Siemens Healthineers AG (SHL.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

+8.3%

€47.34

vs €43.73 price

Levered DCF

€27.46

After debt service

Piotroski score

9 / 9

Strong

Altman Z-score

2.01

Grey zone

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	24.09×	30.95×	35.56×	24.33×	35.78×	27.16×	22.99×	29.89×
P/B	2.86×	3.3×	2.97×	2.51×	3.85×	3.07×	3.69×	4.38×
P/S	2.2×	2.69×	2.48×	2.29×	3.43×	2.65×	2.48×	2.83×
EV / EBITDA	14.05×	17.43×	18.2×	15.25×	21.24×	15.21×	13.53×	16.68×
Gross margin	38.6%	37.9%	35.6%	37.5%	38.6%	38.6%	39.9%	40.7%
Operating margin	14.7%	14.8%	11.3%	14.1%	15.4%	14.1%	15.9%	15.1%
Net margin	9.2%	8.7%	7.0%	9.4%	9.6%	9.8%	10.8%	9.4%
Current ratio	1.11×	1.25×	1.05×	1.11×	1.07×	1.41×	1.39×	1.36×
Debt / equity	0.83×	0.89×	0.92×	0.84×	0.89×	0.44×	0.46×	0.54×
Interest coverage	8.08×	6.93×	8.24×	25.97×	33.46×	26.84×	18.79×	9.92×
Dividend yield	2.1%	1.8%	2.0%	1.9%	1.4%	2.1%	1.9%	0.6%
Payout ratio	49.7%	54.7%	70.6%	46.9%	49.6%	56.6%	44.6%	18.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.9%	10.7%	8.3%	10.3%	10.8%	11.3%	16.0%	14.6%
Return on invested capital	7.4%	6.9%	5.1%	5.6%	5.9%	7.4%	10.3%	9.6%
Return on assets	4.8%	4.2%	3.2%	4.2%	4.1%	5.6%	7.3%	6.4%
Free cash flow yield	4.4%	2.9%	1.8%	2.8%	3.4%	3.3%	2.5%	2.4%
Earnings yield	4.2%	3.2%	2.8%	4.1%	2.8%	3.7%	4.3%	3.3%
Enterprise value	€64.4B	€73.6B	€68.7B	€64.9B	€74.8B	€43.2B	€39.7B	€42.1B
Net debt / EBITDA	2.81×	3.2×	3.97×	3.57×	3.69×	1.71×	1.23×	1.66×
Cash conversion cycle (days)	160	172	181	164	164	218	145	154