olivLaw · European equity research
Soitec SOI.PA
France · Euronext Paris · ISIN FR0013227113 · Vertical: Listed companies from France
Soitec designs and manufactures semiconductor substrates, mainly silicon-on-insulator wafers and materials for power electronics, radio frequency and photonics, used in chips for energy-efficient devices and communications. In fiscal 2025-2026 revenue fell to 592.3 million euros from 890.9 million, and the company reported a net loss, while it guides to revenue growth in the first quarter of the next fiscal year.
At the close of 05 Nov 2026, Soitec (SOI.PA) stock was 91.64 EUR (−16.73% on the day), with market capitalisation 3.3 bn EUR, beta 1.62, 52-week range 22.95–192.20 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)
- 30.4
- weak (30–45)
- Bollinger (20, 2)
- 96.42 – 156.67
- below the lower band · %B -0.08 · band width 47.6%
- SMA 50 / 200
- 135.67 / 105.61
- mixed trend
- MACD (12, 26, 9)
- -8.34 / -5.74
- 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 | −45.3% | −0.6% | −44.7 pp | — |
| 3 months | −24.1% | −4.2% | −19.9 pp | — |
| 6 months | −39.2% | +4.3% | −43.5 pp | — |
| Year to date | +295.2% | +7.5% | +287.7 pp | — |
| 1 year | +134.6% | +9.9% | +124.7 pp | −6.8% |
| 3 years | −41.4% | +49.8% | −91.2 pp | −15.9% |
| 5 years | −60.6% | +42.8% | −103.4 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.
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 977.9 m | 890.9 m | 592.3 m |
| Revenue YoY | unavailable | −8.9% | −33.5% |
| Net income | 178.3 m | 91.8 m | -220.0 m |
| Net income YoY | unavailable | −48.5% | −339.6% |
| Diluted EPS | 4.88 | 2.56 | -6.17 |
| Diluted EPS YoY | unavailable | −47.5% | −341.0% |
| net % | 18.2% | 10.3% | -37.1% |
| Free cash flow | -11.5 m | 29.5 m | 86.9 m |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 562.0 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 1.3 bn EUR
- Total assets
- 2.3 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 3.88x
- ROE
- -15.1%
- ROA
- -8.6%
- FCF margin
- 14.7%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 977.9 m | 890.9 m | 592.3 m | esef· 11 Jun 2026verified |
| Cost of revenue | 645.8 m | 605.1 m | 495.9 m | esef· 11 Jun 2026verified |
| Gross profit | 332.1 m | 285.7 m | 96.4 m | esef· 11 Jun 2026verified |
| Research & development | 61.2 m | 84.8 m | 45.1 m | esef· 11 Jun 2026verified |
| Operating income | 205.3 m | 119.5 m | -130.6 m | esef· 11 Jun 2026verified |
| Interest expense | 25.4 m | 28.3 m | 43.4 m | esef· 11 Jun 2026verified |
| Pre-tax income | 200.5 m | 110.5 m | -161.3 m | esef· 11 Jun 2026verified |
| Income tax | 22.7 m | 19.3 m | 60.8 m | esef· 11 Jun 2026verified |
| Net income | 178.3 m | 91.8 m | -220.0 m | esef· 11 Jun 2026verified |
| Diluted EPS | 4.88 | 2.56 | -6.17 | esef· 11 Jun 2026verified |
| Weighted average diluted shares | 37.7 m | 35.9 m | 35.7 m | esef· 11 Jun 2026verified |
Balance sheet · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 708.2 m | 687.7 m | 562.0 m | esef· 11 Jun 2026verified |
| Inventories | 236.5 m | 268.3 m | 220.3 m | esef· 11 Jun 2026verified |
| Current assets | 1.5 bn | 1.5 bn | 1.2 bn | esef· 11 Jun 2026verified |
| Total assets | 2.7 bn | 2.8 bn | 2.3 bn | esef· 11 Jun 2026verified |
| Current liabilities | 477.1 m | 780.3 m | 315.5 m | esef· 11 Jun 2026verified |
| Equity | 1.5 bn | 1.6 bn | 1.3 bn | esef· 11 Jun 2026verified |
| Shares outstanding at year end | 35.7 m | 35.7 m | 35.7 m | esef· 11 Jun 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 165.3 m | 201.5 m | 202.2 m | esef· 11 Jun 2026verified |
| Capex | 176.8 m | 172.0 m | 115.3 m | esef· 11 Jun 2026verified |
| Free cash flow | -11.5 m ≈ | 29.5 m ≈ | 86.9 m ≈ | esef· 11 Jun 2026derived |
| Investing cash flow | -208.4 m | -175.7 m | -114.2 m | esef· 11 Jun 2026verified |
| Financing cash flow | -33.3 m | -50.0 m | -203.5 m | esef· 11 Jun 2026verified |
≈ 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
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 3.3 bn EUR
Key indicators
Coverage and freshness
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
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
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -37.1% | 23 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -3.0x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 3.9x | 100 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 2.7% | 33 (on a fixed band) | 33% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial23/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial33/100 · 1/3 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
SOITEC (SOI.PA). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 592.3 m EUR in 2026; YoY growth -33.5%; net margin -37.1%; ROE -15.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 3.9x
What contradicts it
- Net margin: -37.1%
- Interest coverage: -3.0x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from France · 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 | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| SOI.PASoitec | 3.3 bn | — | -15.1% | -37.1% | −33.5% | +245% / −45% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for SOI.PA 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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Soitec designs and manufactures semiconductor substrates, mainly silicon-on-insulator wafers and materials for power electronics, radio frequency and photonics, used in chips for energy-efficient devices and communications. In fiscal 2025-2026 revenue fell to 592.3 million euros from 890.9 million, and the company reported a net loss, while it guides to revenue growth in the first quarter of the next fiscal year.
SWOT
Strengths
- SOI technology and a specialised materials portfolio give the company a distinct position in the industry.
- Long-standing relationships with chipmakers support collaborations on new products.
- Hedging applied for the next fiscal year limits immediate sensitivity to the exchange rate.
Weaknesses
- Low utilisation of production units raised unit costs and pushed margins down.
- Dependence on the inventory cycle of a few large customers makes revenue volatile.
- The net loss of fiscal 2025-2026 reduces financial room for manoeuvre.
Opportunities
- Rising demand for photonics and data centres could fill existing industrial capacity.
- The energy transition could open markets for efficient power electronics.
- Reducing working capital tied up in inventory could improve cash conversion.
Threats
- Competitive pressure from Asia could reduce prices and market share.
- An unfavourable currency move could hit results if hedging does not cover all exposure.
- Reduced insurance coverage at renewal could increase the risk of uninsured losses.
Risks
- Profitability under pressurehigh
The net loss and lower margins could persist if utilisation of capacity does not improve.
- Currency exposuremedium
Dollar revenues are reported in euros, and an unfavourable rate could affect results after hedging.
- Customer concentrationmedium
Inventory corrections at a few large customers could abruptly reduce orders.
- Asset impairmentmedium
Loss of value in tangible and intangible assets could generate further exceptional charges.
- Insurance coveragelow
Policies may be reduced at renewal, and the company cannot guarantee full coverage of an incident.
Investment thesis
What would need to be true (bull case)
- If demand for photonics accelerates, volumes could recover quickly and existing industrial capacity could lift margins.
- The guided revenue growth for the first quarter of the next fiscal year could signal a return of orders after the inventory correction.
- Lower investment and working capital needs could improve cash flow in the coming period.
What would break the thesis
- If utilisation stays weak, fixed costs could keep compressing margins and sustain losses.
- A less favourable currency rate after hedges expire could reduce euro-denominated revenue.
- Competition from Asia could limit the company's ability to raise prices.
What to watch
- Delivery of the announced revenue growth in the first quarterQ1 2026-2027
- Evolution of production unit utilisation and gross margin2026-2027
- Investment level compared with the guidance of about 100 million eurosfiscal 2026-2027
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
Soitec is a French company headquartered in Bernin that develops and manufactures advanced semiconductor materials, notably silicon-on-insulator (SOI) wafers and substrates for high-performance applications. The annual report describes the company as the 'innovative breeding ground' for smart and energy-efficient technologies, oriented toward the energy and digital transitions. Operations depend on a set of production sites and lines, and investment is focused on industrial capacity and the product portfolio.
The business model rests on selling wafers to chipmakers and on customer collaborations for new products. Revenue is sensitive to the utilisation of production units, which was weak in fiscal 2025-2026, and the company is working to reduce seasonality and customer inventories.
Stated priorities include broadening the product portfolio, adapting the cost structure and reducing working capital needs. The company also runs an ESG programme with targets for reducing greenhouse gas emissions over 2020-2026.
Segments
RF-SOI (radio frequency)
RF-SOI wafers are used in components for mobile phones and connectivity. The report points to a correction of customer inventories in this segment, which weighed on revenue and margins.
Photonics-SOI (photonics)
This segment, linked to optical communications and data centres, is described as accelerating, with rising volumes requiring mobilisation of industrial capacity. Its trajectory remains dependent on several possible scenarios.
Power electronics
Substrates for power devices support energy conversion efficiency. The company ties this area to its energy-efficiency goals, though the report does not break out separate figures here.
Market context
The semiconductor substrate market is driven by demand for radio frequency, power and photonics chips, and Soitec's revenue depends on customers' inventory cycles and on the expansion of data centres and communication networks. The euro-dollar exchange rate directly affects results, since a significant part of sales is in dollars.
The company hedged about 95 % of its net currency exposure for fiscal 2026-2027, which reduces immediate sensitivity, but a less favourable rate could still weigh on short-term profitability.
Trends
- Photonics accelerationtailwind
Demand for optical communications and data infrastructure could support volumes in the Photonics-SOI segment if adoption keeps pace.
- Customer inventory correctionheadwind
Inventory reductions at RF customers pressured sales and margins in fiscal 2025-2026.
- Energy transitionmixed
Growing interest in efficient power electronics could open new long-term orders.
- Currency volatilityheadwind
Dollar exposure affects margins, and hedging only partly offsets an unfavourable rate.
Competitive position
Soitec competes with other semiconductor wafer and advanced substrate producers, particularly in Asia and the United States. The company's edge lies in its SOI technology and specialised materials portfolio, but price pressure and rivals' ability to expand capacity could narrow its position.
Differentiation depends on innovation and partnerships with chip-industry customers, and industrial capacity matched to demand is a key factor for keeping market share.
- Asian semiconductor wafer producers
Regional suppliers offering similar substrates for power and radio frequency applications.
- US semiconductor materials suppliers
US companies active in advanced chip materials, with competing positions in certain segments.
- Integrated chipmakers
Companies that produce their own substrates and can reduce reliance on external suppliers.
- New entrants in photonics
Emerging companies developing optical communication solutions that may compete for the same customers.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202611 Jun 2026
- Annual report 202517 Jun 2025
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / Soitec · 31 Mar 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.