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German optics and photonics company making lenses, laser systems and precision optical components for semiconductor, medical and industrial customers.
German optics and photonics company making lenses, laser systems and precision optical components for semiconductor, medical and industrial customers.
Builds optics, lasers and measurement devices to a customer's specification and supplies them as components inside machines made by others, so a large part of sales is repeat supply to a small group of equipment makers, notably in semiconductors.
In one line: A German Coherent/II-VI for precision optics.
Moat: narrow (process know-how, customer qualification, IP / patents). Precision optics know-how embedded in critical semiconductor lithography supply chains, but a specialized, smaller player.
Headquarters: Jena, Germany · Founded: 1991 · Employees: 4,453
Size Jenoptik (JEN.DE) is a Germany Information Technology company (Electronic Components) with a market value of $2.30B, the 102nd largest of 205 Germany companies the cockpit tracks. Shares closed at €35.80 on 6 Nov 2026.
Performance Over six months the shares fell 21.5%, against -25.6% for the median peer and +2.6% for the Germany market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue fell 2.1% over the last twelve months (peer median +27.6%); the operating margin is 12.4% (peer median 9.8%).
Valuation It trades at 18.6× forward earnings against a peer median of 28.6× (6th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 10% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.1 points below its cost of capital (7.9% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €1.05B | €1.05B | €1.12B | €1.07B | €981M |
| Revenue growth | — | -6% | +5% | +9% | — |
| Gross profit | €362M | €308M | €344M | €341M | €311M |
| EBITDA | €206M | €187M | €217M | €208M | €187M |
| Net income | €87.3M | €72.0M | €92.6M | €72.5M | €55.1M |
| Free cash flow | €130M | €118M | €68.1M | €73.6M | €67.9M |
| Capital expenditure | €55.9M | €72.6M | €93.1M | €87.7M | €79.3M |
| Total debt | €436M | €401M | €481M | €491M | €537M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Jenoptik JEN.DE | $2.30B | -21% | -2% | 12% | 18.6× | 10.3% |
| Coherent COHR | $38.0B | -42% | +23% | 14% | 16.6× | n/a |
| IPG Photonics IPGP | $2.78B | -38% | +15% | 5% | 32.8× | 24.8% |
| Hamamatsu Photonics K.K 6965.T | $3.69B | -7% | +10% | 9% | 30.9× | 27.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | JEN.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.5% | -18.7% | 8th highest of 21 |
| 6-month return | -21.5% | -25.6% | 9th highest of 21 |
| Distance from 52-week high | -26.1% | -55.8% | 2nd highest of 21 |
| Revenue growth (TTM) | -2.1% | +27.6% | 3rd lowest of 21 |
| Operating margin | 12.4% | 9.8% | 10th highest of 21 |
| Forward P/E | 18.6× | 28.6× | 6th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 10.3% | 20.4% | 2nd least demanding of 9 |
| Growth delivered (Del g) | +11.2% | +13.3% | 4th lowest of 9 |
| Hurdle (Req g minus delivered) | -0.9 pp | +4.5 pp | 3rd least demanding of 9 |
| ROIC minus cost of capital | -1.1 pp | -3.4 pp | 8th highest of 21 |
| EV / EBITDA | 11.5× | 11.4× | 2nd most expensive of 4 |
| Net debt / EBITDA | 1.5× | -0.4× | 3rd least indebted of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Jenoptik JEN.DE | Germany | $2.30B | -21% | -2% | 12% | 18.6× | 10.3% | +11.2% |
| Xiamen Hengkun New Material Technology 688727.SS | China | $2.28B | -33% | +20% | 9% | n/a | n/a | n/a |
| Hefei Meyer Optoelectronic Technology 002690.SZ | China | $2.25B | -3% | +3% | 31% | 18.5× | 9.2% | +10.0% |
| EZconn 6442.TW | Taiwan | $2.40B | -51% | +30% | 27% | 16.2× | 15.3% | +34.3% |
| Fulltech Fiber Glass 1815.TWO | Taiwan | $2.18B | +6% | +49% | 26% | 21.6× | n/a | n/a |
| Zhuzhou Hongda Electronics 300726.SZ | China | $2.43B | -20% | +11% | 26% | 35.2× | 27.3% | +6.1% |
| Shenglan Technology 300843.SZ | China | $2.16B | +2% | +45% | 8% | 66.5× | n/a | n/a |
| Fujian Torch Electron Technology 603678.SS | China | $2.16B | -7% | +82% | 4% | 26.2× | n/a | n/a |
| Electric Connector Technology 300679.SZ | China | $2.14B | -24% | 0% | 4% | 25.1× | 27.9% | +15.8% |
| HONG RI DA Technology 301285.SZ | China | $2.50B | -22% | +14% | -13% | 424.7× | n/a | n/a |
| Aoshikang Technology 002913.SZ | China | $2.52B | +2% | +25% | 10% | 34.0× | n/a | n/a |
| Dongguan Dingtong Precision Metal 688668.SS | China | $2.09B | -55% | +33% | 16% | 29.5× | n/a | n/a |
| Meiko Electronics 6787.T | Japan | $2.07B | -27% | +22% | 10% | 10.7× | n/a | n/a |
| Zhejiang Lante Optics 688127.SS | China | $2.56B | -45% | +59% | 31% | 27.8× | 20.5% | +28.5% |
| Optowide Technologies 688195.SS | China | $2.57B | -60% | +68% | 17% | 100.1× | n/a | n/a |
| Xiamen Leading Optics 605118.SS | China | $2.05B | -31% | +32% | 34% | n/a | 20.4% | +14.8% |
| INESA Intelligent Tech 600602.SS | China | $2.60B | -31% | -2% | 2% | 71.9× | 32.7% | +6.7% |
| Wuhu Token Science 300088.SZ | China | $2.03B | -18% | -15% | 0% | 31.7× | n/a | n/a |
| Daeduck Electronics 353200.KS | South Korea | $2.61B | -37% | +56% | 16% | 15.0× | 15.3% | +11.8% |
| FIT Hon Teng 6088.HK | Hong Kong | $2.63B | -67% | +11% | 5% | 10.5× | n/a | n/a |
| Primarius Technologies 688206.SS | China | $2.63B | -2% | +30% | -9% | 331.6× | n/a | n/a |