Infineon Technologies AG
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5-year stock timeline
May 2026 — Raised FY‑2026 guidance; AI/data‑center demand cited
Infineon reported Q2 FY‑2026 results for the period ended 31 March 2026 and upgraded full‑year guidance, citing stronger demand for power‑supply solutions serving AI data‑centres and improving automotive order intake. The company also reorganised its segments from four to three effective Q4 FY‑2026 (Automotive, Power Systems, Edge Systems). [1][6]
Market perception shifted from cautious recovery to a growth story driven by AI infrastructure spending. Investors re‑rated Infineon on higher margin and cash‑flow guidance tied to data‑center power solutions and sustained auto demand. [4][6]
Q2 FY‑2026 revenue reached €3.812 billion with Segment Result of €653 million and Segment Result Margin of 17.1%. Full‑year revenue guidance was raised to "16+ billion" euros with Segment Result Margin target around 20%, adjusted gross margin guided to low‑to‑mid‑40s, adjusted free cash flow guidance raised to approximately €1.65 billion, and free cash flow to approximately €1.25 billion. [1][5][6]
August 2024 — Q3 FY‑2024 miss; guidance/near‑term weakness and inventory overhang
Infineon missed consensus for the April–June quarter, reported lower revenue and narrowed its near‑term outlook. Management highlighted slow recovery and inventory overlay in several end markets. Revenue for the quarter was €3.702 billion, down approximately 9% year‑on‑year. [16]
Investor sentiment turned more defensive as concerns about cyclical weakness in automotive and industrial end markets and elevated inventories prompted value scepticism and near‑term multiple compression versus the earlier growth narrative. [16]
Q3 FY‑2024 revenue was €3.702 billion with reported net profit of €403 million, missing consensus of €447 million. Management cited inventory levels overlaying end demand. [16]
FY‑2024 (ended September/October 2023–2024) — Revenue decline but resilient margins
Infineon closed FY‑2024 with revenue and earnings showing a year‑on‑year decline in group revenue but maintained profitability and greater than 20% segment result margin in Q4. FY‑2024 revenue was €14.955 billion, down approximately 8% year‑on‑year, with Segment Result of €3.105 billion and Segment Result Margin of 20.8%. [29]
After pandemic supply‑driven strength and the Cypress integration, FY‑2024 was viewed as a mixed outcome — top‑line softness from cyclical end‑market weakness but operational leverage and portfolio strength preserved margins, supporting a case for resilient compounder characteristics over the cycle. [29]
Q4 FY‑2024 revenue was €3.919 billion. [29]
2023 — Portfolio expansion (edge/ML/analytics) and ratings commentary
Infineon pursued targeted acquisitions to add edge and AI capabilities, including the Imagimob acquisition reported in May 2023. Market analysts updated outlooks reflecting stronger secular demand in power semiconductors for EVs, industrial and IoT. Rating agencies and sell‑side analysts noted Cypress integration benefits materialising. [28][20]
Investors increasingly framed Infineon as a strategic beneficiary of electrification, power conversion and edge intelligence — a diversified semiconductor play with structural exposure to EVs, renewables, industrial automation and IoT, reducing single‑market cyclicality. [20][28]
Analysts and ratings reports cited cross‑sell and synergy expectations from the Cypress acquisition, with integration benefits quantified in research commentary on mid‑term synergies. [20]
2022 — M&A and capability buys; ongoing supply‑chain/industry constraints
Infineon continued to add specialist software, machine learning and industrial analytics capabilities through acquisitions in 2022 such as Industrial Analytics and NoBug Consulting. The company disclosed supply‑chain constraints and demand‑supply uncertainty tied to the pandemic and foundry capacity. [28][12]
Market view was that Infineon was investing to move up the value chain through software, edge machine learning and analytics while managing cyclical production constraints — positioning the company to capture higher‑value systems revenue over time. The stock narrative combined structural growth plus near‑term execution risk from external constraints. [12][28]
2020–2021 — Cypress acquisition still shaping performance
The 2020 acquisition of Cypress Semiconductor, closed 16 April 2020, continued to materially influence Infineon's 2021–2022 profile through integration, expanded product set (Wi‑Fi/Bluetooth, USB, NOR flash) and balance‑sheet effects. Public filings referenced Cypress consolidation and related goodwill. [19][25]
Following the Cypress purchase, investor perception moved toward a larger, more diversified Infineon with strengthened number two positions in several automotive and embedded markets. The deal created longer‑term cross‑sell expectations that supported the growth and compounder thesis through subsequent years. [25][20]
The Cypress acquisition enterprise value was approximately €9.0 billion at an offer of US$23.85 per share. [21][25]
2017–2021 — Regulatory/transaction context
A prior proposed acquisition of Wolfspeed (part of Cree) by Infineon was terminated in 2017 due to U.S. national‑security concerns. That episode remained part of the company's strategic M&A background through later years. [26][22]
The Wolfspeed regulatory veto was a reminder of geopolitical limits on cross‑border semiconductor transactions. Post‑2020 M&A activity focused more on software and edge buys and on‑balance expansions that were less likely to face similar hurdles. [26][22]
Key risks and downside factors
Infineon is a leading European semiconductor manufacturer with deep expertise in power semiconductors, automotive, industrial, and security applications. Its competitive landscape includes large analog/mixed-signal and power-focused firms that compete across automotive platforms, silicon carbide and gallium nitride power solutions, microcontroller units, and power management circuits. The company faces material headwinds from cyclical semiconductor demand and substantial automotive exposure. Manufacturing and supply-chain concentration—particularly in wafer fabrication capacity and SiC production—creates vulnerability to disruption. Pricing pressure and technology competition remain intense, especially in silicon carbide and modular power solutions. Regulatory and geopolitical shifts around trade policy and subsidies can meaningfully alter competitive positioning and operating costs.[1]
- Cyclicality and demand risk present real exposure to automotive and industrial cycles, which tend to drive volatile revenue and margins. The timing of EV adoption and the rhythm of OEM ordering patterns create meaningful uncertainty around forward earnings [8], [3].
- Supply-chain and manufacturing risk: Advanced wafer and fab capacity remain limited, while SiC production bottlenecks present material constraints on growth and could push costs higher.
- Competitive and technology risks stem from established rivals—ST Microelectronics, NXP, ON Semiconductor, Texas Instruments, Wolfspeed, and ROHM—as well as potential new entrants who could compress pricing or challenge technology leadership across SiC and GaN semiconductors, power modules, and automotive integrated circuits [8], [3].
- Geopolitical and regulatory risk stems from trade restrictions, export controls, and targeted government subsidies or localization mandates. These forces can disrupt markets, limit customer access, and force companies to deploy additional capital to maintain operations or compliance.
Competitive landscape
Infineon Technologies competes as a power semiconductor and automotive-focused chipmaker across power discretes, IGBTs, silicon carbide, microcontrollers and security products. Its main competitors are large analog and mixed-signal firms with automotive exposure, though the market fragments along specialization lines—SiC and GaN materials, automotive microcontrollers, analog integrated circuits. The business faces demand cyclicality tied to automotive and industrial cycles, supply-chain constraints around materials and SiC capacity, margin compression from commoditization and pricing pressure, and exposure to regulatory and geopolitical shifts in global semiconductor supply.
| Company | Ticker |
|---|---|
| STMicroelectronics | STM.NYSE |
| NXP Semiconductors | NXPI.NASDAQ |
| onsemi (ON Semiconductor) | ON.NASDAQ |
| Microchip Technology | MCHP.NASDAQ |
| Wolfspeed | WOLF.NYSE |
| Vishay Intertechnology | VSH.NYSE |
Private competitors
- GaN/SiC-focused startups and foundries (examples: private SiC/GaN fabs and design houses)
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Start Free TrialPerformance Figures of Infineon Technologies AG
Relative Performance vs Benchmarks
| Period | Infineon Technologies AG | vs DAX | vs S&P 500 (SPY) |
|---|---|---|---|
| 1M | +6.40% | +9.73% | +4.99% |
| 3M | -11.82% | -11.91% | -15.72% |
| 6M | +51.03% | +45.41% | +35.79% |
| 1Y | +94.33% | +91.23% | +76.64% |
| 3Y | +103.35% | +38.27% | +15.27% |
| 5Y | +89.46% | +24.12% | -0.78% |
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Start Free TrialHistorical valuation trends
How the company’s key valuation ratios (P/E, P/S, P/B and P/CF) have evolved over time compared to today.
| Period | P/E Ratio | P/S Ratio | P/B Ratio | P/CF Ratio |
|---|---|---|---|---|
| Current | 70.2 | 5.5 | 4.9 | 25.3 |
| 1Y ago | 44.0 | 3.0 | 2.7 | 13.9 |
| 3Y ago | 13.6 | 2.6 | 2.5 | 10.8 |
| 5Y ago | 39.5 | 4.2 | 4.0 | 15.0 |
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- Cyclicality and demand risk present real exposure to automotive and industrial cycles, which tend to drive volatile revenue and margins. The timing of EV adoption and the rhythm of OEM ordering patterns create meaningful uncertainty around forward earnings [8, 3, 21].
- Supply-chain and manufacturing risk: Advanced wafer and fab capacity remain limited, while SiC production bottlenecks present material constraints on growth and could push costs higher.
- Competitive and technology risks stem from established rivals—ST Microelectronics, NXP, ON Semiconductor, Texas Instruments, Wolfspeed, and ROHM—as well as potential new entrants who could compress pricing or challenge technology leadership across SiC and GaN semiconductors, power modules, and automotive integrated circuits [8, 3, 21].
- Geopolitical and regulatory risk stems from trade restrictions, export controls, and targeted government subsidies or localization mandates. These forces can disrupt markets, limit customer access, and force companies to deploy additional capital to maintain operations or compliance.
Who are the main competitors of Infineon Technologies AG?
- STMicroelectronics (STM.NYSE)
- NXP Semiconductors (NXPI.NASDAQ)
- onsemi (ON Semiconductor) (ON.NASDAQ)
- Microchip Technology (MCHP.NASDAQ)
- Wolfspeed (WOLF.NYSE)
- Vishay Intertechnology (VSH.NYSE)
When does Infineon Technologies AG report earnings?
Key Metrics
Valuation Metrics
Profitability Metrics
Growth Metrics
Dividend history
Long-term record of paid dividends (amount per share and dividend yield at the time of payment).
| Year | Dividend | Yield at payment | Avg. yield |
|---|---|---|---|
| 2026 | 0.35 EUR | 0.76% | 1.24% |
| 2025 | 0.35 EUR | 0.91% | |
| 2024 | 0.35 EUR | 1.06% | |
| 2023 | 0.32 EUR | 0.89% | |
| 2022 | 0.27 EUR | 0.84% | |
| 2021 | 0.22 EUR | 0.62% | |
| 2020 | 0.27 EUR | 1.24% | |
| 2019 | 0.27 EUR | 1.37% | |
| 2018 | 0.25 EUR | 1.12% | |
| 2017 | 0.22 EUR | 1.27% | |
| 2016 | 0.20 EUR | 1.74% | |
| 2015 | 0.18 EUR | 1.76% | |
| 2014 | 0.12 EUR | 1.55% | |
| 2013 | 0.12 EUR | 1.83% | |
| 2012 | 0.12 EUR | 1.59% |
Earnings history & estimates
Historical earnings performance shows how consistently the company meets or exceeds analyst expectations. Forward estimates provide insight into expected profitability and growth trajectory.
Historical earnings performance
Upcoming earnings report
Analyst estimates for upcoming periods
Key financial figures
Selected income statement, balance sheet and cash flow figures. Annual and quarterly, based on reported IFRS/GAAP financials.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 14.66B | 14.96B | 16.31B | 14.22B | 11.06B |
| Operating income (EBIT) | 2.04B | 2.54B | 4.07B | 3.07B | 1.30B |
| Net income | 1.01B | 1.30B | 3.14B | 2.18B | 1.17B |
| Free cash flow | 1.42B | 61.00M | 966.00M | 1.67B | 1.57B |
| Total assets | 30.47B | 28.64B | 28.44B | 26.91B | 23.33B |
| Equity | 17.05B | 17.22B | 17.04B | 14.94B | 11.40B |
| Net debt | 5.86B | 3.36B | 3.29B | 4.61B | 5.17B |
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