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C

Carl Zeiss Meditec AFX.DE · EUR

Health Care · XETRA · 🇩🇪 Germany

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33.98

-2.80%

Close of 9 Nov 2026, in EUR

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At a glance

Figures in EUR, from our data supplier.

FY2025

Revenue

€2.23bn

FY2016FY2025

Net income

€141.2m

FY2016FY2025

Free cash flow

€170.5m

FY2016FY2025

Shareholders' equity

€2.12bn

FY2016FY2025

Income statement

Fiscal years

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue€2.23bn€2.07bn€2.09bn€1.90bn€1.65bn€1.34bn€1.46bn€1.28bn€1.19bn€1.09bn
Gross profit€1.18bn€1.09bn€1.21bn€1.13bn€967.2m€745.5m€831.9m€710.4m€656.7m€579.5m
Research and development€326.3m€343.1m€349.3m€291.4m€232.1m€218.8m€173.3m€159.6m€145.8m€123.4m
Operating income€223.3m€194.5m€348.1m€396.9m€373.6m€206.6m€264.7m€197.1m€173.6m€154.3m
Net income€141.2m€178.7m€290.4m€293.9m€236.3m€122.4m€159.8m€126.5m€134.4m€98.3m
Diluted earnings per share1.732.053.263.282.621.371.771.411.511.21

Balance sheet

At each fiscal year end

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Total assets€3.46bn€3.39bn€3.03bn€2.82bn€2.40bn€2.01bn€2.02bn€1.66bn€1.62bn€1.25bn
Cash and short-term investments€27.3m€20.3m€10.6m€7.7m€7.4m€5.2m€22.6m€7.8m€8.3m€8.7m
Total liabilities€1.33bn€1.34bn€860.0m€792.7m€718.6m€562.7m€605.2m€347.4m€381.4m€396.6m
Debt€535.3m€554.1m€251.8m€219.8m€198.4m€156.4m€166.7m€26.6m€12.1m€33.3m
Shareholders' equity€2.12bn€2.04bn€2.16bn€2.02bn€1.66bn€1.43bn€1.40bn€1.29bn€1.22bn€797.8m
Shares outstanding82m87m89m89m90m89m90m90m89m81m

Cash flow

Fiscal years

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash from operations€209.9m€247.3m€250.9m€188.2m€362.7m€178.5m€219.6m€187.2m€37.7m€111.8m
Capital spending−€39.4m−€152.2m−€113.9m−€82.0m−€66.1m−€45.0m−€46.7m−€34.8m−€39.0m−€27.9m
Free cash flow€170.5m€95.1m€137.0m€106.2m€296.6m€133.5m€172.9m€152.5m−€1.3m€83.9m
Dividends paid−€52.5m−€98.2m−€98.4m−€80.5m−€44.7m−€58.1m−€49.2m−€49.2m−€37.6m−€30.9m

Latest quarters

By quarter end

Jun 2026Mar 2026Dec 2025Sept 2025Jun 2025Mar 2025Dec 2024Sept 2024
Revenue€562.7m€991.0m€467.0m€627.5m€549.6m€560.0m€490.5m€579.6m
Gross profit€302.3m€490.5m€227.1m€331.7m€289.7m€301.7m€252.1m€290.1m
Operating income€60.9m€37.0m€1.0m€71.1m€53.1m€71.2m€28.0m€31.9m
Net income€55.0m€14.7m−€4.9m€51.8m€28.4m€45.3m€15.7m€60.7m
Diluted earnings per share0.640.17-0.060.630.350.560.180.70
Cash from operations—€98.0m€16.0m€201.0m€57.0m€8.0m−€26.0m€187.0m
Capital spending—−€10.0m—−€17.0m—−€21.0m—−€38.0m
Free cash flow—€88.0m—€184.0m—−€13.0m—€149.0m
Total assets—€3.34bn—€3.46bn—€3.47bn—€3.39bn
Cash and short-term investments€23.9m€23.9m€27.3m€27.3m€26.6m€51.5m—€20.3m
Debt—€59.8m—€631.5m—€657.1m—€612.7m
Shareholders' equity€2.11bn€2.10bn€2.13bn€2.12bn€2.09bn€2.08bn—€2.04bn

Financial ratios

Data as of 29 Oct 2026

FY2025FY2024FY2023FY2022FY2021FY2020
Gross margin52.8%52.7%57.7%59.3%58.7%55.8%
Operating margin9.9%13.1%20.5%21.7%21.2%15.5%
Net margin6.3%8.7%13.9%15.4%14.3%9.2%
Return on equity6.7%8.8%13.4%14.6%14.2%8.5%
Return on assets4.1%5.3%9.6%10.4%9.9%6.1%
Free cash flow yield8.7%13.0%11.6%8.6%13.5%7.1%
Revenue growth7.8%-1.1%9.8%15.5%23.3%-8.5%
Earnings growth-21.0%-38.5%-1.2%24.4%93.1%-23.4%
Current ratio2.35x2.13x3.40x3.32x3.58x4.34x
Debt to equity0.22x0.21x0.08x0.06x0.06x0.07x
Equity ratio61.2%60.2%71.2%71.4%69.3%71.1%
Interest coverage8.28x18.54x28.05x45.40x40.62x7.58x
R&D as a share of sales14.6%16.6%16.7%15.3%14.1%16.4%
Buybacks as a share of market value6.4%2.0%0.5%0.8%-1.3%1.3%

Growth per year

Compound annual rate

3 years5 years10 years
Revenue5.4%10.8%7.9%
Operating income-17.4%1.6%5.5%
Net income-21.7%2.9%8.5%

Average margins

Over each period

1 year3 years5 years10 years
Gross margin52.7%55.5%56.0%55.6%
Operating margin9.7%14.0%15.5%15.4%
Net margin7.5%10.9%11.2%10.6%

Valuation history

At each fiscal year end

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Price to earnings23.122.230.335.970.679.264.248.434.328.9
Price to sales1.51.94.25.510.17.37.04.83.92.6

Dividends and splits

Per share, in the currency the company pays

Paid for 17 years. Last went ex-dividend on 27 Mar 2026.

FY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Paid in the year0.551.252.201.100.900.500.650.55

Sources and methodology

Data on this tab
Our data supplier
Chart on the Overview
TradingView

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