Siemens Energy stock enters fiscal 2027 with record backlog

Siemens Energy entered fiscal 2027 after a record year and set a higher bar for execution. In its earnings release on Wednesday, November 11, the company said all raised fiscal 2026 targets had been met or exceeded.

Siemens Energy stock traded at 133.28 euros on Lang & Schwarz at 11:03 CET on Friday, November 13, 2026, 0.57 percent above the Xetra close of Thursday, November 12, at 132.52 euros. The comparison reflects the latest available Xetra close rather than the previous Lang & Schwarz quote.

Record year reshapes the outlook

Comparable revenue rose 15.5 percent to 44.2 billion euros in fiscal 2026, while comparable orders increased 18.8 percent to 68.1 billion euros. The book-to-bill ratio reached 1.54, lifting the order backlog to a record 164 billion euros at the fiscal year-end.

Profit before special items more than doubled to 5.486 billion euros from 2.355 billion euros a year earlier. Net income climbed to 4.129 billion euros from 1.685 billion euros, while basic earnings per share increased to 4.44 euros from 1.63 euros. Free cash flow before tax rose to 8.799 billion euros, compared with 4.663 billion euros in fiscal 2025.

The quarterly figures showed the same operating momentum. Fourth-quarter revenue reached a record 12.8 billion euros, up 21.5 percent on a comparable basis. Profit before special items advanced to 1.540 billion euros from 471 million euros, and Siemens Gamesa posted a positive result for the second consecutive quarter.

Growth targets move into focus

For fiscal 2027, Siemens Energy expects comparable revenue growth of 14 to 16 percent and a profit margin before special items of 14 to 16 percent. Net income is expected at around 5 billion euros, while free cash flow before tax is forecast at around 10 billion euros.

The company also set a 2030 ambition of comparable annual revenue growth of 12 to 14 percent and a margin before special items of 20 to 22 percent. Gas Services and Grid Technologies are expected to remain the main engines, supported by electricity demand, data-center investment, grid modernization and the need for reliable generation capacity.

Siemens Gamesa remains an important execution test. The wind business reached break-even on profit before special items in fiscal 2026, while the fiscal 2027 outlook calls for a margin of 0 to 2 percent. The next step is to turn stabilization into a durable contributor to group profitability.

Returns rise with execution risk

Siemens Energy proposed a fiscal 2026 dividend of 2.30 euros per share, up from 0.70 euros for fiscal 2025. After buying back 3.1 billion euros of shares in fiscal 2026, the company plans additional repurchases of up to 9 billion euros through the end of fiscal 2030.

Those plans strengthen the shareholder-return case, but they also raise expectations. Investors will weigh whether Siemens Energy can convert its backlog into profitable revenue while funding capacity expansion and improving the wind business. The scale of the 2030 targets leaves execution, project delivery and margin discipline as the central issues for the stock.

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Further reporting on the company and its targets is available in more news and analyses on Siemens Energy stock.