SMA Solar Technology AG (DE:S92)
XETRA:S92
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SMA Solar Technology
(XETRA:S92)
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Rating:57Neutral
Price Target:
€70.00
▲(45.89% Upside)
Action:Reiterated
Date:05/19/26
The score is held back primarily by weak financial performance: profitability has swung to sizable losses with negative free cash flow in TTM. This is partially offset by strong technical momentum (price well above major moving averages with positive MACD) and a moderate balance-sheet leverage profile, while valuation remains constrained by a negative P/E and a low dividend yield.
Positive Factors
Diversified business model & recurring services
SMA’s revenue mix (inverters, system solutions, monitoring and services) creates multiple, complementary income streams. Recurring service and aftermarket revenue from an installed base can stabilize cash flow, improve lifetime margins, and reduce sensitivity to new-installation cycles over months.
Negative Factors
Severe margin deterioration
Substantial margin compression and negative operating profit reflect structural issues: pricing pressure, unfavorable product mix, or rising input costs. Persistently weak margins erode cash generation, limit reinvestment capacity, and make long-term profitability heavily dependent on operational fixes.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified business model & recurring services
SMA’s revenue mix (inverters, system solutions, monitoring and services) creates multiple, complementary income streams. Recurring service and aftermarket revenue from an installed base can stabilize cash flow, improve lifetime margins, and reduce sensitivity to new-installation cycles over months.
Read all positive factors
SMA Solar Technology (S92) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€2.28B
Dividend Yield1.51%
Average Volume (3M)129.25K
Price to Earnings (P/E)―
Beta (1Y)1.61
Revenue Growth2.23%
EPS Growth-33.87%
CountryDE
Employees4,097
SectorGeneral
Sector StrengthN/A
IndustrySolar
Share Statistics
EPS (TTM)-5.42
Shares Outstanding34,700,000
10 Day Avg. Volume105,567
30 Day Avg. Volume129,249
Financial Highlights & Ratios
PEG Ratio-0.12
Price to Book (P/B)3.23
Price to Sales (P/S)0.78
P/FCF Ratio9.37
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€55.00Price Target Upside14.63% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)1.94
Revenue Forecast (FY)€1.61B
SMA Solar Technology Business Overview & Revenue Model
Company Description
SMA Solar Technology AG, together with its subsidiaries, engages in development, production, and sale of PV and battery inverters, transformers, chokes, monitoring systems for PV systems, and charging solutions for electric vehicles in Germany and...
How the Company Makes Money
SMA primarily makes money by selling hardware and solutions used in solar and energy systems, with revenue largely tied to the volume, mix, and pricing of its inverter and system offerings. Key revenue streams include: (1) PV inverter sales across...
SMA Solar Technology Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
56
Neutral
Cash Flow
44
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.53B | 1.52B | 1.53B | 1.90B | 1.07B | 983.67M |
| Gross Profit | 122.09M | 114.87M | 252.81M | 559.34M | 224.27M | 175.45M |
| EBITDA | -73.65M | -76.50M | -15.61M | 316.19M | 77.72M | 9.61M |
| Net Income | -188.25M | -181.10M | -117.73M | 225.67M | 55.82M | -23.00M |
Balance Sheet | ||||||
| Total Assets | 1.29B | 1.31B | 1.54B | 1.62B | 1.11B | 1.05B |
| Cash, Cash Equivalents and Short-Term Investments | 129.09M | 201.40M | 208.96M | 266.99M | 206.61M | 237.48M |
| Total Debt | 94.13M | 140.03M | 196.23M | 31.85M | 23.66M | 46.66M |
| Total Liabilities | 921.01M | 940.43M | 987.91M | 935.73M | 646.50M | 642.09M |
| Stockholders Equity | 365.91M | 365.54M | 553.32M | 686.18M | 463.52M | 410.41M |
Cash Flow | ||||||
| Free Cash Flow | -13.20M | 126.20M | -202.77M | 56.41M | -33.16M | 46.74M |
| Operating Cash Flow | 11.20M | 142.99M | -112.82M | 140.78M | 28.66M | 94.26M |
| Investing Cash Flow | -24.59M | -33.31M | -28.87M | -85.99M | 42.52M | -81.62M |
| Financing Cash Flow | -133.00M | -111.97M | 117.23M | -2.58M | -19.34M | -20.76M |
SMA Solar Technology Technical Analysis
Positive
47.98
Price Trends
53.19
Positive
43.59
Positive
35.21
Positive
Market Momentum
4.26
Positive
58.83
Neutral
73.20
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:S92, the sentiment is Positive. The current price of 47.98 is below the 20-day moving average (MA) of 63.13, below the 50-day MA of 53.19, and above the 200-day MA of 35.21, indicating a bullish trend. The MACD of 4.26 indicates Positive momentum. The RSI at 58.83 is Neutral, neither overbought nor oversold. The STOCH value of 73.20 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DE:S92.
SMA Solar Technology Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | €626.99M | 15.30 | 18.71% | 1.48% | 32.80% | 81.15% | |
58 Neutral | €151.75M | -19.37 | -3.75% | 3.86% | 3.78% | -1889.09% | |
57 Neutral | €2.28B | -12.12 | -45.94% | 1.51% | 2.23% | -33.87% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | €1.41B | -0.09 | 216.40% | ― | ― | ― | |
51 Neutral | €767.95M | -20.71 | -23.23% | 0.40% | 24.99% | -88.22% | |
49 Neutral | €2.00B | 26.86 | 3.26% | 4.07% | -6.34% | -51.78% |
* General Sector Average
DE:S92
SMA Solar Technology
65.75
46.57
242.81%
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1.87
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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.