Loading…
German maker of lithography and wafer-bonding equipment used in semiconductor and advanced chip-packaging manufacturing.
German maker of lithography and wafer-bonding equipment used in semiconductor and advanced chip-packaging manufacturing.
Sells machines at a one-off price per tool, so revenue follows customers' capital-spending rounds, then adds spare parts, upgrades and service. Its mask aligners expose chip patterns onto wafers in packaging and sensor lines, while bonders join wafers together, work needed for stacked chips. Headquartered in Garching near Munich.
In one line: A German niche semiconductor-equipment maker like a small ASML/EV Group peer.
Moat: narrow (process know-how, customer qualification, IP / patents). Specialized lithography/bonding technology qualified into semiconductor packaging lines, but a small player facing larger rivals.
Headquarters: Garching, Germany · Founded: 1949 · Employees: 1,497
Size SUSS MicroTec (SMHN.DE) is a Germany Industrials company (Industrial Machinery) with a market value of $948M, the 148th largest of 205 Germany companies the cockpit tracks. Shares closed at €44.20 on 6 Nov 2026.
Performance Over six months the shares fell 52.9%, against -11.2% for the median peer and +2.6% for the Germany market (cap-weighted) — lowest of 20 in its peer set.
Growth Revenue fell 15.4% over the last twelve months (peer median +10.9%); the operating margin is 8.7% (peer median 6.5%).
Valuation It trades at 35.8× forward earnings against a peer median of 18.0× (4th most expensive of 13).
Price implies For today's price to make sense, revenue must grow about 24% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is +9 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 2.9 points below its cost of capital (13.1% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €440M | €503M | €447M | €304M | €260M |
| Revenue growth | — | +13% | +47% | +17% | — |
| Gross profit | €156M | €179M | €177M | €104M | €99.7M |
| EBITDA | €53.3M | €71.9M | €83.0M | €31.5M | €35.8M |
| Net income | €27.6M | €46.1M | €51.4M | €4.70M | €24.5M |
| Free cash flow | €22.1M | -€21.6M | €26.6M | €434,000 | €21.1M |
| Capital expenditure | €14.9M | €21.6M | €7.56M | €4.60M | €4.15M |
| Total debt | €48.7M | €49.6M | €13.3M | €15.2M | €20.0M |
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 |
|---|---|---|---|---|---|---|
| SUSS MicroTec SMHN.DE | $948M | -53% | -15% | 9% | 35.8× | 24.2% |
| ASML Holding N.V. - New York Re ASML | $574B | -11% | +29% | 39% | 22.4× | 26.4% |
| Canon 7751.T | $28.4B | +18% | +4% | 10% | 12.2× | -0.6% |
| VECO VECO | $2.27B | -37% | -3% | 4% | 13.3× | 37.1% |
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 | SMHN.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -32.3% | -4.7% | lowest of 21 |
| 6-month return | -52.9% | -11.2% | lowest of 20 |
| Distance from 52-week high | -62.7% | -38.6% | 3rd lowest of 21 |
| Revenue growth (TTM) | -15.4% | +10.9% | 3rd lowest of 21 |
| Operating margin | 8.7% | 6.5% | 7th highest of 21 |
| Forward P/E | 35.8× | 18.0× | 4th most expensive of 13 |
| Growth the price implies (Req g, 7 yrs) | 24.2% | 4.8% | 3rd most demanding of 13 |
| Growth delivered (Del g) | +14.8% | +9.8% | 4th highest of 13 |
| Hurdle (Req g minus delivered) | +9.4 pp | -9.3 pp | 4th most demanding of 13 |
| ROIC minus cost of capital | -2.9 pp | -2.5 pp | 9th lowest of 21 |
| EV / EBITDA | 14.7× | 9.0× | 4th most expensive of 8 |
| Net debt / EBITDA | -1.2× | -0.4× | 3rd least indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| SUSS MicroTec SMHN.DE | Germany | $948M | -53% | -15% | 9% | 35.8× | 24.2% | +14.8% |
| Zhejiang Jinggong Integration Technology 002006.SZ | China | $946M | -31% | -12% | 5% | 21.6× | 28.8% | +9.6% |
| Zhejiang Taitan 003036.SZ | China | $953M | -10% | +14% | 2% | n/a | n/a | n/a |
| Jiangyin Hengrun Heavy Industries 603985.SS | China | $942M | -45% | -20% | 9% | n/a | n/a | n/a |
| Shanghai Seer Intelligent Technology 6106.HK | Hong Kong | $940M | n/a | +30% | -12% | n/a | n/a | n/a |
| Shenzhen Dobot 2432.HK | Hong Kong | $937M | -50% | +67% | -33% | n/a | n/a | n/a |
| Unimech Aerospace & Manufacturing UNIMECH.NS | India | $937M | +63% | +40% | 27% | 61.6× | n/a | n/a |
| Shanghai SK Automation Technology 688155.SS | China | $936M | -53% | +56% | 15% | 17.6× | 5.3% | +43.3% |
| Shanghai Shibei Hi-Tech 600604.SS | China | $960M | -13% | -26% | 4% | n/a | 15.1% | -1.7% |
| Chang Wah Electromaterials 8070.TW | Taiwan | $965M | -10% | +19% | 12% | 19.3× | -6.6% | +3.3% |
| Truking Technology 300358.SZ | China | $968M | -8% | +6% | 6% | 18.4× | -1.7% | +10.1% |
| Yindu Kitchen Equipment 603277.SS | China | $969M | -17% | -4% | 19% | 13.0× | -4.3% | +11.1% |
| Galilei 6420.T | Japan | $925M | -3% | +4% | 13% | 10.7× | n/a | n/a |
| METAWATER 9551.T | Japan | $972M | +4% | +13% | 6% | 13.5× | 0.9% | +9.5% |
| Mesnac 002073.SZ | China | $923M | -11% | +18% | 4% | 14.7× | -3.2% | +21.6% |
| Zhejiang Liju Thermal Energy Equipment 603391.SS | China | $973M | +18% | +9% | 18% | n/a | 12.0% | +5.0% |
| Dynamatic Technologies DYNAMATECH.NS | India | $922M | +3% | +17% | 7% | 88.0× | n/a | n/a |
| Qingdao Gaoce Technology 688556.SS | China | $922M | -45% | +5% | -17% | n/a | 8.8% | +37.4% |
| Tianjin Motor Dies 002510.SZ | China | $918M | -10% | +5% | -1% | n/a | 33.8% | +12.2% |
| Graham GHM | United States | $916M | -21% | +21% | 7% | 44.8× | n/a | n/a |
| Kitz 6498.T | Japan | $915M | -21% | +8% | 8% | 10.1× | 4.3% | +9.5% |