Carl Zeiss Meditec (AFX) AI Stock Analysis

• Market Cap: €2.29B
• Dividend Yield: 1.5%
• Average Volume (3M): 154.89K
• Price to Earnings (P/E): 26.1
• Beta (1Y): 1.35
• Revenue Growth: 7.82%
• EPS Growth: -19.80%
• Country: DE
• Employees: 2,066
• Sector: General
• Sector Strength: N/A
• Industry: Medical - Instruments & Supplies
• EPS (TTM): 0.03
• Shares Outstanding: 89,440,570
• 10 Day Avg. Volume: 120,593
• 30 Day Avg. Volume: 154,893
• PEG Ratio: -1.31
• Price to Book (P/B): 1.74
• Price to Sales (P/S): 1.66
• P/FCF Ratio: 21.65
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €30.54
• Price Target Upside: 9.48% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 10
• EPS Forecast (FY): 1.61
• Revenue Forecast (FY): €2.23B

• Rating: 65 Neutral
• Price Target: €27.00 ▼(-3.23% Downside)
• Action: Reiterated Date: 01/23/26
• Date: Action: Reiterated 01/23/26

The score is driven primarily by strong financial stability and generally healthy fundamentals, partially offset by pressure on profitability margins and slowing free cash flow. Technical signals are meaningfully negative (downtrend despite oversold readings), while valuation is neutral-to-slightly supportive due to a moderate P/E and a ~2% dividend yield.

Positive Factors

Recurring revenue from installed base

Carl Zeiss Meditec’s mix of capital equipment, consumables, service contracts and software creates recurring revenue tied to its installed base. This durable model provides predictable aftermarket cash flows, improves customer stickiness and supports reinvestment and long-term stability.

Negative Factors

Declining profitability margins

Declining net, EBIT and EBITDA margins point to mounting cost pressures or pricing compression. If margins do not recover, internal funding for R&D and margin-accretive initiatives will shrink, reducing operational flexibility and long-term shareholder returns.

Carl Zeiss Meditec Business Overview & Revenue Model

Company Description

Carl Zeiss Meditec AG operates as a medical technology company in Germany, rest of Europe, the United States, Asia, and internationally. It operates in two segments, Ophthalmic Devices and Microsurgery. The Ophthalmic Devices segment offers produc...

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Carl Zeiss Meditec AG operates as a medical technology company in Germany, rest of Europe, the United States, Asia, and internationally. It operates in two segments, Ophthalmic Devices and Microsurgery. The Ophthalmic Devices segment offers produc...

How the Company Makes Money

Carl Zeiss Meditec makes money primarily by selling medical devices and associated software used in ophthalmology and microsurgery. Key revenue streams typically include: (1) capital equipment sales to hospitals, ambulatory surgical centers, and o...

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Carl Zeiss Meditec makes money primarily by selling medical devices and associated software used in ophthalmology and microsurgery. Key revenue streams typically include: (1) capital equipment sales to hospitals, ambulatory surgical centers, and o...

Carl Zeiss Meditec Financial Statement Overview

Breakdown	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021
Income Statement
Total Revenue	2.23B	2.07B	2.09B	1.90B	1.65B
Gross Profit	1.18B	1.09B	1.21B	1.13B	967.21M
EBITDA	346.89M	403.06M	502.77M	482.36M	409.21M
Net Income	141.21M	178.73M	290.40M	293.91M	236.28M
Balance Sheet
Total Assets	3.46B	3.39B	3.03B	2.82B	2.40B
Cash, Cash Equivalents and Short-Term Investments	27.27M	20.29M	10.60M	7.73M	7.44M
Total Debt	607.37M	612.73M	297.72M	127.90M	217.16M
Total Liabilities	1.33B	1.34B	860.02M	792.73M	718.59M
Stockholders Equity	2.12B	2.04B	2.16B	2.02B	1.66B
Cash Flow
Free Cash Flow	170.46M	95.11M	137.00M	106.23M	296.56M
Operating Cash Flow	209.86M	247.32M	250.86M	188.20M	362.66M
Investing Cash Flow	-91.03M	-412.31M	-110.98M	-148.89M	-75.20M
Financing Cash Flow	-108.83M	176.25M	-135.09M	-38.24M	-285.89M

Carl Zeiss Meditec Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 27.90
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:AFX, the sentiment is Neutral. The current price of 27.9 is above the 20-day moving average (MA) of 23.80, above the 50-day MA of 25.37, and below the 200-day MA of 39.01, indicating a neutral trend. The MACD of -0.35 indicates Negative momentum. The RSI at 51.58 is Neutral, neither overbought nor oversold. The STOCH value of 70.27 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for DE:AFX.

Carl Zeiss Meditec Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DRW8	72 Outperform	€1.59B	9.32	9.11%	3.46%	2.14%	6.69%
JEN	69 Neutral	€1.72B	15.56	7.38%	1.97%	-5.27%	-13.70%
EUZ	67 Neutral	€921.09M	19.58	20.78%	1.11%	9.64%	35.18%
AFX	65 Neutral	€2.29B	26.13	6.77%	1.50%	7.82%	-19.80%
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
SRT	50 Neutral	€13.63B	110.19	5.77%	0.39%	5.82%	59.90%
SBS	49 Neutral	€211.03M	58.01	6.55%	2.71%	-1.64%	22.60%