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Siemens AG
F:SIE
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DE |
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U
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Union Pacific Corp
LSE:0R2E
|
US |
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MTR Corp Ltd
HKEX:66
|
HK |
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Cooper Companies Inc
NASDAQ:COO
|
US |
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Banco Bilbao Vizcaya Argentaria SA
MIL:1BBVA
|
ES |
|
8
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8x8 Inc
F:EGT
|
US |
|
M
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Mitsubishi Chemical Holdings Corp
OTC:MTLHF
|
JP |
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Industrial Bank Co Ltd
SSE:601166
|
CN |
|
Asure Software Inc
NASDAQ:ASUR
|
US |
|
Pidilite Industries Ltd
NSE:PIDILITIND
|
IN |
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Takamatsu Construction Group Co Ltd
OTC:TAKMF
|
JP |
|
C
|
China Construction Bank Corp
HKEX:939
|
CN |
|
V
|
Verizon Communications Inc
XHAN:BAC
|
US |
|
T
|
TJX Companies Inc
F:TJX
|
US |
|
Prologis Inc
NYSE:PLD
|
US |
|
MAG Silver Corp
TSX:MAG
|
CA |
|
A
|
AMN Healthcare Services Inc
F:HCQ
|
US |
|
C
|
Cigna Group
DUS:CGN
|
US |
|
Halliburton Co
NYSE:HAL
|
US |
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AECOM
LSE:0H9N
|
US |
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Brookfield Renewable Partners LP
TSX:BEP.UN
|
BM |
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BNP Paribas SA
F:BNPH
|
FR |
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Bioretec Oy
F:0TN
|
FI |
|
R
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Raymond James Financial Inc
LSE:0KU1
|
US |
Siemens has built a broad industrial model that combines multi-year revenue expansion with improving operating leverage. Its reported history also shows substantial operating and free cash flow generation while capital expenditures remain moderate relative to sales.
The quarter ended June 30, 2026 extended the established growth-and-cash-generation pattern, but with a sharper quarterly improvement in operating margin and cash flow. This strengthens the evidence of operating leverage without indicating a fundamental change in Siemens’ capital and cash-conversion model.
Whether the stronger quarterly margin and cash conversion persist as growth continues across the industrial portfolio.
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 79.6B | 82.9B | 83B | 58.5B | 55.3B | 62.3B | 72B | 74.9B | 75.9B | 78.9B | |
| (55.8B) | (57.8B) | (58.2B) | (36.8B) | (35.4B) | (39.5B) | (46.1B) | (45.8B) | (46.1B) | (48.5B) | |
| 23.8B | 25B | 24.9B | 21.6B | 19.9B | 22.7B | 25.8B | 29.1B | 29.8B | 30.4B | |
| (16.7B) | (17.8B) | (19B) | (15.5B) | (15.5B) | (16.3B) | (18.6B) | (19.7B) | (20.4B) | (21.3B) | |
| (11.7B) | (12.4B) | (12.9B) | (10.7B) | (10.7B) | (11.2B) | (12.9B) | (13.6B) | (14B) | (14.8B) | |
| (4.7B) | (5.2B) | (5.6B) | (4.7B) | (4.6B) | (4.9B) | (5.6B) | (6.1B) | (6.3B) | (6.6B) | |
| (275m) | (296m) | (452m) | (173m) | (251m) | (269m) | (123m) | (48m) | (98m) | 79m | |
| 7.1B | 7.2B | 5.9B | 6.1B | 4.4B | 6.4B | 7.3B | 9.4B | 9.5B | 9.1B | |
| 456m | 482m | 391m | 681m | 135m | 361m | (1.1B) | 1.9B | 1.9B | 1.5B | |
| 989m | 1.1B | 1.1B | 953m | 782m | 637m | 726m | 1.3B | 1.8B | 1.7B | |
| 177m | 348m | 274m | 74m | 452m | 92m | 1.8B | (7m) | (2m) | 389m | |
| (371m) | 136m | 1.5B | 74m | 529m | 622m | (730m) | (208m) | (111m) | (173m) | |
| 7.4B | 8.2B | 8.1B | 6.9B | 5.5B | 7.5B | 7.2B | 11.1B | 11.2B | 10.8B | |
| (2B) | (2.1B) | (2.5B) | (1.8B) | (1.3B) | (1.9B) | (2.7B) | (2.6B) | (2.3B) | (2.5B) | |
| 5.4B | 6B | 5.6B | 5.2B | 4.2B | 5.6B | 4.4B | 8.5B | 8.9B | 8.3B | |
| (134m) | (133m) | (313m) | (474m) | (170m) | (537m) | (669m) | (579m) | (691m) | (767m) | |
| 5.5B | 6B | 5.8B | 5.2B | 4B | 6.2B | 3.7B | 7.9B | 8.3B | 9.6B | |
| 6.64 | 7.18 | 7.01 | 6.32 | 4.93 | 7.59 | 4.59 | 9.92 | 10.39 | 12.11 |
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