One-glance verdict
Overvalued
$79.90 our estimate vs market $164.85
106% above our estimate, beyond the bull case
Fundamentals snapshot
BE Semiconductor Industries N.V.
BESIY · PNK · Technology · Semiconductor Equipment & Materials
Current price
$164.85
52-week range
$140.07 - $374.33
Market cap
$13.04B
Balance sheet
Healthy
6.90x Adequate
Net cash $264.54M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Returns 56.8% on equity, ahead of 66% of its peers.
- Reward Free cash flow was positive in 4/10 years.
- Reward Dividend yield is 1.1% with 16-year payout history.
- Risk Insider ownership is only 0.0% (peer median: 2.6%).
What this company does
BE Semiconductor Industries N.V.
BE Semiconductor Industries (BESIY) makes special machines used to put together the tiny computer chips that go into electronics like phones and cars. Most of their money comes from selling these machines, and it matters because the demand for these chips is growing, meaning more of their machines will likely be needed.
How the company got here
BE Semiconductor Industries N.V. (BESIY), often called Besi, was founded in 1995 and has grown into a significant player in the specialized world of semiconductor manufacturing. The company's journey has been marked by strategic acquisitions and a consistent focus on providing essential equipment for chip makers. This has allowed Besi to build a reputation for quality and reliability in a rapidly evolving technological landscape. Its growth reflects the increasing demand for sophisticated electronic devices that rely on advanced semiconductor technology.
What it actually does
Besi designs and builds the highly specialized machines that semiconductor companies use to assemble the tiny computer chips found in everything from smartphones to cars. Think of it as providing the critical tools that allow manufacturers to take a raw silicon wafer and turn it into the finished, packaged chips ready to be put into electronic devices. These machines perform delicate tasks like precisely placing minuscule components and connecting them, ensuring the chips function correctly.
Die Attach
This segment focuses on machines that attach individual semiconductor dies (the actual tiny chips) to substrates or lead frames. These substrates act like a base or a support structure for the chip, and the attachment needs to be incredibly precise. This process is crucial for ensuring the chip can be properly connected to the rest of the electronic circuit. This is a foundational step in chip assembly, making it a vital part of Besi's offerings.
Packaging
The packaging segment provides equipment for enclosing and protecting the assembled semiconductor dies. This involves processes like molding the chip with protective materials to shield it from damage and the environment. It also includes systems for 'singulation,' which is the process of separating individual chips from a larger wafer. This ensures the chips are robust and ready for use in various electronic products.
Plating
In this segment, Besi offers machines and chemicals used for plating processes in semiconductor manufacturing. Plating involves depositing a thin layer of metal, such as tin or precious metals, onto the semiconductor components. This is essential for creating electrical connections and protecting the chip from corrosion. Besi provides both the equipment and the specialized chemicals needed for these critical plating steps.
What management is betting on now
Besi's management is focused on capitalizing on the growing demand for advanced semiconductor packaging solutions, particularly for high-performance computing and artificial intelligence applications. They are investing in research and development to create even more sophisticated assembly equipment that can handle the increasing complexity and miniaturization of chips. The company is also likely prioritizing expanding its global reach and strengthening relationships with key customers to secure long-term growth in this dynamic industry.
Price history
How the share price has moved
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Is it cheap or expensive?
Fair value $79.90 vs current price $164.85
Our most-likely fair value is $79.90 a share — about 51.5% below today's price of $164.85, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Healthy
Net cash $264.5M - more cash than debt. Interest coverage 6.9x.
Net debt
$-264.54M
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 2 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 $397.37M Interest coverage 6.90x This is the baseline the peer rows are being compared against.
Total debt $38.12M Interest coverage -293.99x -100% vs BESIY This peer has almost no interest-payment cushion compared with BESIY.
Total debt $100.13M Interest coverage 100.59x +1,357% vs BESIY Carries about 14.6x more debt cushion than BESIY.
Total debt $331.24M Interest coverage -29.03x -100% vs BESIY This peer has almost no interest-payment cushion compared with BESIY.
Total debt $487.81M Interest coverage 77.42x +1,022% vs BESIY Carries about 11.2x more debt cushion than BESIY.
Total debt $686.46M Interest coverage 181.23x +2,525% vs BESIY Carries about 26.3x more debt cushion than BESIY.
What you should know
The case for and against BESIY
3 Rewards
1 Risk
Rewards
-
Returns 56.8% on equity, ahead of 66% of its peers.
-
Free cash flow was positive in 4/10 years.
-
Dividend yield is 1.1% with 16-year payout history.
Risks
-
Insider ownership is only 0.0% (peer median: 2.6%).
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)
53.87x
Forward P/E
—
P/B
17.91x
P/S
14.74x
EV/EBITDA
34.69x
PEG ratio
0.48x
Profitability
How much profit each dollar creates
Gross margin
64.7%
Operating margin
45.8%
Net margin
32.9%
ROE
56.8%
ROA
19.2%
Health
Liquidity and balance-sheet strength
Debt / equity
0.54x
Current ratio
4.49x
Quick ratio
3.78x
Total debt
$397.37M
Total cash
$661.92M
Growth
How the business has been compounding
Revenue TTM
$989.15M
Revenue 5Y CAGR
-6.5%
EPS TTM
3.06
EPS 5Y CAGR
-17.0%
Cash flow
How much cash the business throws off
Operating CF TTM
$199.22M
Free CF TTM
$152.48M
FCF margin
15.4%
Dividend
Shareholder payout
Yield
1.1%
Payout ratio
43.8%
Last ex-div date
2026-04-28