Infineon Technologies AG

IFX.DE

Semiconductors · Technology

Also trades as: IFNNY

Price

€55.97

+0.56 (+1.01%)

Market Cap

€72.88B

Exchange

Frankfurt Stock Exchange (XETRA)

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

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

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Strong

Stability

Strong

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

Infineon Technologies AG is a German company that makes semiconductors — the tiny chips that control electricity and process information inside everyday devices. Its main products include power chips, microcontrollers, and security chips, which are sold to carmakers, industrial equipment manufacturers, and consumer electronics companies. Infineon is one of the largest chipmakers in Europe and is a leading supplier of power semiconductors used in electric vehicles and renewable energy systems.

Infineon earns money by selling chips directly to manufacturers, who build them into their final products. The company operates globally, with major customers in Europe, Asia, and North America, and generates roughly €15 billion in annual revenue. Its competitive edge comes from deep engineering expertise in power management and a strong position in the automotive chip market, where switching suppliers is costly and slow. The key growth driver is rising demand for electric vehicles and energy-efficient industrial systems, though the company faces risk from cyclical downturns in chip demand and heavy competition from Asian rivals.

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

+12.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+39.1% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

€2.4B/ year

↑ Rising (+9% vs prior year)

16.4% of revenue

In line with sector average (15%)

Investing heavily in future products and technology

Insider Activity

0.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€1.8B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Heavy R&D investment

Infineon Technologies AG is putting 16% of revenue into R&D and that number is rising. And they're generating enough cash to self-fund it.

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.

Share count broadly stable

+0.3% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 1.30B (2021) → 1.31B (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

40.8%

Healthy — 40.8% gross margin

Profit after running costs

Operating Margin

14.2%

Healthy — 14.2% operating margin

Return on the money invested

ROCE

8.2%

Below par — 8.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+6.5%

Slow sales growth (+6.5% YoY)

Profit growth

EPS YoY

+76.9%

Earnings growing fast (+76.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

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

277%

Turns 277% of profit into real cash

Spare cash per sale

FCF Margin

10.0%

Modest free cash flow (10.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.43

Conservative — low debt load (0.43)

Covers its interest

Interest Cover

6.45x

Adequate interest coverage (6.5x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

60.8x

Expensive — P/E 60.8

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

Cheaper or dearer next year

P/E vs Forward

+43.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (60.8 → 17.2)

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Dividends

Dividend

Dividend Yield

0.56%

Small dividend — 0.56% yield

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

Dividend record

Dividend Growth

+33.0%

Dividend growing fast (33.0% YoY)

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