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Siemens Healthineers AG Unsponsored ADR (SMMNY)
OTHER OTC:SMMNY
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Siemens Healthineers AG Unsponsored ADR
(OTC:SMMNY)
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Rating:56Neutral
Price Target:
$25.00
▼(-3.92% Downside)
Action:ReiteratedDate:02/08/26
The score is weighed down primarily by weak technicals (below major moving averages with negative MACD) and soft fundamental momentum (flat-to-down revenue signals and weaker/volatile free cash flow). These are partially offset by stable profitability/ROE and an earnings call that reaffirmed full-year outlook and showed strength in Imaging/Precision Therapy, though tempered by Diagnostics/China and tariff/FX headwinds.
Positive Factors
Profitability and ROE
Sustained mid-to-high margins and an ~11.6% ROE indicate durable profitability typical of established med-tech firms. This margin profile supports internal R&D, service networks and dividend capacity, helping the company absorb cyclical revenue swings and fund strategic initiatives over the medium term.
Recurring revenue from installed base
A large installed base with consumables and multi-year service contracts creates annuity-like revenue that stabilizes cash flow and margins. These recurring streams reduce sensitivity to single-sale cycles, support predictable FCF, and provide a platform to upsell software and upgrades over multiple years.
Imaging and Precision Therapy momentum
Sustained operational margin expansion in core Imaging and Precision Therapy reflects improved mix, cost discipline and synergies (including Varian). Durable margin uplift implies stronger cash generation per unit of revenue and supports reinvestment in innovation and commercial expansion despite macro headwinds.
Negative Factors
Diagnostics China disruption
Structural policy changes in China (VBP, reimbursement cuts) have reduced prices, volumes and profit conversion for Diagnostics. Because China is a large market, sustained regulatory-driven headwinds can materially compress segment revenue, limit consumables growth, and depress margin conversion over the coming quarters.
Volatile free cash flow
While FCF is positive, the ~20% TTM decline and uneven conversion show cash generation volatility driven by working capital and capex timing. Persistent variability hampers reliable funding for capex, debt reduction or M&A, reducing strategic flexibility if revenue growth remains soft.
Material absolute debt and leverage
A moderately high leverage profile and large absolute debt balance constrain balance-sheet flexibility. If revenue or FCF growth slows, servicing and refinancing risks rise and management's ability to pursue sizable M&A, buybacks or rapid deleveraging is limited, increasing sensitivity to cash flow shocks.
Siemens Healthineers AG Unsponsored ADR (SMMNY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$51.91B
Dividend Yield1.98%
Average Volume (3M)1.52K
Price to Earnings (P/E)28.0
Beta (1Y)1.04
Revenue Growth6.68%
EPS Growth12.49%
CountryUS
Employees72,000
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)0.29
Shares Outstanding2,256,000,000
10 Day Avg. Volume0
30 Day Avg. Volume1,521
Financial Highlights & Ratios
PEG Ratio7.41
Price to Book (P/B)2.44
Price to Sales (P/S)2.34
P/FCF Ratio24.19
Enterprise Value/Market Cap1.12
Enterprise Value/Revenue2.65
Enterprise Value/Gross Profit6.19
Enterprise Value/Ebitda12.81
Forecast
1Y Price Target
$28.00Price Target Upside7.61% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)1.36
Revenue Forecast (FY)$28.23B
Siemens Healthineers AG Unsponsored ADR Business Overview & Revenue Model
Company DescriptionSiemens Healthineers AG Unsponsored ADR (SMMNY) is a global leader in medical technology and healthcare solutions, providing innovative and high-quality products and services in the fields of imaging, diagnostics, and digital health. The company operates primarily in the healthcare sector, focusing on areas such as imaging systems (including MRI, CT, and ultrasound), laboratory diagnostics, and advanced therapies. Siemens Healthineers aims to enhance patient care by delivering cutting-edge technologies and solutions that improve clinical outcomes and operational efficiency in healthcare settings.
How the Company Makes MoneySiemens Healthineers generates revenue through multiple key streams, primarily from the sale of medical devices and imaging equipment, along with diagnostic products and services. Their Imaging segment, which includes MRI, CT, and ultrasound systems, forms a significant portion of their revenue, driven by demand for advanced imaging solutions in hospitals and clinics. In addition to hardware sales, the company earns revenue through software solutions and digital health applications that enhance medical imaging and diagnostics. Furthermore, Siemens Healthineers provides maintenance services and support for its products, contributing to recurring revenue. The company also engages in strategic partnerships and collaborations with healthcare providers and technology firms, which can lead to joint ventures and co-development of new technologies, thereby expanding their market reach and boosting revenues.
Siemens Healthineers AG Unsponsored ADR Earnings Call Summary
Earnings Call Date:Jan 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Positive
The call presented a mix of strong operational performance in Imaging and Precision Therapy (solid growth, margin expansion ex-headwinds, strong Americas performance, product and partnership momentum, and a Moody's investment-grade rating) offset by significant challenges in Diagnostics driven by China-specific structural changes (VBP and reimbursement reductions), tariff and FX headwinds, and near-term guidance caution for Q2. Management emphasized that core synergies and operational improvements largely offset macro headwinds in Q1 and confirmed the full-year outlook, but Diagnostics and China pose material, near-term headwinds that may temper segment-level performance.Q1-2026 Updates
Positive Updates
Strong start to fiscal 2026 and outlook confirmed
Company reported a good start to FY2026 and confirmed its full-year revenue growth and adjusted EPS outlook, citing strong operational performance in core businesses that offsets material headwinds.
Imaging and Precision Therapy growth
Synergetic portfolio (Imaging and Precision Therapy) delivered strong underlying growth (~6% combined): Imaging revenue growth of 5.7% and Precision Therapy growth of 5.9%, with equipment book-to-bill of 1.12.
Operational margin expansion (ex headwinds)
Operational margin expansion excluding tariffs and FX: Imaging operational margin expansion north of 100 basis points; Precision Therapy delivered almost 400 basis points operational margin expansion; group operational margin expansion ~200 basis points when excluding tariffs/FX.
Imaging adjusted EBIT margin and segment profitability
Imaging adjusted EBIT margin reported at 21.6%, reflecting strong operational margin improvement despite prior-year special items and current tariffs/FX headwinds.
Varian performance within Precision Therapy
Varian contributed 9% revenue growth to Precision Therapy and helped lift Varian/segment margins (Varian represented ~60% of the segment and Varian-related special items contributed meaningfully to the quarter's margin improvement).
Adjusted EPS resilient after adjusting for headwinds
Reported adjusted EPS was down ~3% year-over-year (EUR 0.02), but excluding tariffs and foreign exchange headwinds (~EUR 0.10 in Q1) adjusted EPS grew ~17% operationally; operational EPS improvement in Q1 was ~EUR 0.08, supporting the FY26 EPS improvement target (~EUR 0.25).
Regional strength: Americas
Americas region grew 9%, contributing strongly to group revenue growth and reflecting continued demand in key markets.
Atellica franchise momentum
Atellica franchise grew roughly 20% in Q1 and now represents almost 70% of core lab sales, indicating strong portfolio adoption in diagnostics outside China.
Strategic partnerships and commercial wins
New 10-year value partnership with Onvida (Southern Arizona) includes a $55 million capital equipment commitment and is expected to exceed $100 million in total value; Vietnam delivered 45 systems across 18 hospitals/clinics in December, including 2 Photon Counting CT systems.
Innovation and product differentiation
Showcased AI-enabled and next-generation technology (Syngo.CT Coronary Cockpit, Photon Counting CT, interventional MRI, new angiography systems with real-time AI denoising), reflecting continued R&D and clinical differentiation.
Credit/finance milestone
Received a strong investment-grade rating from Moody's, a key milestone supporting preparations for deconsolidation and refinancing and demonstrating financial resilience.
Negative Updates
Diagnostics revenue decline and China market disruption
Diagnostics revenue declined ~3% in Q1, primarily due to material structural changes in China (volume-based procurement (VBP) and reimbursement reductions) that reduced prices, volumes and profit conversion and caused muted demand.
China regional weakness
China region revenue declined ~5% in Q1, driven exclusively by the steep decline in Diagnostics; company expects Diagnostics in China to continue to face market challenges and projects Q2 Diagnostics revenue decline to be even more pronounced due to tough year-ago comps.
Negative profit conversion in Diagnostics
Revenue decline in Diagnostics led to significant negative conversion and margin pressure; a higher instrument share (e.g., large Brazil instrument placement) had a temporary dilutive effect on Diagnostics margins in the quarter.
Tariffs and foreign exchange headwinds
Tariffs and FX materially impacted results: tariff headwind of ~EUR 0.06 in Q1 (expected ~EUR 0.15 for full year) and FX headwind of roughly $0.04 in Q1 (with full-year FX expectation cited), together reducing disclosed EPS by ~EUR 0.10 in Q1 and acting as a drag on margins (Imaging saw ~200 basis points headwind from tariffs/FX).
Reported adjusted EPS down year-over-year
Reported adjusted EPS was down ~3% year-over-year (EUR 0.02 decline) before excluding the tariff and FX headwinds; disclosed EPS deterioration reflects the combined effect of Diagnostics weakness and macro headwinds.
Near-term Q2 guidance softness
Company expects group revenue growth in Q2 to be below its FY26 outlook range (5%–6%), with Diagnostics continuing to face China-related declines and margins in all segments expected to be below the prior-year quarter in Q2 due to tariffs/FX and Q1 special-item comparisons.
Special items and one-offs affecting comparability
Q1 benefited from a positive special item (Varian software revenue catch-up) that contributed ~100 basis points to Precision Therapy margins; management cautioned this is not fully recurring, complicating margin comparability.
Company Guidance
Siemens Healthineers confirmed its fiscal 2026 outlook while flagging short‑term China headwinds in Diagnostics: Q1 showed Imaging +5.7% (synergistic core ~6%), Precision Therapy +5.9%, Diagnostics -3%, and group revenue +3.8%; Americas +9% and China -5% (driven solely by Diagnostics). Key profit metrics: Imaging adjusted EBIT margin 21.6%, group adjusted EBIT margin 15% (flat YoY), and operational margin expansion excluding tariffs/FX of ~200 bps in Q1 (Imaging >100 bps ex‑special items; Precision Therapy ~400 bps operational uplift, with ~100 bps from special items). EPS: adjusted EPS was down ~3% YoY (Q1 down ~€0.02), but excluding tariffs and FX EPS rose ~17% YoY; Q1 saw an EPS headwind of ~€0.10 (FX ~ $0.04 in Q1, ~€0.15 full year; tariffs ~€0.06 in Q1, ~€0.15 full year) and an operational EPS improvement of ~€0.08, with a full‑year operational EPS uplift target of ~€0.25. For Q2 the company expects group growth below its 5–6% outlook range, Imaging to grow mid‑single digits, Precision Therapy mid‑ to high‑single digits, Diagnostics to decline further, and segment margins to be below prior‑year levels due to tariffs and FX; equipment book‑to‑bill in the synergistic core was 1.12 and Atellica grew ~20% in Q1 to ~70% of core lab sales.Siemens Healthineers AG Unsponsored ADR Financial Statement Overview
Summary
Solid profitability (TTM gross margin ~38%, operating margin ~14%, net margin ~9%) and healthy ROE (~11.6% TTM) support a stable base, but revenue momentum is weak/negative in the TTM data and free cash flow is down (~20% TTM) with uneven conversion.Income Statement
Profitability is solid for a medical devices business, with TTM (Trailing-Twelve-Months) gross margin ~38%, operating margin ~14%, and net margin ~9%. Earnings quality looks steady with net income around ~$2.1B TTM, broadly in line with recent years. The main weakness is growth: revenue is essentially flat to slightly down across recent annual periods, and the TTM revenue growth rate is sharply negative per the provided data point, which raises questions about near-term demand/price pressure or mix shifts.63
Positive
Balance Sheet
Leverage appears manageable but meaningful: debt is ~0.8–0.9x equity across periods (TTM debt-to-equity ~0.82), indicating a moderately levered balance sheet rather than a conservative one. Equity has generally held up, and returns on equity are healthy (roughly ~10–12% recently, ~11.6% TTM), supporting the view that the company is generating reasonable profitability on shareholder capital. Key watch item is that total debt remains large in absolute terms (~$15.2B TTM), limiting flexibility if growth stays soft.66
Positive
Cash Flow
Cash generation is positive, with TTM operating cash flow of ~$2.6B and free cash flow of ~$1.8B, and free cash flow running at ~69% of net income TTM (reasonable conversion). However, free cash flow growth is volatile and negative in the TTM period (down ~20% per provided data), suggesting uneven working capital/capex dynamics. The provided operating cash flow coverage figure is low (~0.19 TTM), reinforcing that cash conversion is not consistently strong versus earnings.58
Neutral
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 21.90B | 22.03B | 22.36B | 21.68B | 21.71B | 18.00B |
| Gross Profit | 9.39B | 8.51B | 8.47B | 7.71B | 8.14B | 6.95B |
| EBITDA | 4.54B | 4.32B | 4.22B | 3.78B | 4.26B | 3.52B |
| Net Income | 2.11B | 2.02B | 1.94B | 1.51B | 2.04B | 1.73B |
Balance Sheet | ||||||
| Total Assets | 44.25B | 52.13B | 46.05B | 46.68B | 49.06B | 41.93B |
| Cash, Cash Equivalents and Short-Term Investments | 2.14B | 2.25B | 2.68B | 1.64B | 1.44B | 1.32B |
| Total Debt | 15.16B | 17.70B | 16.21B | 16.65B | 16.65B | 14.31B |
| Total Liabilities | 25.78B | 30.88B | 27.81B | 28.55B | 29.20B | 25.87B |
| Stockholders Equity | 18.42B | 21.20B | 18.20B | 18.08B | 19.84B | 16.04B |
Cash Flow | ||||||
| Free Cash Flow | 1.82B | 2.13B | 1.77B | 971.00M | 1.40B | 2.11B |
| Operating Cash Flow | 2.63B | 2.91B | 2.47B | 1.81B | 2.26B | 2.78B |
| Investing Cash Flow | -749.12M | -854.00M | -666.00M | -1.07B | -868.00M | -14.14B |
| Financing Cash Flow | -2.40B | -2.44B | -1.30B | -380.00M | -1.40B | 11.99B |
Siemens Healthineers AG Unsponsored ADR Technical Analysis
Negative
26.02
Price Trends
25.16
Negative
25.48
Negative
26.19
Negative
Market Momentum
-0.36
Positive
39.26
Neutral
25.22
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SMMNY, the sentiment is Negative. The current price of 26.02 is above the 20-day moving average (MA) of 24.23, above the 50-day MA of 25.16, and below the 200-day MA of 26.19, indicating a bearish trend. The MACD of -0.36 indicates Positive momentum. The RSI at 39.26 is Neutral, neither overbought nor oversold. The STOCH value of 25.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SMMNY.
Siemens Healthineers AG Unsponsored ADR Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $139.51B | 41.38 | 15.08% | 0.95% | 10.95% | -18.32% | |
71 Outperform | $116.71B | 28.29 | 9.38% | 2.76% | 5.34% | 13.15% | |
68 Neutral | $105.88B | 48.91 | 12.60% | ― | 21.62% | 54.80% | |
65 Neutral | $190.38B | 33.55 | 13.03% | 1.88% | 6.37% | 142.39% | |
64 Neutral | $27.25B | 24.78 | ― | 3.30% | -0.76% | -55.03% | |
56 Neutral | $51.91B | 27.96 | 11.46% | 1.98% | 6.68% | 12.49% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
SMMNY
Siemens Healthineers AG Unsponsored ADR
23.39
-4.34
-15.66%
ABT
Abbott Laboratories
109.56
-25.27
-18.74%
BSX
Boston Scientific
71.35
-22.78
-24.20%
PHG
Koninklijke Philips
28.93
2.98
11.46%
MDT
Medtronic
90.90
-0.03
-0.03%
SYK
Stryker
364.56
-3.08
-0.84%
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.