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ams-OSRAM
(OTC:AMSSY)
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Rating:49Neutral
Price Target:
$11.00
▲(111.95% Upside)
Action:Reiterated
Date:08/07/26
The score is held back primarily by pressured fundamentals—persistent net losses, elevated and rising leverage, and deteriorating TTM free cash flow. Offsetting this, technicals are mixed-to-neutral and the latest earnings call was moderately constructive with solid execution vs guidance and strengthened liquidity, though near-term cash burn and margin headwinds remain key risks.
Positive Factors
Core semiconductor growth and design wins
Strong semiconductor growth and record design wins indicate expanding customer adoption across automotive, industrial and consumer applications. Because designs can generate multi-quarter or multi-year shipments, this supports a durable revenue pipeline.
Negative Factors
Elevated and worsening leverage
High and rising leverage reduces financial flexibility and leaves the company more exposed to execution setbacks, refinancing needs and industry cyclicality. Ongoing losses also limit its ability to delever through internally generated equity.
Read all positive and negative factors
Positive Factors
Negative Factors
Core semiconductor growth and design wins
Strong semiconductor growth and record design wins indicate expanding customer adoption across automotive, industrial and consumer applications. Because designs can generate multi-quarter or multi-year shipments, this supports a durable revenue pipeline.
Read all positive factors
ams-OSRAM (AMSSY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.21B
Dividend Yield2.3%
Average Volume (3M)1.74K
Price to Earnings (P/E)―
Beta (1Y)2.29
Revenue Growth6.34%
EPS Growth-215.57%
CountryUS
Employees19,120
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)-1.58
Shares Outstanding199,688,780
10 Day Avg. Volume654
30 Day Avg. Volume1,739
Financial Highlights & Ratios
PEG Ratio0.08
Price to Book (P/B)0.92
Price to Sales (P/S)0.26
P/FCF Ratio22.80
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
ams-OSRAM Business Overview & Revenue Model
Company Description
ams-OSRAM AG, headquartered in Premstätten, Austria, is a company established in 1981 that specializes in the design, manufacturing, and global distribution of LED and optical sensor technologies. Its market reach extends across Europe, the Middle...
How the Company Makes Money
ams-OSRAM makes money primarily by selling photonic and semiconductor products to OEMs and other manufacturers, generating revenue from the shipment of components, modules, and in some cases packaged solutions that are designed into customers’ end...
ams-OSRAM Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 13, 2026
Earnings Call Sentiment Positive
The call presents a predominantly positive operational and strategic picture: revenue and adjusted EBITDA came in at the high end of guidance, core semiconductor growth was strong (+13% LFL), record design-win momentum was reported (>EUR 1.6bn in Q2), Digital Photonics achieved meaningful development and organizational milestones, and the company materially strengthened liquidity and reduced financing costs (EUR 1bn bond, ~EUR 40m annual interest savings). However, meaningful near-term cash burn and free-cash-flow pressure (significant negative FCF in 2026 excluding disposal proceeds), margin headwinds from raw materials and FX, deconsolidation effects reducing reported revenue/EBITDA, and some China softness are notable challenges. On balance, strategic progress, operational execution and balance-sheet actions outweigh short-term cash and margin headwinds, with management pointing to a path to positive free cash flow in 2027 (ex-disposals).Positive Updates
Revenue and Margin Execution
Q2 revenue of EUR 805 million, landing in the upper half of guidance; revenue +4% year-on-year and +9% like-for-like (constant currencies). Adjusted EBITDA near 17%, at the high end of guidance.
Negative Updates
Negative Free Cash Flow and Operating Cash Outflow
Q2 free cash flow was negative EUR 19 million and operating cash flow negative EUR 77 million. Management expects 2026 free cash flow (excluding disposal proceeds) to be substantially negative—Rainer initially said more than EUR -100 million, later clarified around more than EUR -300 million for the year excluding disposal proceeds—reflecting working capital build, factoring reduction and restructuring payouts.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue and Margin Execution
Q2 revenue of EUR 805 million, landing in the upper half of guidance; revenue +4% year-on-year and +9% like-for-like (constant currencies). Adjusted EBITDA near 17%, at the high end of guidance.
Read all positive updates
Company Guidance
For Q3 the company guided revenue of EUR 770–870 million and adjusted EBITDA around 16% ±1.5 percentage points (assumes EUR/USD = 1.15), implying an EBITDA margin range of roughly 14.5%–17.5%; full‑year 2026 revenue is expected modestly lower due to portfolio divestments and FX, adjusted EBITDA somewhat below prior year, and net result expected positive in the high double‑digit million euro range (boosted by the non‑optical sensor sale). CapEx is reiterated at ~8% of revenue for 2026, and management reiterated a path to positive free cash flow in 2027 (excluding future disposals); near‑term FCF guidance excluding disposal proceeds was given as “more than EUR -100 million” in one slide, although in Q&A the CFO indicated a larger 2026 cash burn excluding proceeds of a bit more than EUR -300 million. Liquidity and balance‑sheet metrics: quarter‑end cash ≈ EUR 1.0 billion (≈EUR 1.6 billion post‑Infineon close) and total liquidity ≈EUR 2.1 billion including the revolver; the company placed EUR 1.0 billion senior notes at 7.25% (reducing annual interest cost by ≈EUR 40 million), repurchased EUR 127 million of 2027 converts, has ≈EUR 430 million of converts outstanding and ≈EUR 725 million of 2029 senior notes remaining, and faces a mandatory offer for guarantor assets of EUR 120–150 million within 120 days. Simplify targets EUR 200 million of annualized savings by 2028 (≈EUR 10 million realized to date, ≈EUR 30 million target by end‑2026 and ≈EUR 100 million by end‑2027).ams-OSRAM Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
33
Negative
Cash Flow
40
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.33B | 3.32B | 3.43B | 3.59B | 4.82B | 5.04B |
| Gross Profit | 866.00M | 848.00M | 857.00M | 1.02B | 1.26B | 1.44B |
| EBITDA | 655.42M | 693.00M | 462.00M | 471.00M | 855.00M | 938.00M |
| Net Income | -326.53M | -130.00M | -786.00M | -1.61B | -444.00M | -32.00M |
Balance Sheet | ||||||
| Total Assets | 6.26B | 6.81B | 6.90B | 7.40B | 8.83B | 9.64B |
| Cash, Cash Equivalents and Short-Term Investments | 1.03B | 1.56B | 1.12B | 1.18B | 1.11B | 1.34B |
| Total Debt | 2.28B | 2.69B | 2.69B | 2.67B | 3.02B | 3.40B |
| Total Liabilities | 5.54B | 5.86B | 5.67B | 5.50B | 6.00B | 6.49B |
| Stockholders Equity | 710.00M | 942.00M | 1.23B | 1.90B | 2.83B | 3.14B |
Cash Flow | ||||||
| Free Cash Flow | -100.89M | 38.00M | -67.00M | -375.00M | 62.00M | 482.00M |
| Operating Cash Flow | 125.00M | 237.00M | 435.00M | 674.00M | 599.00M | 792.00M |
| Investing Cash Flow | 361.46M | 299.00M | -424.00M | -826.00M | -183.00M | -560.00M |
| Financing Cash Flow | -23.50M | -97.00M | -98.00M | 245.00M | -726.00M | -534.00M |
ams-OSRAM Technical Analysis
Positive
5.19
Price Trends
10.98
Positive
10.95
Positive
8.12
Positive
Market Momentum
0.07
Negative
51.21
Neutral
63.72
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AMSSY, the sentiment is Positive. The current price of 5.19 is below the 20-day moving average (MA) of 11.16, below the 50-day MA of 10.98, and below the 200-day MA of 8.12, indicating a bullish trend. The MACD of 0.07 indicates Negative momentum. The RSI at 51.21 is Neutral, neither overbought nor oversold. The STOCH value of 63.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AMSSY.
ams-OSRAM Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $1.71B | 10.17 | 13.46% | ― | 1.25% | 60.46% | |
63 Neutral | $2.74B | 117.02 | 2.62% | ― | -2.52% | -64.30% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
58 Neutral | $2.33B | -161.93 | -3.80% | ― | 43.24% | 74.67% | |
54 Neutral | $3.04B | -8.74 | -61.50% | ― | -46.40% | -104.24% | |
49 Neutral | $2.21B | -5.91 | -37.58% | 2.30% | 6.34% | -215.57% | |
49 Neutral | $2.51B | 74.17 | 3.94% | 1.71% | -7.60% | -52.67% |
* Technology Sector Average
AMSSY
ams-OSRAM
11.21
4.52
67.53%
HIMX
Himax Technologies
14.73
6.57
80.47%
PLAB
Photronics
28.99
6.18
27.09%
VECO
Veeco
44.83
18.72
71.70%
LASR
nLIGHT
40.37
10.64
35.79%
NVTS
Navitas Semiconductor
11.63
5.52
90.34%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.