Siemens AG (SIA.BR) Margin Analysis - Discounting Cash Flows

Siemens AG

SIA.BR (BRU)

Models
Siemens AG Margin Analysis

# --- Years and Quarters
assumptions.set({
    "timeseries": "annual",
    "data": {
        "#years": """
            4
        """,
        "#quarters": """
            8
        """,
    },
    "titles": {
        "#years": "Years",
        "#quarters": "Quarters",
    },
    "properties": {
        "width": "responsive",
        "title": "Years and Quarters",
        "id": "component-1",
        "bindTo": None
    },
    "descriptions": {
        "#years": r"""
The number of historical years used to render the annual chart and tables.
        """,
        "#quarters": r"""
The number of historical quarters used to render the quarterly chart and tables.
        """,
    }
})

# Render description block
model.render_description({
    "data": r"""
## Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.
""",
    "properties": {
        "width": "responsive"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Annual Section

The annual section uses annual data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

# --- Income Statement Margins
data.compute({
    "user:%revenueGrowthRate": """
        ( income:revenue / income:revenue:-1 ) - 1
    """,
    "user:%grossMargin": """
        income:grossProfit / income:revenue
    """,
    "user:%operatingMargin": """
        income:operatingIncome / income:revenue
    """,
    "user:%netMargin": """
        income:netIncome / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

# --- Cash Flow Statement Margins
data.compute({
    "user:%cashFromOperatingActivitiesMargin": """
        flow:netCashProvidedByOperatingActivities / income:revenue
    """,
    "user:%freeCashFlowMargin": """
        flow:freeCashFlow / income:revenue
    """,
    "user:%depreciationAndAmortizationMargin": """
        flow:depreciationAndAmortization / income:revenue
    """,
    "user:%capitalExpenditureMargin": """
        flow:capitalExpenditure / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "annual",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Annual Chart",
        "include_ltm": False,
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "quarterly",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Quarterly Chart",
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

Years and Quarters

Years Years The number of historical years used to render the annual chart and tables.	#
Quarters Quarters The number of historical quarters used to render the quarterly chart and tables.	#

Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.

Annual Section

The annual section uses annual data to calculate margins and growth rates.

Income Statement Margins

Monetary values in EUR amounts except #	LTM Mar 14	2025 Sep 30	2024 Sep 30	2023 Sep 30	2022 Sep 30
Revenue	79,699	78,914	75,930	74,882	71,977
Revenue Growth Rate	0.995%	3.93%	1.4%	4.04%	15.6%
Cost of Revenue	48,757	48,515	46,107	45,766	46,130
Gross Profit	30,943	30,399	29,823	29,116	25,847
Gross Margin	38.82%	38.52%	39.28%	38.88%	35.91%
Operating Income	9,138	9,092	9,563	9,450	5,834
Operating Margin	11.47%	11.52%	12.59%	12.62%	8.11%
Net Income	7,946	9,620	8,301	7,949	3,723
Net Margin	9.97%	12.19%	10.93%	10.62%	5.17%

Cash Flow Statement Margins

Monetary values in EUR amounts except #	LTM Mar 14	2025 Sep 30	2024 Sep 30	2023 Sep 30	2022 Sep 30
Revenue	79,699	78,914	75,930	74,882	71,977
Cash from Operating Activities	11,396	11,524	11,665	12,239	10,241
Cash from Operating Activities Margin	14.3%	14.6%	15.36%	16.34%	14.23%
Free Cash Flow	8,962	9,079	9,577	10,093	8,157
Free Cash Flow Margin	11.24%	11.5%	12.61%	13.48%	11.33%
Depreciation and Amortization	3,472	3,389	3,158	3,544	3,561
Depreciation and Amortization Margin	4.36%	4.29%	4.16%	4.73%	4.95%
Capital Expenditure	-2,434	-2,445	-2,088	-2,146	-2,084
Capital Expenditure Margin	-3.05%	-3.1%	-2.75%	-2.87%	-2.9%

Annual Chart

Monetary values in EUR

{"sectionId": "section-chart-1", "sectionType": "chart", "title": "Annual Chart", "timeseries": "annual", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2022", "x": "2022-09-30", "y": 35.91}, {"l": "2023", "x": "2023-09-30", "y": 38.88}, {"l": "2024", "x": "2024-09-30", "y": 39.28}, {"l": "2025", "x": "2025-09-30", "y": 38.52}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2022", "x": "2022-09-30", "y": 8.11}, {"l": "2023", "x": "2023-09-30", "y": 12.62}, {"l": "2024", "x": "2024-09-30", "y": 12.59}, {"l": "2025", "x": "2025-09-30", "y": 11.52}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2022", "x": "2022-09-30", "y": 5.17}, {"l": "2023", "x": "2023-09-30", "y": 10.62}, {"l": "2024", "x": "2024-09-30", "y": 10.93}, {"l": "2025", "x": "2025-09-30", "y": 12.19}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2022", "x": "2022-09-30", "y": 11.33}, {"l": "2023", "x": "2023-09-30", "y": 13.48}, {"l": "2024", "x": "2024-09-30", "y": 12.61}, {"l": "2025", "x": "2025-09-30", "y": 11.5}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}

Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.

Income Statement Margins

Monetary values in EUR amounts except #	2026 (Q1) Dec 31	2025 (Q4) Sep 30	2025 (Q3) Jun 30	2025 (Q2) Mar 31	2025 (Q1) Dec 31	2024 (Q4) Sep 30
Revenue	19,139	21,426	19,377	19,757	18,353	20,811
Revenue Growth Rate	-10.67%	10.57%	-1.92%	7.65%	-11.81%
Cost of Revenue	11,506	13,323	11,840	12,088	11,264	12,885
Gross Profit	7,633	8,104	7,537	7,669	7,089	7,926
Gross Margin	39.88%	37.82%	38.9%	38.82%	38.63%	38.09%
Operating Income	2,388	1,746	2,614	2,390	2,044	2,604
Operating Margin	12.48%	8.15%	13.49%	12.1%	11.14%	12.51%
Net Income	2,030	1,619	2,046	2,251	3,705	1,900
Net Margin	10.61%	7.56%	10.56%	11.39%	20.19%	9.13%

Cash Flow Statement Margins

Monetary values in EUR amounts except #	2026 (Q1) Dec 31	2025 (Q4) Sep 30	2025 (Q3) Jun 30	2025 (Q2) Mar 31	2025 (Q1) Dec 31	2024 (Q4) Sep 30
Revenue	19,139	21,426	19,377	19,757	18,353	20,811
Cash from Operating Activities	812	5,558	3,472	1,554	2,087	5,705
Cash from Operating Activities Margin	4.24%	25.94%	17.92%	7.87%	11.37%	27.41%
Free Cash Flow	318	4,722	2,918	1,004	1,583	5,027
Free Cash Flow Margin	1.66%	22.04%	15.06%	5.08%	8.62%	24.16%
Depreciation and Amortization	858	924	890	800	774	813
Depreciation and Amortization Margin	4.48%	4.31%	4.59%	4.05%	4.22%	3.91%
Capital Expenditure	-494	-836	-554	-550	-504	-678
Capital Expenditure Margin	-2.58%	-3.9%	-2.86%	-2.78%	-2.75%	-3.26%

Quarterly Chart

Monetary values in EUR

{"sectionId": "section-chart-2", "sectionType": "chart", "title": "Quarterly Chart", "timeseries": "quarterly", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2024 (Q4)", "x": "2024-09-30", "y": 38.09}, {"l": "2025 (Q1)", "x": "2024-12-31", "y": 38.63}, {"l": "2025 (Q2)", "x": "2025-03-31", "y": 38.82}, {"l": "2025 (Q3)", "x": "2025-06-30", "y": 38.9}, {"l": "2025 (Q4)", "x": "2025-09-30", "y": 37.82}, {"l": "2026 (Q1)", "x": "2025-12-31", "y": 39.88}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2024 (Q4)", "x": "2024-09-30", "y": 12.51}, {"l": "2025 (Q1)", "x": "2024-12-31", "y": 11.14}, {"l": "2025 (Q2)", "x": "2025-03-31", "y": 12.1}, {"l": "2025 (Q3)", "x": "2025-06-30", "y": 13.49}, {"l": "2025 (Q4)", "x": "2025-09-30", "y": 8.15}, {"l": "2026 (Q1)", "x": "2025-12-31", "y": 12.48}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2024 (Q4)", "x": "2024-09-30", "y": 9.13}, {"l": "2025 (Q1)", "x": "2024-12-31", "y": 20.19}, {"l": "2025 (Q2)", "x": "2025-03-31", "y": 11.39}, {"l": "2025 (Q3)", "x": "2025-06-30", "y": 10.56}, {"l": "2025 (Q4)", "x": "2025-09-30", "y": 7.56}, {"l": "2026 (Q1)", "x": "2025-12-31", "y": 10.61}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2024 (Q4)", "x": "2024-09-30", "y": 24.16}, {"l": "2025 (Q1)", "x": "2024-12-31", "y": 8.63}, {"l": "2025 (Q2)", "x": "2025-03-31", "y": 5.08}, {"l": "2025 (Q3)", "x": "2025-06-30", "y": 15.06}, {"l": "2025 (Q4)", "x": "2025-09-30", "y": 22.04}, {"l": "2026 (Q1)", "x": "2025-12-31", "y": 1.66}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "quarterly", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}