# Siemens (SIEGY)

Sector: Industrial automation & software

| Field | Value |
|---|---|
| Price | $153.38 |
| Intrinsic value source | Analysts |
| Data as of | 2026-11-10 |
| Next earnings | 2026-11-12 (confirmed) |

Analysts: Very bullish

Picks: Research only

Discount category: Far above intrinsic value

## In short

Investors pay a premium for Siemens' automation software and its data center growth, and steady software growth, strong data center orders and a completed Healthineers spin-off can earn it.

## Themes and gap

- Themes: AI supplier (ai-supplier), Power and energy (power-energy), Tariffs and trade (trade-tariffs)
- Gap type: Can close (closable)
- Why: The Q4 fiscal 2026 report on November 12, 2026, with the fiscal 2027 outlook, and the vote on the Siemens Healthineers spin-off planned for February 2027 test the premium within about a year.

## 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 €78.9 billion in fiscal 2025, and the order backlog was €132 billion at June 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 Q3 fiscal 2026, orders rose 14% on a comparable basis to a record €27.9 billion, Smart Infrastructure orders rose 42%, and the order backlog reached a record €132 billion. Investors also pay for a simpler company: Siemens plans to give 30% of the Siemens Healthineers shares 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 growing 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 Q4 fiscal 2026 report on November 12, 2026, with the first outlook for fiscal 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.

## Checkpoints

- Nov 12, 2026: Q4 fiscal 2026 results and fiscal 2027 outlook. Status: Pending. 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.
- Feb 11, 2027 (estimate): Annual General Meeting: Siemens Healthineers spin-off vote. Status: Pending. Watch: Shareholder approval of the direct spin-off of Siemens Healthineers shares passes; a rejection or a new delay fails.

## 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.

As of 2026-06-30.

Sources:

- https://assets.new.siemens.com/siemens/assets/api/uuid:bdf8b45d-34dc-4911-ad72-5aa2a03d1d40/HQCOPR202608037433EN.pdf
- https://assets.new.siemens.com/siemens/assets/api/uuid:b776bca3-2e57-41cb-bac4-319e0829bcfd/2026-q2-press-release-en.pdf

## Dividends

- Paid per share, last 12 months: $0.00 (0 payments)
- Latest ex-dividend date: 2025-02-14, $2.716 per share

Dividends per share by year: 2016: $1.876, 2017: $1.87, 2018: $2.179, 2019: $2.15, 2020: $8.355, 2021: $2.129, 2022: $2.264, 2023: $2.269, 2024: $2.557, 2025: $2.716.

Source: company filings and market data, read on 2026-11-09.

## Recent events

- 2026-08-06: 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.
- 2026-05-13: 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.
- 2026-04-17: 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.
- 2025-11-12: 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.

## Risks

- Medium: Demand for factory automation depends on industrial investment, mainly in China, Germany and the United States. A weak industrial economy can slow orders and margins at Digital Industries, the most profitable business.
- Medium: Smart Infrastructure won large orders from data center customers in 2026. If spending on data centers slows, orders and the growth of this business can fall.
- Medium: The Siemens Healthineers spin-off is a new and complex structure under German law. It needs shareholder approval at both companies and final regulatory steps, so it can be late or change.
- Low: Mobility had a profit margin of only 8.6% in Q3 fiscal 2026. Large rail contracts have fixed prices and long terms, so cost overruns can lower profit.
- Low: Siemens reports in euros, but much of its revenue is in other currencies. Currency changes cut about one percentage point from order and revenue growth in Q3 fiscal 2026. The ADS price in U.S. dollars also moves with the euro.

## Links

- Page: https://picks.utilarium.app/company/SIEGY/
- History of changes: https://picks.utilarium.app/company/SIEGY/history/
- JSON with full history: https://picks.utilarium.app/data/company/SIEGY.json

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