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

FRA:AFX • DE0005313704

26.9 EUR
-0.1 (-0.37%)
Last: Feb 20, 2026, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership
Fundamental Rating

5

Taking everything into account, AFX scores 5 out of 10 in our fundamental rating. AFX was compared to 67 industry peers in the Health Care Equipment & Supplies industry. AFX has only an average score on both its financial health and profitability. AFX may be a bit undervalued, certainly considering the very reasonable score on growth


Dividend Valuation Growth Profitability Health

4

1. Profitability

1.1 Basic Checks

  • In the past year AFX was profitable.
  • AFX had a positive operating cash flow in the past year.
  • 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

  • AFX's Return On Assets of 4.15% is fine compared to the rest of the industry. AFX outperforms 61.19% of its industry peers.
  • AFX's Return On Equity of 6.67% is in line compared to the rest of the industry. AFX outperforms 47.76% of its industry peers.
  • With a Return On Invested Capital value of 5.79%, AFX perfoms like the industry average, outperforming 50.75% of the companies in the same industry.
  • The Average Return On Invested Capital over the past 3 years for AFX is below the industry average of 9.66%.
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

  • Looking at the Profit Margin, with a value of 6.34%, AFX is in line with its industry, outperforming 52.24% of the companies in the same industry.
  • In the last couple of years the Profit Margin of AFX has declined.
  • The Operating Margin of AFX (10.03%) is comparable to the rest of the industry.
  • In the last couple of years the Operating Margin of AFX has declined.
  • Looking at the Gross Margin, with a value of 52.76%, AFX is in line with its industry, outperforming 40.30% of the companies in the same industry.
  • AFX's Gross Margin has been stable in the last couple of years.
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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ROAROEROICOperating and Profit MarginShow most profitable peers

6

2. Health

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so AFX is still creating some value.
  • Compared to 1 year ago, AFX has about the same amount of shares outstanding.
  • Compared to 5 years ago, AFX has less shares outstanding
  • The debt/assets ratio for AFX has been reduced compared to a year ago.
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 2.90 indicates that AFX is not a great score, but indicates only limited risk for bankruptcy at the moment.
  • With a Altman-Z score value of 2.90, AFX perfoms like the industry average, outperforming 58.21% of the companies in the same industry.
  • AFX has a debt to FCF ratio of 4.41. This is a neutral value as AFX would need 4.41 years to pay back of all of its debts.
  • With a Debt to FCF ratio value of 4.41, AFX perfoms like the industry average, outperforming 56.72% of the companies in the same industry.
  • AFX has a Debt/Equity ratio of 0.27. This is a healthy value indicating a solid balance between debt and equity.
  • AFX has a Debt to Equity ratio of 0.27. This is comparable to the rest of the industry: AFX outperforms 58.21% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.27
Debt/FCF 4.41
Altman-Z 2.9
ROIC/WACC0.86
WACC6.71%
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

  • AFX has a Current Ratio of 2.35. This indicates that AFX is financially healthy and has no problem in meeting its short term obligations.
  • With a decent Current ratio value of 2.35, AFX is doing good in the industry, outperforming 67.16% of the companies in the same industry.
  • AFX has a Quick Ratio of 1.44. This is a normal value and indicates that AFX is financially healthy and should not expect problems in meeting its short term obligations.
  • With a decent Quick ratio value of 1.44, AFX is doing good in the industry, outperforming 70.15% of the companies in the same industry.
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. Growth

3.1 Past

  • AFX shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -19.90%.
  • 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 7.82%.
  • 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)-19.9%
EPS 3Y-21.2%
EPS 5Y3.28%
EPS Q2Q%N/A
Revenue 1Y (TTM)7.82%
Revenue growth 3Y5.39%
Revenue growth 5Y10.78%
Sales Q2Q%-4.79%

3.2 Future

  • The Earnings Per Share is expected to grow by 16.66% on average over the next years. This is quite good.
  • Based on estimates for the next years, AFX will show a small growth in Revenue. The Revenue will grow by 4.97% on average per year.
EPS Next Y20.35%
EPS Next 2Y21.07%
EPS Next 3Y21.31%
EPS Next 5Y16.66%
Revenue Next Year4.23%
Revenue Next 2Y5.18%
Revenue Next 3Y5.72%
Revenue Next 5Y4.97%

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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8

4. Valuation

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 16.71, the valuation of AFX can be described as correct.
  • Compared to the rest of the industry, the Price/Earnings ratio of AFX indicates a rather cheap valuation: AFX is cheaper than 88.06% of the companies listed in the same industry.
  • Compared to an average S&P500 Price/Earnings ratio of 26.99, AFX is valued a bit cheaper.
  • The Price/Forward Earnings ratio is 11.40, which indicates a very decent valuation of AFX.
  • Based on the Price/Forward Earnings ratio, AFX is valued cheaply inside the industry as 86.57% of the companies are valued more expensively.
  • When comparing the Price/Forward Earnings ratio of AFX to the average of the S&P500 Index (28.06), we can say AFX is valued rather cheaply.
Industry RankSector Rank
PE 16.71
Fwd PE 11.4
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 85.07% of the companies in the same industry.
  • AFX's Price/Free Cash Flow ratio is rather cheap when compared to the industry. AFX is cheaper than 83.58% of the companies in the same industry.
Industry RankSector Rank
P/FCF 18.05
EV/EBITDA 8.37
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

  • AFX's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • A more expensive valuation may be justified as AFX's earnings are expected to grow with 21.31% in the coming years.
PEG (NY)0.82
PEG (5Y)5.09
EPS Next 2Y21.07%
EPS Next 3Y21.31%

More info and screens

Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

4

5. Dividend

5.1 Amount

  • With a Yearly Dividend Yield of 2.16%, AFX has a reasonable but not impressive dividend return.
  • The stock price of AFX dropped by -37.96% 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.
  • AFX's Dividend Yield is a higher than the industry average which is at 1.14.
  • AFX's Dividend Yield is comparable with the S&P500 average which is at 1.85.
Industry RankSector Rank
Dividend Yield 2.16%

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

  • AFX pays out 37.19% of its income as dividend. This is a sustainable payout ratio.
DP37.19%
EPS Next 2Y21.07%
EPS Next 3Y21.31%
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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CARL ZEISS MEDITEC AG - BR

FRA:AFX (2/20/2026, 7:00:00 PM)

26.9

-0.1 (-0.37%)

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 Owners25.21%
Inst Owner ChangeN/A
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap2.41B
Revenue(TTM)2.23B
Net Income(TTM)141.22M
Analysts66.96
Price Target41.46 (54.13%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.16%
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)-18.94%
PT rev (3m)-25.37%
EPS NQ rev (1m)-30.35%
EPS NQ rev (3m)N/A
EPS NY rev (1m)-3.32%
EPS NY rev (3m)-6.39%
Revenue NQ rev (1m)-0.03%
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.69%
Valuation
Industry RankSector Rank
PE 16.71
Fwd PE 11.4
P/S 1.08
P/FCF 18.05
P/OCF 11.46
P/B 1.14
P/tB 4.97
EV/EBITDA 8.37
EPS(TTM)1.61
EY5.99%
EPS(NY)2.36
Fwd EY8.77%
FCF(TTM)1.49
FCFY5.54%
OCF(TTM)2.35
OCFY8.72%
SpS24.91
BVpS23.66
TBVpS5.41
PEG (NY)0.82
PEG (5Y)5.09
Graham Number29.28
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 2.9
F-Score6
WACC6.71%
ROIC/WACC0.86
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)-19.9%
EPS 3Y-21.2%
EPS 5Y3.28%
EPS Q2Q%N/A
EPS Next Y20.35%
EPS Next 2Y21.07%
EPS Next 3Y21.31%
EPS Next 5Y16.66%
Revenue 1Y (TTM)7.82%
Revenue growth 3Y5.39%
Revenue growth 5Y10.78%
Sales Q2Q%-4.79%
Revenue Next Year4.23%
Revenue Next 2Y5.18%
Revenue Next 3Y5.72%
Revenue Next 5Y4.97%
EBIT growth 1Y14.86%
EBIT growth 3Y-17.44%
EBIT growth 5Y4.69%
EBIT Next Year66.85%
EBIT Next 3Y28.21%
EBIT Next 5Y16.12%
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 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 8 / 10 to CARL ZEISS MEDITEC AG - BR (AFX.DE). This can be considered as Undervalued.


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 16.71 and the Price/Book (PB) ratio is 1.14.


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%.