Rankings Grid & electrical equipment Siemens
Siemens
75
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Multiples vs own history and peers−9
- Macro and cycle (data centres)−3
- Execution and restructuring−3
Strengths
- Raised guidance+2
- Order book+2
- Buybacks and dividend+1
How the score is built
From 100 to 75, 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
- 266.90 EUR
- Median analyst target
- 309.00 EUR
- Upside to median
- +15.8%
- Analysts
- 25
- Target range
- 240.00 – 345.00 EUR
- 52-week change
- +9%
- P/E (trailing)
- 26.4
- Forward P/E
- 21.4
- PEG
- 2.75
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−5 of −30
- −2ROICROIC 6.6% vs a WACC of 9.6% and 5.0–8.3% in 2021–25; ROE 12.5%. The figure is pulled down by the financing business and goodwill from acquisitions, but the group does not clearly earn its cost of capital.
- −2Capital allocation and softwareAcquisitions of EUR 14.2bn in cash in FY2025 (Altair and Dotmatics) at high software multiples, but software ARR grows only 10% to EUR 5.7bn; EUR 3.3bn of shares were issued at the same time.
- −1Weak segmentMobility has only an 8.6% margin, and orders fell 4% in Q3 (though the backlog is EUR 58bn).
Price
Today's multiples against the company's own history and its peers. · 1 finding−9 of −35
- −9Multiples vs own history and peersThe forward P/E of 21.3 is above the whole 9.5–20.1 range in FY2021–25; trailing P/E 27.8 vs 13.5–21.5; P/FCF 18.1 vs 9.8–16.4; EV/EBITDA 18.7 vs 12.6–19.6. The stock is +24% over 52 weeks and near its peak (EUR 291.55). The discount to pure electrification peers is the only argument for the price; the FCF yield is 5.5%.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−8 of −35
- −3Macro and cycle (data centres)The order record is carried by Smart Infrastructure (+42%), where data-centre orders were about EUR 6bn in nine months. A slowdown in AI data-centre capex would hit the segment lifting the group, while automation still suffers from weakness in Germany and China; beta 1.28.
- −3Execution and restructuringBusch is breaking Digital Industries and Smart Infrastructure into 6–7 smaller units under 'One Tech Company', removing hundreds of management titles and cutting 5,600 jobs in automation (2,600 in Germany) through FY2027; there is internal resistance. At the same time Healthineers is to be spun off in February 2027.
- −2
Plus
Only documented strengths. · 3 findings+5 of +15
- +2Raised guidanceEPS before PPA for FY2026 raised to EUR 11.20–11.50 from 10.70–11.10; Smart Infrastructure guidance raised to 10–11% growth and an 18.5–19.5% margin. Industrial margin 17.3% in Q3 (+240 bp).
- +2Order bookRecord orders of EUR 27.9bn in Q3 (+14% comparable), book-to-bill 1.34 and a record backlog of EUR 132bn (about 1.6 years of revenue).
- +1Buybacks and dividendBuybacks of EUR 3.5bn and dividends of 4.2bn TTM = 7.6bn, below FCF of 11.8bn; the share count is −1.2% in a year. A EUR 6bn buyback is completed, and a new EUR 6bn one over five years has started.
Caveats
What the score does not capture, or where the data is weak.
Industry set to 'Grid & electrical equipment' because Smart Infrastructure (electrification, buildings, data centres) is now the largest profit- and order-driving segment (Q3: EUR 6.4bn revenue at a 20.0% margin vs Digital Industries 4.9bn at 18.7%); factory automation would point to 'Machinery & automation'. stockanalysis' debt (EUR 49.9bn) and ROIC include Siemens Financial Services and consolidate Healthineers (about 67%); industrial net debt/EBITDA is only 0.6x. The Healthineers stake (about 30% of Healthineers) is to be distributed tax-free to shareholders after a vote at the AGM in February 2027; Siemens then keeps about 37% and aims to go below 20% over time, so group figures will change markedly. Q4 FY2026 comes 12/11. Insider trading has not been examined.
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