Siemens Healthineers AG (DE:SHL)
XETRA:SHL
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Siemens Healthineers AG
(XETRA:SHL)
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Rating:61Neutral
Price Target:
€35.00
▼(-10.05% Downside)
Action:Reiterated
Date:05/09/26
The score is driven mainly by solid underlying profitability and positive free cash flow, supported by confirmed full-year guidance and strong performance in Imaging/Precision Therapy. Offsetting these positives are a weak technical setup (price below all major moving averages with negative MACD), near-term growth risks tied to Diagnostics in China and tariff/FX headwinds, and only moderate balance-sheet flexibility given meaningful leverage.
Positive Factors
Imaging & Precision Therapy Strength
Sustained mid-single-digit growth and meaningful operational margin expansion in Imaging and Precision Therapy indicate durable product leadership and pricing power in high-value modalities. Strong equipment demand and Varian momentum support long-term installed base growth, driving recurring service and upgrade revenue and structural margin resilience.
Negative Factors
Diagnostics Headwinds in China
China's VBP and reimbursement rollbacks represent a structural market reset that compresses pricing and directly reduces diagnostics profit conversion. Given diagnostics' consumables-led economics, sustained lower prices can shrink recurring revenue and margins, forcing longer-term margin remediation or lower growth baselines in a key market.
Read all positive and negative factors
Positive Factors
Negative Factors
Imaging & Precision Therapy Strength
Sustained mid-single-digit growth and meaningful operational margin expansion in Imaging and Precision Therapy indicate durable product leadership and pricing power in high-value modalities. Strong equipment demand and Varian momentum support long-term installed base growth, driving recurring service and upgrade revenue and structural margin resilience.
Read all positive factors
Siemens Healthineers AG (SHL) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€37.27B
Dividend Yield2.13%
Average Volume (3M)1.21M
Price to Earnings (P/E)20.2
Beta (1Y)1.09
Revenue Growth-0.33%
EPS Growth0.15%
CountryDE
Employees72,000
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)1.87
Shares Outstanding1,128,000,000
10 Day Avg. Volume934,186
30 Day Avg. Volume1,206,394
Financial Highlights & Ratios
PEG Ratio2.46
Price to Book (P/B)2.86
Price to Sales (P/S)2.20
P/FCF Ratio22.75
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€48.73Price Target Upside25.24% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering14
EPS Forecast (FY)2.26
Revenue Forecast (FY)€23.74B
Siemens Healthineers AG Business Overview & Revenue Model
Company Description
Siemens Healthineers AG, through its subsidiaries, develops, manufactures, and sells a range of diagnostic and therapeutic products and services to healthcare providers worldwide. The company operates through four segments: Imaging, Diagnostics, V...
How the Company Makes Money
Siemens Healthineers primarily makes money by selling medical technology products and by providing recurring services and software to healthcare providers and related customers. Key revenue streams include: (1) Equipment and system sales: one-time...
Siemens Healthineers AG Earnings Call Summary
Earnings Call Date:Feb 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive operational story anchored by strong performance in Imaging and Precision Therapy—robust growth, margin expansion, product innovation and strategic milestones (Moody's rating, value partnerships). However, material near-term headwinds from Diagnostics in China, tariffs and foreign exchange created meaningful revenue and profit pressure and lowered short-term visibility (Q2 growth expected below guidance). Overall, strengths in the synergistic core were sufficient for management to confirm the full-year outlook, leaving the tone constructive but with clear risks to monitor in Diagnostics and macro/trade-related headwinds.Positive Updates
Strong start to FY2026 with confirmed outlook
Company reported a good start to fiscal 2026 and confirmed its full-year revenue and adjusted EPS outlook, driven by strong operational performance in core businesses.
Negative Updates
Diagnostics headwinds in China
Diagnostics revenue declined ~3% in Q1 overall, primarily driven by material structural changes in China: volume-based procurement (VBP) and reimbursement reductions. China declined ~5% overall, with Diagnostics exposure in China causing significant revenue and profit pressure.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong start to FY2026 with confirmed outlook
Company reported a good start to fiscal 2026 and confirmed its full-year revenue and adjusted EPS outlook, driven by strong operational performance in core businesses.
Read all positive updates
Company Guidance
Management confirmed its fiscal‑2026 outlook for both revenue growth and adjusted EPS, noting Q1 dynamics where Imaging and Precision Therapy grew ~6% combined (Imaging +5.7%, Precision Therapy +5.9%, Varian +9%) while Diagnostics fell ~3%, resulting in ~3.8% group revenue growth; adjusted EBIT margin was 15% (flat y/y) but expanded operationally ~200 bps ex tariffs/FX (Imaging margin 21.6% with >100 bps operational expansion; Precision Therapy ~400 bps operational expansion, aided by ~100 bps special item); adjusted EPS was down ~3% (~€0.02), yet removing FX (~$0.04 in Q1; ~€0.15 FY) and tariffs (~€0.06 in Q1; ~€0.15 FY) implies ~€0.08 operational EPS improvement in Q1 toward a targeted ~€0.25 FY operational EPS uplift; management expects to fully mitigate tariffs over three years, but cautioned Q2 group revenue will be below the 5–6% outlook range with Diagnostics in China declining further (tough comps), Imaging growth in Q2 around mid‑single digits and Precision Therapy mid‑ to high‑single digits, and margins in Q2 below prior‑year levels due to tariffs and FX.Siemens Healthineers AG Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
68
Positive
Cash Flow
63
Positive
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 23.07B | 23.38B | 22.36B | 21.68B | 21.71B | 18.00B |
| Gross Profit | 8.77B | 9.03B | 8.47B | 7.71B | 8.14B | 6.95B |
| EBITDA | 4.42B | 4.58B | 4.22B | 3.78B | 4.26B | 3.52B |
| Net Income | 2.10B | 2.14B | 1.94B | 1.51B | 2.04B | 1.73B |
Balance Sheet | ||||||
| Total Assets | 44.81B | 44.37B | 46.05B | 46.68B | 49.06B | 41.93B |
| Cash, Cash Equivalents and Short-Term Investments | 1.91B | 2.17B | 2.68B | 1.64B | 1.44B | 1.32B |
| Total Debt | 15.32B | 15.06B | 16.21B | 16.65B | 16.65B | 14.31B |
| Total Liabilities | 26.55B | 26.28B | 27.81B | 28.55B | 29.20B | 25.87B |
| Stockholders Equity | 18.21B | 18.04B | 18.20B | 18.08B | 19.84B | 16.04B |
Cash Flow | ||||||
| Free Cash Flow | 2.01B | 2.27B | 1.77B | 971.00M | 1.40B | 2.11B |
| Operating Cash Flow | 2.81B | 3.08B | 2.47B | 1.81B | 2.26B | 2.78B |
| Investing Cash Flow | -730.00M | -906.00M | -666.00M | -1.07B | -868.00M | -14.14B |
| Financing Cash Flow | -2.50B | -2.59B | -1.30B | -380.00M | -1.40B | 11.99B |
Siemens Healthineers AG Technical Analysis
Negative
38.91
Price Trends
39.19
Negative
41.11
Negative
43.39
Negative
Market Momentum
-0.19
Negative
58.38
Neutral
87.19
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:SHL, the sentiment is Negative. The current price of 38.91 is above the 20-day moving average (MA) of 37.05, below the 50-day MA of 39.19, and below the 200-day MA of 43.39, indicating a neutral trend. The MACD of -0.19 indicates Negative momentum. The RSI at 58.38 is Neutral, neither overbought nor oversold. The STOCH value of 87.19 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DE:SHL.
Siemens Healthineers AG Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | €901.06M | 22.05 | 20.78% | 1.11% | 6.84% | 43.33% | |
70 Outperform | €51.02B | 17.72 | 8.77% | 1.82% | -1.69% | -10.15% | |
65 Neutral | €1.36B | 37.27 | 9.79% | 3.46% | 4.23% | 32.89% | |
61 Neutral | €37.27B | 20.17 | 11.59% | 2.13% | -0.33% | 0.15% | |
57 Neutral | €10.81B | 22.49 | 7.26% | 3.54% | -0.69% | 55.62% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | €12.77B | 65.09 | 6.05% | 0.39% | 3.20% | 70.35% |
* Healthcare Sector Average
DE:SHL
Siemens Healthineers AG
33.40
-14.66
-30.51%
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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.