Carl Zeiss Meditec AG (AFX.DE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+23.0%

€42.76

vs €34.76 price

Levered DCF

€26.17

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

—

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	26.19×	35.4×	25.48×	32.66×	62.9×	78.83×	58.44×	51.74×
P/B	1.74×	3.1×	3.43×	4.77×	8.95×	6.75×	6.69×	5.04×
P/S	1.66×	3.06×	3.55×	5.05×	9.02×	7.23×	6.41×	5.09×
EV / EBITDA	12.31×	17.15×	15.33×	20.34×	36.69×	36.41×	32.78×	30.63×
Gross margin	52.8%	52.7%	57.7%	59.3%	58.7%	55.8%	57.0%	55.5%
Operating margin	10.0%	9.4%	16.7%	20.9%	22.7%	0.0%	18.1%	15.4%
Net margin	6.3%	8.7%	13.9%	15.4%	14.3%	9.2%	10.9%	9.9%
Current ratio	2.35×	2.13×	3.4×	3.32×	3.58×	4.34×	3.84×	4.47×
Debt / equity	0.29×	0.3×	0.14×	0.11×	0.12×	0.05×	0.04×	0.01×
Interest coverage	8.39×	-13.34×	22.83×	43.62×	43.55×	0×	34.59×	96.07×
Dividend yield	1.4%	1.6%	1.3%	0.8%	0.3%	0.6%	0.5%	0.8%
Payout ratio	37.2%	54.9%	33.9%	27.4%	18.9%	47.5%	30.8%	38.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.7%	8.8%	13.4%	14.6%	14.2%	8.5%	11.4%	9.8%
Return on invested capital	5.5%	5.1%	9.7%	12.6%	13.3%	0.0%	10.7%	10.0%
Return on assets	4.1%	5.3%	9.6%	10.4%	9.9%	6.1%	7.9%	7.6%
Free cash flow yield	4.6%	1.5%	1.8%	1.1%	2.0%	1.4%	1.8%	2.3%
Earnings yield	3.8%	2.8%	3.9%	3.1%	1.6%	1.3%	1.7%	1.9%
Enterprise value	€4.3B	€6.9B	€7.7B	€9.8B	€15B	€9.7B	€9.4B	€6.5B
Net debt / EBITDA	1.67×	1.47×	0.57×	0.44×	0.46×	0.24×	0.12×	0.02×
Cash conversion cycle (days)	248	235	342	353	363	388	338	395