CARL ZEISS MEDITEC AG - BR (AFX.DE) Fundamental Analysis & Valuation
FRA:AFX • DE0005313704
25.28 EUR
-0.6 (-2.32%)
Last: Mar 5, 2026, 05:29 PM
This AFX.DE fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.
AFX gets a fundamental rating of 5 out of 10. The analysis compared the fundamentals against 63 industry peers in the Health Care Equipment & Supplies industry. Both the profitability and the financial health of AFX get a neutral evaluation. Nothing too spectacular is happening here. AFX is valued quite cheap, while showing a decent growth score. This is a good combination!
1. AFX.DE Profitability Analysis
1.1 Basic Checks
- AFX had positive earnings in the past year.
- AFX had a positive operating cash flow in the past year.
- AFX had positive earnings in each of the past 5 years.
- Each year in the past 5 years AFX had a positive operating cash flow.
1.2 Ratios
- AFX has a Return On Assets of 4.15%. This is in the better half of the industry: AFX outperforms 63.49% of its industry peers.
- AFX has a Return On Equity (6.67%) which is comparable to the rest of the industry.
- AFX's Return On Invested Capital of 5.79% is in line compared to the rest of the industry. AFX outperforms 52.38% of its industry peers.
- AFX had an Average Return On Invested Capital over the past 3 years of 7.11%. This is below the industry average of 9.88%.
| Industry Rank | Sector 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%
1.3 Margins
- AFX has a Profit Margin (6.34%) which is in line with its industry peers.
- AFX's Profit Margin has declined in the last couple of years.
- With a Operating Margin value of 10.03%, AFX perfoms like the industry average, outperforming 46.03% of the companies in the same industry.
- 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 41.27% 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 Rank | Sector 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%
2. AFX.DE Health Analysis
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.
- AFX has less shares outstanding than it did 5 years ago.
- The debt/assets ratio for AFX has been reduced compared to a year ago.
2.2 Solvency
- AFX has an Altman-Z score of 2.86. This is not the best score and indicates that AFX is in the grey zone with still only limited risk for bankruptcy at the moment.
- Looking at the Altman-Z score, with a value of 2.86, AFX is in line with its industry, outperforming 55.56% of the companies in the same industry.
- 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.
- Looking at the Debt to FCF ratio, with a value of 4.41, AFX is in line with its industry, outperforming 57.14% of the companies in the same industry.
- A Debt/Equity ratio of 0.27 indicates that AFX is not too dependend on debt financing.
- AFX's Debt to Equity ratio of 0.27 is fine compared to the rest of the industry. AFX outperforms 61.90% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.27 | ||
| Debt/FCF | 4.41 | ||
| Altman-Z | 2.86 |
ROIC/WACC0.86
WACC6.73%
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.
- Looking at the Current ratio, with a value of 2.35, AFX is in the better half of the industry, outperforming 71.43% 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.
- AFX's Quick ratio of 1.44 is fine compared to the rest of the industry. AFX outperforms 73.02% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 2.35 | ||
| Quick Ratio | 1.44 |
3. AFX.DE Growth Analysis
3.1 Past
- AFX shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -17.51%.
- AFX shows a small growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 3.28% yearly.
- Looking at the last year, AFX shows a small growth in Revenue. The Revenue has grown by 5.89% in the last year.
- 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
- Based on estimates for the next years, AFX will show a quite strong growth in Earnings Per Share. The EPS will grow by 16.66% on average per year.
- 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 Year2.7%
Revenue Next 2Y4.1%
Revenue Next 3Y4.4%
Revenue Next 5Y4.97%
3.3 Evolution
- When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
- 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.
4. AFX.DE Valuation Analysis
4.1 Price/Earnings Ratio
- A Price/Earnings ratio of 17.32 indicates a rather expensive valuation of AFX.
- 87.30% of the companies in the same industry are more expensive than AFX, based on the Price/Earnings ratio.
- When comparing the Price/Earnings ratio of AFX to the average of the S&P500 Index (27.03), we can say AFX is valued slightly cheaper.
- The Price/Forward Earnings ratio is 10.71, which indicates a very decent valuation of AFX.
- Based on the Price/Forward Earnings ratio, AFX is valued cheaply inside the industry as 88.89% of the companies are valued more expensively.
- AFX's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 25.11.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 17.32 | ||
| Fwd PE | 10.71 |
4.2 Price Multiples
- Based on the Enterprise Value to EBITDA ratio, AFX is valued cheaper than 88.89% 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 84.13% of the companies listed in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 16.97 | ||
| EV/EBITDA | 8.08 |
4.3 Compensation for Growth
- The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
- AFX's earnings are expected to grow with 21.31% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.85
PEG (5Y)5.28
EPS Next 2Y21.07%
EPS Next 3Y21.31%
5. AFX.DE Dividend Analysis
5.1 Amount
- With a Yearly Dividend Yield of 2.02%, AFX has a reasonable but not impressive dividend return.
- In the last 3 months the price of AFX has falen by -40.42%. A price decline artificially increases the dividend yield. It may be a sign investors do not expect the dividend to last.
- AFX's Dividend Yield is a higher than the industry average which is at 1.06.
- Compared to an average S&P500 Dividend Yield of 1.82, AFX has a dividend comparable with the average S&P500 company.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.02% |
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
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 2Y21.07%
EPS Next 3Y21.31%
AFX.DE Fundamentals: All Metrics, Ratios and Statistics
FRA:AFX (3/5/2026, 5:29:53 PM)
25.28
-0.6 (-2.32%)
Chartmill FA Rating
GICS SectorHealth Care
GICS IndustryGroupHealth Care Equipment & Services
GICS IndustryHealth Care Equipment & Supplies
Earnings (Last)02-12 2026-02-12/dmh
Earnings (Next)05-11 2026-05-11
Inst Owners25.21%
Inst Owner ChangeN/A
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap2.26B
Revenue(TTM)2.20B
Net Income(TTM)141.22M
Analysts66.96
Price Target37.68 (49.05%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.02% |
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)-24.3%
PT rev (3m)-32.18%
EPS NQ rev (1m)-17.33%
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)-6.39%
Revenue NQ rev (1m)-0.03%
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)-1.47%
Revenue NY rev (3m)-2.15%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 17.32 | ||
| Fwd PE | 10.71 | ||
| P/S | 1.01 | ||
| P/FCF | 16.97 | ||
| P/OCF | 10.77 | ||
| P/B | 1.07 | ||
| P/tB | 4.67 | ||
| EV/EBITDA | 8.08 |
EPS(TTM)1.46
EY5.78%
EPS(NY)2.36
Fwd EY9.34%
FCF(TTM)1.49
FCFY5.89%
OCF(TTM)2.35
OCFY9.28%
SpS24.91
BVpS23.66
TBVpS5.41
PEG (NY)0.85
PEG (5Y)5.28
Graham Number27.88
Profitability
| Industry Rank | Sector 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 Rank | Sector 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 | 2.86 |
F-Score6
WACC6.73%
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)-17.51%
EPS 3Y-21.2%
EPS 5Y3.28%
EPS Q2Q%-83.33%
EPS Next Y20.35%
EPS Next 2Y21.07%
EPS Next 3Y21.31%
EPS Next 5Y16.66%
Revenue 1Y (TTM)5.89%
Revenue growth 3Y5.39%
Revenue growth 5Y10.78%
Sales Q2Q%-4.79%
Revenue Next Year2.7%
Revenue Next 2Y4.1%
Revenue Next 3Y4.4%
Revenue Next 5Y4.97%
EBIT growth 1Y14.86%
EBIT growth 3Y-17.44%
EBIT growth 5Y4.69%
EBIT Next Year51.32%
EBIT Next 3Y23.17%
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 7 / 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 17.32 and the Price/Book (PB) ratio is 1.07.
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%.