SIEMENS HEALTHINEERS AG (SHL.DE) Fundamental Analysis & Valuation

FRA:SHL • DE000SHL1006

38.72 EUR
-0.31 (-0.79%)
Last: Mar 13, 2026, 11:20 AM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership

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

Fundamental Rating

5

We assign a fundamental rating of 5 out of 10 to SHL. SHL was compared to 65 industry peers in the Health Care Equipment & Supplies industry. While SHL is still in line with the averages on profitability rating, there are concerns on its financial health. SHL has a correct valuation and a medium growth rate.


Dividend Valuation Growth Profitability Health

6

1. SHL.DE Profitability Analysis

1.1 Basic Checks

  • In the past year SHL was profitable.
  • SHL had a positive operating cash flow in the past year.
  • Each year in the past 5 years SHL has been profitable.
  • Each year in the past 5 years SHL had a positive operating cash flow.
SHL.DE Yearly Net Income VS EBIT VS OCF VS FCFSHL.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 1B 2B 3B

1.2 Ratios

  • SHL's Return On Assets of 4.79% is fine compared to the rest of the industry. SHL outperforms 63.08% of its industry peers.
  • SHL has a better Return On Equity (11.50%) than 67.69% of its industry peers.
  • With a decent Return On Invested Capital value of 7.88%, SHL is doing good in the industry, outperforming 63.08% of the companies in the same industry.
  • SHL had an Average Return On Invested Capital over the past 3 years of 6.28%. This is below the industry average of 10.72%.
  • The 3 year average ROIC (6.28%) for SHL is below the current ROIC(7.88%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 4.79%
ROE 11.5%
ROIC 7.88%
ROA(3y)4.09%
ROA(5y)4.11%
ROE(3y)10.3%
ROE(5y)10.39%
ROIC(3y)6.28%
ROIC(5y)6.22%
SHL.DE Yearly ROA, ROE, ROICSHL.DE Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 20 30 40 50

1.3 Margins

  • The Profit Margin of SHL (9.10%) is better than 63.08% of its industry peers.
  • SHL's Profit Margin has been stable in the last couple of years.
  • SHL has a Operating Margin of 13.49%. This is comparable to the rest of the industry: SHL outperforms 58.46% of its industry peers.
  • In the last couple of years the Operating Margin of SHL has remained more or less at the same level.
  • With a Gross Margin value of 38.44%, SHL is not doing good in the industry: 81.54% of the companies in the same industry are doing better.
  • In the last couple of years the Gross Margin of SHL has remained more or less at the same level.
Industry RankSector Rank
OM 13.49%
PM (TTM) 9.1%
GM 38.44%
OM growth 3Y0.16%
OM growth 5Y0.1%
PM growth 3Y-0.76%
PM growth 5Y-1.23%
GM growth 3Y1.02%
GM growth 5Y0.02%
SHL.DE Yearly Profit, Operating, Gross MarginsSHL.DE Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 20 30 40

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3

2. SHL.DE Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so SHL is still creating some value.
  • SHL has less shares outstanding than it did 1 year ago.
  • SHL has more shares outstanding than it did 5 years ago.
  • Compared to 1 year ago, SHL has an improved debt to assets ratio.
SHL.DE Yearly Shares OutstandingSHL.DE Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 200M 400M 600M 800M 1B
SHL.DE Yearly Total Debt VS Total AssetsSHL.DE Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10B 20B 30B 40B

2.2 Solvency

  • An Altman-Z score of 1.91 indicates that SHL is not a great score, but indicates only limited risk for bankruptcy at the moment.
  • SHL has a Altman-Z score of 1.91. This is in the lower half of the industry: SHL underperforms 64.62% of its industry peers.
  • The Debt to FCF ratio of SHL is 6.56, which is on the high side as it means it would take SHL, 6.56 years of fcf income to pay off all of its debts.
  • With a Debt to FCF ratio value of 6.56, SHL perfoms like the industry average, outperforming 49.23% of the companies in the same industry.
  • SHL has a Debt/Equity ratio of 0.53. This is a neutral value indicating SHL is somewhat dependend on debt financing.
  • Looking at the Debt to Equity ratio, with a value of 0.53, SHL is in line with its industry, outperforming 41.54% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.53
Debt/FCF 6.56
Altman-Z 1.91
ROIC/WACC1.21
WACC6.49%
SHL.DE Yearly LT Debt VS Equity VS FCFSHL.DE Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5B 10B 15B

2.3 Liquidity

  • A Current Ratio of 1.04 indicates that SHL should not have too much problems paying its short term obligations.
  • Looking at the Current ratio, with a value of 1.04, SHL is doing worse than 75.38% of the companies in the same industry.
  • A Quick Ratio of 0.72 indicates that SHL may have some problems paying its short term obligations.
  • Looking at the Quick ratio, with a value of 0.72, SHL is doing worse than 72.31% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 1.04
Quick Ratio 0.72
SHL.DE Yearly Current Assets VS Current LiabilitesSHL.DE Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5B 10B

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4

3. SHL.DE Growth Analysis

3.1 Past

  • The Earnings Per Share has been growing slightly by 1.33% over the past year.
  • SHL shows quite a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 11.29% yearly.
  • Looking at the last year, SHL shows a small growth in Revenue. The Revenue has grown by 2.76% in the last year.
  • The Revenue has been growing by 10.08% on average over the past years. This is quite good.
EPS 1Y (TTM)1.33%
EPS 3Y1.29%
EPS 5Y11.29%
EPS Q2Q%-21.57%
Revenue 1Y (TTM)2.76%
Revenue growth 3Y2.49%
Revenue growth 5Y10.08%
Sales Q2Q%-1.46%

3.2 Future

  • The Earnings Per Share is expected to grow by 8.69% on average over the next years. This is quite good.
  • SHL is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 5.34% yearly.
EPS Next Y-3.37%
EPS Next 2Y4.49%
EPS Next 3Y7.62%
EPS Next 5Y8.69%
Revenue Next Year2.1%
Revenue Next 2Y4.02%
Revenue Next 3Y4.62%
Revenue Next 5Y5.34%

3.3 Evolution

  • The EPS growth rate is decreasing: in the next years the growth will be less 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.
SHL.DE Yearly Revenue VS EstimatesSHL.DE Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 10B 20B 30B
SHL.DE Yearly EPS VS EstimatesSHL.DE Yearly EPS VS EstimatesYearly EPS VS Estimates 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 1 2 3

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5

4. SHL.DE Valuation Analysis

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 16.98, the valuation of SHL can be described as correct.
  • Compared to the rest of the industry, the Price/Earnings ratio of SHL indicates a rather cheap valuation: SHL is cheaper than 83.08% of the companies listed in the same industry.
  • When comparing the Price/Earnings ratio of SHL to the average of the S&P500 Index (25.71), we can say SHL is valued slightly cheaper.
  • A Price/Forward Earnings ratio of 14.84 indicates a correct valuation of SHL.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of SHL indicates a somewhat cheap valuation: SHL is cheaper than 73.85% of the companies listed in the same industry.
  • The average S&P500 Price/Forward Earnings ratio is at 23.82. SHL is valued slightly cheaper when compared to this.
Industry RankSector Rank
PE 16.98
Fwd PE 14.84
SHL.DE Price Earnings VS Forward Price EarningsSHL.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, SHL is valued a bit cheaper than the industry average as 69.23% of the companies are valued more expensively.
  • 75.38% of the companies in the same industry are more expensive than SHL, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 19.54
EV/EBITDA 12.55
SHL.DE Per share dataSHL.DE EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 5 10 15 20

4.3 Compensation for Growth

  • The decent profitability rating of SHL may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)1.5
EPS Next 2Y4.49%
EPS Next 3Y7.62%

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

6

5. SHL.DE Dividend Analysis

5.1 Amount

  • SHL has a Yearly Dividend Yield of 2.47%.
  • SHL's Dividend Yield is rather good when compared to the industry average which is at 1.01. SHL pays more dividend than 84.62% of the companies in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.82, SHL pays a bit more dividend than the S&P500 average.
Industry RankSector Rank
Dividend Yield 2.47%

5.2 History

  • The dividend of SHL has a limited annual growth rate of 4.38%.
Dividend Growth(5Y)4.38%
Div Incr Years0
Div Non Decr Years6
SHL.DE Yearly Dividends per shareSHL.DE Yearly Dividends per shareYearly Dividends per share 2019 2020 2021 2022 2023 2024 2025 2026 0.2 0.4 0.6 0.8

5.3 Sustainability

  • 50.31% of the earnings are spent on dividend by SHL. This is a bit on the high side, but may be sustainable.
  • The dividend of SHL is growing, but earnings are growing more, so the dividend growth is sustainable.
DP50.31%
EPS Next 2Y4.49%
EPS Next 3Y7.62%
SHL.DE Yearly Income VS Free CF VS DividendSHL.DE Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 500M 1B 1.5B 2B 2.5B
SHL.DE Dividend Payout.SHL.DE Dividend Payout, showing the Payout Ratio.SHL.DE Dividend Payout.PayoutRetained Earnings

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SHL.DE Fundamentals: All Metrics, Ratios and Statistics

SIEMENS HEALTHINEERS AG

FRA:SHL (3/13/2026, 11:20:03 AM)

38.72

-0.31 (-0.79%)

Chartmill FA Rating
GICS SectorHealth Care
GICS IndustryGroupHealth Care Equipment & Services
GICS IndustryHealth Care Equipment & Supplies
Earnings (Last)02-05
Earnings (Next)05-07
Inst Owners13.5%
Inst Owner ChangeN/A
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap43.68B
Revenue(TTM)23.30B
Net Income(TTM)2.12B
Analysts79.29
Price Target55.04 (42.15%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.47%
Yearly Dividend0.95
Dividend Growth(5Y)4.38%
DP50.31%
Div Incr Years0
Div Non Decr Years6
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-8.86%
Min EPS beat(2)-13.74%
Max EPS beat(2)-3.98%
EPS beat(4)1
Avg EPS beat(4)-1.6%
Min EPS beat(4)-13.74%
Max EPS beat(4)13.36%
EPS beat(8)4
Avg EPS beat(8)1.31%
EPS beat(12)6
Avg EPS beat(12)0.88%
EPS beat(16)9
Avg EPS beat(16)1.56%
Revenue beat(2)1
Avg Revenue beat(2)-1.97%
Min Revenue beat(2)-4.1%
Max Revenue beat(2)0.15%
Revenue beat(4)2
Avg Revenue beat(4)-1.11%
Min Revenue beat(4)-4.1%
Max Revenue beat(4)0.27%
Revenue beat(8)3
Avg Revenue beat(8)-1.06%
Revenue beat(12)4
Avg Revenue beat(12)-0.67%
Revenue beat(16)7
Avg Revenue beat(16)-0.39%
PT rev (1m)-2.23%
PT rev (3m)-3.27%
EPS NQ rev (1m)-7.43%
EPS NQ rev (3m)-12.84%
EPS NY rev (1m)-2.65%
EPS NY rev (3m)-5.05%
Revenue NQ rev (1m)-1.25%
Revenue NQ rev (3m)-2.35%
Revenue NY rev (1m)-0.72%
Revenue NY rev (3m)-0.95%
Valuation
Industry RankSector Rank
PE 16.98
Fwd PE 14.84
P/S 1.87
P/FCF 19.54
P/OCF 14.35
P/B 2.37
P/tB N/A
EV/EBITDA 12.55
EPS(TTM)2.28
EY5.89%
EPS(NY)2.61
Fwd EY6.74%
FCF(TTM)1.98
FCFY5.12%
OCF(TTM)2.7
OCFY6.97%
SpS20.65
BVpS16.34
TBVpS-4.52
PEG (NY)N/A
PEG (5Y)1.5
Graham Number28.95
Profitability
Industry RankSector Rank
ROA 4.79%
ROE 11.5%
ROCE 10.26%
ROIC 7.88%
ROICexc 8.62%
ROICexgc 53.82%
OM 13.49%
PM (TTM) 9.1%
GM 38.44%
FCFM 9.59%
ROA(3y)4.09%
ROA(5y)4.11%
ROE(3y)10.3%
ROE(5y)10.39%
ROIC(3y)6.28%
ROIC(5y)6.22%
ROICexc(3y)6.75%
ROICexc(5y)6.62%
ROICexgc(3y)33.94%
ROICexgc(5y)34.43%
ROCE(3y)8.18%
ROCE(5y)8.09%
ROICexgc growth 3Y11.98%
ROICexgc growth 5Y11.06%
ROICexc growth 3Y9.08%
ROICexc growth 5Y-1.26%
OM growth 3Y0.16%
OM growth 5Y0.1%
PM growth 3Y-0.76%
PM growth 5Y-1.23%
GM growth 3Y1.02%
GM growth 5Y0.02%
F-Score7
Asset Turnover0.53
Health
Industry RankSector Rank
Debt/Equity 0.53
Debt/FCF 6.56
Debt/EBITDA 2.22
Cap/Depr 62.76%
Cap/Sales 3.47%
Interest Coverage 7.31
Cash Conversion 68.7%
Profit Quality 105.47%
Current Ratio 1.04
Quick Ratio 0.72
Altman-Z 1.91
F-Score7
WACC6.49%
ROIC/WACC1.21
Cap/Depr(3y)57.95%
Cap/Depr(5y)60.43%
Cap/Sales(3y)3.49%
Cap/Sales(5y)3.63%
Profit Quality(3y)107.05%
Profit Quality(5y)106.62%
High Growth Momentum
Growth
EPS 1Y (TTM)1.33%
EPS 3Y1.29%
EPS 5Y11.29%
EPS Q2Q%-21.57%
EPS Next Y-3.37%
EPS Next 2Y4.49%
EPS Next 3Y7.62%
EPS Next 5Y8.69%
Revenue 1Y (TTM)2.76%
Revenue growth 3Y2.49%
Revenue growth 5Y10.08%
Sales Q2Q%-1.46%
Revenue Next Year2.1%
Revenue Next 2Y4.02%
Revenue Next 3Y4.62%
Revenue Next 5Y5.34%
EBIT growth 1Y7.86%
EBIT growth 3Y2.65%
EBIT growth 5Y10.19%
EBIT Next Year31.6%
EBIT Next 3Y17.12%
EBIT Next 5Y13.29%
FCF growth 1Y40.04%
FCF growth 3Y18%
FCF growth 5Y14.63%
OCF growth 1Y28.66%
OCF growth 3Y12.15%
OCF growth 5Y12.87%

SIEMENS HEALTHINEERS AG / SHL.DE FAQ

What is the fundamental rating for SHL stock?

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


Can you provide the valuation status for SIEMENS HEALTHINEERS AG?

ChartMill assigns a valuation rating of 5 / 10 to SIEMENS HEALTHINEERS AG (SHL.DE). This can be considered as Fairly Valued.


Can you provide the profitability details for SIEMENS HEALTHINEERS AG?

SIEMENS HEALTHINEERS AG (SHL.DE) has a profitability rating of 6 / 10.


Can you provide the PE and PB ratios for SHL stock?

The Price/Earnings (PE) ratio for SIEMENS HEALTHINEERS AG (SHL.DE) is 16.98 and the Price/Book (PB) ratio is 2.37.


How financially healthy is SIEMENS HEALTHINEERS AG?

The financial health rating of SIEMENS HEALTHINEERS AG (SHL.DE) is 3 / 10.