Siltronic AG (DE:WAF)
XETRA:WAF
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Siltronic
(XETRA:WAF)
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Rating:51Neutral
Price Target:
€90.00
▲(31.29% Upside)
Action:Reiterated
Date:05/13/26
The score is held down primarily by weak financial performance (losses, severe margin compression, and persistent negative free cash flow with higher leverage). Technicals provide support due to strong upward momentum and price well above key moving averages, but overbought indicators add risk. Valuation is mixed: the negative P/E reflects current losses, while the very high dividend yield is a positive but less dependable given cash flow pressure.
Positive Factors
Market position & product range
Siltronic’s core business supplying hyperpure silicon wafers, including 300 mm products, is structurally important to chipmakers across logic, memory and power markets. Qualification cycles and customer-specific specs create recurring revenue potential and durable customer lock-in over months.
Negative Factors
Revenue decline & margin collapse
Sustained revenue declines paired with a collapse in gross and net margins materially weaken Siltronic’s capacity to self-fund operations. Compressed margins point to pricing and volume pressure plus poor fixed-cost absorption, raising structural risk to profitability absent market recovery or cost restructuring.
Read all positive and negative factors
Positive Factors
Negative Factors
Market position & product range
Siltronic’s core business supplying hyperpure silicon wafers, including 300 mm products, is structurally important to chipmakers across logic, memory and power markets. Qualification cycles and customer-specific specs create recurring revenue potential and durable customer lock-in over months.
Read all positive factors
Siltronic (WAF) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€2.82B
Dividend Yield0.43%
Average Volume (3M)125.47K
Price to Earnings (P/E)―
Beta (1Y)1.70
Revenue Growth-7.60%
EPS Growth-425.45%
CountryDE
Employees4,400
SectorGeneral
Sector StrengthN/A
IndustrySemiconductors
Share Statistics
EPS (TTM)-4.31
Shares Outstanding30,000,000
10 Day Avg. Volume114,113
30 Day Avg. Volume125,470
Financial Highlights & Ratios
PEG Ratio0.10
Price to Book (P/B)0.80
Price to Sales (P/S)1.09
P/FCF Ratio-9.78
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€73.57Price Target Upside7.33% Upside
Rating ConsensusHold
Number of Analyst Covering8
EPS Forecast (FY)-7.24
Revenue Forecast (FY)€1.29B
Siltronic Business Overview & Revenue Model
Company Description
Siltronic AG, together with its subsidiaries, manufactures and sells hyperpure semiconductor silicon wafers with diameters of up to 300 mm worldwide. It offers polished and epitaxial wafers. The company also provides special products, such as Ulti...
How the Company Makes Money
Siltronic makes money primarily by selling hyperpure silicon wafers to semiconductor manufacturers. Revenue is generated through (1) volume sales of wafers differentiated by diameter (notably 300 mm and 200 mm), crystal quality, and customer-speci...
Siltronic Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
54
Neutral
Cash Flow
45
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.31B | 1.35B | 1.41B | 1.51B | 1.81B | 1.41B |
| Gross Profit | 30.20M | 111.20M | 275.40M | 372.20M | 615.30M | 441.20M |
| EBITDA | 285.20M | 306.40M | 348.60M | 455.90M | 690.70M | 480.00M |
| Net Income | -129.20M | -69.20M | 63.00M | 184.40M | 390.60M | 253.30M |
Balance Sheet | ||||||
| Total Assets | 4.71B | 4.80B | 5.08B | 4.50B | 4.05B | 2.46B |
| Cash, Cash Equivalents and Short-Term Investments | 445.10M | 531.30M | 663.70M | 456.90M | 1.04B | 555.40M |
| Total Debt | 1.51B | 1.49B | 1.52B | 904.60M | 770.50M | 105.80M |
| Total Liabilities | 2.71B | 2.77B | 2.87B | 2.41B | 1.98B | 1.14B |
| Stockholders Equity | 1.82B | 1.84B | 2.01B | 1.90B | 1.89B | 1.19B |
Cash Flow | ||||||
| Free Cash Flow | -158.10M | -150.00M | -355.40M | -710.90M | -118.20M | 108.40M |
| Operating Cash Flow | 193.30M | 230.10M | 344.50M | 487.90M | 804.50M | 501.10M |
| Investing Cash Flow | -152.20M | -177.70M | -959.80M | -628.90M | -1.33B | -322.20M |
| Financing Cash Flow | -13.00M | -16.20M | 525.60M | 42.80M | 577.10M | -64.50M |
Siltronic Technical Analysis
Positive
68.55
Price Trends
55.56
Positive
52.86
Positive
48.35
Positive
Market Momentum
3.01
Negative
72.04
Negative
92.55
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:WAF, the sentiment is Positive. The current price of 68.55 is above the 20-day moving average (MA) of 57.89, above the 50-day MA of 55.56, and above the 200-day MA of 48.35, indicating a bullish trend. The MACD of 3.01 indicates Negative momentum. The RSI at 72.04 is Negative, neither overbought nor oversold. The STOCH value of 92.55 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DE:WAF.
Siltronic Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | €6.22B | -42.02 | 6.63% | 0.88% | -19.76% | -42.17% | |
79 Outperform | €268.76M | 5.67 | 15.59% | ― | -11.39% | -26.05% | |
62 Neutral | €1.64B | ― | 4.50% | 4.66% | -3.90% | 60.48% | |
61 Neutral | €1.79B | 95.23 | 10.88% | 0.78% | -1.96% | -40.65% | |
59 Neutral | €946.12M | -73.52 | 1.42% | ― | -10.17% | -91.85% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | €2.82B | -6.79 | -6.91% | 0.43% | -7.60% | -425.45% |
* General Sector Average
DE:WAF
Siltronic
94.00
55.02
141.15%
DE:AIXA
AIXTRON
55.28
42.26
324.68%
DE:PFV
Pfeiffer Vacuum Technology
166.20
14.41
9.49%
DE:TPE
PVA TePla
43.50
26.95
162.84%
DE:SMHN
Suss Microtec
93.90
54.51
138.37%
DE:CTNK
centrotherm international AG
12.70
8.50
202.38%
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.