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Swedish pure-play MEMS foundry that manufactures micro-electromechanical systems chips for other companies' sensor and device designs.
Swedish pure-play MEMS foundry that manufactures micro-electromechanical systems chips for other companies' sensor and device designs.
Makes chips to customers' designs and is paid per wafer, after a development phase in which it works with the customer to create and qualify the manufacturing process, so early engineering fees can lead to long production runs.
In one line: A MEMS contract-manufacturing foundry like a smaller X-FAB (MEMS side).
Moat: narrow (process know-how, customer qualification, scale). Specialized MEMS process expertise and foundry capacity are scarce, creating switching costs once a design is qualified.
Headquarters: Jarfalla, Sweden · Founded: 1991 · Employees: 456
Size Silex Microsystems (SILEX.ST) is a Sweden Information Technology company (Semiconductors) with a market value of $1.55B, the 101st largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 138.15 on 6 Nov 2026.
Performance Over six months the shares fell 32.1%, against -16.6% for the median peer and +8.2% for the Sweden market (cap-weighted) — 7th lowest of 20 in its peer set.
Growth Revenue grew 13.0% over the last twelve months (peer median +19.0%); the operating margin is 26.2% (peer median 5.9%).
Valuation It trades at 10.3× enterprise value to sales against a peer median of 3.8× (6th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 38% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is +25 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 2.2 points above its cost of capital (14.3% WACC).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Revenue | n/a | SEK 1.39B | SEK 1.23B | SEK 1.10B |
| Revenue growth | — | +13% | +12% | — |
| Gross profit | n/a | SEK 363M | SEK 262M | SEK 226M |
| EBITDA | n/a | SEK 488M | SEK 379M | SEK 334M |
| Net income | n/a | SEK 269M | SEK 273M | SEK 214M |
| Free cash flow | n/a | SEK 158M | SEK 299M | -SEK 189M |
| Capital expenditure | n/a | SEK 195M | SEK 77.9M | SEK 540M |
| Total debt | SEK 307M | SEK 367M | SEK 449M | SEK 507M |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Silex Microsystems SILEX.ST | $1.55B | -32% | +13% | 26% | 10.3× | 38.0% |
| X-FAB Silicon Foundries XFAB.PA | $709M | -38% | -8% | 2% | 1.3× | n/a |
| TSM TSM | $1.78T | -9% | +35% | 58% | 10.8× | 15.4% |
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 | SILEX.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -18.0% | -18.6% | 10th highest of 20 |
| 6-month return | -32.1% | -16.6% | 7th lowest of 20 |
| Distance from 52-week high | -61.9% | -45.7% | 5th lowest of 21 |
| Revenue growth (TTM) | +13.0% | +19.0% | 10th lowest of 21 |
| Operating margin | 26.2% | 5.9% | highest of 21 |
| EV / Sales | 10.3× | 3.8× | 6th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 38.0% | 12.7% | 3rd most demanding of 10 |
| Growth delivered (Del g) | +13.0% | +3.8% | 2nd highest of 10 |
| Hurdle (Req g minus delivered) | +25.0 pp | +4.4 pp | 5th most demanding of 10 |
| ROIC minus cost of capital | +2.2 pp | -6.7 pp | 6th highest of 21 |
| EV / EBITDA | 29.1× | 12.9× | 2nd most expensive of 11 |
| Net debt / EBITDA | -2.0× | -0.8× | 2nd least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Silex Microsystems SILEX.ST | Sweden | $1.55B | -32% | +13% | 26% | 10.3× | 38.0% | +13.0% |
| Cosmo Electronics 2466.TW | Taiwan | $1.57B | +449% | -19% | -20% | 58.9× | n/a | n/a |
| Jiangsu HHCK Advanced Materials 688535.SS | China | $1.58B | -19% | +154% | 7% | 11.2× | n/a | n/a |
| Wonik 030530.KS | South Korea | $1.59B | -14% | -14% | 1% | 4.8× | n/a | n/a |
| Taiwan Surface Mounting Technology 6278.TW | Taiwan | $1.60B | -2% | +5% | 7% | 0.8× | 6.5% | +3.8% |
| Beijing ESWIN Computing Technology 1256.HK | Hong Kong | $1.50B | n/a | +20% | -57% | 4.4× | n/a | n/a |
| NSING Technologies 300077.SZ | China | $1.61B | -32% | +47% | 1% | 6.5× | n/a | n/a |
| ChipMOS Technologies 8150.TW | Taiwan | $1.49B | -17% | +19% | 8% | 2.0× | n/a | n/a |
| C Sun Mfg 2467.TW | Taiwan | $1.48B | -47% | +72% | 22% | 5.2× | 12.7% | +8.4% |
| Thinkon Semiconductor Jinzhou 688233.SS | China | $1.62B | -11% | +12% | 18% | 22.0× | 44.7% | +18.0% |
| Tekscend Photomask 429A.T | Japan | $1.64B | -36% | +10% | 22% | 1.6× | 6.4% | +8.7% |
| Aerospace Nanhu Electronic Information Technology 688552.SS | China | $1.64B | -19% | +19% | -6% | 11.0× | 35.8% | +1.0% |
| Shenzhen Injoinic Technology 688209.SS | China | $1.64B | +5% | +13% | 11% | 5.8× | n/a | n/a |
| Sensirion SENS.SW | Switzerland | $1.46B | +3% | +1% | 12% | 3.3× | 10.4% | +6.2% |
| Himax Technologies HIMX | United States | $1.45B | -51% | -8% | 5% | 1.4× | 30.3% | -1.3% |
| Shanghai Anlogic Infotech 688107.SS | China | $1.67B | -26% | +70% | -25% | 11.1× | n/a | n/a |
| Greatek Electronics 2441.TW | Taiwan | $1.68B | +4% | +24% | 21% | 2.5× | 1.6% | +2.7% |
| Kaga Electronics 8154.T | Japan | $1.42B | +6% | +24% | 4% | 0.3× | n/a | n/a |
| Shoals Technologies SHLS | United States | $1.70B | +14% | +49% | 11% | 2.9× | n/a | n/a |
| Risen Energy 300118.SZ | China | $1.71B | -42% | -52% | -39% | 3.1× | 38.4% | -4.7% |
| Changzhou Fusion New Material 688503.SS | China | $1.71B | -53% | +41% | 2% | 1.0× | n/a | n/a |