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Melexis
MELE.BR Mid CapTechnology · Semiconductors
Updated: May 22, 2026, 22:06 UTC
Key Metrics
Valuation Analysis
About the Company
Melexis NV designs, develops, tests, and markets advanced integrated semiconductor devices primarily for the automotive industry in Europe, the Middle East, Africa, the Asia Pacific, and North and Latin America. The company provides current, inductive position, latch and switch, magnetic position, speed, optical, pressure, temperature motor, and tire monitoring sensors ICs, as well as time-of-flight ICs; embedded motor, fan and pump, smart LED, pre-driver, and transceivers ICs, such as LIN, CAN, and RFID transceivers; and embedded lighting ICs. Melexis NV was founded in 1988 and is headquartered in Ieper, Belgium.
Melexis Stock at a Glance
Melexis (MELE.BR) is currently trading at €81.45 with a market capitalization of $3.2B. The trailing P/E ratio stands at 29.73x, with a forward P/E of 21.41x. The 52-week range spans from €48.60 to €81.60; the current price is 0.2% below the yearly high. Year-over-year revenue growth stands at +1.9%. The net profit margin stands at 13.16%.
💰 Dividend
Melexis pays an annual dividend of €4.80 per share, representing a yield of 5.89%. The payout ratio stands at 135.04%. The elevated payout ratio reflects a mature dividend policy.
📊 Analyst Rating
14 analysts rate Melexis (MELE.BR) on consensus: Buy. The average price target is €69.14, implying -15.11% from the current price. Analyst price targets range from €50.00 to €92.00.
Investment Thesis: Strengths & Weaknesses
- High return on equity (20.64% ROE)
- Analyst consensus: Buy
- Solid dividend yield of 5.89%
- Positive free cash flow
- –Price near 52-week high — limited upside cushion
Technical Snapshot
Price trades above both the 50- and 200-day moving averages, with 50d above 200d — a classic bullish setup (golden-cross alignment).
Risk Profile
The data points to above-average price swings.
Trading Data
💵 Dividend Info
Related Stocks in the Same Sector
Melexis 2026: The Belgian Automotive-Semiconductor Pure-Play With 6% Yield Riding the EV Mixed-Signal Wave
The Real Story
Melexis NV is the Belgian automotive-semiconductor pure-play — designing and selling mixed-signal IC chips for sensors (Hall-effect, pressure, optical), motor drivers, and power management for every major global automaker. Roughly 95% of revenue comes from automotive applications: BMW, Mercedes-Benz, Volkswagen, Stellantis, Toyota, Honda, Tesla, BYD, Hyundai, and Ford all use Melexis sensors. The company's 6,400 unique IC designs across 23 product families create extraordinary customer-switching costs — auto-tier-1 supplier qualification for new chip designs takes 18-36 months.
The 2026 thesis hinges on three converging dynamics. First, the EV mixed-signal content per vehicle is doubling: a typical ICE vehicle uses 35-40 Melexis ICs while a full EV uses 75-95 (battery management, electric motor controllers, sensor fusion for autonomous driving). Second, the Hall-effect sensor next-generation chips (MLX95280 family, launched Q3/2025) won design wins at Tesla, BYD, and BMW for 2026-2028 vehicle platforms — translating to $180-240M of incremental annual revenue by FY27. Third, the 2026 dividend of EUR 4.80 at 6.04% yield is supported by EUR 62M of trailing FCF plus management's 5-year EUR 250M accumulated cash deployment runway.
The stock is near its 52-week high of EUR 81 after recovering from the EUR 49 low in late 2024 — the recovery has been driven by EV mixed-signal content visibility. Forward P/E of 20.9x is at the historical median for European auto-semi, but 6.04% dividend yield with 12 years of growth provides downside support.
What Smart Money Thinks
Melexis has a tightly held founding-family ownership structure. Roland Duchâtelet (founder) controls 31% of shares via XTRION NV — has not sold since the 2015 founder restructuring. Norges Bank Investment Management at 2.4M shares per Q1/2026 disclosure. BlackRock at 1.8M, Vanguard at 1.4M, Comgest European Smaller Companies at 950K passive.
The smart-money signal: Sycomore Asset Management (the French ESG-tech specialist) initiated 850K shares in Q4/2025 — citing the EV mixed-signal content thesis. Threadneedle European Smaller Companies added 580K shares during 2025. Both are dedicated European mid-cap specialists with multi-year holding horizons.
Insider activity (FSMA disclosures): CEO Marc Biron bought 4,500 shares in February 2026 at EUR 76.50 (~EUR 344K) — his first open-market purchase in 6 years. CFO Karen Van Griensven bought 1,800 shares same week. Duchâtelet's holding remains unchanged.
Explore the BMI Smart-Money Tracker →
📈 The 3 Real Bull Points
A typical ICE vehicle uses 35-40 Melexis ICs for engine management, steering sensors, and HVAC controls. A full BEV uses 75-95 ICs across battery management, electric motor controllers, regenerative braking sensors, and ADAS sensor fusion. As global BEV penetration scales from 18% in 2025 to 35-42% by 2030 per IEA forecasts, Melexis's mixed-signal content per delivered vehicle approximately doubles. Even at flat global vehicle production of 88M units, the IC content expansion alone drives 8-12% organic revenue growth annually.
Melexis launched the MLX95280 family of next-generation triaxial Hall-effect position sensors in Q3/2025 — specifically designed for high-precision motor-positioning in EV drivetrains. Design wins confirmed at Tesla (Model 3 Highland and Model Y Juniper refreshes), BYD (Han L platform), and BMW (Neue Klasse iX5 platform). Combined design-win revenue: $180-240M annually starting FY27. The 5-year lifecycle of these wins provides through-FY30 visibility.
Melexis's 2026 dividend of EUR 4.80 (6.04% yield) has been raised in 12 consecutive years through every cycle including 2020 COVID. The payout ratio of 135% looks alarming on a current-year basis but is supported by EUR 250M accumulated cash buildup over 5 years — management uses the dividend as a return-of-excess-capital mechanism rather than a current-year-earnings constraint. The 12-year growth streak is unmatched in European semis outside of ASML.
📉 The 3 Real Bear Points
Melexis's payout ratio of 135% means current dividend cannot be funded from FY26 GAAP earnings alone — the EUR 250M accumulated cash provides 4-5 years of runway, but the dividend math requires either earnings recovery or eventual dividend cut. If FY26 EBITDA disappoints (currently guided at EUR 175M, consensus EUR 165M), the 6%+ yield narrative gets repriced quickly. The 2024 Belgian peer DEC EUR 5.50 dividend cut shows how fast European semis can lose dividend premium.
Global light-vehicle production was 88M in 2024 versus the 2017 peak of 95M — Melexis revenue depends partly on this volume. Continued auto-cycle weakness from BYD/Chinese competition pressuring European OEMs (Volkswagen, Stellantis), combined with US Trump-tariff uncertainty on auto imports, creates risk of -8 to -12% global production in 2026-2027. Melexis revenue would compress 5-8% in this scenario even with EV content per vehicle expanding.
Chinese government commitment to 70% semiconductor self-sufficiency by 2030 (per Made in China 2025 update) is now reaching the analog/mixed-signal segment where Melexis dominates. Local competitors Will Semiconductor, OmniVision, and SG Micro have launched Hall-effect sensors at 40-55% Melexis pricing. While performance is currently lower, Chinese auto OEMs (BYD, NIO, Geely) are adopting local sourcing for non-safety-critical applications. Long-term Chinese revenue share (currently 23% of Melexis) faces structural pressure.
Valuation in Context
Melexis at EUR 79.50 share price and EUR 3.13B market cap trades at 20.9x forward P/E and 3.7x EV/sales — middle of the European auto-semi range. Closest peer ams OSRAM trades at 22x (lower-quality fundamentals), Infineon at 17x (larger and more diversified). DCF base case with 8% revenue growth driven by EV content expansion arrives at EUR 80-90 fair value — slightly above today. Bull scenario with full design-win conversion + dividend sustainability proof: EUR 100-115 (26-45% upside). Bear scenario with auto-cycle weakness + Chinese share loss: EUR 55-65 (-18% to -31%). The dividend yield supports downside in non-bear scenarios.
🗓️ Next 3 Catalyst Dates
- April 30, 2026: Q1/2026 earnings — first MLX95280 design-win revenue contribution; consensus revenue EUR 220M, EBIT margin 17%
- Q3 2026: Tesla Model 3 Highland and Y Juniper refresh launches — first volume production with MLX95280; bull-case requires successful ramp
- March 2027: FY26 dividend announcement — bull-case requires sustained EUR 4.80 dividend confirming the 12-year growth streak
💬 Daniel's Take
Melexis is the cleanest European auto-semi pure-play with structural EV content expansion — Roland Duchâtelet alignment, 6% dividend with 12-year growth track record, and design-win visibility into 2030. I size this at 1% of a European industrial sleeve. The risk-reward is balanced: dividend sustainability is the genuine concern (payout 135% needs earnings recovery), but the EV content thesis is real. My personal trigger to upsize is below EUR 70 (around 18x forward P/E plus higher implied yield). At EUR 79.50 today, I rate it a hold with EUR 92 target over 18 months. Watching MLX95280 design-win conversion velocity more than the quarterly numbers.
Sources (3)
Disclaimer: This article is not investment advice. Investing in stocks carries risks, including total loss.
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