Reviewed listing: XETR:S92 · Analysis dated Nov 03, 2026
How does the company make money?
SMA sells inverters, energy storage technology, and control systems for solar power installations to households, businesses, and large energy projects. The company earns revenue from equipment, complete solutions, and related services.
What supports the business?
In the first half of 2026, the order backlog rose to about 1.75 billion euros. This provides a basis for future sales, but does not guarantee them.
What could improve?
More orders and a larger order backlog could lead to higher sales. SMA also expects stronger execution of large projects in the second half; this depends on their actual progress.
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 51 euros per share, the price seems justifiable under certain conditions if SMA meets its raised full-year forecast. That is an expectation, not profit already earned; it does not provide a reliable basis for setting a price ceiling.
What is the main risk?
The recovery remains vulnerable: The reported first-half results included, among other things, customs duty refunds and income from selling inventory that had previously been written down. If demand remains weak or projects are delayed, profit could fall short of the forecast.
What is the overall assessment?
SMA sells technology and services for solar power and energy storage. Its large order backlog and improved performance in the first half of 2026 offer opportunities, but revenue was only slightly higher than in the same period a year earlier, and the company reported a much larger loss in 2025 than in 2024. At 51 euros per share, the price is justifiable only if the raised full-year forecast is met. Since the recovery partly relies on one-time effects and nine-month results are still pending, the balance of potential rewards and risks is not yet clearly compelling.
Continue exploring this stock in your account
A free Marqora account gives you the detailed analysis with further evidence and lets you compare and save stocks. Your selected stock is kept when you sign in or register.
Open the full analysis in a free account →
Already have an account? Sign in