Reviewed listing: XETR:SIE · Analysis dated Oct 26, 2026
It has not been confirmed whether the basis of this analysis still holds today. Read it as a dated earlier assessment; it does not establish a current buying opportunity.
How does the company make money?
Siemens sells technology and software for factories, buildings, power supply, and transportation. The company earns money from equipment, software, maintenance, and services.
What supports the business?
In the third quarter of 2026, industrial business profit increased by 25 percent to 3.5 billion euros. Siemens cited improvements in most industrial segments.
What could improve?
In the first nine months of 2026, orders for Siemens’ data center business rose sharply, reaching around 6 billion euros. If demand for power supply and building technology remains high, this business could continue to grow; that is not certain.
How is the stock price assessed?
This assessment refers to the analysis and its quoted price shown here. It is not a live quote or a personal recommendation to buy.
At 261.40 euros, the stock looks expensive: the price is about 27 times audited earnings per share from continuing operations 2025. For 2026, Siemens cites a higher forecast that has not yet been achieved; a good company is not attractive at every price.
What is the main risk?
In 2025, Siemens spent a net 14.236 billion euros on acquisitions, primarily Altair and Dotmatics. If these acquisitions do not generate enough or are difficult to integrate, cash and earnings could come under pressure.
What is the overall assessment?
Siemens combines a broad industrial business with recent strong earnings and order growth. However, the high stock price and large acquisitions do not currently make for a compelling overall proposition.
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