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German industrial conglomerate making factory automation, digital/software tools, smart building/grid infrastructure and rail transport systems.
German industrial conglomerate making factory automation, digital/software tools, smart building/grid infrastructure and rail transport systems.
Sells factory-automation hardware and software, building and grid equipment, and trains and signalling, often on long contracts followed by servicing. It has been slimming into a technology company: it listed Healthineers in 2018, spun off Siemens Energy in 2020 and bought software firm Altair in 2025.
In one line: Germany's GE (industrial/automation side).
Moat: wide (installed base, switching costs, IP / patents). Deeply embedded automation software/hardware and rail signaling systems create long replacement cycles.
Headquarters: Munich, Germany · Founded: 1847 · Employees: 317,562
Size Siemens (SIE.DE) is a Germany Industrials company (Industrial Machinery) with a market value of $225B, the 2nd largest of 205 Germany companies the cockpit tracks. Shares closed at €263.65 on 6 Nov 2026.
Performance Over six months the shares fell 3.7%, against -1.0% for the median peer and +2.6% for the Germany market (cap-weighted) — 3rd lowest of 8 in its peer set.
Growth Revenue grew 3.6% over the last twelve months (peer median +8.8%); the operating margin is 12.5% (peer median 18.0%).
Valuation It trades at 23.4× forward earnings against a peer median of 23.4× (4th most expensive of 8).
Price implies For today's price to make sense, revenue must grow about 18% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is +11 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.3 points below its cost of capital (9.2% WACC).
Credit Siemens has 34 bonds outstanding ($34.9B), rated AA- by the agencies and trading like AA+ at a weighted spread of 53 bp.
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €81.1B | €78.9B | €75.9B | €74.9B | €72.0B |
| Revenue growth | — | +4% | +1% | +4% | — |
| Gross profit | €31.9B | €30.4B | €29.8B | €29.1B | €25.8B |
| EBITDA | €13.7B | €12.4B | €12.7B | €13.0B | €10.9B |
| Net income | €7.95B | €9.62B | €8.30B | €7.95B | €3.72B |
| Free cash flow | €10.1B | €9.08B | €8.12B | €8.88B | €7.33B |
| Capital expenditure | €2.49B | €2.44B | €2.09B | €2.15B | €2.08B |
| Total debt | €49.9B | €56.0B | €47.9B | €46.6B | €50.6B |
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 |
|---|---|---|---|---|---|---|
| Siemens SIE.DE | $225B | -4% | +4% | 13% | 23.4× | 18.3% |
| GE Aerospace GE | $334B | +9% | +20% | 18% | 36.4× | 27.6% |
| Schneider Electric SU.PA | $151B | -16% | +7% | 18% | 22.2× | 18.0% |
| ABB ABBN.SW | $147B | -17% | +1% | 18% | 24.5× | 4.3% |
| Honeywell Technologies HON | $69.8B | -1% | -17% | 18% | 23.2× | 4.1% |
| Alstom ALO.PA | $5.56B | -40% | +4% | 4% | n/a | 2.7% |
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 | SIE.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.2% | -10.5% | 2nd highest of 8 |
| 6-month return | -3.7% | -1.0% | 3rd lowest of 8 |
| Distance from 52-week high | -9.6% | -16.6% | highest of 8 |
| Revenue growth (TTM) | +3.6% | +8.8% | 3rd lowest of 8 |
| Operating margin | 12.5% | 18.0% | 3rd lowest of 8 |
| Forward P/E | 23.4× | 23.4× | 4th most expensive of 8 |
| Growth the price implies (Req g, 7 yrs) | 18.3% | 17.7% | 3rd most demanding of 8 |
| Growth delivered (Del g) | +7.4% | +8.4% | 4th lowest of 8 |
| Hurdle (Req g minus delivered) | +10.9 pp | +5.6 pp | 2nd most demanding of 8 |
| ROIC minus cost of capital | -3.3 pp | +5.5 pp | lowest of 8 |
| EV / EBITDA | 18.1× | 19.2× | 3rd cheapest of 7 |
| Net debt / EBITDA | 2.9× | 1.1× | most indebted of 7 |
| Bond spread | 53 bp | 67 bp | tightest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Siemens SIE.DE | Germany | $225B | -4% | +4% | 13% | 23.4× | 18.3% | +7.4% |
| Hitachi 6501.T | Japan | $130B | -7% | +14% | 12% | 20.9× | 9.5% | +3.9% |
| Parker Hannifin PH | United States | $116B | +4% | +8% | 22% | 24.4× | 19.0% | +8.4% |
| Trane Technologies TT | United States | $87.9B | -14% | +10% | 18% | 23.4× | 14.7% | +11.4% |
| Atlas Copco ATCO-A.ST | Sweden | $87.5B | +4% | +3% | 20% | 29.7× | 17.7% | +11.0% |
| Johnson Controls JCI | United States | $81.8B | -3% | +9% | 16% | 21.3× | 17.8% | +1.6% |
| Honeywell Technologies HON | United States | $69.8B | -1% | -17% | 18% | 23.2× | 4.1% | +2.8% |
| NAURA Technology 002371.SZ | China | $60.6B | +4% | +18% | 11% | 56.5× | 33.4% | +45.5% |
Siemens has 34 bonds outstanding with $34.9B face value. The agencies rate it AA-; its bonds trade like AA+. Weighted yield 4.15%, a spread of 53 bp over government bonds.