All figures and statements in this article are based on publicly available information as of 2 December 2025 and may change thereafter. This is not investment advice.
Snapshot: Where Siemens stock stands today
Siemens Aktiengesellschaft, the German industrial and technology heavyweight listed on Xetra under the ticker SIE (often quoted as SIEGn), is trading roughly around €226–227 per share on 2 December 2025. That puts the stock up around 20% over the past 12 months and still in the upper part of its 52‑week range of about €162 to €253. [1]
At this level, Siemens commands a market capitalisation of roughly €175 billion and offers a dividend yield near 2.3%, based on the last annual dividend of €5.20 per share and the latest share price region. [2]
The key drivers of today’s investment narrative are:
- A large, ongoing share buyback programme with fresh regulatory data published on 1 December.
- Record fiscal 2025 results but a mixed Q4, where earnings missed some expectations.
- A cautious but still growth‑oriented 2026 guidance and long‑term “ONE Tech Company” strategy.
- Broadly positive analyst sentiment with mid‑teens upside implied by consensus price targets, offset by more cautious short‑term technical signals. TS2 Tech+1
Let’s break down the latest news, forecasts and analyses relevant as of 2 December 2025.
Siemens share price on 2 December 2025
According to real‑time quotes, Siemens AG is changing hands today at around €226–227 on Xetra, with an intraday trading range roughly between €225.8 and €227.6. [3]
Key price facts:
- Latest price (2 Dec 2025): around €226–227
- Previous close (1 Dec 2025): about €226.20 [4]
- 52‑week range: ~€162.4 – €252.7 [5]
- 1‑year performance: roughly +20% [6]
From a valuation angle, using a trailing EPS of €9.52 reported for Siemens AG, the current price implies a price‑earnings ratio in the low‑20s (roughly 23–24x). [7] On an adjusted “EPS before purchase price allocation” (EPS pre‑PPA) basis of around €10–11 per share, the P/E drops closer to 21x, which is in line with what several aggregation platforms estimate. TS2 Tech+1
In other words, the stock is not cheap, but investors are clearly willing to pay a premium for the company’s quality, growth profile and balance sheet.
Fresh regulatory news: 94th report on the Siemens share buyback
The most stock‑specific headline going into 2 December 2025 is the 94th interim report on Siemens’ ongoing share buyback programme.
A regulatory filing published on 1 December 2025 reports that: [8]
- Between 24 and 30 November 2025, Siemens repurchased 352,339 shares on the Frankfurt Stock Exchange (Xetra).
- The weighted average purchase prices over that week ranged roughly from about €222 to just over €228 per share.
- Since the current buyback started on 12 February 2024, Siemens has bought back a cumulative 18,897,052 shares.
- All transactions are executed by a mandated bank exclusively via Xetra, in line with EU Market Abuse Regulation requirements.
Management has previously framed share buybacks as a core element of Siemens’ shareholder‑return policy, alongside a steadily rising dividend, funded by strong free cash flow. TS2 Tech
Given that Siemens generated record free cash flow of around €10.8 billion in fiscal 2025, the company has room to retire shares while still funding acquisitions and organic growth. TS2 Tech+1 At today’s valuation, that buyback programme is roughly equivalent to a mid‑single‑digit percentage annual reduction in share count, supportive of EPS growth and long‑term share price performance, assuming operating results hold up.
Record fiscal 2025 results – with a Q4 wobble
Siemens’ current valuation and stock level are rooted in the record fiscal 2025 numbers released on 13 November 2025 (fiscal year ended 30 September). TS2 Tech+1
Key full‑year figures from Siemens’ own reporting:
- Revenue: about €78.9 billion, up ~5% on a comparable basis.
- Orders: roughly €88.4 billion, up ~5%, with a book‑to‑bill ratio of 1.12, signalling a growing order backlog.
- Industrial Business profit: around €11.8 billion, a record.
- Net income: about €10.4 billion, up roughly 16% year‑on‑year – Siemens’ third consecutive record.
- Free cash flow (continuing + discontinued operations): around €10.8 billion, also an all‑time high.
- Dividend proposal: increase from €5.20 to €5.35 per share for FY 2025. TS2 Tech+1
However, the Q4 2025 picture was more nuanced:
- Q4 revenue grew around 6% comparably to roughly €21.4 billion, while orders came in near €21.9 billion, keeping the book‑to‑bill ratio just above 1. TS2 Tech+1
- Profit in the Industrial Business rose to about €3.2 billion, with margins slightly above the prior year. TS2 Tech
- At group level, net income dipped ~13% to about €1.8 billion, and earnings missed analyst expectations due to higher central and financing costs, as well as acquisition‑related effects from deals such as Altair and Dotmatics. [9]
Coverage from Investing.com noted that Siemens shares fell by more than 5% on the day of the earnings release, as markets digested the EPS miss and a more cautious earnings outlook for 2026. [10] Even so, RBC Capital Markets highlighted the Digital Industries division as the clear standout, with 29% organic order growth, 9% organic sales growth and margins above expectations once acquisition effects are adjusted for. [11]
Bottom line: underlying operations remain robust, but headline EPS is temporarily weighed down by FX and integration costs.
2026 guidance and Siemens’ “ONE Tech Company” strategy
At its “ONE Tech Company” event and in its FY25 reporting, Siemens laid out a multi‑year roadmap that increasingly positions the group as a digital and software‑driven industrial platform, rather than a traditional conglomerate. TS2 Tech
Guidance for fiscal 2026
For fiscal 2026, Siemens is guiding to: TS2 Tech+1
- Group comparable revenue growth:6–8%, with book‑to‑bill remaining above 1.
- Digital Industries: revenue growth 5–10%, profit margin 15–19%.
- Smart Infrastructure: revenue growth 6–9%, margins 18–19%.
- Mobility: revenue growth 8–10%, margins 8–10%.
- EPS before purchase price allocation (pre‑PPA):€10.40–11.00.
This compares with an adjusted 2025 EPS pre‑PPA of around €10.7–12.2 depending on the metric used, implying modest EPS growth at best in 2026 once FX and acquisition effects are taken into account. TS2 Tech+1
Medium‑term ambitions
Beyond 2026, Siemens’ “ONE Tech Company” strategy centres on: TS2 Tech+1
- Mid‑term revenue growth of 6–9% per year (excluding Siemens Healthineers).
- A goal to double digital‑business revenues by 2030, underpinned by more than €1 billion of AI investment over the next three years.
- Tighter integration of hardware, software and services across Digital Industries, Smart Infrastructure and Mobility.
- Further deconsolidation of Siemens Healthineers, focusing Siemens AG more squarely on automation, infrastructure and transport.
Independent models compiled by platforms such as StocksGuide and Simply Wall St broadly align with this narrative: current consensus points to revenue rising from about €79 billion in 2025 to more than €84 billion in 2026 and above €89 billion in 2027, with EBITDA and EPS growing somewhat faster than sales beyond a soft patch in 2026. TS2 Tech+1
Analyst sentiment on 2 December 2025: mostly “Buy” with mid‑teens upside
Across major broker surveys and financial platforms, Siemens Aktiengesellschaft remains a broadly favoured large‑cap industrial.
A recent round‑up from German portal finanzen.net, summarised on 1 December 2025, reports that: TS2 Tech
- 21 analysts currently cover Siemens.
- 13 rate the stock “Buy”, seven “Hold” and one “Sell”.
- The average 12‑month price target is about €265, roughly €37 above the current Xetra level around €228, implying mid‑teens percentage upside.
Global consensus data aggregated by StocksGuide and other platforms gives a very similar picture: TS2 Tech+1
- Around 70% of 30 tracked analysts rate Siemens as a “Buy”, ~27% as “Hold” and ~3% as “Sell”.
- The average price target comes in around €262–265, again suggesting roughly 10–15% upside from current prices.
- The highest target is in the €300+ region, while the lowest is close to €190, underscoring that at least one house sees meaningful downside risk if things go wrong.
On top of this, JPMorgan reinstated coverage of Siemens in August 2025 with an “Overweight” rating and a €300 price target, flagging the stock as a Positive Catalyst Watch ahead of the upcoming Capital Markets Day on 9 December 2025. [12]
Other notable views:
- Jefferies recently trimmed its price target to around €277 but maintained a “Buy” recommendation. [13]
- On some retail‑oriented platforms, consensus targets cluster slightly lower, around €253, but still imply double‑digit upside from today’s €226–227 share price. [14]
Overall, the sell‑side remains constructive, even though price targets have been nudged down since the Q4 earnings miss.
Long‑term forecasts: steady growth, not a hyper‑growth story
Looking out beyond 2026, forecast data compiled by Simply Wall St and StocksGuide points to solid, if not spectacular, growth for Siemens: [15]
- Earnings per share (EPS) are expected to grow by around 10–11% per year on average over the next several years.
- Revenue is projected to increase at roughly 6% per year, broadly in line with Siemens’ own 6–9% mid‑term ambition.
- Return on equity is forecast to move towards 15%+ within three years, reflecting operational leverage, digital scaling and the impact of share buybacks.
Analysts do, however, expect a temporary dip in net profit and EPS in 2026, mainly due to: TS2 Tech+1
- Currency headwinds (FX effects), which Siemens itself pegs as a significant drag on reported earnings.
- Integration costs related to recent software and AI‑focused acquisitions like Altair and Dotmatics.
- The ongoing reduction in the Siemens Healthineers stake, which gradually lowers Siemens AG’s consolidated earnings base but simplifies the equity story. [16]
Beyond that dip, consensus models foresee a return to high single‑digit to low double‑digit EPS growth as these headwinds subside and the digital strategy scales.
Dividend, valuation and balance sheet strength
For income‑oriented investors, Siemens offers a reliable and gradually rising dividend:
- The dividend for fiscal 2024 was €5.20 per share, and Siemens has proposed an increase to €5.35 per share for FY 2025. TS2 Tech+1
- At a share price around €226–227, that translates to a current yield of about 2.3%. [17]
- Over the past decade, Siemens has built a track record of steadily increasing payouts, with a multi‑year payout ratio generally within a comfortable mid‑range relative to earnings. [18]
From a credit and balance‑sheet perspective, Siemens stands out among European industrials:
- S&P Global Ratings recently affirmed Siemens AG’s long‑term rating at ‘AA‑’ with a stable outlook, even after factoring in the decision to give up control of Siemens Healthineers and continue significant shareholder returns. [19]
- Fitch Ratings also affirms Siemens at ‘A+’ with a stable outlook, highlighting solid cash generation and conservative financial policy. [20]
Combining:
- A premium but not extreme valuation (low‑20s P/E on trailing earnings). [21]
- A ~2.3% dividend yield with room for growth. [22]
- A strong investment‑grade balance sheet (AA‑ / A+ range). [23]
- And a share buyback programme retiring hundreds of thousands of shares each week. [24]
…investors effectively get a mix of defensive quality and moderate growth rather than a high‑beta cyclical stock.
Technical picture: sideways and near resistance
While fundamentals and analyst views are largely supportive, technical indicators are more mixed.
According to a StockInvest technical report summarised after trading on 28 November: TS2 Tech
- Siemens has risen in six of the last ten sessions, but is slightly down over that period, indicating range‑bound trading.
- The stock is moving within a broad horizontal trend, with a high probability of remaining between roughly €221 and €254 over the next three months.
- Short‑term momentum indicators are mildly positive, but longer‑term moving averages and MACD are more cautious, resulting in a net “Hold/Accumulate” technical rating rather than a clear “Buy”.
On Investing.com, daily technical screeners currently flag “Strong Sell” signals for Siemens AG (SIEGn), reflecting short‑term momentum and moving‑average cross‑overs rather than a fundamental call on the business. [25]
Taken together, the message from the charts is:
- The stock is near the upper part of its trading range and 52‑week band, so easy gains may already be behind it. [26]
- Short‑term traders face a balanced risk/reward between meaningful support around the low‑€220s and resistance closer to €230–€250. TS2 Tech
Key risks to watch
Despite the strong numbers and ratings, Siemens’ equity story is not risk‑free. Current analyses highlight several key risks: TS2 Tech+2Investing.com+2
- Currency headwinds (FX):
Management itself expects FX to cut €0.70–0.80 from 2026 EPS, a material drag when consensus is only looking for high single‑digit EPS growth. - Acquisition integration and execution risk:
Deals like Altair and Dotmatics strengthen Siemens’ digital and AI capabilities but come with execution risk and near‑term integration costs, already visible in Q4 2025. - Cyclical industrial exposure:
While automation, infrastructure and mobility are long‑term secular themes, they remain cyclical markets tied to capex cycles, interest rates and global growth. A sharper‑than‑expected slowdown could pressure orders and margins. - Portfolio reshaping and Healthineers stake reductions:
Siemens is gradually reducing its stake in Siemens Healthineers and has floated the idea of further de‑mergers and portfolio optimisations. These moves simplify the story but may also reduce consolidated earnings and introduce timing risk if markets are volatile. [27] - Valuation risk:
With the stock trading at a premium to many industrial peers, any disappointment on growth, margins or cash generation could trigger disproportionate downside.
Upcoming catalysts
Investors tracking Siemens around 2 December 2025 will keep an eye on several short‑ and medium‑term catalysts:
- Capital Markets Day (CMD) – 9 December 2025:
JPMorgan and other analysts see this event as a potential catalyst, especially if Siemens provides more detail on its digital roadmap, AI investments and capital allocation strategy. TS2 Tech+1 - Ongoing share buyback disclosures:
Weekly or periodic interim reports on the buyback will continue to show how aggressively Siemens is taking advantage of current valuations. [28] - Next earnings release – February 2026:
Siemens is expected to publish its next set of quarterly results in February 2026, which will be the first test of the 2026 guidance and FX impact on the bottom line. [29] - Further moves around Siemens Healthineers and portfolio assets:
Additional stake reductions or disposals could unlock value but might also affect reported metrics in the short term. [30]
Conclusion: What 2 December 2025 means for Siemens shareholders
As of 2 December 2025, Siemens Aktiengesellschaft looks like a high‑quality, moderately valued European industrial tech leader with:
- Record FY25 results and strong free cash flow,
- A large, ongoing buyback programme shrinking the share count,
- A growing, AI‑enabled digital business underpinning long‑term earnings,
- And broadly positive analyst coverage pointing to 10–15% upside over 12 months on average. TS2 Tech+1
Against that, investors must weigh:
- A soft patch in 2026 EPS from FX and integration costs,
- Ongoing portfolio reshaping, particularly around Siemens Healthineers,
- And a valuation that already assumes successful execution of the “ONE Tech Company” strategy.
For long‑term investors comfortable with industrial cycles and willing to back Siemens’ digital and AI ambitions, the stock still fits the profile of a core European technology‑industrial holding. For short‑term traders, the mixed technical picture and cautious near‑term earnings trajectory suggest that volatility around data releases and events like the Capital Markets Day could be significant.
As always, anyone considering Siemens shares should align decisions with their own risk tolerance, time horizon and financial advice.
References
1. www.investing.com, 2. www.investing.com, 3. www.investing.com, 4. www.investing.com, 5. www.investing.com, 6. www.investing.com, 7. www.investing.com, 8. www.investegate.co.uk, 9. www.investing.com, 10. www.investing.com, 11. www.investing.com, 12. www.investing.com, 13. www.marketscreener.com, 14. www.investing.com, 15. simplywall.st, 16. www.investing.com, 17. stocksguide.com, 18. stocksguide.com, 19. www.spglobal.com, 20. www.fitchratings.com, 21. www.investing.com, 22. stocksguide.com, 23. www.spglobal.com, 24. www.investegate.co.uk, 25. www.investing.com, 26. www.investing.com, 27. www.investing.com, 28. www.investegate.co.uk, 29. www.investing.com, 30. uk.finance.yahoo.com
