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

FRA:SHL • DE000SHL1006

40.41 EUR
-0.09 (-0.22%)
Last: Mar 6, 2026, 07:00 PM
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

Overall SHL gets a fundamental rating of 5 out of 10. We evaluated SHL against 65 industry peers in the Health Care Equipment & Supplies industry. There are concerns on the financial health of SHL while its profitability can be described as average. SHL is not valued too expensively and it also shows a decent growth rate.


Dividend Valuation Growth Profitability Health

6

1. SHL.DE Profitability Analysis

1.1 Basic Checks

  • SHL had positive earnings in the past year.
  • SHL had a positive operating cash flow in the past year.
  • SHL had positive earnings in each of the past 5 years.
  • In the past 5 years SHL always reported a positive cash flow from operatings.
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

  • With a decent Return On Assets value of 4.79%, SHL is doing good in the industry, outperforming 63.08% of the companies in the same industry.
  • Looking at the Return On Equity, with a value of 11.50%, SHL is in the better half of the industry, outperforming 67.69% of the companies in the same industry.
  • Looking at the Return On Invested Capital, with a value of 7.88%, SHL is in the better half of 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 last Return On Invested Capital (7.88%) for SHL is above the 3 year average (6.28%), which is a sign of increasing profitability.
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

  • SHL has a better Profit Margin (9.10%) than 63.08% of its industry peers.
  • In the last couple of years the Profit Margin of SHL has remained more or less at the same level.
  • Looking at the Operating Margin, with a value of 13.49%, SHL is in line with its industry, outperforming 58.46% of the companies in the same industry.
  • SHL's Operating Margin has been stable in the last couple of years.
  • Looking at the Gross Margin, with a value of 38.44%, SHL is doing worse than 81.54% of the companies in the same industry.
  • 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

  • With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), SHL is creating some value.
  • SHL has less shares outstanding than it did 1 year ago.
  • Compared to 5 years ago, SHL has more shares outstanding
  • 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 1.95 indicates that SHL is not a great score, but indicates only limited risk for bankruptcy at the moment.
  • With a Altman-Z score value of 1.95, SHL is not doing good in the industry: 64.62% of the companies in the same industry are doing better.
  • SHL has a debt to FCF ratio of 6.56. This is a slightly negative value and a sign of low solvency as SHL would need 6.56 years to pay back of all of its debts.
  • SHL has a Debt to FCF ratio (6.56) which is comparable to the rest of the industry.
  • A Debt/Equity ratio of 0.53 indicates that 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 1.95
ROIC/WACC1.21
WACC6.52%
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.
  • SHL's Current ratio of 1.04 is on the low side compared to the rest of the industry. SHL is outperformed by 75.38% of its industry peers.
  • 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

  • SHL shows a small growth in Earnings Per Share. In the last year, the EPS has grown by 1.33%.
  • SHL shows quite a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 11.29% yearly.
  • SHL shows a small growth in Revenue. In the last year, the Revenue has grown by 2.76%.
  • SHL shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 10.08% yearly.
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

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
  • The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
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 17.72, the valuation of SHL can be described as rather expensive.
  • Based on the Price/Earnings ratio, SHL is valued cheaper than 84.62% of the companies in the same industry.
  • When comparing the Price/Earnings ratio of SHL to the average of the S&P500 Index (26.29), we can say SHL is valued slightly cheaper.
  • SHL is valuated correctly with a Price/Forward Earnings ratio of 15.49.
  • 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.
  • When comparing the Price/Forward Earnings ratio of SHL to the average of the S&P500 Index (24.60), we can say SHL is valued slightly cheaper.
Industry RankSector Rank
PE 17.72
Fwd PE 15.49
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

  • Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of SHL indicates a somewhat cheap valuation: SHL is cheaper than 67.69% of the companies listed in the same industry.
  • Based on the Price/Free Cash Flow ratio, SHL is valued a bit cheaper than 76.92% of the companies in the same industry.
Industry RankSector Rank
P/FCF 20.39
EV/EBITDA 12.9
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)1.57
EPS Next 2Y4.49%
EPS Next 3Y7.62%

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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.
  • SHL's Dividend Yield is a higher than the S&P500 average which is at 1.82.
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

  • SHL pays out 50.31% of its income as dividend. 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 (3/6/2026, 7:00:00 PM)

40.41

-0.09 (-0.22%)

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 Cap45.58B
Revenue(TTM)23.30B
Net Income(TTM)2.12B
Analysts79.29
Price Target55.04 (36.2%)
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 17.72
Fwd PE 15.49
P/S 1.96
P/FCF 20.39
P/OCF 14.97
P/B 2.47
P/tB N/A
EV/EBITDA 12.9
EPS(TTM)2.28
EY5.64%
EPS(NY)2.61
Fwd EY6.46%
FCF(TTM)1.98
FCFY4.9%
OCF(TTM)2.7
OCFY6.68%
SpS20.65
BVpS16.34
TBVpS-4.52
PEG (NY)N/A
PEG (5Y)1.57
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 1.95
F-Score7
WACC6.52%
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 17.72 and the Price/Book (PB) ratio is 2.47.


How financially healthy is SIEMENS HEALTHINEERS AG?

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