Sartorius (SRT) AI Stock Analysis

• Market Cap: €13.00B
• Dividend Yield: 0.39%
• Average Volume (3M): 5.04K
• Price to Earnings (P/E): 110.2
• Beta (1Y): 1.39
• Revenue Growth: 5.82%
• EPS Growth: 59.90%
• Country: DE
• Employees: 13,573
• Sector: General
• Sector Strength: N/A
• Industry: Medical - Instruments & Supplies
• EPS (TTM): 1.26
• Shares Outstanding: 37,440,000
• 10 Day Avg. Volume: 4,524
• 30 Day Avg. Volume: 5,035
• PEG Ratio: 1.32
• Price to Book (P/B): 6.31
• Price to Sales (P/S): 4.82
• P/FCF Ratio: 79.72
• 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: €246.00
• Price Target Upside: 26.54% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 5.58
• Revenue Forecast (FY): €3.76B

• Rating: 49 Neutral
• Price Target: €177.00 ▼(-8.95% Downside)
• Action: Reiterated Date: 03/18/26
• Date: Action: Reiterated 03/18/26

The score is held back primarily by weakened cash generation (lower operating/free cash flow and poor cash conversion) and still-elevated leverage despite improving revenue and EBIT margins. Technicals also remain bearish with negative MACD and the stock trading below key moving averages. Valuation is an additional headwind given the very high P/E and low dividend yield.

Positive Factors

Recurring consumables revenue

Sartorius' installed-base + repeat-consumables model creates persistent, recurring revenue as customers replenish single-use bags, filters and disposables. That attachment of consumables to capital equipment provides durable demand visibility, higher lifetime value and resilience across cycles.

Strong revenue rebound (2025)

A large, sustained revenue recovery (≈59% in 2025) signals renewed end-market demand and order flow. Growth expands the installed base, increases consumables funnels and enables better fixed-cost absorption, supporting multi-quarter top-line momentum and strategic reinvestment capacity.

Improved operating (EBIT) margins

Material EBIT margin improvement reflects operating leverage and cost control as volumes recover. Sustained mid-teens margins increase operating cash generation potential and give management latitude to invest in R&D, services and capacity, strengthening long-term competitiveness.

Negative Factors

Elevated leverage

High leverage limits financial flexibility for capex, buybacks or opportunistic M&A and increases vulnerability to interest-rate or earnings shocks. Even with improvement from 2023, a debt-to-equity ~1.65 remains elevated for a med-tech tools business and constrains long-term strategic optionality.

Weakened cash generation / conversion

Lower operating and free cash flow versus prior year shows weaker cash conversion and more working-capital or reinvestment drag. Persistent weak FCF coverage reduces ability to de-lever, fund growth organically or return capital, raising structural funding and execution risk.

Thin net margins and below‑the‑line volatility

A narrow net margin despite stronger operating margins implies material below-operating-line charges (financial, tax or one-offs) that reduce durable profitability. Persistent low net margins make earnings and cash flows more volatile and constrain reinvestment and shareholder returns over the medium term.

Sartorius Business Overview & Revenue Model

Company Description

Sartorius Aktiengesellschaft provides bioprocess solutions and lab products and services worldwide. The company offers biosensors and kits, compliance tools, systems software, label-free detection systems, and SPR systems; live-cell analysis systems, flow cytometry platform, and cell analysis reagents and consumables; and antibody and recombinant protein media, viral vaccines media, regenerative medicine media, general media, downstream buffer, microcarrier, and stem cell media and reagent products, as well as strong acids, bases, and alcohols and detergents. It also provides multi-parallel bioreactors, benchtop bioreactors, single-use bioreactors, stainless steel bioreactors, cell culture bioreactors, microbial bioreactors, and software apps for bioreactors; membranes, blotting products, filter papers, glass and quartz microfibre products, and filtration equipment; syringe filters; and filtration devices, ultrafiltration devices, sterile filtration devices, harvesting devices, analytical sample prep systems, buffer exchange systems, diagnostic sample prep systems, particle analysis systems, pharmaceutical filtration systems, protein DNA concentration systems, venting moisture barriers, clarification systems, buffer and media products, and membrane chromatography products. In addition, the company offers process filtration products; process filtration products; process chromatography products; fluid management products; process analytical technology and data analytics; industrial microbiology systems; water purification systems; weighing systems; pipetting and dispensing systems; OEM systems; and centrifuges. Further, it provides bioprocess development and engineering, protein expression system, media and process, testing, instrument, and validation services. It serves the life science research, biopharmaceutical manufacturing, quality control and testing, and applied industries. The company was founded in 1870 and is headquartered in Göttingen, Germany.

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-use bags, tubing/assemblies, filters, membranes, chromatography-related consumables, and other disposable components) that must be replenished as customers run ongoing R&D and manufacturing campaigns; this “installed base + repeat consumables” dynamic typically creates repeat purchasing after initial adoption. In addition, Sartorius earns revenue from capital equipment and systems (e.g., bioreactor and upstream/downstream processing equipment, instruments for process monitoring/analytics, and lab instruments such as balances and liquid handling), which are generally higher-ticket but less frequent purchases that can seed future consumables demand. The company also generates income from services tied to its equipment and workflows, such as installation/qualification support, maintenance/service contracts, calibration, and application/technical support, and it sells software/digital solutions associated with lab and bioprocess operations where applicable. Significant factors influencing earnings include demand trends in biopharmaceutical development and manufacturing capacity, customers’ production volumes (which affect consumables usage), and the breadth of Sartorius’s product integration across customer workflows; specific partnership details are null.

Sartorius Financial Statement Overview

Summary

Revenue rebounded strongly in 2025 and EBIT margin improved (~18% vs ~11% in 2024), but net margin remains thin (~4.4%) versus prior years. Leverage is still elevated (debt-to-equity ~1.65), and cash conversion weakened as free cash flow fell to ~€214M and covered only ~33% of net income.

Income Statement

Revenue rebounded sharply in 2025 (annual revenue growth ~59% to €3.54B), and operating profitability improved versus 2024 (EBIT margin ~18% vs ~11%). However, net profitability remains pressured: net margin was only ~4.4% in 2025, well below 2021–2023 levels and far below the 2022 peak (~21.9%), indicating higher costs/charges below the operating line and more volatile earnings quality.

Balance Sheet

The balance sheet is functional but levered. Total debt is high at ~€4.45B versus equity of ~€2.71B (debt-to-equity ~1.65 in 2025). Leverage has improved from 2023 (debt-to-equity ~2.57) but remains elevated for a med-tech tools business, reducing flexibility if profitability stays compressed; asset base is sizable (~€9.72B), but equity cushioning is only moderate relative to debt.

Cash Flow

Cash generation weakened materially in 2025: operating cash flow fell to ~€656M (from ~€976M in 2024) and free cash flow dropped to ~€214M (down ~35% year over year). Free cash flow covered only ~33% of net income in 2025, and operating cash flow coverage also declined versus 2024, pointing to less efficient cash conversion and higher reinvestment/working-capital drag despite improved operating margins.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.54B	3.38B	3.40B	4.17B	3.45B
Gross Profit	1.64B	1.52B	1.57B	2.20B	1.84B
EBITDA	1.07B	786.80M	873.10M	1.50B	945.12M
Net Income	154.90M	84.00M	205.20M	913.10M	426.98M
Balance Sheet
Total Assets	9.72B	10.10B	9.76B	6.98B	5.70B
Cash, Cash Equivalents and Short-Term Investments	541.40M	828.70M	394.20M	196.80M	360.99M
Total Debt	4.45B	4.56B	5.31B	2.54B	2.08B
Total Liabilities	5.85B	6.21B	7.00B	4.32B	3.98B
Stockholders Equity	2.71B	2.76B	2.07B	1.99B	1.26B
Cash Flow
Free Cash Flow	214.10M	566.30M	293.90M	211.60M	458.65M
Operating Cash Flow	656.00M	976.20M	853.60M	734.20M	865.81M
Investing Cash Flow	-513.50M	-425.80M	-2.82B	-1.13B	-569.61M
Financing Cash Flow	-410.60M	-128.30M	2.17B	209.90M	-165.18M

Sartorius Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 194.40
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:SRT, the sentiment is Negative. The current price of 194.4 is above the 20-day moving average (MA) of 179.25, above the 50-day MA of 187.22, and above the 200-day MA of 178.11, indicating a bearish trend. The MACD of -5.38 indicates Positive momentum. The RSI at 39.08 is Neutral, neither overbought nor oversold. The STOCH value of 43.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DE:SRT.

Sartorius Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AFX	65 Neutral	€2.11B	26.13	6.77%	1.50%	7.82%	-19.80%
FRE	62 Neutral	€24.81B	19.40	7.50%	2.05%	0.63%	―
FME	58 Neutral	€11.12B	12.14	7.26%	3.54%	2.10%	9.19%
MRK	58 Neutral	€46.67B	20.44	10.32%	1.82%	1.47%	9.64%
SHL	57 Neutral	€41.27B	27.87	11.65%	2.13%	4.53%	10.12%
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
SRT	49 Neutral	€13.00B	110.19	5.77%	0.39%	5.82%	59.90%