Carl Zeiss Meditec (DE:AFX)
XETRA:AFX
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Carl Zeiss Meditec
(XETRA:AFX)
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Rating:66Neutral
Price Target:
€27.00
▼(-3.23% Downside)
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
Healthy balance sheet
Low leverage and a robust equity ratio provide lasting financial flexibility: they reduce insolvency risk through procurement and capital cycles for medical equipment, support financing of customer installations and R&D, and allow strategic investments or M&A without stressing cash flow.
Negative Factors
Margin erosion
Declining core profitability metrics signal structural pressure on operating efficiency or pricing. Persisting margin erosion reduces retained earnings available for capex and R&D, weakens return metrics, and can force cost-cutting that undermines long-term product innovation and service quality.
Read all positive and negative factors
Positive Factors
Negative Factors
Healthy balance sheet
Low leverage and a robust equity ratio provide lasting financial flexibility: they reduce insolvency risk through procurement and capital cycles for medical equipment, support financing of customer installations and R&D, and allow strategic investments or M&A without stressing cash flow.
Read all positive factors
Carl Zeiss Meditec (AFX) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€2.36B
Dividend Yield1.5%
Average Volume (3M)154.89K
Price to Earnings (P/E)36.1
Beta (1Y)1.45
Revenue Growth-0.06%
EPS Growth-38.81%
CountryDE
Employees2,066
SectorGeneral
Sector StrengthN/A
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)1.42
Shares Outstanding89,440,570
10 Day Avg. Volume120,593
30 Day Avg. Volume154,893
Financial Highlights & Ratios
PEG Ratio-1.31
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
€27.65Price Target Upside-0.90% Downside
Rating ConsensusHold
Number of Analyst Covering9
EPS Forecast (FY)1.4
Revenue Forecast (FY)€2.20B
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...
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...
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 | 2.17B | 2.23B | 2.07B | 2.09B | 1.90B | 1.65B |
| Gross Profit | 1.40B | 1.18B | 1.09B | 1.21B | 1.13B | 967.21M |
| EBITDA | 363.43M | 346.89M | 403.06M | 502.77M | 482.36M | 409.21M |
| Net Income | 94.85M | 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 | 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
Positive
27.90
Price Trends
25.55
Positive
27.66
Negative
35.00
Negative
Market Momentum
<0.01
Negative
52.81
Neutral
63.50
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 27.9 is above the 20-day moving average (MA) of 25.97, above the 50-day MA of 25.55, and below the 200-day MA of 35.00, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 52.81 is Neutral, neither overbought nor oversold. The STOCH value of 63.50 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | €959.26M | 22.05 | 20.26% | 1.11% | 6.84% | 43.33% | |
66 Neutral | €2.36B | 36.10 | 6.69% | 1.50% | -0.06% | -38.81% | |
66 Neutral | €2.62B | 24.10 | 7.38% | 1.97% | -5.40% | -8.25% | |
65 Neutral | €1.50B | 37.27 | 9.79% | 3.46% | 4.23% | 32.89% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | €14.36B | 65.09 | 6.05% | 0.39% | 3.20% | 70.35% | |
49 Neutral | €204.22M | -30.34 | -1.37% | 2.71% | ― | ― |
* General Sector Average
DE:AFX
Carl Zeiss Meditec
26.24
-30.73
-53.94%
DE:DRW8
Draegerwerk AG & Co. KGaA
73.40
19.89
37.16%
DE:EUZ
Eckert & Ziegler Strahlen und Medizintechnik
15.78
-4.46
-22.05%
DE:JEN
Jenoptik
44.68
25.53
133.29%
DE:SRT
Sartorius
184.20
8.56
4.87%
DE:SBS
STRATEC Biomedical
16.66
-8.37
-33.43%
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.