.00B | 960.34M | 896.59M | 831.95M | 767.81M |
Cash Flow | ||||||
| Free Cash Flow | 129.62M | 118.25M | 73.12M | 77.93M | 63.46M | 51.87M |
| Operating Cash Flow | 178.55M | 182.63M | 167.12M | 166.99M | 142.71M | 98.03M |
| Investing Cash Flow | -54.09M | -70.22M | -88.03M | -48.48M | -13.41M | -413.62M |
| Financing Cash Flow | -40.25M | -109.91M | -62.38M | -104.94M | -127.33M | 304.20M |
Jenoptik Technical Analysis
Neutral
39.36
Price Trends
41.01
Negative
39.76
Negative
31.46
Positive
Market Momentum
-0.31
Positive
46.10
Neutral
12.91
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:JEN, the sentiment is Neutral. The current price of 39.36 is above the 20-day moving average (MA) of 39.02, below the 50-day MA of 41.01, and above the 200-day MA of 31.46, indicating a neutral trend. The MACD of -0.31 indicates Positive momentum. The RSI at 46.10 is Neutral, neither overbought nor oversold. The STOCH value of 12.91 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for DE:JEN.
Jenoptik Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | €2.85B | 18.73 | 5.52% | 1.98% | -0.06% | -38.81% | |
67 Neutral | €2.22B | 25.80 | 8.03% | 1.02% | -2.11% | 12.80% | |
64 Neutral | €1.34B | 47.72 | 8.73% | 0.05% | -15.45% | -51.36% | |
60 Neutral | €709.24M | 25.27 | 20.29% | 0.41% | 31.07% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | €317.23M | -12.50 | -34.65% | ― | -27.00% | -5153.47% |
* General Sector Average
DE:JEN
Jenoptik
39.22
22.23
130.81%
DE:BSL
Basler AG
23.45
7.71
49.00%
DE:AFX
Carl Zeiss Meditec
31.28
-10.79
-25.65%
DE:SIS
First Sensor
54.00
-3.51
-6.10%
DE:LPK
LPKF Laser & Electronics
13.20
5.25
66.04%
DE:SMHN
Suss Microtec
69.20
42.69
161.04%
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.