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

Europe - FRA:AFX - DE0005313704 - Common Stock

45.22 EUR
-0.64 (-1.4%)
Last: 10/27/2025, 7:00:00 PM
Fundamental Rating

4

We assign a fundamental rating of 4 out of 10 to AFX. AFX was compared to 62 industry peers in the Health Care Equipment & Supplies industry. AFX has only an average score on both its financial health and profitability. AFX is valied quite expensively at the moment, while it does show a decent growth rate.


Dividend Valuation Growth Profitability Health

5

1. Profitability

1.1 Basic Checks

AFX had positive earnings in the past year.
AFX had a positive operating cash flow in the past year.
Each year in the past 5 years AFX has been profitable.
Each year in the past 5 years AFX had a positive operating cash flow.
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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100M 200M 300M

1.2 Ratios

AFX has a better Return On Assets (4.49%) than 62.90% of its industry peers.
AFX has a Return On Equity of 7.51%. This is comparable to the rest of the industry: AFX outperforms 59.68% of its industry peers.
The Return On Invested Capital of AFX (4.74%) is comparable to the rest of the industry.
The Average Return On Invested Capital over the past 3 years for AFX is in line with the industry average of 8.76%.
The 3 year average ROIC (9.30%) for AFX is well above the current ROIC(4.74%). The reason for the recent decline needs to be investigated.
Industry RankSector Rank
ROA 4.49%
ROE 7.51%
ROIC 4.74%
ROA(3y)8.42%
ROA(5y)8.24%
ROE(3y)12.26%
ROE(5y)11.91%
ROIC(3y)9.3%
ROIC(5y)9.86%
AFX.DE Yearly ROA, ROE, ROICAFX.DE Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10

1.3 Margins

The Profit Margin of AFX (7.19%) is comparable to the rest of the industry.
AFX's Profit Margin has declined in the last couple of years.
The Operating Margin of AFX (8.55%) is comparable to the rest of the industry.
In the last couple of years the Operating Margin of AFX has declined.
With a Gross Margin value of 52.43%, AFX perfoms like the industry average, outperforming 43.55% of the companies in the same industry.
AFX's Gross Margin has declined in the last couple of years.
Industry RankSector Rank
OM 8.55%
PM (TTM) 7.19%
GM 52.43%
OM growth 3Y-25.26%
OM growth 5Y-12.3%
PM growth 3Y-15.52%
PM growth 5Y-4.6%
GM growth 3Y-3.56%
GM growth 5Y-1.56%
AFX.DE Yearly Profit, Operating, Gross MarginsAFX.DE Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 20 30 40 50

5

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.
The number of shares outstanding for AFX has been reduced compared to 1 year ago.
The number of shares outstanding for AFX has been reduced compared to 5 years ago.
The debt/assets ratio for AFX is higher compared to a year ago.
AFX.DE Yearly Shares OutstandingAFX.DE Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M 80M
AFX.DE Yearly Total Debt VS Total AssetsAFX.DE Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B

2.2 Solvency

An Altman-Z score of 3.39 indicates that AFX is not in any danger for bankruptcy at the moment.
Looking at the Altman-Z score, with a value of 3.39, AFX is in line with its industry, outperforming 56.45% of the companies in the same industry.
The Debt to FCF ratio of AFX is 7.17, which is on the high side as it means it would take AFX, 7.17 years of fcf income to pay off all of its debts.
AFX has a Debt to FCF ratio of 7.17. This is comparable to the rest of the industry: AFX outperforms 48.39% of its industry peers.
AFX has a Debt/Equity ratio of 0.27. This is a healthy value indicating a solid balance between debt and equity.
The Debt to Equity ratio of AFX (0.27) is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 0.27
Debt/FCF 7.17
Altman-Z 3.39
ROIC/WACC0.69
WACC6.87%
AFX.DE Yearly LT Debt VS Equity VS FCFAFX.DE Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500M 1B 1.5B 2B

2.3 Liquidity

A Current Ratio of 2.04 indicates that AFX has no problem at all paying its short term obligations.
AFX has a Current ratio of 2.04. This is comparable to the rest of the industry: AFX outperforms 59.68% of its industry peers.
AFX has a Quick Ratio of 1.17. This is a normal value and indicates that AFX is financially healthy and should not expect problems in meeting its short term obligations.
The Quick ratio of AFX (1.17) is comparable to the rest of the industry.
Industry RankSector Rank
Current Ratio 2.04
Quick Ratio 1.17
AFX.DE Yearly Current Assets VS Current LiabilitesAFX.DE Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B

4

3. Growth

3.1 Past

AFX shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -25.00%.
AFX shows a small growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 2.35% yearly.
AFX shows a small growth in Revenue. In the last year, the Revenue has grown by 5.50%.
The Revenue has been growing slightly by 7.20% on average over the past years.
EPS 1Y (TTM)-25%
EPS 3Y-8.8%
EPS 5Y2.35%
EPS Q2Q%-15.79%
Revenue 1Y (TTM)5.5%
Revenue growth 3Y7.85%
Revenue growth 5Y7.2%
Sales Q2Q%1.92%

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 14.18% on average per year.
AFX is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 6.71% yearly.
EPS Next Y-14.32%
EPS Next 2Y3.4%
EPS Next 3Y9.01%
EPS Next 5Y14.18%
Revenue Next Year6.27%
Revenue Next 2Y5.68%
Revenue Next 3Y6.2%
Revenue Next 5Y6.71%

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 stable.
AFX.DE Yearly Revenue VS EstimatesAFX.DE Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 500M 1B 1.5B 2B 2.5B
AFX.DE Yearly EPS VS EstimatesAFX.DE Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 1 2 3 4

2

4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 26.44, AFX can be considered very expensive at the moment.
Based on the Price/Earnings ratio, AFX is valued a bit cheaper than 64.52% of the companies in the same industry.
Compared to an average S&P500 Price/Earnings ratio of 27.08, AFX is valued at the same level.
A Price/Forward Earnings ratio of 21.04 indicates a rather expensive valuation of AFX.
AFX's Price/Forward Earnings is on the same level as the industry average.
AFX's Price/Forward Earnings ratio indicates a similar valuation than the S&P500 average which is at 23.09.
Industry RankSector Rank
PE 26.44
Fwd PE 21.04
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 a bit cheaper than the industry average as 70.97% of the companies are valued more expensively.
The rest of the industry has a similar Price/Free Cash Flow ratio as AFX.
Industry RankSector Rank
P/FCF 48.76
EV/EBITDA 13.63
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

PEG (NY)N/A
PEG (5Y)11.27
EPS Next 2Y3.4%
EPS Next 3Y9.01%

4

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 1.27%, AFX has a reasonable but not impressive dividend return.
Compared to an average industry Dividend Yield of 2.23, AFX pays a bit more dividend than its industry peers.
Compared to an average S&P500 Dividend Yield of 2.30, AFX's dividend is way lower than the S&P500 average.
Industry RankSector Rank
Dividend Yield 1.27%

5.2 History

On average, the dividend of AFX grows each year by 15.07%, which is quite nice.
Dividend Growth(5Y)15.07%
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 0.2 0.4 0.6 0.8 1

5.3 Sustainability

33.69% of the earnings are spent on dividend by AFX. This is a low number and sustainable payout ratio.
The dividend of AFX is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP33.69%
EPS Next 2Y3.4%
EPS Next 3Y9.01%
AFX.DE Yearly Income VS Free CF VS DividendAFX.DE Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50M 100M 150M 200M 250M
AFX.DE Dividend Payout.AFX.DE Dividend Payout, showing the Payout Ratio.AFX.DE Dividend Payout.PayoutRetained Earnings

CARL ZEISS MEDITEC AG - BR

FRA:AFX (10/27/2025, 7:00:00 PM)

45.22

-0.64 (-1.4%)

Chartmill FA Rating
GICS SectorHealth Care
GICS IndustryGroupHealth Care Equipment & Services
GICS IndustryHealth Care Equipment & Supplies
Earnings (Last)08-07 2025-08-07/amc
Earnings (Next)12-11 2025-12-11/amc
Inst Owners22.55%
Inst Owner ChangeN/A
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap4.04B
Revenue(TTM)2.18B
Net Income(TTM)155.89M
Analysts73.64
Price Target55.42 (22.56%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 1.27%
Yearly Dividend1.11
Dividend Growth(5Y)15.07%
DP33.69%
Div Incr Years1
Div Non Decr Years4
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-11.71%
Min EPS beat(2)-36.67%
Max EPS beat(2)13.25%
EPS beat(4)2
Avg EPS beat(4)-5.53%
Min EPS beat(4)-36.67%
Max EPS beat(4)37.18%
EPS beat(8)6
Avg EPS beat(8)8.89%
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)2
Avg Revenue beat(2)2.29%
Min Revenue beat(2)0.82%
Max Revenue beat(2)3.76%
Revenue beat(4)3
Avg Revenue beat(4)0.58%
Min Revenue beat(4)-2.4%
Max Revenue beat(4)3.76%
Revenue beat(8)5
Avg Revenue beat(8)-0.67%
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)0%
PT rev (3m)-17.12%
EPS NQ rev (1m)-4.88%
EPS NQ rev (3m)-4.88%
EPS NY rev (1m)0%
EPS NY rev (3m)-9.7%
Revenue NQ rev (1m)-0.2%
Revenue NQ rev (3m)-0.2%
Revenue NY rev (1m)0%
Revenue NY rev (3m)0.27%
Valuation
Industry RankSector Rank
PE 26.44
Fwd PE 21.04
P/S 1.86
P/FCF 48.76
P/OCF 20.68
P/B 1.95
P/tB 10.43
EV/EBITDA 13.63
EPS(TTM)1.71
EY3.78%
EPS(NY)2.15
Fwd EY4.75%
FCF(TTM)0.93
FCFY2.05%
OCF(TTM)2.19
OCFY4.84%
SpS24.26
BVpS23.21
TBVpS4.34
PEG (NY)N/A
PEG (5Y)11.27
Graham Number29.88
Profitability
Industry RankSector Rank
ROA 4.49%
ROE 7.51%
ROCE 6.52%
ROIC 4.74%
ROICexc 4.83%
ROICexgc 12.2%
OM 8.55%
PM (TTM) 7.19%
GM 52.43%
FCFM 3.82%
ROA(3y)8.42%
ROA(5y)8.24%
ROE(3y)12.26%
ROE(5y)11.91%
ROIC(3y)9.3%
ROIC(5y)9.86%
ROICexc(3y)9.4%
ROICexc(5y)9.95%
ROICexgc(3y)15.11%
ROICexgc(5y)14.88%
ROCE(3y)12.78%
ROCE(5y)13.55%
ROICexgc growth 3Y-11.32%
ROICexgc growth 5Y-4.98%
ROICexc growth 3Y-28.53%
ROICexc growth 5Y-15.45%
OM growth 3Y-25.26%
OM growth 5Y-12.3%
PM growth 3Y-15.52%
PM growth 5Y-4.6%
GM growth 3Y-3.56%
GM growth 5Y-1.56%
F-Score4
Asset Turnover0.62
Health
Industry RankSector Rank
Debt/Equity 0.27
Debt/FCF 7.17
Debt/EBITDA 1.68
Cap/Depr 73.33%
Cap/Sales 5.19%
Interest Coverage 13.7
Cash Conversion 57.69%
Profit Quality 53.21%
Current Ratio 2.04
Quick Ratio 1.17
Altman-Z 3.39
F-Score4
WACC6.87%
ROIC/WACC0.69
Cap/Depr(3y)128.62%
Cap/Depr(5y)113.53%
Cap/Sales(3y)5.71%
Cap/Sales(5y)4.9%
Profit Quality(3y)45.51%
Profit Quality(5y)74.23%
High Growth Momentum
Growth
EPS 1Y (TTM)-25%
EPS 3Y-8.8%
EPS 5Y2.35%
EPS Q2Q%-15.79%
EPS Next Y-14.32%
EPS Next 2Y3.4%
EPS Next 3Y9.01%
EPS Next 5Y14.18%
Revenue 1Y (TTM)5.5%
Revenue growth 3Y7.85%
Revenue growth 5Y7.2%
Sales Q2Q%1.92%
Revenue Next Year6.27%
Revenue Next 2Y5.68%
Revenue Next 3Y6.2%
Revenue Next 5Y6.71%
EBIT growth 1Y-40.66%
EBIT growth 3Y-19.39%
EBIT growth 5Y-5.98%
EBIT Next Year57.06%
EBIT Next 3Y26.22%
EBIT Next 5Y20.52%
FCF growth 1Y-30.57%
FCF growth 3Y-31.55%
FCF growth 5Y-11.27%
OCF growth 1Y-1.41%
OCF growth 3Y-11.98%
OCF growth 5Y2.4%

CARL ZEISS MEDITEC AG - BR / AFX.DE FAQ

What is the fundamental rating for AFX stock?

ChartMill assigns a fundamental rating of 4 / 10 to AFX.DE.


Can you provide the valuation status for CARL ZEISS MEDITEC AG - BR?

ChartMill assigns a valuation rating of 2 / 10 to CARL ZEISS MEDITEC AG - BR (AFX.DE). This can be considered as Overvalued.


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

CARL ZEISS MEDITEC AG - BR (AFX.DE) has a profitability rating of 5 / 10.


What is the valuation of CARL ZEISS MEDITEC AG - BR based on its PE and PB ratios?

The Price/Earnings (PE) ratio for CARL ZEISS MEDITEC AG - BR (AFX.DE) is 26.44 and the Price/Book (PB) ratio is 1.95.


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

The financial health rating of CARL ZEISS MEDITEC AG - BR (AFX.DE) is 5 / 10.