Siemens AG

SIE.DE

Industrial - Machinery · Industrials

Price

€280.35

+4.35 (+1.58%)

Market Cap

€213.70B

Exchange

Frankfurt Stock Exchange (XETRA)

Winston Score

Winston is serious

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

Mixed

Cash Flow

Exceptional

Stability

Good

Valuation

Strong

Dividends

Good

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Share count falling — buybacks

−2.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 811.5M (2021) → 793.8M (2025)

Winston Score History

The full picture

Siemens AG is a large German industrial company that builds the equipment and software that powers factories, buildings, and energy systems. Its main products include factory automation systems, industrial software, smart building controls, and electrical infrastructure like transformers and switchgear. Siemens serves manufacturers, utilities, hospitals, airports, and governments across dozens of industries worldwide.

Siemens earns money by selling hardware, software licenses, and long-term service contracts to business and government customers. It operates globally, with strong revenue across Europe, the Americas, and Asia, and generates roughly €78 billion in annual revenue. Its competitive edge comes from combining physical industrial equipment with its own software platforms — particularly through its Siemens Xcelerator digital business — which makes it harder for customers to switch to rivals. The key growth driver is demand for factory automation and digitalization, but the company faces risk from slowing industrial investment in Europe and intense competition from rivals like ABB, Honeywell, and Rockwell Automation.

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

+7.3% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+12.3% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

€6.6B/ year

→ Flat (+5% vs prior year)

8.3% of revenue

2.1x the sector average (4%)

Steady R&D investment year-over-year

Insider Activity

0.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€41.9B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth context

Siemens AG is growing revenue at 7% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

40.9%

Healthy — 40.9% gross margin

Profit after running costs

Operating Margin

14.6%

Healthy — 14.6% 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

+3.6%

Slow sales growth (+3.6% YoY)

Profit growth

EPS YoY

-18.6%

Earnings shrinking (-18.6% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

159%

Turns 159% of profit into real cash

Spare cash per sale

FCF Margin

12.5%

Converts sales into free cash efficiently (12.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.73

Moderate — manageable debt (0.73)

Covers its interest

Interest Cover

5.85x

Adequate interest coverage (5.9x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

27.3x

Growth-priced — P/E 27.3

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+7.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (27.3 → 19.4)

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Dividends

Dividend

Dividend Yield

1.88%

Small dividend — 1.88% yield

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

Dividend record

Dividend Growth

+28.3%

Dividend growing fast (28.3% YoY)

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