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German maker of solar inverters and energy-management systems that convert and manage power from photovoltaic installations.
German maker of solar inverters and energy-management systems that convert and manage power from photovoltaic installations.
Sells inverters, which turn panel output into grid-ready power, mostly through electrical wholesalers and installers for rooftops and under project contracts for solar farms; service contracts and software add recurring income. It has been restructuring to cut costs under price pressure from Chinese suppliers.
In one line: A German SolarEdge/Enphase for solar inverters.
Moat: narrow (brand, installed base, process know-how). Established engineering brand in inverters, but faces intense price competition from Chinese manufacturers like Huawei/Sungrow.
Headquarters: Niestetal, Germany · Founded: 1981 · Employees: 3,674
Size SMA Solar Technology (S92.DE) is a Germany Industrials company (Electrical Products) with a market value of $1.99B, the 107th largest of 205 Germany companies the cockpit tracks. Shares closed at €51.15 on 6 Nov 2026.
Performance Over six months the shares fell 20.9%, against -20.4% for the median peer and +2.6% for the Germany market (cap-weighted) — 10th highest of 19 in its peer set.
Growth Revenue grew 4.3% over the last twelve months (peer median +6.1%); the operating margin is -6.7% (peer median 10.2%).
Valuation It trades at 16.7× forward earnings against a peer median of 22.1× (7th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about -4% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 29.9 points below its cost of capital (5.8% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €1.52B | €1.52B | €1.53B | €1.90B | €1.07B |
| Revenue growth | — | -1% | -20% | +79% | — |
| Gross profit | €200M | €115M | €242M | €553M | €219M |
| EBITDA | €19.4M | -€76.5M | -€5.94M | €313M | €44.5M |
| Net income | -€66.0M | -€181M | -€118M | €226M | €55.8M |
| Free cash flow | €119M | €126M | -€172M | €96.4M | €2.77M |
| Capital expenditure | €36.7M | €49.9M | €90.0M | €84.4M | €61.8M |
| Total debt | €94.2M | €140M | €196M | €31.9M | €23.7M |
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 |
|---|---|---|---|---|---|---|
| SMA Solar Technology S92.DE | $1.99B | -21% | +4% | -7% | 16.7× | -4.2% |
| Sungrow Power Supply 300274.SZ | $25.3B | -40% | -24% | 12% | 14.9× | 12.1% |
| SolarEdge Technologies SEDG | $1.69B | -33% | +26% | -6% | n/a | 11.4% |
| Enphase Energy ENPH | $3.77B | -22% | -20% | 13% | 27.0× | 18.7% |
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 | S92.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.7% | -9.7% | 8th lowest of 21 |
| 6-month return | -20.9% | -20.4% | 10th highest of 19 |
| Distance from 52-week high | -27.6% | -43.4% | 3rd highest of 21 |
| Revenue growth (TTM) | +4.3% | +6.1% | 11th highest of 21 |
| Operating margin | -6.7% | 10.2% | 2nd lowest of 21 |
| Forward P/E | 16.7× | 22.1× | 7th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | -4.2% | 6.2% | 3rd least demanding of 10 |
| Growth delivered (Del g) | +8.1% | +8.5% | 5th lowest of 10 |
| Hurdle (Req g minus delivered) | -12.3 pp | -2.0 pp | 3rd least demanding of 10 |
| ROIC minus cost of capital | -29.9 pp | +2.1 pp | lowest of 20 |
| Net debt / EBITDA | -7.6× | -0.1× | least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| SMA Solar Technology S92.DE | Germany | $1.99B | -21% | +4% | -7% | 16.7× | -4.2% | +8.1% |
| Xian Sinofuse Electric 301031.SZ | China | $1.99B | -16% | +56% | 21% | 22.1× | n/a | n/a |
| Minmetals New Energy Materials (Hunan) 688779.SS | China | $2.00B | -36% | +146% | 5% | 23.8× | n/a | n/a |
| Jinlongyu 002882.SZ | China | $1.97B | -21% | -1% | 3% | n/a | n/a | n/a |
| TD Power Systems TDPOWERSYS.NS | India | $1.96B | -7% | +54% | 17% | 47.1× | 40.6% | +25.6% |
| Meidensha 6508.T | Japan | $1.96B | -20% | +12% | 10% | 11.0× | 5.1% | +7.1% |
| Jiangxi Special Electric Motor 002176.SZ | China | $1.96B | -52% | -13% | -13% | n/a | 48.7% | +1.2% |
| Dajin Heavy Industry 1081.HK | Hong Kong | $2.03B | n/a | +2% | 19% | 10.6× | n/a | n/a |
| AQ Group AB AQ.ST | Sweden | $2.04B | -5% | +11% | 9% | 24.7× | 12.4% | +13.5% |
| Zhejiang E-P Equipment 603194.SS | China | $2.04B | -3% | +17% | 13% | 14.8× | n/a | n/a |
| Titan Wind Energy (Suzhou) 002531.SZ | China | $2.05B | -37% | -1% | 5% | 29.4× | n/a | n/a |
| Ligent Technologies 9856.HK | Hong Kong | $2.07B | n/a | +33% | 12% | n/a | n/a | n/a |
| Chung-Hsin Electric & Machinery Manufacturing 1513.TW | Taiwan | $2.07B | -10% | +4% | 19% | 14.7× | -2.2% | +12.3% |
| Simplo Technology 6121.TWO | Taiwan | $1.90B | -6% | +3% | 11% | 9.6× | -20.1% | -0.8% |
| Signify LIGHT.AS | Netherlands | $2.09B | -26% | -8% | 7% | 8.5× | -12.5% | -2.4% |
| Jiangsu Cnano Technology 688116.SS | China | $1.90B | -19% | +8% | 19% | 32.6× | n/a | n/a |
| Jiangsu Leili Motor 300660.SZ | China | $1.90B | -33% | +16% | 5% | 70.5× | 29.1% | +11.6% |
| Hangzhou Zhongheng Electric 002364.SZ | China | $1.89B | -40% | +17% | 4% | 70.6× | n/a | n/a |
| Voltronic Power Technology 6409.TW | Taiwan | $2.10B | +1% | -13% | 20% | 21.5× | 6.2% | +8.5% |
| Chengdu Jiachi Electronic Technology 688708.SS | China | $2.11B | -33% | -7% | 26% | n/a | n/a | n/a |
| CETC Chips Technology 600877.SS | China | $1.87B | -36% | -2% | -3% | n/a | n/a | n/a |