Carl Zeiss Meditec AG (AFX) Fair Value & Analysis
Healthcare · DE · Market cap €2.6B · ISIN DE0005313704
What is Carl Zeiss Meditec AG really worth?
A solid business, currently priced close to our fair value of €33.16.
Strengths
Risks
For context
Fair value as of: Aug 29, 2026
From 26 valuation models · updated 6 days ago
Share price +4.2% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits close to our fair value, market and models broadly agree here, little valuation tension.
- A fairly wide model range (€18.49 to €44.36) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 29, 2026.
How to read this chart
60‑month range €22.90 – €188.33 · fair‑value band €18.49 – €44.36 · the €31.56 price screens below the €33.16 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 29, 2026.
Analysis
Carl Zeiss Meditec AG (AFX) currently trades at €31.56, while our model-based Fair Value estimate is €33.16, implying the stock looks roughly 4.8% fairly valued today. The Quality Score stands at 64/100 (solid quality), in the Healthcare sector. Bull case: the DCF Models group reads highest at a median of €34.40 per share, and 12 of the 26 models we run sit above the €31.56 price. Bear case: the Dividend Discount group reads lowest at €9.07, and 14 of the 26 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Carl Zeiss Meditec AG generated revenue of €2.2B at a net margin of 4.4%. Revenue declined 6.4% year over year. It earns a return on equity of 4.5%. Net debt stands at €580M. Fundamentals as of Aug 29, 2026
Our scenario range runs from €18.49 (bear case) to €44.36 (bull case); at €31.56, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 49% below its 52-week high and 43% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at −46% fair-value upside, at 5%, AFX screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 11 months have passed since. In that time the company retained roughly €0.7638 per share, which is 2.3 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 26 models by family
Widest divergence: DCF Models (€34.40) versus Dividend Discount (€9.07). Highest evidence: FCF DCF (78).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 29, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 64 · Market factors (momentum, volatility) 38
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Carl Zeiss Meditec AG operates as a medical technology company in Germany, rest of Europe, North America, and Asia. It operates in two segments, Ophthalmology and Microsurgery.
Full company description
Carl Zeiss Meditec AG operates as a medical technology company in Germany, rest of Europe, North America, and Asia. It operates in two segments, Ophthalmology and Microsurgery. The Ophthalmology segment offers products and solutions for the diagnosis and treatment of chronic eye diseases, including slit lamps, refractometers, and tonometers; optical coherence tomography and fundus cameras for retina examination; functional glaucoma diagnostic devices (perimeters); surgical ophthalmology products comprising surgical microscopes, biometers, and phacoemulsification and vitrectomy equipment; intraocular lenses for cataract surgery; and systems and consumables for laser eye surgery that include the VISUMAX femtosecond laser, which enables minimally invasive correction of vision defects using lenticular extraction, as well as digital products for the storage, analysis, and sharing of clinical data. The Microsurgery segment provides products and solutions for minimally invasive surgical treatments, including surgical visualization, interoperative radiotherapy, interoperative pathology, special surgical instruments, and digital solutions, as well as the ZEISS Tumor Workflow, a cross-product workflow solution. It serves physicians in various fields and hospitals. The company was founded in 1846 and is headquartered in Jena, Germany. Carl Zeiss Meditec AG operates as a subsidiary of ZEISS Group.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Carl Zeiss Meditec AG reported revenue of €2.2B in FY2025 versus €1.6B in FY2021, a compound +7.8%/yr. Reported net income was €141M in FY2025, compounding −12.1%/yr from FY2021.
of which total revenue +8.6 % · buybacks/dilution −1.0 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
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Peer Group
Medical Instruments & Supplies · 194 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Medical Instruments & Supplies median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Medical Instruments & Supplies stocks, each showing price versus our Fair Value estimate (as of Aug 29, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Intuitive Surgical, Inc ISRG | $367.07 | $150.04 | −59% |
| EssilorLuxottica Société anonyme EL | €160.35 | €94.93 | −41% |
| Medline Inc MDLN | $36.59 | $30.15 | −18% |
| Becton, Dickinson and Company BDX | $187.12 | $100.46 | −46% |
| Alcon Inc ALC | $72.23 | $39.78 | −45% |
| ResMed Inc RMD | A$33.19 | A$26.23 | −21% |
| West Pharmaceutical Services, Inc WST | $337.47 | $141.58 | −58% |
| Sartorius Stedim Biotech S.A DIM | €197.70 | €48.88 | −75% |
| Straumann Holding STMN | CHF 97.38 | CHF 47.31 | −51% |
| Sartorius Aktiengesellschaft SRT3 | €253.50 | €63.30 | −75% |
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