olivLaw · European equity research
Melexis MELE.BR
Belgium · Euronext Brussels · ISIN BE0165385973 · Vertical: Listed companies from Belgium
Melexis is a semiconductor company headquartered in Belgium that focuses on miniaturisation and integration so customers can build systems with fewer components and a smaller ecological footprint. Its annual report for fiscal 2025 is the first prepared under European sustainability reporting standards, which makes its non-financial disclosures more detailed and comparable.
At the close of 05 Nov 2026, Melexis (MELE.BR) stock was 52.50 EUR (−4.89% on the day), with market capitalisation 2.1 bn EUR, P/E 12.4 on diluted EPS of 4.24 EUR over the last 12 months, dividend yield 7.04%, beta 1.25, 52-week range 49.86–85.80 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 28.6
- oversold (≤ 30)
- Bollinger (20, 2)
- 52.30 – 63.10
- in the lower half of the band · %B 0.02 · band width 18.7%
- SMA 50 / 200
- 63.13 / 66.52
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -2.69 / -2.52
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −24.2% | +0.4% | −24.6 pp | — |
| 3 months | −26.4% | −3.3% | −23.2 pp | — |
| 6 months | −31.8% | +4.0% | −35.8 pp | — |
| Year to date | −8.7% | +8.1% | −16.8 pp | — |
| 1 year | −9.2% | +10.7% | −19.9 pp | +8.1% |
| 3 years | −28.2% | +50.1% | −78.3 pp | −4.6% |
| 5 years | −50.7% | +43.6% | −94.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 3-quarter history (min 13.3, median 16.6, max 17.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 836.2 m | 964.3 m | 932.8 m |
| Revenue YoY | unavailable | +15.3% | −3.3% |
| Net income | 197.2 m | 209.5 m | 171.4 m |
| Net income YoY | unavailable | +6.2% | −18.1% |
| Diluted EPS | 4.88 | 5.18 | 4.24 |
| Diluted EPS YoY | unavailable | +6.1% | −18.1% |
| net % | 23.6% | 21.7% | 18.4% |
| Free cash flow | 148.0 m | -91.2 m | 125.2 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 32.7 m EUR
- Financial debt
- 213.3 m EUR
- Net debt
- 180.6 m EUR
- Equity
- 567.5 m EUR
- Total assets
- 894.3 m EUR
- Debt / equity
- 0.38x
- Current ratio
- 4.54x
- ROE
- 30.7%
- ROA
- 19.5%
- FCF margin
- 13.4%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 836.2 m | 964.3 m | 932.8 m | esef· 15 Apr 2025verified |
| Cost of revenue | 461.5 m | 524.1 m | 531.5 m | esef· 15 Apr 2025verified |
| Gross profit | 374.7 m | 440.2 m | 401.4 m | esef· 15 Apr 2025verified |
| Research & development | 90.2 m | 106.7 m | 110.3 m | esef· 15 Apr 2025verified |
| Operating income | 226.5 m | 261.3 m | 219.9 m | esef· 15 Apr 2025verified |
| Interest expense | 11.7 m | 17.2 m | 20.9 m | esef· 15 Apr 2025verified |
| Pre-tax income | 238.4 m | 253.2 m | 205.3 m | esef· 15 Apr 2025verified |
| Income tax | 41.2 m | 43.7 m | 33.9 m | esef· 15 Apr 2025verified |
| Net income | 197.2 m | 209.5 m | 171.4 m | esef· 15 Apr 2025verified |
| Diluted EPS | 4.88 | 5.18 | 4.24 | esef· 15 Apr 2025verified |
| Dividend per share | 2.60 | 3.50 | 3.70 | esef· 15 Apr 2025derived |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 85.1 m | 39.3 m | 32.7 m | esef· 15 Apr 2025verified |
| Inventories | 179.6 m | 254.3 m | 262.8 m | esef· 15 Apr 2025verified |
| Current assets | 407.7 m | 450.1 m | 472.6 m | esef· 15 Apr 2025verified |
| Property, plant & equipment, net | 135.1 m | 195.9 m | 211.1 m | esef· 15 Apr 2025verified |
| Intangibles (excl. goodwill) | 3.0 m | 2.1 m | 1.2 m | esef· 15 Apr 2025verified |
| Total assets | 580.2 m | 866.1 m | 894.3 m | esef· 15 Apr 2025verified |
| Short-term debt | — | 0 | 5.8 m | esef· 15 Apr 2025verified |
| Long-term debt | 0 | 184.7 m | 207.5 m | esef· 15 Apr 2025verified |
| Current liabilities | 88.1 m | 124.0 m | 104.2 m | esef· 15 Apr 2025verified |
| Equity | 482.1 m | 551.1 m | 567.5 m | esef· 15 Apr 2025verified |
| Shares outstanding at year end | 40.4 m | 40.4 m | 40.4 m | esef· 15 Apr 2025derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 187.8 m | 3.0 m | 178.2 m | esef· 15 Apr 2025verified |
| Capex | 39.9 m | 94.2 m | 53.0 m | esef· 15 Apr 2025verified |
| Free cash flow | 148.0 m ≈ | -91.2 m ≈ | 125.2 m ≈ | esef· 15 Apr 2025derived |
| Investing cash flow | -27.3 m | -91.7 m | -52.8 m | esef· 15 Apr 2025verified |
| Financing cash flow | -110.4 m | 43.4 m | -132.3 m | esef· 15 Apr 2025verified |
| Dividends paid | 105.0 m | 141.4 m | 149.5 m | esef· 15 Apr 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 78 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.1 bn EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Quality85
- Returns60
- Valuation68
- Balance sheet100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 38.09 – 100.17 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)38.09 – 63.25 (Mid 47.60)WACC 8.1% · starting FCFF 142.7 m EUR · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 0.5%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E43.64 – 100.17 (Mid 65.22)24 companies used · median multiple 15.4x · quartiles 10.3x – 23.6xACKB.BR, AGS.BR, AZE.BR, BANI.BR, BAR.BR, BEKB.BR, BELYS.BR, BPOST.BR, CAMB.BR, CFEB.BR, COLR.BR, DECB.BR, DEME.BR, DIE.BR, ECONB.BR, ELI.BR, EVS.BR, FAGR.BR, FLOB.BR, FOU.BR, IBAB.BR, JEN.BR, KIN.BR, MOUR.BR
- Dividend discount (DDM)50.28 – 68.56 (Mid 58.01)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Neutral profile · Score 78/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 25.4% | 93 (vs peers) | 17% |
| Net margin · Quality | 18.4% | 95 (vs peers) | 10% |
| FCF conversion · Quality | 73.0% | 61 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 10.5x | 100 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 4.5x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 12.4x | 63 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5.9% | 74 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 7.0% | 100 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 119.4% | 1 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality85/100 · 3/3 factors with a value
- Returns60/100 · 2/2 factors with a value
- Valuation68/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
MELEXIS (MELE.BR). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 932.8 m EUR in 2024; YoY growth -3.3%; net margin 18.4%; ROE 30.7%.
The estimated value range is 43.64–68.56 EUR per share (median of 3 methods, agreement: high); assumptions are illustrative. Against the central value of 58.01 EUR, the price of 52.50 EUR leaves a potential of 10.5% (value / price − 1) and a margin of safety of 9.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 78/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 25.4%
- Net margin: 18.4%
- Interest coverage: 10.5x
- Current ratio: 4.5x
- FCF yield: 5.9%
- Shareholder yield (distributions): 7.0%
What contradicts it
- Payout ratio (FCF): 119.4%
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from Belgium · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 11.9 bn | 23.3 | 9.6% | 13.6% | −2.0% | +28% / +34% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.4 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.7 bn | 23.2 | — | 5.3% | −1.5% | +22% / +16% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.2 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.6 | 9.4% | 2.9% | +3.1% | +12% / −6% |
| DEME.BRDeme Group | 4.2 bn | 12.2 | 15.5% | 8.3% | +1.3% | +21% / +72% |
| AZE.BRAzelis Group | 2.9 bn | 16.1 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| MELE.BRMelexis | 2.1 bn | 12.4 | 30.7% | 18.4% | −3.3% | −1% / −38% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| FAGR.BRFagron | 1.8 bn | 22.2 | 16.7% | 9.2% | +14.3% | +15% / +40% |
| KIN.BRKinepolis Group | 1.4 bn | 33.9 | 19.3% | 7.0% | −4.5% | +62% / +11% |
| JEN.BRJensen Group | 706.9 m | 17.2 | 15.1% | 9.1% | +13.3% | +28% / +111% |
| BAR.BRBarco | 563.5 m | 9.1 | 7.9% | 6.7% | −9.9% | −48% / −59% |
| IBAB.BRIon Beam Applications | 487.2 m | 39.5 | 10.7% | 2.1% | +24.5% | +48% / +52% |
| DECB.BRDeceuninck | 341.3 m | 24.6 | 4.3% | 1.7% | −4.5% | +8% / +8% |
| CAMB.BRCampine | 272.3 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +161% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| MOUR.BRMoury Construct | 261.2 m | 10.7 | 21.3% | 13.1% | −4.0% | +11% / +76% |
| EVS.BREvs Broadcast Equipment | 245.9 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| BPOST.BRBpost | 229.8 m | 3.5 | 6.3% | 1.5% | −2.6% | −39% / −75% |
| ECONB.BREconocom Group | 210.7 m | 40.5 | 1.2% | 0.2% | +4.3% | −1% / −36% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 171.0 m | 162.0 | 3.5% | 4.5% | −5.9% | −5% / −17% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for MELE.BR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 28.61 Total return -40% · Per year -40% | 50.79 Total return 4% · Per year 4% | 76.78 Total return 54% · Per year 54% |
| 3 years | 23.60 Total return -41% · Per year -16% | 47.52 Total return 10% · Per year 3% | 79.46 Total return 77% · Per year 21% |
| 5 years | 19.47 Total return -42% · Per year -10% | 44.47 Total return 17% · Per year 3% | 82.24 Total return 99% · Per year 15% |
- Exit P/E± 11.88
- Net margin± 8.32
- Annual revenue growth± 7.38
- Annual dilution± 0.70
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Melexis is a semiconductor company headquartered in Belgium that focuses on miniaturisation and integration so customers can build systems with fewer components and a smaller ecological footprint 1. Its annual report for fiscal 2025 is the first prepared under European sustainability reporting standards, which makes its non-financial disclosures more detailed and comparable 1.
SWOT
Strengths
- The company has a clear orientation toward miniaturisation and integration, which allows customers to design simpler and more material-efficient systems 1.
- Reporting is structured on a unified consolidation scope, giving a coherent view of financial and sustainability performance 1.
- Governance includes board diversity and specialised committees that oversee sustainability matters 1.
Weaknesses
- The chief operating officer role is vacant and covered on an interim basis by the chief executive, which may add pressure on management 1.
- Activities are reported as not aligned with the EU taxonomy, which may limit appeal to investors who apply strict sustainability criteria 1.
- Not all sustainability data can be compared with prior years, because the format and structure of the report have changed 1.
Opportunities
- The automotive shift toward electric vehicles and autonomous driving could open new opportunities for specialised semiconductors 1.
- Demand for more efficient heating and cooling systems could support growth in products aimed at heat pumps 1.
- If the EU taxonomy rules become clearer, the company could more easily demonstrate alignment of its activities 1.
Threats
- Economic and geopolitical shifts could affect supply chains and semiconductor demand, beyond the company's control 1.
- New reporting rules could raise compliance costs and expose the company to data errors 1.
- Rapid technological development could make some products less relevant if they are not updated in time 1.
Risks
- Dependence on external factorsmedium
The report shows that economic, geopolitical and technological developments affect the company's performance, and these cannot be directly controlled 1.
- Uncertainty in emissions estimatesmedium
Supply chain emissions data rely on supplier information and estimates, which could lead to results that differ from actual outcomes 1.
- Compliance with new reporting standardsmedium
The move to European sustainability reporting standards involves complex requirements, and any errors could affect investor confidence 1.
- Vacancy in the chief operating officer rolelow
The currently vacant chief operating officer role could affect continuity of operational management if the situation persists 1.
- Interpretation of the EU taxonomylow
The lack of a clear interpretation of the taxonomy could make it difficult to assess activity alignment and could change how the company's products are perceived 1.
Investment thesis
What would need to be true (bull case)
- If electrification of cars and adoption of autonomous driving systems continue, products that reduce component counts could become more relevant to customers 1.
- A focus on energy efficiency and simpler systems could support demand for the company's solutions in heat pump and climate-control applications 1.
- Governance with board diversity and specialised committees may contribute to closer oversight of sustainability risks and opportunities 1.
What would break the thesis
- If the transition toward electric vehicles slows or changes direction, demand for the company's semiconductors could be lower than currently expected 1.
- Activities reported as not aligned with the EU taxonomy could limit access for investors who apply strict sustainability criteria 1.
- The vacant chief operating officer role and changes in the management team could create uncertainty about short-term strategy execution 1.
What to watch
- Appointment of a permanent chief operating officer2026
- Development of orders in the automotive segment2026
- Clarification of the EU taxonomy interpretation for semiconductors2026
- First sustainability report with year-on-year comparisons2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to the annual report, Melexis describes its business model through miniaturisation and integration, and its products are used in systems that reduce component counts, material use and environmental impact 1. The company says its technologies, such as heat pumps and more efficient air conditioning, can help reduce the effects of climate change 1. Reporting for fiscal 2024 was prepared on the same consolidation scope as the financial statements, giving a unified picture of group performance 1.
Management describes a strategy oriented toward digital health and toward products that could support personalised and affordable healthcare, though this direction is framed as an outlook rather than a measured result 1. The report notes that the chief operating officer role is currently vacant and is covered on an interim basis by the chief executive 1.
The governance structure includes a board with executive and non-executive members, plus committees for audit, nomination and remuneration, and sustainability that oversee risks and opportunities linked to the business 1.
Segments
Semiconductors for automotive
The report stresses that the semiconductor industry plays a central role in the automotive sector's shift toward sustainable mobility, including low-emission vehicles, autonomous driving and electric vehicle technologies 1. These applications form the main context in which the company presents its technological contribution 1.
Products for heating, cooling and heat pumps
Melexis indicates that its products can make heating and cooling systems more accessible and more energy efficient, which could indirectly reduce greenhouse gas emissions 1.
Market context
The report describes the semiconductor market as affected by economic and geopolitical shifts, new regulation and technological progress, factors over which the company says it has limited influence 1. The company notes that its devices can help customers reduce material use, which points to demand linked to system efficiency 1.
The EU taxonomy framework for sustainable activities leaves room for interpretation, and Melexis chose to report its activities as not aligned, as a precautionary measure, while acknowledging that the industry has an important role in the automotive transition 1.
Trends
- Electrification and autonomous drivingtailwind
The shift toward electric vehicles and autonomous driving systems could increase demand for specialised semiconductors if adoption of these technologies stays strong 1.
- CSRD sustainability reportingheadwind
New sustainability reporting requirements increase the volume and complexity of published information, which may require additional resources and expose companies to comparison errors between years 1.
- Regulatory uncertainty on the EU taxonomymixed
An incomplete interpretation of the EU taxonomy for semiconductors could make it harder to demonstrate alignment of activities, pushing companies toward a cautious approach 1.
- Electrification of heating and coolingtailwind
Demand for more efficient heat pumps and air conditioning could support products that reduce energy use, but it depends on energy policy and the pace of investment 1.
Competitive position
The sources reviewed do not explicitly name the company's competitors, so its competitive position and market shares cannot be described. The report only addresses the importance of the semiconductor industry as a whole 1.
- European automotive semiconductor producers
Mentioned only generically in industry context; the sources do not name direct competitors, so no comparison can be made from the text.
- Global analog semiconductor and sensor suppliers
Generic category; the report does not name competing companies, and identifying them would require additional sources.
- HVAC component manufacturers
Possible competition in climate-control applications, but the sources do not confirm specific competitors.
- Electric vehicle electronics manufacturers
Adjacent automotive segment; the sources do not identify specific firms from this group.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202415 Apr 2025
- Annual report 202415 Apr 2025
- Annual report 202316 Apr 2024
- Annual report 202316 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Melexis · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.