Siltronic AG (WAF) fair value: what the stock is really worth
As of Nov 13, 2026: fair value (intrinsic value) of Siltronic AG stock €112, price €55.00, upside +104.0%, quality 22 out of 100. Rating: strongly undervalued. Calculated from audited financials with 2 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 13, 2026.
How to read this chart
60‑month range €31.84 – €125.25 · fair‑value band €76.66 – €147.69 · the €55.00 price screens below the €112.17 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 13, 2026.
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Siltronic AG, together with its subsidiaries, develops, produces, markets, and sells hyperpure silicon wafers for the semiconductor industry in Germany, Rest of Europe, the United States, Taiwan, Mainland China, South Korea, Rest of Asia, and internationally.
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The company offers polished and epitaxial wafers. It also provides Ultimate Silicon for use in CMOS technologies, such as DRAM and NAND components and memory chips; Float zone/FZ wafer based on float zone method; and HIREF wafers for discrete applications.
Its products are used in electrical applications comprising computers, smartphones, industrial equipment, wind turbines, and cars with and without electric drives. The company was formerly known as Wacker Siltronic AG and changed its name to Siltronic AG in 2004.
Siltronic AG was founded in 1953 and is headquartered in Munich, Germany.
Stock analysis
Siltronic AG (WAF) currently trades at €55.00, while our model-based Fair Value estimate is €112.17, implying the stock looks roughly 51% undervalued today.
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Valuation
How firm this estimate is: it rests on 2 models at a data quality of 90/100, which puts the data coverage at low.
Scenario range: €76.66 (bear) to €147.69 (bull), the price of €55.00 sits below 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 22/100 (below-average quality), in the Technology sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Siltronic AG reported revenue of €1.3B in FY2025 versus €1.4B in FY2021, a compound −1.1%/yr. Reported net income was −€69.2M in FY2025.
Key figures
Market cap €2.0B Mid · P/S ratio 1.23 · EPS (TTM) €−6.41 · Dividend yield 0.4% · Net margin −14.9% · Return on equity −11.2% · Return on assets (EBIT) 6.4% (5-year average) · Operating margin −11.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 12 out of 100 (low confidence).
What moves the price
The share trades about 47% below its 52-week high and 29% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −17% fair-value upside, at 104%, WAF screens cheaper than that median.
Fair Value models
Bear€76.66Fair Value €112.17Bull€147.69
Price €55.00 · Upside +104.0%
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.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.
Best data coverage
EV/EBITDA€90.19€131.97€173.7567
NCAV (Graham)€27.09€36.31€54.1954
All 2 models by family
Multiples
EV/EBITDA€90.19€131.97€173.7567
Asset-Based
NCAV (Graham)€27.09€36.31€54.1954
The fair value above starts from this blend and is adjusted for dilution from new shares.
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.4/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−4.7%
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.
−9.3%
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.
+2.2%
Start year 2020 (pandemic). Over 10 years: +3.8% a year
Revenue growth 12 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.
+5.1%
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Profit margin (trend) ⓘ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.
15.9% (2020) → −2.5% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
News mood ⓘNews mood, the average tone of recent news (69 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.Very negative
AI conclusion: Limited durable moat and weak margins mark Siltronic's business quality, with rising AI wafer demand as the main strength against persistent cost pressures from expansion.
Main risk: Higher depreciation from the Singapore capacity build-out risks continuing to weigh on earnings even as AI-related wafer volumes increase.
Siltronic lifted its 2026 sales guidance after Q3 volumes rose on stronger demand for 300 mm wafers, especially those supporting artificial intelligence applications. Higher depreciation from the Singapore capacity build-out still weighs on earnings despite the volume gains and better currency effects. With our models seeing the stock as undervalued, does the business capture more lasting benefit from AI wafer demand than it faces in persistent cost and product-mix pressures?
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.Semiconductors · 400 stocks
Beats the industry median on 4/11 measures
Overall it trails its industry peers.
Valuation
Quality Score22 · Bottom 25%
Fair Value upside+104.0% · Top 25%
Profitability
Return on assets−1.4% · Below median
Net margin (12 months)−14.9% · Bottom 25%
Operating margin (12 months)−11.9% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)18.3% · Below median
Dividend yield (12 months)0.4% · Bottom 25%
Balance sheet
Debt / equity0.68× · Highest 25%
Valuation Multiplesvs Semiconductors median · lower = cheaper
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). "Siltronic AG Fair Value". https://www.fairvalue-calculator.com/stock/WAF.XETRA
Frequently asked questions
Is Siltronic AG (WAF) overvalued or undervalued?
As of Nov 13, 2026, our model estimates a fair value of €112.17 versus a price of €55.00, about +104% upside (undervalued).
What is the fair value of WAF?
Our model-based fair value for Siltronic AG is €112.17 (as of Nov 13, 2026), built from audited fundamentals. The current price: €55.00.
What is the quality score of WAF?
Siltronic AG has a Quality Score of 22/100. 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 Siltronic AG (WAF)?
Our model-based price target is the fair value of €112.17 (as of Nov 13, 2026) from 2 valuation models. Cautious scenario €76.66, optimistic scenario €147.69. It is a calculation from audited fundamentals, not an analyst target.
What is the Siltronic AG stock forecast for 2026?
Our models put fair value at €112.17, about +104% upside versus a price of €55.00 (undervalued). Cautious scenario €76.66, optimistic scenario €147.69. The calculation is refreshed regularly with new filings.
What is the revenue of Siltronic AG (WAF)?
Siltronic AG reported trailing-twelve-month revenue of about €1.4B (latest available figure, as of Nov 13, 2026).
Does Siltronic AG pay a dividend?
Siltronic AG currently shows a dividend yield of 0.36% relative to its recent price (as of Nov 13, 2026).
How much is the dividend of Siltronic AG (WAF)?
Siltronic AG has a dividend yield of 0.4%.
What is the intrinsic value of Siltronic AG (WAF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Siltronic AG it is €112.17 per share (as of Nov 13, 2026), against a price of €55.00. It is the blended result of 2 valuation models in 2 families (Multiples, Asset-Based).
Is Siltronic AG stock overvalued or undervalued in 2026?
As of Nov 13, 2026, WAF trades below its calculated fair value: price €55.00, fair value €112.17, a gap of about +104% (undervalued). 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 WAF?
No. The price is what the market pays today (€55.00); the fair value is what the company's own numbers justify (€112.17). For Siltronic AG the two are €57.17 per share apart. That gap is exactly why we show both numbers side by side.
How much is Siltronic AG worth?
The market values Siltronic AG at about €2.0B (market capitalisation, as of Nov 13, 2026). Per share that is €55.00; our models calculate a fair value of €112.17 per share.
What do the bullish and bearish scenarios say about WAF?
Our models span a range for Siltronic AG: cautious scenario €76.66, base €112.17, optimistic €147.69 per share (as of Nov 13, 2026, price €55.00). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Siltronic AG (WAF)?
Balance-sheet figures for Siltronic AG (as of Nov 13, 2026): return on equity −11.2%, debt of 0.68 per unit of equity. They feed the Quality Score of 22/100, which measures business quality independently of the share price.
How far is WAF from its 52-week high?
Siltronic AG trades at €55.00, about 47% below its 52-week high of €104.70 and 29% above the low of €42.70 (as of Nov 13, 2026). Distance from the high says nothing about value: that is what the fair value of €112.17 is for.
Which stocks are comparable to Siltronic AG?
From the same area (Technology) we also value NVIDIA Corporation, Taiwan Semiconductor Manufacturing Company, Broadcom Inc, Micron Technology, Inc, 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 Siltronic AG stock attractive at the current price?
The data as of Nov 13, 2026: price €55.00, calculated fair value €112.17 (+104%), Quality Score 22/100, from 2 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 WAF calculated?
We run Siltronic AG through 2 models from 2 families: Multiples, Asset-Based. Every model gets the same audited fundamentals; the fair value of €112.17 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 14.3% above its aggregate fair value. Siltronic AG currently trades 51% below its own fair value, and the market average says nothing about that. 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 Siltronic AG (WAF)?
The closing price on Nov 13, 2026 was €55.00. Our model-based fair value is €112.17, about +104% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Siltronic AG right now?
The large discount to fair value meets weak quality (22/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (€76.66). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (€76.66 to €147.69) leaves room in how you read the outcome.
Key figures of Siltronic AG
How large is the market capitalisation of Siltronic AG (WAF)?
The market capitalisation of Siltronic AG is €2.0B. 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 Siltronic AG (WAF)?
The price-to-sales ratio of Siltronic AG is 1.23 (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 Siltronic AG (WAF)?
Earnings per share at Siltronic AG are €−6.41. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Siltronic AG (WAF)?
The dividend yield of Siltronic AG is 0.4%. 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 Siltronic AG (WAF)?
The net margin of Siltronic AG is −14.9% (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 Siltronic AG (WAF)?
The return on equity (ROE) of Siltronic AG is −11.2% (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 Siltronic AG (WAF)?
On an EBIT basis the return on assets of Siltronic AG is 6.4% (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 Siltronic AG (WAF)?
The operating margin of Siltronic AG is −11.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Siltronic AG (WAF)?
Revenue at Siltronic AG is growing +18.3% versus a year earlier (3y avg −9.3%). 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 Siltronic AG (WAF)?
Earnings per share at Siltronic AG are growing −47.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Siltronic AG (WAF) generate?
The free cash flow of Siltronic AG is −€150M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Siltronic AG (WAF) carry?
The net debt of Siltronic AG is €1.2B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Nov 13, 2026