X-FAB Silicon Foundries SE Overview
X-FAB is Europe's largest pure-play specialty foundry. It manufactures analog/mixed-signal, high-voltage, SOI, MEMS/microsystems, photonics and wide-bandgap (SiC and GaN) semiconductors on mature 150mm and 200mm lines across six fabs in Germany, France, Malaysia and the United States. It does not compete in the leading-edge node race. Instead, it supplies long-lifecycle technologies, from 1.0µm down to 110nm, with automotive-grade qualification, modular process options and deep design-kit support. Fabless and fab-lite chip companies in automotive, industrial and medical markets use these technologies; those three core markets generated 94% of FY2025 revenue [PR Q4-25].
The company has just completed a roughly USD 1.1bn, three-year capacity programme (2023–25). It is now in a cyclical trough: Q2 2026 EBITDA margin was 16.8%, against a long-term target above 30%. Management is repositioning the portfolio toward three pillars: Smart CMOS & SOI, Microsystems & Photonics, and Wide Bandgap. It is targeting data-centre power and optical connectivity as a new growth vector worth about USD 300m in long-term annual revenue potential [PR Q2-26].
What the company does
X-FAB is a contract manufacturer (foundry) of silicon wafers. Customers design integrated circuits, sensors, MEMS devices or power discretes using X-FAB's process design kits (PDKs) and IP libraries. X-FAB then processes the wafers in its fabs and ships finished, tested wafers to the customer or its assembly partner. The company sells ex-works: delivery occurs at X-FAB's premises, and cost and risk pass to the buyer from that point. Management has stated that tariffs therefore have no direct effect on its operations (KBC/Bolero commentary, Apr 2025).
Company's own description (paraphrased from latest releases)
In its 2026 boilerplate, X-FAB describes itself as a global foundry group offering a broad set of specialty technologies and design IP. These are manufactured in six wafer fabs in Malaysia, Germany, France and the US. Its expertise spans analog/mixed-signal, microsystems, photonics, SiC and GaN, and it acts as development and manufacturing partner mainly to automotive, industrial and medical customers [PR Q2-26]. At the September 2025 Investor Day, the company branded itself as "the European specialty foundry for the analog world" [PR ID-25].
Business and revenue model
| Revenue element | Description | Share / evidence |
|---|---|---|
| Wafer production | Volume wafer sales priced per wafer, depending on technology, mask layers and options | ≈90.6% of revenue (ABC Bourse, citing latest annual report) |
| Prototyping / engineering services | Multi-project wafer (MPW) runs, engineering lots, NRE and customer-specific process development | ≈9.4% of revenue (same source). Prototyping revenue was USD 108.8m in FY2023 [PR Q4-23] and USD 17.7m in Q2 2026 [PR Q2-26] |
| Long-term agreements (LTAs) | Capacity-reservation contracts, partly with customer prepayments | Seven LTAs worth USD 1.4bn over three years covered a large part of 200mm CMOS capacity (Feb 2023) [PR Q4-22] |
| Licensing / subscriptions | Not a material separate revenue line | Not publicly disclosed as separate revenue |
Revenue is recognised partly over time under IFRS 15. This creates quarterly "impact from revenue recognised over time" adjustments, ranging from −10.3m in Q1 2026 to +4.2m in Q4 2025.
Currency mix in FY2025 was 57% USD and 43% EUR. The company describes its business as naturally hedged at EBITDA level [PR Q4-25].
Value-chain position
X-FAB sits between fabless/fab-lite designers (upstream) and OSAT/module makers (downstream). Raw materials are silicon wafers, SiC substrates (partly customer-consigned), gases and chemicals. Its differentiation comes from four sources:
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Mature-node specialty process breadth. These include high-voltage, SOI, embedded NVM, optical sensors and MEMS.
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Automotive-grade quality and long product life. Customers can rely on processes being supported for many years.
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Multi-site process duplication. For example, 180nm is run in France and Malaysia for business continuity.
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Design ecosystem tools. These include FeatureXplorer, ResourceXplorer, X-CHAIN and the IP Portal.
Customer types and end-markets
| End-market | FY2025 Revenue* (USD Mn) | Share of Revenue* | Key applications cited |
|---|---|---|---|
| Automotive | 558.3 | 64.3% | Battery and thermal management, on-board chargers, ADAS, next-generation headlamps |
| Industrial | 184.6 | 21.3% | SiC power for renewables/UPS, last-time-buy legacy CMOS, photonics prototyping |
| Medical | 71.3 | 8.2% | DNA sequencing, ultrasound/echography, contactless temperature sensors, pacemakers |
| CCC (Consumer, Communications & Computer) | 52.7 | 6.1% | Legacy consumer and communications ICs (declining by design) |
| Others | 0.9 | 0.1% | — |
Customers are fabless semiconductor firms, IDMs outsourcing specialty steps, and system companies developing ASICs. Melexis NV is a historically important customer and related party; the same founding families are its shareholders.
Source: [PR Q4-25] quarterly tables, summed by analyst.
Independent characterisation
X-FAB is a capital-intensive, mid-cycle analog foundry with very high operating leverage. Its cost base is about 75–85% fixed (depreciation plus staff). As a result, a 10% revenue swing has moved the EBITDA margin by 5–10 percentage points, as seen between 2023 and 2024.
Its strategic value lies in four areas:
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European sovereignty in mature-node supply, reflected in the EUR 127.4m Chips Act grant.
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Automotive qualification moats.
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Unusual technology adjacency (CMOS plus MEMS plus SiC/GaN plus photonics under one roof).
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A cost-competitive Malaysian 200mm site.
Its structural weaknesses are:
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Concentration in automotive.
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No 300mm footprint, a point raised by Deutsche Bank in November 2025.
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Exposure to Chinese mature-node overcapacity.
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A thin free float controlled by founding families and the Sarawak state.
Strategy
Stated strategy (paraphrased themes)
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Three technology pillars (Investor Day, Sep 2025): Smart CMOS & SOI (power), Microsystems & Photonics (sensing), and Wide Bandgap (SiC/GaN). The company aligns these with two megatrends, which it calls "electrification of everything" and "sensors everywhere".
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Specialisation and diversification (CEO, Q2 2026). The aim is to move away from commodity CMOS toward hard-to-replicate processes, and to broaden the end-market mix beyond automotive.
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Data-centre push. Relevant products include power management, protection devices, monitoring sensors, optical connectivity, cooling actuators and timing ICs. Long-term annual revenue potential is put at about USD 300m. The 800V data-centre power transition supports SiC/GaN demand [PR Q2-26].
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Site specialisation:
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Erfurt becomes the Microsystems hub.
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Lubbock becomes the SiC site.
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Malaysia and France provide 180nm/SOI volume, with dual sourcing for business continuity.
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European sovereignty positioning, illustrated by the Chips Act funding.
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Capital discipline after the expansion programme. 2026 capex is about USD 100m, down from 204m in 2025 and 510m in 2024; long-term capex is targeted at 10–15% of revenue.
Initiatives in the last 24 months (Oct 2024 to Oct 2026)
| Initiative | Date | Detail / target |
|---|---|---|
| Target reset (Capital Markets Update) | 3 Dec 2024 | 2026: USD 1.05bn revenue, 30% EBITDA margin. 2030: USD 1.5bn revenue, 35% EBITDA margin. Replaced the earlier target of USD 1.5bn and 30–35% by 2026 (Reuters via Stockopedia) |
| Completion of USD 1bn+ capacity programme | Mid-2025 | All tools installed and qualified [PR Q4-25] |
| Malaysia cleanroom start-up | Sep 2025 | Ramp to 40k wafer starts per month by end-2026 |
| Investor Day: new long-term framework | 9 Sep 2025 | High-single-digit average growth across cycles; EBITDA margin above 30%; capex 10–15% of revenue. FY2025 guidance: USD 840–870m revenue, 24–27% EBITDA margin, capex USD 250m [PR ID-25] |
| Leadership transition | Oct 2025 – Feb 2026 | Macq succeeds De Winter |
| Cost-efficiency programme | Feb 2026 | High-single-digit % headcount cut in 2026; gradual opex reduction; about USD 6m per quarter of savings by Q4 2026 [PR Q4-25] |
| Reporting redesign | Q1 2026 | New technology lines; photonics and GaN brought into reported revenue |
| GaN development | Q1 2026 | 1,200V GaN prototype on a 200mm engineered substrate; vertical GaN customer project |
| Data-centre programme | 2,026 | Design wins in Smart CMOS/SOI; three SiC data-centre design wins in Q2 2026 |
| Fab4Micro (Chips Act) | Jun–Oct 2026 | EUR 127.4m grant; groundbreaking; production by end-2028 |
| Photonics roadmap | Ongoing | Volume production targeted from 2028 |
| ESG | Ongoing | CO2 footprint reduction programme (see Section 20) |
Medium-term targets and guidance
| Horizon | Revenue | EBITDA margin | Capex | Status |
|---|---|---|---|---|
| FY2025 guidance (Jul/Sep 2025) | USD 840–870m (later 863–873m Revenue*) | 24–27% | USD 250m | Revenue* of 867.6m met guidance. EBITDA margin was 22.6% (23.6% ex one-off), below the range. Capex was 204.1m |
| 2026 target (Dec 2024) | USD 1.05bn | 30% | — | Effectively superseded. No FY2026 guidance was given (Feb 2026); H1 2026 revenue was 395.4m |
| 2030 target (Dec 2024) | USD 1.5bn | 35% | — | Not explicitly reiterated in 2026 releases; the Investor Day 2025 framework replaced it with high-single-digit growth and a margin above 30% |
| Long-term (Sep 2025) | High-single-digit average growth across cycles | Above 30% | 10–15% of revenue | Current framework |
| Q3 2026 guidance | USD 195–205m Revenue* | 17–20% | — | Based on USD/EUR 1.14, excluding IFRS 15 [PR Q2-26] |
| FY2026 capex | — | — | About USD 100m | [PR Q4-25] |
Products & Services
Note: X-FAB sells process technologies and manufacturing services, not branded end products. Pricing is per-wafer and per-project; list prices are not publicly disclosed. Process code names below are those publicly used by X-FAB on its website and in technical literature.
Smart CMOS & SOI
| Offering | Description / capabilities | Target customer | Status / timing |
|---|---|---|---|
| 180nm high-voltage CMOS platform (XH018 family) | Modular 0.18µm analog/mixed-signal process with HV options, e-NVM and automotive qualification. The company's "popular 180nm automotive technology" | Automotive IC vendors (battery management, sensor interfaces, motor drivers) | Run in France (converted from legacy CCC capacity) and in the new Malaysia cleanroom (ramping since Sep 2025) [PR Q4-23; PR Q4-25] |
| 180nm BCD-on-SOI (XT018) | Deep-trench SOI for high-voltage isolation, robustness and harsh environments; key for data-centre power and automotive | Power management and automotive/industrial gate drivers | BCD-on-SOI revenue was about 14% of 2024 revenue, with management projecting 2.5x growth over five years (Investor Day 2025, via Quartr summary) |
| 110nm CMOS platform | Most advanced X-FAB node; major 2025 design wins, especially for sensing | Sensor and ASIC designers | Design wins in 2025 [PR Q4-25] |
| 0.35µm HV and analog platforms (XH035 and related) | Mature analog/HV, optical sensor options | Industrial and medical | Ongoing |
| 0.6µm CMOS technologies | Legacy node | Industrial and other legacy customers | Terminating early 2027. Last-time-buy announced more than a year before Feb 2026; elevated LTB production is lifting 2025–26 industrial revenue [PR Q4-25] |
| e-NVM options | Embedded non-volatile memory (EEPROM/flash-type) on CMOS platforms | Automotive MCUs/ASICs needing trimming or calibration memory | Ongoing (website technology menu) |
| Optical / image sensor options | Photodiodes, IR-sensitive options | Medical (contactless thermometers), industrial | Ongoing |
Microsystems & Photonics
| Offering | Description | Target customer | Status |
|---|---|---|---|
| MEMS foundry (Itzehoe, Erfurt) | Custom and standard MEMS: pressure, inertial, and MEMS sensors combined with CMOS | Automotive, industrial and medical sensor companies | More than USD 100m revenue in FY2025 [PR Q4-25] |
| Silicon-based microfluidics | Wafer-level microfluidic structures | Diagnostics/blood analysis, DNA sequencing | New high-volume blood-analysis application won in Q2 2026 [PR Q2-26] |
| Aluminium nitride (AlN) piezo | Piezoelectric thin film for actuators and ultrasound | Industrial and medical (ultrasound) | New opportunities in Q2 2026 [PR Q2-26] |
| WLP & 3D integration | Wafer-level packaging, through-silicon integration | Sensor/MEMS customers | Ongoing (website) |
| Silicon photonics | Photonic integrated circuits; opportunities in co-packaged optics, quantum computing, AR/VR, datacom | Data-centre optical connectivity, quantum, AR/VR | Prototyping now; volume production expected from 2028 [PR Q2-26] |
| Fab4Micro (Erfurt) | New cleanroom for MEMS, highly integrated microsystems and photonics | Group-level capacity project | Grant of EUR 127.4m; groundbreaking Oct 2026; initial production by end-2028 [PR Chips; Evertiq] |
Wide Bandgap (SiC and GaN)
| Offering | Description | Target customer | Status |
|---|---|---|---|
| SiC foundry (Lubbock, Texas; XbloX platform) | 150mm SiC MOSFET and diode processing, with customer-supplied or X-FAB-procured substrates | Fabless SiC power companies (EV, renewables, data-centre power) | Lubbock transitioning to SiC [PR Q4-25]; 2023 plan targeted 17k wafer starts per month of SiC capacity by 2025 [PR Q4-22]; 3 data-centre SiC design wins in Q2 2026 |
| GaN-on-Si (Dresden) | 200mm GaN power process | Power-conversion IC firms | GaN revenue included from Q1 2026 |
| 1,200V GaN on engineered substrate | First prototype delivered on a customised 200mm engineered substrate | High-voltage power (EV, industrial) | First prototype in Q1 2026 [PR Q1-26] |
| Vertical GaN | Customer project for a next-generation vertical GaN technology | Advanced power | Started Q1 2026 [PR Q1-26] |
| MOSFET technologies (M-MOS) | Silicon trench MOSFET know-how acquired with M-MOS | Discrete power | Acquired Dec 2023 / 2024 |
Services and design-support tools
| Offering | Description |
|---|---|
| Prototyping / MPW | Scheduled multi-project wafer shuttles to lower entry cost (MPW schedule on website) |
| FeatureXplorer | Online process feature and option selector |
| ResourceXplorer | Design resource/PDK library access |
| X-CHAIN | Supply-chain service offering (website "Tools") |
| IP Portal | Library of analog/digital/NVM IP blocks |
| My X-FAB | Customer portal |
| Quality / automotive qualification | Automotive-grade quality system (detailed certifications not re-verified) |
Financial Narrative
All figures are USD m, IFRS, fiscal years ending 31 December.
Sources: FY2021–22 from [PR Q4-22] (FY2021 audited, FY2022 unaudited at release); FY2023 from [PR Q4-23] (unaudited at release); FY2024–25 from [PR Q4-25] (FY2024 audited, FY2025 unaudited at release). Minor differences to final audited annual reports may exist.
Income statement
Notes:
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Diluted EPS is equal to basic EPS; no dilutive instruments are disclosed.
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No dividends were paid in any year (none in the cash-flow statements).
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FY2022 "other income/expense" includes the USD 36.8m Q3 2022 arbitration one-off [PR Q3-22].
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FY2025 EBITDA includes a USD 9.3m SiC one-off in Q4 2025 [PR Q4-25].
Margins and growth
Revenue CAGR FY2021–FY2025: about 7.3% a year (657.8 to 870.3).
Adjusted EBITDA margins: FY2022 excludes the USD 36.8m arbitration one-off (company figure 23.4%). FY2025 excludes the USD 9.3m Q4 one-off (analyst calculation, 23.7%).
H1 2026 vs H1 2025 (latest interim, unaudited)
Source: [PR Q2-26]. H1 2026 net income includes a USD 11.0m non-cash derecognition of Malaysian deferred tax assets.
Balance sheet (year-end)
Notes:
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No goodwill is reported; intangible assets only.
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"Other current liabilities and provisions" rose from 68.5m (FY2021) to 387.6m (FY2023) and 354.9m (FY2025). Analyst interpretation: this largely reflects customer prepayments and capacity-reservation liabilities under LTAs. That interpretation should be confirmed in the annual report notes.
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Debt figures include leases and sale-and-leaseback liabilities.
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Company-reported net debt for end-2025 is implied at USD 284.8m, since Q1 2026 net debt was 291.4m, up 6.6m [PR Q1-26]. The analyst calculation of 286.1m differs slightly.
Q2 2026: cash 163.6m; debt 475.9m (255.5m current, 220.4m non-current); net debt 312.3m; equity 1,039.8m [PR Q2-26].
Cash flow
The FY2023 operating cash flow of USD 410m was inflated by a USD 277.8m increase in "other liabilities", consistent with LTA prepayments [PR Q4-23]. Capex guidance for 2026 is about USD 100m (net of Chips Act funding per the Q2 call) [PR Q4-25; Investing.com].
Key ratios
All ratios are analyst calculations from the figures above. ROIC uses a notional 25% tax rate because reported effective tax rates are distorted by deferred-tax recognition: tax was a credit in 2021–23. FY2022 interest paid includes interest relating to the supplier arbitration.
On an LTM basis to Q2 2026, EBITDA was about USD 164.0m (FY2025 196.8, less H1 2025 100.7, plus H1 2026 67.8). Net debt/EBITDA was therefore about 1.9x at 30 June 2026.
Commentary on trends, inflections and drivers
1. Up-cycle (2021–2023).
Revenue rose 38% from 657.8m to 906.8m on four drivers:
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Automotive electrification.
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Price increases. Q3 2022 bookings already reflected 2023 price levels, and price rises offset cost inflation [PR Q3-22; PR Q4-22].
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Conversion of the French fab from legacy CCC products to the 180nm automotive platform. The share of the French site's revenue on X-FAB technologies rose from 56% in Q3 2022 to 93% in Q4 2023.
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SiC growth.
EBITDA margin peaked at 27.1% in FY2023, slightly above the 23–27% guidance [PR Q4-23].
2. Destocking and the capex peak (2024).
Revenue fell 10%. Automotive and industrial customers cut inventory, and demand for 150mm CMOS collapsed. Capex hit a record USD 509.5m because the expansion programme had been committed. Free cash flow was −313m and the balance sheet swung from a net cash position of 144.7m to net debt of 198.3m.
3. Partial recovery with margin dilution (2025).
Revenue grew 6.6%, led by industrial (+19%) and medical (+26%), while automotive grew only 1%. EBIT nonetheless fell 11% to 76.4m because depreciation rose by USD 17m as new tools came online.
The net financial result deteriorated to −35.9m. Finance costs of 70.7m included FX and derivative effects; interest paid was 20.8m.
The Q4 2025 one-off of USD 9.3m had two parts: 6.0m for renegotiating a long-term SiC raw-wafer purchase agreement, and 3.3m for revaluing SiC substrate inventory [PR Q4-25].
4. Trough (H1 2026).
Automotive revenue fell 19% year on year in Q2 2026. Gross margin dropped to 15.3%, and Q2 2026 EBIT was just 2.1m. R&D rose to 7.6% of revenue in H1 2026, compared with 5.8% in H1 2025.
The cost programme targets USD 6m per quarter of savings by Q4 2026, including a high-single-digit percentage headcount reduction [PR Q4-25].
5. Balance sheet.
Reclassification of about USD 250m of debt to current liabilities pushed the current ratio below 1.0 at end-2025 (0.92). Refinancing therefore became a monitorable. Net debt rose to 312.3m at Q2 2026 despite low capex, because operating cash flow turned slightly negative in Q2 (−1.0m) on working-capital outflows.
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View Subscription PlansFinancial Detail
Revenue by Segment
| End-market (USD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Automotive revenue | 331.6 | 389.3 | 539.1 | 552.6 | 558.3 |
Industrial revenue | 145.6 | 172.9 | 206.2 | 154.6 | 184.6 |
Medical revenue | 47.9 | 55.8 | 67.3 | 56.3 | 71.3 |
CCC revenue | 131.7 | 118.4 | 76.9 | 57.9 | 52.7 |
Others revenue | 1.0 | 3.1 | 0.7 | 0.8 | 0.9 |
Revenue* total | 657.8 | 739.5 | 890.2 | 822.3 | 867.6 |
IFRS 15 over-time impact | 0.0 | 0.0 | 16.6 | -5.9 | 2.7 |
Reported total revenue | 657.8 | 739.5 | 906.8 | 816.4 | 870.3 |
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View Subscription PlansGrowth and mix (%)
| Growth and mix (%) | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Automotive YoY growth % | 17.4 | 38.5 | 2.5 | 1.0 |
Industrial YoY growth % | 18.8 | 19.3 | -25.0 | 19.4 |
Medical YoY growth % | 16.5 | 20.6 | -16.3 | 26.6 |
CCC YoY growth % | -10.1 | -35.1 | -24.7 | -9.0 |
Core (Auto+Ind+Med) share of Revenue* % | 83.6 | 91.3 | 92.2 | 93.8 |
End-market share of Revenue* (%)
| End-market share of Revenue* (%) | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
Automotive share % | 50.4 | 52.6 | 60.6 | 67.2 |
Industrial share % | 22.1 | 23.4 | 23.2 | 18.8 |
Medical share % | 7.3 | 7.5 | 7.6 | 6.8 |
CCC share % | 20.0 | 16.0 | 8.6 | 7.0 |
Revenue by Segment by Technology
| Technology (USD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
CMOS revenue | 558.4 | 609.4 | 722.4 | 680.3 | 733.2 |
Microsystems/MEMS revenue | 65.5 | 75.6 | 95.3 | 91.0 | 100.7 |
Silicon carbide revenue | 33.8 | 54.5 | 72.6 | 51.1 | 33.7 |
Technology YoY growth (%)
| Technology YoY growth (%) | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
CMOS growth % | 9.1 | 18.5 | -5.8 | 7.8 |
Microsystems growth % | 15.4 | 26.1 | -4.5 | 10.7 |
SiC growth % | 61.2 | 33.2 | -29.6 | -34.1 |
Revenue by Segment (Quarterly)
| Technology line (USD Mn) | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|---|---|---|
Smart CMOS & SOI | 175.0 | 170.8 | 173.4 | 185.1 | 191.8 | 182.9 | 156.9 | 156.7 |
Microsystems & Photonics | 21.6 | 20.2 | 22.9 | 25.3 | 27.5 | 25.0 | 33.7 | 28.7 |
Wide-bandgap (SiC+GaN) | 7.4 | 5.8 | 6.0 | 7.9 | 9.6 | 10.2 | 15.1 | 10.6 |
Revenue* | 204.0 | 196.8 | 202.3 | 218.3 | 228.9 | 218.1 | 205.8 | 196.0 |
Reported revenue | 206.4 | 188.8 | 204.1 | 215.3 | 228.6 | 222.3 | 195.6 | 199.8 |
Revenue by Segment (Q3 2024–Q2 2026)
| End-market (USD Mn) | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|---|---|---|
Automotive | 146.0 | 128.6 | 135.4 | 143.4 | 146.9 | 132.6 | 121.6 | 116.0 |
Industrial | 31.5 | 36.1 | 39.3 | 47.2 | 47.6 | 50.5 | 52.0 | 45.2 |
Medical | 12.1 | 16.5 | 13.8 | 15.1 | 21.2 | 21.2 | 19.2 | 21.0 |
CCC | 14.2 | 15.1 | 13.6 | 12.2 | 13.3 | 13.6 | 12.7 | 13.5 |
Income Statement and Per-Share Data
| Metric (USD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue | 657.8 | 739.5 | 906.8 | 816.4 | 870.3 |
Cost of sales | -507.8 | -563.5 | -648.7 | -633.4 | -685.9 |
Gross profit | 150.0 | 176.0 | 258.1 | 182.9 | 184.4 |
R&D expenses | -34.3 | -40.8 | -47.2 | -49.8 | -49.7 |
Selling expenses | -8.0 | -8.2 | -8.5 | -9.1 | -9.2 |
G&A expenses | -32.8 | -37.5 | -47.2 | -47.4 | -48.2 |
Other income/expense (net) | 0.4 | -31.9 | -0.5 | 6.0 | -3.7 |
Operating income (EBIT) | 77.2 | 57.3 | 157.7 | 85.5 | 76.4 |
Depreciation & amortisation | 76.1 | 77.5 | 87.9 | 103.4 | 120.4 |
EBITDA | 153.3 | 134.9 | 245.6 | 188.9 | 196.8 |
Net financial result | -4.3 | -20.3 | -2.5 | -2.3 | -35.9 |
Pre-tax income | 72.9 | 37.1 | 155.2 | 83.3 | 40.5 |
Income tax | 10.8 | 15.4 | 6.7 | -21.8 | -10.4 |
Net income | 83.6 | 52.5 | 161.9 | 61.5 | 30.1 |
EPS basic (USD) | 0.64 | 0.40 | 1.24 | 0.47 | 0.23 |
EPS diluted (USD) | 0.64 | 0.40 | 1.24 | 0.47 | 0.23 |
Dividends per share (USD) | 0 | 0 | 0 | 0 | 0 |
Margin Analysis (%)
| Ratio (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue growth % | 37.5 | 12.4 | 22.6 | -10.0 | 6.6 |
Gross margin % | 22.8 | 23.8 | 28.5 | 22.4 | 21.2 |
EBIT margin % | 11.7 | 7.8 | 17.4 | 10.5 | 8.8 |
EBITDA margin % | 23.3 | 18.2 | 27.1 | 23.1 | 22.6 |
Adjusted EBITDA margin (ex one-offs) % | 23.3 | 23.4 | 27.1 | 23.1 | 23.7 |
Net margin % | 12.7 | 7.1 | 17.9 | 7.5 | 3.5 |
Income Statement and Margin Analysis (%)
| Metric (USD Mn) | H1 2025 | H1 2026 |
|---|---|---|
Revenue | 419.4 | 395.4 |
Gross profit | 94.6 | 61.2 |
R&D expenses | -24.5 | -30.0 |
EBIT | 42.8 | 4.4 |
EBITDA | 100.7 | 67.8 |
EBITDA margin % | 24.0 | 17.1 |
Net income | 11.8 | -13.9 |
EPS (USD) | 0.09 | -0.11 |
Operating cash flow | 67.8 | 15.9 |
Capex | 155.5 | 50.2 |
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View Subscription PlansBalance Sheet
| Metric (USD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets | 986.9 | 1,255.1 | 1,703.8 | 1,906.7 | 1,947.0 |
Property, plant & equipment | 340.7 | 460.1 | 734.5 | 1,144.6 | 1,220.3 |
Inventories | 181.0 | 214.4 | 269.2 | 281.8 | 264.7 |
Cash & equivalents | 290.2 | 369.4 | 405.7 | 215.8 | 194.3 |
Short-term loans & borrowings | 87.1 | 233.5 | 218.3 | 44.5 | 292.5 |
Long-term loans & borrowings | 39.9 | 63.4 | 42.7 | 369.6 | 187.9 |
Total debt | 127.0 | 296.9 | 261.0 | 414.1 | 480.4 |
Net debt (negative = net cash) | -163.2 | -72.5 | -144.7 | 198.3 | 286.1 |
Total equity | 744.3 | 797.0 | 960.5 | 1,022.8 | 1,053.3 |
Goodwill & intangibles | 4.0 | 6.2 | 5.6 | 6.3 | 9.5 |
Current assets | 588.2 | 713.0 | 872.7 | 681.6 | 648.3 |
Current liabilities | 197.0 | 390.6 | 696.6 | 510.0 | 702.2 |
Working capital | 391.3 | 322.4 | 176.1 | 171.5 | -53.9 |
Cash Flow
| Metric (USD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow | 109.5 | 100.0 | 410.0 | 196.1 | 144.1 |
Capex (PP&E and intangibles) | -67.0 | -180.6 | -337.8 | -509.5 | -204.1 |
Free cash flow (OCF minus capex) | 42.5 | -80.6 | 72.2 | -313.4 | -60.0 |
Dividends paid | 0 | 0 | 0 | 0 | 0 |
Share buybacks | 0 | 0 | 0 | 0 | 0 |
Proceeds from borrowings | 82.6 | 184.3 | 205.8 | 209.7 | 104.5 |
Repayment of borrowings | -28.2 | -11.4 | -241.8 | -124.2 | -75.3 |
Sale-and-leaseback receipts | 0 | 7.7 | 0 | 60.6 | 30.1 |
Government grants received | 0.5 | 0.9 | 0 | 0 | 9.9 |
Capex as % of revenue | 10.2 | 24.4 | 37.3 | 62.4 | 23.5 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE % (year-end equity) | 11.2 | 6.6 | 16.9 | 6.0 | 2.9 |
ROA % (year-end assets) | 8.5 | 4.2 | 9.5 | 3.2 | 1.5 |
ROIC % (EBIT x 0.75 / (equity + net debt)) | 10.0 | 5.9 | 14.5 | 5.3 | 4.3 |
Current ratio (x) | 2.99 | 1.83 | 1.25 | 1.34 | 0.92 |
Debt / equity (x) | 0.17 | 0.37 | 0.27 | 0.40 | 0.46 |
Net debt / EBITDA (x) | -1.06 | -0.54 | -0.59 | 1.05 | 1.45 |
Interest coverage (EBIT / interest paid, x) | 49.2 | 3.2 | 13.6 | 5.0 | 3.7 |
Asset turnover (revenue / total assets, x) | 0.67 | 0.59 | 0.53 | 0.43 | 0.45 |
Days inventory outstanding | 130 | 139 | 151 | 162 | 141 |
Days sales outstanding | 41 | 36 | 50 | 43 | 37 |
Days payables outstanding | 30 | 35 | 51 | 39 | 29 |
Cash conversion cycle (days) | 141 | 140 | 150 | 166 | 149 |
Region (USD Mn, derived from % x FY2025 revenue 870.3)
| Region (USD Mn, derived from % x FY2025 revenue 870.3) | FY2025 |
|---|---|
Belgium | 379.5 |
Germany | 94.9 |
United Kingdom | 54.8 |
France | 18.3 |
Other Europe | 39.2 |
China | 108.8 |
Japan | 49.6 |
Singapore | 12.2 |
Other Asia | 30.5 |
United States | 77.5 |
Other | 5.2 |
Region share (%) | FY2025 |
Belgium share % | 43.6 |
Germany share % | 10.9 |
United Kingdom share % | 6.3 |
France share % | 2.1 |
Other Europe share % | 4.5 |
China share % | 12.5 |
Japan share % | 5.7 |
Singapore share % | 1.4 |
Other Asia share % | 3.5 |
United States share % | 8.9 |
Other share % | 0.6 |
Share Price History
| Date | Price / event | Source |
|---|---|---|
Apr 2017 | IPO price 8.00 | BNPP Fortis note |
Jul 2025 | 6.95 (+10% on guidance raise) | Boursier |
31 Oct – 4 Nov 2025 | About −23% over three sessions after Q3 bookings | Zonebourse/BFM |
2 Jan 2026 | About 5.6 (technical buy level cited) | BFM Bourse |
24 Apr 2026 | 6.74; 52-week range 4.00–7.44; market cap EUR 884m | Google Finance |
27 May 2026 | Intraday +76%; market cap about EUR 2.06bn | ABC Bourse/Reuters |
3 Jul 2026 | 7.91 | Idéal Investisseur |
20–24 Jul 2026 | 6.95–6.96; market cap EUR 908m | Idéal Investisseur |
29 Sep 2026 | About 6.82 (+6.6%) after a 5.71 low | Boursorama/TEC |
Valuation Snapshot
| Metric | Value |
|---|---|
Market capitalisation (USD Mn) | 1,030 |
Net debt, 30 Jun 2026 (USD Mn) | 312 |
Enterprise value (USD Mn) | 1,342 |
LTM revenue to Q2 2026 (USD Mn) | 846 |
LTM EBITDA (USD Mn) | 164 |
LTM net income (USD Mn) | 4 |
EV / Sales (x) | 1.6 |
EV / EBITDA (x) | 8.2 |
P / Book (x) | 1.0 |
P / E LTM | Not meaningful (about 230x) |
Analyst Ratings & Targets
| Broker | Date | Rating | Target (EUR) |
|---|---|---|---|
Bernstein | 23 Jun 2026; reiterated 7 Sep 2026 | Outperform / Buy | 12.80 |
Kepler Cheuvreux | 6 Jul 2026 | Buy (upgraded from Hold) | 10.50 |
KBC Securities | 24 Jun 2026 | Hold | 8.80 |
Deutsche Bank | 10 Jul 2026 | Hold | 6.00 (raised from 4.60) |
Berenberg | 4 Aug 2026 | Hold | Not captured |
Oddo BHF | 5 May 2026 | Not captured | Not captured |
Degroof Petercam | Covering | Not captured | Not captured |
Median target | Jul 2026 | — | 8.80 (range 6.00–12.80) |
Analyst Conclusions
Management guidance
| Item | Guidance |
|---|---|
| Q3 2026 Revenue* | USD 195–205m |
| Q3 2026 EBITDA margin | 17–20% |
| Assumptions | USD/EUR 1.14; excluding IFRS 15 |
| H2 2026 | Stronger than H1; gradual automotive recovery; no formal Q4 guidance |
| Cost programme | About USD 6m per quarter of savings by Q4 2026 |
| FY2026 capex | About USD 100m |
| Long term | High-single-digit average growth across cycles; EBITDA margin above 30%; capex 10–15% of revenue |
Consensus growth. Deutsche Bank cut its 2026 sales growth forecast to 2% in November 2025. On H1 2026 actuals of USD 395m, FY2026 revenue is tracking roughly flat to slightly down versus FY2025's 870m (analyst inference).
Bull case
-
Cyclical operating leverage. The fully installed USD 1bn+ capacity base could restore EBITDA margins toward the 27% achieved at USD 907m revenue in FY2023. Q2 2026 automotive book-to-bill was the highest in two years.
-
New, under-appreciated growth vectors. Data centres (about USD 300m potential), photonics (2028 volume), GaN and microfluidics diversify the mix away from automotive. Microsystems & Photonics reached a record 33.7m in Q1 2026.
-
Asset-backed valuation. About 1.0x book and about 8x trough EBITDA, with subsidised growth capex (EUR 127.4m). Free cash flow should turn positive as capex drops to about USD 100m.
Bear case
-
Structural margin erosion. Gross margin fell to 15.3% while depreciation is at a record (USD 120m in FY2025). Chinese mature-node supply may cap pricing, so "above 30%" may prove aspirational.
-
Balance-sheet strain. Net debt of USD 312m (about 1.9x LTM EBITDA), negative Q2 operating cash flow, and a current ratio below 1 increase refinancing and dilution risk if recovery stalls.
-
Revenue air pockets. The end of the 0.6µm last-time-buy in early 2027, SiC price deflation and automotive EV softness could offset new wins. Targets have already been reset twice (2024 and 2026).
Catalysts and monitorables (next 12 months)
| Catalyst / monitorable | Timing | What to watch |
|---|---|---|
| Q3 2026 results | 29 Oct 2026 | Delivery within the 195–205m and 17–20% guidance; Q4 commentary; bookings above USD 180m |
| FY2026 results and first 2027 guidance | Feb 2027 | Whether guidance returns; margin trajectory after cost savings |
| Automotive book-to-bill | Quarterly | Sustained above 1.0 |
| 0.6µm technology end-of-life | Early 2027 | Size of the industrial revenue gap |
| Malaysia ramp to 40k wafer starts per month | End-2026 | Utilisation and gross margin |
| Data-centre design-win conversion | 2026–27 | Revenue disclosure by application |
| SiC/GaN | 2026–27 | Wide-bandgap revenue trend (Q2 2026: 10.6m) |
| Refinancing of current debt | 2026–27 | Maturity extension; covenant headroom |
| Fab4Micro construction | 2026–28 | Budget and schedule |
| Governance | Ongoing | COO appointment; any ownership changes among Elex, Sensinnovat and Sarawak |
Analyst verdict
X-FAB enters late 2026 at the bottom of a painful but largely self-explained cycle. Between 2022 and 2025 it roughly tripled its fixed asset base (PP&E from USD 460m to 1.22bn), financed partly by customer LTAs. Its core automotive market then entered a prolonged inventory correction just as the new capacity came online. The result is predictable: EBITDA margin has fallen from 27.1% in FY2023 to 16.8% in Q2 2026, ROE has collapsed to low single digits, and the balance sheet has swung from USD 145m net cash to USD 312m net debt.
What distinguishes X-FAB from a generic mature-node foundry is the quality of its option set:
-
A differentiated 180nm SOI/BCD franchise relevant to data-centre power.
-
A profitable and growing medical and microsystems business.
-
A credible, subsidised photonics and microsystems hub in Erfurt.
-
One of the few open SiC/GaN foundry offerings in the West.
The new CEO, a former operations head and Melexis executive, inherits a capacity base that requires little further investment.
The investment debate therefore centres on utilisation and pricing, not on strategy. If automotive bookings continue to recover and the cost programme delivers about USD 24m in annualised savings, a return to 22–25% EBITDA margins in 2027 looks plausible on roughly 5–10% revenue growth. At about 8x trough EBITDA and about 1x book, that scenario is not priced in. Conversely, several factors could keep returns below the cost of capital for longer than the market tolerates:
-
A slower automotive recovery.
-
The 0.6µm last-time-buy cliff.
-
Continued SiC deflation.
-
Chinese mature-node pricing pressure.
Investors would also face refinancing risk and the governance discount of a tightly held register.
Net assessment: a high-beta, asset-rich recovery play with genuine structural optionality. The Q3 and Q4 2026 bookings trajectory and the return of formal full-year guidance in February 2027 are the decisive tests.
Disclaimer: Compiled from public sources as of 20 October 2026.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Tenure | Prior roles / education | Age |
|---|---|---|---|---|
Damien Macq | CEO and Executive Director (via Fajel Consultants BV) | COO from Apr 2023; CEO since 6 Feb 2026; director since 30 Apr 2026 | VP & GM of the Sense & Light business unit at Melexis. Earlier executive roles at ST-Ericsson, ON Semiconductor/AMIS, GlobespanVirata and Alcatel. MSEE and PhD, UCLouvain; Stanford Executive Program (2006); IEEE Senior Member and former chair of IEEE Benelux [Board; PR CEO] | Born 1966 (about 60) |
Alba Morganti | Chief Financial Officer | CFO since at least 2022 (on Q4 2022 call) | Not detailed in sources retrieved | — |
Jörg Doblaski | Chief Technology Officer | Listed as CTO in investor materials | Not detailed | — |
Group COO (successor to Macq) | — | — | Appointment not identified in sources retrieved | — |
Lee Boon Chun | CEO, X-FAB Sarawak | — | — | — |
Sébastien Daveau | CEO, X-FAB France | — | — | — |
Dr. Gabriel Kittler | CEO, X-FAB Erfurt | — | Leads Fab4Micro | — |
Rico Tillner | CEO, X-FAB Texas | — | — | — |
Michael Woittennek | CEO, X-FAB Dresden | — | — | — |
Uta Steinbrecher | Investor Relations | — | — | — |
“—” = not publicly disclosed.
Board of Directors
| Director | Role | Independence | Affiliation / background |
|---|---|---|---|
Tan Sri Datuk Amar Dr. Hamid bin Bugo | Chairman | Non-independent (Sarawak-linked) | Former State Secretary of Sarawak; chairs the National Library Council of Malaysia and Petroleum Sarawak Berhad; MA in Economics & Political Science (Canterbury, NZ) |
Damien Macq (Fajel Consultants BV) | Executive director & CEO | Executive | Four-year term to the AGM approving FY2029 accounts |
Rudi De Winter | Non-executive director | Non-independent (Sensinnovat) | Co-founder; CEO 2011/2014–2026; Melexis CEO 1996–2011; Electronic Engineering, Ghent. Co-opted 3 Feb 2026, appointed for four years |
Dato Sri Dr. Wan Lizozman Haji Wan Omar | Non-executive director | Non-independent (Sarawak) | State Financial Secretary of Sarawak; Columbia SIPA; PhD UNIMAS |
Roland Duchâtelet | Non-executive director | Non-independent (Elex) | Co-founder of the parent company; former Belgian senator (2007–10); KU Leuven engineering/economics/MBA |
Hans-Jürgen Straub | Independent non-executive director | Classified independent by the company | X-FAB CEO 1999–2014; formerly at Kombinat Mikroelektronik Erfurt |
Christine Juliam (Aurore NV) | Independent non-executive director | Independent | Pharma executive (MSD, Abbott, Nycomed/Takeda, Orifarm); MD (Ghent), MBA (Northwestern). Re-appointed 2026 for four years |
Christel Verschaeren | Independent non-executive director | Independent | 29 years at IBM, including VP CIO Services EMEA; Master's in Economics (Antwerp) |
Estelle Iacona | Independent non-executive director | Independent | Physics professor at CentraleSupélec; former President of Paris-Saclay University; French Ministry of Higher Education and Research |
Major Shareholders
| Holder | Shares | % of voting rights | Notes |
|---|---|---|---|
Elex NV (Roland Duchâtelet / Duchâtelet Future Private Foundation) | 32,672,778 | 24.98 | Acts in concert with Roland Duchâtelet (125,724 shares; 25.08% combined) [FSMA] |
Sensinnovat BV (Rudi De Winter / Françoise Chombar, via Chione Partnership) | 31,666,781 (FSMA, Nov 2023); 31,936,781 (company site) | 24.21–24.4 | Combined with family about 24.27% (Nov 2023) [FSMA]; company IR page shows 24.4% |
Sarawak Technology Holdings Sdn Bhd (State Financial Secretary, Sarawak) | 14,948,655 | 11.43 | [FSMA] |
Treasury shares (X-FAB Semiconductor Foundries GmbH) | about 149,748 | 0.11 | 2018 notification |
Free float | about 51.2m | about 39 | Analyst calculation |
Competitive Landscape
Competitors by Segment
| Segment | Competitors | Notes |
|---|---|---|
Specialty analog/mixed-signal and HV CMOS foundry | Tower Semiconductor (Israel/US/Japan/Italy); GlobalFoundries (US/Germany/Singapore); Vanguard International Semiconductor (Taiwan/Singapore); Hua Hong Semiconductor (China); United Microelectronics (Taiwan); DB HiTek (Korea); SkyWater Technology (US); SilTerra (Malaysia); Nexchip and other Chinese 8-inch foundries | Overlap in 180nm/130nm BCD, HV and SOI |
SOI / BCD-on-SOI | Tower; GlobalFoundries; TSMC (specialty) | X-FAB's 180nm deep-trench SOI is a niche strength |
MEMS foundry | Silex Microsystems (Sweden); Teledyne MEMS (Canada); TSMC; STMicroelectronics (captive); Bosch (captive) | X-FAB has a CMOS-plus-MEMS integration advantage |
Silicon photonics foundry | Tower (strong SiPho leader); GlobalFoundries; TSMC; AIM Photonics; imec (pilot line) | X-FAB is a late entrant; volume from 2028 |
SiC / GaN foundry | Clas-SiC (UK); TSMC and Vanguard in GaN; IDMs Infineon, STMicroelectronics, onsemi and Wolfspeed (vertically integrated) | X-FAB is one of few open SiC foundries in the West |
Peer Comparison FY2025
| Metric | X-FAB | Tower Semiconductor | GlobalFoundries |
|---|---|---|---|
Revenue FY2025 (USD Mn) | 870.3 | 1,566.1 | 6,791.0 |
Revenue growth FY2025 % | 6.6 | 9.0 | 0.6 |
Gross margin FY2025 % | 21.2 | 23.2 | 24.9 |
Operating margin FY2025 % | 8.8 | 12.4 | 11.7 |
Net income FY2025 (USD Mn) | 30.1 | 218.8 | not computed here |
R&D % of revenue FY2025 | 5.7 | — | — |
Capex FY2025 (USD Mn) | 204.1 | 437.0 | — |
