CARL ZEISS MEDITEC AG - BR (AFX.DE) Stock Fundamental Analysis
Europe - FRA:AFX - DE0005313704 - Common Stock
45.36 EUR
+0.12 (+0.27%)
Taking everything into account, AFX scores 5 out of 10 in our fundamental rating. AFX was compared to 60 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. While showing a medium growth rate, AFX is valued expensive at the moment.
1. Profitability
1.1 Basic Checks
AFX had positive earnings in the past year.
In the past year AFX had a positive cash flow from operations.
In the past 5 years AFX has always been profitable.
Each year in the past 5 years AFX had a positive operating cash flow.
1.2 Ratios
AFX has a better Return On Assets (4.48%) than 63.33% of its industry peers.
The Return On Equity of AFX (7.49%) is comparable to the rest of the industry.
AFX's Return On Invested Capital of 4.74% is in line compared to the rest of the industry. AFX outperforms 48.33% 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 9.00%.
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 Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 4.48% | ||
| ROE | 7.49% | ||
| 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
Looking at the Profit Margin, with a value of 7.17%, AFX is in line with its industry, outperforming 53.33% of the companies in the same industry.
AFX's Profit Margin has declined in the last couple of years.
AFX has a Operating Margin (8.54%) which is comparable to the rest of the industry.
In the last couple of years the Operating Margin of AFX has declined.
AFX's Gross Margin of 52.43% is in line compared to the rest of the industry. AFX outperforms 45.00% of its industry peers.
In the last couple of years the Gross Margin of AFX has declined.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 8.54% | ||
| PM (TTM) | 7.17% | ||
| 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
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 less shares outstanding
The number of shares outstanding for AFX has been reduced compared to 5 years ago.
Compared to 1 year ago, AFX has a worse debt to assets ratio.
2.2 Solvency
An Altman-Z score of 3.36 indicates that AFX is not in any danger for bankruptcy at the moment.
Looking at the Altman-Z score, with a value of 3.36, AFX is in the better half of the industry, outperforming 61.67% of the companies in the same industry.
The Debt to FCF ratio of AFX is 7.21, which is on the high side as it means it would take AFX, 7.21 years of fcf income to pay off all of its debts.
AFX's Debt to FCF ratio of 7.21 is in line compared to the rest of the industry. AFX outperforms 50.00% 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.
With a Debt to Equity ratio value of 0.27, AFX perfoms like the industry average, outperforming 56.67% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.27 | ||
| Debt/FCF | 7.21 | ||
| Altman-Z | 3.36 |
ROIC/WACC0.69
WACC6.85%
2.3 Liquidity
AFX has a Current Ratio of 2.04. This indicates that AFX is financially healthy and has no problem in meeting its short term obligations.
AFX has a better Current ratio (2.04) than 66.67% 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's Quick ratio of 1.17 is in line compared to the rest of the industry. AFX outperforms 56.67% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 2.04 | ||
| Quick Ratio | 1.17 |
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%.
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.
AFX shows a small growth in Revenue. In the last year, the Revenue has grown by 5.50%.
AFX shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 7.20% yearly.
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.
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
With a Price/Earnings ratio of 26.53, AFX can be considered very expensive at the moment.
Based on the Price/Earnings ratio, AFX is valued a bit cheaper than the industry average as 70.00% of the companies are valued more expensively.
When comparing the Price/Earnings ratio of AFX to the average of the S&P500 Index (27.86), we can say AFX is valued inline with the index average.
AFX is valuated rather expensively with a Price/Forward Earnings ratio of 21.11.
63.33% of the companies in the same industry are more expensive than AFX, based on the Price/Forward Earnings ratio.
Compared to an average S&P500 Price/Forward Earnings ratio of 23.32, AFX is valued at the same level.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 26.53 | ||
| Fwd PE | 21.11 |
4.2 Price Multiples
Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of AFX indicates a somewhat cheap valuation: AFX is cheaper than 73.33% of the companies listed in the same industry.
AFX's Price/Free Cash Flow is on the same level as the industry average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 49.14 | ||
| EV/EBITDA | 13.49 |
4.3 Compensation for Growth
PEG (NY)N/A
PEG (5Y)11.31
EPS Next 2Y3.4%
EPS Next 3Y9.01%
5. Dividend
5.1 Amount
AFX has a Yearly Dividend Yield of 1.37%.
AFX's Dividend Yield is a higher than the industry average which is at 2.13.
With a Dividend Yield of 1.37, AFX pays less dividend than the S&P500 average, which is at 2.44.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 1.37% |
5.2 History
The dividend of AFX is nicely growing with an annual growth rate of 15.07%!
Dividend Growth(5Y)15.07%
Div Incr Years1
Div Non Decr Years4
5.3 Sustainability
AFX pays out 34.07% of its income as dividend. This is a sustainable payout ratio.
AFX's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP34.07%
EPS Next 2Y3.4%
EPS Next 3Y9.01%
FRA:AFX (10/6/2025, 4:30:55 PM)
45.36
+0.12 (+0.27%)
Chartmill FA Rating
GICS SectorHealth Care
GICS IndustryGroupHealth Care Equipment & Services
GICS IndustryHealth Care Equipment & Supplies
Earnings (Last)
Earnings (Next)
Inst Owners22.55%
Inst Owner ChangeN/A
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap4.06B
Analysts73.64
Price Target55.42 (22.18%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 1.37% |
Yearly Dividend1.11
Dividend Growth(5Y)15.07%
DP34.07%
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)-5.94%
PT rev (3m)-17.64%
EPS NQ rev (1m)-4.88%
EPS NQ rev (3m)-15.53%
EPS NY rev (1m)-4.72%
EPS NY rev (3m)-9.7%
Revenue NQ rev (1m)-0.2%
Revenue NQ rev (3m)-2.4%
Revenue NY rev (1m)-0.36%
Revenue NY rev (3m)0.27%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 26.53 | ||
| Fwd PE | 21.11 | ||
| P/S | 1.87 | ||
| P/FCF | 49.14 | ||
| P/OCF | 20.74 | ||
| P/B | 1.96 | ||
| P/tB | 10.48 | ||
| EV/EBITDA | 13.49 |
EPS(TTM)1.71
EY3.77%
EPS(NY)2.15
Fwd EY4.74%
FCF(TTM)0.92
FCFY2.03%
OCF(TTM)2.19
OCFY4.82%
SpS24.26
BVpS23.2
TBVpS4.33
PEG (NY)N/A
PEG (5Y)11.31
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 4.48% | ||
| ROE | 7.49% | ||
| ROCE | 6.51% | ||
| ROIC | 4.74% | ||
| ROICexc | 4.82% | ||
| ROICexgc | 12.18% | ||
| OM | 8.54% | ||
| PM (TTM) | 7.17% | ||
| GM | 52.43% | ||
| FCFM | 3.81% |
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 | 7.21 | ||
| Debt/EBITDA | 1.68 | ||
| Cap/Depr | 73.8% | ||
| Cap/Sales | 5.21% | ||
| Interest Coverage | 13.68 | ||
| Cash Conversion | 57.8% | ||
| Profit Quality | 53.07% | ||
| Current Ratio | 2.04 | ||
| Quick Ratio | 1.17 | ||
| Altman-Z | 3.36 |
F-Score4
WACC6.85%
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-40.71%
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%