Suss Microtec (DE:SMHN)
XETRA:SMHN
Want to see DE:SMHN full AI Analyst Report?
Top Page
Suss Microtec
(XETRA:SMHN)
Select Model
Select Model
Rating:61Neutral
Price Target:
€103.00
▲(54.89% Upside)
Action:Reiterated
Date:05/11/26
The score is held back primarily by weak recent cash conversion (negative free cash flow in 2025 and TTM 2026) and an expensive valuation (P/E ~95). Offsetting this are a strong balance sheet and a constructive earnings-call setup with reconfirmed guidance and record order intake, while technicals show a strong uptrend but with overbought momentum that raises near-term risk.
Positive Factors
Conservative balance sheet
Very low leverage (debt/equity ~0.15) and growing equity provide durable financial flexibility. This reduces refinancing and solvency risk during semiconductor cycles, supports continued R&D and CapEx funding, and helps the company absorb temporary demand shocks without distress.
Negative Factors
Weak free cash flow
Negative free cash flow across recent periods signals strained cash conversion from earnings. This reduces internal funding for growth, increases reliance on working-capital timing or external financing, and elevates execution risk if order momentum or margin recovery stalls over several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low leverage (debt/equity ~0.15) and growing equity provide durable financial flexibility. This reduces refinancing and solvency risk during semiconductor cycles, supports continued R&D and CapEx funding, and helps the company absorb temporary demand shocks without distress.
Read all positive factors
Suss Microtec (SMHN) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€1.76B
Dividend Yield0.78%
Average Volume (3M)140.91K
Price to Earnings (P/E)52.3
Beta (1Y)1.43
Revenue Growth-1.96%
EPS Growth-40.65%
CountryDE
Employees1,370
SectorGeneral
Sector StrengthN/A
IndustrySemiconductors
Share Statistics
EPS (TTM)1.94
Shares Outstanding19,115,538
10 Day Avg. Volume199,875
30 Day Avg. Volume140,911
Financial Highlights & Ratios
PEG Ratio-1.47
Price to Book (P/B)2.37
Price to Sales (P/S)1.49
P/FCF Ratio-34.69
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€85.10Price Target Upside27.97% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)1.98
Revenue Forecast (FY)€489.04M
Suss Microtec Business Overview & Revenue Model
Company Description
SÜSS MicroTec SE, alongside its affiliated companies, specializes in designing, manufacturing, and marketing advanced equipment vital for the production of microelectronic devices, microelectromechanical systems (MEMS), and other associated high-t...
How the Company Makes Money
SUSS MicroTec primarily makes money by selling capital equipment used in microfabrication and advanced packaging lines. The largest revenue stream is typically system sales: customers (semiconductor manufacturers, OSATs, research institutes, and i...
Suss Microtec Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call conveys cautious optimism: operationally and financially the company demonstrated clear strengths (record order intake, high book-to-bill, stronger cash generation, and gross margin within guidance) and improved order visibility into 2026/2027. However, Q1 revenue and EBIT were weak due to timing and an unfavorable product mix (notably a large YoY decline in bonding), and the company still needs additional orders and favorable timing to fully secure the year's revenue targets. Management confirmed guidance and emphasized that 2026 is a transition year with expected sequential improvement, so the tone is positive but guarded.Positive Updates
Record Order Intake and Strong Momentum
Order intake reached a record EUR 149.3 million in Q1 2026 (previous record EUR 147.5 million in Q4 2024). Book-to-bill ratio was an elevated 1.73, and management reports continued strong order momentum into Q2 with the potential for Q2 to exceed Q1.
Negative Updates
Q1 Revenue Weakness and Seasonal Low Point
Sales were EUR 86.5 million in Q1 2026 and described as the expected low point for the year, down significantly due to prior lower order intake and product lead times (~6 months). This depressed EBIT because fixed cost coverage was reduced.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Order Intake and Strong Momentum
Order intake reached a record EUR 149.3 million in Q1 2026 (previous record EUR 147.5 million in Q4 2024). Book-to-bill ratio was an elevated 1.73, and management reports continued strong order momentum into Q2 with the potential for Q2 to exceed Q1.
Read all positive updates
Company Guidance
Management reconfirmed full‑year 2026 guidance of sales EUR 425–485m, a broadly stable gross margin of 35–37% and an EBIT margin target of 8–10%, noting Q1 was the seasonal low and expects sequential sales and profitability improvement. Q1 highlights: record order intake EUR 149.3m (book‑to‑bill 1.73) with revenue EUR 86.5m and gross margin 36.1%; order book EUR 330.1m (tool orders EUR 300m) with ~EUR 255m expected to convert to 2026 sales and ~EUR 45m scheduled beyond 2026. Liquidity and cash flow strengthened (cash & equivalents EUR 120.9m, free cash flow EUR 23.2m, CapEx EUR 2.5m); operating costs included R&D of EUR 12.2m (+12.5% q/q). Segment detail: Photomask order intake ~EUR 50m (≈1/3 China) and Advanced Backend saw bonding revenue down 65% while Imaging was the only product line up YoY; management warned visibility and product‑mix risk remain (order book below prior‑year Q1 of EUR 392.7m) despite strong Q2 order momentum and ~6‑month product lead times.Suss Microtec Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
86
Very Positive
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 466.52M | 503.18M | 446.15M | 304.26M | 259.97M | 263.44M |
| Gross Profit | 163.87M | 179.37M | 178.35M | 103.89M | 110.07M | 94.19M |
| EBITDA | 62.31M | 71.95M | 86.17M | 35.61M | 37.65M | 29.61M |
| Net Income | 33.61M | 46.11M | 110.34M | 4.70M | 24.52M | 16.02M |
Balance Sheet | ||||||
| Total Assets | 524.73M | 552.96M | 538.23M | 369.73M | 353.16M | 279.17M |
| Cash, Cash Equivalents and Short-Term Investments | 120.86M | 98.70M | 136.37M | 49.02M | 61.51M | 53.60M |
| Total Debt | 48.88M | 49.63M | 13.29M | 15.18M | 20.00M | 18.32M |
| Total Liabilities | 206.02M | 237.47M | 258.49M | 193.12M | 175.43M | 122.29M |
| Stockholders Equity | 318.71M | 315.48M | 279.75M | 176.62M | 177.73M | 156.88M |
Cash Flow | ||||||
| Free Cash Flow | -7.53M | -21.57M | 26.64M | 434.00K | 16.04M | 14.71M |
| Operating Cash Flow | 14.06M | -1.00M | 33.49M | 3.79M | 23.94M | 24.33M |
| Investing Cash Flow | -25.76M | -25.01M | 71.85M | -8.18M | -17.84M | -9.62M |
| Financing Cash Flow | -10.41M | -10.20M | -7.90M | -8.02M | -6.77M | -3.83M |
Suss Microtec Technical Analysis
Positive
66.50
Price Trends
75.69
Positive
63.74
Positive
48.72
Positive
Market Momentum
4.53
Positive
57.10
Neutral
38.07
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:SMHN, the sentiment is Positive. The current price of 66.5 is below the 20-day moving average (MA) of 90.50, below the 50-day MA of 75.69, and above the 200-day MA of 48.72, indicating a bullish trend. The MACD of 4.53 indicates Positive momentum. The RSI at 57.10 is Neutral, neither overbought nor oversold. The STOCH value of 38.07 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DE:SMHN.
Suss Microtec Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | €6.89B | 109.40 | 6.63% | 0.88% | -19.76% | -42.17% | |
79 Outperform | €193.64M | 10.31 | 15.59% | ― | -11.39% | -26.05% | |
61 Neutral | €1.76B | 52.33 | 10.88% | 0.78% | -1.96% | -40.65% | |
59 Neutral | €919.15M | 435.38 | 1.42% | ― | -10.17% | -91.85% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | €516.88M | -29.62 | -21.53% | ― | -12.83% | -372.97% |
* General Sector Average
DE:SMHN
Suss Microtec
92.00
50.40
121.14%
DE:AIXA
AIXTRON
56.46
43.42
333.11%
DE:LPK
LPKF Laser & Electronics
21.10
12.81
154.52%
DE:M5Z
Manz AG
0.08
-0.08
-50.63%
DE:TPE
PVA TePla
42.26
24.45
137.28%
DE:CTNK
centrotherm international AG
9.15
3.55
63.39%
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.