Sartorius AG (DE:SRT)
XETRA:SRT
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Sartorius
(XETRA:SRT)
Select Model
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Rating:55Neutral
Price Target:
€191.00
▼(-1.75% Downside)
Action:Reiterated
Date:05/23/26
The score is primarily held back by still-weak profitability and meaningful leverage despite strong TTM revenue re-acceleration and positive (but inconsistent) cash conversion. Technicals are supportive with price above major moving averages and positive MACD, but valuation is a significant headwind due to the very high P/E and low yield.
Positive Factors
Recurring consumables revenue
The business model centers on consumables and services that are repeatedly purchased after initial equipment adoption. This installed-base + repeat-consumables dynamic produces durable, recurring revenue streams, improving revenue visibility and resilience versus one-off equipment cycles.
Negative Factors
Compressed net margin
Net margin near 4.4% is well below prior-cycle levels, limiting retained earnings and shareholder returns. Persistently depressed profitability reduces buffer against demand slowdowns, constrains reinvestment capacity, and makes durable margin recovery a key execution risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring consumables revenue
The business model centers on consumables and services that are repeatedly purchased after initial equipment adoption. This installed-base + repeat-consumables dynamic produces durable, recurring revenue streams, improving revenue visibility and resilience versus one-off equipment cycles.
Read all positive factors
Sartorius (SRT) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€14.29B
Dividend Yield0.39%
Average Volume (3M)5.04K
Price to Earnings (P/E)98.1
Beta (1Y)1.41
Revenue Growth3.20%
EPS Growth70.35%
CountryDE
Employees13,573
SectorGeneral
Sector StrengthN/A
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)2.35
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 Target
€246.00Price Target Upside26.54% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)5.4
Revenue Forecast (FY)€3.74B
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, consumables, and related services to biopharmaceutical manufacturers and laboratory customers. A major driver is recurring revenue from consumables used in bioprocessing and labs (e.g., single-u...
Sartorius Earnings Call Summary
Earnings Call Date:Feb 03, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Positive
The call conveyed a broadly positive operational and financial outcome for 2025: solid revenue growth, strong margin expansion (group EBITDA margin 29.7%), robust BPS performance, healthy recurring/consumables momentum, successful product launches, strategic M&A and capacity expansions, and clearer deleveraging progress. However, notable challenges remain—equipment demand recovery is uneven and timing‑uncertain, LPS margins are under pressure from strategic investments and mix effects, FX and tariff headwinds persist, and cash flow/CapEx dynamics weigh on near‑term free cash flow. Management provided constructive yet deliberately wide 2026 guidance to reflect these uncertainties. Overall, positive achievements materially outweigh the negatives, while the company remains cautious about external risks.Positive Updates
Group Revenue Growth
Group sales increased 7.6% in constant currencies (4.7% reported) to just above EUR 3.5 billion for FY 2025, slightly ahead of upgraded guidance.
Negative Updates
Equipment Demand Softness and Uncertain Recovery
Equipment and instruments remained soft in 2025 (though stabilized in H2); management did not assume meaningful onshoring-driven large equipment revenue for 2026 and noted equipment recovery timing remains uncertain.
Read all updates
Q4-2025 Updates
Positive
Negative
Group Revenue Growth
Group sales increased 7.6% in constant currencies (4.7% reported) to just above EUR 3.5 billion for FY 2025, slightly ahead of upgraded guidance.
Read all positive updates
Company Guidance
For 2026 management guided group sales growth of around 5–9% in constant currencies (including ~1 percentage point from the market acquisition and U.S. tariff surcharges), an underlying EBITDA margin slightly above 30% (with a technical ~50 basis‑point dilution from tariffs), a CapEx ratio around prior‑year levels (roughly 12–12.5%), and net debt/underlying‑EBITDA expected to fall to slightly above 3x; they flagged FX sensitivity (EUR/USD 1.20 implies ~2 percentage‑point reported‑growth headwind for the full year and ~4 points in Q1). By division, Bioprocess Solutions guidance is ~6–10% sales growth with an underlying EBITDA margin slightly above 32% (equipment expected at least stable), while Lab Products & Services is guided to ~2–6% sales growth (including ~1.5 pp from MATTEK) with an underlying EBITDA margin slightly below 21% (impacted by deliberate ACM investments, mix, FX and tariffs). Management noted the range is deliberately broad given macro and industry volatility and that large U.S. on‑shoring build‑outs were not baked into 2026 revenues.Sartorius Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
45
Neutral
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.55B | 3.54B | 3.38B | 3.40B | 4.17B | 3.45B |
| Gross Profit | 1.62B | 1.64B | 1.52B | 1.57B | 2.20B | 1.84B |
| EBITDA | 997.30M | 1.07B | 786.80M | 873.10M | 1.50B | 945.12M |
| Net Income | 162.70M | 154.90M | 84.00M | 205.20M | 913.10M | 426.98M |
Balance Sheet | ||||||
| Total Assets | 9.87B | 9.72B | 10.10B | 9.76B | 6.98B | 5.70B |
| Cash, Cash Equivalents and Short-Term Investments | 573.80M | 541.40M | 828.70M | 394.20M | 196.80M | 360.99M |
| Total Debt | 4.30B | 4.45B | 4.56B | 5.31B | 2.54B | 2.08B |
| Total Liabilities | 5.98B | 5.85B | 6.21B | 7.00B | 4.32B | 3.98B |
| Stockholders Equity | 2.73B | 2.71B | 2.76B | 2.07B | 1.99B | 1.26B |
Cash Flow | ||||||
| Free Cash Flow | 265.60M | 214.10M | 566.30M | 293.90M | 211.60M | 458.65M |
| Operating Cash Flow | 709.10M | 656.00M | 976.20M | 853.60M | 734.20M | 865.81M |
| Investing Cash Flow | -513.60M | -513.50M | -425.80M | -2.82B | -1.13B | -569.61M |
| Financing Cash Flow | -458.50M | -410.60M | -128.30M | 2.17B | 209.90M | -165.18M |
Sartorius Technical Analysis
Neutral
194.40
Price Trends
179.38
Positive
180.45
Positive
181.02
Positive
Market Momentum
2.18
Positive
46.94
Neutral
13.18
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:SRT, the sentiment is Neutral. The current price of 194.4 is above the 20-day moving average (MA) of 187.18, above the 50-day MA of 179.38, and above the 200-day MA of 181.02, indicating a neutral trend. The MACD of 2.18 indicates Positive momentum. The RSI at 46.94 is Neutral, neither overbought nor oversold. The STOCH value of 13.18 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 | €8.83B | 21.79 | 17.42% | 2.01% | 1.30% | 10.05% | |
64 Neutral | €7.34B | 47.10 | 1.89% | 8.92% | -9.37% | -47.49% | |
62 Neutral | €1.66B | 67.24 | 4.50% | 4.66% | -3.90% | 60.48% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | €14.29B | 98.12 | 6.05% | 0.39% | 3.20% | 70.35% | |
49 Neutral | €875.24M | -63.32 | -0.94% | 0.15% | 11.83% | -79.57% | |
49 Neutral | €218.32M | -66.45 | -1.37% | 2.71% | ― | ― |
* General Sector Average
DE:SRT
Sartorius
181.60
8.75
5.06%
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15.87
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DE:SBS
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17.80
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-23.97%
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.