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AIXTRON SE (AIXA) Fair Value & Analysis

Technology · DE · Market cap €4.9B · ISIN DE000A0WMPJ6

What is AIXTRON SE really worth?

AS AIXTRON SE AIXA · XETRA
Price€36.15
Fair Value€18.26
Upside−49.5%
Quality64/100

A solid business, but trading 98% above our fair value of €18.26.

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Strengths

Solidly profitable · 11.6% net margin
generates free cash flow

Risks

!Mixed Growth (revenue 5y +15.6 %/yr)
!Trails peers (4/14)
!Narrow moat 39/100
!Weak on past: 27 out of 100
!Weak on dividend: 8 out of 100

For context

·0.41% dividend yield
Evidence: High Range €13.92 – €22.60

Fair value as of: Aug 29, 2026

From 26 valuation models · updated 6 days ago

Share price −5.5% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (€22.60). The favourable scenario is already priced in.
  • Solid but not exceptional quality (64/100) and above fair value, neither a clear bargain nor a standout compounder.

Price vs Fair Value (5 years)

€60.42 €9.07 Fair Value €18.26 Jul 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 29, 2026.

How to read this chart

60‑month range €9.07 – €60.42 · fair‑value band €13.92 – €22.60 · the €36.15 price screens above the €18.26 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 29, 2026.

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Analysis

AIXTRON SE (AIXA) currently trades at €36.15, while our model-based Fair Value estimate is €18.26, implying the stock looks roughly 98.0% overvalued today. The Quality Score stands at 64/100 (solid quality), in the Technology sector. Bull case: the DCF Models group reads highest at a median of €22.06 per share, and 0 of the 26 models we run sit above the €36.15 price. Bear case: the Dividend Discount group reads lowest at €2.18, and 26 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, AIXTRON SE generated revenue of €503M at a net margin of 11.6%. Revenue declined 47.2% year over year. It earns a return on equity of 6.7%. The balance sheet holds a net cash position of €101M. Fundamentals as of Aug 29, 2026

Our scenario range runs from €13.92 (bear case) to €22.60 (bull case); at €36.15, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 40% below its 52-week high and 211% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at −71% fair-value upside, at −49%, AIXA screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly €0.2572 per share, which is 1.4 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF best evidence €18.49 €28.00 €42.09 78
Growth DCF €18.70 €27.00 €38.51 76
Residual Income €6.85 €7.49 €10.16 76
All 26 models by family
DCF Models
FCF DCF best evidence €18.49 €28.00 €42.09 78
Owner Earnings €8.16 €12.07 €17.87 73
5Y Revenue Exit €11.80 €16.61 €22.54 71
5Y EBITDA Exit €14.69 €22.06 €30.55 72
5Y P/E Exit €16.32 €25.12 €34.34 68
10Y Revenue Exit €13.91 €18.86 €25.20 65
10Y EBITDA Exit €15.94 €22.57 €31.22 66
10Y P/E Exit €16.95 €24.66 €34.07 62
Earnings-Based
Graham-Dodd €5.14 €16.64 €22.22 64
Lynch FV €3.71 €5.30 €6.89 61
PEG = 1.0 €3.71 €5.30 €6.89 57
EPV €7.16 €8.14 €8.98 70
Dividend Discount
Gordon GGM €1.32 €2.62 €3.97 67
DDM Multi-Stage €1.32 €2.18 €2.77 67
Multiples
P/E Multiple €15.87 €21.16 €26.45 63
P/S Multiple €9.63 €12.85 €16.06 58
P/B Multiple €9.63 €12.85 €16.06 55
EV/EBIT €15.66 €20.56 €25.45 63
EV/EBITDA €13.98 €18.33 €22.67 64
EV/Revenue €8.39 €11.57 €14.76 51
Asset-Based
NCAV (Graham) €4.04 €5.41 €8.07 51
Growth DCF
Growth DCF €18.70 €27.00 €38.51 76
Rev-Margin DCF €11.80 €16.80 €22.70 71
Economic Profit
Residual Income €6.85 €7.49 €10.16 76
ROIC Compounder €7.16 €8.18 €9.92 70
Growth Earnings
Growth-Adj P/E €12.93 €18.48 €24.02 67

Widest divergence: DCF Models (€22.06) versus Dividend Discount (€2.18). Highest evidence: FCF DCF (78).

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Key figures & financial health

P/E ratio 82.3 as of Jul 13, 2026
P/S ratio 12.6 P/E × margin
EPS (TTM) €0.5300 price ÷ EPS = P/E 82.3
Dividend yield 0.4% payout 28.3%
Net margin 15.3% FY2025
Return on equity 6.7% TTM
More key figures
Profitability
Return on assets (EBIT) 12.4% avg 5y
Operating margin −37.5% TTM
Growth
Revenue (TTM) €503M TTM
Revenue growth (YoY) −47.2% 3y avg +6.3%
EPS growth (YoY) −9.7%
Balance sheet & cash flow
Free cash flow €181M FY2025
Net cash €101M FY2025

Figures from reported company fundamentals · as of Aug 29, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 64/100

Of which business quality 68 · Market factors (momentum, volatility) 56

Profitability 47
Margins and returns on capital today
Quality Growth 16
Are margins and returns improving?
Cashflow 97
Earnings quality: real cash, not paper profit
Fin. Strength 87
Balance sheet, leverage, solvency risk
Investment 68
Disciplined investing over empire-building
Low Volatility 34
Calm price path (market factor)
Momentum 59
Price trend over the last 3–12 months (market factor)
52W Momentum 74
Distance to the 52-week high (market factor)
Net Issuance 80
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

AIXTRON SE, together with its subsidiaries, manufactures and sells deposition equipment to the semiconductor industry in Asia, Europe, and the United States. The company offers G10-SiC, G10-GaN, G10-AsP, AIX G5+ C, Closed Coupled Showerhead systems for research and development, AIX 2800G4-TM, and AIX G5 WW C.

Full company description

AIXTRON SE, together with its subsidiaries, manufactures and sells deposition equipment to the semiconductor industry in Asia, Europe, and the United States. The company offers G10-SiC, G10-GaN, G10-AsP, AIX G5+ C, Closed Coupled Showerhead systems for research and development, AIX 2800G4-TM, and AIX G5 WW C. It also develops, produces, and installs equipment for the deposition of semiconductor materials; and offers deposition processes, consulting, training, customer support, and other related services, as well as peripheral equipment and services to support the operation of its systems. In addition, the company engages in supplying deposition equipment for volume production; and research and development and pre-series production activities. Its products are used in laser, LED, display technologies, optical data transmission, SiC and GaN power electronics, and other applications. AIXTRON SE was founded in 1983 and is headquartered in Herzogenrath, Germany.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

AIXTRON SE reported revenue of €557M in FY2025 versus €429M in FY2021, a compound +6.7%/yr. Reported net income was €85.2M in FY2025, compounding −2.8%/yr from FY2021.

Growth Quality 81/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
€557M
Latest YoY
−12.1%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+6.3%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+15.6%
Avg. revenue growth/yr (24Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+3.6%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+19.8% (19.4 + 0.4)
Revenue +6.7%/yr
FY21 €429M
FY22 €463M
FY23 €630M
FY24 €633M
FY25 €557M
Net income −2.8%/yr
FY21 €95.7M
FY22 €100M
FY23 €145M
FY24 €106M
FY25 €85.2M

AIXA screens 98% overvalued. Compare with ASML Holding →

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Cite: Fair Value Calculator (2026). "AIXTRON SE Fair Value". https://www.fairvalue-calculator.com/stock/AIXA

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Semiconductor Equipment & Materials · 213 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 64 · Top 25%
Fair Value upside −50% · Above median
Return on equity (TTM) 7% · Below median
Return on assets 5% · Above median
Net margin (TTM) 12% · Above median
Operating margin (TTM) −38% · Bottom 25%
Revenue growth −47% · Bottom 25%
Dividend yield (TTM) 0.4% · Below median

Valuation Multiples vs Semiconductor Equipment & Materials median · lower = cheaper

P/E (TTM) 82.3× · Pricier than median
P/B 6.28× · Pricier than median
P/S (TTM) 11.36× · Pricier than 75% of peers
P/FCF 31.5× · Pricier than median
EV/EBITDA 57.5× · Pricier than 75% of peers
PEG 2.08× · Pricier than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 0
FUTURE0 · sector 59
PAST27 · sector 30
HEALTH0 · sector 96
DIVIDEND8 · sector 17

VALUE 0: the price sits above our fair-value range.

Insider activity: 45/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Semiconductor Equipment & Materials stocks, each showing price versus our Fair Value estimate (as of Aug 29, 2026).

Stock Price Fair Value vs Fair Value
ASML Holding ASML €1,494 €604.27 −60%
Applied Materials, Inc AMAT $482.36 $183.10 −62%
Lam Research Corporation LRCX $301.90 $91.80 −70%
KLA Corporation KLAC $175.54 $74.58 −58%
NAURA Technology Group 002371 ¥707.90 ¥205.30 −71%
Teradyne, Inc TER $354.97 $65.80 −81%
Advanced Micro-Fabrication Equipment Inc 688012 ¥380.95 ¥55.05 −86%
Piotech Inc 688072 ¥685.11 ¥89.27 −87%
Hon. Precision, Inc 7769 6,445 TWD 1,804 TWD −72%
Hangzhou Changchuan Technology Co 300604 ¥284.80 ¥46.26 −84%

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Frequently asked questions

Is AIXTRON SE (AIXA) overvalued or undervalued?
As of Aug 29, 2026, our model estimates a fair value of €18.26 versus a price of €36.15, about −49% upside (overvalued).
What is the fair value of AIXA?
Our model-based fair value for AIXTRON SE is €18.26 (as of Aug 29, 2026), built from audited fundamentals. The current price: €36.15.
What is the quality score of AIXA?
AIXTRON SE has a Quality Score of 64/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of AIXTRON SE (AIXA)?
AIXTRON SE reported trailing-twelve-month revenue of about €503M (latest available figure, as of Aug 29, 2026).
What is the net profit margin of AIXA?
The net profit margin of AIXTRON SE is about 11.6%, meaning it keeps roughly 11.6% of revenue as net income. Based on the latest reported figures.
Does AIXTRON SE pay a dividend?
AIXTRON SE currently shows a dividend yield of about 0.41% relative to its recent price (as of Aug 29, 2026).
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