Suss Microtec (DE:SMHN)
XETRA:SMHN
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Suss Microtec
(XETRA:SMHN)
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Rating:67Neutral
Price Target:
€75.00
▲(12.78% Upside)
Action:DowngradedDate:04/10/26
The score is driven primarily by solid financial strength (notably the conservative balance sheet) tempered by weaker and inconsistent cash generation in 2025. Technicals are modestly constructive due to the price being above major moving averages, but momentum signals are neutral. Valuation looks reasonable on P/E, while the latest earnings call points to a transition year with guided revenue and margin pressure despite improving orders and added liquidity.
Positive Factors
Conservative balance sheet
Low leverage and a strengthened equity base provide structural financial flexibility across semiconductor cycles. This durability enables SUSS to fund R&D, absorb temporary demand shocks, and support the Taiwan facility commissioning without immediate refinancing stress, underpinning long-term operational resilience.
Negative Factors
Weakened cash generation (2025)
Inconsistent and weakened cash conversion raises structural funding risk: recurring working‑capital swings and negative 2025 OCF reduce self‑funding ability for capex, R&D and dividends. This increases reliance on external facilities and limits margin of safety during cyclical downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Low leverage and a strengthened equity base provide structural financial flexibility across semiconductor cycles. This durability enables SUSS to fund R&D, absorb temporary demand shocks, and support the Taiwan facility commissioning without immediate refinancing stress, underpinning long-term operational resilience.
Read all positive factors
Suss Microtec (SMHN) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€1.33B
Dividend Yield0.78%
Average Volume (3M)140.91K
Price to Earnings (P/E)19.3
Beta (1Y)1.55
Revenue Growth12.78%
EPS Growth-10.88%
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-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
€62.80Price Target Upside-5.56% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)1.84
Revenue Forecast (FY)€463.21M
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 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: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
74
Positive
Balance Sheet
86
Very Positive
Cash Flow
58
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 503.18M | 446.15M | 304.26M | 259.97M | 263.44M |
| Gross Profit | 179.37M | 178.35M | 103.89M | 110.07M | 94.19M |
| EBITDA | 71.95M | 86.17M | 35.61M | 37.65M | 29.61M |
| Net Income | 46.11M | 110.34M | 4.70M | 24.52M | 16.02M |
Balance Sheet | |||||
| Total Assets | 552.96M | 538.23M | 369.73M | 353.16M | 279.17M |
| Cash, Cash Equivalents and Short-Term Investments | 98.70M | 136.37M | 49.02M | 61.51M | 53.60M |
| Total Debt | 49.63M | 13.29M | 15.18M | 20.00M | 18.32M |
| Total Liabilities | 237.47M | 258.49M | 193.12M | 175.43M | 122.29M |
| Stockholders Equity | 315.48M | 279.75M | 176.62M | 177.73M | 156.88M |
Cash Flow | |||||
| Free Cash Flow | -21.57M | 26.64M | 434.00K | 16.04M | 14.71M |
| Operating Cash Flow | -1.00M | 33.49M | 3.79M | 23.94M | 24.33M |
| Investing Cash Flow | -25.01M | 71.85M | -8.18M | -17.84M | -9.62M |
| Financing Cash Flow | -10.20M | -7.90M | -8.02M | -6.77M | -3.83M |
Suss Microtec Technical Analysis
Positive
66.50
Price Trends
54.24
Positive
48.06
Positive
40.19
Positive
Market Momentum
2.39
Negative
66.83
Neutral
94.52
Negative
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 above the 20-day moving average (MA) of 56.96, above the 50-day MA of 54.24, and above the 200-day MA of 40.19, indicating a bullish trend. The MACD of 2.39 indicates Negative momentum. The RSI at 66.83 is Neutral, neither overbought nor oversold. The STOCH value of 94.52 is Negative, 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 | €249.72M | 5.67 | 15.59% | ― | -11.39% | -26.05% | |
77 Outperform | €4.97B | 22.91 | 9.82% | 0.88% | -12.10% | -19.93% | |
67 Neutral | €1.33B | 19.30 | 15.24% | 0.78% | 12.78% | -10.88% | |
57 Neutral | €761.25M | 61.67 | 5.36% | ― | -9.57% | -70.90% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | €395.62M | -3.68 | -16.86% | ― | -6.15% | -218.20% |
* General Sector Average
DE:SMHN
Suss Microtec
68.00
34.78
104.70%
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DE:M5Z
Manz AG
0.06
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DE:TPE
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DE:CTNK
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230.56%
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.