Preguntas frecuentes
Company and investment case
Siemens es una compañía de tecnología líder posicionada a lo largo de cinco impulsores del crecimiento secular importantes de Automatización, Digitalización, Electrificación, Sostenibilidad e Inteligencia artificial: la IA para el mundo real. Estamos aproximándonos a mercados en crecimiento muy atractivos y acelerando nuestro crecimiento en mercados digitales de rápido crecimiento, regiones, mercados verticales y a través de la IA industrial.
Nuestra tecnología acelera las transformaciones de los clientes con la IA industrial, lo que aumenta la eficiencia en las fábricas, mejora la habitabilidad de la ciudad y promueve soluciones de transporte sostenibles. Con la combinación del mundo real y el digital, podemos ayudar a acelerar tanto la digitalización como la sostenibilidad para que nuestros clientes de todo el mundo puedan ser más competitivos, resilientes y sostenibles.
Como compañía ONE Tech, aceleramos la ejecución de nuestra estrategia. El programa compañía ONE Tech transforma la forma en que operamos para que podamos lograr un enfoque más sólido en el cliente, innovaciones más rápidas, y más crecimiento rentable. Reunimos todas nuestras capacidades para ofrecer más valor a los clientes y accionistas. Por lo tanto, estamos generando un nuevo tejido para Siemens:
- una cartera extremadamente sinérgica posicionada a la perfección en software industrial, servicios convencionales y digitales, así como hardware convencional y conectado, listo para escalar.
- Un nuevo modelo operativo para velocidad y escalamiento que permite innovar, asistir a nuestros negocios de manera más eficiente y atender mejor a nuestros clientes.
Al operar como la compañía ONE Tech, estamos creando las bases para un crecimiento más elevado y rentable.
***En nuestra Historia de valores de Siemens podrás obtener más información.
***Para obtener una descripción general de la compañía, haz clic aquí.
En los últimos años, nos hemos centrado especialmente en aguzar nuestra cartera tanto a través de desinversiones (por ejemplo, la empresa derivada Siemens Energy 2020) y adquisiciones de gran crecimiento en software y hardware conectado.
El siguiente paso importante en la transformación de nuestra cartera: planeamos desconsolidar Siemens Healthineers¹ . Se espera que esto libere valor a largo plazo para los accionistas de Siemens, ya que simplifica aún más la cartera y posiciona a Siemens como una compañía de tecnología más enfocada con una cartera altamente sinérgica.
Podemos ejecutar todo esto desde una posición de fortaleza, como se demostró una vez más en el año fiscal 2025 con otro año récord para Siemens: máximos históricos en ganancias de negocios industriales, ingresos netos y flujo de caja libre.
1 Filial que cotiza en bolsa de Siemens; participación de Siemens en Siemens Healthineers: 67 % (al 12 de noviembre de 2025)
***En nuestra Historia de valores de Siemens, podrás obtener más información.
Nuestras unidades de negocios industriales de Siemens (sin Siemens Healthineers¹) son industrias digitales, infraestructura inteligente y movilidad.
Industrias digitales ofrece una amplia cartera de productos, así como sistemas y soluciones para la automatización utilizados en industrias discretas y de procesos; estas ofertas incluyen software integrado. Además, la oferta abarca software para la gestión del ciclo de vida del producto (PLM) y la automatización del diseño electrónico (EDA).
Infraestructura inteligente ofrece productos, sistemas, soluciones, servicios y software para brindar asistencia en la transición global de fuentes de energía fósiles a renovables, y la transición asociada a edificios y comunidades más inteligentes y sostenibles. La versátil cartera de Infraestructura inteligente consiste en edificios, electrificación y negocios de productos eléctricos.
Movilidad combina todos los negocios de Siemens en el área de transporte ferroviario de pasajeros y carga por ferrocarril. Su oferta incluye vehículos ferroviarios para transporte urbano y regional, trenes y autobuses de pasajeros para servicios interurbanos y de larga distancia, locomotoras, productos y soluciones para automatización y electrificación ferroviarias, mantenimiento y servicios digitales, así como soluciones digitales y software.
1 Filial que cotiza en bolsa de Siemens; participación de Siemens en Siemens Healthineers: 67 % (al 12 de noviembre de 2025)
*** Conoce detalles clave y el rendimiento financiero de nuestras unidades de negocios industriales de Siemens en nuestras concisas Hojas de datos comerciales de Siemens
Siemens has a well-balanced geographical footprint and a diversified supply chain.
***Please find more details on Siemens' geographical footprint Siemens Business Fact Sheets.
Siemens Financial Services (SFS) provides financing solutions for Siemens’ customers as well as for other companies particularly within the Siemens markets in the form of debt and equity investments. Based on its comprehensive financing know-how and specialist technology expertise in the areas of Siemens businesses, SFS supports its customers’ investments with leasing, lending, working capital and structured financing solutions and offers a broad range of equipment and project financing.
In addition, SFS supports Siemens’ industrial businesses with financial advisory services and via a joint go-to-market that includes SFS’ risk management expertise, for instance to assess the risk profiles of projects or business models.
Furthermore, SFS collaborates with Siemens’ industrial businesses to co-develop new digital business models, and supports its customers through targeted financing of sustainable technologies and projects.
Our businesses compete with a number of peers in their respective markets.
***Our Siemens Business Fact Sheets will provide you with the main competitors for the respective businesses.
The Siemens Xcelerator Marketplace is a platform to innovative technology from Siemens and esteemed partners, sellers, and developers – driving our customers digital transformation with a curated portfolio of services, software, and IoT enabled hardware.
***Please find further information on Siemens Xcelerator here.
As a leading technology company, Siemens strives to be at the cutting edge of several important technology and innovation fields: the Siemens Company Core Technologies. These core research topics have been determined to be critical for our customers’ success. Siemens’ researchers work closely with customers and partners to achieve the best results in an open exchange.
We utilize our Company Core Technologies in all businesses to maintain and expand our technology leadership and innovation strength. An overview of our Company Core Technologies can be found here.
***Please find further information on our Siemens Company Core Technologies here.
Financial target setting
Al comienzo del año fiscal 2026, anunciamos una actualización de Marco financiero del Grupo Siemens (sin incluir Siemens Healthineers¹). La información detallada sobre el Marco financiero del Grupo Siemens está disponible en nuestro informe anual.
1 Filial que cotiza en bolsa de Siemens; participación de Siemens en Siemens Healthineers: 67 % (al 12 de noviembre de 2025)
We are usually providing guidance for the respective fiscal year on group level and for each of our Industrial Businesses which are not separately listed.
***Please find the current guidance for the fiscal year in the latest earnings release on our financial results page.
Capital allocation and financing
Siemens es muy consciente de la asignación estricta de capital y está comprometida con un Retorno total para accionistas (TSR) sólido y sostenible. Nuestro objetivo es acelerar la generación de valor al lograr el equilibrio adecuado entre las inversiones específicas y el retorno para los accionistas.
Puedes encontrar más información sobre nuestro marco de asignación de capital aquí.
En el año fiscal 2025, invertimos 8,3 % de los ingresos en I+D y esperamos una intensidad de I+D en las estimaciones del año fiscal 2026 a nivel del año fiscal 2025, lo que implica más crecimiento de I+D en términos absolutos. Mantenemos una gran intensidad de I+D para impulsar aún más el liderazgo tecnológico y fomentar un crecimiento rentable futuro.
Nuestra huella geográfica está bien equilibrada y continuaremos optimizándola a través de objetivos Capex.
Además, vamos a invertir selectivamente en adquisiciones que generan valor. Todas las decisiones de inversión se basarán en nuestros imperativos estratégicos y obstáculos financieros bien definidos. Nuestros seis imperativos estratégicos son:
- ¿Áreas de crecimiento?
- ¿Potencial reserva de beneficios?
- ¿Por qué Siemens?
- ¿Valor sinérgico?
- ¿Cambio de paradigma?
- ¿Impacto en la sostenibilidad?
We intend to continue providing an attractive return to our shareholders. We follow a progressive dividend policy. In the Siemens Financial Framework, we strive for a dividend per share that exceeds the amount for the preceding year, or at least matches it.
As in the past, we intend to fund the dividend payout from Free cash flow. Our primary measure to assess our ability to generate cash, and ultimately to pay dividends, is the cash conversion rate for the Siemens Group, defined as the ratio of Free cash flow (continuing and discontinued operations) to net income. Over a mid-term cycle, we aim to achieve a cash conversion rate of 1 minus the annual comparable revenue growth rate.
***We provide detailed dividend information on our Siemens Investor Relations website.
El programa actual de recompra de acciones anunciado el 16 de noviembre de 2023 de hasta seis mil millones de euros por hasta cinco años comenzó el 12 de febrero de 2024.
La recompra de acciones anterior que comenzó el 15 de noviembre de 2021 con un volumen de hasta tres mil millones de euros se completó a principios del 25 de enero de 2024 con un volumen de tres mil millones de euros.
*** Encuentra más información en nuestros programas actual y anterior de recompra de acciones ubicado en nuestro sitio web de Relaciones con inversores Siemens.
Bonds are the traditional way to obtain long-term financing via the capital market. Siemens reserves the right to continue to make regular appearances on the world's capital markets and diversify its investor base.
Credit ratings are opinions of future creditworthiness, derived by fundamental credit analysis and expressed through a symbol system. Fundamental credit analysis incorporates an evaluation of market position, competition, management assessment and financial statement assessment.
Siemens has a strong investment grade credit rating as provided by Moody's Investors Service and Standard & Poor's:
- Moody’s Investors Service: Aa3 rating (long term) with stable outlook
- S&P Global Ratings: AA- rating (long term) with stable outlook
***Please find latest information on bonds and rating on our Siemens Investor Relations website.
Financials and accounting
Our primary measure for managing and controlling our revenue growth is comparable growth. It shows the development in our business net of currency translation effects, which arise from the external environment outside of our control, and portfolio effects, which involve business activities which are either new to or no longer a part of the respective business.
***We provide detailed information in our annual report.
Industrial Businesses: Profit margin is defined as profit of the respective business divided by its revenue. For our industrial businesses, profit represents EBITA adjusted for amortization of intangible assets not acquired in business combinations. In our profit definition, we do not adjust for topics such as restructuring or share-based compensation. When comparing our profit metric with those of our peers, it is important to note that their definitions may vary.
Siemens Financial Services (SFS): In line with common practice in the financial services business, our financial indicator for measuring capital efficiency at SFS is return on equity after taxes, or ROE after taxes. ROE is defined as SFS’ profit after taxes, divided by its average allocated equity.
***We provide detailed information in our annual report.
Primary measure for managing and controlling profit and profitability at Group level: Net income is the primary driver of basic earnings per share from net income (EPS) as well as of EPS before purchase price allocation accounting (EPS pre PPA) which is used for our capital market communication. EPS pre PPA is defined as basic earnings per share from net income adjusted for amortization of intangible assets acquired in business combinations and related income taxes. As with EPS, EPS pre PPA includes the amounts attributable to shareholders of Siemens AG. We aim to achieve high-single-digit annual growth in EPS pre PPA over a mid-term cycle (excluding Siemens Healthineers).
***We provide detailed information in our annual report.
Free cash flow of the segments constitutes cash flows from operating activities less additions to intangible assets and property, plant and equipment.
***We provide detailed information in our annual report.
Capital efficiency: We seek to work profitably and as efficiently as possible with the capital provided by our shareholders and lenders. For purposes of managing and controlling our capital efficiency, we use return on capital employed, or ROCE, as our primary measure in our Siemens Financial Framework. Our goal is to achieve a ROCE within a range of 15% to 20% over a mid-term cycle.
Capital structure: Sustainable revenue and profit development is supported by a healthy capital structure. Accordingly, a key consideration within the Siemens Financial Framework is to maintain ready access to the capital markets through various debt products and preserve our ability to repay and service our debt obligations over time. Our primary measure for managing and controlling our capital structure is the ratio of Industrial net debt to EBITDA (continuing operations). This financial measure indicates the approximate amount of time in years that would be needed to cover Industrial net debt through income from continuing operations, without taking into account interest, taxes, depreciation and amortization. We aim to achieve a ratio of up to 1.5.
***We provide detailed information in our annual report.
Digital Industries’ software business (DI SW) equals ~1/3 of DI total revenue, therein ~2/3 PLM (Product Lifecycle Management) and ~1/3 EDA (Electronic Design Automation) software business. As per our Siemens ONE Tech – Strategy & Results event in November 2025, DI SW had ~80% recurring business (subscriptions, SaaS, maintenance) and ~20% non-recurring business (perpetual licenses, services, and other).
PLM and a minor part of EDA are currently transitioning to Software as a Service (SaaS). The transition triggers a shift from largely upfront to ratable revenue recognition - from perpetual & on-site subscription to SaaS & cloud-based subscription. During such a transition, there is a negative impact on reported revenue and profit. After the SaaS transition, DI SW will have a bigger profit pool from (i) higher growth rate & incremental revenue, (ii) higher margin conversion and scalability and (iii) less investment.
As we deliberately don’t force our customers to switch to the SaaS model and as a large part of our EDA business is not subject to the SaaS transition, for the time being a certain portion of the DI SW business will remain with largely up-front revenue recognition.
Aside from the reported revenue of our Software business in DI, we provide in our quarterly disclosure the Annual Recurring Revenue (ARR) and its growth rate, which is the best indicator of the underlying development of the software business during the SaaS transition and beyond.
There is no market standard in reporting revenue splits (recurring/non-recurring/subscription/cloud) within our peer group.
***Please refer to the detailed information on DI SW’s SaaS transition at our CMD 2021 (IR Events and Conference Presentations), our Software deep dive session at the Siemens ONE Tech – Strategy & Results event 2025 and our quarterly presentations (Financial Results).
Siemens share
Siemens shares are listed on the following stock exchanges: Frankfurt am Main, Xetra.
You can purchase Siemens shares through a broker or a depository bank.
As of March 03, 2026, the common stock of Siemens AG is divided into 782,000,000 shares of no-par value.
Last share splits were conducted by Siemens in 1996 and 2001.
In 1996 one Siemens share was exchanged for ten new Siemens shares.
During the second share split in 2001 two Siemens shares were exchanged for three new Siemens shares. The share split was approved by the Annual Shareholders’ Meeting on April 30, 2001.
Please refer to the dividend overview on our website.
Contacto de relaciones con inversionistas
Tú preguntas, nosotros respondemos: tu contacto inversor de Siemens