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SIEMENS HEALTHINEERS AG (SHL.DE) Stock Fundamental Analysis

FRA:SHL - Deutsche Boerse Ag - DE000SHL1006 - Common Stock - Currency: EUR

46.08  -1.77 (-3.7%)

Fundamental Rating

5

Overall SHL gets a fundamental rating of 5 out of 10. We evaluated SHL against 57 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 has a decent growth rate and is not valued too expensively.


Dividend Valuation Growth Profitability Health

6

1. Profitability

1.1 Basic Checks

In the past year SHL was profitable.
In the past year SHL had a positive cash flow from operations.
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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B 2B 2.5B

1.2 Ratios

With a decent Return On Assets value of 4.45%, SHL is doing good in the industry, outperforming 68.42% of the companies in the same industry.
The Return On Equity of SHL (11.19%) is better than 78.95% of its industry peers.
SHL's Return On Invested Capital of 7.37% is fine compared to the rest of the industry. SHL outperforms 71.93% of its industry peers.
The Average Return On Invested Capital over the past 3 years for SHL is below the industry average of 8.08%.
The 3 year average ROIC (5.87%) for SHL is below the current ROIC(7.37%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 4.45%
ROE 11.19%
ROIC 7.37%
ROA(3y)3.87%
ROA(5y)4.27%
ROE(3y)9.76%
ROE(5y)10.27%
ROIC(3y)5.87%
ROIC(5y)6.49%
SHL.DE Yearly ROA, ROE, ROICSHL.DE Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 20 30 40 50

1.3 Margins

SHL has a better Profit Margin (9.03%) than 68.42% of its industry peers.
In the last couple of years the Profit Margin of SHL has declined.
With a decent Operating Margin value of 13.67%, SHL is doing good in the industry, outperforming 68.42% of the companies in the same industry.
SHL's Operating Margin has declined in the last couple of years.
Looking at the Gross Margin, with a value of 38.77%, SHL is doing worse than 75.44% of the companies in the same industry.
SHL's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 13.67%
PM (TTM) 9.03%
GM 38.77%
OM growth 3Y-4.02%
OM growth 5Y-4.5%
PM growth 3Y-3.26%
PM growth 5Y-4.26%
GM growth 3Y-0.66%
GM growth 5Y-1.05%
SHL.DE Yearly Profit, Operating, Gross MarginsSHL.DE Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 20 30 40

3

2. Health

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.
The number of shares outstanding for SHL has been increased compared to 1 year ago.
SHL has more shares outstanding than it did 5 years ago.
SHL has a better debt/assets ratio than last year.
SHL.DE Yearly Shares OutstandingSHL.DE Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10B 20B 30B 40B

2.2 Solvency

An Altman-Z score of 1.92 indicates that SHL is not a great score, but indicates only limited risk for bankruptcy at the moment.
SHL's Altman-Z score of 1.92 is in line compared to the rest of the industry. SHL outperforms 49.12% of its industry peers.
SHL has a debt to FCF ratio of 6.06. This is a slightly negative value and a sign of low solvency as SHL would need 6.06 years to pay back of all of its debts.
With a Debt to FCF ratio value of 6.06, SHL perfoms like the industry average, outperforming 56.14% of the companies in the same industry.
SHL has a Debt/Equity ratio of 0.65. This is a neutral value indicating SHL is somewhat dependend on debt financing.
The Debt to Equity ratio of SHL (0.65) is worse than 71.93% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.65
Debt/FCF 6.06
Altman-Z 1.92
ROIC/WACC1.25
WACC5.88%
SHL.DE Yearly LT Debt VS Equity VS FCFSHL.DE Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B

2.3 Liquidity

SHL has a Current Ratio of 1.10. This is a normal value and indicates that SHL is financially healthy and should not expect problems in meeting its short term obligations.
SHL has a worse Current ratio (1.10) than 71.93% of its industry peers.
SHL has a Quick Ratio of 1.10. This is a bad value and indicates that SHL is not financially healthy enough and could expect problems in meeting its short term obligations.
Looking at the Quick ratio, with a value of 0.76, SHL is doing worse than 68.42% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 1.1
Quick Ratio 0.76
SHL.DE Yearly Current Assets VS Current LiabilitesSHL.DE Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B

5

3. Growth

3.1 Past

SHL shows a small growth in Earnings Per Share. In the last year, the EPS has grown by 5.12%.
The Earnings Per Share has been growing slightly by 7.27% on average over the past years.
SHL shows a small growth in Revenue. In the last year, the Revenue has grown by 5.83%.
Measured over the past years, SHL shows a quite strong growth in Revenue. The Revenue has been growing by 9.02% on average per year.
EPS 1Y (TTM)5.12%
EPS 3Y3.35%
EPS 5Y7.27%
EPS Q2Q%1.82%
Revenue 1Y (TTM)5.83%
Revenue growth 3Y7.51%
Revenue growth 5Y9.02%
Sales Q2Q%8.72%

3.2 Future

SHL is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 10.21% yearly.
The Revenue is expected to grow by 5.64% on average over the next years.
EPS Next Y12.21%
EPS Next 2Y13.11%
EPS Next 3Y12.78%
EPS Next 5Y10.21%
Revenue Next Year5.7%
Revenue Next 2Y5.9%
Revenue Next 3Y6.04%
Revenue Next 5Y5.64%

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 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 4

6

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 20.39, the valuation of SHL can be described as rather expensive.
SHL's Price/Earnings ratio is rather cheap when compared to the industry. SHL is cheaper than 82.46% of the companies in the same industry.
Compared to an average S&P500 Price/Earnings ratio of 27.30, SHL is valued a bit cheaper.
With a Price/Forward Earnings ratio of 16.15, SHL is valued correctly.
75.44% of the companies in the same industry are more expensive than SHL, based on the Price/Forward Earnings ratio.
Compared to an average S&P500 Price/Forward Earnings ratio of 21.76, SHL is valued a bit cheaper.
Industry RankSector Rank
PE 20.39
Fwd PE 16.15
SHL.DE Price Earnings VS Forward Price EarningsSHL.DE Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, SHL is valued a bit cheaper than the industry average as 71.93% of the companies are valued more expensively.
89.47% 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 18.7
EV/EBITDA 14.95
SHL.DE Per share dataSHL.DE EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 5 -5 10 15 20

4.3 Compensation for Growth

SHL's PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
The decent profitability rating of SHL may justify a higher PE ratio.
SHL's earnings are expected to grow with 12.78% in the coming years. This may justify a more expensive valuation.
PEG (NY)1.67
PEG (5Y)2.8
EPS Next 2Y13.11%
EPS Next 3Y12.78%

5

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 1.99%, SHL has a reasonable but not impressive dividend return.
SHL's Dividend Yield is rather good when compared to the industry average which is at 2.03. SHL pays more dividend than 85.96% of the companies in the same industry.
Compared to an average S&P500 Dividend Yield of 2.35, SHL has a dividend comparable with the average S&P500 company.
Industry RankSector Rank
Dividend Yield 1.99%

5.2 History

The dividend of SHL is nicely growing with an annual growth rate of 6.35%!
Dividend Growth(5Y)6.35%
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 0.2 0.4 0.6 0.8

5.3 Sustainability

101.91% of the earnings are spent on dividend by SHL. This is not a sustainable payout ratio.
The dividend of SHL is growing, but earnings are growing more, so the dividend growth is sustainable.
DP101.91%
EPS Next 2Y13.11%
EPS Next 3Y12.78%
SHL.DE Yearly Income VS Free CF VS DividendSHL.DE Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B 2B
SHL.DE Dividend Payout.SHL.DE Dividend Payout, showing the Payout Ratio.SHL.DE Dividend Payout.PayoutRetained Earnings

SIEMENS HEALTHINEERS AG

FRA:SHL (7/11/2025, 7:00:00 PM)

46.08

-1.77 (-3.7%)

Chartmill FA Rating
GICS SectorHealth Care
GICS IndustryGroupHealth Care Equipment & Services
GICS IndustryHealth Care Equipment & Supplies
Earnings (Last)05-07 2025-05-07/bmo
Earnings (Next)07-30 2025-07-30
Inst Owners10.84%
Inst Owner ChangeN/A
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap51.98B
Analysts83.7
Price Target62.21 (35%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 1.99%
Yearly Dividend0.95
Dividend Growth(5Y)6.35%
DP101.91%
Div Incr Years0
Div Non Decr Years6
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)3.12%
Min EPS beat(2)-2.04%
Max EPS beat(2)8.28%
EPS beat(4)2
Avg EPS beat(4)2.45%
Min EPS beat(4)-2.04%
Max EPS beat(4)8.28%
EPS beat(8)5
Avg EPS beat(8)1.99%
EPS beat(12)7
Avg EPS beat(12)1.43%
EPS beat(16)10
Avg EPS beat(16)3.47%
Revenue beat(2)2
Avg Revenue beat(2)0.78%
Min Revenue beat(2)0.27%
Max Revenue beat(2)1.29%
Revenue beat(4)2
Avg Revenue beat(4)-0.57%
Min Revenue beat(4)-3.02%
Max Revenue beat(4)1.29%
Revenue beat(8)3
Avg Revenue beat(8)-0.42%
Revenue beat(12)5
Avg Revenue beat(12)-0.35%
Revenue beat(16)9
Avg Revenue beat(16)0.75%
PT rev (1m)-0.26%
PT rev (3m)-3.21%
EPS NQ rev (1m)-3.59%
EPS NQ rev (3m)-8.6%
EPS NY rev (1m)0%
EPS NY rev (3m)-0.15%
Revenue NQ rev (1m)-1.34%
Revenue NQ rev (3m)-3.23%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.23%
Valuation
Industry RankSector Rank
PE 20.39
Fwd PE 16.15
P/S 2.25
P/FCF 18.7
P/OCF 14.67
P/B 2.78
P/tB N/A
EV/EBITDA 14.95
EPS(TTM)2.26
EY4.9%
EPS(NY)2.85
Fwd EY6.19%
FCF(TTM)2.46
FCFY5.35%
OCF(TTM)3.14
OCFY6.82%
SpS20.52
BVpS16.55
TBVpS-5.76
PEG (NY)1.67
PEG (5Y)2.8
Profitability
Industry RankSector Rank
ROA 4.45%
ROE 11.19%
ROCE 9.41%
ROIC 7.37%
ROICexc 8.05%
ROICexgc 44.05%
OM 13.67%
PM (TTM) 9.03%
GM 38.77%
FCFM 12.01%
ROA(3y)3.87%
ROA(5y)4.27%
ROE(3y)9.76%
ROE(5y)10.27%
ROIC(3y)5.87%
ROIC(5y)6.49%
ROICexc(3y)6.25%
ROICexc(5y)6.86%
ROICexgc(3y)30.57%
ROICexgc(5y)31.67%
ROCE(3y)7.49%
ROCE(5y)8.29%
ROICexcg growth 3Y-8.79%
ROICexcg growth 5Y-3.88%
ROICexc growth 3Y1.69%
ROICexc growth 5Y-10.54%
OM growth 3Y-4.02%
OM growth 5Y-4.5%
PM growth 3Y-3.26%
PM growth 5Y-4.26%
GM growth 3Y-0.66%
GM growth 5Y-1.05%
F-Score8
Asset Turnover0.49
Health
Industry RankSector Rank
Debt/Equity 0.65
Debt/FCF 6.06
Debt/EBITDA 2.78
Cap/Depr 62.49%
Cap/Sales 3.3%
Interest Coverage 7.53
Cash Conversion 80.8%
Profit Quality 133.08%
Current Ratio 1.1
Quick Ratio 0.76
Altman-Z 1.92
F-Score8
WACC5.88%
ROIC/WACC1.25
Cap/Depr(3y)58.06%
Cap/Depr(5y)61.48%
Cap/Sales(3y)3.63%
Cap/Sales(5y)3.7%
Profit Quality(3y)91.88%
Profit Quality(5y)100.74%
High Growth Momentum
Growth
EPS 1Y (TTM)5.12%
EPS 3Y3.35%
EPS 5Y7.27%
EPS Q2Q%1.82%
EPS Next Y12.21%
EPS Next 2Y13.11%
EPS Next 3Y12.78%
EPS Next 5Y10.21%
Revenue 1Y (TTM)5.83%
Revenue growth 3Y7.51%
Revenue growth 5Y9.02%
Sales Q2Q%8.72%
Revenue Next Year5.7%
Revenue Next 2Y5.9%
Revenue Next 3Y6.04%
Revenue Next 5Y5.64%
EBIT growth 1Y21.23%
EBIT growth 3Y3.18%
EBIT growth 5Y4.12%
EBIT Next Year49.6%
EBIT Next 3Y21.79%
EBIT Next 5Y15.59%
FCF growth 1Y102.62%
FCF growth 3Y-1.94%
FCF growth 5Y15.48%
OCF growth 1Y57.68%
OCF growth 3Y-1.23%
OCF growth 5Y11.83%