One-glance verdict
Overvalued
$84.08 our estimate vs market $225.91
169% above our estimate, beyond the bull case
Fundamentals snapshot
BE Semiconductor Industries N.V.
BESIY · PNK · Technology · Semiconductor Equipment & Materials
Current price
$225.91
52-week range
$122.81 - $374.33
Market cap
$17.89B
Balance sheet
Healthy
6.90x Adequate
Net cash $172.07M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Returns 44.9% on equity, ahead of 83% of its peers.
- Reward Free cash flow was positive in 4/10 years.
- Risk Stock trades 25.8% above its 5-year average P/E.
- Risk Insider ownership is only 0.0% (peer median: 3.3%).
What this company does
BE Semiconductor Industries N.V.
BE Semiconductor Industries, often called "Besi," builds the highly precise machines that assemble semiconductors, which are the tiny "brains" inside all our electronic devices. The company earns money by selling this essential equipment and related services to the major companies that manufacture chips around the world. Because Besi's machinery is fundamental to making everything from smartphones to cars and artificial intelligence systems, its success is closely linked to the global demand for new technology.
How the company got here
Founded in 1995 and headquartered in the Netherlands, BE Semiconductor Industries, or Besi for short, started by making equipment for the semiconductor industry. A key move was acquiring other companies with specialized technology, which helped it become a leader in certain parts of the chip-making process. Over the years, Besi has focused more on the highly precise and valuable steps at the end of the production line, known as advanced packaging. This focus has positioned the company to benefit from the growing demand for more powerful and complex chips used in things like artificial intelligence and high-performance computing.
What it actually does
Imagine a computer chip, which is the 'brain' of all electronic devices; Besi doesn't make the chips themselves, but builds the highly precise machinery that assembles and packages them. This involves incredibly detailed work, like picking up a tiny chip (called a 'die') and placing it onto a circuit board, connecting it, and then encasing it in a protective shell. These machines are used by the world's largest chip manufacturers to produce the chips found in everything from smartphones and cars to massive data centers. Besi's equipment is critical for the 'back-end' of the chip manufacturing process, where the individual chip is prepared to be put into an electronic device.
Die Attach
This is Besi's largest and most important business, making up the vast majority of its sales. 'Die Attach' is the process of picking up a minuscule semiconductor chip (the 'die') and precisely bonding it to its foundation, which could be a circuit board or even another chip. The company sells a range of machines that perform this critical step using different techniques, including gluing with special epoxy or soldering. Major chip makers and their subcontractors pay for this equipment to assemble everything from simple chips to complex, multi-chip modules that power the most advanced electronics.
Packaging
Once a chip is attached, it needs a protective casing; this segment provides the machinery for that process. This equipment performs 'molding' (encasing the chip in plastic to protect it from damage and heat), trimming the metal frame, and 'singulation' (cutting the chips apart from the larger strip they are manufactured on). Think of it as creating the familiar black box you see on a circuit board. This part of the business is smaller than Die Attach but provides essential equipment for the final stages of chip assembly.
Plating
This segment provides equipment that applies thin metal coatings to semiconductor components and other electronic parts. This plating process is crucial for creating electrical connections and protecting parts from corrosion. Customers use these machines for coating things like the metal frames that hold chips (leadframes) and electrical connectors. This business also serves other markets, such as manufacturing solar cells and flexible electronics like RFID tags.
What management is betting on now
The company is heavily focused on leading the industry in 'advanced packaging' technologies. As it becomes harder to just shrink chips to make them more powerful, the industry is now stacking multiple chips (or 'chiplets') together in complex 3D arrangements. Besi is investing heavily in a new, ultra-precise technology called 'hybrid bonding', which connects chips directly to each other for much faster communication and lower power use. Management believes this technology will be essential for the next generation of high-performance computing and AI, and is expanding its production capacity to meet the expected demand.
Price history
How the share price has moved
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Is it cheap or expensive?
Fair value $84.08 vs current price $225.91
Our most-likely fair value is $84.08 a share — about 62.8% below today's price of $225.91, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Healthy
Net cash $172.1M - more cash than debt. Interest coverage 6.9x.
Net debt
$-172.07M
Interest coverage
6.90x
BE Semiconductor Industries N.V.'s profit covers its interest bill about 6.9 times over. which is stronger than most peers shown here and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
BESIY
BASELINE
BE Semiconductor Industries N.V.
Total debt $407.76M Interest coverage 6.90x This is the baseline the peer rows are being compared against.
Total debt $39.79M Interest coverage -293.99x -100% vs BESIY This peer has almost no interest-payment cushion compared with BESIY.
Total debt $2.55B Interest coverage 6.20x -10% vs BESIY Has roughly the same debt cushion as BESIY.
Total debt $31.89M Interest coverage 115.35x +1,571% vs BESIY Carries about 16.7x more debt cushion than BESIY.
Total debt $82.00M Interest coverage 1,042.33x +15,000% vs BESIY Carries about 151.0x more debt cushion than BESIY.
Total debt $487.81M Interest coverage 77.42x +1,022% vs BESIY Carries about 11.2x more debt cushion than BESIY.
What you should know
The case for and against BESIY
3 Rewards
2 Risks
Rewards
-
Returns 44.9% on equity, ahead of 83% of its peers.
-
Free cash flow was positive in 4/10 years.
-
Trades at 76.1x P/E vs peer median 87.6x (13.2% cheaper).
Risks
-
Stock trades 25.8% above its 5-year average P/E.
-
Insider ownership is only 0.0% (peer median: 3.3%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
76.06x
Forward P/E
—
P/B
28.00x
P/S
24.38x
EV/EBITDA
67.93x
PEG ratio
1.28x
Profitability
How much profit each dollar creates
Gross margin
64.1%
Operating margin
43.5%
Net margin
28.4%
ROE
44.9%
ROA
14.7%
Health
Liquidity and balance-sheet strength
Debt / equity
0.62x
Current ratio
4.28x
Quick ratio
3.70x
Total debt
$407.76M
Total cash
$579.83M
Growth
How the business has been compounding
Revenue TTM
$835.80M
Revenue 5Y CAGR
-6.5%
EPS TTM
2.97
EPS 5Y CAGR
-17.0%
Cash flow
How much cash the business throws off
Operating CF TTM
$202.89M
Free CF TTM
$155.30M
FCF margin
18.6%
Dividend
Shareholder payout
Yield
0.8%
Payout ratio
60.4%
Last ex-div date
2026-04-28