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aap Implantate
(XETRA:AAQ1)
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Rating:43Neutral
Price Target:
€1.50
▲(2.74% Upside)
Action:Reiterated
Date:08/30/26
The score is held down primarily by persistent net losses and ongoing cash burn, which outweigh strong gross margins and a relatively manageable leverage profile. Technically, the stock is in a downtrend (below major moving averages with negative MACD), adding risk. Valuation offers limited support because earnings are negative and no dividend yield is indicated.
Positive Factors
Strong Gross Margin
An approximately 82% gross margin indicates strong product-level economics in the orthopedic implant business. This provides a meaningful base for covering operating costs and funding commercial activity, while also leaving potential for improved earnings if the company can achieve better cost discipline and scale.
Negative Factors
Persistent Unprofitability
Persistent net losses show that strong gross profitability has not yet translated into a self-sustaining earnings model. Continued operating losses can consume equity, restrict investment capacity, and leave the company dependent on future operational improvement or external funding to support its strategy.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Gross Margin
An approximately 82% gross margin indicates strong product-level economics in the orthopedic implant business. This provides a meaningful base for covering operating costs and funding commercial activity, while also leaving potential for improved earnings if the company can achieve better cost discipline and scale.
Read all positive factors
aap Implantate (AAQ1) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€22.08M
Dividend YieldN/A
Average Volume (3M)2.11K
Price to Earnings (P/E)―
Beta (1Y)-0.09
Revenue Growth1.92%
EPS Growth41.76%
CountryDE
Employees105
SectorGeneral
Sector StrengthN/A
IndustryMedical - Specialties
Share Statistics
EPS (TTM)-0.20
Shares Outstanding14,716,976
10 Day Avg. Volume2,084
30 Day Avg. Volume2,108
Financial Highlights & Ratios
PEG Ratio0.15
Price to Book (P/B)2.27
Price to Sales (P/S)1.58
P/FCF Ratio-9.15
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
aap Implantate Business Overview & Revenue Model
Company Description
Operating as a medical technology firm, aap Implantate AG specializes in the development, manufacturing, and commercialization of orthopedic trauma devices. The company's market presence spans Germany, the United States, and various international ...
How the Company Makes Money
aap Implantate generates revenue primarily by selling orthopedic/trauma implant systems and associated surgical instrumentation to healthcare providers (such as hospitals and surgical centers), either directly or via distribution partners. Key rev...
aap Implantate Financial Statement Overview
Summary
Income Statement
26
Negative
Balance Sheet
58
Neutral
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Jun 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 12.78M | 12.50M | 12.20M | 11.48M | 11.52M | 12.17M |
| Gross Profit | 11.38M | 10.80M | 10.67M | 9.74M | 10.58M | 2.32M |
| EBITDA | -815.20K | -632.00K | -1.19M | -3.43M | -1.57M | -520.00K |
| Net Income | -2.73M | -2.60M | -3.63M | -5.13M | -2.56M | -2.52M |
Balance Sheet | ||||||
| Total Assets | 16.11M | 13.75M | 15.84M | 19.47M | 20.23M | 22.95M |
| Cash, Cash Equivalents and Short-Term Investments | 286.00K | 1.40M | 2.46M | 1.64M | 236.00K | 2.11M |
| Total Debt | 3.97M | 984.00K | 1.72M | 5.29M | 3.17M | 5.08M |
| Total Liabilities | 7.93M | 5.06M | 5.38M | 8.63M | 7.40M | 10.18M |
| Stockholders Equity | 8.18M | 8.70M | 10.46M | 10.85M | 12.83M | 12.78M |
Cash Flow | ||||||
| Free Cash Flow | -1.78M | -2.16M | -1.45M | -3.40M | -2.38M | -2.99M |
| Operating Cash Flow | -1.33M | -1.43M | -1.12M | -2.99M | -1.89M | -2.47M |
| Investing Cash Flow | -876.00K | -670.00K | -327.00K | -397.00K | -469.00K | 155.00K |
| Financing Cash Flow | 2.27M | 859.00K | 2.22M | 4.42M | 475.00K | 3.53M |
aap Implantate Technical Analysis
Negative
1.46
Price Trends
1.62
Negative
1.68
Negative
1.64
Negative
Market Momentum
-0.03
Positive
35.97
Neutral
29.21
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:AAQ1, the sentiment is Negative. The current price of 1.46 is below the 20-day moving average (MA) of 1.66, below the 50-day MA of 1.62, and below the 200-day MA of 1.64, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 35.97 is Neutral, neither overbought nor oversold. The STOCH value of 29.21 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DE:AAQ1.
aap Implantate Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | €2.91B | 19.66 | 5.52% | 1.67% | -0.06% | -38.81% | |
67 Neutral | €772.16M | 15.46 | 19.49% | 1.78% | 4.42% | 35.68% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | €11.49M | -14.83 | -4.38% | 4.83% | 1.58% | -148.73% | |
43 Neutral | €22.08M | -7.74 | -32.36% | ― | 1.92% | 41.76% |
* General Sector Average
DE:AAQ1
aap Implantate
1.51
-0.09
-5.63%
DE:AFX
Carl Zeiss Meditec
32.84
-11.66
-26.20%
DE:EUZ
Eckert & Ziegler Strahlen und Medizintechnik
12.37
-4.46
-26.49%
DE:GME
Geratherm Medical
2.07
-1.87
-47.45%
DE:MF6
MagForce AG
―
―
―
DE:E8X
elexxion AG
0.01
-0.14
-91.61%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.