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Company and investment case
Siemens is a leading technology company positioned along five major secular growth drivers of Automation, Digitalization, Electrification, Sustainability and Artificial Intelligence – AI for the real world. We are addressing highly attractive growth markets and are accelerating our growth in fast-growing digital markets, regions, verticals and through industrial AI.
Our technology accelerates customer transformations with industrial AI, boosting efficiency in factories, enhancing city livability, and promoting sustainable transport solutions. By combining the real and the digital worlds,we can help accelerate both digitalization and sustainability - so our customers around the world can become more competitive, resilient and sustainable.
As ONE Tech company, we speed up the execution of our strategy. The ONE Tech Company program transforms how we operate so that we can achieve stronger customer focus, faster innovations, and higher profitable growth.We’re bringing together our full capabilities to deliver greater value for customers and shareholders.Therefore, we are building a new fabric for Siemens:
- A highly synergistic portfolio perfectly positioned across industrial software, conventional and digital services as well as conventional and connected hardware – ready to scale.
- A new operating model for speed and scale to innovate, support our businesses more efficiently, and better serve our customers as ONE.
By operating as ONE technology company, we're creating the foundation for higher, profitable growth.
***Our Siemens Equity Story will provide you with further information.
***For an overall company overview, please click here.
In the last years we have put particular focus on sharpening our portfolio, both through divestments (e.g. Siemens Energy spin-off 2020) and high growth acquisitions in software and connected hardware.
The next major step in our portfolio transformation: we plan to deconsolidate Siemens Healthineers¹ . This is expected to unlock long-term value for Siemens shareholders, as it further simplifies the portfolio and positions Siemens as a more focused technology company with a highly synergistic portfolio.
We can execute all of this from a position of strength, as once again proven in FY25 with another record year for Siemens: record highs in profit of Industrial Businesses, net income and free cash flow.
1 Publicly listed subsidiary of Siemens; Siemens’ share in Siemens Healthineers: 67% (as of Dec 1, 2025)
***Our Siemens Equity Story will provide you with further information.
Our Siemens Industrial Businesses (without Siemens Healthineers¹) are Digital Industries, Smart Infrastructure and Mobility.
Digital Industries offers a comprehensive product portfolio as well as systems and solutions for automation used in discrete and process industries; these offerings include embedded software. Furthermore, the offering covers software for product lifecycle management (PLM) and electronic design automation (EDA).
Smart Infrastructure offers products, systems, solutions, services, and software to support the global transition from fossil to renewable energy sources, and the associated transition to smarter, more sustainable buildings and communities. Smart Infrastructure’s versatile portfolio consists of buildings, electrification, and electrical products businesses.
Mobility combines all Siemens businesses in the area of rail passenger and rail freight transportation. Its offering includes rail vehicles for urban and regional transport, trains and passenger coaches for intercity and long-distance services, locomotives, products and solutions for rail automation and electrification, maintenance and digital services as well as digital solutions and software.
1 Publicly listed subsidiary of Siemens; Siemens’ share in Siemens Healthineers: 67% (as of Dec 1, 2025)
*** Discover key details and financial performance of our Siemens Industrial Businesses with our concise Siemens Business Fact Sheets
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
At the beginning of fiscal 2026, we announced an update of the Siemens Group Financial Framework (excluding Siemens Healthineers¹ ). Detailed information on the Siemens Group Financial Framework is available in our annual report.
1 Publicly listed subsidiary of Siemens; Siemens’ share in Siemens Healthineers: 67% (as of Dec 1, 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 is very mindful about stringent capital allocation and committed to a strong and sustainable Total Shareholder Return (TSR). We aim to accelerate value generation by striking the right balance between targeted investments and shareholder return.
More information on our capital allocation framework can be found here.
In FY25 we invested 8.3% of revenue in R&D and we expect R&D intensity in FY26e slightly above FY25 level, hence implying further R&D growth in absolute terms. We maintain high R&D intensity to further drive technology leadership and foster future profitable growth.
Our geographic footprint is well balanced, and we will continue to optimize it through targeted Capex.
In addition, we will invest selectively in value-creating acquisitions. All investment decisions will be based on our clearly defined strategic imperatives and financial hurdles. Our six strategic imperatives are:
- Areas of growth?
- Potential profit pool?
- Why Siemens?
- Synergetic value?
- Paradigm shift?
- Sustainability impact?
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.
The current share buyback program announced on May 13, 2026, started on July 1, 2026, with a volume of up to €6 billion.
The previous share buyback that started on February 12, 2024, with a volume of up to €6 billion was completed early on June 15, 2026, with a volume of €6 billion.
***Please find further information on our current and past share buyback programs on our Siemens Investor Relations website.
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.
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