Carl Zeiss Meditec AFX.DE
GermanyHealthcare · Medical Instruments & SuppliesXetra · EUR
26.89 EUR (−15.5%)
15 analysts
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Carl Zeiss Meditec is a German medical technology company that designs and manufactures precision equipment for ophthalmology (cataract surgery, laser vision correction) and microsurgery, selling to both private clinics and public healthcare systems.
Listed on Xetra · Symbol AFX.DE · ETR: AFX · Currency EUR
Key points
from its scores- ✓Strong growth7.4
- ✕Poor share-price trend1.4
- ✕Unfavourable risk and backdrop4.4
- !Balance sheet could be stronger5.2
AI analysis
bottom line, main risk, context and newsQuality fundamentals and earnings growth are solid, but negative momentum and moderate financial health suggest waiting for a better entry point or a clear business catalyst.
Carl Zeiss Meditec shows exceptional earnings growth of 97.5% with a gross margin of 51.56%, although its financial health is moderate (Net Debt/EBITDA of 2.56) and its momentum is very weak (-27.55% over 12 months). Valuation is reasonable (P/E 23.23, PEG 1.07), but weak revenue growth (2.4%) and regulatory pricing pressure in medical devices limit short-term appeal.
The main risk is regulatory pressure on medical device pricing in the US and Europe, which could compress the operating margin (currently 11.06%) and curb already low revenue growth (2.4%).
Context and risks
Carl Zeiss Meditec operates in the ophthalmic medical devices sector, a market with attractive margins but subject to regulatory pricing pressure in its main markets (US and Europe). The company has significant exposure to demand financing in public and private healthcare systems, adding business model risk in a rising rate environment that makes hospital capex more expensive.
Is Carl Zeiss Meditec stock cheap or expensive?
at the analysis dateOn P/E and EV / EBITDA, it trades in line with the Healthcare median (within 15%).
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 23.2 | 26.7 | −13% |
| EV / EBITDA | 15.2 | 14.5 | +5% |
| Price / book | 1.3 | 4.1 | −68% |
| Price / sales | 1.3 | 3.4 | −63% |
Sector: median of the 217 Healthcare companies analysed. In bold, the multiples used for the comparison.
Valuation score: 5.3 out of 10 (median for Healthcare: 4.7).
Average analyst target: 26.89 EUR, −15.5% versus the price.
Classic formulas with standard assumptions (6.5% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Healthcare medianValuation
- P/E
- 23.2
- Forward P/E
- 21.8
- EV / EBITDA
- 15.2
- Price / book
- 1.3
- Price / sales
- 1.3
- PEG
- 1.07
- Market cap
- 2.8B EUR
- Enterprise value
- 3.3B EUR
Profitability
- ROIC (approx.)
- 9.0%
- Gross margin
- 51.6%
- Operating margin
- 11.1%
- Net margin
- 5.6%
Solvency
- Total debt
- 581.0M EUR
- Net debt
- 557.1M EUR
- Cash
- 23.9M EUR
- EBITDA
- 217.8M EUR
- Net debt / EBITDA
- 2.56
- Debt / equity
- 27.56
Growth
- Revenue growth
- +2.4%
- Earnings growth
- +97.5%
- EPS (TTM)
- 1.37 EUR
- EPS (forward)
- 1.46 EUR
Dividend
- Dividend yield
- 1.7%
- Payout
- 43.8%
Risk and market
- Beta
- 1.33
- Analyst consensus
- underperform (15)
- Target price
- 26.89 EUR
- 52-week range
- 22.62 – 48.36
Recent news
All AFX.DE news →Compare it with its sector
All 217 in Healthcare →Frequently asked questions about Carl Zeiss Meditec
Is Carl Zeiss Meditec stock cheap or expensive?
On P/E and EV / EBITDA, it trades in line with the Healthcare median (within 15%). Valuation score: 5.3 out of 10 (median for Healthcare: 4.7). Average analyst target: 26.89 EUR, −15.5% versus the price. This is not investment advice.
What score does Carl Zeiss Meditec get on MeridIAn Screener?
It scores 5.3 out of 10, rank 1,520 of 2,130 (better than 26% of the companies analysed). Its strongest category is Growth (7.4) and its weakest, Momentum (1.4). Analysis of 08/10/2026.
What is Carl Zeiss Meditec's P/E ratio?
Its P/E is 23.2: the share price equals 23.2 times earnings per share over the last 12 months. The Healthcare median is 26.7. Based on the earnings analysts expect, the forward P/E is 21.8.
How much is Carl Zeiss Meditec worth on the stock market?
Its market capitalisation is 2.8B EUR and its enterprise value, debt included, is 3.3B EUR.
How much debt does Carl Zeiss Meditec have?
Its net debt (debt minus cash) is 557.1M EUR. That is 2.56 times its EBITDA; the Healthcare median is 1.53.
Does Carl Zeiss Meditec pay a dividend?
Yes: its dividend yield is 1.73% and it pays out 44% of its earnings.
How has Carl Zeiss Meditec stock performed over the last year?
It has fallen 23.9% over the last year, excluding dividends. Over the last 52 weeks it has traded between 22.62 and 48.36 EUR. Past performance does not guarantee future results.
What do analysts think of Carl Zeiss Meditec?
15 analysts cover it; their average recommendation is “underperform” and their average target is 26.89 EUR (−15.5% versus the price). It is an estimate, not market data.