Siltronic AG
ConvictionContext
Capital-intensive merchant wafer manufacturing sold to chipmakers largely under multi-year long-term agreements (LTAs) with customer prepayments; pricing outside LTAs is spot-cyclical; 30.0M shares outstanding, anchor shareholder Wacker Chemie (~24% after its May 2026 secondary placement, down from 30.8%)
Revenue
EUR 1,346.7M FY2025~$1.45B at 2025 average rates), -4.7% vs 2024 (FY2025 results release, 2026-03-12Rev growth
-4.7% FY2025FY2026 guided mid-single-digit % below 2025 at EUR/USD 1.18 (roughly flat adjusted for FX and the SD-line closureGross margin
Gross margin not disclosedin the results releases; EBITDA margin 23.5% FY2025 (25.8% FY2024Op margin
EBIT margin -2.0% FY2025EBIT EUR -26.4M vs EUR +125.2M FY2024); Q1 2026 EBIT EUR -52.4M as depreciation from the new fab wave hitsCapex intensity
~27% of sales FY2025EUR 369.1M); FY2026 guided down sharply to EUR 180-220M (~14-17%) as FabNext peak spend passesMarket cap
~$3.0BEUR ~2.5B; Frankfurt/Xetra: WAF; early Jul 2026 at EUR ~84 x 30.0M shares - share count unchanged, the May 2026 placement was a Wacker secondary sale, not new sharesMembers only
Full financial intelligence for Siltronic AG
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 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence