Jenoptik AG (DE:JEN)
XETRA:JEN
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Jenoptik
(XETRA:JEN)
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Rating:69Neutral
Price Target:
€34.00
▲(9.25% Upside)
Action:DowngradedDate:03/27/26
The score is driven primarily by solid overall financial health—improving leverage and a strong free-cash-flow rebound—partly offset by 2025 revenue decline and margin compression. Technicals add support with the price above key moving averages and mildly positive momentum, while valuation is fair with a modest dividend yield.
Positive Factors
Free Cash Flow Rebound
A material rebound in free cash flow to ~€118m signals stronger internal funding for capex, R&D, and shareholder returns. Durable FCF supports strategic investments, reduces reliance on external financing, and gives management flexibility to navigate cycles or fund growth over the next 2–6 months.
Negative Factors
Revenue Decline
A notable revenue drop indicates softer end-market demand or lost volume in 2025, reducing operating leverage. If slower top-line trends persist, capacity utilization, backlog conversion, and long-cycle equipment sales may remain pressured, constraining sustainable growth over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Free Cash Flow Rebound
A material rebound in free cash flow to ~€118m signals stronger internal funding for capex, R&D, and shareholder returns. Durable FCF supports strategic investments, reduces reliance on external financing, and gives management flexibility to navigate cycles or fund growth over the next 2–6 months.
Read all positive factors
Jenoptik (JEN) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€1.78B
Dividend Yield1.97%
Average Volume (3M)210.74K
Price to Earnings (P/E)15.6
Beta (1Y)1.40
Revenue Growth-5.27%
EPS Growth-13.70%
CountryDE
Employees4,071
SectorGeneral
Sector StrengthN/A
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)0.49
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
€29.92Price Target Upside-3.86% Downside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)1.67
Revenue Forecast (FY)€1.13B
Jenoptik Business Overview & Revenue Model
Company Description
Jenoptik AG engages in the optics and photonics business in Germany and internationally. The company operates through Light & Optics, Light & Production, and Light & Safety divisions. It offers imaging solutions and cameras, including microscope a...
How the Company Makes Money
Jenoptik makes money primarily by selling photonics-enabled products, systems, and solutions to industrial customers and OEMs. Its revenue model is mainly business-to-business and includes: (1) equipment and system sales: revenue from delivering o...
Jenoptik Earnings Call Summary
Earnings Call Date:Apr 01, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Neutral
The call balances clear operational progress and strategic investments (Dresden fab online, Biophotonics and Smart Mobility momentum, improved cash flow and cost measures) against notable near-term challenges (declines in group revenue and semi lithography, lower EBITDA and EPS, Prodomax volatility and Q1 phasing risk). Management provided constructive 2026 guidance (single-digit revenue growth and 19%–21% EBITDA margin) but flagged market and cost uncertainties. Overall, positives around cash generation, margin resilience in key businesses, and capacity investments are offset by significant top-line and profit declines in 2025, leaving a mixed outlook.Positive Updates
Micro-Optics Fab Commissioned (Dresden)
Brought largest single investment — new micro-optics fab in Dresden — online, providing capacity to support future growth in micro-optics for data communication and AI-driven demand.
Negative Updates
Group Revenue Decline
2025 revenue declined by approximately 6% year-on-year to around EUR 1.05 billion, including ~1 percentage point negative FX impact (EUR-USD).
Read all updates
Q4-2025 Updates
Positive
Negative
Micro-Optics Fab Commissioned (Dresden)
Brought largest single investment — new micro-optics fab in Dresden — online, providing capacity to support future growth in micro-optics for data communication and AI-driven demand.
Read all positive updates
Company Guidance
Jenoptik guided 2026 revenue to be up in the single‑digit percentage range versus 2025, with an EBITDA margin target of 19–21% and CapEx expected to be slightly below last year as it trends toward maintenance levels; management assumes a similar FX headwind of ~1 percentage point and cautioned that Q1 2026 revenue will be below Q1 2025. Management also expects to convert more than 80% of the roughly EUR 591 million backlog into 2026 revenue, expects financial results broadly in line with the prior year amid a debenture refinancing, and flagged model assumptions including ~3% German labor cost inflation from April 2026 plus benefits from its cost‑savings program as one‑off restructuring expenses drop. Overall, the company reiterated it aims to return to profitable growth in 2026 while maintaining cash and capex discipline.Jenoptik Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
74
Positive
Cash Flow
67
Positive
| Breakdown | Mar 2026 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.05B | 1.12B | 1.07B | 980.68M | 750.72M |
| Gross Profit | 308.33M | 373.15M | 370.52M | 310.72M | 256.90M |
| EBITDA | 186.94M | 220.69M | 198.69M | 173.60M | 162.69M |
| Net Income | 72.00M | 92.65M | 72.47M | 55.10M | 82.00M |
Balance Sheet | |||||
| Total Assets | 1.72B | 1.74B | 1.67B | 1.67B | 1.76B |
| Cash, Cash Equivalents and Short-Term Investments | 83.80M | 86.74M | 67.69M | 59.09M | 57.14M |
| Total Debt | 401.20M | 481.12M | 490.76M | 536.78M | 597.74M |
| Total Liabilities | 707.88M | 772.81M | 763.60M | 828.46M | 976.38M |
| Stockholders Equity | 1.00B | 960.34M | 896.59M | 831.95M | 767.81M |
Cash Flow | |||||
| Free Cash Flow | 118.25M | 73.12M | 77.93M | 63.46M | 51.87M |
| Operating Cash Flow | 182.63M | 167.12M | 166.99M | 142.71M | 98.03M |
| Investing Cash Flow | -70.22M | -88.03M | -48.48M | -13.41M | -413.62M |
| Financing Cash Flow | -109.91M | -62.38M | -104.94M | -127.33M | 304.20M |
Jenoptik Technical Analysis
Positive
31.12
Price Trends
27.48
Positive
23.87
Positive
21.23
Positive
Market Momentum
1.03
Negative
65.21
Neutral
92.36
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:JEN, the sentiment is Positive. The current price of 31.12 is above the 20-day moving average (MA) of 27.76, above the 50-day MA of 27.48, and above the 200-day MA of 21.23, indicating a bullish trend. The MACD of 1.03 indicates Negative momentum. The RSI at 65.21 is Neutral, neither overbought nor oversold. The STOCH value of 92.36 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | €1.78B | 15.56 | 7.38% | 1.97% | -5.27% | -13.70% | |
67 Neutral | €1.11B | 19.30 | 18.05% | 0.78% | 34.77% | 52.20% | |
65 Neutral | €2.35B | 26.13 | 6.77% | 1.50% | 7.82% | -19.80% | |
60 Neutral | €488.73M | 41.55 | 8.95% | ― | 19.61% | ― | |
59 Neutral | €242.03M | -3.68 | -16.86% | ― | -1.24% | 41.31% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
DE:JEN
Jenoptik
31.46
14.83
89.15%
DE:BSL
Basler AG
17.24
9.44
121.03%
DE:AFX
Carl Zeiss Meditec
27.10
-29.23
-51.89%
DE:SIS
First Sensor
54.50
-2.54
-4.46%
DE:LPK
LPKF Laser & Electronics
10.20
1.86
22.30%
DE:SMHN
Suss Microtec
59.90
28.17
88.77%
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.