Infineon Technologies AG
Infineon Technologies AG develops, manufactures, and markets semiconductors and semiconductor-based solutions in Germany, Europe, the Middle East, Africa, Mainland China, Hong Kong, Taiwan, the Asia-Pacific, Japan, the United States, and the Americas. The Automotive segment offers automotive and in…
Infineon Technologies AG develops, manufactures, and markets semiconductors and semiconductor-based solutions in Germany, Europe, the Middle East, Africa, Mainland China, Hong Kong, Taiwan, the Asia-Pacific, Japan, the United States, and the Americas. The Automotive segment offers automotive and industrial microcontrollers; analog and memory ICs; ethernet; power diodes and modules; power switches; sensors; transceivers; and voltage regulators for assistance and safety systems, comfort electronics, infotainment, powertrain, and security applications. Its Green Industrial Power segment provides discrete and bare die IGBTs; IGBT modules; and SiC discretes and modules for air conditioning technology, energy generation and storage, energy transmission, home appliances, industrial drives, industrial power supplies and vehicles, and traction applications. The Power & Sensor Systems segment offers 3D ToF sensors; chips for gas and pressure sensors, and MEMS microphones; control ICs; customized chips; discrete low-, mid-, and high-voltage power MOSFETs; ESD protection diodes; GaN power switches; GPS low-noise amplifiers; low- and high-voltage driver ICs; radar sensor ICs; RF antenna switches and power transistors; SiC diode and MOSFETs; and USB controllers for audio amplifiers, automotive electronics, BLDC motors, cellular communications infrastructure, charging stations for electric vehicles, human machine interaction, IoT, LED and conventional lighting systems, microinverters, mobile devices, power management, and harsh environment applications. Its Connected Secure Systems segment provides connectivity solutions, embedded security controllers, microcontrollers, and security controllers for authentication, automotive, consumer electronics, government identification document, IoT, mobile communication, payment system, ticketing, access control, and trusted computing applications. The company was founded in 1952 and is headquartered in Neubiberg, Germany.Looks overvalued
Other models: EUR 10.45–30.44 (median 11.16). The recommended value is in line with them.
Why: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Details and the full model are below.
Market price above modeled range
Free-cash-flow DCF using a three-year average of free cash flow, because the latest figure is depressed by heavy investment or one-off items, with cash, debt, and shares from the latest report. Base assumptions are 3% growth, 3% terminal growth, and 11.5% discount. Low/high cases vary growth by 2 and terminal growth/discount by 1 percentage point; this illustrative range is not a statistical confidence interval or investment advice. Low confidence: the modelled value is far from the market price, which usually means the model does not capture this company well (for example expected growth well above its history).
Assumptions: growth 3% (limited from 13.52% because the latest annual revenue declined), discount rate 11.50%, terminal growth 3%. See a worked example.
Blended growth assumption: 13.5% (sector default 8.5%, own revenue history 1.0%, analyst revenue consensus 22.3%).
5-year outlook: relative outlook of about 0.9% a year (High confidence), anchored to a 7% market return and adjusted for how this company ranks against others. A ranking aid, not a prediction. See the full forecast.
Analyst consensus expects revenue growth of 22.3% a year; the growth assumption used is 3.0%.
Adjust assumptions
Why this model: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Compare models- Recommended: Free-cash-flow DCF — EUR 5.20 (-89.0%)
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EPS-based Gordon proxy
— EUR 11.16 (-76.4%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— EUR 10.45 (-77.9%)
Not used: Not chosen: Free-cash-flow DCF ranks ahead of it for this company.
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FCFF (steady state)
— EUR 10.45 (-77.9%)
Not used: Assumes only the long-run terminal growth rate from today, so it ignores the near-term growth expected.
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EV/EBITDA (12x)
— EUR 30.44 (-35.7%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— EUR 10.45 (-77.9%)
Not used: An alternative growth path (fading over 10 years) shown for comparison; the automatic choice does not use it.
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EV/Sales (Rule of 40)
— EUR 60.97 (+28.9%)
Not used: Used only when cash-flow models land far below the price; here they do not.
| Bear EUR 2.92 | -1519.1% |
| Base EUR 5.20 | -809.3% |
| Bull EUR 8.94 | -429.0% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
At EUR 47.30 the market implies about this annual free-cash-flow growth for 5 years (terminal 3.0%, discount 11.5%).
Compare: the market implies 48.5% a year, this model assumes 3.0%. The market expects more than this model does, which is why it reads as overvalued.
How the Free-cash-flow DCF value changes with growth (rows) and discount rate (columns). Green cells are above the current price.
| Growth \ Discount | 9.5% | 10.5% | 11.5% | 12.5% | 13.5% |
|---|---|---|---|---|---|
| -1.0% | 6.17 | 4.75 | 3.66 | 2.81 | 2.11 |
| 1.0% | 7.17 | 5.60 | 4.41 | 3.46 | 2.69 |
| 3.0% | 8.25 | 6.52 | 5.20 | 4.16 | 3.32 |
| 5.0% | 9.41 | 7.51 | 6.06 | 4.91 | 3.99 |
| 7.0% | 10.65 | 8.57 | 6.97 | 5.72 | 4.70 |
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 92 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue +2.3% a year | 12 / 20 |
| Balance sheet | net debt 1.6x EBITDA | 20 / 20 |
| Margins | EBITDA margin 25% | 20 / 20 |
Peers in Information Technology
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| IFX.DE (this company) | EUR 47.30 | -809.3% | 51.4 | 3.6 | 0.7% | 92 |
| SMCI Supermicro | USD 27.08 | 50.8% | 8.5 | 1.3 | – | 68 |
| SNDK Sandisk | USD 806.43 | 44.1% | 6.4 | 6.8 | – | 76 |
| ADBE Adobe Inc. | USD 246.44 | 42.5% | 13.4 | 8.3 | – | 100 |
| IT Gartner | USD 198.07 | 35.7% | 13.3 | – | – | 92 |
| INTU Intuit | USD 354.84 | 31.9% | 21.1 | 5.1 | 1.4% | 100 |
| HPQ HP Inc. | USD 29.44 | 31.6% | 11.1 | – | 4.0% | 64 |
| GIB-A.TO CGI Inc. | CAD 115.51 | 26.9% | 13.9 | 2.4 | 0.6% | 90 |
| FSLR First Solar | USD 195.76 | 25.9% | 11.3 | 1.9 | – | 84 |
| Peer median | 12.3 | 3.7 | ||||
Dividends
Paid in the last 12 months: EUR 0.35 per share · yield 0.74% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 0.350 |
| 2025 | 0.350 |
| 2024 | 0.350 |
| 2023 | 0.320 |
| 2022 | 0.270 |
| 2021 | 0.220 |
Trailing 12-month financials
TTM through 30 Jun 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 12:23
| Revenue | EUR 15,589,000,000 |
|---|---|
| EBITDA | EUR 3,853,000,000 |
| EBIT | EUR 1,973,000,000 |
| Net income | EUR 1,212,000,000 |
| Free cash flow | EUR 1,645,000,000 |
| Capital expenditures | EUR 1,717,000,000 |
| Debt | EUR 7,837,000,000 |
| Cash | EUR 1,656,000,000 |
| Working capital | EUR 4,335,000,000 |
| Shares outstanding | 1,316,000,000 |