(AFX) Carl Zeiss Meditec - Overview
Stock: Microscope, Laser, Lens, Scope, Imager
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 0.91% |
| Yield on Cost 5y | 0.47% |
| Yield CAGR 5y | 4.66% |
| Payout Consistency | 90.6% |
| Payout Ratio | 45.5% |
| Risk 5d forecast | |
|---|---|
| Volatility | 42.2% |
| Relative Tail Risk | -9.88% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -1.38 |
| Alpha | -60.95 |
| Character TTM | |
|---|---|
| Beta | 0.491 |
| Beta Downside | 0.549 |
| Drawdowns 3y | |
|---|---|
| Max DD | 79.67% |
| CAGR/Max DD | -0.50 |
Description: AFX Carl Zeiss Meditec January 09, 2026
Carl Zeiss Meditec AG (XETRA: AFX) is a German-based medical-technology firm that serves Europe, North America and Asia through two business segments: Ophthalmology and Microsurgery. The Ophthalmology division supplies diagnostic and therapeutic equipment for chronic eye diseases-including slit lamps, OCT systems, fundus cameras, glaucoma perimeters, surgical microscopes, phacoemulsification/vitrectomy platforms, intra-ocular lenses and the VISUMAX femtosecond laser for minimally invasive refractive surgery-as well as digital solutions for clinical data management. The Microsurgery division focuses on minimally invasive surgical visualization, intra-operative radiotherapy, pathology, specialised instruments and the ZEISS Tumor Workflow platform, targeting physicians across multiple specialties and hospital networks.
In FY 2023 the company generated €1.62 billion in revenue, with the Ophthalmology segment contributing roughly 70 % and delivering an operating margin of 12 %, while Microsurgery posted a 9 % margin. Growth is being driven by demographic aging (increasing cataract and glaucoma incidence), rising reimbursement rates for OCT imaging in the U.S., and expanding adoption of femtosecond-laser platforms in high-volume ophthalmic centers. R&D intensity remains high at ~9 % of sales, supporting a pipeline of AI-enhanced imaging tools that align with the broader health-tech trend toward data-centric diagnostics.
For a deeper, data-driven assessment of AFX’s valuation dynamics, you may find it useful to explore the analytical dashboards on ValueRay.
Piotroski VR‑10 (Strict, 0-10) 8.0
| Net Income: 141.2m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.07 > 0.02 and ΔFCF/TA 3.29 > 1.0 |
| NWC/Revenue: 33.06% < 20% (prev 31.15%; Δ 1.91% < -1%) |
| CFO/TA 0.07 > 3% & CFO 240.8m > Net Income 141.2m |
| Net Debt (580.1m) to EBITDA (359.8m): 1.61 < 3 |
| Current Ratio: 2.35 > 1.5 & < 3 |
| Outstanding Shares: last quarter (87.5m) vs 12m ago 0.36% < -2% |
| Gross Margin: 41.08% > 18% (prev 0.53%; Δ 4056 % > 0.5%) |
| Asset Turnover: 65.02% > 50% (prev 60.89%; Δ 4.13% > 0%) |
| Interest Coverage Ratio: 6.12 > 6 (EBITDA TTM 359.8m / Interest Expense TTM 39.9m) |
Altman Z'' 4.66
| A: 0.21 (Total Current Assets 1.28b - Total Current Liabilities 543.8m) / Total Assets 3.46b |
| B: 0.46 (Retained Earnings 1.58b / Total Assets 3.46b) |
| C: 0.07 (EBIT TTM 244.3m / Avg Total Assets 3.43b) |
| D: 1.24 (Book Value of Equity 1.65b / Total Liabilities 1.33b) |
| Altman-Z'' Score: 4.66 = AA |
Beneish M -2.67
| DSRI: 1.10 (Receivables 691.7m/583.2m, Revenue 2.23b/2.07b) |
| GMI: 1.28 (GM 41.08% / 52.69%) |
| AQI: 0.99 (AQ_t 0.53 / AQ_t-1 0.54) |
| SGI: 1.08 (Revenue 2.23b / 2.07b) |
| TATA: -0.03 (NI 141.2m - CFO 240.8m) / TA 3.46b) |
| Beneish M-Score: -2.67 (Cap -4..+1) = A |
What is the price of AFX shares?
Over the past week, the price has changed by -1.71%, over one month by -35.00%, over three months by -34.10% and over the past year by -52.16%.
Is AFX a buy, sell or hold?
What are the forecasts/targets for the AFX price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 53 | 92.7% |
| Analysts Target Price | - | - |
| ValueRay Target Price | 17.3 | -37.2% |
AFX Fundamental Data Overview February 03, 2026
P/E Trailing = 23.3918
P/E Forward = 18.8324
P/S = 1.1003
P/B = 1.1597
P/EG = 1.0455
Revenue TTM = 2.23b EUR
EBIT TTM = 244.3m EUR
EBITDA TTM = 359.8m EUR
Long Term Debt = 455.4m EUR (from longTermDebt, last quarter)
Short Term Debt = 24.1m EUR (from shortTermDebt, last quarter)
Debt = 607.4m EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 580.1m EUR (from netDebt column, last quarter)
Enterprise Value = 4.08b EUR (3.50b + Debt 607.4m - CCE 27.3m)
Interest Coverage Ratio = 6.12 (Ebit TTM 244.3m / Interest Expense TTM 39.9m)
EV/FCF = 16.87x (Enterprise Value 4.08b / FCF TTM 242.0m)
FCF Yield = 5.93% (FCF TTM 242.0m / Enterprise Value 4.08b)
FCF Margin = 10.86% (FCF TTM 242.0m / Revenue TTM 2.23b)
Net Margin = 6.34% (Net Income TTM 141.2m / Revenue TTM 2.23b)
Gross Margin = 41.08% ((Revenue TTM 2.23b - Cost of Revenue TTM 1.31b) / Revenue TTM)
Gross Margin QoQ = 11.44% (prev 52.69%)
Tobins Q-Ratio = 1.18 (Enterprise Value 4.08b / Total Assets 3.46b)
Interest Expense / Debt = 2.10% (Interest Expense 12.7m / Debt 607.4m)
Taxrate = 12.03% (13.0m / 108.4m)
NOPAT = 214.9m (EBIT 244.3m * (1 - 12.03%))
Current Ratio = 2.35 (Total Current Assets 1.28b / Total Current Liabilities 543.8m)
Debt / Equity = 0.29 (Debt 607.4m / totalStockholderEquity, last quarter 2.12b)
Debt / EBITDA = 1.61 (Net Debt 580.1m / EBITDA 359.8m)
Debt / FCF = 2.40 (Net Debt 580.1m / FCF TTM 242.0m)
Total Stockholder Equity = 2.08b (last 4 quarters mean from totalStockholderEquity)
RoA = 4.12% (Net Income 141.2m / Total Assets 3.46b)
RoE = 6.79% (Net Income TTM 141.2m / Total Stockholder Equity 2.08b)
RoCE = 9.63% (EBIT 244.3m / Capital Employed (Equity 2.08b + L.T.Debt 455.4m))
RoIC = 10.25% (NOPAT 214.9m / Invested Capital 2.10b)
WACC = 6.85% (E(3.50b)/V(4.11b) * Re(7.72%) + D(607.4m)/V(4.11b) * Rd(2.10%) * (1-Tc(0.12)))
Discount Rate = 7.72% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: -33.33 | Cagr: -0.85%
[DCF Debug] Terminal Value 81.78% ; FCFF base≈195.5m ; Y1≈185.0m ; Y5≈175.4m
Fair Price DCF = 39.18 (EV 4.01b - Net Debt 580.1m = Equity 3.43b / Shares 87.5m; r=6.85% [WACC]; 5y FCF grow -6.94% → 2.90% )
EPS Correlation: -37.07 | EPS CAGR: 9.49% | SUE: -0.32 | # QB: 0
Revenue Correlation: 65.89 | Revenue CAGR: 12.01% | SUE: 0.20 | # QB: 0
EPS next Year (2026-09-30): EPS=2.10 | Chg30d=-0.007 | Revisions Net=-1 | Growth EPS=+19.0% | Growth Revenue=+4.4%