Loading…
German maker of silicon wafers, the base material used to manufacture almost all semiconductor chips.
German maker of silicon wafers, the base material used to manufacture almost all semiconductor chips.
Sells wafers largely under multi-year supply contracts, some backed by customer prepayments that help fund new plants, with 300mm wafers the main line. Spun out of the chemicals group Wacker, which still holds a stake, it has built a large new 300mm fab in Singapore.
In one line: A smaller European GlobalWafers/SUMCO competitor.
Moat: narrow (process know-how, customer qualification, scale). Long qualification cycles with chipmakers create sticky supply relationships, but wafer pricing is cyclical.
Headquarters: Munich, Germany · Founded: 1953 · Employees: 4,249
Size Siltronic (WAF.DE) is a Germany Information Technology company (Semiconductors) with a market value of $1.86B, the 111th largest of 205 Germany companies the cockpit tracks. Shares closed at €50.35 on 6 Nov 2026.
Performance Over six months the shares fell 46.4%, against -24.3% for the median peer and +2.6% for the Germany market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 1.4% over the last twelve months (peer median +29.1%); the operating margin is -15.7% (peer median 9.4%).
Valuation It trades at 1.9× enterprise value to sales against a peer median of 3.4× (5th cheapest of 21).
Capital Return on invested capital runs 12.0 points below its cost of capital (7.2% WACC).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €1.36B | €1.35B | €1.41B | €1.51B | €1.81B |
| Revenue growth | — | -5% | -7% | -16% | — |
| Gross profit | -€172M | €111M | €275M | €372M | €615M |
| EBITDA | €270M | €306M | €366M | €418M | €641M |
| Net income | -€209M | -€69.2M | €63.0M | €184M | €391M |
| Free cash flow | -€9.80M | -€150M | -€355M | -€711M | -€118M |
| Capital expenditure | €242M | €380M | €700M | €1.20B | €923M |
| Total debt | €1.48B | €1.49B | €1.52B | €905M | €770M |
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 |
|---|---|---|---|---|---|---|
| Siltronic WAF.DE | $1.86B | -46% | +1% | -16% | 1.9× | n/a |
| Shin-etsu Chemical 4063.T | $66.5B | -27% | +5% | 25% | 3.4× | 8.9% |
| Sumco 3436.T | $3.96B | -28% | +4% | -4% | 2.3× | n/a |
| GlobalWafers 6488.TWO | $8.15B | -23% | -6% | 11% | 4.6× | n/a |
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 | WAF.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -37.5% | -23.0% | 6th lowest of 21 |
| 6-month return | -46.4% | -24.3% | 5th lowest of 21 |
| Distance from 52-week high | -53.7% | -50.5% | 10th lowest of 21 |
| Revenue growth (TTM) | +1.4% | +29.1% | 5th lowest of 21 |
| Operating margin | -15.7% | 9.4% | 4th lowest of 21 |
| EV / Sales | 1.9× | 3.4× | 5th cheapest of 21 |
| ROIC minus cost of capital | -12.0 pp | -6.3 pp | 7th lowest of 20 |
| EV / EBITDA | 9.5× | 14.8× | 6th cheapest of 11 |
| Net debt / EBITDA | 2.8× | -0.9× | most indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Siltronic WAF.DE | Germany | $1.86B | -46% | +1% | -16% | 1.9× | n/a | n/a |
| Emmvee Photovoltaic Power EMMVEE.NS | India | $1.84B | -5% | +116% | 29% | 3.0× | n/a | n/a |
| Psk 031980.KS | South Korea | $1.89B | -4% | +7% | 36% | 10.9× | 19.3% | +39.2% |
| Chengdu Sino-Microelectronics Tech 688709.SS | China | $1.90B | -47% | -15% | -19% | 21.9× | n/a | n/a |
| ISC 095340.KS | South Korea | $1.82B | -50% | +61% | 30% | 7.6× | 10.5% | +12.6% |
| Cohu COHU | United States | $1.82B | -22% | +34% | -2% | 2.9× | 21.5% | -6.6% |
| Shanghai V-Test Semiconductor Tech 688372.SS | China | $1.82B | -53% | +53% | 18% | 7.5× | n/a | n/a |
| BOE HC SemiTek 300323.SZ | China | $1.81B | -38% | +23% | -8% | 2.7× | n/a | n/a |
| Elite Semiconductor Microelectronics Technology 3006.TW | Taiwan | $1.79B | +14% | +273% | 49% | 0.7× | n/a | n/a |
| ams-OSRAM AMS.SW | Switzerland | $1.78B | -16% | -3% | 8% | 0.9× | n/a | n/a |
| HPSP 403870.KS | South Korea | $1.95B | -37% | -20% | 53% | 15.0× | 15.6% | +23.1% |
| Southchip Semiconductor Technology (Shanghai) 688484.SS | China | $1.95B | -21% | +9% | -2% | 3.7× | n/a | n/a |
| Shanghai New Vision Microelectronics 688593.SS | China | $1.76B | -22% | +7% | -4% | 17.2× | n/a | n/a |
| Changzhou Fusion New Material 688503.SS | China | $1.71B | -53% | +41% | 2% | 1.0× | n/a | n/a |
| Risen Energy 300118.SZ | China | $1.71B | -42% | -52% | -39% | 3.1× | 38.4% | -4.7% |
| Shoals Technologies SHLS | United States | $1.70B | +14% | +49% | 11% | 2.9× | n/a | n/a |
| Greatek Electronics 2441.TW | Taiwan | $1.68B | +4% | +24% | 21% | 2.5× | 1.6% | +2.7% |
| Shanghai Anlogic Infotech 688107.SS | China | $1.67B | -26% | +70% | -25% | 11.1× | n/a | n/a |
| Ferrotec 6890.T | Japan | $2.08B | -19% | +43% | 12% | 1.2× | n/a | n/a |
| China Wafer Level CSP 603005.SS | China | $2.10B | -31% | +7% | 23% | 8.0× | 28.3% | +6.2% |
| Beijing BDStar Navigation 002151.SZ | China | $2.10B | -36% | +35% | -14% | 5.1× | n/a | n/a |