BE Semiconductor Industries N.V.

BESI.AS

Semiconductors · Technology

Also trades as: BESIY

Exchange

Euronext Amsterdam

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Good

Cash Flow

Exceptional

Stability

Strong

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

BE Semiconductor Industries, also known as Besi, makes the machines that put semiconductor chips into their final protective packages. These packages connect the tiny chip to the circuit boards inside phones, cars, computers, and other electronics. Besi is a Dutch company and one of the leading suppliers of semiconductor assembly equipment in the world.

Besi earns money by selling this specialized machinery to large chipmakers and contract manufacturers across Asia, Europe, and North America. The company is relatively small but highly profitable, with gross margins above 60%, which reflects the technical complexity of its equipment and the difficulty competitors face in replicating it. A key growth driver is the rising adoption of hybrid bonding, an advanced packaging technology used in AI chips and high-performance computing, where Besi has an early and strong position — though the main risk is that its revenue is cyclical and can drop sharply when chipmakers cut their capital spending budgets.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+68.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+177.5% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

11.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€514M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

BE Semiconductor Industries N.V. grew revenue 69% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

65.7%

Premium pricing power — 65.7% gross margin

Profit after running costs

Operating Margin

43.5%

Excellent — 43.5% operating margin

Return on the money invested

ROCE

28.6%

Exceptional — 28.6% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+21.9%

Fast-growing sales (+21.9% YoY)

Profit growth

EPS YoY

+22.4%

Earnings growing fast (+22.4% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

119%

Turns 119% of profit into real cash

Spare cash per sale

FCF Margin

33.0%

Converts sales into free cash efficiently (33.0%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.61

Moderate — manageable debt (0.61)

Covers its interest

Interest Cover

9.50x

Comfortably covers interest (9.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

83.9x

no trend

Expensive — P/E 83.9

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+61.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (83.9 → 22.9)

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Dividends

Dividend

Dividend Yield

0.79%

no trend

Small dividend — 0.79% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+13.6%

no trend

Dividend growing fast (13.6% YoY)

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