Fielmann Group FIE.DE
GermanyHealthcare · Medical Instruments & SuppliesXetra · EUR
55.25 EUR (+47.3%)
8 analysts
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Fielmann Group AG is Europe's largest optical retailer, selling eyeglasses, contact lenses and optometry services through an extensive network of own stores, with an integrated manufacturing and distribution model that allows it to offer competitive prices and maintain high margins.
Listed on Xetra · Symbol FIE.DE · ETR: FIE · Currency EUR
Key points
from its scores- ✓Favourable backdrop8.3
- ✓Attractive dividend7.9
- ✓High-quality business7.7
- ✕Poor share-price trend2.2
- !Moderate growth5.3
AI analysis
bottom line, main risk, context and newsThe combination of quality, reasonable valuation and sustainable dividend (yield 3.31%) makes Fielmann an attractive defensive option, although limited growth and negative momentum suggest patience.
Fielmann presents a defensive and high-quality profile: gross margin of 80.27%, ROE of 20.11% and ROIC of 17.07% confirm a solid competitive moat, while a P/E of 14.82 and FCF yield of 8.21% offer an attractive valuation. Growth is moderate (revenue +2.30%) and momentum is weak (6th percentile in 52 weeks), but financial health is stable with controlled debt (ND/EBITDA 1.42).
The main risk is competitive pressure in the European optical sector, with the entry of online competitors and low-cost chains that could erode the operating margin of 13.89% and limit revenue growth, which is already modest (2.30%).
Context and risks
Fielmann operates in the optical health sector, a defensive consumer segment with low exposure to interest rates, commodities or geopolitical cycles. Its balance sheet is moderate (Net Debt/EBITDA of 1.42) and its retail eyewear and optical services business does not depend on shipping routes or tariffs. No specific regulatory, geopolitical or business model risks are identified that would justify an additional adjustment to the base risk.
Is Fielmann Group stock cheap or expensive?
at the analysis dateOn P/E and EV / EBITDA, it trades 43% below the Healthcare median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 14.8 | 26.7 | −45% |
| EV / EBITDA | 8.6 | 14.5 | −41% |
| Price / book | 2.8 | 4.1 | −31% |
| 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: 6.7 out of 10 (median for Healthcare: 4.7).
Average analyst target: 55.25 EUR, +47.3% versus the price.
A discount may reflect more risk or slower growth than its sector: Financial health 6.5 (sector 6.5), Growth 5.3 (sector 6.6).
Classic formulas with standard assumptions (10.0% 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
- 14.8
- Forward P/E
- 13.4
- EV / EBITDA
- 8.6
- Price / book
- 2.8
- Price / sales
- 1.3
- PEG
- 3.20
- Market cap
- 3.1B EUR
- Enterprise value
- 3.8B EUR
Profitability
- ROE
- 20.1%
- ROA
- 8.4%
- ROIC (approx.)
- 17.1%
- Gross margin
- 80.3%
- Operating margin
- 13.9%
- Net margin
- 8.5%
- Free cash flow
- 258.3M EUR
- FCF yield
- 8.2%
- Cash conversion
- 59%
Solvency
- Total debt
- 894.1M EUR
- Net debt
- 625.2M EUR
- Cash
- 268.9M EUR
- EBITDA
- 439.3M EUR
- Net debt / EBITDA
- 1.42
- Debt / equity
- 80.54
- Current ratio
- 1.35
- Quick ratio
- 0.86
Growth
- Revenue growth
- +2.3%
- Earnings growth
- +6.3%
- EPS (TTM)
- 2.53 EUR
- EPS (forward)
- 2.79 EUR
Dividend
- Dividend yield
- 3.7%
- Payout
- 45.5%
Risk and market
- Beta
- 0.58
- Analyst consensus
- Buy (8)
- Target price
- 55.25 EUR
- 52-week range
- 36.65 – 51.00
Recent news
All FIE.DE news →Compare it with its sector
All 217 in Healthcare →Frequently asked questions about Fielmann Group
Is Fielmann Group stock cheap or expensive?
On P/E and EV / EBITDA, it trades 43% below the Healthcare median on average. Valuation score: 6.7 out of 10 (median for Healthcare: 4.7). Average analyst target: 55.25 EUR, +47.3% versus the price. This is not investment advice.
What score does Fielmann Group get on MeridIAn Screener?
It scores 6.7 out of 10, rank 381 of 2,130 (better than 80% of the companies analysed). Its strongest category is Risk & Context (8.3) and its weakest, Momentum (2.2). Analysis of 08/10/2026.
What is Fielmann Group's P/E ratio?
Its P/E is 14.8: the share price equals 14.8 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 13.4.
How much is Fielmann Group worth on the stock market?
Its market capitalisation is 3.1B EUR and its enterprise value, debt included, is 3.8B EUR.
How much debt does Fielmann Group have?
Its net debt (debt minus cash) is 625.2M EUR. That is 1.42 times its EBITDA; the Healthcare median is 1.53.
Does Fielmann Group pay a dividend?
Yes: its dividend yield is 3.73% and it pays out 45% of its earnings.
How has Fielmann Group stock performed over the last year?
It has fallen 22.0% over the last year, excluding dividends. Over the last 52 weeks it has traded between 36.65 and 51.00 EUR. Past performance does not guarantee future results.
What do analysts think of Fielmann Group?
8 analysts cover it; their average recommendation is “Buy” and their average target is 55.25 EUR (+47.3% versus the price). It is an estimate, not market data.