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BE Semiconductor
(OTC:BESIY)
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Rating:66Neutral
Price Target:
$197.00
▼(-13.25% Downside)
Action:Reiterated
Date:10/24/26
The score is driven primarily by strong financial performance (high margins, improved growth, solid cash conversion) and a constructive earnings outlook tied to AI/data center and hybrid bonding demand. These positives are tempered by clearly bearish technical conditions (price below all key moving averages with negative MACD) and a high P/E valuation that increases downside risk if growth cools.
Positive Factors
Growth and Order Momentum
Rapid revenue and order growth indicates strengthening demand for Besi’s equipment across computing and other end markets. The order expansion improves forward visibility, supports operating leverage, and provides a durable foundation for continued growth as semiconductor capacity investment progresses.
Negative Factors
Cyclical Revenue Profile
Besi’s dependence on semiconductor capital spending leaves revenue and earnings exposed to periodic industry downturns. Even with a strong rebound, prior contractions show that demand can reverse, creating variability in utilization, profitability, cash generation, and capital-return capacity.
Read all positive and negative factors
Positive Factors
Negative Factors
Growth and Order Momentum
Rapid revenue and order growth indicates strengthening demand for Besi’s equipment across computing and other end markets. The order expansion improves forward visibility, supports operating leverage, and provides a durable foundation for continued growth as semiconductor capacity investment progresses.
Read all positive factors
BE Semiconductor (BESIY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$13.93B
Dividend Yield1.06%
Average Volume (3M)390.00
Price to Earnings (P/E)42.4
Beta (1Y)1.03
Revenue Growth60.81%
EPS Growth105.71%
CountryUS
Employees1,856
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)3.64
Shares Outstanding81,146,736
10 Day Avg. Volume0
30 Day Avg. Volume390
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 Cap1.25
Enterprise Value/Revenue19.63
Enterprise Value/Gross Profit30.98
Enterprise Value/Ebitda42.99
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)4.98
Revenue Forecast (FY)$1.13B
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:Oct 22, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 25, 2027
Earnings Call Sentiment Positive
The call was strongly positive, with substantial revenue, order, earnings, margin, liquidity, market share, and hybrid bonding momentum. Management also described continued demand across AI, data center, photonics, memory, logic, and traditional markets, alongside ongoing investment and strategic collaboration. The main negatives were a flat fourth-quarter revenue outlook, higher fourth-quarter operating expenses due primarily to strategic consulting cost, variability in gross margins, and uncertainty around the timing of mainstream HBM hybrid bonding adoption.Positive Updates
Strong Third-Quarter Revenue Growth
Third-quarter revenue was EUR 283.4 million, increasing 13.4% versus the second quarter of 2026 and 113.6% versus the third quarter of 2025. Year-over-year growth was primarily due to increased demand from computing end markets, with strength in hybrid bonding, photonics, and data center applications.
Negative Updates
Fourth-Quarter Revenue Expected to Be Flat
Besi expects fourth-quarter revenue to be flat, plus or minus 5%, based on its current backlog and customer delivery-date requests tied to third-quarter 2026 orders and first-half production capacity plans.
Read all updates
Q3-2026 Updates
Positive
Negative
Strong Third-Quarter Revenue Growth
Third-quarter revenue was EUR 283.4 million, increasing 13.4% versus the second quarter of 2026 and 113.6% versus the third quarter of 2025. Year-over-year growth was primarily due to increased demand from computing end markets, with strength in hybrid bonding, photonics, and data center applications.
Read all positive updates
Company Guidance
Besi said the favorable year-to-date order momentum should continue in the fourth quarter as the multi-year AI capacity build-out progresses, with strong demand continuing for data center and photonics applications and market share gains particularly for Besi flip chip and multi-module die attach systems; Q4 revenue is expected to be flat, +/- 5%, gross margins are anticipated to range between 63% and 65%, and operating expenses are expected to increase between 5% and 10% versus the third quarter, primarily due to increased strategic consulting cost. Besi expects to grow more than double TechInsights’ underlying 2026 assembly equipment market growth rate of 37%, anticipates hybrid bonding will be adopted in a range of stack heights over the next two years, and expects new innovative stacks combining HBM, custom advanced logic base dies, and the direct bonding of DRAM onto accelerator chips by decade end.BE Semiconductor Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
74
Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 884.30M | 567.99M | 607.47M | 578.86M | 722.87M | 749.30M |
| Gross Profit | 560.23M | 359.50M | 395.94M | 375.79M | 443.07M | 446.82M |
| EBITDA | 403.69M | 199.95M | 224.19M | 239.12M | 317.11M | 332.37M |
| Net Income | 290.39M | 126.45M | 181.99M | 177.08M | 240.65M | 282.42M |
Balance Sheet | ||||||
| Total Assets | 1.29B | 1.11B | 1.23B | 896.55M | 1.14B | 1.14B |
| Cash, Cash Equivalents and Short-Term Investments | 601.90M | 542.75M | 672.32M | 413.48M | 491.69M | 451.39M |
| Total Debt | 361.34M | 521.24M | 544.71M | 319.16M | 342.88M | 312.48M |
| Total Liabilities | 615.90M | 697.05M | 733.21M | 475.14M | 506.65M | 524.77M |
| Stockholders Equity | 673.29M | 416.22M | 501.26M | 421.41M | 628.53M | 619.27M |
Cash Flow | ||||||
| Free Cash Flow | 281.72M | 155.94M | 169.61M | 180.55M | 243.48M | 249.50M |
| Operating Cash Flow | 295.99M | 171.11M | 201.08M | 208.57M | 271.87M | 277.85M |
| Investing Cash Flow | -81.94M | 108.59M | -136.48M | -72.95M | 16.32M | -24.84M |
| Financing Cash Flow | -192.05M | -250.97M | 88.67M | -439.80M | -247.68M | -182.07M |
BE Semiconductor Technical Analysis
Negative
227.10
Price Trends
207.05
Negative
246.54
Negative
245.99
Negative
Market Momentum
-10.82
Negative
38.74
Neutral
78.41
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 above the 20-day moving average (MA) of 187.02, above the 50-day MA of 207.05, and below the 200-day MA of 245.99, indicating a bearish trend. The MACD of -10.82 indicates Negative momentum. The RSI at 38.74 is Neutral, neither overbought nor oversold. The STOCH value of 78.41 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $309.57B | 33.43 | 40.44% | 0.51% | 7.77% | 38.45% | |
73 Outperform | $298.69B | 35.42 | 71.75% | 0.46% | 33.36% | 48.32% | |
70 Outperform | $3.88B | 33.58 | 13.55% | 1.10% | 44.44% | 2283.94% | |
68 Neutral | $9.89B | 75.21 | 6.50% | ― | 8.08% | -33.87% | |
66 Neutral | $13.93B | 42.42 | 55.12% | 1.06% | 60.81% | 105.71% | |
66 Neutral | $5.45B | 145.85 | 5.82% | 1.62% | 7.94% | -72.56% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
BESIY
BE Semiconductor
171.91
2.48
1.46%
AMAT
Applied Materials
390.09
158.27
68.27%
CAMT
Camtek
116.68
-7.14
-5.77%
KLIC
Kulicke & Soffa
74.21
34.75
88.09%
LRCX
Lam Research
239.11
82.37
52.56%
ONTO
Onto Innovation
201.57
66.61
49.36%
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.