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Siemens Energy
(XETRA:ENR)
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Rating:71Outperform
Price Target:
€148.00
▼(-0.50% Downside)
Action:Reiterated
Date:08/07/26
The score is driven primarily by strong financial momentum and cash generation alongside improving leverage, reinforced by an earnings call that maintained guidance and highlighted margin expansion and a large backlog. Offsetting factors are a technically mixed setup (negative MACD and below key intermediate moving averages) and a demanding valuation (high P/E with low yield), with additional execution risk tied to Siemens Gamesa’s ongoing losses/cash burn and project slippage in offshore/hydrogen.
Positive Factors
Large Backlog
The approximately EUR 162 billion backlog provides substantial multiyear revenue visibility and supports planning across equipment, infrastructure, and service activities. A large committed order base can improve capacity utilization, reduce reliance on near-term bookings, and support sustained execution over the next several quarters.
Negative Factors
Siemens Gamesa Losses
Siemens Gamesa remains a material drag on group performance because it is still loss-making and consuming substantial cash. The targeted 2028 cash breakeven indicates that remediation may require several years, potentially absorbing capital and offsetting progress in Siemens Energy’s other businesses.
Read all positive and negative factors
Positive Factors
Negative Factors
Large Backlog
The approximately EUR 162 billion backlog provides substantial multiyear revenue visibility and supports planning across equipment, infrastructure, and service activities. A large committed order base can improve capacity utilization, reduce reliance on near-term bookings, and support sustained execution over the next several quarters.
Read all positive factors
Siemens Energy (ENR) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€112.37B
Dividend Yield0.52%
Average Volume (3M)1.88M
Price to Earnings (P/E)42.4
Beta (1Y)1.37
Revenue Growth9.00%
EPS Growth175.47%
CountryDE
Employees106,000
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)3.15
Shares Outstanding850,000,000
10 Day Avg. Volume2,039,454
30 Day Avg. Volume1,877,865
Financial Highlights & Ratios
PEG Ratio3.21
Price to Book (P/B)8.38
Price to Sales (P/S)2.21
P/FCF Ratio21.07
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€212.14Price Target Upside42.63% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)6.29
Revenue Forecast (FY)€50.56B
Siemens Energy Business Overview & Revenue Model
Company Description
Siemens Energy AG operates as an energy technology company worldwide. It operates through Gas Services, Grid Technologies, Transformation of Industry, and Siemens Gamesa segments. The company provides gas and steam turbines, generators, and heat p...
How the Company Makes Money
Siemens Energy makes money primarily by selling energy infrastructure products and by providing long-term services over the lifecycle of installed equipment. Key revenue streams include: (1) Equipment and project sales: revenue from designing, man...
Siemens Energy Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call presented clear operational progress: strong revenue (EUR 17.9bn), a sizable EUR 162bn order backlog, materially improved profitability (profit before special items ~3x prior year and 14.2% Q3 margin), improving free cash flow (EUR 7.2bn YTD) and a milestone positive quarter for the wind business. However, material challenges remain—most notably Siemens Gamesa's cash burn (≈-EUR 1.7bn YTD) and YTD loss, offshore order slippage and slower hydrogen market development—and there is organizational uncertainty around a potential Transformation of Industry carve‑out. Overall the positives (broad revenue/backlog strength, margin expansion, improving cash flow and wind turnaround) outweigh the negatives, but risks remain and execution will be critical to sustain momentum.Positive Updates
Strong Revenue and Order Backlog
Revenue for Q3 FY2026 of EUR 17.9 billion; order intake increased and order backlog stands at approximately EUR 162 billion, providing multiyear visibility.
Negative Updates
Siemens Gamesa Cash Burn and Remaining Losses
Siemens Gamesa reported significant cash burn: approximately -EUR 518 million in Q3 (part of a -EUR 1.7 billion free‑cash‑flow shortfall over nine months). The wind business remains YTD at a small double‑digit loss and still requires further work to reach sustained profitability and cash breakeven by 2028.
Read all updates
Q3-2026 Updates
Positive
Negative
Strong Revenue and Order Backlog
Revenue for Q3 FY2026 of EUR 17.9 billion; order intake increased and order backlog stands at approximately EUR 162 billion, providing multiyear visibility.
Read all positive updates
Company Guidance
The company left its guidance unchanged and said it is confident about the outlook while expecting normal seasonality, citing Q3 revenue of €17.9bn, profit before special items that was roughly triple last year and a Q3 margin before SI of 14.2% (9M margin 12.6%), an order backlog of about €162bn (reservations excluded), and strong cash generation (9M free cash flow €7.2bn with full‑year free cash flow guidance of €8bn) although management flagged significant CapEx in Q4; Siemens Gamesa still shows a small double‑digit YTD loss and cash burn but management said it is working to restore profitability (operational improvement underway) with a path to cash breakeven targeted around 2028 and continued confidence for 2027 with a more detailed update to come in November.Siemens Energy Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
85
Very Positive
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 41.84B | 39.08B | 34.47B | 31.12B | 29.00B | 28.48B |
| Gross Profit | 8.69B | 6.58B | 4.50B | 753.00M | 3.34B | 3.42B |
| EBITDA | 5.65B | 4.20B | 3.67B | -1.58B | 1.18B | 1.12B |
| Net Income | 2.69B | 1.41B | 1.18B | -4.53B | -467.00M | -453.00M |
Balance Sheet | ||||||
| Total Assets | 63.84B | 56.64B | 50.87B | 47.91B | 51.17B | 44.14B |
| Cash, Cash Equivalents and Short-Term Investments | 11.09B | 10.19B | 7.25B | 4.59B | 8.52B | 5.92B |
| Total Debt | 2.96B | 3.97B | 3.77B | 4.78B | 3.22B | 2.73B |
| Total Liabilities | 52.66B | 45.96B | 41.51B | 39.12B | 33.99B | 28.92B |
| Stockholders Equity | 10.70B | 10.30B | 9.07B | 8.50B | 17.19B | 14.96B |
Cash Flow | ||||||
| Free Cash Flow | 7.68B | 4.10B | 1.38B | 394.00M | 1.06B | 959.00M |
| Operating Cash Flow | 9.49B | 5.82B | 2.89B | 1.62B | 2.22B | 1.95B |
| Investing Cash Flow | -2.33B | -1.62B | 1.25B | -1.63B | -1.12B | -958.00M |
| Financing Cash Flow | -4.73B | -1.14B | -2.26B | -1.13B | -568.00M | -340.00M |
Siemens Energy Technical Analysis
Negative
148.74
Price Trends
144.61
Negative
149.85
Negative
154.40
Negative
Market Momentum
-3.12
Positive
40.75
Neutral
33.03
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:ENR, the sentiment is Negative. The current price of 148.74 is above the 20-day moving average (MA) of 140.79, above the 50-day MA of 144.61, and below the 200-day MA of 154.40, indicating a bearish trend. The MACD of -3.12 indicates Positive momentum. The RSI at 40.75 is Neutral, neither overbought nor oversold. The STOCH value of 33.03 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DE:ENR.
Siemens Energy Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | €198.38B | 26.00 | 12.21% | 2.01% | 3.60% | -18.55% | |
72 Outperform | €8.96B | 22.49 | 31.25% | ― | 11.69% | 564.05% | |
71 Outperform | €112.37B | 42.43 | 25.04% | 0.52% | 9.00% | 175.47% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | €1.45B | 1.47 | 9.62% | 3.15% | 1.66% | 11.38% | |
60 Neutral | €1.74B | 19.94 | 8.04% | 1.74% | 10.63% | 203.27% | |
58 Neutral | €1.14B | 5.32 | -2.06% | 4.85% | 1.58% | ― |
* Industrials Sector Average
DE:ENR
Siemens Energy
133.64
38.25
40.09%
DE:NDX1
Nordex
38.24
15.74
69.96%
DE:DEZ
Deutz AG
10.34
1.65
19.06%
DE:DUE
Durr AG
16.50
-3.19
-16.20%
DE:KSB
KSB AG
840.00
-24.20
-2.80%
DE:SIE
Siemens
266.75
29.79
12.57%
Siemens Energy Corporate Events
Business Operations and StrategyStock Buyback
Siemens Energy Expands Share Buyback to Over 3.2 Million Shares
Positive
Oct 19, 2026
Siemens Energy AG reported that it acquired a total of 1,096,894 shares between October 12 and October 18, 2026 under its ongoing share buyback program. The purchases were executed via Xetra in Frankfurt and multilateral trading platforms CBOE DXE...
Regulatory Filings and Compliance
Siemens Energy Sets New Total of 850 Million Voting Rights
Neutral
Oct 13, 2026
Siemens Energy AG has updated its total number of voting rights to 850,000,000 as of October 13, 2026, under a capital-related measure in accordance with German securities law. The announcement confirms that no multiple voting rights are outstandi...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Siemens Energy Advances Share Buyback, Repurchases Over 2.1 Million Shares
Positive
Oct 12, 2026
Siemens Energy AG has continued its ongoing share buyback program, repurchasing 936,589 shares between Oct. 5 and Oct. 11, 2026 across Xetra and several multilateral trading platforms. These purchases follow the previously announced buyback start ...
Regulatory Filings and Compliance
Siemens Energy Reports Insider Purchase by Supervisory Board Member
Positive
Oct 7, 2026
Siemens Energy AG disclosed a managers’ transaction under article 19 of the Market Abuse Regulation, reporting that supervisory board member Robert Kensbock purchased a financial instrument linked to a Siemens Energy share or debt instrument...
Business Operations and StrategyStock Buyback
Siemens Energy Advances Share Buyback With Over 1.1 Million Shares Repurchased
Positive
Oct 5, 2026
Siemens Energy AG reported the second interim update on its ongoing share buyback program, detailing the acquisition of 894,429 shares between September 28 and October 4, 2026 across Xetra and multilateral trading systems CBOE DXE, Aquis Exchange ...
Regulatory Filings and Compliance
Siemens Energy Discloses Supervisory Board Member’s Share Sale Under MAR Rules
Neutral
Sep 28, 2026
Siemens Energy AG disclosed a manager’s transaction involving supervisory board member Robert Kensbock, in line with market abuse regulation requirements. The notification underscores the company’s adherence to European transparency ru...
Business Operations and StrategyStock Buyback
Siemens Energy Launches Share Buyback, Repurchases 290,986 Shares in First Phase
Positive
Sep 28, 2026
Siemens Energy has begun executing a new share buyback program, repurchasing a total of 290,986 shares between 24 and 27 September 2026 via Xetra and several European multilateral trading platforms. The transactions, conducted through a commission...
Business Operations and StrategyStock Buyback
Siemens Energy launches up to €2 billion share buyback program
Positive
Sep 23, 2026
Siemens Energy AG has launched a share buyback program starting 24 September 2026, authorizing the repurchase of up to €2 billion worth of shares, capped at 50 million no-par-value shares, running no later than 31 March 2027. The program is ...
Business Operations and StrategyRegulatory Filings and Compliance
Siemens AG trims voting stake in Siemens Energy to 4.98%
Neutral
Sep 9, 2026
Siemens Energy AG has disclosed a change in voting rights, reporting that Siemens Aktiengesellschaft, via Siemens Beteiligungen Inland GmbH, has reduced its stake in Siemens Energy to 4.98% of voting rights. The threshold was crossed on September ...
Regulatory Filings and Compliance
Siemens Energy Board Member Mulliez Buys Shares Worth About €100,000
Positive
Aug 27, 2026
Siemens Energy AG has disclosed a manager’s transaction under Article 19 of the Market Abuse Regulation, reporting that supervisory board member Laurence Mulliez purchased Siemens Energy shares on 26 August 2026 via the Xetra trading platfor...
Business Operations and StrategyM&A Transactions
Siemens Energy Plans Standalone Spin-Off for Industrial Transformation Unit
Positive
Aug 25, 2026
Siemens Energy AG has initiated preparations to legally and operationally separate its Transformation of Industry business area into a standalone company. The planned structure is designed to create an independent industrial energy solutions playe...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Siemens Energy Completes €1 Billion Share Buyback, Retiring 0.75% of Capital
Positive
Aug 17, 2026
Siemens Energy has completed a share buyback program that ran between June 4 and August 14, 2026, acquiring a total of 6,467,098 shares, equivalent to 0.751% of its share capital. The program was executed via Xetra and several European multilatera...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Siemens Energy passes 5.9 million shares in ongoing buyback program
Positive
Aug 10, 2026
Siemens Energy AG has continued its ongoing share buyback program, acquiring 694,400 shares between August 3 and August 9, 2026 across Xetra and multilateral trading platforms CBOE DXE, Aquis Exchange Europe and Turquoise Europe. This latest tranc...
Business Operations and StrategyStock Buyback
Siemens Energy Advances Share Buyback, Repurchasing 4.57 Million Shares
Positive
Jul 27, 2026
Siemens Energy AG has continued its ongoing share buyback program, repurchasing 637,140 shares between July 20 and July 26, 2026 on Xetra and multilateral trading platforms CBOE DXE, Aquis Exchange Europe, and Turquoise Europe. This brings the tot...
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.