Suss Microtec (DE:SMHN)
XETRA:SMHN
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Suss Microtec
(XETRA:SMHN)
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Rating:70Outperform
Price Target:
€55.00
▲(8.70% Upside)
Action:ReiteratedDate:01/16/26
The score is driven mainly by solid underlying profitability and a strong, low-leverage balance sheet, partially offset by negative operating/free cash flow and margin compression. Technicals are supportive (strong trend and positive MACD) but appear overextended (high RSI/Stoch). Valuation is reasonable on P/E but offers limited income support, while the latest earnings call signals a potential Q4 order rebound but highlights a weaker order book, margin pressure, and recent cash flow strain.
Positive Factors
Low leverage and strong ROE
SUSS's low leverage and 20% ROE indicate a conservative capital structure and efficient equity use. This durability supports capacity to fund R&D and capex internally, reduces refinancing risk in downturns, and preserves strategic optionality for partnerships or selective M&A over the medium term.
Negative Factors
Weakened order book
A sharply lower order book and reduced quarterly intake signal reduced near-term visibility and backlog replenishment risk. This weakens revenue predictability, can force pricing concessions, and may defer high-margin projects, pressuring medium-term growth and capacity utilization.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage and strong ROE
SUSS's low leverage and 20% ROE indicate a conservative capital structure and efficient equity use. This durability supports capacity to fund R&D and capex internally, reduces refinancing risk in downturns, and preserves strategic optionality for partnerships or selective M&A over the medium term.
Read all positive factors
Suss Microtec (SMHN) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€967.25M
Dividend Yield0.78%
Average Volume (3M)140.91K
Price to Earnings (P/E)15.8
Beta (1Y)1.43
Revenue Growth34.77%
EPS Growth52.20%
CountryDE
Employees1,370
SectorGeneral
Sector StrengthN/A
IndustrySemiconductors
Share Statistics
EPS (TTM)0.51
Shares Outstanding19,115,538
10 Day Avg. Volume199,875
30 Day Avg. Volume140,911
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)3.32
Price to Sales (P/S)2.08
P/FCF Ratio34.90
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€61.40Price Target Upside21.34% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)1.89
Revenue Forecast (FY)€446.11M
Suss Microtec Business Overview & Revenue Model
Company Description
SÜSS MicroTec SE, together with its subsidiaries, develops, manufactures, and markets machines for the production of microelectronics, microelectromechanical systems, and related applications. It operates through five divisions: Photomask Equipmen...
How the Company Makes Money
Suss Microtec generates revenue primarily through the sale of its specialized equipment and systems used in semiconductor manufacturing. The company offers a range of products that cater to various stages of the microelectronics production process...
Suss Microtec Earnings Call Summary
Earnings Call Date:Mar 30, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Neutral
Balanced/Neutral: The call highlighted a number of important positives — record FY2025 revenue, strong Q4 order intake and continued Q1'26 momentum, successful commissioning of the new Taiwan facility, segment-level growth (notably imaging/coating and photomask revenue and margins), and strengthened liquidity through a syndicated loan. However, meaningful near-term headwinds remain: FY2026 guidance implies lower revenue and EBIT margins, FY2025 profitability was pressured in H2 due to mix and relocation costs, cash and net profit are down versus 2024, and Chinese demand weakness affected order intake and prepayments. Management is intentionally investing in R&D and new product launches to drive medium-term growth and margin recovery, making 2026 a transition year. Given the mix of clear operational/strategic achievements and material near-term financial pressures and uncertainty, the sentiment is balanced.Positive Updates
Record Revenue and Multi-Year Growth
Revenue reached EUR 503.0 million in FY2025 (first time > EUR 0.5 billion), representing double-digit growth and an increase of approximately EUR 200 million versus ~EUR 300 million two years ago.
Negative Updates
Guidance: Revenue Decline Expected in 2026
2026 guidance forecasts sales of EUR 425–485 million (midpoint implies a ~9.6% decline versus 2025), with EBIT margin guidance lowered to 8–10% (from 13.1% in 2025).
Read all updates
Q4-2025 Updates
Positive
Negative
Record Revenue and Multi-Year Growth
Revenue reached EUR 503.0 million in FY2025 (first time > EUR 0.5 billion), representing double-digit growth and an increase of approximately EUR 200 million versus ~EUR 300 million two years ago.
Read all positive updates
Company Guidance
Management described 2026 as a transition year and guided revenue of EUR 425–485 million (midpoint ~EUR 455m, ≈9.6% decline vs. 2025) with an expanded guidance corridor of EUR 60m (previously EUR 40m); gross profit margin broadly stable at 35–37% and EBIT margin of 8–10% (down from 13.1% in 2025) as they maintain/increase R&D to fund product launches, noting an opening order book of EUR 266.8m, a 2025 book‑to‑bill of ~1 and continued strong Q4’25→Q1’26 order momentum; both Advanced Backend and Photomask Solutions are expected to see roughly 10% sales declines, and management flagged balance‑sheet buffers including cash & equivalents of EUR 98.7m, net cash EUR 49.1m and a new syndicated loan facility of ~EUR 115m (EUR 85m RCF + EUR 30m guarantees).Suss Microtec Financial Statement Overview
Summary
Income Statement
75
Positive
Balance Sheet
80
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 535.29M | 446.15M | 304.26M | 259.97M | 263.44M | 252.91M |
| Gross Profit | 199.44M | 178.35M | 103.89M | 110.07M | 94.19M | 84.49M |
| EBITDA | 93.50M | 86.17M | 35.61M | 37.65M | 29.61M | 28.21M |
| Net Income | 53.00M | 110.34M | 4.70M | 24.52M | 16.02M | 12.36M |
Balance Sheet | ||||||
| Total Assets | 522.94M | 538.23M | 369.73M | 353.16M | 279.17M | 231.41M |
| Cash, Cash Equivalents and Short-Term Investments | 94.94M | 136.37M | 49.02M | 61.51M | 53.60M | 41.03M |
| Total Debt | 50.53M | 13.29M | 15.18M | 20.00M | 18.32M | 20.49M |
| Total Liabilities | 218.69M | 258.49M | 193.12M | 175.43M | 122.29M | 94.90M |
| Stockholders Equity | 304.25M | 279.75M | 176.62M | 177.73M | 156.88M | 136.50M |
Cash Flow | ||||||
| Free Cash Flow | -25.46M | 26.64M | 434.00K | 16.04M | 14.71M | 47.21M |
| Operating Cash Flow | -6.32M | 33.49M | 3.79M | 23.94M | 24.33M | 55.16M |
| Investing Cash Flow | -24.77M | 71.85M | -8.18M | -17.84M | -9.62M | -11.16M |
| Financing Cash Flow | -10.39M | -7.90M | -8.02M | -6.77M | -3.83M | -13.28M |
Suss Microtec Technical Analysis
Neutral
50.60
Price Trends
52.21
Negative
45.75
Positive
39.49
Positive
Market Momentum
-0.40
Positive
43.27
Neutral
40.37
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:SMHN, the sentiment is Neutral. The current price of 50.6 is below the 20-day moving average (MA) of 55.71, below the 50-day MA of 52.21, and above the 200-day MA of 39.49, indicating a neutral trend. The MACD of -0.40 indicates Positive momentum. The RSI at 43.27 is Neutral, neither overbought nor oversold. The STOCH value of 40.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | €245.48M | 2.97 | 30.32% | ― | 94.73% | 83.64% | |
70 Outperform | €967.25M | 15.83 | 18.05% | 0.78% | 34.77% | 52.20% | |
69 Neutral | €3.75B | 22.91 | 9.82% | 0.88% | -3.93% | -20.93% | |
58 Neutral | €660.33M | 61.67 | 10.73% | ― | -8.62% | -38.42% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | €163.88M | -3.68 | -16.86% | ― | -1.24% | 41.31% |
* General Sector Average
DE:SMHN
Suss Microtec
50.60
21.31
72.75%
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AIXTRON
33.28
23.89
254.42%
DE:LPK
LPKF Laser & Electronics
6.69
-1.31
-16.37%
DE:M5Z
Manz AG
0.08
-0.22
-73.33%
DE:TPE
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30.36
18.03
146.23%
DE:CTNK
centrotherm international AG
11.60
8.00
222.22%
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.