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Sartorius
(XETRA:SRT)
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Rating:48Neutral
Price Target:
€192.00
▲(10.34% Upside)
Action:Reiterated
Date:07/24/26
The score is held back mainly by a leveraged and mixed financial profile (low net margin and moderate returns) and weak technical momentum (below key moving averages with negative MACD). Earnings-call guidance and improving cash generation provide support, but the very high P/E and low dividend yield weigh on valuation attractiveness.
Positive Factors
Recurring consumables growth
Durable, recurring consumables growth underpins a razor-and-blade revenue model with high stickiness. Double-digit CAGR since 2019 implies expanding installed base and repeat demand, supporting predictable revenue and margin resilience over the mid-term as customers standardize on single-use consumables.
Negative Factors
Elevated leverage
High absolute debt and elevated leverage constrain strategic optionality and increase sensitivity to revenue or margin shocks. Interest and principal commitments limit free cash for investment or buybacks and heighten refinancing risk if market conditions tighten, a persistent constraint until materially reduced.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring consumables growth
Durable, recurring consumables growth underpins a razor-and-blade revenue model with high stickiness. Double-digit CAGR since 2019 implies expanding installed base and repeat demand, supporting predictable revenue and margin resilience over the mid-term as customers standardize on single-use consumables.
Read all positive factors
Sartorius (SRT) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€14.59B
Dividend Yield0.38%
Average Volume (3M)5.04K
Price to Earnings (P/E)84.3
Beta (1Y)1.33
Revenue Growth3.29%
EPS Growth88.34%
CountryDE
Employees14,042
SectorGeneral
Sector StrengthN/A
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)2.83
Shares Outstanding37,440,000
10 Day Avg. Volume4,524
30 Day Avg. Volume5,035
Financial Highlights & Ratios
PEG Ratio1.32
Price to Book (P/B)6.31
Price to Sales (P/S)4.82
P/FCF Ratio79.72
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)5.28
Revenue Forecast (FY)€3.71B
Sartorius Business Overview & Revenue Model
Company Description
Sartorius AG, founded in Göttingen, Germany in 1870, is a global supplier of advanced bioprocess solutions, laboratory products, and associated services. The company's diverse portfolio encompasses several critical areas: For biosensing and detect...
How the Company Makes Money
Sartorius makes money primarily by selling products and services that support the development, scale-up, and commercial manufacturing of biologic drugs and vaccines, as well as routine work in laboratories.
Key revenue streams typically include:
...
Sartorius Earnings Call Summary
Earnings Call Date:Jul 23, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 2026
Earnings Call Sentiment Positive
The call conveyed a largely positive operational picture: solid organic growth (notably in consumables), improving profitability, strong cash generation and progress on deleveraging, alongside meaningful product and technology milestones. Key near-term risks are external and technical (U.S. tariff refunds/compensation, timing delays from two advanced-modality customers, product mix headwinds and FX), but management confirmed full-year guidance and emphasized that underlying demand and fundamentals remain intact.Positive Updates
Solid Group Revenue Growth (Operational)
Group sales revenue increased by 7.7% on an operational basis in H1 (constant currencies). Including tariff-related effects, growth was 6.2% in constant currencies and 2.5% on a reported basis.
Negative Updates
U.S. Tariffs and Refund Uncertainty
Tariff-related customer compensation of EUR 26m was recognized in H1, reducing reported revenue growth by ~1.5 percentage points in H1 and almost 3 percentage points in Q2. Management applied for larger refunds (group referenced ~EUR 40m total; SSB applied for EUR 35m and received EUR 22m with ~EUR 13m outstanding) but timing and ultimate outcome remain uncertain and could turn H2 effects into a headwind.
Read all updates
Q2-2026 Updates
Positive
Negative
Solid Group Revenue Growth (Operational)
Group sales revenue increased by 7.7% on an operational basis in H1 (constant currencies). Including tariff-related effects, growth was 6.2% in constant currencies and 2.5% on a reported basis.
Read all positive updates
Company Guidance
Management confirmed full‑year guidance: group constant‑currency sales growth of 5–9% (with MATTEK contributing ~30 basis points) and an underlying EBITDA margin slightly above 30%; Bioprocess Solutions is guided to grow 6–10% with an underlying EBITDA margin around 32%, and Lab Products & Services to grow ~6% (≈1.5 percentage points from MATTEK) with a margin slightly below 21%. They reiterated a group CapEx ratio roughly in line with last year (≈12.5% full‑year expectation), net debt/underlying‑EBITDA slightly above 3x at year‑end (Sartorius Stedim Biotech: slightly above 2x and CapEx slightly above 13%), and flagged an FX headwind of ~2 percentage points to reported revenue (with Q3/Q4 FX tailwinds just under 50 basis points each). Management also introduced an “operational” view excluding customer tariff compensation (noting tariff refunds received in H1 and ongoing uncertainty), and said that including tariff compensation reported growth is expected to fall in the lower half of the group and BPS ranges and near the midpoint for LPS.Sartorius Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
47
Neutral
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.58B | 3.54B | 3.38B | 3.40B | 4.17B | 3.45B |
| Gross Profit | 1.64B | 1.64B | 1.52B | 1.57B | 2.20B | 1.84B |
| EBITDA | 1.04B | 1.07B | 786.80M | 873.10M | 1.50B | 945.12M |
| Net Income | 171.40M | 154.90M | 84.00M | 205.20M | 913.10M | 426.98M |
Balance Sheet | ||||||
| Total Assets | 9.60B | 9.72B | 10.10B | 9.76B | 6.98B | 5.70B |
| Cash, Cash Equivalents and Short-Term Investments | 306.90M | 551.80M | 828.70M | 394.20M | 196.80M | 360.99M |
| Total Debt | 4.05B | 4.28B | 4.56B | 5.31B | 2.54B | 2.08B |
| Total Liabilities | 5.60B | 5.85B | 6.21B | 7.00B | 4.32B | 3.98B |
| Stockholders Equity | 2.82B | 2.71B | 2.76B | 2.07B | 1.99B | 1.26B |
Cash Flow | ||||||
| Free Cash Flow | 292.90M | 214.10M | 566.30M | 293.90M | 211.60M | 458.65M |
| Operating Cash Flow | 734.40M | 656.00M | 976.20M | 853.60M | 734.20M | 865.81M |
| Investing Cash Flow | -504.70M | -513.50M | -425.80M | -2.82B | -1.13B | -569.61M |
| Financing Cash Flow | -760.50M | -410.60M | -128.30M | 2.17B | 209.90M | -165.18M |
Sartorius Technical Analysis
Positive
174.00
Price Trends
185.24
Positive
180.38
Positive
183.82
Positive
Market Momentum
0.64
Negative
61.70
Neutral
90.75
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:SRT, the sentiment is Positive. The current price of 174 is below the 20-day moving average (MA) of 184.11, below the 50-day MA of 185.24, and below the 200-day MA of 183.82, indicating a bullish trend. The MACD of 0.64 indicates Negative momentum. The RSI at 61.70 is Neutral, neither overbought nor oversold. The STOCH value of 90.75 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DE:SRT.
Sartorius Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | €10.31B | 24.94 | 17.42% | 2.05% | 1.30% | 10.05% | |
64 Neutral | €8.39B | 69.45 | 1.89% | 5.85% | -4.03% | -71.46% | |
59 Neutral | €1.63B | 26.74 | 11.05% | 4.66% | 0.35% | 116.73% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | €908.40M | -2.79 | -23.57% | 0.15% | 14.00% | -391.94% | |
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:SRT
Sartorius
194.40
31.91
19.63%
DE:EVK
Evonik
17.96
2.30
14.70%
DE:G1A
GEA Group AG
64.10
-0.89
-1.37%
DE:GXI
Gerresheimer
25.92
-19.62
-43.08%
DE:PFV
Pfeiffer Vacuum Technology
164.20
14.89
9.97%
DE:SBS
STRATEC Biomedical
20.30
-5.36
-20.90%
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.