Carl Zeiss Meditec AG

AFX.DE

Medical - Instruments & Supplies · Healthcare

Price

€32.48

+0.34 (+1.06%)

Market Cap

€2.84B

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Strong

Stability

Mixed

Valuation

Strong

Dividends

Good

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Share count falling — buybacks

−2.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 89.4M (2021) → 87.5M (2025)

Winston Score History

The full picture

Carl Zeiss Meditec makes medical devices and software used by eye doctors and surgeons. Its main products include diagnostic equipment that scans and images the eye, surgical tools for procedures like cataract and laser vision correction surgery, and software that helps doctors analyze patient data. The company sells to hospitals, eye clinics, and specialist surgeons around the world, and it is one of the largest dedicated ophthalmic device makers globally.

The company earns money by selling hardware systems, consumable supplies used during surgeries, and software licenses. It operates in over 50 countries, with strong sales in Europe, North America, and Asia, and generates roughly €1.8 billion in annual revenue. Its main competitive advantage is the Zeiss brand, which has over 175 years of optical heritage and strong loyalty among medical professionals. The key growth driver is rising global demand for eye care as aging populations develop more cataracts and vision problems, while the main risk is intense competition from larger medical device companies with bigger sales forces and research budgets.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+2.4% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+93.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

€326M/ year

→ Flat (-5% vs prior year)

14.6% of revenue

In line with sector average (18%)

Steady R&D investment year-over-year

Insider Activity

60.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€0 cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Carl Zeiss Meditec AG is growing revenue at 2% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

53.7%

Healthy — 53.7% gross margin

Profit after running costs

Operating Margin

10.8%

Modest — 10.8% operating margin

Return on the money invested

ROCE

8.1%

Below par — 8.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+21.5%

Fast-growing sales (+21.5% YoY)

Profit growth

EPS YoY

-3.5%

Earnings shrinking (-3.5% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

257%

Turns 257% of profit into real cash

Spare cash per sale

FCF Margin

10.3%

Modest free cash flow (10.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

5.27x

Adequate interest coverage (5.3x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

19.4x

Fair value — P/E 19.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+5.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (19.4 → 14.3)

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Dividends

Dividend

Dividend Yield

1.88%

Small dividend — 1.88% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+28.8%

Dividend growing fast (28.8% YoY)

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