SIEGY changes
Pick any two versions below to diff them.
- Price
- $152.60 → $154.47(+1.2%)
- Next earnings
- Nov 12, 2026 → Feb 11, 2027
- About
- Siemens is a technology company based in Munich, Germany. Digital Industries sells factory automation systems and industrial software, which includes the Altair and Dotmatics businesses that Siemens bought. Smart Infrastructure sells electrification equipment, electrical products and building technology, and data centers are a fast-growing group of its customers. Mobility sells trains, rail signaling and rail services. Siemens also owns about 67% of Siemens Healthineers, a listed medical technology company, and has a financial services unit. Revenue was removed: €78.9 added: €83.4 billion in fiscal removed: 2025, added: 2026, and the order backlog was removed: €132 added: a record €143 billion at removed: June added: September 30, 2026. The fiscal year ends on September 30. Siemens reports in euros, and its shares trade in Germany. SIEGY is an American depositary share (ADS) that trades over the counter in the United States, and each ADS is one half of a Siemens share.
- Thesis
- Siemens trades at a premium because investors pay for its automation and industrial software business and for fast growth in electrification for data centers. In removed: Q3 fiscal 2026, orders rose removed: 14% added: 25% on a comparable basis to a record removed: €27.9 added: €108.2 billion, removed: Smart Infrastructure orders rose 42%, and the order backlog reached a record removed: €132 added: €143 billion. Investors also pay for a simpler company: Siemens plans to give removed: 30% added: part of removed: the added: its Siemens Healthineers removed: shares added: stake directly to its own shareholders, and it buys back shares under a program of up to €6 billion. For the premium to be earned, four things must be true. Digital Industries must keep its software growth and a profit margin in its range of 17% to 19% as demand for automation recovers. The large data center orders of Smart Infrastructure must turn into revenue at a margin near 20%. Profit Industrial Business must keep removed: growing added: growing, with the fiscal 2027 outlook of 9% to 11% comparable revenue growth and EPS pre PPA of €10.20 to €10.80, without the U.S. tariff refunds that helped Q3 fiscal 2026. The shareholders must approve the Siemens Healthineers spin-off at the Annual General Meeting planned for February 2027. The removed: Q4 added: Q1 fiscal removed: 2026 added: 2027 report on removed: November 12, 2026, with the first outlook for fiscal 2027, added: February 11, 2027 is the next test. The premium can shrink if the automation recovery stops, if data center spending slows, or if the spin-off is late.
- Balance sheet
- Cash: €10.9B Debt: €49.9B Net debt: €39.0B Debt due within 12 months: €8.6B Siemens funds itself with bonds and other long-term debt, and part of the debt finances the loans and leases of Siemens Financial Services. All amounts are in euros. At June 30, 2026, short-term debt and current maturities of long-term debt were €8.60 billion and long-term debt was €41.32 billion, so total debt was €49.92 billion. Cash and cash equivalents were €10.93 billion. Siemens reports industrial net debt, which leaves out the financing business, of €9.34 billion at June 30, 2026, against €12.16 billion at September 30, 2025, or 0.6 times EBITDA. Provisions for pensions were €0.7 billion. Total equity was €75.16 billion. In the first nine months of fiscal 2026, free cash flow was €6.54 billion, dividends to Siemens shareholders were €4.17 billion and purchases of treasury shares were €2.66 billion. A share buyback program of up to €6 billion over up to five years started in fiscal 2026. added: For all of fiscal 2026, free cash flow at Group level was a record €12.1 billion, and the balance sheet figures above are those of June 30, 2026. As of Jun 30, 2026.
- Checkpoints
- Nov 12, 2026: Q4 fiscal 2026 results and fiscal 2027 outlook. removed: Pending. added: Passed. Watch: Fiscal 2026 EPS pre PPA within or above €11.20 to €11.50, a book-to-bill ratio above 1 and a fiscal 2027 outlook for higher earnings pass; a lower outlook or falling Digital Industries margins fail. added: Outcome: Fiscal 2026 EPS pre PPA was €11.76, above the range, the book-to-bill ratio was 1.30, and Siemens set fiscal 2027 EPS pre PPA of €10.20 to €10.80 without Siemens Healthineers and raised its mid-term targets. Feb 11, added: 2027: Q1 fiscal 2027 added: results: orders and the outlook. Pending. Watch: A book-to-bill ratio above 1 and the outlook of 9% to 11% comparable revenue growth kept pass; a lower outlook or falling orders fail. Feb 2027 (estimate): Annual General Meeting: Siemens Healthineers spin-off vote. Pending. Watch: Shareholder approval of the direct spin-off of Siemens Healthineers shares passes; a rejection or a new delay fails.
- Recent events
- Nov added: 12, 2026: Siemens reported Q4 and fiscal 2026 results. Comparable orders rose 25% to a record €108.2 billion, comparable revenue rose 8% to €83.4 billion, and the order backlog reached a record €143 billion. Profit Industrial Business rose to €13.3 billion, a margin of 16.3%. Net income was €9.5 billion, against €10.4 billion a year earlier, which included a €2.1 billion gain on the sale of Innomotics, and EPS pre PPA was €11.76. Free cash flow was a record €12.1 billion. Siemens proposed a dividend of €5.50 per share, against €5.35. For fiscal 2027, without Siemens Healthineers, it expects comparable revenue growth of 9% to 11% and EPS pre PPA of €10.20 to €10.80, against €9.27 in fiscal 2026 on the same basis. It raised its mid-term targets to comparable revenue growth of 7% to 11% and double-digit EPS pre PPA growth. It plans to transfer 34.1% of its Siemens Healthineers stake to its shareholders, one Healthineers share for every two Siemens shares. Nov 10, 2026: Siemens signed an agreement to buy Lauterbach, a German maker of debug and trace tools for embedded software and complex chips. Lauterbach has about 170 employees and had revenue of about €60 million in 2025. Siemens adds it to the electronic design automation software of Digital Industries. Siemens did not give the price. Nov 5, 2026: Siemens and Siemens Healthineers said that Siemens Healthineers will change its name to Healthineers. The Siemens Healthineers annual meeting must approve the new name. Siemens plans to deconsolidate Siemens Healthineers in 2027 by a spin-off, and the annual meetings of both companies in February 2027 will vote on it. The brand change starts after the spin-off is entered in the German Commercial Register. Nov 4, 2026: Siemens completed the purchase of key businesses of the MERMEC Group, an Italian supplier of railway signaling, diagnostics and measurement technology, after it received all approvals. The businesses have about 1,700 employees and had revenue of about €430 million in fiscal 2025. They are now part of Siemens Mobility. Siemens announced the deal in May 2026. Aug 6, 2026: Siemens reported Q3 fiscal 2026 results. Orders rose 14% on a comparable basis to a record €27.9 billion, and revenue rose 8% on a comparable basis to €20.8 billion, for a book-to-bill ratio of 1.34. Profit Industrial Business rose 25% to a record €3.5 billion, a margin of 17.3%, and it included positive effects from tariff refunds in the U.S. Net income rose 15% to €2.6 billion, EPS pre PPA was €3.14, and free cash flow was €4.1 billion. Siemens raised its fiscal 2026 outlook for EPS pre PPA to €11.20 to €11.50, from €10.70 to €11.10. The CFO said that Siemens received binding decisions from the tax authorities, so the Siemens Healthineers spin-off can continue as planned. May 13, 2026: Siemens reported Q2 fiscal 2026 results. Orders rose 18% on a comparable basis to €24.1 billion, revenue rose 6% on a comparable basis to €19.8 billion, and net income was €2.2 billion. Profit Industrial Business was €3.0 billion, against €3.2 billion a year earlier, which included a gain of €0.3 billion from a business exit. Siemens announced a new share buyback program of up to €6 billion over up to five years. Apr 17, 2026: Siemens said that it prepares a shareholder vote on the direct spin-off of Siemens Healthineers shares for its Annual General Meeting in February 2027. Under the plan, Siemens shareholders receive Siemens Healthineers shares directly. Final regulatory confirmation was still outstanding at that time. Nov 12, 2025: Siemens said that it plans to deconsolidate Siemens Healthineers, in which it holds about 67%. It plans to transfer 30% of the Siemens Healthineers shares to Siemens shareholders through a spin-off, and in the medium term it wants to keep only a financial stake. Both companies' shareholder meetings must approve the spin-off.