Rankings Grid & electrical equipment Siemens Energy
Siemens Energy
90
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−8
- Absolute price level−8
- Macro and cycle−5
Strengths
- Net cash+2
- Buybacks and dividend+2
- Raised guidance+2
How the score is built
From 100 to 90, 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
- 128.56 EUR
- Median analyst target
- 205.00 EUR
- Upside to median
- +59.5%
- Analysts
- 28
- Target range
- 100.00 – 260.00 EUR
- 52-week change
- +19%
- P/E (trailing)
- 41.8
- Forward P/E
- 22.3
- PEG
- 0.41
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 2 findings−6 of −30
- −4Future segmentSiemens Gamesa (about 25% of revenue, EUR 10.4bn TTM) had only a 2.7% margin in Q3 FY2026 – its first profit since Q4 FY2022 – and the target is just break-even for the year; offshore wind projects are delayed. The wind business drags the group down, while gas and grid carry it.
- −2MarginThe operating margin is 8.8% (TTM) and guidance 10–12% before special items for FY2026 – strongly improved from −10.7% in 2023, but still low for a company with record prices; gross margin 20.8%.
Price
Today's multiples against the company's own history and its peers. · 2 findings−16 of −35
- −8Multiples vs own historyP/S 2.9 vs 0.3–0.75 in 2021–24 and 2.2 in 2025; P/B 10.8 vs 0.5–2.8 in 2021–24. The share price has risen from EUR 12 to 145 since 2023 (+46% in a year), and the price assumes record margins hold. EV/EBITDA 21.9 (TTM).
- −8Absolute price levelP/E 32 on FY2026 EPS (EUR 4.47) and 23 on FY2027 EPS; trailing P/E 45.8 and earnings yield 2.2%. The 6.5% FCF yield is inflated by prepayments; without them it is about 1.5%. GE Vernova is even more expensive, though (forward P/E 45, EV/EBITDA 62).
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−14 of −35
- −5Macro and cycleRecord orders (EUR 17.9bn in Q3, book-to-bill 1.57, backlog EUR 162bn) are driven mainly by power demand from AI data centres in the US. A slowdown in data-centre capex or the gas-turbine cycle would hit both orders and the multiple; beta 1.87.
- −3Quality of cash flowOperating cash flow of EUR 9.6bn (TTM) includes a EUR 6.1bn increase in customer prepayments; the current ratio is 0.90 and working capital −EUR 4.3bn. Management itself says the timing effects are unlikely to repeat.
- −4ExecutionThe quality problems on the 4.X and 5.X onshore platforms (rotor blades and main bearings, up to 30% of about 2,900 turbines) cost EUR 2.2–2.4bn and have led to disputes with customers and US investor-lawsuit investigations. The warranty risk on the installed base remains.
- −1Share offeringThe stock fell 8% on 14/9 on reports that Siemens AG would sell about 6% for EUR 2.5bn; Siemens AG is now below 5% and has lost its board seat.
- −1Management and regulationThe US subsidiary Siemens Energy Inc. pleaded guilty to stealing confidential competitor information in a tender; the settlement was USD 104m.
Plus
Only documented strengths. · 4 findings+8 of +15
- +2Net cashNet cash of EUR 8.1bn (11.1bn in cash vs 3.0bn of debt), up from EUR 2.6bn in 2024.
- +2Buybacks and dividendEUR 3bn of buybacks and about EUR 3.6bn of total shareholder returns in FY2026, clearly below FCF guidance of about EUR 8bn; a new programme of up to EUR 2bn started on 24/9.
- +2Raised guidanceThe FY2026 FCF target has doubled to about EUR 8bn, the margin is expected at the top of 10–12%, and the Grid margin has been raised to 18–20%.
- +2Pricing power and order bookBacklog of EUR 162bn (about four years of revenue); new orders are taken at higher margins than the existing backlog, and management sees no price pressure. The Gas Services margin rose 4.2 percentage points to 17.3%.
Caveats
What the score does not capture, or where the data is weak.
Own multiple history is almost useless (losses 2021–23); FCF and net cash are lifted by customer prepayments (EUR 6.1bn TTM), so P/FCF 15 and ROIC 90% are distorted; the fiscal year ends 30/9, Q4 comes 11/11; management insider trading has not been examined
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