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Carl Zeiss Meditec
(XETRA:AFX)
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Rating:66Neutral
Price Target:
€32.00
▲(15.11% Upside)
Action:Reiterated
Date:05/14/26
The score is supported primarily by solid financial performance (healthy balance sheet and continued revenue growth), but is held back by margin and free-cash-flow pressure. Technicals are mixed with a weak longer-term trend, and valuation looks stretched with a high P/E despite a moderate dividend yield.
Positive Factors
Balance Sheet Strength
Low leverage and a robust equity ratio give the company durable financial flexibility. This stability supports steady investment in R&D, capital equipment for customers, and resilience to cyclical hospital capital spending, reducing refinancing and solvency risk over months.
Negative Factors
Margin Compression
Widening gap between strong gross margins and falling operating/profit margins suggests rising SG&A or R&D intensity or pricing pressure. Sustained margin erosion would weaken return on capital, constrain reinvestment, and pressure shareholder returns over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Low leverage and a robust equity ratio give the company durable financial flexibility. This stability supports steady investment in R&D, capital equipment for customers, and resilience to cyclical hospital capital spending, reducing refinancing and solvency risk over months.
Read all positive factors
Carl Zeiss Meditec (AFX) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€2.67B
Dividend Yield1.83%
Average Volume (3M)154.89K
Price to Earnings (P/E)22.1
Beta (1Y)1.44
Revenue Growth-0.06%
EPS Growth-38.81%
CountryDE
Employees5,784
SectorGeneral
Sector StrengthN/A
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)1.36
Shares Outstanding89,440,570
10 Day Avg. Volume120,593
30 Day Avg. Volume154,893
Financial Highlights & Ratios
PEG Ratio-1.32
Price to Book (P/B)1.74
Price to Sales (P/S)1.66
P/FCF Ratio21.65
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€26.71Price Target Upside-3.92% Downside
Rating ConsensusHold
Number of Analyst Covering9
EPS Forecast (FY)1.29
Revenue Forecast (FY)€2.18B
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 diagno...
How the Company Makes Money
Carl Zeiss Meditec makes money primarily by selling medical devices and related software used in eye care and surgical settings. A major revenue stream comes from ophthalmic equipment across the clinical workflow—systems used for diagnostics and m...
Carl Zeiss Meditec Financial Statement Overview
Summary
Income Statement
75
Positive
Balance Sheet
80
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.64B | 2.23B | 2.07B | 2.09B | 1.90B | 1.65B |
| Gross Profit | 1.34B | 1.18B | 1.09B | 1.21B | 1.13B | 967.21M |
| EBITDA | 303.57M | 346.89M | 403.06M | 501.88M | 482.85M | 410.00M |
| Net Income | 89.95M | 141.21M | 178.73M | 290.40M | 293.91M | 236.28M |
Balance Sheet | ||||||
| Total Assets | 3.34B | 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 | 617.55M | 607.37M | 612.73M | 297.72M | 127.90M | 217.16M |
| Total Liabilities | 1.23B | 1.33B | 1.34B | 860.02M | 792.73M | 718.59M |
| Stockholders Equity | 2.10B | 2.12B | 2.04B | 2.16B | 2.02B | 1.66B |
Cash Flow | ||||||
| Free Cash Flow | 370.30M | 170.46M | 95.11M | 137.00M | 106.23M | 296.56M |
| Operating Cash Flow | 357.46M | 209.86M | 247.32M | 250.86M | 188.20M | 362.66M |
| Investing Cash Flow | -95.89M | -91.03M | -412.31M | -110.98M | -148.89M | -75.20M |
| Financing Cash Flow | -252.85M | -108.83M | 176.25M | -135.09M | -38.24M | -285.89M |
Carl Zeiss Meditec Technical Analysis
Positive
27.80
Price Trends
27.87
Positive
26.80
Positive
30.97
Negative
Market Momentum
0.64
Positive
54.15
Neutral
48.34
Neutral
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 27.8 is below the 20-day moving average (MA) of 29.42, below the 50-day MA of 27.87, and below the 200-day MA of 30.97, indicating a neutral trend. The MACD of 0.64 indicates Positive momentum. The RSI at 54.15 is Neutral, neither overbought nor oversold. The STOCH value of 48.34 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | €1.81B | 12.25 | 9.79% | 2.82% | 6.37% | 71.55% | |
71 Outperform | €869.78M | 19.76 | 20.26% | 1.65% | 6.84% | 43.33% | |
66 Neutral | €2.67B | 22.06 | 4.27% | 1.98% | -0.06% | -38.81% | |
62 Neutral | €2.24B | 28.19 | 8.03% | 1.02% | -5.40% | -8.25% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
49 Neutral | €247.98M | -75.19 | -1.37% | 3.05% | ― | ― | |
48 Neutral | €14.59B | 84.31 | 6.28% | 0.42% | 3.29% | 88.34% |
* General Sector Average
DE:AFX
Carl Zeiss Meditec
30.00
-11.00
-26.82%
DE:DRW8
Draegerwerk AG & Co. KGaA
86.00
32.10
59.55%
DE:EUZ
Eckert & Ziegler Strahlen und Medizintechnik
13.90
-4.91
-26.11%
DE:JEN
Jenoptik
38.90
20.37
109.95%
DE:SRT
Sartorius
194.40
45.45
30.51%
DE:SBS
STRATEC Biomedical
20.30
-5.46
-21.19%
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.