Warren Wise Gives Siemens a Future Check Instead of Birthday Cake

• Siemens celebrated its 179th birthday on October 1, 2026, while pursuing a transformation into a “ONE Tech Company” focused on automation, software, and AI.
• Fiscal 2025 free cash flow reached a record nearly €11 billion, exceeding net income; industrial net debt was below EBITDA, and pension liabilities were fully covered by assets.
• Siemens reported just over €10 billion in net profit, but more than €2 billion came from the one-off sale of Innomotics; earnings from continuing operations fell 6%.
• Digital Industries faced challenges: its margin dropped from 18.9% to 14.9%, revenue fell 4%, and comparable software revenue declined 5%.
• Siemens spent almost €13 billion on the Altair and Dotmatics software acquisitions, but its annual report gave no quantified synergy targets; more than €10 billion of the purchase price was goodwill.
• Warren Wise rated Siemens 4 out of 5, describing its investment case as strong but qualified by unanswered questions about the software strategy and its returns.

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