CARL ZEISS MEDITEC AG - BR (AFX.DE) Stock Fundamental Analysis
FRA:AFX - DE0005313704 - Common Stock
41.58 EUR
-0.2 (-0.48%)
Overall AFX gets a fundamental rating of 5 out of 10. We evaluated AFX against 57 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.
1. Profitability
1.1 Basic Checks
In the past year AFX was profitable.
AFX had a positive operating cash flow in the past year.
In the past 5 years AFX has always been profitable.
AFX had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
AFX's Return On Assets of 4.49% is fine compared to the rest of the industry. AFX outperforms 64.91% of its industry peers.
The Return On Equity of AFX (7.51%) is better than 63.16% of its industry peers.
AFX has a Return On Invested Capital of 4.74%. This is comparable to the rest of the industry: AFX outperforms 50.88% of its industry peers.
AFX had an Average Return On Invested Capital over the past 3 years of 9.30%. This is in line with the industry average of 8.81%.
The last Return On Invested Capital (4.74%) for AFX is well below the 3 year average (9.30%), which needs to be investigated, but indicates that AFX had better years and this may not be a problem.
| Industry Rank | Sector 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%
1.3 Margins
AFX's Profit Margin of 7.19% is in line compared to the rest of the industry. AFX outperforms 54.39% of its industry peers.
AFX's Profit Margin has declined in the last couple of years.
AFX has a Operating Margin of 8.55%. This is comparable to the rest of the industry: AFX outperforms 49.12% of its industry peers.
AFX's Operating Margin has declined in the last couple of years.
The Gross Margin of AFX (52.43%) is comparable to the rest of the industry.
AFX's Gross Margin has declined in the last couple of years.
| Industry Rank | Sector 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%
2. Health
2.1 Basic Checks
AFX has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
Compared to 1 year ago, AFX has less shares outstanding
The number of shares outstanding for AFX has been reduced compared to 5 years ago.
AFX has a worse debt/assets ratio than last year.
2.2 Solvency
An Altman-Z score of 3.23 indicates that AFX is not in any danger for bankruptcy at the moment.
AFX's Altman-Z score of 3.23 is fine compared to the rest of the industry. AFX outperforms 63.16% of its industry peers.
AFX has a debt to FCF ratio of 7.17. This is a slightly negative value and a sign of low solvency as AFX would need 7.17 years to pay back of all of its debts.
AFX's Debt to FCF ratio of 7.17 is in line compared to the rest of the industry. AFX outperforms 50.88% of its industry peers.
A Debt/Equity ratio of 0.27 indicates that AFX is not too dependend on debt financing.
AFX has a Debt to Equity ratio of 0.27. This is comparable to the rest of the industry: AFX outperforms 56.14% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.27 | ||
| Debt/FCF | 7.17 | ||
| Altman-Z | 3.23 |
ROIC/WACC0.7
WACC6.78%
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 better Current ratio (2.04) than 61.40% 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.
AFX has a Quick ratio of 1.17. This is comparable to the rest of the industry: AFX outperforms 57.89% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 2.04 | ||
| Quick Ratio | 1.17 |
3. Growth
3.1 Past
The earnings per share for AFX have decreased strongly by -25.00% in the last year.
Measured over the past 5 years, AFX shows a small growth in Earnings Per Share. The EPS has been growing by 2.35% on average per year.
The Revenue has been growing slightly by 5.50% in the past year.
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 14.15% on average per year.
Based on estimates for the next years, AFX will show a small growth in Revenue. The Revenue will grow by 6.68% on average per year.
EPS Next Y-10.07%
EPS Next 2Y5.58%
EPS Next 3Y10.88%
EPS Next 5Y14.15%
Revenue Next Year6.65%
Revenue Next 2Y6.09%
Revenue Next 3Y6.45%
Revenue Next 5Y6.68%
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.
The Revenue growth rate is stable: in the next years the growth will be about the same than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
AFX is valuated rather expensively with a Price/Earnings ratio of 24.32.
Based on the Price/Earnings ratio, AFX is valued a bit cheaper than 73.68% of the companies in the same industry.
AFX is valuated at similar levels of the S&P average when we compare the Price/Earnings ratio to 27.03, which is the current average of the S&P500 Index.
With a Price/Forward Earnings ratio of 18.56, AFX is valued on the expensive side.
Based on the Price/Forward Earnings ratio, AFX is valued a bit cheaper than the industry average as 68.42% of the companies are valued more expensively.
AFX's Price/Forward Earnings ratio indicates a similar valuation than the S&P500 average which is at 22.63.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 24.32 | ||
| Fwd PE | 18.56 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, AFX is valued a bit cheaper than the industry average as 75.44% of the companies are valued more expensively.
The rest of the industry has a similar Price/Free Cash Flow ratio as AFX.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 44.83 | ||
| EV/EBITDA | 12.55 |
4.3 Compensation for Growth
PEG (NY)N/A
PEG (5Y)10.37
EPS Next 2Y5.58%
EPS Next 3Y10.88%
5. Dividend
5.1 Amount
AFX has a Yearly Dividend Yield of 1.38%. Purely for dividend investing, there may be better candidates out there.
The stock price of AFX dropped by -30.48% 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.
Compared to an average industry Dividend Yield of 2.32, AFX pays a bit more dividend than its industry peers.
With a Dividend Yield of 1.38, AFX pays less dividend than the S&P500 average, which is at 2.32.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 1.38% |
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
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 2Y5.58%
EPS Next 3Y10.88%
FRA:AFX (9/5/2025, 5:29:56 PM)
41.58
-0.2 (-0.48%)
Chartmill FA Rating
GICS SectorHealth Care
GICS IndustryGroupHealth Care Equipment & Services
GICS IndustryHealth Care Equipment & Supplies
Earnings (Last)
Earnings (Next)
Inst Owners21.46%
Inst Owner ChangeN/A
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap3.72B
Analysts72.73
Price Target58.92 (41.7%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 1.38% |
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)-11.89%
PT rev (3m)-7.21%
EPS NQ rev (1m)-4.88%
EPS NQ rev (3m)-15.53%
EPS NY rev (1m)-5.23%
EPS NY rev (3m)-5.23%
Revenue NQ rev (1m)-0.2%
Revenue NQ rev (3m)-2.4%
Revenue NY rev (1m)-0.18%
Revenue NY rev (3m)0.63%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 24.32 | ||
| Fwd PE | 18.56 | ||
| P/S | 1.71 | ||
| P/FCF | 44.83 | ||
| P/OCF | 19.01 | ||
| P/B | 1.79 | ||
| P/tB | 9.59 | ||
| EV/EBITDA | 12.55 |
EPS(TTM)1.71
EY4.11%
EPS(NY)2.24
Fwd EY5.39%
FCF(TTM)0.93
FCFY2.23%
OCF(TTM)2.19
OCFY5.26%
SpS24.26
BVpS23.21
TBVpS4.34
PEG (NY)N/A
PEG (5Y)10.37
Profitability
| Industry Rank | Sector 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%
ROICexcg growth 3Y-11.32%
ROICexcg 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 Rank | Sector 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 | 3.23 |
F-Score4
WACC6.78%
ROIC/WACC0.7
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-10.07%
EPS Next 2Y5.58%
EPS Next 3Y10.88%
EPS Next 5Y14.15%
Revenue 1Y (TTM)5.5%
Revenue growth 3Y7.85%
Revenue growth 5Y7.2%
Sales Q2Q%1.92%
Revenue Next Year6.65%
Revenue Next 2Y6.09%
Revenue Next 3Y6.45%
Revenue Next 5Y6.68%
EBIT growth 1Y-40.66%
EBIT growth 3Y-19.39%
EBIT growth 5Y-5.98%
EBIT Next Year68.13%
EBIT Next 3Y30.52%
EBIT Next 5Y20.59%
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%