On Monday, 1 December 2025, Siemens Aktiengesellschaft (SIE, ISIN DE0007236101) kicked off the new month with fresh capital‑market news: a new interim report on its ongoing share buyback programme, coming just weeks after record full‑year results and a detailed outlook for fiscal 2026. [1]
This article pulls together the latest regulatory filings, analyst forecasts and technical assessments around the German DAX heavyweight’s stock for investors following Siemens on Xetra under the ticker SIE.DE.
Siemens share price today: near the top of its 52‑week range
As of late morning on 1 December 2025, Siemens shares were trading around €226–228 on Xetra. StocksGuide shows the live Xetra price at about €226.15 at 10:45 CET, while technical service StockInvest lists the last official close on Friday, 28 November, at €228.30, up 0.33% on the day. [2]
Over the past twelve months, Siemens Aktiengesellschaft has traded in a 52‑week range of roughly €162.38 to €252.65, putting the current level clearly in the upper part of that band. At Friday’s close, StockInvest estimated the group’s market capitalisation at about €179 billion. [3]
On valuation, aggregation platforms put Siemens at around 20–21 times trailing earnings, with a dividend yield just above 2% based on the last paid dividend of €5.20 per share and the current share price region. [4]
Fresh news: 94th interim report on the Siemens share buyback
The main new stock‑specific headline on 1 December 2025 is a regulatory disclosure on the company’s ongoing share repurchase programme. In its 94th interim report, Siemens announced that: [5]
- Between 24 and 30 November 2025, the company bought back 352,339 Siemens shares on the Frankfurt Stock Exchange’s Xetra platform.
- The weighted average prices paid during the week ranged roughly from about €222 to just over €228 per share.
- Since the current buyback started on 12 February 2024, Siemens has repurchased a cumulative 18,897,052 shares.
- The transactions are being executed by a mandated bank exclusively via Xetra, in line with EU Market Abuse Regulation requirements.
Siemens has framed buybacks as a key pillar of its shareholder‑return strategy alongside a rising dividend, funded from robust free cash flow. In its Q4 FY 2025 earnings release, management highlighted record free cash flow of €10.8 billion for the full year and noted that buybacks would continue to complement a “progressive” dividend policy. [6]
While the interim report doesn’t change guidance, it confirms that Siemens is actively shrinking its share count at roughly today’s valuation, a supportive factor for earnings per share (EPS) and long‑term share price performance if operating growth is delivered.
Fundamentals: record fiscal 2025 and the ONE Tech Company strategy
Siemens’ current share‑price level is best understood against the backdrop of the record fiscal 2025 results released on 13 November 2025 and the company’s new “ONE Tech Company” strategy. [7]
Key figures for FY 2025 (year to 30 September) from Siemens’ own reporting:
- Revenue: €78.9 billion, up 4% nominally and 5% on a comparable basis.
- Orders: €88.4 billion, up 5%, with a book‑to‑bill ratio of 1.12, signalling a still‑growing order backlog.
- Industrial Business profit: €11.8 billion, a record, with strong margins across Digital Industries and Smart Infrastructure.
- Net income: €10.4 billion, up 16% year‑on‑year – the third consecutive record.
- Free cash flow (continuing and discontinued operations): €10.8 billion, also an all‑time high.
- Dividend proposal: increase from €5.20 to €5.35 per share for FY 2025. [8]
Alongside the numbers, Siemens used its ONE Tech Company event to set out a more software‑ and data‑driven identity, including: [9]
- A mid‑term ambition for revenue growth of 6–9% (excluding Siemens Healthineers).
- A goal to double digital business revenues by 2030, supported by more than €1 billion of AI investment over the next three years.
- A focus on integrating hardware, software and services across its core segments: Digital Industries, Smart Infrastructure and Mobility.
- A planned deconsolidation of Siemens Healthineers, shifting the group further towards industrial automation, infrastructure and mobility.
These strategic points are central to the current equity story: Siemens wants to be priced more like a high‑quality industrial technology platform than a traditional, slower‑growing conglomerate.
Q4 FY 2025: earnings miss, FX headwinds – and a strong Digital Industries
Despite the strong full‑year picture, Q4 FY 2025 came with a few disappointments versus market expectations.
According to Siemens’ press release and subsequent coverage: [10]
- Q4 revenue rose 6% on a comparable basis (3% nominally) to around €21.4 billion, while orders were roughly €21.9 billion (book‑to‑bill 1.02).
- Profit in the Industrial Business rose to €3.2 billion with a margin of 15.3%, slightly above the prior year.
- At group level, net income fell about 13% to €1.8 billion, and EPS missed consensus, weighed down by higher central and financing costs and acquisition‑related effects (notably Altair and Dotmatics).
- Free cash flow for the quarter hit about €5.3 billion, ahead of many analysts’ expectations.
Investing.com reported that Siemens shares fell around 5% in the immediate aftermath of the release as investors reacted to the earnings miss and a somewhat cautious 2026 EPS outlook. RBC Capital Markets nevertheless described Digital Industries as the “clear stand‑out division”, pointing to strong double‑digit order growth, solid sales gains and margins above expectations once acquisition effects are stripped out. [11]
The market’s takeaway: the core industrial engine is performing well, but FX headwinds and integration costs are likely to weigh on reported EPS in the near term – a theme that carries into Siemens’ 2026 guidance.
2026 guidance: solid top‑line growth, moderated EPS expectations
Siemens’ official guidance for fiscal 2026 (again, from its 13 November release) assumes a broadly stable macro environment and acknowledges a significant negative impact from currency movements. [12]
For 2026, Siemens expects:
- Group comparable revenue growth of 6–8%, with a book‑to‑bill ratio remaining above 1.
- Digital Industries: revenue growth of 5–10% and a profit margin of 15–19%.
- Smart Infrastructure: revenue growth of 6–9% with margins of 18–19%.
- Mobility: revenue growth of 8–10% with margins of 8–10%.
- Group EPS before purchase price allocation (EPS pre PPA) in a range of €10.40–11.00.
By comparison, adjusted EPS pre PPA for 2025 (excluding certain one‑offs) is around €10.71, so the guidance implies low‑ to mid‑single‑digit EPS growth once currency and acquisition effects are factored in. [13]
This relatively cautious EPS outlook – compared with some pre‑earnings analyst expectations – is one reason why price targets have been nudged down even as overall ratings remain positive.
Analyst sentiment: still mostly “Buy” with mid‑teens upside
German broker surveys
A fresh round‑up from German portal finanzen.net, published on 1 December 2025, looks specifically at analyst opinions collected in November: [14]
- 21 analysts covered Siemens during the month.
- Of these, 13 recommended “Buy”, seven “Hold” and one “Sell”.
- The average price target is reported at €265.05, which is roughly €37 above the current Xetra level around €228, implying mid‑teens percentage upside.
- Over a six‑month horizon, the rating trend is described as a consistent “Buy”.
Global consensus and long‑term forecasts
Data aggregated by StocksGuide shows a very similar picture using a broader international sample: [15]
- 30 analysts are tracked, with about 70% rating Siemens as “Buy”, 27% as “Hold” and only 3% as “Sell”.
- The average 12‑month price target is given as €262.14 – roughly 15% above the current share price.
- The highest target in this sample is about €315, implying almost 40% upside, while the lowest target sits near €192, signalling that at least one house sees downside risk from today’s level.
On top of this, JPMorgan reinstated coverage of Siemens in August 2025 with an “Overweight” rating and a €300 price target, placing the stock on its Positive Catalyst Watch ahead of the Capital Markets Day scheduled for 9 December 2025. The bank argued that Siemens can sustainably outgrow earnings and may deserve a premium valuation versus peers. [16]
In short, while target prices have been trimmed after Q4, the consensus stance remains clearly positive, with most brokers still regarding Siemens Aktiengesellschaft as a core long‑term holding in European industrial technology.
Revenue, margin and EPS forecasts to 2030
Looking beyond the next twelve months, analysts are modelling solid, if not spectacular, growth in Siemens’ key metrics.
Based on StocksGuide’s consolidated estimates: [17]
- Sales are expected to rise from around €78.9 billion in 2025 to about €84.3 billion in 2026 (roughly 7% growth), and to over €89 billion in 2027. By 2029, revenue could exceed €100 billion, with mid‑single‑digit to high‑single‑digit annual growth rates along the way.
- EBITDA is forecast to grow faster than sales, from an estimated €13.0 billion in 2025 to roughly €15.6 billion in 2026 and €17.5 billion in 2027, suggesting scope for margin expansion over time.
- At the net income level, analysts model a temporary dip in 2026 – average forecasts call for net profit of about €8.8 billion, somewhat below the trailing twelve‑month figure, before growth resumes from 2027 onwards.
- Earnings per share (EPS) are projected at roughly €11.23 in 2026 versus about €12.25 in 2025, then rising again to around €12.84 in 2027 and €14.52 in 2029.
- On this basis, the current valuation equates to a forward P/E in the low‑20s and an EV/sales ratio around 2.5 for 2026, gradually easing as earnings and sales grow.
These projections broadly align with Siemens’ own guidance: decent top‑line growth, some scope for margin and EPS improvement over time, but with a near‑term pause in earnings growth as currency and integration effects wash through.
Technical picture: sideways trend and “Hold/Accumulate” signals
From a purely technical perspective, Siemens Aktiengesellschaft currently looks more like a sideways trader than a clear breakout candidate.
According to StockInvest’s detailed technical report (updated after trading on 28 November 2025): [18]
- The stock has risen in six of the last ten sessions, but is still slightly down (‑0.9%) over that period.
- It is moving within a broad horizontal trend, with a 90% probability band between roughly €221.4 and €254.3 over the coming three months.
- Short‑term indicators (e.g. the near‑term moving average and a pivot bottom from mid‑November) are positive, while the long‑term moving average and a three‑month MACD signal remain cautious, resulting in a net “Hold/Accumulate” rating rather than a clear “Buy”.
- Key levels to watch include support around €227 and near‑term resistance near €228.40, with a wider resistance cluster above €230 and towards the 52‑week high.
- For the trading day of Monday, 1 December, StockInvest projects a fair opening price close to €228.15 and an intraday range between about €225.6 and €231.0, implying possible volatility of roughly ±2.4% around the last close.
For short‑term traders, that translates into a balanced risk/reward profile near current levels; for long‑term investors, technicals neither strongly confirm nor contradict the fundamental story.
Balance sheet and credit quality: AA‑ rating supports buybacks and M&A
One reason Siemens can comfortably run buybacks and a rising dividend while still investing heavily in M&A and digital capabilities is its strong balance sheet.
Credit‑rating agency S&P Global Ratings recently affirmed Siemens AG’s long‑term rating at ‘AA‑’ with a stable outlook, explicitly taking into account the company’s plan to give up control of Siemens Healthineers while maintaining what S&P describes as a conservative financial policy. [19]
Coupled with double‑digit free cash flow and robust profitability, this rating underpins Siemens’ ability to:
- Continue share repurchases without overstretching the balance sheet.
- Finance bolt‑on acquisitions such as Altair and Dotmatics, which strengthen the software and AI portfolio. [20]
- Absorb cyclical swings in its industrial end‑markets.
For equity investors, the AA‑ badge effectively lowers perceived downside risk in stressed scenarios compared with lower‑rated peers.
Key opportunities for Siemens Aktiengesellschaft shareholders
Putting all of this together, the current Siemens investment case on 1 December 2025 revolves around a few big themes:
- Industrial automation and digitalization tailwinds
Siemens is deeply exposed to structural growth areas:- Factory automation and smart manufacturing (Digital Industries).
- Electrification and smart grids (Smart Infrastructure).
- Rail and mass‑transit modernisation (Mobility).
- Strong order book and recurring revenues
A book‑to‑bill above 1 and high free cash flow suggest that Siemens has both visibility on future revenues and pricing power in key niches. Recurring software, service and maintenance income should help smooth cycles. - Shareholder‑friendly capital allocation
- Supportive analyst stance
The overwhelming majority of analysts still rate Siemens as “Buy” or equivalent, with average 12‑month targets implying mid‑teens upside from current levels, and some high‑conviction calls (such as JPMorgan’s €300 target) embedding even more optimistic scenarios. [24]
Main risks and what could go wrong
Investors also need to weigh several risks that show up across recent earnings commentary and forecasts:
- FX and macro headwinds
Siemens itself expects strong negative currency effects on both revenue and EPS in 2026, a point echoed by RBC and other brokers. If the euro strengthens further or emerging‑market currencies weaken, this could continue to drag on reported growth. [25] - Cyclical exposure in automation and industrial demand
While the long‑term automation story is attractive, short‑term demand in manufacturing, electronics and process industries can be cyclical. The Q4 earnings miss showed how inventory corrections or delayed capex can surprise even a high‑quality group. [26] - Execution risk in portfolio changes and acquisitions
- Integrating acquisitions like Altair and Dotmatics brings integration and IT‑system risks as well as cost synergies to deliver.
- The planned deconsolidation of Siemens Healthineers is complex and could face market, regulatory or operational challenges. [27]
- Valuation sensitivity
With the stock trading near the upper end of its 12‑month range and on a low‑20s earnings multiple, there is limited margin of safety if growth or margins disappoint versus consensus. - Short‑term technical overhang
Technical analysis sees Siemens in a wide trading range with mixed signals. In such phases, sharp moves can be triggered by macro headlines, sector rotation or small guidance tweaks. [28]
What to watch next
For investors following Siemens Aktiengesellschaft into 2026, a few upcoming milestones and themes look particularly important:
- Next earnings update: platforms tracking Siemens point to 12 February 2026 as the next scheduled earnings date – the first chance to see how fiscal 2026 is starting. [29]
- Capital Markets Day (CMD) on 9 December 2025: JPMorgan has flagged this event as a potential catalyst, with markets eager for more detail on the ONE Tech Company roadmap, digital revenue plans and the Healthineers stake. [30]
- Further buyback updates: interim reports like today’s 94th notification will show at what price levels Siemens is most active in the market. [31]
- Macro indicators and FX: PMI data, industrial orders and euro FX moves will all feed into how realistic the 6–8% revenue growth guidance looks.
Bottom line
On 1 December 2025, Siemens Aktiengesellschaft stock sits near recent highs, backed by record earnings, a robust balance sheet and a shareholder‑friendly capital‑return policy, but tempered by FX headwinds, a recent earnings miss and a valuation that already prices in a fair amount of good news.
For long‑term investors, the combination of structural growth in industrial tech, solid analyst support and disciplined capital allocation keeps Siemens firmly on the radar as a core European industrial holding. Short‑term traders, by contrast, are likely to keep a close eye on the December Capital Markets Day, incoming macro data and further buyback disclosures to gauge whether the next big move in SIE.DE is up or down.
References
1. www.tradingview.com, 2. stocksguide.com, 3. stockinvest.us, 4. stockinvest.us, 5. www.tradingview.com, 6. press.siemens.com, 7. press.siemens.com, 8. press.siemens.com, 9. press.siemens.com, 10. press.siemens.com, 11. www.investing.com, 12. press.siemens.com, 13. press.siemens.com, 14. www.finanzen.net, 15. stocksguide.com, 16. www.investing.com, 17. stocksguide.com, 18. stockinvest.us, 19. www.spglobal.com, 20. press.siemens.com, 21. press.siemens.com, 22. press.siemens.com, 23. www.tradingview.com, 24. www.finanzen.net, 25. press.siemens.com, 26. www.investing.com, 27. press.siemens.com, 28. stockinvest.us, 29. stockinvest.us, 30. www.investing.com, 31. www.tradingview.com
