Rankings Chip equipment Besi
Besi
81
15070100
A view of the same findings, not a new score. How it works
In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.
Biggest deductions
- Multiples vs own history−12
- Quality of growth−3
- Margin and returns−2
Strengths
- Orders and guidance+3
- Dispersed base (hybrid bonding)+1
- Buybacks and dividend from FCF+1
How the score is built
From 100 to 81, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 154.65 EUR
- Median analyst target
- 240.00 EUR
- Upside to median
- +55.2%
- Analysts
- 23
- Target range
- 148.00 – 340.00 EUR
- 52-week change
- +4%
- P/E (trailing)
- 42.5
- Forward P/E
- 25.7
- PEG
- 0.61
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−8 of −30
- −3Quality of growthTTM revenue (EUR 734m) is still below the 2021 level (EUR 749m); annual revenue fell in 2022, 2023 and 2025. Growth in 2026 is a cyclical upswing, not yet a new higher base.
- −2Margin and returnsThe operating margin is 35.8% TTM vs 43.4% in 2021 and 40.7% in 2022 (29.3% in 2025); ROIC has fallen from 129% and 88% to 58%. The gross margin has risen from 60.6% to 64.1%, though.
- −2Future segmentHybrid bonding for HBM memory – the largest growth driver – is not yet qualified in volume; management says H2 2026 must first clarify which memory applications adopt the technology and at what scale.
- −1MoatThe target of 45–55% operating margin will attract competition from Applied Materials and ASMPT, and customers may qualify more suppliers to press the price.
Price
Today's multiples against the company's own history and its peers. · 2 findings−14 of −35
- −12Multiples vs own historyTrailing P/E 73.2 vs 18.7–80.1 in 2021–25; EV/EBITDA 54.6 vs 14.0–57.5; P/S 21.2 above the whole range of 6.2–18.2 and P/B 27.1. Forward P/E 34.9 vs 20.7–55.7 forward in 2021–25 looks moderate, but assumes +166% EPS in 2026 and +49% in 2027 (revenue EUR 1.0bn in 2026 vs EUR 734m TTM).
- −2FCF yieldFCF yield 1.6% (P/FCF 64) and earnings yield 1.3% at a market value of EUR 15.6bn, vs a 4.7–5.9% FCF yield in 2021–22.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−7 of −35
- −2Macro and cycleManagement itself warned on the Q2 call that equipment cycles typically last six to eight quarters, after which overcapacity follows.
- −2Customers are shifting (China)Chinese customers swung between about 23% and 45% of revenue per quarter in 2025, which makes revenue uneven and dependent on Chinese capacity build-out.
- −1Execution (margin)The Q3 gross margin is guided at 63–65% – lower than in Q2 because of a less favourable product mix; the stock fell 6.4% on the report.
- −1DilutionThe share count rose 1.9% in the latest quarter, and debt fell from EUR 521m to 358m with only EUR 6m of cash repayment – convertible bonds have been converted into shares, which more than offsets the buyback.
- −1Takeover premium in the priceThe stock rose up to 13% on rumours of interest from Lam Research and Applied Materials (which owns about 9%); a deal faces significant hurdles, so part of the price rests on speculation.
Plus
Only documented strengths. · 4 findings+6 of +15
- +3Orders and guidanceOrders in Q2 of EUR 292.9m (+129% y/y) and EUR 562.6m in H1 (+117%); revenue in Q2 +69% and Q3 guided +10–15% q/q. Long-term targets raised to EUR 1.7–2.2bn revenue and 45–55% operating margin.
- +1Dispersed base (hybrid bonding)The number of hybrid bonding customers rose from 15 at the end of 2025 to 21 at the end of Q2 2026, across logic, memory, co-packaged optics and consumer electronics, including a new hyperscaler.
- +1Buybacks and dividend from FCFBuyback EUR 70.5m plus dividend EUR 125.4m TTM vs FCF EUR 242.4m.
- +1
Caveats
What the score does not capture, or where the data is weak.
Full name BE Semiconductor Industries. Stockanalysis shows −2.5% in share count in a year, but buybacks were only EUR 70m TTM (about 0.5% of shares), and the share count rose 1.9% in the latest quarter while debt fell from EUR 521m to 358m without a matching cash repayment (conversion of bonds). No plus has therefore been given for a falling share count. China's share (23–45% per quarter in 2025) is from a secondary source, and the largest customers' share has not been examined. The price includes takeover speculation (Applied Materials owns about 9%; rumours about Lam/Applied in March 2026). Morgan Stanley cut its target to EUR 220 in September. The new long-term targets (EUR 1.7–2.2bn of revenue, 45–55% operating margin) have no timeframe. Q3 report on 22/10.
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