Siemens AG SIEGY

IndustrialsMachinery, Tools, Heavy Vehicles, Trains & ShipsGermany

Last close 150.16 USD on Nov 3, 2026, +9.6% year to date

Quant rating

Quant rating B Rank 123 of 418 in Industrials

Growth B 85 of 418
Valuation C 223 of 418
Quality B 78 of 418
Revisions C 247 of 418
Momentum B 165 of 418

Wall Street consensus Buy (1.67)Average target 198.28 USD +32.0%

Historical valuation

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

Key data

Market cap: 236.1B
Enterprise value: 274.2B
52-week range: 115.56 – 169.47
3-year range: 68.40 – 169.47
Dividend yield: 2.11%
Beta (5 years): 1.48
Shares outstanding: 782M
Next earnings: Nov 12, 2026

About the company

Siemens AG is a Germany-based technology company, which is focused on the areas of automation and digitalization in the process and manufacturing industries, intelligent infrastructure for buildings and distributed energy systems, smart mobility solutions for rail transport, and medical technology and digital healthcare services. The Company operates through the segments: Digital Industries, which offers products and system solutions for automation used in discrete and process industries; Smart Infrastructure, which supplies and connects energy systems and building technologies; Mobility, which combines all businesses in the area of rail passenger and rail freight transportation; Siemens Healthineers, which provides healthcare products, solutions and services; and Siemens Financial Services (SFS), which offers leasing solutions and equipment, project and structured financing in the form of debt and equity investments.

Growth and profitability fiscal year ends September 30

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	92,589	84,540	79,151	70,530	72,109	–
Revenue growth	9.5%	6.8%	12.2%	−2.2%	11.4%	7.4%
EPS (basic, normalized)	14.09	10.93	10.75	4.76	4.35	–
EPS growth	28.9%	1.7%	126.1%	9.3%	–	–
Gross margin	38.5%	39.3%	38.9%	35.9%	36.5%	37.8%
Net margin	9.6%	10.8%	10.6%	5.2%	8.2%	8.9%
ROE	13.3%	16.6%	16.4%	8.0%	12.7%	13.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	26,055
Current ratio	1.44x
Long-term debt (mil)	47,196
Net debt (mil)	38,842
Total equity (mil)	77,960
Net debt / equity	0.50x
Net debt / EBITDA	2.55x

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
2025 actual	92,589	+9.5%	3.0x	15,230	−14.4%	18.0x	14.09	+28.9%	10.7x
2026	92,952	+0.4%	2.9x	16,990	+11.6%	16.1x	8.04	−42.9%	18.7x
2027	101,109	+8.8%	2.7x	18,484	+8.8%	14.8x	9.20	+14.3%	16.3x
2028	107,789	+6.6%	2.5x	22,139	+19.8%	12.4x	12.34	+34.1%	12.2x

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
2026	92,952	−0.1%	−0.1%	−0.3%	8.04	−0.1%	+1.0%	−2.6%
2027	101,109	+0.3%	+0.4%	+1.9%	9.20	−3.1%	−1.8%	−4.4%
2028	107,789	+0.4%	+0.9%	+3.0%	12.34	0.0%	+1.3%	−0.4%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	19,162	18,900	20,811	18,353	19,757	19,377	21,427	19,139	19,756	20,794
Sales mean (mil)	19,476	19,229	21,204	18,382	19,221	19,421	22,017	19,282	20,334	20,628
Surprise	−1.6%	−1.7%	−1.9%	−0.2%	+2.8%	−0.2%	−2.7%	−0.7%	−2.8%	+0.8%
EPS reported	2.54	2.51	2.38	4.66	2.83	2.58	2.05	1.29	1.29	1.47
EPS mean	1.05	1.02	1.09	2.17	1.29	1.09	1.23	1.00	1.27	1.19
Surprise	+141.3%	+145.9%	+118.4%	+114.4%	+118.9%	+136.2%	+66.9%	+29.6%	+1.5%	+23.0%

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
SIEGY Siemens AG	236.1B	2.55x	9.6%	3.00x	18.7x	16.3x	16.1x	14.8x
CAT Caterpillar Inc	287.0B	2.87x	13.1%	13.35x	23.0x	19.3x	18.4x	15.7x
DE Deere & Co	179.7B	6.48x	11.0%	6.41x	36.8x	29.3x	31.8x	27.0x
ABBNY Abb Ltd	161.6B	0.22x	13.7%	9.63x	24.1x	23.6x	18.7x	16.6x
SBGSY Schneider Electric SE	162.0B	–	10.4%	5.51x	24.0x	19.3x	16.6x	14.3x
ETN Eaton Corporation PLC	152.2B	2.82x	14.9%	7.51x	28.7x	24.0x	22.7x	19.2x
Mean		2.99x	12.1%	7.57x	25.9x	22.0x	20.7x	18.0x
Median		2.82x	12.1%	6.96x	24.0x	21.5x	18.6x	16.2x

Technical analysis

1M−3.3%
3M−8.9%
1Y+7.9%
3Y+135.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Siemens AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	92,589	84,540	79,151	70,530	72,109	64,746
Cost of revenue	56,922	51,336	48,375	45,203	45,776	41,442
Gross profit	35,667	33,205	30,776	25,328	26,333	23,305
Selling, general & administrative expenses	17,396	15,570	14,326	12,599	12,958	12,517
Research & development	7,696	6,988	6,461	5,479	5,627	5,354
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−456	2.2	7.4	−1,715	−107	−530
Other operating expenses	−92.7	109	50.7	121	312	294
Operating income	11,124	10,536	9,931	8,845	7,543	5,669
Net interest income (expense)	1,786	2,088	2,050	−1,119	418	158
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−203	−124	−220	−715	720	620
Net income before taxes	12,707	12,500	11,760	7,010	8,681	6,447
Provision for taxes	2,934	2,583	2,748	2,686	2,155	1,577
Minority interest	−900	−769	−612	−656	−622	−199
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	8,872	9,148	8,400	3,669	5,904	4,671
Extraordinary items	2,416	94.6	3.2	−20.6	1,230	51.6
Net income	11,288	9,242	8,403	3,648	7,134	4,722
EBIT, normalized	11,414	10,886	10,386	8,609	7,947	6,380
EBITDA, normalized	15,390	14,402	14,187	12,086	11,508	9,903
Basic EPS, normalized	14.09	10.93	10.75	4.76	4.35	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Siemens AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	19,578	12,758	21,868	12,727	13,952	19,594
Receivables	41,252	38,608	27,851	31,267	33,635	30,521
Total inventory	12,416	12,162	12,206	10,412	10,233	9,134
Prepaid expenses	–	–	–	–	–	–
Other current assets	2,680	4,782	2,170	3,241	2,747	2,819
Total current assets	75,925	68,310	64,096	57,647	60,567	62,068
Property, plant & equipment	15,280	13,630	12,619	11,497	12,766	12,011
Goodwill	47,718	34,943	34,061	33,180	34,363	23,962
Intangibles	14,313	10,681	11,248	11,951	12,539	5,669
Long-term investments	13,889	8,799	27,344	7,018	11,355	11,900
Note receivable	22,152	21,580	–	20,409	22,173	21,601
Other long-term assets	5,727	6,630	3,974	6,754	7,645	7,972
Total assets	195,004	164,574	153,341	148,457	161,407	145,182
Liabilities
Accounts payable	10,774	9,846	10,707	10,110	10,228	9,226
Payable/accrued	–	–	–	–	–	–
Accrued expenses	6,956	6,498	–	5,562	6,851	5,650
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	13,110	7,346	7,910	6,524	9,058	7,689
Other current liabilities	24,610	25,203	28,856	19,632	20,187	17,413
Total current liabilities	55,451	48,893	47,473	41,828	46,324	39,978
Long-term debt	52,612	46,007	41,343	43,094	47,342	44,534
Minority interest	7,189	5,530	5,570	5,791	5,595	4,023
Other liabilities	6,722	7,067	8,449	9,831	11,004	14,005
Total liabilities	121,973	107,497	102,835	100,545	110,265	102,540
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2,816	2,672	2,537	2,499	2,953	2,988
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	67,460	52,791	46,801	45,206	54,022	46,776
Treasury stock	−4,130	−2,411	−1,244	−5,828	−5,564	−5,424
Other equity	6,885	4,025	2,412	6,036	−270	−1,698
Total equity	73,031	57,077	50,506	47,912	51,142	42,642
Total liabilities & shareholders' equity	195,004	164,574	153,341	148,457	161,407	145,182

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Siemens AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	12,187	10,012	9,015	4,304	7,756	4,922
Depreciation, depletion & amortization	3,976	3,516	3,814	3,489	3,561	3,699
Deferred taxes	–	–	–	–	–	–
Non-cash items	−1,427	371	−34.9	4,972	220	1,360
Changes in working capital	818	−911	144	−2,731	39.4	−5,060
Cash from operations	15,554	12,988	12,938	10,034	11,576	4,922
Investing activities
Capital expenditures	−2,869	−2,325	−2,344	−2,042	−2,004	−1,821
Other investing cash flows	−10,406	−1,329	−1,013	−398	−15,940	−4,254
Cash from investing	−13,275	−3,654	−3,357	−2,440	−17,944	−6,075
Financing activities
Financing cash flow items	−2,483	−2,082	−1,690	−1,154	−1,145	−2,498
Cash dividends paid	−4,802	−4,130	−3,554	−3,150	−3,247	−3,719
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	11,557	−3,675	−3,985	−3,047	5,302	9,934
Cash from financing	4,272	−9,887	−9,229	−7,351	909	3,717
Foreign exchange effects	−527	−245	−762	665	236	−615
Net change in cash	6,025	−798	−410	908	−5,222	1,949
Free cash flow	12,686	10,663	10,593	7,992	9,573	3,101

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 3, 2026 after market close.