Soitec shows mixed recovery in semiconductors, analysts cautious on the stock

Soitec is working through a sharp revenue decline and shifting demand in its core markets, while recent quarterly figures and analyst views paint a cautious but detailed picture of the French semiconductor materials player.

By Anna Wagner, Analysts & Consensus desk. Reviewed prior to publication on 2026-06-23, 17:22.

Soitec (FR0013227113) is navigating a transition phase in the semiconductor materials cycle, with recent quarters showing sharp revenue declines alongside margin resilience. The stock trades in Paris under the ticker SOI, and an OTC listing in the US (SLOIF) offers additional access for international investors.

What recent figures show

For fiscal year 2026, Soitec reported revenue of about 592 million euros, a drop of roughly 34 percent versus the prior year, reflecting a pronounced inventory correction in the mobile handset market. Free cash flow improved to around 63 million euros, pointing to tighter operational discipline despite the weaker topline.

More recent quarterly data underline the volatility. In the second quarter of 2026, Soitec booked revenue of 139 million euros, up about 47 percent organically versus the first quarter, but still 36 percent below the 217 million euros recorded in Q2 2025. Half-year revenue reached 231 million euros, 32 percent lower in reported terms than H1 2025. The reported EBITDA margin improved to 34.1 percent, even as EBITDA itself fell about 30 percent to 79 million euros due to non-recurring items. A detailed breakdown of these figures is available in an Idéal Investisseur summary of the Q2 2026 press release.

How analysts and markets view Soitec

Analyst commentary on Soitec remains cautious. In mid-June, UBS downgraded the shares from Neutral to Sell while simultaneously lifting the price target to 85 euros, illustrating the mixed conviction around the company’s earnings trajectory and valuation. That move followed a steep prior drawdown in the shares and came against a backdrop of ongoing pressure in mobile communications, balanced by improving demand in edge- and cloud-AI substrates. The UBS stance is discussed in more detail in an recent analyst and market overview.

Operationally, Soitec has highlighted sequential organic revenue growth expectations for the third quarter of 2026, with management signalling that Edge & Cloud AI should continue to benefit from demand for Photonics-SOI and FD-SOI substrates, while Automotive & Industry remains constrained by slow recovery and surplus inventories. At the same time, the company warns that mobile communications will likely stay challenging as clients keep adjusting inventory levels. Capital.com notes that Soitec reported Q3 FY2026 revenue of 160 million euros in an update published early February 2026, alongside the planned CEO transition to Laurent Rémont on April 1, 2026, reinforcing the picture of a company in mid-cycle adjustment and leadership change.Capital.com overview of Soitec’s recent financials and management changes

How Soitec makes its money

Soitec’s core business is the design and production of engineered semiconductor substrates, particularly silicon-on-insulator wafers for microelectronics and radio-frequency applications. These substrates are patterned and cut into chips, forming the base for integrated circuits used in smartphones, automotive electronics, industrial systems and increasingly in edge and cloud AI workloads. The company’s portfolio spans RF-SOI for mobile communications, FD-SOI for energy-efficient logic, and photonics-related substrates that aim to improve chip performance while reducing power consumption.

Where the stock trades today

The Soitec shares (FR0013227113) trade on Euronext Paris under the ticker SOI in euros. As of the latest available indicative quotation on a secondary US venue, the SLOIF OTC listing recently showed a price in the mid-130-dollar area per share, although local Paris prices in euros remain the primary reference for most investors.

Key data on the Soitec shares

• Company: Soitec S.A.
• ISIN: FR0013227113
• WKN: A2AFK5
• Ticker: SOI (Paris), SLOIF (OTC US)
• Trading venue: Euronext Paris, OTC Markets (US)
• Price (as of 2026-06-23, 15:00): 132.65 EUR (Paris close reference), around 135.00 USD (OTC quote)
• Market cap: approximately mid-single-digit billion euros (as of 2026-06-23)
• Sector / industry: Semiconductors, semiconductor materials
• Index membership: STOXX Europe 600
• Next earnings date: not officially scheduled

Disclaimer: This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell securities. All data are based on publicly available sources believed to be reliable at the time of writing.