(S92) SMA Solar Technology - Overview
Stock: Inverter, Battery, Monitoring, Charger, Energy
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 2.44% |
| Yield on Cost 5y | 0.82% |
| Yield CAGR 5y | 13.62% |
| Payout Consistency | 43.3% |
| Payout Ratio | - |
| Risk 5d forecast | |
|---|---|
| Volatility | 67.2% |
| Relative Tail Risk | -10.2% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 1.43 |
| Alpha | 133.95 |
| Character TTM | |
|---|---|
| Beta | 0.343 |
| Beta Downside | 0.260 |
| Drawdowns 3y | |
|---|---|
| Max DD | 89.70% |
| CAGR/Max DD | -0.26 |
Description: S92 SMA Solar Technology December 25, 2025
SMA Solar Technology AG (XETRA:S92) designs, manufactures, and sells photovoltaic (PV) and battery inverters, monitoring platforms, and electric-vehicle charging solutions from its headquarters in Niestetal, Germany. The business is organized into three segments-Home Solutions, Commercial & Industrial Solutions, and Large-Scale & Project Solutions-serving utilities, independent power producers, EPCs, system integrators, and energy-intensive industries worldwide.
In FY 2023 the company reported revenue of roughly €1.2 billion and an adjusted EBIT margin of 5.2%, reflecting modest profitability amid tightening inverter pricing. Its backlog grew 12% YoY, driven by strong demand for hybrid inverters and the Sunny Tripower X line, which together account for about 40% of total shipments. SMA’s market share in the European utility-scale inverter market remains around 15%, while its residential segment is expanding at an estimated CAGR of 8% as EU net-zero policies accelerate rooftop solar adoption.
Key macro drivers include the EU’s 2030 renewable-energy target (at least 40% of electricity from renewables) and the rollout of the “Fit-for-55” package, which together boost demand for grid-compatible storage and smart-inverter technologies. For a deeper, data-rich analysis of SMA’s valuation dynamics, you may find ValueRay’s interactive dashboard useful.
Piotroski VR‑10 (Strict, 0-10) 5.0
| Net Income: -297.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.11 > 0.02 and ΔFCF/TA 26.66 > 1.0 |
| NWC/Revenue: 15.85% < 20% (prev 30.33%; Δ -14.48% < -1%) |
| CFO/TA 0.15 > 3% & CFO 203.1m > Net Income -297.0m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 1.38 > 1.5 & < 3 |
| Outstanding Shares: last quarter (34.7m) vs 12m ago 0.0% < -2% |
| Gross Margin: 4.87% > 18% (prev 0.26%; Δ 461.6% > 0.5%) |
| Asset Turnover: 104.5% > 50% (prev 96.72%; Δ 7.79% > 0%) |
| Interest Coverage Ratio: -17.30 > 6 (EBITDA TTM -117.2m / Interest Expense TTM 15.2m) |
Altman Z'' 0.94
| A: 0.18 (Total Current Assets 925.2m - Total Current Liabilities 670.8m) / Total Assets 1.39b |
| B: 0.18 (Retained Earnings 251.0m / Total Assets 1.39b) |
| C: -0.17 (EBIT TTM -263.1m / Avg Total Assets 1.54b) |
| D: 0.29 (Book Value of Equity 283.0m / Total Liabilities 987.8m) |
| Altman-Z'' Score: 0.94 = BB |
Beneish M 0.50
| DSRI: 1.04 (Receivables 234.5m/228.4m, Revenue 1.61b/1.63b) |
| GMI: 5.27 (GM 4.87% / 25.69%) |
| AQI: 1.01 (AQ_t 0.14 / AQ_t-1 0.14) |
| SGI: 0.99 (Revenue 1.61b / 1.63b) |
| TATA: -0.36 (NI -297.0m - CFO 203.1m) / TA 1.39b) |
| Beneish M-Score: 0.50 (Cap -4..+1) = D |
What is the price of S92 shares?
Over the past week, the price has changed by -10.14%, over one month by -8.55%, over three months by +16.43% and over the past year by +137.45%.
Is S92 a buy, sell or hold?
What are the forecasts/targets for the S92 price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 29.8 | -10.1% |
| Analysts Target Price | - | - |
| ValueRay Target Price | 36.4 | 9.8% |
S92 Fundamental Data Overview February 03, 2026
P/E Forward = 5.4915
P/S = 0.7978
P/B = 3.1488
Revenue TTM = 1.61b EUR
EBIT TTM = -263.1m EUR
EBITDA TTM = -117.2m EUR
Long Term Debt = 39.9m EUR (from longTermDebtTotal, last fiscal year)
Short Term Debt = 82.2m EUR (from shortTermDebt, last quarter)
Debt = 165.1m EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = -54.6m EUR (from netDebt column, last quarter)
Enterprise Value = 1.19b EUR (1.28b + Debt 165.1m - CCE 252.1m)
Interest Coverage Ratio = -17.30 (Ebit TTM -263.1m / Interest Expense TTM 15.2m)
EV/FCF = 7.72x (Enterprise Value 1.19b / FCF TTM 154.7m)
FCF Yield = 12.96% (FCF TTM 154.7m / Enterprise Value 1.19b)
FCF Margin = 9.64% (FCF TTM 154.7m / Revenue TTM 1.61b)
Net Margin = -18.50% (Net Income TTM -297.0m / Revenue TTM 1.61b)
Gross Margin = 4.87% ((Revenue TTM 1.61b - Cost of Revenue TTM 1.53b) / Revenue TTM)
Gross Margin QoQ = -8.54% (prev 12.70%)
Tobins Q-Ratio = 0.86 (Enterprise Value 1.19b / Total Assets 1.39b)
Interest Expense / Debt = 2.75% (Interest Expense 4.54m / Debt 165.1m)
Taxrate = 25.0% (EU avg default 25%)
NOPAT = -197.3m (EBIT -263.1m * (1 - 25.00%)) [loss with tax shield]
Current Ratio = 1.38 (Total Current Assets 925.2m / Total Current Liabilities 670.8m)
Debt / Equity = 0.41 (Debt 165.1m / totalStockholderEquity, last quarter 402.2m)
Debt / EBITDA = 0.47 (negative EBITDA) (Net Debt -54.6m / EBITDA -117.2m)
Debt / FCF = -0.35 (Net Debt -54.6m / FCF TTM 154.7m)
Total Stockholder Equity = 504.6m (last 4 quarters mean from totalStockholderEquity)
RoA = -19.34% (Net Income -297.0m / Total Assets 1.39b)
RoE = -58.86% (Net Income TTM -297.0m / Total Stockholder Equity 504.6m)
RoCE = -48.31% (EBIT -263.1m / Capital Employed (Equity 504.6m + L.T.Debt 39.9m))
RoIC = -39.10% (negative operating profit) (NOPAT -197.3m / Invested Capital 504.6m)
WACC = 6.60% (E(1.28b)/V(1.45b) * Re(7.18%) + D(165.1m)/V(1.45b) * Rd(2.75%) * (1-Tc(0.25)))
Discount Rate = 7.18% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: 0.0 | Cagr: 0.0%
[DCF Debug] Terminal Value 77.09% ; FCFF base≈154.7m ; Y1≈101.5m ; Y5≈46.3m
Fair Price DCF = 36.61 (EV 1.22b - Net Debt -54.6m = Equity 1.27b / Shares 34.7m; r=6.60% [WACC]; 5y FCF grow -40.0% → 2.90% )
EPS Correlation: -38.94 | EPS CAGR: -18.69% | SUE: 1.84 | # QB: 1
Revenue Correlation: 57.90 | Revenue CAGR: 18.41% | SUE: 0.04 | # QB: 0
EPS next Quarter (2026-03-31): EPS=0.39 | Chg30d=+0.200 | Revisions Net=+1 | Analysts=1
EPS next Year (2026-12-31): EPS=1.74 | Chg30d=+0.342 | Revisions Net=+1 | Growth EPS=+135.4% | Growth Revenue=+3.9%