AFX Stock Analysis: Carl Zeiss Meditec | XETRA
Medical Instruments & Supplies | XETRA, Germany | Market Cap: 2.822m EUR | 12M Return: -23.1% | DE0005313704 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 9.57M
EPS Trend: -96.0%
Qual. Beats: 0
Rev. Trend: 80.8%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
No distinct edge detected
Seasonality 11.6 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Carl Zeiss Meditec AG (XETRA: AFX) is a German medical technology company operating as a subsidiary of the ZEISS Group. Headquartered in Jena and tracing its origins to 1846, the company is classified within the GICS Health Care Equipment sub-industry and carries a mid-cap market capitalization of approximately USD 2.5 billion.
The company is organized into two segments: Ophthalmology and Microsurgery. The Ophthalmology segment covers products and solutions for the diagnosis and treatment of chronic eye diseases, including diagnostic devices (slit lamps, refractometers, tonometers, optical coherence tomography, fundus cameras, perimeters), surgical microscopes, intraocular lenses, phacoemulsification and vitrectomy equipment, and laser eye surgery systems such as the VISUMAX femtosecond laser for lenticule extraction. The Microsurgery segment offers surgical visualization, intraoperative radiotherapy and pathology solutions, surgical instruments, and the ZEISS Tumor Workflow.
Customers include physicians across multiple specialties and hospitals, with operations spanning Germany, the rest of Europe, North America, and Asia. As a medical technology company, Carl Zeiss Meditec operates in a sector characterized by long product cycles, strict regulatory requirements, and recurring revenue from consumables, surgical instruments, and service contracts tied to its installed base of diagnostic and surgical equipment.
- China demand weakness pressures ophthalmology segment revenue growth
- VISUMAX femtosecond laser adoption drives refractive surgery consumables
- Strong euro headwind compresses reported operating margins
| Net Income: 116.6m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.05 > 0.02 and ΔFCF/TA -1.02 > 1.0 |
| NWC/Revenue: 27.81% < 20% (prev 30.09%; Δ -2.28% < -1%) |
| CFO/TA 0.06 > 3% & CFO 209.9m > Net Income 116.6m |
| Net Debt (715.9m) to EBITDA (296.5m): 2.41 < 3 |
| Current Ratio: 2.35 > 1.5 & < 3 |
| Outstanding Shares: last quarter (86.3m) vs 12m ago -1.00% < -2% |
| Gross Margin: 51.05% > 18% (prev 52.00%; Δ -0.96% > 0.5%) |
| Asset Turnover: 76.39% > 50% (prev 62.74%; Δ 13.65% > 0%) |
| Interest Coverage Ratio: 6.39 > 6 (EBIT TTM 170.1m / Interest Expense TTM 26.6m) |
| A: 0.21 (Total Current Assets 1.28b - Total Current Liabilities 543.8m) / Total Assets 3.46b |
| B: 0.46 (Retained Earnings 1.58b / Total Assets 3.46b) |
| C: 0.05 (EBIT TTM 170.1m / Avg Total Assets 3.47b) |
| D: 1.58 (Book Value of Equity 2.11b / Total Liabilities 1.33b) |
| Altman-Z'' = 4.87 = AA |
As of August 26, 2026, the stock is trading at EUR 32.30 with a total of 175,513 shares traded. Over the past week, the price has changed by +3.59%, over one month by +16.19%, over three months by +21.89% and over the past year by -23.05%.
Current recommended Stop Loss: 30.60 (which is 5.3% or 1.2 ATR below the current price).
Carl Zeiss Meditec has no consensus analysts rating.
P/E Trailing = 23.5328
P/E Forward = 18.4843
P/S = 1.2938
P/B = 1.2912
P/EG = 1.074
Revenue TTM = 2.65b EUR
EBIT TTM = 170.1m EUR
EBITDA TTM = 296.5m EUR
Long Term Debt = 400.0m EUR (from longTermDebt, last fiscal year)
Short Term Debt = 67.8m EUR (from shortTermDebt, last fiscal year)
Debt = 739.8m EUR (from shortLongTermDebtTotal, last fiscal year) + Leases 132.5m
Net Debt = 715.9m EUR (calculated: Debt 739.8m - CCE 23.9m)
Enterprise Value = 3.54b EUR (2.82b + Debt 739.8m - CCE 23.9m)
Interest Coverage Ratio = 6.39 (Ebit TTM 170.1m / Interest Expense TTM 26.6m)
EV/FCF = 20.76x (Enterprise Value 3.54b / FCF TTM 170.5m)
FCF Yield = 4.82% (FCF TTM 170.5m / Enterprise Value 3.54b)
FCF Margin = 6.44% (FCF TTM 170.5m / Revenue TTM 2.65b)
Net Margin = 4.40% (Net Income TTM 116.6m / Revenue TTM 2.65b)
Gross Margin = 51.05% ((Revenue TTM 2.65b - Cost of Revenue TTM 1.30b) / Revenue TTM)
Gross Margin QoQ = 53.72% (prev 49.50%)
Tobins Q-Ratio = 1.02 (Enterprise Value 3.54b / Total Assets 3.46b)
Interest Expense / Debt = 3.60% (Interest Expense 26.6m / Debt 739.8m)
Taxrate = 24.22% (36.6m / 151.3m)
NOPAT = 128.9m (EBIT 170.1m * (1 - 24.22%))
Current Ratio = 2.35 (Total Current Assets 1.28b / Total Current Liabilities 543.8m)
Debt / Equity = 0.35 (Debt 739.8m / totalStockholderEquity, last quarter 2.11b)
Debt / EBITDA = 2.41 (Net Debt 715.9m / EBITDA 296.5m)
Debt / FCF = 4.20 (Net Debt 715.9m / FCF TTM 170.5m)
Total Stockholder Equity = 2.11b (last 4 quarters mean from totalStockholderEquity)
RoA = 3.36% (Net Income 116.6m / Total Assets 3.46b)
RoE = 5.52% (Net Income TTM 116.6m / Total Stockholder Equity 2.11b)
RoCE = 6.77% (EBIT 170.1m / Capital Employed (Equity 2.11b + L.T.Debt 400.0m))
RoIC = 4.35% (NOPAT 128.9m / Invested Capital 2.96b)
WACC = 6.57% (E(2.82b)/V(3.56b) * Re(7.58%) + D(739.8m)/V(3.56b) * Rd(3.60%) * (1-Tc(0.24)))
Discount Rate = 7.58% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -58.89 | Cagr: -1.54%
[DCF] Terminal Value 73.10% ; FCFF base≈185.0m ; Y1≈162.2m ; Y5≈131.1m
[DCF] Fair Price = 15.86 (EV 2.10b - Net Debt 715.9m = Equity 1.39b / Shares 87.5m; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: -95.96 | EPS CAGR: -29.30% | SUE: 0.72 | # QB: 0
Revenue Correlation: 80.81 | Revenue CAGR: 8.33% | SUE: 0.10 | # QB: 0
EPS current Quarter (2026-12-31): EPS=0.00 | Chg30d=N/A | Revisions=N/A | Analysts=0
EPS current Year (2026-09-30): EPS=1.34 | Chg30d=-0.67% | Revisions=-57% | GrowthEPS=+0.0% | GrowthRev=-2.2%
EPS next Year (2027-09-30): EPS=1.57 | Chg30d=-11.55% | Revisions=-62% | GrowthEPS=+17.1% | GrowthRev=+4.9%
[Analyst] Revisions Ratio: -75% (up=0, down=9)