AFX Stock Analysis: Carl Zeiss Meditec | XETRA
Medical Instruments & Supplies | XETRA, Germany | Market Cap: 2.740m EUR | 12M Return: -24.9% | DE0005313704 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 4.76M
EPS Trend: -96.0%
Qual. Beats: 0
Rev. Trend: 80.8%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
No distinct edge detected
Seasonality 11.7 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 is a German medical technology company operating globally across Europe, North America, and Asia through two main segments: Ophthalmology and Microsurgery. The Ophthalmology segment provides diagnostic and surgical products for chronic eye diseases, including devices for retinal examination, cataract surgery intraocular lenses, and laser vision correction systems such as the VISUMAX femtosecond laser. The Microsurgery segment offers visualization, radiotherapy, and surgical instrument solutions, including the ZEISS Tumor Workflow for cross-product cancer treatment support. The company serves physicians and hospitals, holds a strategic collaboration with Envision Health Technologies for VR-based glaucoma care, and operates as a subsidiary of the ZEISS Group, founded in 1846 and headquartered in Jena, Germany.
As a mid-cap player in the healthcare equipment sub-industry, Carl Zeiss Meditec operates in a sector characterized by high regulatory barriers, long product development cycles, and recurring revenue from consumables, surgical instruments, and service contracts tied to installed diagnostic and surgical platforms.
- China hospital procurement slowdown pressures ophthalmology equipment sales
- Aging demographics fuel cataract surgery IOL and equipment demand
- VISUMAX refractive laser adoption accelerates in myopia treatment market
| 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 (301.2m): 2.38 < 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: 6.57 > 6 (EBIT TTM 174.8m / 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 174.8m / Avg Total Assets 3.47b) |
| D: 1.58 (Book Value of Equity 2.11b / Total Liabilities 1.33b) |
| Altman-Z'' = 4.88 = AA |
As of October 10, 2026, the stock is trading at EUR 32.42 with a total of 155,979 shares traded. Over the past week, the price has changed by +3.58%, over one month by +5.33%, over three months by +10.72% and over the past year by -24.87%.
Current recommended Stop Loss: 31.10 (which is 4.1% or 1.3 ATR below the current price).
Carl Zeiss Meditec has no consensus analysts rating.
P/E Trailing = 22.8467
P/E Forward = 21.4592
P/S = 1.2561
P/B = 1.9077
P/EG = 1.2322
Revenue TTM = 2.65b EUR
EBIT TTM = 174.8m EUR
EBITDA TTM = 301.2m 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 = 3.46b EUR (2.74b + Debt 739.8m - CCE 23.9m)
Interest Coverage Ratio = 6.57 (Ebit TTM 174.8m / Interest Expense TTM 26.6m)
EV/FCF = 20.27x (Enterprise Value 3.46b / FCF TTM 170.5m)
FCF Yield = 4.93% (FCF TTM 170.5m / Enterprise Value 3.46b)
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 = 1.00 (Enterprise Value 3.46b / Total Assets 3.46b)
Interest Expense / Debt = 3.60% (Interest Expense 26.6m / Debt 739.8m)
Taxrate = 24.22% (36.6m / 151.3m)
NOPAT = 132.4m (EBIT 174.8m * (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 = 2.38 (Net Debt 715.9m / EBITDA 301.2m)
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 = 6.96% (EBIT 174.8m / Capital Employed (Equity 2.11b + L.T.Debt 400.0m))
RoIC = 4.48% (NOPAT 132.4m / Invested Capital 2.96b)
WACC = 6.49% (E(2.74b)/V(3.48b) * Re(7.51%) + D(739.8m)/V(3.48b) * Rd(3.60%) * (1-Tc(0.24)))
Discount Rate = 7.51% (= 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=1.33 | Chg30d=-0.53% | Revisions=-25% | GrowthEPS=+0.0% | GrowthRev=-2.3%
EPS next Year (2027-09-30): EPS=1.48 | Chg30d=-5.99% | Revisions=-75% | GrowthEPS=+10.6% | GrowthRev=+4.6%
[Analyst] Revisions Ratio: -57% (up=3, down=15)