Siemens Energy AG (ENR) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Siemens Energy AG stock €38.94, price €118, that is 67.0% below the price, quality 67 out of 100. Rating: strongly overvalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
Our calculation puts a fair price 67% below what the stock costs today.
Quality 67/100
Healthy Growth(revenue 5y +7.3 %/yr in EUR)
Low debt
Generates free cash flow
0.6% dividend yield · Well covered
Positive coverage
Broad data
Last quarter vs. a year ago: revenue +18%, profit +80%.
Thin margins · 6.4% net margin (TTM)
Mixed vs. peers(6/14)
Moderate moat57/100 · thin data
Fair value €38.94 · Strongly overvalued (−67.0%)
Risks from the AI analysis
🚩Democratic sweep risks new moratoriums on data center buildouts🚩AI data centre buyers could limit pricing power🚩German permitting delays could slow data centre projects
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range €6.84 – €187.62 · fair‑value band €29.09 – €48.79 · the €118.10 price screens above the €38.94 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Siemens Energy AG operates as an energy technology company worldwide. It operates through Gas Services, Grid Technologies, Transformation of Industry, and Siemens Gamesa segments.
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The company provides gas and steam turbines, generators, and heat pumps, as well as performance enhancement, maintenance, digitalization, and consulting services for central and distributed power generation; and high voltage direct current transmission systems, offshore wind farm grid connections, transformers, flexible alternating current transmission systems, high voltage substations, air and gas-insulated switchgears, circuit breakers, capacitor, digital grid solutions and components, components and cyber security, and transformers and storage solutions.
It also offers electrolyzers, industrial steam turbines, industrial generators, turbo and reciprocating compressors, drive systems and solutions, batteries and fuel cells, and other systems and solutions, as well as service and digital offerings; onshore and onshore wind turbines; design, engineering, manufacturing, and installation solutions for onshore markets; offshore wind turbine equipment design, manufacturing, and installation solutions; and management, operation and maintenance services for wind farms.
The company serves utilities, independent power producers, project developers, municipal energy producers, engineering, procurement, and construction companies, oil and gas, transmission and distribution system operators, and industrial and infrastructure customers.
Siemens Energy AG was founded in 1866 and is based in Munich, Germany.
Stock analysis
Siemens Energy AG (ENR) currently trades at €118.10, while our model-based Fair Value estimate is €38.94, 67% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of €65.04 per share, and 0 of the 24 models we run sit above the €118.10 price.
Bear case: the Earnings-Based group reads lowest at €18.28, and 24 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: €29.09 (bear) to €48.79 (bull), the price of €118.10 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 67/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Siemens Energy AG reported revenue of €39.1B in FY2025 versus €28.5B in FY2021, a compound +8.2%/yr. Reported net income was €1.4B in FY2025.
Key figures
Market cap €100B Large · P/E ratio 37.6 · P/S ratio 2.67 · EPS (TTM) €3.14 · Dividend yield 0.6% · Net margin 6.4% · Return on equity 27.8% · Return on assets (EBIT) −1.0% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 57 out of 100 (low confidence).
What moves the price
The share trades about 37% below its 52-week high and 18% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −46% fair-value upside, at −67%, ENR screens richer than that median.
Fair Value models
Bear€29.09Fair Value €38.94Bull€48.79
Price €118.10 · Downside -67.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then (€2.44 per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.79/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+13.4%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+10.5%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+7.3%
Start year 2020 (pandemic)
Revenue growth 8 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+3.3%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
≈ +49.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year≈ +49.1%
Dividend (yield on the price)0.6%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−7% → 6%
⚠ Revenue per share shrinking 9.2%/yr over ~6Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
⚠ Base effect: the rate starts in the earnings trough around 2020 (starting value 0.22 per share, median 1.82 in 2017 to 2018). It measures the recovery from the trough, not lasting growth.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+15.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+12.1%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +12.8% a year for the price and +9.7% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (99 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: The company's main strength lies in its large gas turbine backlog and grid demand linked to data centers, while its average moat and modest profitability remain the key limitations.
Main risk: Large AI operators and cloud providers might negotiate lower prices for turbines and grid equipment from Siemens Energy as they scrutinise returns and supply expands, which could pressure margins in the gas services and grid technologies segments.
Bull case: Siemens Energy could leverage its partnerships with hyperscalers and expand software and service offerings around its equipment to maintain margins even if hardware pricing faces pressure from AI customers.
Bear case: If AI spending slows and German regulatory hurdles persist, Siemens Energy might see fewer large orders for power generation and grid equipment, leaving the focused business more exposed to cyclical utility projects after the steam turbine separation.
Siemens Energy holds a gas turbine backlog nearing 70 GW with strong new orders and grid demand linked to data centers. Our models see the shares as overvalued while market sentiment questions whether AI infrastructure spending will continue at the recent pace. Will proven execution on the existing order book outweigh any slowdown in data-center projects, or does the business face a more lasting shift in growth expectations?
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Specialty Industrial Machinery · 814 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score67 · Top 25%
Fair Value upside−67.0% · Bottom 25%
Profitability
Return on equity (12 months)27.8% · Top 25%
Return on assets2.5% · Below median
Net margin (12 months)6.4% · Above median
Operating margin (12 months)13.0% · Above median
Growth and dividend
Revenue growth (quarter YoY)17.5% · Above median
Dividend yield (12 months)0.6% · Below median
Balance sheet
Debt / equity0.24× · Above median
Valuation Multiplesvs Specialty Industrial Machinery median · lower = cheaper
P/E (12 months)37.6× · Pricier than median
P/B10.83× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months)2.67× · Pricier than median
Price / free cash flow (fiscal year)27.2× · Pricier than median
EV/EBITDA22.8× · Pricier than median
PEG0.40× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)88· sector 31
PAST (return on equity)100· sector 27
HEALTH (low debt)88· sector 96
DIVIDEND (yield)12· sector 29
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Siemens Energy AG Fair Value". https://www.fairvalue-calculator.com/stock/ENR.XETRA
Frequently asked questions
Is Siemens Energy AG (ENR) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of €38.94 versus a price of €118.10, about 67% lower (overvalued).
What is the fair value of ENR?
Our model-based fair value for Siemens Energy AG is €38.94 (as of Nov 8, 2026), built from audited fundamentals. The current price: €118.10.
What is the quality score of ENR?
Siemens Energy AG has a Quality Score of 67/100. 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 price target for Siemens Energy AG (ENR)?
Our model-based price target is the fair value of €38.94 (as of Nov 8, 2026) from 24 valuation models. Cautious scenario €29.09, optimistic scenario €48.79. It is a calculation from audited fundamentals, not an analyst target.
What is the Siemens Energy AG stock forecast for 2026?
Our models put fair value at €38.94, about 67% lower versus a price of €118.10 (overvalued). Cautious scenario €29.09, optimistic scenario €48.79. The calculation is refreshed regularly with new filings.
What is the revenue of Siemens Energy AG (ENR)?
Siemens Energy AG reported trailing-twelve-month revenue of about €41.8B (latest available figure, as of Nov 8, 2026).
Does Siemens Energy AG pay a dividend?
Siemens Energy AG currently shows a dividend yield of 0.59% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Siemens Energy AG (ENR) and when is the ex-dividend date?
Siemens Energy AG pays a dividend of €0.7 per share a year, a dividend yield of 0.6%. The last ex-dividend date was Feb 27, 2026. The payout ratio is 22.3% of earnings. Free cash flow covers the dividend 6.88 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Siemens Energy AG (ENR)?
For today's price to be fair in a discounted-cash-flow model, Siemens Energy AG would have to grow free cash flow by +15.3 % per year for five years (discount rate 10.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.3 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of ENR use?
Our models discount Siemens Energy AG at 10.9 %: a base by market capitalisation (large), damped by beta 1.85, country premium for Germany. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Siemens Energy AG that is +15.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.9 %) and the same formula as our fair value.
How much growth has Siemens Energy AG (ENR) delivered so far?
Over the past 5 years revenue at Siemens Energy AG grew +7.3 % a year. The price currently implies free-cash-flow growth of +15.3 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Siemens Energy AG (ENR) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Siemens Energy AG (+15.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Siemens Energy AG (ENR)?
The free-cash-flow yield on the price is 4.04 %: that much free cash flow Siemens Energy AG produces per unit of market value. When it exceeds the discount rate of our models (10.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Siemens Energy AG (ENR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Siemens Energy AG it is €38.94 per share (as of Nov 8, 2026), against a price of €118.10. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings).
Is Siemens Energy AG stock overvalued or undervalued in 2026?
As of Nov 8, 2026, ENR trades above its calculated fair value: price €118.10, fair value €38.94, a gap of about −67% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ENR?
No. The price is what the market pays today (€118.10); the fair value is what the company's own numbers justify (€38.94). For Siemens Energy AG the two are €79.16 per share apart. That gap is exactly why we show both numbers side by side.
How much is Siemens Energy AG worth?
The market values Siemens Energy AG at about €100B (market capitalisation, as of Nov 8, 2026). Per share that is €118.10; our models calculate a fair value of €38.94 per share.
What do the bullish and bearish scenarios say about ENR?
Our models span a range for Siemens Energy AG: cautious scenario €29.09, base €38.94, optimistic €48.79 per share (as of Nov 8, 2026, price €118.10). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ENR?
Siemens Energy AG trades at a price-to-earnings ratio of 37.6 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €38.94 is built from several models across several years. Other multiples: PEG 0.4, P/B 10.8, P/S 2.7, EV/EBITDA 22.8.
What is the PEG ratio of ENR?
The PEG ratio of Siemens Energy AG is 0.40 (P/E divided by earnings growth, as of Nov 8, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Siemens Energy AG (ENR)?
Balance-sheet figures for Siemens Energy AG (as of Nov 8, 2026): return on equity 27.8%, debt of 0.24 per unit of equity. They feed the Quality Score of 67/100, which measures business quality independently of the share price.
How far is ENR from its 52-week high?
Siemens Energy AG trades at €118.10, about 37% below its 52-week high of €187.62 and 18% above the low of €100.37 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €38.94 is for.
Which stocks are comparable to Siemens Energy AG?
From the same area (Industrials) we also value SIE, GE Vernova Inc, Eaton Corporation, Parker-Hannifin Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Siemens Energy AG stock attractive at the current price?
The data as of Nov 8, 2026: price €118.10, calculated fair value €38.94 (−67%), Quality Score 67/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ENR calculated?
We run Siemens Energy AG through 24 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of €38.94 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Siemens Energy AG itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Siemens Energy AG (ENR)?
The closing price on Nov 6, 2026 was €118.10. Our model-based fair value is €38.94, about 67% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Siemens Energy AG right now?
The price sits above even our optimistic bull case (€48.79). The favourable scenario is already priced in. Solid but not exceptional quality (67/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Siemens Energy AG
How large is the market capitalisation of Siemens Energy AG (ENR)?
The market capitalisation of Siemens Energy AG is €100B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Siemens Energy AG (ENR)?
The price-to-sales ratio of Siemens Energy AG is 2.67 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Siemens Energy AG (ENR)?
Earnings per share at Siemens Energy AG are €3.14 (price ÷ EPS = P/E 37.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Siemens Energy AG (ENR)?
The dividend yield of Siemens Energy AG is 0.6% (payout 22.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Siemens Energy AG (ENR)?
The net margin of Siemens Energy AG is 6.4% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Siemens Energy AG (ENR)?
The return on equity (ROE) of Siemens Energy AG is 27.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Siemens Energy AG (ENR)?
On an EBIT basis the return on assets of Siemens Energy AG is −1.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Siemens Energy AG (ENR)?
The operating margin of Siemens Energy AG is 13.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Siemens Energy AG (ENR)?
Revenue at Siemens Energy AG is growing +17.5% versus a year earlier (3y avg +10.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Siemens Energy AG (ENR)?
Earnings per share at Siemens Energy AG are growing +80.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Siemens Energy AG (ENR) hold?
Siemens Energy AG holds more cash than debt, €5.2B net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 8, 2026