SHL Stock Analysis: Siemens Healthineers | XETRA
Medical Devices | XETRA, Germany | Market Cap: 42.608m EUR | 12M Return: -17.3% | DE000SHL1006 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 36.3M
EPS Trend: 95.1%
Qual. Beats: 1
Rev. Trend: 90.9%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
Seasonality 8.5 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-listed medical technology company that develops, manufactures, and sells diagnostic and therapeutic products and services to healthcare providers globally. The company operates through four core segments: Imaging, Diagnostics, Varian, and Advanced Therapies, covering a broad portfolio from MRI, CT, and ultrasound systems to in-vitro diagnostics, oncology treatment technologies, and image-guided minimally invasive procedure equipment. Beyond hardware, the company generates revenue through software solutions, clinical applications, and a wide range of services including maintenance, spare parts, training, asset management, managed departmental services, and healthcare consulting. Headquartered in Forchheim, Germany, Siemens Healthineers was founded in 1896 and remains a subsidiary of Siemens AG. The company has a strategic partnership with IFS aimed at extending product lifecycle capabilities using industrial AI.
The company operates within the GICS Health Care Equipment sub-industry, a sector driven by structural demand for advanced medical imaging and diagnostics, aging populations in developed markets, and rising healthcare spending in emerging economies. A key feature of Siemens Healthineers business model is its recurring service revenue, which is typical for large medical equipment vendors that rely on long-term maintenance contracts, spare parts, and software upgrades to support installed equipment bases across hospitals and laboratories.
- China VBP procurement cuts squeeze imaging segment margins
- Varian oncology platform accelerates revenue growth globally
- Diagnostics segment margins recover on lab automation demand
| 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 October 10, 2026, the stock is trading at EUR 39.14 with a total of 766,729 shares traded. Over the past week, the price has changed by +3.38%, over one month by +1.16%, over three months by +13.85% and over the past year by -17.34%.
Current recommended Stop Loss: 38.00 (which is 2.9% or 1.4 ATR below the current price).
Siemens Healthineers has no consensus analysts rating.
P/E Trailing = 19.3249
P/E Forward = 15.6986
P/S = 1.8391
P/B = 2.1796
P/EG = 1.7061
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 = 55.9b EUR (42.6b + Debt 15.7b - CCE 2.36b)
Interest Coverage Ratio = 8.24 (Ebit TTM 3.35b / Interest Expense TTM 407.0m)
EV/FCF = 25.25x (Enterprise Value 55.9b / FCF TTM 2.21b)
FCF Yield = 3.96% (FCF TTM 2.21b / Enterprise Value 55.9b)
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 = 1.22 (Enterprise Value 55.9b / 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 = 6.23% (E(42.6b)/V(58.3b) * Re(7.78%) + D(15.7b)/V(58.3b) * Rd(2.60%) * (1-Tc(0.23)))
Discount Rate = 7.78% (= 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=0.49 | Chg30d=-1.52% | Revisions=+0% | Analysts=1
EPS current Year (2026-09-30): EPS=2.36 | Chg30d=+0.87% | Revisions=+40% | GrowthEPS=-1.3% | GrowthRev=+1.0%
EPS next Year (2027-09-30): EPS=2.37 | Chg30d=+0.56% | Revisions=-17% | GrowthEPS=+0.6% | GrowthRev=+5.9%
[Analyst] Revisions Ratio: +12% (up=3, down=2)