One-glance verdict
Overvalued
$75.60 our estimate vs market $219.65
191% above our estimate, beyond the bull case
Fundamentals snapshot
BE Semiconductor Industries N.V.
BESIY · PNK · Technology · Semiconductor Equipment & Materials
Current price
$219.65
52-week range
$128.80 - $374.33
Market cap
$17.38B
Balance sheet
Healthy
6.90x Adequate
Net cash $175.27M. 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 66% of its peers.
- Reward Free cash flow was positive in 4/10 years.
- Risk Stock trades 18.7% above its 5-year average P/E.
- Risk Insider ownership is only 0.0% (peer median: 2.8%).
What this company does
BE Semiconductor Industries N.V.
BE Semiconductor, also known as Besi, builds and sells the complex machinery that other companies use to assemble semiconductors (the tiny electronic brains in everything from smartphones to cars). The company's revenue (the total money brought in from sales) comes from selling this critical equipment to major chip manufacturers globally. This makes Besi a key part of the technology supply chain (the network of companies involved in creating and distributing a product), so its business tends to do well when the demand for new electronics is strong.
How the company got here
BE Semiconductor Industries, or Besi for short, was founded in the Netherlands in 1995. Through the years, it has grown by acquiring other companies with specialized technologies, which helped it become a major player in the semiconductor assembly industry. Besi focuses on the final, crucial steps of making a computer chip, a stage known as assembly and packaging. The company has become a leader by developing highly precise equipment that helps make the chips in our phones, cars, and computers more powerful and efficient.
What it actually does
Think of Besi as a company that builds the incredibly precise robots and machinery needed to assemble and protect the tiny electronic chips that power our world. Before a chip can go into your smartphone or laptop, it has to be carefully cut, connected, and wrapped in a protective casing – this is the 'back-end' of chipmaking. Besi’s equipment handles these delicate steps, ensuring the chips can function reliably in everything from mobile devices and computers to cars and industrial equipment. Their customers are the large companies that manufacture chips, who rely on Besi's machines to build their final products.
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 tiny semiconductor chip (the 'die') and precisely placing and bonding it onto a circuit board or another chip. As electronics get smaller and more powerful, this step has become incredibly complex, sometimes requiring chips to be stacked on top of each other. Besi is a market leader in this area, especially in advanced methods like 'hybrid bonding,' which allows for much faster and more efficient connections between chips.
Packaging
Once a chip is attached, it needs a protective shell, and this is what the Packaging division focuses on. This part of the company creates systems for 'molding,' which involves encasing the delicate chip and its connections in a durable material. Their equipment also handles trimming the excess material and separating the newly packaged chips into individual units. This protective casing is what you typically see as the black rectangle of a computer chip, and it shields the sensitive electronics inside from damage.
Plating
This segment provides equipment that applies thin layers of metal to different electronic components. This 'plating' process is essential for creating the metal connections on a chip's frame that allow it to communicate with the rest of the electronic device. It can also be used for other applications, like making components for solar panels or the metal contacts in electronic connectors. This is a smaller part of Besi's business compared to Die Attach.
What management is betting on now
Management is heavily focused on the growing demand for more powerful chips to run artificial intelligence (AI) and high-performance computers. This requires a new, more advanced way of assembling chips, often by stacking them or placing them very close together, which is known as 'advanced packaging'. Besi is a leader in a key technology for this called 'hybrid bonding,' which creates faster and more power-efficient connections between chips. The company is investing heavily in research and development (R&D, the process of creating new products and technologies) to maintain its lead in these next-generation assembly techniques.
Price history
How the share price has moved
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Is it cheap or expensive?
Fair value $75.60 vs current price $219.65
Our most-likely fair value is $75.60 a share — about 65.6% below today's price of $219.65, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Healthy
Net cash $175.3M - more cash than debt. Interest coverage 6.9x.
Net debt
$-175.27M
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 $415.33M 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 $703.68M 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
2 Risks
Rewards
-
Returns 44.9% on equity, ahead of 66% of its peers.
-
Free cash flow was positive in 4/10 years.
-
Dividend yield is 0.9% with 16-year payout history.
Risks
-
Stock trades 18.7% above its 5-year average P/E.
-
Insider ownership is only 0.0% (peer median: 2.8%).
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)
71.78x
Forward P/E
—
P/B
26.62x
P/S
23.69x
EV/EBITDA
61.02x
PEG ratio
0.61x
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
$415.33M
Total cash
$590.60M
Growth
How the business has been compounding
Revenue TTM
$851.31M
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
$206.66M
Free CF TTM
$158.18M
FCF margin
18.6%
Dividend
Shareholder payout
Yield
0.9%
Payout ratio
60.4%
Last ex-div date
2026-04-28