BE Semiconductor
ConvictionModerate
Capital-equipment OEM: designs and sells assembly machines (die-attach, flip-chip, packaging, plating, hybrid bonding) to foundries, IDMs, and OSAT subcontractors, with a recurring tools/spares/service tail; fabless-style outsourced manufacturing and a lean, high-fixed-cost-leverage model.
Revenuefact
€591.3M FY25€184.9M Q1-26 (+28.3% YoYRev growthfact
FY25 -2.7% YoYQ1-26 +28.3% YoY, +11.1% QoQGross marginfact
63.3% FY2563.5% Q1-26Op marginfact
29.3% FY2534.6% Q1-26Capex intensityfact
very low~2-3% of revenue (€15.6M LTM capex; €1.1M in Q1-26Market cap
~€22.9B~$26B) (Jun 2026, factAcross the boards
The thesis on this name
book · short
AI Compute Value-Chain
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Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence