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1. Company Snapshot

1.a. Company Description

AIXTRON SE, together with its subsidiaries, provides deposition equipment to the semiconductor industry in Asia, Europe, and the Americas.It develops, produces, sells, maintains, and installs equipment for the deposition of semiconductor materials; and provides consulting and training, customer support, and peripheral equipment and services, as well as sells spare parts and services.The company supplies deposition equipment for volume production, as well as equipment for research and development, and pre-series production.


Its technology solutions are used to build components for electronic and optoelectronic applications that are used in laser, LED, display technologies, optical and wireless data transmission, SiC and GaN power electronics, optical and electronic storage devices, computing, and signaling and lighting technology, as well as other applications.AIXTRON SE was founded in 1983 and is headquartered in Herzogenrath, Germany.

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1.b. Last Insights on AIXA

AIXTRON SE's recent performance was driven by its position as a key player in the semiconductor industry, particularly in the AI space. The company's solutions are in demand, with Barclays and Kerrisdale identifying it as a potential beneficiary of the next AI investing wave. Although recent earnings missed analyst estimates, investors' sentiment remains positive. A potential growth driver is the company's innovative product offerings, catering to the increasing need for AI-enabled infrastructure.

1.c. Company Highlights

2. AIXTRON's Q3 2025 Earnings: A Mixed Bag

AIXTRON's Q3 2025 results show revenues of EUR 120 million, within the guided range of EUR 110 million to EUR 140 million. The gross margin was 39%, while the adjusted gross margin after 9 months was around 38%, slightly below the previous year's 39%. Earnings per share (EPS) came in at EUR 0.1123, significantly lower than analyst estimates of EUR 0.3224. Free cash flow was EUR 39 million, totaling EUR 110 million in the first 9 months, with inventories decreasing to EUR 316 million from EUR 369 million at year-end 2024.

Publication Date: Nov -02

📋 Highlights
  • Free Cash Flow & Inventory Reduction:: EUR 39 million in Q3, totaling EUR 110 million YTD; inventories dropped to EUR 316 million (-EUR 53 million YoY).
  • Revenues & Margins:: EUR 120 million in Q3 (within EUR 110–140 million guidance), 39% gross margin; adjusted gross margin 38% (vs. 39% in 2024).
  • Order Backlog & Book-to-Bill:: EUR 287 million backlog, 1.04 book-to-bill ratio driven by EUR 124 million in new orders.
  • 2025 Guidance:: Revenue EUR 530–565 million, 40–41% gross margin, 17–19% EBIT margin; cash balance rose to EUR 153 million (+EUR 88 million YoY).
  • Market Segments Outlook:: Opto to reach EUR 150 million (AI-driven datacom), GaN market to hit ~$500 million (data centers), SiC growth challenged by overcapacity.

Order Intake and Backlog

The company recognized new orders of EUR 124 million, leading to an equipment order backlog of EUR 287 million and a book-to-bill of 1.04. This indicates a continued recovery in demand, particularly in the optoelectronics segment driven by AI and datacom applications.

Guidance and Outlook

AIXTRON expects revenues between EUR 530 million and EUR 565 million for 2025, with a gross margin of 40% to 41% and an EBIT margin of 17% to 19%. For 2026, the company expects revenues to be slightly below those of 2025, with an EBIT margin not below the range of the current year. The company expects the Opto business to gain about 10 percentage points of total revenues, driven by demand for data communications devices for AI.

Market Trends and Opportunities

The company sees a continued recovery in demand for lasers driven by datacom applications and a moderate demand for GaN power devices, particularly from Asian customers. The silicon carbide market is expected to grow, driven by the increasing demand for electric vehicles and renewable energy. AIXTRON's G10-SiC CVD system is well-positioned to meet future needs in this segment.

Valuation

With a P/E Ratio of 13.64 and an EV/EBITDA of 9.83, the market seems to be pricing in a moderate growth outlook for AIXTRON. The company's ROIC of 12.65% and ROE of 13.02% indicate a relatively healthy profitability profile. The Net Debt / EBITDA ratio of -0.5 suggests a strong cash position, which is further reinforced by the Free Cash Flow Yield of 3.56%.

3. NewsRoom

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.43%)

6. Segments

Equipment

Expected Growth: 6.5%

AIXTRON SE's equipment growth is driven by increasing demand for semiconductor materials, particularly in the 5G and IoT markets. The company's technology leadership in MOCVD and ALD deposition enables it to capitalize on the trend towards more complex and advanced semiconductor devices. Additionally, AIXTRON's strong relationships with leading chipmakers and its expanding presence in Asia support its growth momentum.

Spares

Expected Growth: 6.0%

AIXTRON SE's 6.0% growth in Spares is driven by increasing demand for semiconductor equipment, driven by the rising adoption of 5G, IoT, and AI technologies. Additionally, the company's strong relationships with leading chipmakers, continuous R&D investments, and expanding presence in Asia contribute to its growth momentum.

Services

Expected Growth: 7.5%

AIXTRON SE's 7.5% growth is driven by increasing demand for semiconductor manufacturing equipment, particularly in the 5G and IoT markets. The company's strong presence in Asia, especially in China, and its diversified product portfolio also contribute to its growth. Additionally, AIXTRON's focus on research and development, as well as its strategic partnerships, have enabled it to stay ahead of the competition and capitalize on emerging trends.

7. Detailed Products

MOCVD Systems

AIXTRON SE's MOCVD (Metal Organic Chemical Vapor Deposition) systems are used for the production of semiconductor materials, such as LEDs, lasers, and transistors.

GaN RF Systems

AIXTRON SE's GaN RF Systems are used for the production of high-power and high-frequency semiconductor devices, such as amplifiers and switches.

OLED Deposition Systems

AIXTRON SE's OLED Deposition Systems are used for the production of organic light-emitting diodes (OLEDs) for displays and lighting applications.

ALD/CVD Systems

AIXTRON SE's ALD/CVD Systems are used for the production of thin films and nanomaterials for various applications, including semiconductors, solar cells, and energy storage.

Service and Support

AIXTRON SE's Service and Support offers maintenance, repair, and upgrade services for its deposition systems, as well as training and consulting services.

8. AIXTRON SE's Porter Forces

Forces Ranking

Threat Of Substitutes

AIXTRON SE operates in the semiconductor industry, where substitutes are limited. However, the company's products can be substituted with alternative technologies, such as molecular beam epitaxy or chemical vapor deposition.

Bargaining Power Of Customers

AIXTRON SE's customers are primarily large semiconductor manufacturers, who have limited bargaining power due to their dependence on AIXTRON's products.

Bargaining Power Of Suppliers

AIXTRON SE relies on a few key suppliers for critical components, giving them some bargaining power. However, the company's strong relationships with suppliers mitigate this risk.

Threat Of New Entrants

The semiconductor industry has high barriers to entry, including significant capital expenditures and technological expertise, making it difficult for new entrants to compete with AIXTRON SE.

Intensity Of Rivalry

The semiconductor industry is highly competitive, with several established players competing for market share. AIXTRON SE faces intense rivalry from companies like ASM International and Applied Materials.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 0.69%
Debt Cost 4.10%
Equity Weight 99.31%
Equity Cost 8.31%
WACC 8.28%
Leverage 0.70%

11. Quality Control: AIXTRON SE passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Melexis

A-Score: 5.1/10

Value: 2.7

Growth: 6.6

Quality: 6.7

Yield: 7.5

Momentum: 3.5

Volatility: 3.7

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A-Score: 4.6/10

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Growth: 8.8

Quality: 8.3

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Momentum: 7.5

Volatility: 1.0

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Nova

A-Score: 4.5/10

Value: 0.2

Growth: 8.9

Quality: 8.4

Yield: 0.0

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BESI

A-Score: 4.2/10

Value: 0.0

Growth: 4.7

Quality: 7.6

Yield: 5.0

Momentum: 6.5

Volatility: 1.7

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AIXTRON

A-Score: 4.2/10

Value: 4.9

Growth: 7.0

Quality: 6.8

Yield: 1.2

Momentum: 4.0

Volatility: 1.3

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A-Score: 4.2/10

Value: 3.3

Growth: 5.0

Quality: 5.5

Yield: 0.0

Momentum: 9.5

Volatility: 1.7

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

18.34$

Current Price

18.34$

Potential

-0.00%

Expected Cash-Flows