olivLaw · US equity research
SCHMID Group N.V. SHMD
Misc Industrial & Commercial Machinery & Equipment · SIC 3590 · Vertical: Misc Industrial & Commercial Machinery & Equipment (SIC 3590)
SCHMID Group N.V. is a global supplier of equipment, software and services for PCB and substrate manufacturing, photovoltaics and glass, with a focus on the most advanced end of these markets. The company is restructuring its finances in 2025-2026, while revenue rose to 66.9 mil EUR in fiscal 2025.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, SCHMID Group N.V. (SHMD) stock was 2.57 USD (−6.20% on the day), with beta 1.49, 52-week range 2.57–10.42 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 36.1
- weak (30–45)
- Bollinger (20, 2)
- 2.22 – 3.94
- in the lower half of the band · %B 0.20 · band width 55.6%
- SMA 50 / 200
- 3.44 / 5.54
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.31 / -0.28
- 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 | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −42.9% | −1.1% | −41.8 pp | — |
| 3 months | −42.1% | −0.5% | −41.7 pp | — |
| 6 months | −54.1% | +4.4% | −58.5 pp | — |
| Year to date | −58.5% | +12.3% | −70.8 pp | — |
| 1 year | −46.7% | +13.5% | −60.3 pp | −49.2% |
| 3 years | unavailable | +76.4% | unavailable | +54.6% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
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 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 39.5 m | 95.1 m | 90.2 m | 60.8 m |
| Revenue YoY | unavailable | +140.8% | −5.1% | −32.6% |
| Net income | -24.5 m | 1.6 m | 36.9 m | -84.1 m |
| Net income YoY | unavailable | unavailable | +2,278.6% | −328.1% |
| Diluted EPS | unavailable | 0.05 | 1.28 | -2.41 |
| Diluted EPS YoY | unavailable | unavailable | +2,460.0% | −288.3% |
| net % | -61.9% | 1.6% | 40.9% | -138.3% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 3.8 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- -60.4 m EUR
- Total assets
- 93.1 m EUR
- Debt / equity
- unavailable
- Current ratio
- 0.61x
- ROE
- unavailable
- ROA
- -84.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 39.5 m | 95.1 m | 90.2 m | 60.8 m | SEC (XBRL)· 13 Feb 2026verified |
| Cost of revenue | 30.5 m | 61.7 m | 63.8 m | 48.8 m | SEC (XBRL)· 13 Feb 2026verified |
| Gross profit | 9.0 m | 33.3 m | 26.4 m | 12.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Research & development | 2.7 m | 4.8 m | 5.1 m | 4.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Operating income | -7.4 m | 13.7 m | 32.2 m | -81.8 m | SEC (XBRL)· 13 Feb 2026verified |
| Depreciation & amortisation | 4.9 m | 6.3 m | 6.9 m | 7.3 m | SEC (XBRL)· 13 Feb 2026verified |
| EBITDA | -2.5 m ≈ | 19.9 m ≈ | 39.1 m ≈ | -74.5 m ≈ | SEC (XBRL)· 13 Feb 2026derived |
| Interest expense | 18.0 m | 17.7 m | 10.1 m | 5.7 m | SEC (XBRL)· 13 Feb 2026verified |
| Pre-tax income | -22.1 m | 1.7 m | 40.7 m | -85.6 m | SEC (XBRL)· 13 Feb 2026verified |
| Income tax | 5.2 m | -1.9 m | 2.8 m | -1.5 m | SEC (XBRL)· 13 Feb 2026verified |
| Net income | -24.5 m | 1.6 m | 36.9 m | -84.1 m | SEC (XBRL)· 13 Feb 2026verified |
| Diluted EPS | — | 0.05 | 1.28 | -2.41 | SEC (XBRL)· 13 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 18.4 m | 8.3 m | 5.7 m | 3.8 m | SEC (XBRL)· 13 Feb 2026verified |
| Receivables | — | 108.8 m | 47.0 m | 38.2 m | SEC (XBRL)· 13 Feb 2026verified |
| Inventories | — | 25.0 m | 16.4 m | 15.7 m | SEC (XBRL)· 13 Feb 2026verified |
| Current assets | — | 147.0 m | 74.2 m | 60.8 m | SEC (XBRL)· 13 Feb 2026verified |
| Property, plant & equipment, net | 13.9 m | 13.4 m | 5.7 m | 5.3 m | SEC (XBRL)· 13 Feb 2026verified |
| Intangibles (excl. goodwill) | 16.0 m | 15.8 m | 15.0 m | 14.9 m | SEC (XBRL)· 13 Feb 2026verified |
| Total assets | — | 180.2 m | 106.6 m | 93.1 m | SEC (XBRL)· 13 Feb 2026verified |
| Accounts payable | — | 25.4 m | 25.9 m | 28.2 m | SEC (XBRL)· 13 Feb 2026verified |
| Long-term debt | — | 34.4 m | 22.2 m | — | SEC (XBRL)· 15 May 2024verified |
| Current liabilities | — | 195.6 m | 87.3 m | 100.4 m | SEC (XBRL)· 13 Feb 2026verified |
| Equity | -59.0 m | -54.3 m | -17.8 m | -60.4 m | SEC (XBRL)· 13 Feb 2026verified |
Cash flow · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -10.3 m | 280.0 k | 9.9 m | -2.6 m | SEC (XBRL)· 13 Feb 2026verified |
| Investing cash flow | -7.5 m | -7.2 m | 72.0 m | -4.1 m | SEC (XBRL)· 13 Feb 2026verified |
| Financing cash flow | 35.7 m | -3.2 m | -83.7 m | 4.0 m | SEC (XBRL)· 13 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
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
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
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 · input data missing
- 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
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
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 | -138.3% | 38 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 15.5% | 100 (on a fixed band) | 33% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -14.3x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| 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 sheet0/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial38/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
SCHMID Group N.V. (SHMD). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 60.8 m EUR in 2024; YoY growth -32.6%; net margin -138.3%.
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
- Revenue CAGR 3Y: 15.5%
What contradicts it
- Interest coverage: -14.3x
- Current ratio: 0.6x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Misc Industrial & Commercial Machinery & Equipment (SIC 3590) · same industry (4-digit SIC) · compared with 10 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 | |
|---|---|---|---|---|---|---|
| ETNEATON CORPORATION plc | 137.2 bn | 35.3 | 19.6% | 12.2% | +10.3% | +2% / +55% |
| CWCurtiss-Wright Corporation | 16.7 bn | 31.1 | 19.7% | 14.8% | +12.1% | −20% / +111% |
| EPACEnerpac Tool Group Corp. | 2.2 bn | 24.5 | 20.2% | 13.8% | +5.7% | +11% / +55% |
| ZOOZZOOZ Strategy Ltd. | 972.0 m | — | -88.3% | -22,505.7% | −76.3% | −49% / unavailable |
| VHUBVenhub Global, Inc. | 21.4 m | — | — | -11,799.2% | unavailable | unavailable / unavailable |
| LIQTLiqtech International, Inc. | 10.4 m | — | -48.9% | -63.2% | +13.0% | −83% / −91% |
| SMXSMX (Security Matters) Public Limited Company | 2.1 m | — | -2,287.2% | — | unavailable | −100% / −100% |
| HTOOFusion Fuel Green PLC | — | — | -204.5% | -855.5% | −61.3% | −53% / −97% |
| MOG-AMOOG Inc. | — | 27.7 | 18.2% | 8.7% | +7.0% | +42% / +133% |
| SHMDSCHMID Group N.V. | — | — | — | -138.3% | −32.6% | −47% / unavailable |
| RAINRain Enhancement Technologies Holdco, Inc. | — | — | — | — | unavailable | −89% / unavailable |
1- and 3-year price returns: for SHMD 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
Scenarios are not available. input data missing
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.
Possibly outdated: the newest document it read is from 15 May 2026; since then the company filed 6-K (21 Oct 2026), 6-K (25 Aug 2026), 6-K (14 Jul 2026), 6-K (07 Jul 2026), 6-K (16 Jun 2026), 6-K (09 Jun 2026).
In brief
SCHMID Group N.V. is a global supplier of equipment, software and services for PCB and substrate manufacturing, photovoltaics and glass, with a focus on the most advanced end of these markets. The company is restructuring its finances in 2025-2026, while revenue rose to 66.9 mil EUR in fiscal 2025 1.
SWOT
Strengths
- The company has a reputation built over more than fifty years in the electronics industry, recognised for quality and innovation 1.
- Management regards ET technology as an advantage, the company being among the first equipment suppliers for this production 1.
- Customers are willing to pay above-market prices for the company's solutions, which supports gross margins 1.
Weaknesses
- The company has had serious delays in financial reporting and a high dependence on a few large customers 1.
- Liquidity is low, and debt has been restructured through share issuances and loans carrying high interest 1.
- The research and development budget is limited compared with some larger competitors 1.
Opportunities
Threats
- Chinese competitors with government support may offer lower prices, and trade tensions can limit market access 1.
- Customers' technological changes may make some specialised machines unnecessary 1.
- Pressure on the NASDAQ listing and the need for additional capital could affect the company's stability 1.
Risks
- NASDAQ listing monitoringhigh
The company remains under a panel monitoring period until February 2027, and a new non-compliance could lead to delisting of its securities 1.
- Liquidity and financinghigh
The large net loss in 2025 and the need for additional capital through convertible notes and an equity facility could dilute existing shareholders 1.
- Customer concentrationmedium
Losing key customers could seriously affect revenue, given the large share held by the biggest customers 1.
- Dependence on the electronics marketmedium
Most revenue comes from electronics, exposing the company to the global cycles of that industry 1.
- Geopolitical and trade riskmedium
Trade tensions, tariffs and military conflicts can affect supply chains and customers in sensitive regions 1.
Investment thesis
What would need to be true (bull case)
- If embedded traces expand quickly in new PCB factories, the company could benefit from higher demand for its specialised equipment 1.
- The recovery of gross margin and revenue growth in 2025 suggests the pricing and cost strategy could keep working 1.
- Debt restructuring and access to financing through several instruments could stabilise the balance sheet over the medium term 1.
What would break the thesis
- The large net loss in 2025 and reliance on costly financing instruments point to serious pressure on liquidity 1.
- NASDAQ monitoring and a history of late reporting may deter investors and limit access to capital markets 1.
- If large customers cut orders or move to other technologies, revenue could fall quickly given the current concentration 1.
What to watch
- Compliance status with NASDAQ rules and end of the monitoring period2027
- Order development for ET and TGV technology2026
- Use of the SEPA facility and the convertible notesnext 10-K
- Development of gross margin and operating costsQ1 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.
Possibly outdated: the newest document it read is from 15 May 2026; since then the company filed 6-K (21 Oct 2026), 6-K (25 Aug 2026), 6-K (14 Jul 2026), 6-K (07 Jul 2026), 6-K (16 Jun 2026), 6-K (09 Jun 2026).
The business
SCHMID is a fifth-generation family business founded in 1864 as an iron foundry in Freudenstadt, Germany, which has built machines for the electronics industry since the 1960s and photovoltaic solutions since the early 2000s 1. Its products form a modular portfolio of equipment for high-end PCB manufacturing and semiconductor packaging, including subtractive, SAP and mSAP techniques 1. The company produces in Germany and China and offers upgrades, spare parts, training and project management to customers 1.
Fiscal 2025 revenue came mainly from machine sales of 54.4 mil EUR, followed by spare parts at 7.8 mil EUR and services at 4.1 mil EUR 1. Gross margin rose in 2025 to 24.0%, from 19.8% in 2024, and the machine order backlog stood at 50.9 mil EUR on December 31, 2025 1. Customer concentration is high, with about 19% of revenue from the two largest customers 1.
The listing and financing position is difficult: the company missed the deadline for its 2024 annual report, received a NASDAQ delisting determination and regained compliance in February 2026, remaining under a panel monitoring period until February 19, 2027 1. The 71.1 mil EUR net loss in 2025 and the restructuring of debt through conversions, convertible notes and an equity facility point to liquidity pressure 1.
Segments
Technical equipment and processes
This segment covers the sale of machines, installation, long-term development and extended warranties, and generated most revenue, 54.4 mil EUR in 2025 1. Embedded traces (ET) technology is the main growth driver, with the company regarded as a leading equipment supplier for ET production 1.
Spare parts and services
This segment includes spare parts, repairs, machine modifications and inspections; spare parts eased slightly to 7.8 mil EUR in 2025, affected by the economy in China and Taiwan, while services rose to 4.1 mil EUR 1.
Market context
The company says the PCB market is expected to expand significantly, with ET technology potentially gaining a larger share of capital spending for new factories, according to internal management estimates 1. Demand is shaped by 5G, digital infrastructure, connected devices and artificial intelligence, as well as green manufacturing and the reorganisation of supply chains to reduce dependence on China 1.
Geopolitics plays an important role: the war in Ukraine, Middle East conflicts, US-China trade tensions and tariffs can affect raw material prices, logistics and end-customer behaviour 1. Revenue in several European markets fell in 2025, while Greater China grew and the US remained a significant market 1.
Trends
- Adoption of ET technologytailwind
If embedded traces gain share in new PCB factories, demand for the company's equipment could grow, since management expects a higher share of capital spending for ET 1.
- Digitalisation and artificial intelligencetailwind
The expansion of 5G, IoT devices and cloud computing increases data volumes and demand for customers' products, which supports demand for the company's machines 1.
- Reorganisation of supply chainsmixed
Moving production away from China could open opportunities for suppliers outside China, but may also reduce volumes in a region where the company is strongly present 1.
- Geopolitical tensions and tariffsheadwind
Wars, tariffs and energy price changes could slow orders, as happened in the first half of 2025 when order intake was limited 1.
Competitive position
The company faces numerous competitors, including large Chinese players that often dominate equipment manufacturing in a highly commoditised, price-driven market shaped by Chinese industrial policy 1. Rivals with larger financial resources can invest more in marketing and new products, and some benefit from tax advantages or government support 1.
SCHMID differentiates itself through quality, innovation, technology and services, but the R&D spending needed to keep its technological lead is proportionally higher than at some rivals 1.
- Large Chinese equipment manufacturers
Often hold dominant positions in equipment manufacturing, and the market is strongly influenced by Chinese industrial policy, which could pressure prices 1.
- Divisions of large international industrial groups
Often small divisions of large groups, with greater resources to withstand industry changes 1.
- Rivals developing ET processes
If competitors develop better or cheaper processes for ET technology, the company could miss part of the expected growth 1.
- Producers developing alternative materials
Changes in customers' technology can reduce the need for specialised machines, making alternative producers a risk factor 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Schmid Says Fed Has Work to Do on InflationBloomberg Markets · 01 Oct 2026 · EN
- Fed's Schmid: Need to understand if AI "ecosystem" getting too big to failCNA (Channel NewsAsia) · 25 Sept 2026 · EN
- Fed keeps the door open for more rate hikes as Schmid warns there's 'work to do'Yahoo Finance — News · 18 Sept 2026 · EN
- SCHMID (SHMD) Nearly Tripled Revenue but Cut its Adjusted EBITDA Margin Outlook. Is China Growth Too Low-Margin?Yahoo Finance — News · 27 Aug 2026 · EN
- Kansas City Fed's Schmid warns payment innovation will be 'very disruptive'Yahoo Finance — News · 27 Aug 2026 · EN
- Kansas City Fed's Jeffrey Schmid warns rates may need to riseYahoo Finance — News · 27 Aug 2026 · EN
- Kansas City Fed's Schmid says inflation 'stubborn' and 'sticky,' policy rate not restrictiveCNBC World · 27 Aug 2026 · EN
- KC Fed's Jeff Schmid on First Jackson Hole of Kevin Warsh EraBloomberg Markets · 27 Aug 2026 · EN
- Odd Lots: Fed’s Schmid on Warsh’s First Jackson Hole (Podcast)Bloomberg Markets · 27 Aug 2026 · EN
- SCHMID Group N.V. Class A Ordinary Shares Q2 2026 Earnings Call SummaryYahoo Finance — News · 26 Aug 2026 · EN
- SCHMID Group Q2 Earnings Call HighlightsYahoo Finance — News · 25 Aug 2026 · EN
- Ciclism: Elvețianul Mauro Schmid a câștigat etapa a 13-a a Turului FranțeiAgerpres · 17 Jul 2026 · RO
- Fed Must Signal Commitment to Inflation, Schmid SaysBloomberg Markets · 29 May 2026 · EN
- Fed’s Schmid Says Officials Must Signal Commitment to InflationBloomberg Markets · 29 May 2026 · EN
The latest news item in our archive is from 01 Oct 2026; the newest SEC filing is from 21 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)21 Oct 2026
- Current report (foreign issuer)25 Aug 2026
- Current report (foreign issuer)14 Jul 2026
- Current report (foreign issuer)07 Jul 2026
- Current report (foreign issuer)16 Jun 2026
- Current report (foreign issuer)09 Jun 2026
- Current report (foreign issuer)26 May 2026
- Annual report (foreign issuer)15 May 2026
- Current report (foreign issuer)27 Apr 2026
- Current report (foreign issuer)06 Mar 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / SCHMID Group N.V. · 15 May 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.