SHL Stock Analysis: Siemens Healthineers | XETRA
Medical Devices | XETRA, Germany | Market Cap: 44.992m EUR | 12M Return: -14.5% | DE000SHL1006 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 32.7M
EPS Trend: 95.1%
Qual. Beats: 1
Rev. Trend: 90.9%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
Seasonality 8.4 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.
Siemens Healthineers AG is a German healthcare technology company that develops, manufactures, and sells diagnostic and therapeutic products and services to healthcare providers worldwide. Founded in 1896 and headquartered in Forchheim, Germany, the company operates through four business segments: Imaging, Diagnostics, Varian, and Advanced Therapies. Its product portfolio spans magnetic resonance imaging, computed tomography, X-ray, ultrasound, in-vitro diagnostics, and image-guided therapy systems, supported by a broad range of technical services, training, and consulting. The company is a subsidiary of Siemens Aktiengesellschaft.
The Varian segment reflects Siemens Healthineers expansion into oncology following its 2021 acquisition of Varian Medical Systems, a transaction that added cancer care technology and clinical services to the companys portfolio. The healthcare equipment industry is characterized by long product cycles, high regulatory requirements, and significant recurring revenue from services such as maintenance, spare parts, and managed departmental contracts, which complement the companys equipment sales.
- China hospital capex weakness pressures imaging sales growth
- Varian margin recovery remains key to earnings trajectory
- Competition from GE HealthCare and Philips intensifies
| Net Income: 2.21b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.05 > 0.02 and ΔFCF/TA -1.04 > 1.0 |
| NWC/Revenue: 9.00% < 20% (prev 6.39%; Δ 2.60% < -1%) |
| CFO/TA 0.07 > 3% & CFO 3.03b > Net Income 2.21b |
| Net Debt (13.3b) to EBITDA (4.52b): 2.94 < 3 |
| Current Ratio: 1.16 > 1.5 & < 3 |
| Outstanding Shares: last quarter (1.12b) vs 12m ago -0.65% < -2% |
| Gross Margin: 39.02% > 18% (prev 38.76%; Δ 0.25% > 0.5%) |
| Asset Turnover: 51.29% > 50% (prev 52.43%; Δ -1.14% > 0%) |
| Interest Coverage Ratio: 8.24 > 6 (EBIT TTM 3.35b / Interest Expense TTM 407.0m) |
| A: 0.05 (Total Current Assets 15.0b - Total Current Liabilities 12.9b) / Total Assets 45.7b |
| B: 0.08 (Retained Earnings 3.75b / Total Assets 45.7b) |
| C: 0.07 (EBIT TTM 3.35b / Avg Total Assets 45.2b) |
| D: 0.72 (Book Value of Equity 19.1b / Total Liabilities 26.6b) |
| Altman-Z'' = 1.82 = BBB |
| DSRI: 1.08 (Receivables 6.72b/6.25b, Revenue 23.2b/23.4b) |
| GMI: 0.99 (GM 38.76% / 39.02%) |
| AQI: 0.98 (AQ_t 0.57 / AQ_t-1 0.58) |
| SGI: 0.99 (Revenue 23.2b / 23.4b) |
| TATA: -0.02 (NI 2.21b - CFO 3.03b) / TA 45.7b) |
| Beneish M = -2.99 (Cap -4..+1) = A |
As of August 26, 2026, the stock is trading at EUR 39.70 with a total of 677,541 shares traded. Over the past week, the price has changed by +0.61%, over one month by +11.64%, over three months by +13.04% and over the past year by -14.48%.
Current recommended Stop Loss: 38.60 (which is 2.8% or 1.4 ATR below the current price).
Siemens Healthineers has no consensus analysts rating.
P/E Trailing = 20.6154
P/E Forward = 16.4474
P/S = 1.942
P/B = 2.3553
P/EG = 1.7679
Revenue TTM = 23.2b EUR
EBIT TTM = 3.35b EUR
EBITDA TTM = 4.52b EUR
Long Term Debt = 10.8b EUR (from longTermDebt, last fiscal year)
Short Term Debt = 3.51b EUR (from shortTermDebt, last quarter)
Debt = 15.7b EUR (from shortLongTermDebtTotal, last quarter) + Leases 673.0m
Net Debt = 13.3b EUR (calculated: Debt 15.7b - CCE 2.36b)
Enterprise Value = 58.3b EUR (45.0b + Debt 15.7b - CCE 2.36b)
Interest Coverage Ratio = 8.24 (Ebit TTM 3.35b / Interest Expense TTM 407.0m)
EV/FCF = 26.32x (Enterprise Value 58.3b / FCF TTM 2.21b)
FCF Yield = 3.80% (FCF TTM 2.21b / Enterprise Value 58.3b)
FCF Margin = 9.56% (FCF TTM 2.21b / Revenue TTM 23.2b)
Net Margin = 9.55% (Net Income TTM 2.21b / Revenue TTM 23.2b)
Gross Margin = 39.02% ((Revenue TTM 23.2b - Cost of Revenue TTM 14.1b) / Revenue TTM)
Gross Margin QoQ = 42.51% (prev 37.68%)
Tobins Q-Ratio = 1.27 (Enterprise Value 58.3b / Total Assets 45.7b)
Interest Expense / Debt = 2.60% (Interest Expense 407.0m / Debt 15.7b)
Taxrate = 22.56% (653.0m / 2.89b)
NOPAT = 2.60b (EBIT 3.35b * (1 - 22.56%))
Current Ratio = 1.16 (Total Current Assets 15.0b / Total Current Liabilities 12.9b)
Debt / Equity = 0.82 (Debt 15.7b / totalStockholderEquity, last quarter 19.1b)
Debt / EBITDA = 2.94 (Net Debt 13.3b / EBITDA 4.52b)
Debt / FCF = 6.01 (Net Debt 13.3b / FCF TTM 2.21b)
Total Stockholder Equity = 18.4b (last 4 quarters mean from totalStockholderEquity)
RoA = 4.90% (Net Income 2.21b / Total Assets 45.7b)
RoE = 12.00% (Net Income TTM 2.21b / Total Stockholder Equity 18.4b)
RoCE = 11.45% (EBIT 3.35b / Capital Employed (Equity 18.4b + L.T.Debt 10.8b))
RoIC = 7.37% (NOPAT 2.60b / Invested Capital 35.2b)
WACC = 6.33% (E(45.0b)/V(60.7b) * Re(7.84%) + D(15.7b)/V(60.7b) * Rd(2.60%) * (1-Tc(0.23)))
Discount Rate = 7.84% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 0.61 | Cagr: -0.07%
[DCF] Terminal Value 73.10% ; FCFF base≈2.38b ; Y1≈2.09b ; Y5≈1.68b
[DCF] Fair Price = 12.26 (EV 27.0b - Net Debt 13.3b = Equity 13.7b / Shares 1.12b; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: 95.07 | EPS CAGR: 6.58% | SUE: 3.84 | # QB: 1
Revenue Correlation: 90.86 | Revenue CAGR: 3.02% | SUE: 0.52 | # QB: 0
EPS current Quarter (2026-12-31): EPS=0.50 | Chg30d=N/A | Revisions=+0% | Analysts=1
EPS current Year (2026-09-30): EPS=2.34 | Chg30d=+5.13% | Revisions=+59% | GrowthEPS=-2.1% | GrowthRev=+1.0%
EPS next Year (2027-09-30): EPS=2.36 | Chg30d=-4.00% | Revisions=-83% | GrowthEPS=+1.1% | GrowthRev=+5.9%
[Analyst] Revisions Ratio: -16% (up=12, down=17)