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ams-OSRAM
(AMS)
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Rating:52Neutral
Price Target:
CHF23.00
▲(29.29% Upside)
Action:Reiterated
Date:09/25/26
The score is held back primarily by weak financial quality—high and rising leverage, shrinking equity, and deteriorating recent cash flow with continued losses. Technicals are a supportive offset with a clear uptrend and positive momentum. Earnings-call updates were broadly positive on guidance, liquidity, and cost savings, but the outlook still depends heavily on divestment proceeds and successful execution to reach sustainable free cash flow.
Positive Factors
Design-win momentum
Design wins of approximately EUR 850 million provide evidence that ams-OSRAM is being specified into future customer products across several end markets. These wins can support multi-period revenue visibility, deepen customer relationships, and create a foundation for longer-term semiconductor and photonics growth.
Negative Factors
High and rising leverage
The combination of materially higher leverage and a much smaller equity base reduces financial flexibility and increases refinancing sensitivity. A weaker capital structure can constrain investment, raise financing costs, and leave less capacity to absorb operating setbacks while the company remains loss-making.
Read all positive and negative factors
Positive Factors
Negative Factors
Design-win momentum
Design wins of approximately EUR 850 million provide evidence that ams-OSRAM is being specified into future customer products across several end markets. These wins can support multi-period revenue visibility, deepen customer relationships, and create a foundation for longer-term semiconductor and photonics growth.
Read all positive factors
ams-OSRAM (AMS) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF1.96B
Dividend Yield0.34%
Average Volume (3M)680.63K
Price to Earnings (P/E)―
Beta (1Y)1.94
Revenue Growth-2.71%
EPS Growth-177.79%
CountryCH
Employees19,120
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)-3.26
Shares Outstanding99,844,390
10 Day Avg. Volume636,161
30 Day Avg. Volume680,627
Financial Highlights & Ratios
PEG Ratio0.08
Price to Book (P/B)0.89
Price to Sales (P/S)0.25
P/FCF Ratio22.02
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF22.00Price Target Upside23.66% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.94
Revenue Forecast (FY)CHF3.24B
ams-OSRAM Business Overview & Revenue Model
Company Description
Established in 1981 and headquartered in Premstätten, Austria, ams-OSRAM AG is a global enterprise specializing in the design, manufacturing, and commercialization of LED and optical sensor technologies. Its comprehensive solutions serve markets a...
How the Company Makes Money
ams-OSRAM makes money primarily by selling semiconductor and photonics components and related modules into OEM and industrial supply chains. Key revenue streams typically include: (1) Sensors and sensor solutions: revenue from selling mixed-signal...
ams-OSRAM Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 13, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive operational and strategic momentum: revenue and adjusted EBITDA landed at the high end of guidance, core semiconductors grew strongly (+13% like-for-like), record design wins (~EUR 1.6bn in Q2, ~2.5bn H1) and clear progress across Digital Photonics (microLED, ToF, AI photonics) underpin longer-term growth. Balance sheet moves (EUR 1bn notes at 7.25%, EUR 570m divestment) materially improved liquidity and reduced annual interest expense by ~EUR 40m. However, meaningful near-term cash burn, transitional hit to reported revenue and EBITDA from divestments, input-cost inflation (gold +25%+), FX headwinds, and regional softness in China represent non-trivial near-term challenges. Management articulated a path to positive free cash flow in 2027 and has active cost and portfolio measures underway. Overall, positives around growth, product momentum and capital structure improvements outweigh the near-term cash and cost headwinds, but investors should watch 2026 cash flow and margin impacts during the transition.Positive Updates
Quarterly Revenue and Margin
Q2 revenue of EUR 805 million, landing in the upper half of guidance; adjusted EBITDA close to 17%, at the high end of guidance.
Negative Updates
Quarterly Cash Flow and Cash Burn
Q2 free cash flow was negative EUR 19 million and operating cash flow negative EUR 77 million; management noted substantial cash burn in 2026 excluding divestment proceeds with estimates ranging from more than EUR -100 million to around EUR -300 million for the year (management comments inconsistent), driven by working capital buildup, factoring reductions, restructuring payouts and net interest payments (~EUR 40 million).
Read all updates
Q2-2026 Updates
Positive
Negative
Quarterly Revenue and Margin
Q2 revenue of EUR 805 million, landing in the upper half of guidance; adjusted EBITDA close to 17%, at the high end of guidance.
Read all positive updates
Company Guidance
Management guided Q3 revenue of €770–€870m and adjusted EBITDA around 16% ±1.5 percentage points (assumes EUR/USD = 1.15), noting reported revenue will be ~€40m lower and EBITDA ~1.5pp lower following the non‑optical sensor divestment; full‑year 2026 revenue is now expected modestly lower and adjusted EBITDA somewhat lower versus prior, with net income expected positive in the high double‑digit million euro range. They said free cash flow excluding disposal proceeds will remain negative (presented on the slides as >‑€100m, later cited in Q&A at roughly ‑€300m) but see a clear path to positive FCF in 2027. CapEx is guided at ≈8% of revenue for 2026. The Simplify program targets €200m annual savings by 2028 (≈€10m realized, ~€30m by YE‑26, ~€100m by end‑27). Liquidity: ~€1.0bn cash at quarter end (≈€1.6bn after the €570m Infineon close) and total liquidity ≈€1.5bn (≈€2.1bn post‑Infineon). Capital structure moves included a €1bn 2032 senior note at 7.25% (demand 6x) that reduces annual interest cost by ≈€40m; ~€725m of ’29 senior notes remain outstanding and convertible notes outstanding are ~€430m.ams-OSRAM Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
29
Negative
Cash Flow
35
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.32B | 3.32B | 3.43B | 3.59B | 4.82B | 5.04B |
| Gross Profit | 833.90M | 848.00M | 857.00M | 1.02B | 1.26B | 1.44B |
| EBITDA | 652.13M | 693.00M | 462.00M | 471.00M | 855.00M | 938.00M |
| Net Income | -323.09M | -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 | -99.68M | 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 | 360.83M | 299.00M | -424.00M | -826.00M | -183.00M | -560.00M |
| Financing Cash Flow | -18.74M | -97.00M | -98.00M | 245.00M | -726.00M | -534.00M |
ams-OSRAM Technical Analysis
Neutral
17.79
Price Trends
19.26
Positive
18.70
Positive
14.41
Positive
Market Momentum
1.03
Positive
46.39
Neutral
22.58
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:AMS, the sentiment is Neutral. The current price of 17.79 is below the 20-day moving average (MA) of 21.02, below the 50-day MA of 19.26, and above the 200-day MA of 14.41, indicating a neutral trend. The MACD of 1.03 indicates Positive momentum. The RSI at 46.39 is Neutral, neither overbought nor oversold. The STOCH value of 22.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CH:AMS.
ams-OSRAM Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | CHF1.38B | 48.80 | 9.04% | ― | 1.13% | 62.86% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
57 Neutral | CHF747.46M | 75.87 | 7.42% | 3.57% | -6.27% | 17.54% | |
52 Neutral | CHF1.96B | -7.44 | -37.58% | 0.34% | -2.71% | -177.79% |
* Technology Sector Average
CH:AMS
ams-OSRAM
19.89
9.03
83.15%
CH:LEHN
LEM Holding SA
657.00
185.50
39.34%
CH:SENS
Sensirion Holding AG
89.30
29.80
50.08%
ams-OSRAM Corporate Events
ams OSRAM hits top end of Q2 guidance as it doubles down on Digital Photonics
Aug 4, 2026
ams OSRAM reported second-quarter revenue of 805 million euros and an adjusted EBITDA margin of 16.9%, reaching the upper end of its guidance, driven by solid semiconductor demand in automotive and industrial markets and resilient automotive lamps...
ams OSRAM extends CEO Aldo Kamper’s mandate to 2031 to drive Digital Photonics growth
Jul 30, 2026
ams OSRAM has extended the mandate of Chief Executive Officer Aldo Kamper, reappointing him from October 2026 through September 2031 in a move that signals the supervisory board’s confidence in his strategic direction. Kamper, who became CEO...
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.