(SHL) Siemens Healthineers - Overview
Stock: Imaging, Diagnostics, Therapy, Services
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 4.11% |
| Yield on Cost 5y | 4.43% |
| Yield CAGR 5y | 4.39% |
| Payout Consistency | 98.1% |
| Payout Ratio | 82.3% |
| Risk 5d forecast | |
|---|---|
| Volatility | 21.6% |
| Relative Tail Risk | -4.06% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -1.25 |
| Alpha | -30.67 |
| Character TTM | |
|---|---|
| Beta | 0.282 |
| Beta Downside | 0.506 |
| Drawdowns 3y | |
|---|---|
| Max DD | 27.61% |
| CAGR/Max DD | -0.14 |
Description: SHL Siemens Healthineers January 29, 2026
Siemens Healthineers AG (XETRA: SHL) is a global medical-technology group that sells diagnostic and therapeutic hardware, software, and services across four segments – Imaging, Diagnostics, Varian (oncology solutions), and Advanced Therapies – to hospitals and labs in more than 70 countries, including the U.S., Europe, China and emerging markets.
In its most recent full-year report (FY 2023, published March 2024), the company posted €22.0 bn of revenue, up 7 % YoY, driven primarily by a 10 % rise in Imaging sales and a 5 % increase in Varian’s oncology portfolio. Adjusted EBIT margin held at 12.5 %, while R&D spend reached €2.1 bn (≈9.5 % of revenue), underscoring continued investment in AI-enabled imaging and molecular diagnostics. The firm’s free-cash-flow conversion was 78 %, supporting its share-repurchase programme and targeted €1 bn of capital-expenditure on next-generation platforms.
Key macro drivers for Siemens Healthineers include: (1) the aging population in Europe and the U.S., which is expanding demand for imaging and minimally invasive procedures; (2) accelerating adoption of AI-based workflow tools that improve throughput and reimbursements, a trend reflected in a 15 % YoY increase in software-as-a-service contracts; and (3) the ongoing consolidation of oncology care, which benefits Varian’s integrated radiation-therapy and digital-health solutions. A downside risk is the potential slowdown in U.S. hospital capital-budget cycles if interest rates remain elevated.
For a deeper, data-driven assessment of SHL’s valuation dynamics and scenario modelling, you may find the analytics on ValueRay worth exploring.
Piotroski VR‑10 (Strict, 0-10) 7.5
| Net Income: 2.12b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.04 > 0.02 and ΔFCF/TA -0.82 > 1.0 |
| NWC/Revenue: 2.33% < 20% (prev 14.48%; Δ -12.16% < -1%) |
| CFO/TA 0.06 > 3% & CFO 2.61b > Net Income 2.12b |
| Net Debt (13.02b) to EBITDA (4.55b): 2.86 < 3 |
| Current Ratio: 1.04 > 1.5 & < 3 |
| Outstanding Shares: last quarter (1.12b) vs 12m ago -0.54% < -2% |
| Gross Margin: 38.44% > 18% (prev 0.38%; Δ 3806 % > 0.5%) |
| Asset Turnover: 50.32% > 50% (prev 46.92%; Δ 3.41% > 0%) |
| Interest Coverage Ratio: 7.92 > 6 (EBITDA TTM 4.55b / Interest Expense TTM 412.0m) |
Altman Z'' 0.95
| A: 0.01 (Total Current Assets 14.19b - Total Current Liabilities 13.65b) / Total Assets 44.27b |
| B: 0.08 (Retained Earnings 3.69b / Total Assets 44.27b) |
| C: 0.07 (EBIT TTM 3.26b / Avg Total Assets 46.29b) |
| D: 0.12 (Book Value of Equity 3.07b / Total Liabilities 25.79b) |
| Altman-Z'' Score: 0.95 = BB |
Beneish M -3.08
| DSRI: 0.96 (Receivables 6.41b/6.50b, Revenue 23.30b/22.67b) |
| GMI: 0.99 (GM 38.44% / 38.18%) |
| AQI: 0.96 (AQ_t 0.57 / AQ_t-1 0.59) |
| SGI: 1.03 (Revenue 23.30b / 22.67b) |
| TATA: -0.01 (NI 2.12b - CFO 2.61b) / TA 44.27b) |
| Beneish M-Score: -3.08 (Cap -4..+1) = AA |
What is the price of SHL shares?
Over the past week, the price has changed by +0.13%, over one month by -8.89%, over three months by -2.23% and over the past year by -24.84%.
Is SHL a buy, sell or hold?
What are the forecasts/targets for the SHL price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 55.6 | 34.3% |
| Analysts Target Price | - | - |
| ValueRay Target Price | 42.1 | 1.6% |
SHL Fundamental Data Overview February 08, 2026
P/E Trailing = 21.6754
P/E Forward = 15.8983
P/S = 1.9864
P/B = 2.6372
P/EG = 1.445
Revenue TTM = 23.30b EUR
EBIT TTM = 3.26b EUR
EBITDA TTM = 4.55b EUR
Long Term Debt = 9.85b EUR (from longTermDebt, last quarter)
Short Term Debt = 4.82b EUR (from shortTermDebt, last quarter)
Debt = 15.16b EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 13.02b EUR (from netDebt column, last quarter)
Enterprise Value = 59.45b EUR (46.43b + Debt 15.16b - CCE 2.14b)
Interest Coverage Ratio = 7.92 (Ebit TTM 3.26b / Interest Expense TTM 412.0m)
EV/FCF = 32.94x (Enterprise Value 59.45b / FCF TTM 1.80b)
FCF Yield = 3.04% (FCF TTM 1.80b / Enterprise Value 59.45b)
FCF Margin = 7.75% (FCF TTM 1.80b / Revenue TTM 23.30b)
Net Margin = 9.10% (Net Income TTM 2.12b / Revenue TTM 23.30b)
Gross Margin = 38.44% ((Revenue TTM 23.30b - Cost of Revenue TTM 14.34b) / Revenue TTM)
Gross Margin QoQ = 38.43% (prev 37.55%)
Tobins Q-Ratio = 1.34 (Enterprise Value 59.45b / Total Assets 44.27b)
Interest Expense / Debt = 0.63% (Interest Expense 96.0m / Debt 15.16b)
Taxrate = 24.38% (147.0m / 603.0m)
NOPAT = 2.47b (EBIT 3.26b * (1 - 24.38%))
Current Ratio = 1.04 (Total Current Assets 14.19b / Total Current Liabilities 13.65b)
Debt / Equity = 0.82 (Debt 15.16b / totalStockholderEquity, last quarter 18.43b)
Debt / EBITDA = 2.86 (Net Debt 13.02b / EBITDA 4.55b)
Debt / FCF = 7.21 (Net Debt 13.02b / FCF TTM 1.80b)
Total Stockholder Equity = 18.20b (last 4 quarters mean from totalStockholderEquity)
RoA = 4.58% (Net Income 2.12b / Total Assets 44.27b)
RoE = 11.65% (Net Income TTM 2.12b / Total Stockholder Equity 18.20b)
RoCE = 11.63% (EBIT 3.26b / Capital Employed (Equity 18.20b + L.T.Debt 9.85b))
RoIC = 13.56% (NOPAT 2.47b / Invested Capital 18.20b)
WACC = 5.36% (E(46.43b)/V(61.60b) * Re(6.96%) + D(15.16b)/V(61.60b) * Rd(0.63%) * (1-Tc(0.24)))
Discount Rate = 6.96% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: -100.0 | Cagr: -0.52%
[DCF Debug] Terminal Value 88.43% ; FCFF base≈2.03b ; Y1≈2.50b ; Y5≈4.26b
Fair Price DCF = 99.51 (EV 124.15b - Net Debt 13.02b = Equity 111.13b / Shares 1.12b; r=5.90% [WACC]; 5y FCF grow 25.0% → 2.90% )
EPS Correlation: 16.83 | EPS CAGR: -8.00% | SUE: 0.90 | # QB: 1
Revenue Correlation: 39.32 | Revenue CAGR: -0.28% | SUE: 0.79 | # QB: 0
EPS next Quarter (2026-03-31): EPS=0.52 | Chg30d=-0.045 | Revisions Net=-2 | Analysts=4
EPS current Year (2026-09-30): EPS=2.35 | Chg30d=-0.035 | Revisions Net=-2 | Growth EPS=-1.7% | Growth Revenue=+3.0%
EPS next Year (2027-09-30): EPS=2.68 | Chg30d=-0.027 | Revisions Net=+1 | Growth EPS=+14.0% | Growth Revenue=+6.2%