Osram Licht AG OSAGY

IndustrialsMachinery, Tools, Heavy Vehicles, Trains & ShipsGermany

Last close 48.00 USD on Nov 1, 2026, −6.1% year to date

Quant rating

Quant rating D Rank 379 of 418 in Industrials

Growth D 329 of 418
Valuation D 378 of 418
Quality C 184 of 418
Revisions D 343 of 418
Momentum D 337 of 418

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 5.6B
Enterprise value: 5.6B
52-week range: 48.00 – 48.00
3-year range: 15.99 – 51.10
Dividend yield: 1.80%
Beta (5 years): –
Shares outstanding: 96.8M
Next earnings: –

About the company

Osram Licht AG is a Germany-based lighting manufacturer, specializing in semiconductor-based products for high-tech applications. The Company has three segments. The Opto Semiconductors segment develops products relating to optoelectronic semiconductor technology, such as light-emitting diodes (LEDs), optical sensors, infrared LEDs and laser diodes, among others. The Specialty Lighting segment offers lamps and systems for the automotive sector, stage and cinema applications, and industrial and medical applications, such as ultraviolet (UV) disinfection lamps. The Lighting Solutions & Systems segment is divided into two business units: Digital Systems develops LED light engines, electronic ballasts for LED modules and traditional lamps, and light management software with application in intelligent facility automation and the Internet of Things (IoT), and Lighting Solutions produces and sells luminaires as well as designs and implements solutions for internal and external lighting.

Growth and profitability

Growth and profitability by fiscal year
	2020	2019	2018	2017	2016	5Y avg
Revenue (mil)	3,561	3,775	4,398	4,876	4,254	–
Revenue growth	−5.7%	−14.2%	−9.8%	14.6%	6.6%	−2.3%
EPS (basic, normalized)	−2.33	−3.24	1.65	3.22	4.18	–
EPS growth	–	–	−48.9%	−22.9%	–	–
Gross margin	21.4%	25.6%	32.6%	34.8%	35.7%	30.0%
Net margin	−6.1%	−8.1%	4.9%	6.6%	14.0%	2.2%
ROE	−9.9%	−12.4%	–	–	–	−11.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	349
Current ratio	1.00x
Long-term debt (mil)	157
Net debt (mil)	542
Total equity (mil)	1,691
Net debt / equity	0.32x
Net debt / EBITDA	1.80x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2020 actual	3,561	−5.7%	1.6x	300	+5.5%	18.7x	−2.33	+28.1%	−20.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2021	–	–	–	–	–	–	–	–
2022	–	–	–	–	–	–	–	–
2023	–	–	–	–	–	–	–	–

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	FQ-3	Sep 2020	FQ-1	FQ0
Sales reported (mil)	828	862	850	924	873	821	606	739	840	847
Sales mean (mil)	886	891	883	883	848	818	577	723	–	–
Surprise	−6.5%	−3.2%	−3.7%	+4.7%	+2.9%	+0.4%	+5.1%	+2.2%	–	–
EPS reported	−0.01	−0.86	−0.37	−1.70	0.12	−0.32	–	−0.60	–	–
EPS mean	0.33	−0.01	−0.03	0.01	0.11	−0.15	−0.90	−0.63	–	–
Surprise	−103.0%	−7,544.4%	−1,184.7%	−28,433.3%	+12.7%	−106.5%	–	+4.5%	–	–

Peer comparison Machinery, Tools, Heavy Vehicles, Trains & Ships

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
OSAGY Osram Licht AG	5.6B	1.80x	−6.1%	–	–	–	–	–
ENS EnerSys	5.8B	0.85x	7.8%	2.95x	12.2x	11.0x	8.7x	7.8x
NPO Enpro Inc.	5.7B	1.80x	3.5%	3.62x	28.3x	24.9x	18.6x	16.8x
POWL Powell Industries Inc	5.7B	−2.82x	16.4%	7.53x	29.0x	22.7x	20.7x	15.7x
JBTM JBT Marel Corporation	5.7B	2.64x	−1.3%	1.27x	13.6x	11.8x	10.2x	9.1x
AAON AAON, Inc.	5.6B	2.01x	7.5%	5.50x	28.3x	18.7x	16.5x	11.7x
Mean		1.05x	4.6%	4.17x	22.3x	17.8x	14.9x	12.2x
Median		1.80x	5.5%	3.62x	28.3x	18.7x	16.5x	11.7x

Technical analysis

1M–
3M−6.1%
1Y−6.1%
3Y−11.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Osram Licht AG, fiscal years, most recent first
	2020	2019	2018	2017	2016	2015
Total revenue	3,561	3,775	4,398	4,876	4,254	3,992
Cost of revenue	2,799	2,810	2,966	3,180	2,733	2,680
Gross profit	762	966	1,432	1,696	1,520	1,312
Selling, general & administrative expenses	712	667	678	823	679	675
Research & development	424	456	464	430	375	320
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−37.5	228	−25.5	−20.1	−342	−57.0
Other operating expenses	−35.2	−4.4	0	−7.1	1.1	−4.5
Operating income	−302	−380	316	470	807	379
Net interest income (expense)	−29.3	−15.3	−8.1	−2.4	−10.1	−7.8
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−17.6	−15.3	−2.3	−8.3	−9.0	−11.2
Net income before taxes	−349	−411	305	459	788	360
Provision for taxes	−36.3	−36.0	85.9	135	190	105
Minority interest	96.1	67.6	−3.5	−3.5	−1.1	−5.6
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−217	−307	216	321	597	249
Extraordinary items	−4.7	−134	−55.7	−60.2	−151	−63.7
Net income	−221	−441	160	261	446	186
EBIT, normalized	−127	63.2	483	582	511	862
EBITDA, normalized	360	403	791	847	747	1,190
Basic EPS, normalized	−2.33	−3.24	1.65	3.22	4.18	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Osram Licht AG, fiscal years, most recent first
	2020	2019	2018	2017	2016	2015
Assets
Cash & short-term investments	397	356	419	760	563	870
Receivables	606	702	880	869	908	1,139
Total inventory	751	754	862	782	736	1,103
Prepaid expenses	10.5	15.3	12.8	10.6	6.7	6.0
Other current assets	202	170	129	59.1	1,297	157
Total current assets	1,966	1,998	2,303	2,481	3,511	3,274
Property, plant & equipment	1,657	1,627	1,882	1,649	1,191	1,246
Goodwill	206	203	428	175	86.5	85.9
Intangibles	141	298	344	168	127	148
Long-term investments	93.7	88.3	98.7	93.3	4.5	2.0
Note receivable	–	–	–	–	–	4.4
Other long-term assets	608	511	435	441	475	565
Total assets	4,672	4,724	5,491	5,006	5,395	5,326
Liabilities
Accounts payable	436	597	829	888	675	837
Payable/accrued	–	–	–	–	–	–
Accrued expenses	295	266	290	287	264	466
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	837	587	270	18.9	22.5	41.8
Other current liabilities	551	496	416	318	1,227	383
Total current liabilities	2,119	1,946	1,805	1,512	2,189	1,727
Long-term debt	173	131	176	217	47.2	55.7
Minority interest	−11.7	86.1	163	9.4	14.6	13.6
Other liabilities	345	377	403	371	365	768
Total liabilities	2,625	2,540	2,547	2,110	2,616	2,565
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	114	106	122	124	118	117
Additional paid-in capital	1,948	1,822	2,361	2,404	2,287	2,272
Retained earnings (accumulated deficit)	104	278	905	824	575	262
Treasury stock	−110	−108	−448	−463	−266	−1.3
Other equity	−8.2	86.1	3.5	7.1	65.2	111
Total equity	2,047	2,184	2,944	2,896	2,779	2,760
Total liabilities & shareholders' equity	4,672	4,724	5,491	5,006	5,395	5,326

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Osram Licht AG, fiscal years, most recent first
	2020	2019	2018	2017	2016	2015
Operating activities
Net income	−318	−509	164	265	447	191
Depreciation, depletion & amortization	486	568	291	265	236	229
Deferred taxes	–	–	–	–	–	–
Non-cash items	12.9	80.6	78.9	113	−381	281
Changes in working capital	−53.9	50.1	−209	4.7	−92.2	−53.6
Cash from operations	128	190	325	647	210	647
Investing activities
Capital expenditures	−115	−227	−528	−634	−392	−275
Other investing cash flows	−23.4	−52.3	−197	258	382	−58.1
Cash from investing	−138	−279	−726	−377	−10.1	−333
Financing activities
Financing cash flow items	759	−4.4	−9.3	−36.6	−27.0	−16.8
Cash dividends paid	–	−117	−124	−115	−106	−105
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−718	198	217	−30.7	−253	−133
Cash from financing	41.0	77.4	83.6	−182	−385	−255
Foreign exchange effects	−27.0	5.4	−3.5	−29.5	−3.4	6.7
Net change in cash	3.5	−6.5	−320	59.1	−189	65.9
Free cash flow	12.9	−37.1	−203	13.0	−182	372

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.