BE Semiconductor (BESI) AI Stock Analysis

• Market Cap: €15.53B
• Dividend Yield: 1.65%
• Average Volume (3M): 504.84K
• Price to Earnings (P/E): 61.7
• Beta (1Y): 2.20
• Revenue Growth: -5.75%
• EPS Growth: -17.63%
• Country: NL
• Employees: 1,820
• Sector: General
• Sector Strength: N/A
• Industry: Semiconductors
• EPS (TTM): 0.54
• Shares Outstanding: 81,146,736
• 10 Day Avg. Volume: 587,283
• 30 Day Avg. Volume: 504,841
• PEG Ratio: -2.86
• Price to Book (P/B): 25.42
• Price to Sales (P/S): 17.90
• P/FCF Ratio: 65.19
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €178.57
• Price Target Upside: -5.24% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): 3.5
• Revenue Forecast (FY): €865.89M

• Rating: 59 Neutral
• Price Target: €201.00 ▲(6.66% Upside)
• Action: Reiterated Date: 03/07/26
• Date: Action: Reiterated 03/07/26

The score is primarily supported by strong profitability and healthy cash generation, but is held back by higher leverage and cyclical earnings volatility. Technically, longer-term trend support is offset by weaker short-term positioning, while the very high P/E and modest dividend yield meaningfully constrain the overall rating.

Positive Factors

High Profitability

Sustained high gross and net margins (net profit near 30% in 2024) indicate durable pricing power and efficient cost structure. High profitability supports internal funding for R&D, service expansion and shareholder returns, and cushions cash flows through semiconductor cycles.

Strong Cash Generation

Consistently strong operating and free cash flow (FCF) in absolute terms provides the company with the ability to finance capex, R&D and after-sales investments without relying solely on external funding. This supports long-term competitiveness and capital allocation flexibility.

Durable Business Model with Recurring Service Revenue

A capital-equipment core plus after-sales services and parts builds an installed base that generates recurring revenue. This diversification reduces dependence on new machine cycles, enhances customer stickiness, and smooths long-term cash flows across semiconductor capex swings.

Negative Factors

Rising Leverage

Material increase in leverage and weakened equity reduces balance sheet flexibility, raising refinancing and covenant risks. Higher debt levels constrain ability to invest opportunistically, fund buybacks or absorb demand shocks, and heighten vulnerability in protracted downturns.

Cyclical Revenue and Earnings

Revenue and earnings volatility driven by semiconductor capital cycles makes long-term planning and margin sustainability more challenging. Cyclical top-line swings can force timing changes in production, R&D and hiring, increasing operational risk despite healthy margins.

Negative Revenue and FCF Momentum

Persistent negative growth in free cash flow momentum undermines the company’s ability to expand reinvestment or rapidly pay down debt. Even with healthy absolute cash, declining FCF trends reduce runway for strategic initiatives and increase sensitivity to weaker demand.

BE Semiconductor Business Overview & Revenue Model

Company Description

BE Semiconductor Industries N.V. develops, manufactures, markets, sells, and services semiconductor assembly equipment for the semiconductor and electronics industries worldwide. The company's principal products include die attach equipment, such as single chip, multi chip, multi module, flip chip, thermal compression bonding, fan out wafer level packaging, hybrid and embedded bridge die bonding, and die sorting systems; and packaging equipment, including conventional, ultra thin, and wafer level molding, as well as trim and form, and singulation systems. Its principal products also comprise plating equipment comprising tin, copper, and precious metal and solar plating systems, as well as related process chemicals; and tooling, conversion kits, spare parts, and other services. The company's principal brand names include Datacon, Esec, Fico, and Meco. It offers its products primarily to multinational chip manufacturers, assembly subcontractors, and electronics and industrial companies. The company was incorporated in 1995 and is headquartered in Duiven, the Netherlands.

How the Company Makes Money

BESI primarily makes money by selling semiconductor assembly equipment (capital equipment) used in the packaging/assembly stage of chip manufacturing. Revenue is generated from (1) equipment sales: customers purchase BESI’s machines as part of their production line investments, with demand typically influenced by semiconductor/electronics end-markets and customers’ capital-expenditure cycles; (2) services and support: after installation, BESI earns ongoing revenue from after-sales services such as maintenance, repairs, field service support, and upgrades; and (3) spare parts and consumables: customers buy replacement parts and certain consumables required to keep equipment operating within specified performance targets. Overall earnings are driven by the volume and mix of equipment shipped, the installed base that supports recurring service/parts sales, and industry cycle dynamics that affect utilization and new capacity additions. Significant partnerships or customer-specific commercial terms: null.

BE Semiconductor Financial Statement Overview

Summary

High profitability and solid cash generation support the score, but results are clearly cyclical with uneven revenue/earnings since 2022. The balance sheet is a key offset, with materially higher leverage versus 2021–2022 and weakened equity, reducing flexibility.

Income Statement

Profitability remains strong for a semiconductor name, with consistently high gross and net profitability in recent years (e.g., 2024 net profit near 30% and solid operating profitability). However, growth has been choppy: revenue declined in 2022–2023, rebounded modestly in 2024, and appears to have softened again in 2025, with earnings also down versus the prior year. Overall: high-margin model, but a clearly cyclical revenue/earnings trajectory.

Balance Sheet

The balance sheet shows rising leverage and weakening equity in the most recent year. Debt moved up materially versus 2023 while equity fell (debt is now higher than equity again in 2024 and remains elevated in 2025), reducing financial flexibility compared with the stronger 2021–2022 positioning. Positively, the company still carries a meaningful equity base and has historically generated strong returns for shareholders, but the recent leverage uptick is the key risk factor.

Cash Flow

Cash generation is healthy, with strong operating cash flow and free cash flow in absolute terms across the period. Free cash flow has generally tracked earnings well (in 2022–2024, free cash flow was a large portion of net income), supporting reinvestment and shareholder returns. The main drawback is momentum: free cash flow growth has been negative for several consecutive years and declined again slightly in 2025, indicating cash generation is not currently expanding.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	591.33M	607.47M	578.86M	722.87M	749.30M
Gross Profit	374.27M	395.94M	375.79M	443.07M	446.82M
EBITDA	206.78M	224.19M	245.09M	317.11M	332.37M
Net Income	131.64M	181.99M	177.08M	240.65M	282.42M
Balance Sheet
Total Assets	1.11B	1.23B	896.55M	1.14B	1.14B
Cash, Cash Equivalents and Short-Term Investments	542.99M	342.32M	188.48M	491.69M	451.39M
Total Debt	529.63M	544.71M	319.16M	342.88M	312.48M
Total Liabilities	697.35M	733.21M	475.14M	506.65M	524.77M
Stockholders Equity	416.40M	501.26M	421.41M	628.53M	619.27M
Cash Flow
Free Cash Flow	162.35M	169.61M	180.55M	243.48M	249.50M
Operating Cash Flow	178.14M	201.08M	208.57M	271.87M	277.85M
Investing Cash Flow	113.05M	-136.48M	-72.95M	16.32M	-24.84M
Financing Cash Flow	-261.28M	88.67M	-439.80M	-247.68M	-182.07M

BE Semiconductor Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 188.45
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:BESI, the sentiment is Positive. The current price of 188.45 is above the 20-day moving average (MA) of 182.69, above the 50-day MA of 173.69, and above the 200-day MA of 139.77, indicating a bullish trend. The MACD of 2.38 indicates Positive momentum. The RSI at 56.63 is Neutral, neither overbought nor oversold. The STOCH value of 72.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NL:BESI.

BE Semiconductor Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ASML	81 Outperform	€454.94B	37.25	52.14%	0.73%	22.77%	37.62%
ASM	78 Outperform	€33.61B	35.05	19.21%	0.58%	19.12%	42.78%
NEDAP	73 Outperform	€523.46M	24.15	29.06%	3.54%	4.11%	22.38%
THEON	69 Neutral	€2.70B	38.63	―	1.91%	―	―
BESI	59 Neutral	€15.53B	61.66	35.84%	1.65%	-5.75%	-17.63%
TWEKA	59 Neutral	€1.54B	15.43	11.04%	4.11%	-3.59%	-46.68%
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%