Siemens Energy stock forecast 2027–2029
MyStockButler's October 2026 analysis: Siemens Energy's weighted forecast reaches €71.44 in October 2029, a -36% total return. Siemens Energy's outcome hinges on backlog delivery, margins and lower wind repair costs.
Where could Siemens Energy's shares be by 2029?
The weighted price is €43.94 in October 2027, a total return of minus 62% including dividends. It rises to €54.92 in October 2028, or minus 51%, and reaches €71.44 in October 2029, or minus 36%. Today’s price therefore requires unusually strong execution to produce a positive return.
By October 2029, the bear case gives €25.92 while the bull case gives €149.68. The forecast assigns 30% to the bear case, 50% to the base case and 20% to the bull case. The current valuation already assumes much of the recovery, while the company’s uneven profit history leaves meaningful downside risk.
| Case | Probability | October 2027 | October 2028 | October 2029 |
|---|---|---|---|---|
| Bear | 30 % | 21.90 (-81 %) | 23.63 (-79 %) | 25.92 (-77 %) |
| Base | 50 % | 44.08 (-62 %) | 53.01 (-53 %) | 67.44 (-39 %) |
| Bull | 20 % | 76.65 (-34 %) | 106.65 (-7 %) | 149.68 (+32 %) |
| Weighted | 100 % | 43.94 (-62 %) | 54.92 (-51 %) | 71.44 (-36 %) |
What has to go right for Siemens Energy, and what could go wrong?
Grid and gas demand remain substantial, but slower order conversion and easing capacity constraints weaken margins. Buybacks are reduced to preserve funding flexibility, so the share count stays higher. The multiple contracts as investors lose confidence in delivery quality. The bear case gives €21.90 in October 2027 and €25.92 in October 2029, with a 30% probability. That probability reflects €2,474m of Gamesa warranty provisions, continuing wind cash consumption and Siemens Energy’s history of large losses.
A more profitable installed base would improve cash conversion, fund buybacks and support a premium valuation. The bull case gives €76.65 in October 2027 and €149.68 in October 2029, with a 20% probability. Several uncertain outcomes must succeed together, and one profitable Gamesa quarter does not yet prove durable wind economics.
How much cash does Siemens Energy really make?
Operating cash flow and free cash flow both improved strongly in FY2025. The stricter free-cash-flow measure deducts capital spending, lease payments and interest. Deducting stock-based compensation gives a more demanding view because employees receive value that shareholders ultimately finance.
| Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 | |
|---|---|---|---|---|---|
| Cash from operations | 5,821 | 2,889 | 1,622 | 2,218 | 1,946 |
| − Capital spending | 1,724 | 1,514 | 1,228 | 1,157 | 987 |
| − Lease payments | 392 | 338 | 304 | 300 | 245 |
| − Interest paid | 221 | 332 | 192 | 109 | 93 |
| = Free cash flow | 3,484 | 705 | -102 | 652 | 621 |
| = Real free cash flow | 3,374 | 598 | -230 | 547 | 454 |
What does an investor pay for Siemens Energy today?
| Today (Oct 25, 2026) | |
|---|---|
| Share price | 118.68 |
| Market value (calculated) | 101,273 |
| P/E, last 12 months (calculated) | 38.2x |
| P/E, next 12 months (calculated) | 18.9x |
| Free cash flow yield (calculated) | 3.4% |
| Real free cash flow yield (calculated) | 3.3% |
What this means. The market value is an estimate because it uses the latest share count available from March rather than the exact number of shares today.