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BE Semiconductor
(OTC:BESIY)
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Rating:68Neutral
Price Target:
$233.00
▲(2.60% Upside)
Action:Reiterated
Date:07/26/26
Overall score reflects strong financial performance and a very positive earnings call with upbeat near-term revenue guidance and record orders/backlog, partially offset by weak technical momentum (price below key moving averages with negative MACD) and a demanding valuation (P/E 86.64 with ~0.71% yield).
Positive Factors
AI-driven demand and record backlog
Rising AI-related orders and a record 12-month order base indicate strong exposure to semiconductor infrastructure investment and advanced packaging demand. This supports multi-quarter revenue visibility while expanding adoption of the company’s equipment across emerging AI applications.
Negative Factors
Semiconductor cyclicality and overcapacity risk
The company remains tied to semiconductor manufacturers’ capital-spending cycles, so capacity expansion can eventually outpace demand. If overcapacity develops in CoWoS-like solutions or OSAT packaging, customer orders may slow and utilization pressure could weaken revenue and margins.
Read all positive and negative factors
Positive Factors
Negative Factors
AI-driven demand and record backlog
Rising AI-related orders and a record 12-month order base indicate strong exposure to semiconductor infrastructure investment and advanced packaging demand. This supports multi-quarter revenue visibility while expanding adoption of the company’s equipment across emerging AI applications.
Read all positive factors
BE Semiconductor (BESIY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$17.71B
Dividend Yield0.85%
Average Volume (3M)2.40K
Price to Earnings (P/E)70.3
Beta (1Y)1.01
Revenue Growth30.58%
EPS Growth31.92%
CountryUS
Employees1,856
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)2.64
Shares Outstanding81,146,736
10 Day Avg. Volume2,971
30 Day Avg. Volume2,396
Financial Highlights & Ratios
PEG Ratio-2.71
Price to Book (P/B)25.36
Price to Sales (P/S)18.59
P/FCF Ratio67.70
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)5.06
Revenue Forecast (FY)$1.15B
BE Semiconductor Business Overview & Revenue Model
Company Description
BE Semiconductor Industries N.V. (BESI) is a global provider of advanced equipment and services for semiconductor assembly, serving the electronics and semiconductor industries worldwide. The company's comprehensive product lineup includes various...
How the Company Makes Money
Besi primarily makes money by selling semiconductor assembly equipment (capital equipment) to semiconductor manufacturers and outsourced semiconductor assembly and test (OSAT) providers. Revenue is typically recognized from system sales when equip...
BE Semiconductor Earnings Call Summary
Earnings Call Date:Jul 23, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 2026
Earnings Call Sentiment Positive
The call presented a strongly positive operational and financial performance: robust revenue and orders growth, record backlog, materially higher profitability and improved net cash, driven largely by AI-related demand and expanding hybrid bonding and wafer-level opportunities. Principal risks highlighted included qualification/yield & cost challenges for hybrid bonding (timing uncertainty for memory HBM adoption), potential cyclical overcapacity as capacity expands, and some near-term margin mix pressure and higher development spend. On balance, highlights (large percentage gains, record orders/backlog, margin expansion, and confident near-term guidance) outweigh the lowlights, though the company cautioned about typical industry cyclicality and qualification timelines for new technologies.Positive Updates
Strong Quarterly Revenue Growth
Q2 revenue of EUR 249.9M, up 68.7% year-over-year and 35.2% sequentially versus Q1 2026, driven by AI-related photonics, data center, hybrid applications and increased mobile demand.
Negative Updates
Guidance — Gross Margin Pressure
Q3 gross margins are expected to decline to 63%–65% sequentially due to a less favorable product mix despite strong revenue growth.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Quarterly Revenue Growth
Q2 revenue of EUR 249.9M, up 68.7% year-over-year and 35.2% sequentially versus Q1 2026, driven by AI-related photonics, data center, hybrid applications and increased mobile demand.
Read all positive updates
Company Guidance
Besi guided Q3 2026 revenue to rise 10–15% sequentially versus Q2 (Q2 revenue €249.9m), with gross margins forecast to decline to 63–65% and operating expenses to be flat-to-up ~5% (driven by increased development spending). Management cited continued order momentum—Q2 orders €292.9m (up 128.8% YoY, +8.6% QoQ), 12‑month orders at a record €987.6m, and H1 orders €562.6m (+116.5% YoY)—and said AI-related system orders comprised ~60% of H1 vs ~50% in H1 2025. They also noted strong cash and profitability metrics (net cash €164m, +58.8% vs Mar 31 after conversion of €175m convertible notes and a €125.4m dividend payment; Q2 net income €89m, net margin 35.6%; H1 revenue €434.7m, H1 net income €140.6m) while warning the Q3 margin pullback reflects a less favorable product mix.BE Semiconductor Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
70
Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 735.00M | 567.99M | 607.47M | 578.86M | 722.87M | 749.30M |
| Gross Profit | 459.46M | 359.50M | 395.94M | 375.79M | 443.07M | 446.82M |
| EBITDA | 308.69M | 198.62M | 224.19M | 221.10M | 317.11M | 332.37M |
| Net Income | 209.05M | 126.45M | 181.99M | 177.08M | 240.65M | 282.42M |
Balance Sheet | ||||||
| Total Assets | 1.16B | 1.11B | 1.23B | 896.55M | 1.14B | 1.14B |
| Cash, Cash Equivalents and Short-Term Investments | 349.09M | 542.75M | 672.32M | 413.48M | 491.69M | 451.39M |
| Total Debt | 358.01M | 521.24M | 544.71M | 319.16M | 342.88M | 312.48M |
| Total Liabilities | 589.57M | 697.05M | 733.21M | 475.14M | 506.65M | 524.77M |
| Stockholders Equity | 573.25M | 416.22M | 501.26M | 421.41M | 628.53M | 619.27M |
Cash Flow | ||||||
| Free Cash Flow | 236.05M | 155.94M | 169.61M | 180.55M | 243.48M | 249.50M |
| Operating Cash Flow | 249.04M | 171.11M | 201.08M | 208.57M | 271.87M | 277.85M |
| Investing Cash Flow | -25.18M | 108.59M | -136.48M | -72.95M | 16.32M | -24.84M |
| Financing Cash Flow | -206.86M | -250.97M | 88.67M | -439.80M | -247.68M | -182.07M |
BE Semiconductor Technical Analysis
Negative
227.10
Price Trends
253.22
Negative
284.41
Negative
239.22
Negative
Market Momentum
-10.94
Positive
33.64
Neutral
27.59
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BESIY, the sentiment is Negative. The current price of 227.1 is below the 20-day moving average (MA) of 237.71, below the 50-day MA of 253.22, and below the 200-day MA of 239.22, indicating a bearish trend. The MACD of -10.94 indicates Positive momentum. The RSI at 33.64 is Neutral, neither overbought nor oversold. The STOCH value of 27.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BESIY.
BE Semiconductor Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $372.08B | 38.90 | 40.44% | 0.44% | 7.77% | 38.45% | |
70 Outperform | $4.38B | 37.54 | 13.55% | 0.99% | 44.44% | 2283.94% | |
68 Neutral | $17.71B | 70.27 | 46.17% | 0.85% | 30.58% | 31.92% | |
66 Neutral | $6.94B | 180.31 | 5.82% | 1.62% | 7.94% | -72.56% | |
66 Neutral | $395.22B | 51.47 | 66.97% | 0.35% | 26.02% | 38.85% | |
66 Neutral | $13.66B | 100.34 | 6.50% | ― | 8.08% | -33.87% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
BESIY
BE Semiconductor
214.07
81.51
61.49%
AMAT
Applied Materials
454.01
284.80
168.31%
CAMT
Camtek
144.25
60.14
71.50%
KLIC
Kulicke & Soffa
82.97
44.51
115.71%
LRCX
Lam Research
298.01
183.07
159.27%
ONTO
Onto Innovation
268.92
160.67
148.42%
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.