olivLaw · European equity research
BE Semiconductor Industries N.V. BESI.AS
Netherlands · Euronext Amsterdam · ISIN NL0012866412 · Vertical: Listed companies from Netherlands
BE Semiconductor Industries N.V. (Besi) designs assembly equipment for the semiconductor industry, with a focus on advanced packaging, which the company describes as its fastest-growing segment. It matters now because of its expansion into sub-micron accuracy die bonding for AI applications, including hybrid bonding and leading-edge thermo compression bonding. The company reports 1,928 fixed employees worldwide.
At the close of 04 Nov 2026, BE Semiconductor Industries N.V. (BESI.AS) stock was 152.00 EUR (−2.63% on the day), with market capitalisation 12.1 bn EUR, P/E 91.6 on diluted EPS of 1.66 EUR over the last 12 months, dividend yield 1.43%, beta 1.60, 52-week range 122.80–320.30 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)
- 39.3
- weak (30–45)
- Bollinger (20, 2)
- 141.67 – 181.54
- in the lower half of the band · %B 0.26 · band width 24.7%
- SMA 50 / 200
- 178.60 / 214.18
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -8.16 / -8.65
- MACD above 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 | −25.1% | −1.5% | −23.6 pp | — |
| 3 months | −29.5% | −5.3% | −24.2 pp | — |
| 6 months | −40.4% | +4.7% | −45.1 pp | — |
| Year to date | +13.6% | +6.0% | +7.6 pp | — |
| 1 year | +6.6% | +8.2% | −1.6 pp | +0.5% |
| 3 years | +42.0% | +47.2% | −5.2 pp | −0.1% |
| 5 years | +94.1% | +41.8% | +52.3 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 100 percentile of its own 3-quarter history (min 57.5, median 61.2, max 80.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 578.9 m | 607.5 m | 591.3 m |
| Revenue YoY | unavailable | +4.9% | −2.7% |
| Net income | 177.1 m | 182.0 m | 131.6 m |
| Net income YoY | unavailable | +2.8% | −27.7% |
| Diluted EPS | 2.23 | 2.30 | 1.66 |
| Diluted EPS YoY | unavailable | +3.1% | −27.8% |
| net % | 30.6% | 30.0% | 22.3% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 373.0 m EUR
- Financial debt
- 507.0 m EUR
- Net debt
- 134.0 m EUR
- Equity
- 416.4 m EUR
- Total assets
- 1.1 bn EUR
- Debt / equity
- 1.22x
- Current ratio
- 5.55x
- ROE
- 28.7%
- ROA
- 11.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 578.9 m | 607.5 m | 591.3 m | esef· 04 Mar 2026verified |
| Cost of revenue | 203.1 m | 211.5 m | 217.1 m | esef· 04 Mar 2026verified |
| Gross profit | 375.8 m | 395.9 m | 374.3 m | esef· 04 Mar 2026verified |
| Research & development | 56.4 m | 74.3 m | 81.0 m | esef· 04 Mar 2026verified |
| Operating income | 213.4 m | 195.6 m | 173.1 m | esef· 04 Mar 2026verified |
| Interest expense | 18.7 m | 24.4 m | 33.6 m | esef· 04 Mar 2026verified |
| Pre-tax income | 207.7 m | 188.5 m | 153.9 m | esef· 04 Mar 2026verified |
| Income tax | 30.6 m | 6.5 m | 22.3 m | esef· 04 Mar 2026verified |
| Net income | 177.1 m | 182.0 m | 131.6 m | esef· 04 Mar 2026verified |
| Diluted EPS | 2.23 | 2.30 | 1.66 | esef· 04 Mar 2026verified |
| Weighted average diluted shares | 82.8 m | 81.9 m | 79.7 m | esef· 04 Mar 2026verified |
| Dividend per share | 2.86 | 2.18 | 2.18 | esef· 04 Mar 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 188.5 m | 342.3 m | 373.0 m | esef· 04 Mar 2026verified |
| Inventories | 92.5 m | 103.3 m | 104.1 m | esef· 04 Mar 2026verified |
| Current assets | 688.3 m | 998.4 m | 857.0 m | esef· 04 Mar 2026verified |
| Property, plant & equipment, net | 37.5 m | 44.8 m | 54.3 m | esef· 04 Mar 2026verified |
| Goodwill | 45.4 m | 46.0 m | 44.8 m | esef· 04 Mar 2026verified |
| Intangibles (excl. goodwill) | 93.7 m | 96.7 m | 104.5 m | esef· 04 Mar 2026verified |
| Total assets | 896.6 m | 1.2 bn | 1.1 bn | esef· 04 Mar 2026verified |
| Short-term debt | 0 | 776.0 k | 0 | esef· 04 Mar 2026verified |
| Long-term debt | 297.4 m | 525.7 m | 507.0 m | esef· 04 Mar 2026verified |
| Current liabilities | 137.2 m | 167.0 m | 154.3 m | esef· 04 Mar 2026verified |
| Equity | 421.4 m | 501.3 m | 416.4 m | esef· 04 Mar 2026verified |
| Shares outstanding at year end | 77.7 m | 78.8 m | 79.3 m | esef· 04 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 208.6 m | 201.1 m | 178.1 m | esef· 04 Mar 2026verified |
| Investing cash flow | -72.9 m | -136.5 m | 113.0 m | esef· 04 Mar 2026verified |
| Financing cash flow | -439.8 m | 88.7 m | -261.3 m | esef· 04 Mar 2026verified |
| Dividends paid | 222.1 m | 171.5 m | 172.8 m | esef· 04 Mar 2026verified |
| Share repurchases | 213.4 m | 79.8 m | 82.0 m | esef· 04 Mar 2026verified |
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 weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 12.1 bn EUR
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
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: 16.94 – 40.41 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)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E16.94 – 35.77 (Mid 22.83)16 companies used · median multiple 13.8x · quartiles 10.2x – 21.5xAALB.AS, ACOMO.AS, AD.AS, ADYEN.AS, AKZA.AS, ARCAD.AS, ASM.AS, AXS.AS, BAMNB.AS, BNJ.AS, CRBN.AS, CTAC.AS, ECMPA.AS, FFARM.AS, HAL.AS, HAVAS.AS
- Dividend discount (DDM)29.64 – 40.41 (Mid 34.20)
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: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 23.9% | 92 (vs peers) | 24% |
| Net margin · Quality | 22.3% | 86 (vs peers) | 14% |
| 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 | 5.1x | 56 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 5.6x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 91.6x | 14 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.1% | 30 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet74/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality90/100 · 2/3 factors with a value
- Returns· partial30/100 · 1/2 factors with a value
- Valuation· partial14/100 · 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
BE Semiconductor Industries N.V. (BESI.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 591.3 m EUR in 2025; YoY growth -2.7%; net margin 22.3%; ROE 28.7%.
The estimated value range is 23.29–38.09 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 28.51 EUR, the price of 152.00 EUR leaves a potential of -81.2% (value / price − 1) and a margin of safety of -433.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 23.9%
- Net margin: 22.3%
- Current ratio: 5.6x
What contradicts it
- P/E (TTM): 91.6x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Netherlands · 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 | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 519.6 bn | 50.9 | 44.2% | 31.3% | +15.6% | +48% / +115% |
| ASM.ASASM International N.V. | 33.5 bn | 46.5 | 18.7% | 22.8% | +8.2% | +44% / +45% |
| DSFIR.ASDSM-Firmenich AG | 32.0 bn | 114.3 | 1.2% | 2.2% | +20.4% | +52% / +24% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 30.9 bn | 13.7 | 15.3% | 2.5% | +3.4% | −4% / +29% |
| ADYEN.ASAdyen N.V. | 26.9 bn | 25.4 | 22.3% | 40.1% | +18.9% | −36% / −20% |
| HAL.ASHAL Trust | 15.6 bn | 9.8 | 10.5% | 12.8% | +1.2% | +23% / +49% |
| EXO.ASExor N.V. | 15.3 bn | — | -10.6% | — | −100.0% | +3% / −17% |
| BESI.ASBE Semiconductor Industries N.V. | 12.1 bn | 91.6 | 28.7% | 22.3% | −2.7% | +17% / +18% |
| AKZA.ASAkzo Nobel N.V. | 10.8 bn | 17.1 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.6 bn | 25.8 | 7.2% | 5.7% | −5.3% | +51% / +15% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.3 | 18.3% | 4.3% | −2.4% | +24% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.8 | 343.8% | 5.1% | +1.6% | −11% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.4 bn | 42.5 | 9.1% | 1.3% | +2.9% | +49% / +408% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| HAVAS.ASHavas N.V. | 1.8 bn | 9.7 | 10.2% | 6.5% | +1.7% | +27% / unavailable |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +56% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 973.4 m | — | -1.5% | -1.1% | −18.8% | −1% / −49% |
| ACOMO.ASAcomo N.V. | 687.4 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 667.9 m | — | -28.2% | -21.7% | +66.1% | +61% / +25% |
| FFARM.ASForFarmers N.V. | 515.9 m | 10.3 | 14.5% | 1.6% | +14.8% | +31% / +140% |
| BRNL.ASBrunel International N.V. | 386.2 m | 126.5 | 1.0% | 0.3% | −10.8% | −5% / −29% |
| ALFEN.ASAlfen N.V. | 229.8 m | — | -0.1% | -0.0% | −10.7% | +0% / −77% |
| ENVI.ASEnvipco Holding N.V. | 227.9 m | — | -12.7% | -11.9% | −20.8% | −24% / +49% |
| CMCOM.ASCM.com N.V. | 188.7 m | — | -22.2% | -1.5% | −5.4% | +21% / −31% |
1- and 3-year price returns: for BESI.AS 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 | 83.38 Total return -44% · Per year -44% | 147.96 Total return -2% · Per year -2% | 223.62 Total return 48% · Per year 48% |
| 3 years | 69.70 Total return -52% · Per year -22% | 140.20 Total return -5% · Per year -2% | 234.22 Total return 58% · Per year 16% |
| 5 years | 58.26 Total return -58% · Per year -16% | 132.85 Total return -8% · Per year -2% | 245.32 Total return 68% · Per year 11% |
- Exit P/E± 35.05
- Net margin± 24.54
- Annual revenue growth± 21.62
- Annual dilution± 2.06
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
BE Semiconductor Industries N.V. (Besi) designs assembly equipment for the semiconductor industry, with a focus on advanced packaging, which the company describes as its fastest-growing segment. It matters now because of its expansion into sub-micron accuracy die bonding for AI applications, including hybrid bonding and leading-edge thermo compression bonding. The company reports 1,928 fixed employees worldwide 1.
SWOT
Strengths
- Recognized technological leadership in advanced packaging and a strong position in assembly, supported by high through-cycle returns.
- Flexible and scalable production model able to respond quickly to demand changes while keeping high margins.
- Visible sustainability progress, with targets for renewable energy and emission reduction reached ahead of schedule.
Weaknesses
- Dependence on one segment of the semiconductor industry exposes the company to swings in customers' investment cycles.
- Operations and supply chain rely on a limited number of suppliers and regions, which can make rapid replacement difficult.
- Spending on sustainability, compliance and employee training raises operating costs.
Opportunities
- Demand for precision bonding in AI applications could significantly raise the importance of hybrid bonding in the portfolio.
- Customer preference for sustainable products could support revenue growth if low-impact solutions gain recognition.
- Extension into new digital society applications could open additional markets for assembly technology.
Threats
- Environmental regulation and energy efficiency requirements could raise costs or limit certain products.
- Physical climate risks and natural disasters could disrupt operations or the supply chain.
- Technological competition in advanced packaging could erode the leadership advantage if investment in research lags.
Risks
- Environmental and climate risksmedium
The company may be affected by operational disruptions, natural disasters and climate change impacts on its operations, which could hurt financial performance 1.
- Environmental regulationmedium
Besi is subject to environmental rules in several jurisdictions and to customer requirements, and non-compliance could lead to penalties and additional costs 1.
- Health and safetymedium
Reputation, financial position and performance could be harmed by health and safety incidents if they are not properly managed 1.
- Supply chain compliancemedium
Supplier non-compliance with contract terms or the code of conduct could interrupt critical deliveries and damage the company's reputation 1.
- Industry cyclicalityhigh
Demand in the semiconductor industry shifts quickly, and if customer investment falls, the company's revenue could be significantly affected 1.
Investment thesis
What would need to be true (bull case)
- If demand for hybrid bonding and precision bonding for AI expands, Besi could benefit from its technology leadership in advanced packaging 1.
- A flexible production model and high through-cycle profitability could support cash generation and the shareholder return policy 1.
- Progress on sustainability and reaching renewable energy targets could strengthen appeal to customers and investors who weigh these criteria 1.
What would break the thesis
- If investment across the semiconductor industry slows, demand for Besi's equipment could fall, affecting revenue and margins 1.
- Technological competition in hybrid bonding could erode the company's edge if rivals offer comparable solutions faster or more cheaply 1.
- Rising sustainability, regulatory and compliance demands could increase operating costs and limit financial flexibility 1.
What to watch
- Order development in advanced packaging and AI applications2027
- Progress toward the 2026 and 2030 sustainability targets2026
- Supplier compliance with GWA and GPC contracts2027
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
Besi builds its strategy on technological leadership in advanced packaging, a segment it considers the most promising for long-term growth 1. Its business model aims for higher through-cycle revenue, profitability and cash flow through a scalable and flexible production model, supported by weekly order analysis and strict cost control 1. Over the past five years the company returned EUR 1.5 billion to shareholders and achieved an average ROAE of 39.5% 1.
The company funds operations from available cash, cash generated from operations and, in some cases, intercompany loans and bank credit lines 1. Resources go to research and development for next-generation assembly applications, to employees and internal operations, to sustainable sourcing of raw materials and energy, and to value chain collaboration 1. Besi targets net zero Scope 1 and 2 carbon emissions by 2030 and net zero carbon emissions by 2050 1.
The value chain includes suppliers of components, modules and semi-finished products, and a large share of purchasing is covered by contracts that require adherence to the RBA Code of Conduct 1. For 2026 the company set interim targets, including 85% renewable sources for global energy needs, and in 2025 it already reached 99% renewable electricity 1.
Segments
Market context
Besi describes its market as semiconductor manufacturers and subcontractors that require accuracy and productivity in 24/7, high-volume production environments 1. Demand is increasingly shifting toward advanced packaging, where the company sees its greatest growth potential 1.
Customers increasingly seek sustainable and ethically produced products, which could influence purchasing decisions in the sector 1. Investors in Europe, North America and Asia increasingly consider sustainability in their investment process, which could matter for access to capital 1.
Trends
- Demand for precision bonding in AI applicationstailwind
Expansion into hybrid bonding and thermo compression bonding for AI opens segments with demanding sub-micron accuracy requirements, where Besi aims to remain the technology leader 1.
- Ever shorter industry cycle timesmixed
Demands for flexibility and scalability grow as production cycles shorten and demand shifts abruptly, forcing the company to adapt production quickly 1.
- Sustainability requirements from customers and investorsmixed
Customers and investors in several regions increasingly treat sustainability as a decision criterion, which could support demand but also brings compliance costs 1.
- Energy efficiency regulationheadwind
Failure to meet new regulations and customer requirements on energy efficiency could raise the cost of adapting products if not anticipated 1.
Competitive position
Besi positions itself as a leader in assembly equipment, supported by technological advantage and superior through-cycle performance, according to its own description 1. The source does not explicitly name competitors, so the analysis below relies only on what the report mentions 1.
Competition runs on criteria such as accuracy, system reliability, production flexibility and the ability to respond to abrupt demand shifts 1. If a rival offered faster or more precise hybrid bonding solutions, Besi's leadership position could be affected 1.
- Advanced assembly equipment suppliers
Competition in the same assembly system categories; the report does not name competing companies.
- Hybrid bonding equipment makers
Segment in which Besi aims to be technology leader; competition depends on precision performance.
- Thermo compression bonding solution providers
Competition in advanced packaging for AI applications, which the source names as a priority.
- Other semiconductor equipment producers
General competition in the equipment industry, where cycles and customer requirements shift quickly.
News & filings
In the press
- Applied Materials to raise BESI stake to about 20%CNA (Channel NewsAsia) · 26 Oct 2026 · EN
- Besi's quarterly orders beat expectations as AI data centre demand stays strongCNA (Channel NewsAsia) · 22 Oct 2026 · EN
- Besi says ASML is not hybrid bonding rival as AI demand drives ordersCNA (Channel NewsAsia) · 22 Oct 2026 · EN
- Besi shares fall on report ASML is working on rival hybrid bonding productCNA (Channel NewsAsia) · 16 Oct 2026 · EN
Annual reports (ESEF)
- Annual report 202504 Mar 2026
- Annual report 202404 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / BE Semiconductor Industries N.V. · 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.