Infineon Technologies AG
5-year stock timeline
Infineon Technologies (IFX.XETRA) is trading at 38 as of April 1, 2026.
Major events
Infineon closed its acquisition of Cypress Semiconductor in April 2020, bringing microcontrollers, connectivity components and memory into the fold—a move that fundamentally reshaped the company's product mix. The company then posted record results in fiscal 2022 alongside strong revenue and margin expansion, and Jochen Hanebeck took over as CEO on April 1, 2022, signaling a shift into a growth-to-scale phase under new leadership.
From 2023 through 2024, Infineon navigated demand weakness and customer inventory destocking that pressured both reported revenue and margins. Even as these headwinds built, the company pressed ahead with silicon-carbide capacity expansion. By 2024, Infineon had consolidated its market-share lead in automotive semiconductors, though it cut guidance and launched the "Step Up" cost programme to restore structural margins.
Investor narrative
After Cypress closed and the semiconductor cycle rebounded, the market framed Infineon as a high-growth play on automotive electrification and ADAS—a story that held through the strong 2022 results. But 2023 inventory corrections and softer end-markets shifted that narrative toward something more cyclical and cautious about near-term growth.
By 2024, the story had evolved into something more nuanced: investors came to see Infineon as a structural leader in automotive and power semiconductors (with genuine MCU and automotive share gains to show for it), while also waiting for management to prove margin resilience through cost actions and targeted capacity investments.
Technical phases
From 2020 through 2021, the stock trended higher on the back of Cypress integration and the broader semiconductor rally that built toward the strong 2022 results. 2023 brought a material downturn and sideways action with elevated volatility as demand softened and inventory work weighed on near-term expectations.
Since 2024 into early 2026, price action has moved in two directions—bouncing on automotive market-share gains and SiC investment progress, then pulling back when guidance cuts came and the Step Up programme and its margin targets took center stage in the investment thesis.
Key risks and downside factors
Infineon operates in a competitive space alongside established players like NXP, STMicroelectronics, Texas Instruments, ON Semiconductor, Analog Devices and Renesas, all vying for share in analog, power and automotive semiconductors. The market itself is concentrated—a handful of large firms dominate analog and microcontroller territory. What matters more for investors: Infineon faces genuine structural pressures. Automotive cycles swing hard. Supply chains remain fragile. Foundry capacity tightens and loosens unpredictably. And the technology frontier keeps shifting, which means either you fund R&D aggressively or you acquire your way forward. Both paths compress margins. Neither is cheap.
- Large analog and power semiconductor competitors continue to exert meaningful pressure on both margins and market share [1].
- The company's heavy reliance on automotive and industrial customers leaves revenue exposed to cyclical downturns in those sectors [9][24].
- The reliance on a fixed manufacturing footprint and external foundries introduces vulnerabilities across supply continuity, production capacity, and geopolitical exposure—including potential export control complications.
- Rapid shifts in power semiconductor materials and the industry's move toward integrated systems could narrow competitive advantages, potentially forcing expensive R&D investments or acquisitions to keep pace.
Competitive landscape
Infineon competes in a densely packed market alongside heavyweights like NXP, Texas Instruments, and ON Semiconductor, where the real battles are fought over breadth—who can offer the most comprehensive power, mixed-signal, and MCU portfolios, and who can absorb the smaller players through consolidation. The company's fortunes swing with automotive and industrial cycles, and it faces persistent headwinds from supply constraints, pricing pressure from larger competitors, and the geopolitical complexity of selling into China and globally. Export controls add another layer of friction that can move the needle on revenue.
| Company | Ticker |
|---|---|
| NXP Semiconductors N.V. | NXPI.NASDAQ |
| Texas Instruments Incorporated | TXN.NASDAQ |
| ON Semiconductor Corporation | ON.NASDAQ |
Private competitors
- Paragraf
- Odyssey Semiconductor Technologies
- Applied Micro Electronics
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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 | -14.44% | -8.47% | -9.45% |
| 3M | +1.49% | +6.89% | +5.86% |
| 6M | +12.16% | +17.13% | +14.43% |
| 1Y | +23.68% | +20.90% | +6.42% |
| 3Y | +3.65% | -44.58% | -61.43% |
| 5Y | +8.57% | -44.78% | -65.25% |
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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 | 48.6 | 3.3 | 3.0 | 16.1 |
| 1Y ago | 49.7 | 2.7 | 2.3 | 11.8 |
| 3Y ago | 17.5 | 3.1 | 3.2 | 12.8 |
| 5Y ago | 107.1 | 4.7 | 4.5 | 18.1 |
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 |
PWP Leeway UG (haftungsbeschränkt)
