Carl Zeiss Meditec (AFX) AI Stock Analysis

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Carl Zeiss Meditec

(XETRA:AFX)

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Rating:74Outperform

Price Target:EUR 39.00▲(11.43% Upside)

Action:upgraded

Date:08/17/26

Overall score reflects strong financial stability and a favorable technical setup. The primary offsetting factors are pressured profitability and weakening free cash flow trends, while valuation appears reasonable but not especially compelling.

Positive Factors

Diversified medical technology portfolioCarl Zeiss Meditec serves several important ophthalmic and microsurgical workflows rather than relying on a single device category. This breadth can support cross-selling, deepen customer relationships, and provide a more durable platform for growth as clinical needs and procedure volumes evolve.

Negative Factors

Recent revenue contractionThe reported revenue contraction indicates that recent demand or execution has not matched the company’s longer-term growth profile. If weakness persists, it could reduce operating leverage, slow expansion of the installed base, and limit the resources available for innovation and commercial investment.

Carl Zeiss Meditec (AFX) vs. iShares MSCI Germany ETF (EWG)

Market Cap: EUR 3.08B
Dividend Yield: 1.57%
Average Volume (3M): 164.96K
Price to Earnings (P/E): 21.0
Beta (1Y): 1.17
Revenue Growth: -0.06%
EPS Growth: -38.81%
Country: Germany
Employees: 5,784
Sector: General
Sector Strength: 55
Industry: Medical - Instruments & Supplies

Carl Zeiss Meditec Business Overview & Revenue Model

Company Description

Carl Zeiss Meditec AG operates as a medical technology company in Germany, rest of Europe, North America, and Asia. It operates in two segments, Ophthalmology and Microsurgery. The Ophthalmology segment offers products and solutions for the diagnosis...

How the Company Makes Money

Carl Zeiss Meditec makes money primarily by selling medical devices and associated software used in eye care and surgical settings. Its key revenue streams typically include: (1) Ophthalmic diagnostics: sales of diagnostic instruments and imaging sys...

Carl Zeiss Meditec Financial Statement Overview

Summary

Solid overall fundamentals supported by consistent revenue growth and a strong balance sheet (low leverage, robust equity ratio). The main drag is declining profitability (lower net profit, EBIT and EBITDA margins) and softer free cash flow trends, which raise execution and reinvestment capacity risks.

Income Statement

75Positive

Balance Sheet

80Positive

Cash Flow

70Positive

Financial statement breakdown
Breakdown	TTM	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021
Income Statement
Total Revenue	2.65B	2.23B	2.07B	2.09B	1.90B	1.65B
Gross Profit	1.35B	1.18B	1.09B	1.21B	1.13B	967.21M
EBITDA	330.78M	346.89M	403.06M	501.88M	482.85M	410.00M
Net Income	116.61M	141.21M	178.73M	290.40M	293.91M	236.28M
Balance Sheet
Total Assets	0	3.46B	3.39B	3.03B	2.82B	2.40B
Cash, Cash Equivalents and Short-Term Investments	23.90M	27.27M	20.29M	10.60M	7.73M	7.44M
Total Debt	0	607.37M	612.73M	297.72M	219.08M	197.17M
Total Liabilities	-2.11B	1.33B	1.34B	860.02M	792.73M	718.59M
Stockholders Equity	2.11B	2.12B	2.04B	2.16B	2.02B	1.66B
Cash Flow
Free Cash Flow	272.51M	170.46M	95.11M	137.00M	106.23M	296.56M
Operating Cash Flow	300.27M	209.86M	247.32M	250.86M	188.20M	362.66M
Investing Cash Flow	-119.28M	-91.03M	-412.31M	-110.98M	-148.89M	-75.20M
Financing Cash Flow	-180.99M	-108.83M	176.25M	-135.09M	-38.24M	-285.89M

Carl Zeiss Meditec Technical Analysis

Technical Analysis SentimentPositive

Last Price35.00

Price Trends

50DMA32.50Positive

100DMA31.27Positive

200DMA28.49Positive

Market Momentum

MACD0.55Positive

RSI54.45Neutral

STOCH28.86Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:AFX, the sentiment is Positive. The current price of 35.00 is above the 20-day moving average (MA) of 34.61, above the 50-day MA of 32.50, and above the 200-day MA of 28.49, indicating a neutral trend. The MACD of 0.55 indicates Positive momentum. The RSI at 54.45 is Neutral, neither overbought nor oversold. The STOCH value of 28.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DE:AFX.

Carl Zeiss Meditec Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

DE:AFX against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DE:AFX	74Outperform	EUR 3.08B	20.96	5.52%	1.57%	-0.06%	-38.81%
DE:DRW8	70Outperform	EUR 1.80B	12.39	10.20%	2.61%	5.06%	40.18%
DE:JEN	70Outperform	EUR 2.16B	20.75	9.74%	1.11%	4.05%	37.55%
DE:EUZ	69Neutral	EUR 907.32M	23.24	19.49%	1.43%	4.05%	―
DE:SRT	62Neutral	EUR 17.75B	71.36	7.81%	0.32%	4.19%	63.32%
DE:SBS	61Neutral	EUR 325.17M	-697.50	-0.17%	2.15%	―	―
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%

* General Sector Average

Performance Comparison

DE:AFX and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
DE:AFX	Carl Zeiss Meditec	35.00	-5.49	-13.56%
DE:DRW8	Draegerwerk AG & Co. KGaA (0MT8)	84.80	25.66	43.40%
DE:EUZ	Eckert & Ziegler Strahlen und Medizintechnik	15.34	-0.52	-3.29%
DE:JEN	Jenoptik AG	36.10	16.58	84.95%
DE:SRT	Sartorius (0NIQ)	225.50	44.88	24.85%
DE:SBS	STRATEC Biomedical	27.90	7.94	39.78%

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.

Date of analysis: Aug 17, 2026

Carl Zeiss Meditec AI Stock Analysis