CARL ZEISS MEDITEC AG - BR (AFX.DE) Fundamental Analysis & Valuation

FRA:AFX • DE0005313704

Current stock price

24.18 EUR
-0.82 (-3.28%)
Last:

This AFX.DE fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

4

1. AFX.DE Profitability Analysis

1.1 Basic Checks

  • In the past year AFX was profitable.
  • In the past year AFX had a positive cash flow from operations.
  • AFX had positive earnings in each of the past 5 years.
  • In the past 5 years AFX always reported a positive cash flow from operatings.
AFX.DE Yearly Net Income VS EBIT VS OCF VS FCFAFX.DE Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 100M 200M 300M

1.2 Ratios

  • Looking at the Return On Assets, with a value of 4.15%, AFX is in the better half of the industry, outperforming 62.90% of the companies in the same industry.
  • AFX has a Return On Equity (6.67%) which is in line with its industry peers.
  • AFX's Return On Invested Capital of 5.79% is in line compared to the rest of the industry. AFX outperforms 53.23% of its industry peers.
  • Measured over the past 3 years, the Average Return On Invested Capital for AFX is below the industry average of 10.01%.
Industry RankSector Rank
ROA 4.15%
ROE 6.67%
ROIC 5.79%
ROA(3y)6.33%
ROA(5y)7.85%
ROE(3y)9.62%
ROE(5y)11.54%
ROIC(3y)7.11%
ROIC(5y)9.66%
AFX.DE Yearly ROA, ROE, ROICAFX.DE Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5 10

1.3 Margins

  • The Profit Margin of AFX (6.34%) is comparable to the rest of the industry.
  • AFX's Profit Margin has declined in the last couple of years.
  • AFX has a Operating Margin of 10.03%. This is comparable to the rest of the industry: AFX outperforms 48.39% of its industry peers.
  • AFX's Operating Margin has declined in the last couple of years.
  • Looking at the Gross Margin, with a value of 52.76%, AFX is in line with its industry, outperforming 40.32% of the companies in the same industry.
  • In the last couple of years the Gross Margin of AFX has remained more or less at the same level.
Industry RankSector Rank
OM 10.03%
PM (TTM) 6.34%
GM 52.76%
OM growth 3Y-21.67%
OM growth 5Y-5.49%
PM growth 3Y-25.69%
PM growth 5Y-7.11%
GM growth 3Y-3.8%
GM growth 5Y-1.12%
AFX.DE Yearly Profit, Operating, Gross MarginsAFX.DE Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 20 30 40 50

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6

2. AFX.DE Health Analysis

2.1 Basic Checks

  • AFX has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
  • Compared to 1 year ago, AFX has about the same amount of shares outstanding.
  • The number of shares outstanding for AFX has been reduced compared to 5 years ago.
  • Compared to 1 year ago, AFX has an improved debt to assets ratio.
AFX.DE Yearly Shares OutstandingAFX.DE Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20M 40M 60M 80M
AFX.DE Yearly Total Debt VS Total AssetsAFX.DE Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1B 2B 3B

2.2 Solvency

  • An Altman-Z score of 2.82 indicates that AFX is not a great score, but indicates only limited risk for bankruptcy at the moment.
  • AFX's Altman-Z score of 2.82 is in line compared to the rest of the industry. AFX outperforms 59.68% of its industry peers.
  • The Debt to FCF ratio of AFX is 4.41, which is a neutral value as it means it would take AFX, 4.41 years of fcf income to pay off all of its debts.
  • AFX's Debt to FCF ratio of 4.41 is fine compared to the rest of the industry. AFX outperforms 61.29% of its industry peers.
  • A Debt/Equity ratio of 0.27 indicates that AFX is not too dependend on debt financing.
  • Looking at the Debt to Equity ratio, with a value of 0.27, AFX is in line with its industry, outperforming 59.68% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.27
Debt/FCF 4.41
Altman-Z 2.82
ROIC/WACC0.88
WACC6.56%
AFX.DE Yearly LT Debt VS Equity VS FCFAFX.DE Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 500M 1B 1.5B 2B

2.3 Liquidity

  • A Current Ratio of 2.35 indicates that AFX has no problem at all paying its short term obligations.
  • AFX has a Current ratio of 2.35. This is in the better half of the industry: AFX outperforms 67.74% of its industry peers.
  • A Quick Ratio of 1.44 indicates that AFX should not have too much problems paying its short term obligations.
  • AFX's Quick ratio of 1.44 is fine compared to the rest of the industry. AFX outperforms 67.74% of its industry peers.
Industry RankSector Rank
Current Ratio 2.35
Quick Ratio 1.44
AFX.DE Yearly Current Assets VS Current LiabilitesAFX.DE Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 500M 1B 1.5B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

4

3. AFX.DE Growth Analysis

3.1 Past

  • The earnings per share for AFX have decreased strongly by -17.51% in the last year.
  • The Earnings Per Share has been growing slightly by 3.28% on average over the past years.
  • AFX shows a small growth in Revenue. In the last year, the Revenue has grown by 5.89%.
  • Measured over the past years, AFX shows a quite strong growth in Revenue. The Revenue has been growing by 10.78% on average per year.
EPS 1Y (TTM)-17.51%
EPS 3Y-21.2%
EPS 5Y3.28%
EPS Q2Q%-83.33%
Revenue 1Y (TTM)5.89%
Revenue growth 3Y5.39%
Revenue growth 5Y10.78%
Sales Q2Q%-4.79%

3.2 Future

  • AFX is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 14.94% yearly.
  • AFX is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 5.17% yearly.
EPS Next Y1.24%
EPS Next 2Y12.96%
EPS Next 3Y14.01%
EPS Next 5Y14.94%
Revenue Next Year2.21%
Revenue Next 2Y3.76%
Revenue Next 3Y4.34%
Revenue Next 5Y5.17%

3.3 Evolution

  • The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
AFX.DE Yearly Revenue VS EstimatesAFX.DE Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 500M 1B 1.5B 2B 2.5B
AFX.DE Yearly EPS VS EstimatesAFX.DE Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 1 2 3

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6

4. AFX.DE Valuation Analysis

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 16.56, AFX is valued correctly.
  • AFX's Price/Earnings ratio is a bit cheaper when compared to the industry. AFX is cheaper than 79.03% of the companies in the same industry.
  • Compared to an average S&P500 Price/Earnings ratio of 25.23, AFX is valued a bit cheaper.
  • AFX is valuated reasonably with a Price/Forward Earnings ratio of 11.77.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of AFX indicates a rather cheap valuation: AFX is cheaper than 83.87% of the companies listed in the same industry.
  • AFX is valuated rather cheaply when we compare the Price/Forward Earnings ratio to 22.51, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 16.56
Fwd PE 11.77
AFX.DE Price Earnings VS Forward Price EarningsAFX.DE Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, AFX is valued cheaper than 85.48% of the companies in the same industry.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of AFX indicates a rather cheap valuation: AFX is cheaper than 82.26% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 16.23
EV/EBITDA 7.86
AFX.DE Per share dataAFX.DE EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15 20

4.3 Compensation for Growth

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates AFX does not grow enough to justify the current Price/Earnings ratio.
  • A more expensive valuation may be justified as AFX's earnings are expected to grow with 14.01% in the coming years.
PEG (NY)13.31
PEG (5Y)5.05
EPS Next 2Y12.96%
EPS Next 3Y14.01%

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4

5. AFX.DE Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 2.33%, AFX has a reasonable but not impressive dividend return.
  • The stock price of AFX dropped by -37.97% in the last 3 months. With lower prices the dividend yield is higher, but it may be a sign investors do not trust the long term dividend.
  • Compared to an average industry Dividend Yield of 1.19, AFX pays a bit more dividend than its industry peers.
  • AFX's Dividend Yield is a higher than the S&P500 average which is at 1.90.
Industry RankSector Rank
Dividend Yield 2.33%

5.2 History

  • The dividend of AFX decreases each year by -1.59%.
Dividend Growth(5Y)-1.59%
Div Incr Years1
Div Non Decr Years4
AFX.DE Yearly Dividends per shareAFX.DE Yearly Dividends per shareYearly Dividends per share 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.2 0.4 0.6 0.8 1

5.3 Sustainability

  • 37.19% of the earnings are spent on dividend by AFX. This is a low number and sustainable payout ratio.
DP37.19%
EPS Next 2Y12.96%
EPS Next 3Y14.01%
AFX.DE Yearly Income VS Free CF VS DividendAFX.DE Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 50M 100M 150M 200M 250M
AFX.DE Dividend Payout.AFX.DE Dividend Payout, showing the Payout Ratio.AFX.DE Dividend Payout.PayoutRetained Earnings

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AFX.DE Fundamentals: All Metrics, Ratios and Statistics

CARL ZEISS MEDITEC AG - BR

FRA:AFX (3/27/2026, 5:29:53 PM)

24.18

-0.82 (-3.28%)

Chartmill FA Rating
GICS SectorHealth Care
GICS IndustryGroupHealth Care Equipment & Services
GICS IndustryHealth Care Equipment & Supplies
Earnings (Last)02-12
Earnings (Next)05-11
Inst Owners24.4%
Inst Owner ChangeN/A
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap2.16B
Revenue(TTM)2.20B
Net Income(TTM)141.22M
Analysts66.09
Price Target37.68 (55.83%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.33%
Yearly Dividend0.6
Dividend Growth(5Y)-1.59%
DP37.19%
Div Incr Years1
Div Non Decr Years4
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-21.46%
Min EPS beat(2)-33.88%
Max EPS beat(2)-9.05%
EPS beat(4)1
Avg EPS beat(4)-16.59%
Min EPS beat(4)-36.67%
Max EPS beat(4)13.25%
EPS beat(8)4
Avg EPS beat(8)-3.62%
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)1
Avg Revenue beat(2)0.89%
Min Revenue beat(2)-1.14%
Max Revenue beat(2)2.92%
Revenue beat(4)3
Avg Revenue beat(4)1.59%
Min Revenue beat(4)-1.14%
Max Revenue beat(4)3.76%
Revenue beat(8)5
Avg Revenue beat(8)-0.32%
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)-9.12%
PT rev (3m)-32.18%
EPS NQ rev (1m)0%
EPS NQ rev (3m)N/A
EPS NY rev (1m)-15.87%
EPS NY rev (3m)-20.77%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)-0.48%
Revenue NY rev (3m)-2.58%
Valuation
Industry RankSector Rank
PE 16.56
Fwd PE 11.77
P/S 0.97
P/FCF 16.23
P/OCF 10.31
P/B 1.02
P/tB 4.47
EV/EBITDA 7.86
EPS(TTM)1.46
EY6.04%
EPS(NY)2.05
Fwd EY8.5%
FCF(TTM)1.49
FCFY6.16%
OCF(TTM)2.35
OCFY9.7%
SpS24.91
BVpS23.66
TBVpS5.41
PEG (NY)13.31
PEG (5Y)5.05
Graham Number27.88
Profitability
Industry RankSector Rank
ROA 4.15%
ROE 6.67%
ROCE 7.81%
ROIC 5.79%
ROICexc 5.89%
ROICexgc 14.08%
OM 10.03%
PM (TTM) 6.34%
GM 52.76%
FCFM 5.98%
ROA(3y)6.33%
ROA(5y)7.85%
ROE(3y)9.62%
ROE(5y)11.54%
ROIC(3y)7.11%
ROIC(5y)9.66%
ROICexc(3y)7.22%
ROICexc(5y)9.75%
ROICexgc(3y)13.97%
ROICexgc(5y)15.82%
ROCE(3y)9.59%
ROCE(5y)13.04%
ROICexgc growth 3Y-8.4%
ROICexgc growth 5Y5.55%
ROICexc growth 3Y-23.03%
ROICexc growth 5Y-5.34%
OM growth 3Y-21.67%
OM growth 5Y-5.49%
PM growth 3Y-25.69%
PM growth 5Y-7.11%
GM growth 3Y-3.8%
GM growth 5Y-1.12%
F-Score6
Asset Turnover0.65
Health
Industry RankSector Rank
Debt/Equity 0.27
Debt/FCF 4.41
Debt/EBITDA 1.61
Cap/Depr 60.61%
Cap/Sales 3.44%
Interest Coverage 10.38
Cash Conversion 60%
Profit Quality 94.37%
Current Ratio 2.35
Quick Ratio 1.44
Altman-Z 2.82
F-Score6
WACC6.56%
ROIC/WACC0.88
Cap/Depr(3y)109.66%
Cap/Depr(5y)110.76%
Cap/Sales(3y)5.42%
Cap/Sales(5y)4.92%
Profit Quality(3y)64.92%
Profit Quality(5y)71.29%
High Growth Momentum
Growth
EPS 1Y (TTM)-17.51%
EPS 3Y-21.2%
EPS 5Y3.28%
EPS Q2Q%-83.33%
EPS Next Y1.24%
EPS Next 2Y12.96%
EPS Next 3Y14.01%
EPS Next 5Y14.94%
Revenue 1Y (TTM)5.89%
Revenue growth 3Y5.39%
Revenue growth 5Y10.78%
Sales Q2Q%-4.79%
Revenue Next Year2.21%
Revenue Next 2Y3.76%
Revenue Next 3Y4.34%
Revenue Next 5Y5.17%
EBIT growth 1Y14.86%
EBIT growth 3Y-17.44%
EBIT growth 5Y4.69%
EBIT Next Year51.32%
EBIT Next 3Y23.17%
EBIT Next 5Y16.25%
FCF growth 1Y40.11%
FCF growth 3Y7.85%
FCF growth 5Y-0.04%
OCF growth 1Y-15.15%
OCF growth 3Y3.7%
OCF growth 5Y3.29%

CARL ZEISS MEDITEC AG - BR / AFX.DE Fundamental Analysis FAQ

What is the fundamental rating for AFX stock?

ChartMill assigns a fundamental rating of 5 / 10 to AFX.DE.


What is the valuation status of CARL ZEISS MEDITEC AG - BR (AFX.DE) stock?

ChartMill assigns a valuation rating of 6 / 10 to CARL ZEISS MEDITEC AG - BR (AFX.DE). This can be considered as Fairly Valued.


Can you provide the profitability details for CARL ZEISS MEDITEC AG - BR?

CARL ZEISS MEDITEC AG - BR (AFX.DE) has a profitability rating of 4 / 10.


What are the PE and PB ratios of CARL ZEISS MEDITEC AG - BR (AFX.DE) stock?

The Price/Earnings (PE) ratio for CARL ZEISS MEDITEC AG - BR (AFX.DE) is 16.56 and the Price/Book (PB) ratio is 1.02.


Is the dividend of CARL ZEISS MEDITEC AG - BR sustainable?

The dividend rating of CARL ZEISS MEDITEC AG - BR (AFX.DE) is 4 / 10 and the dividend payout ratio is 37.19%.