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Siemens Healthineers AG
(XETRA:SHL)
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Rating:70Outperform
Price Target:
€43.00
▲(22.65% Upside)
Action:Upgraded
Date:08/04/26
The score is driven mainly by solid financial performance (good profitability and positive free cash flow, though leverage and cash-flow variability remain risks). Technicals are constructive but overbought, which tempers near-term outlook. Valuation is reasonable with a moderate P/E and a supportive dividend yield. The latest earnings call was mixed: strong orders and cash/deleveraging progress, but lowered revenue guidance and Diagnostics/China weakness with some EPS support coming from one-offs.
Positive Factors
Diversified recurring revenue model
Siemens Healthineers earns from large equipment sales plus annuity-like service contracts, consumables and software subscriptions. That multi-stream model supports durable revenue resilience, repeatable margins and predictable installed-base cash flow over the medium term.
Negative Factors
Diagnostics weakness and China revenue rebase
A prolonged Diagnostics decline, amplified by a China market rebase, erodes a high-frequency revenue pool (consumables/assays). Slower recovery in China reduces the predictability of recurring diagnostic volumes and risks longer-term dilution of segment margins and share.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified recurring revenue model
Siemens Healthineers earns from large equipment sales plus annuity-like service contracts, consumables and software subscriptions. That multi-stream model supports durable revenue resilience, repeatable margins and predictable installed-base cash flow over the medium term.
Read all positive factors
Siemens Healthineers AG (SHL) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€41.13B
Dividend Yield2.71%
Average Volume (3M)1.13M
Price to Earnings (P/E)18.6
Beta (1Y)1.06
Revenue Growth-0.92%
EPS Growth2.06%
CountryDE
Employees74,000
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)1.98
Shares Outstanding1,128,000,000
10 Day Avg. Volume1,316,140
30 Day Avg. Volume1,130,706
Financial Highlights & Ratios
PEG Ratio2.47
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
€44.26Price Target Upside26.25% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)2.34
Revenue Forecast (FY)€23.58B
Siemens Healthineers AG Business Overview & Revenue Model
Company Description
Siemens Healthineers AG, a subsidiary of Siemens Aktiengesellschaft with its headquarters in Erlangen, Germany, is a global leader in medical technology. The company develops, produces, and distributes a comprehensive portfolio of diagnostic and t...
How the Company Makes Money
Siemens Healthineers primarily makes money by selling medical equipment and associated services and consumables to hospitals, clinics, laboratories, and other healthcare providers, with revenue generally organized across its major business areas (...
Siemens Healthineers AG Earnings Call Summary
Earnings Call Date:Jul 31, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Neutral
The call showed a mix of strong operational and product‑led momentum (notably book‑to‑bill strength, Precision Therapy/Varian growth, imaging innovations, radiopharma traction and improved cash/net‑debt) while Diagnostics weakness—driven by China's market rebasing and legacy platform dilution—kept top‑line momentum below prior expectations and led management to lower revenue guidance. Profitability and EPS were supported by tariff refunds and the synergetic core remains on track, but inflation, FX, refinancing and separation costs create tangible near‑term headwinds. Overall the positives around core growth, market share gains, strong orders and cash improvement are materially offset by the Diagnostics decline and macro/one‑off uncertainties, leaving a balanced outlook.Positive Updates
Outstanding Equipment Book‑to‑Bill
Equipment book‑to‑bill of 1.27 in Q3 (1.17 excluding new value partnerships), driven by product strength and two new U.S. value partnerships totaling several hundred million euros in equipment order intake.
Negative Updates
Diagnostics Revenue Decline and China Market Rebase
Diagnostics continued year‑over‑year revenue decline in Q3; China revenues down ~10% in Q3 with Chinese diagnostics market volume estimated ~40% below levels two years ago. Management indicates the expected slowdown of the decline did not materialize and expects a mid‑single‑digit percentage decline in Diagnostics in Q4.
Read all updates
Q3-2026 Updates
Positive
Negative
Outstanding Equipment Book‑to‑Bill
Equipment book‑to‑bill of 1.27 in Q3 (1.17 excluding new value partnerships), driven by product strength and two new U.S. value partnerships totaling several hundred million euros in equipment order intake.
Read all positive updates
Company Guidance
Management updated fiscal 2026 guidance, cutting revenue growth to 3.5–4.0% (from 4.5–5.0%) while raising adjusted EPS to €2.35–2.45 (up €0.15, the exact benefit of tariff refunds; underlying EPS midpoint without the refund is €2.25). They expect Q4 to accelerate: Imaging to move into higher single‑digit growth (Imaging Q3 ≈+2.3%), Precision Therapy to stay in the higher single digits (Q3 +9%), and Diagnostics to continue a mid‑single‑digit decline (China -10% in Q3); the synergetic core grew +5% in Q3 and equipment book‑to‑bill was 1.27 (≈1.17 ex value partnerships). Profitability in Q3 was aided by tariff refunds (≈490 bps in Imaging, ≈350 bps in Precision Therapy); group profitability ex‑refunds was ~15.4%, Imaging margin before refunds 21.6%, Precision Therapy before refunds 14.1%, Diagnostics margin ex‑refunds ~3%. Key financials: cash >€1bn, cash conversion 1.12, net debt down ~€800m to ~€12bn (leverage ~2.8x), FY2026 financial income net ≈-€330m, tax rate ≈23%; management reiterated a €400m tariff‑mitigation target by 2028 with positive contributions starting in 2027 and flagged mid‑double‑digit recurring separation costs (~€50m) and an expected mid‑to‑high double‑digit euro increase in net interest expense in FY2027.Siemens Healthineers AG Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
70
Positive
Cash Flow
66
Positive
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 23.17B | 23.38B | 22.36B | 21.68B | 21.71B | 18.00B |
| Gross Profit | 9.04B | 9.03B | 8.47B | 7.71B | 8.14B | 6.95B |
| EBITDA | 4.52B | 4.58B | 4.22B | 3.78B | 4.26B | 3.52B |
| Net Income | 2.21B | 2.14B | 1.94B | 1.51B | 2.04B | 1.73B |
Balance Sheet | ||||||
| Total Assets | 45.74B | 44.37B | 46.05B | 46.68B | 49.06B | 41.93B |
| Cash, Cash Equivalents and Short-Term Investments | 2.36B | 2.17B | 2.68B | 1.64B | 1.44B | 1.32B |
| Total Debt | 15.00B | 15.06B | 16.21B | 16.65B | 16.65B | 14.31B |
| Total Liabilities | 26.58B | 26.28B | 27.81B | 28.55B | 29.20B | 25.87B |
| Stockholders Equity | 19.10B | 18.04B | 18.20B | 18.08B | 19.84B | 16.04B |
Cash Flow | ||||||
| Free Cash Flow | 2.21B | 2.27B | 1.77B | 971.00M | 1.40B | 2.11B |
| Operating Cash Flow | 3.03B | 3.08B | 2.47B | 1.81B | 2.26B | 2.78B |
| Investing Cash Flow | -737.00M | -906.00M | -666.00M | -1.07B | -868.00M | -14.14B |
| Financing Cash Flow | -2.33B | -2.59B | -1.30B | -380.00M | -1.40B | 11.99B |
Siemens Healthineers AG Technical Analysis
Positive
35.06
Price Trends
35.18
Positive
35.53
Positive
39.13
Negative
Market Momentum
1.11
Negative
70.11
Negative
91.30
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:SHL, the sentiment is Positive. The current price of 35.06 is below the 20-day moving average (MA) of 36.13, below the 50-day MA of 35.18, and below the 200-day MA of 39.13, indicating a neutral trend. The MACD of 1.11 indicates Negative momentum. The RSI at 70.11 is Negative, neither overbought nor oversold. The STOCH value of 91.30 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | €1.79B | 14.45 | 9.79% | 2.82% | 6.37% | 71.55% | |
71 Outperform | €851.63M | 19.35 | 20.26% | 1.65% | 6.84% | 43.33% | |
70 Outperform | €41.13B | 18.62 | 11.59% | 2.85% | -0.92% | 2.06% | |
70 Outperform | €62.24B | 24.60 | 8.77% | 1.58% | -1.69% | -10.15% | |
64 Neutral | €11.81B | 13.55 | 7.11% | 3.44% | -0.69% | 55.62% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | €13.65B | 77.03 | 6.28% | 0.42% | 3.29% | 88.34% |
* Healthcare Sector Average
DE:SHL
Siemens Healthineers AG
39.51
-5.83
-12.86%
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DE:MRK
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DE:SRT
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28.07%
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.