Carl Zeiss Meditec Past Earnings Performance
Past criteria checks 1/6
Carl Zeiss Meditec's earnings have been declining at an average annual rate of -11.7%, while the Medical Equipment industry saw earnings declining at 0.2% annually. Revenues have been growing at an average rate of 7.1% per year. Carl Zeiss Meditec's return on equity is 4.5%, and it has net margins of 4.4%.
Key information
-11.68%
Earnings growth rate
-11.32%
EPS growth rate
| Medical Equipment Industry Growth | 4.25% |
| Revenue growth rate | 7.10% |
| Return on equity | 4.52% |
| Net Margin | 4.37% |
| Next Earnings Update | 06 Aug 2026 |
Recent past performance updates
Recent updates
Narrative Update • Jun 02
AFX: New Leadership And Product Expansion Will Support Future Upside
Analysts have trimmed their price target on Carl Zeiss Meditec to €21.70 from €22.40, reflecting updated views on fair value, discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News Carl Zeiss Meditec AG appointed Bronwyn Brophy O’Connor as the new CEO, succeeding interim CEO Andreas Pecher, with the aim of continuing the company’s existing strategic realignment (source: company announcement, 22 May 2026).
Narrative Update • May 08
AFX: Reset Margin Expectations Will Set The Stage For Future Upside
Narrative Update The updated analyst price target for Carl Zeiss Meditec moves from about €53.00 to about €46.23. This reflects a reset in expectations as analysts factor in recent cuts to Street targets and reassess assumptions around margins and future P/E levels.Narrative Update • Apr 23
AFX: Long Term Partnerships Will Support Future Upside Despite Recent Rating Cuts
The analyst price target for Carl Zeiss Meditec has been revised slightly lower from about €32.17 to about €31.92, as analysts factor in a series of recent target cuts and rating changes across the Street. Analyst Commentary Recent research updates on Carl Zeiss Meditec point to a more cautious stance on valuation, with several firms trimming their price targets into a tighter €22.40 to €32 range and maintaining neutral to cautious ratings such as Hold, Sector Perform and Underweight.Narrative Update • Apr 09
AFX: Long Term Partnerships Will Support Future Upside Despite Recent Rating Cuts
The updated analyst price target for Carl Zeiss Meditec moves from about €39.27 to roughly €32.17. This reflects a series of recent target cuts and downgrades from firms such as Berenberg, RBC Capital and JPMorgan, as analysts reassess assumptions on growth, margins and future P/E multiples.
Narrative Update • Mar 25
AFX: Lowered Guidance And China Tender Pressures Will Reshape Medium Term Risk Reward
Analysts have trimmed their price targets on Carl Zeiss Meditec, with the lead target reduced to €22.40. This reflects updated views on revenue growth, profit margins and the appropriate future P/E multiple for the shares.Narrative Update • Mar 10
AFX: Rebased Expectations Will Set The Stage For Future Upside
The analyst price target for Carl Zeiss Meditec has been cut from about €64 to €53. This change reflects a series of recent target reductions and downgrades as analysts weigh updated assumptions on growth, margins, and valuation multiples.Narrative Update • Feb 24
AFX: Lower Guidance And China Tender Pressures Will Drive Further Multiple Compression
Carl Zeiss Meditec's updated analyst price target has moved to €22.40 from €31.00, as analysts factor in revised discount rates, profitability assumptions, and a lower future P/E multiple following a series of target cuts and rating changes across the Street. Analyst Commentary Recent Street research on Carl Zeiss Meditec has tilted more cautious, with multiple bearish analysts cutting price targets and lowering their expectations for what they are willing to pay for the shares.Analysis Article • Feb 10
Carl Zeiss Meditec's (ETR:AFX) Dividend Will Be Reduced To €0.55
Carl Zeiss Meditec AG's ( ETR:AFX ) dividend is being reduced from last year's payment covering the same period to...Narrative Update • Feb 10
AFX: Long Term Partnerships Will Support Future Upside After Recent Rating Cuts
Analysts have trimmed their price target for Carl Zeiss Meditec by roughly €11, reflecting updated assumptions for fair value, discount rate, revenue growth, profit margins, and future P/E after a recent run of downgrades and target cuts from several research houses. Analyst Commentary Recent research notes on Carl Zeiss Meditec have tilted cautious, with several downgrades and target cuts clustered over a short period, including moves by Goldman Sachs.Narrative Update • Jan 26
AFX: Auto Displays And Cancer Imaging Will Offset Cautious Street Downgrades
Analysts have trimmed their fair value estimate for Carl Zeiss Meditec from about €36.44 to €31.00. This reflects more cautious assumptions on revenue growth and profit margins, while also accounting for a higher future P/E and recent downgrades and price target cuts from the Street.Analysis Article • Jan 23
Carl Zeiss Meditec AG (ETR:AFX) Stocks Pounded By 27% But Not Lagging Market On Growth Or Pricing
To the annoyance of some shareholders, Carl Zeiss Meditec AG ( ETR:AFX ) shares are down a considerable 27% in the last...Narrative Update • Jan 11
AFX: Long-Term Alliances Will Underpin Future Upside Potential
Analysts have trimmed their price expectations for Carl Zeiss Meditec, with the updated implied fair value moving from about €69.00 to roughly €64.22. This reflects more cautious assumptions around revenue growth and the future P/E multiple, partly offset by slightly firmer profit margin expectations.Analysis Article • Jan 10
Carl Zeiss Meditec (ETR:AFX) Is Reducing Its Dividend To €0.55
Carl Zeiss Meditec AG ( ETR:AFX ) is reducing its dividend from last year's comparable payment to €0.55 on the 31st of...Analysis Article • Jan 05
Carl Zeiss Meditec (ETR:AFX) Seems To Use Debt Quite Sensibly
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...Narrative Update • Dec 26
AFX: Long Term Partnerships Will Drive Future Upside Despite Trimmed Expectations
Analysts have trimmed their price target on Carl Zeiss Meditec by roughly €3 to about €50 per share, citing slightly lower assumptions for long term revenue growth and profit margins, partly offset by a modestly higher expected valuation multiple. What's in the News Announced an annual dividend of EUR 0.55 per share, payable on March 31, 2026, with an ex-dividend date of March 27, 2026, and a record date of March 30, 2026 (company announcement) Entered a collaboration with FluoGuide A/S to develop FG001 for tumor imaging and surgical margin assessment in head and neck cancer, with a focus on supporting the clinical phase and with no expected financial impact in 2025 (company announcement) Formed a strategic alliance with LG Chem to secure industrial scale photopolymer film supply for ZEISS Holographic Windshield Displays, targeting the first serial automotive production in 2029 (company announcement) Valuation Changes Fair Value: Reduced from approximately €53.61 to €50.23 per share, a modest downward revision of about 6 percent.Narrative Update • Dec 12
AFX: Future Auto Displays And Cancer Imaging Will Shape Balanced Outlook
Analysts have trimmed their price target for Carl Zeiss Meditec by approximately EUR0.50, reflecting a slightly higher discount rate despite improved expectations for revenue growth and profit margins. What's in the News FluoGuide A/S entered a non exclusive collaboration with ZEISS Medical Technologies to develop FG001 for tumor imaging and surgical margin assessment in head and neck cancer, focused on supporting the clinical phase and with no expected impact on 2025 financial results (company announcement) ZEISS and LG Chem formed a strategic alliance to secure robust, sustainable, industrial scale photopolymer film supply for ZEISS Holographic Windshield Displays, a key enabling material for next generation automotive head up display technologies (company announcement) Under the ZEISS LG Chem agreement, LG Chem will supply photopolymer films into the ZEISS Microoptics Enabling Ecosystem, supporting global automotive OEM programs and targeting first series production of holographic windshield displays in 2029 (company announcement) Valuation Changes Fair Value: reduced slightly from €36.93 to €36.44, reflecting a marginally lower estimated intrinsic value per share.Analysis Article • Dec 04
Is It Too Late To Consider Buying Carl Zeiss Meditec AG (ETR:AFX)?
Carl Zeiss Meditec AG ( ETR:AFX ), is not the largest company out there, but it received a lot of attention from a...Analysis Article • Nov 01
Carl Zeiss Meditec (ETR:AFX) Could Be Struggling To Allocate Capital
There are a few key trends to look for if we want to identify the next multi-bagger. Amongst other things, we'll want...Analysis Article • Aug 29
Carl Zeiss Meditec AG's (ETR:AFX) Share Price Matching Investor Opinion
Carl Zeiss Meditec AG's ( ETR:AFX ) price-to-earnings (or "P/E") ratio of 25.3x might make it look like a sell right...Narrative Update • Aug 27
VISUMAX 800 Approval In China Will Strengthen Future Market Position
Analysts have revised Carl Zeiss Meditec's price target downward to €53.61, citing weaker-than-expected earnings, intensified competition and pricing pressures in ophthalmology, subdued recovery in elective procedures, margin compression, and persistent macroeconomic and FX headwinds. Analyst Commentary Bearish analysts are reacting to disappointing recent earnings performance, which has lagged behind expectations.Narrative Update • Aug 11
VISUMAX 800 Approval In China Will Strengthen Future Market Position
The downward revision of Carl Zeiss Meditec’s consensus price target primarily reflects reduced revenue growth forecasts, with fair value lowered from €60.93 to €56.87 per share. What's in the News ZEISS Medical Technology’s CLARUS 700 received NMPA approval in China, enhancing advanced retinal diagnostics with ultra-widefield, high-resolution imaging.Analysis Article • Aug 10
Carl Zeiss Meditec AG Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now
Carl Zeiss Meditec AG ( ETR:AFX ) shareholders are probably feeling a little disappointed, since its shares fell 7.0...Analysis Article • Jul 01
Carl Zeiss Meditec (ETR:AFX) Could Be Struggling To Allocate Capital
What trends should we look for it we want to identify stocks that can multiply in value over the long term? One common...Analysis Article • May 19
Why Carl Zeiss Meditec's (ETR:AFX) Shaky Earnings Are Just The Beginning Of Its Problems
The subdued market reaction suggests that Carl Zeiss Meditec AG's ( ETR:AFX ) recent earnings didn't contain any...Analysis Article • May 16
Is It Time To Consider Buying Carl Zeiss Meditec AG (ETR:AFX)?
While Carl Zeiss Meditec AG ( ETR:AFX ) might not have the largest market cap around , it saw a significant share price...Analysis Article • Apr 28
Are Investors Undervaluing Carl Zeiss Meditec AG (ETR:AFX) By 39%?
Key Insights Carl Zeiss Meditec's estimated fair value is €96.42 based on 2 Stage Free Cash Flow to Equity Carl Zeiss...Analysis Article • Mar 23
Carl Zeiss Meditec (ETR:AFX) Will Pay A Smaller Dividend Than Last Year
Carl Zeiss Meditec AG ( ETR:AFX ) is reducing its dividend from last year's comparable payment to €0.60 on the 31st of...Analysis Article • Mar 20
Shareholders Will Probably Be Cautious Of Increasing Carl Zeiss Meditec AG's (ETR:AFX) CEO Compensation At The Moment
Key Insights Carl Zeiss Meditec's Annual General Meeting to take place on 26th of March CEO Markus Weber's total...Analysis Article • Mar 15
After Leaping 25% Carl Zeiss Meditec AG (ETR:AFX) Shares Are Not Flying Under The Radar
Carl Zeiss Meditec AG ( ETR:AFX ) shareholders have had their patience rewarded with a 25% share price jump in the last...Analysis Article • Mar 03
These 4 Measures Indicate That Carl Zeiss Meditec (ETR:AFX) Is Using Debt Extensively
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Analysis Article • Feb 10
Carl Zeiss Meditec (ETR:AFX) Might Be Having Difficulty Using Its Capital Effectively
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for...Analysis Article • Jan 10
More Unpleasant Surprises Could Be In Store For Carl Zeiss Meditec AG's (ETR:AFX) Shares After Tumbling 26%
To the annoyance of some shareholders, Carl Zeiss Meditec AG ( ETR:AFX ) shares are down a considerable 26% in the last...Analysis Article • Dec 28
Is Carl Zeiss Meditec AG (ETR:AFX) Potentially Undervalued?
While Carl Zeiss Meditec AG ( ETR:AFX ) might not have the largest market cap around , it saw significant share price...
New Narrative • Dec 22
AI-Powered Innovations Like KINEVO 900 S And VISUMAX 800 Set To Drive Revenue Growth
New product pipeline and integration of DORC expected to drive revenue and enhance net margins with innovative AI medical solutions.Analysis Article • Dec 04
Calculating The Fair Value Of Carl Zeiss Meditec AG (ETR:AFX)
Key Insights The projected fair value for Carl Zeiss Meditec is €61.75 based on 2 Stage Free Cash Flow to Equity...Analysis Article • Nov 19
Carl Zeiss Meditec AG's (ETR:AFX) Share Price Could Signal Some Risk
With a price-to-earnings (or "P/E") ratio of 25.5x Carl Zeiss Meditec AG ( ETR:AFX ) may be sending very bearish...Analysis Article • Sep 19
Some Investors May Be Worried About Carl Zeiss Meditec's (ETR:AFX) Returns On Capital
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Amongst...Analysis Article • Sep 06
Does Carl Zeiss Meditec (ETR:AFX) Have A Healthy Balance Sheet?
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...Analysis Article • Aug 23
Are Investors Undervaluing Carl Zeiss Meditec AG (ETR:AFX) By 27%?
Key Insights The projected fair value for Carl Zeiss Meditec is €85.65 based on 2 Stage Free Cash Flow to Equity Carl...Analysis Article • Aug 09
At €62.50, Is It Time To Put Carl Zeiss Meditec AG (ETR:AFX) On Your Watch List?
Carl Zeiss Meditec AG ( ETR:AFX ), is not the largest company out there, but it saw significant share price movement...Analysis Article • Jul 11
Carl Zeiss Meditec AG's (ETR:AFX) 25% Dip Still Leaving Some Shareholders Feeling Restless Over Its P/ERatio
Unfortunately for some shareholders, the Carl Zeiss Meditec AG ( ETR:AFX ) share price has dived 25% in the last thirty...Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Carl Zeiss Meditec makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Mar 26 | 2,168 | 95 | 627 | 338 |
| 31 Dec 25 | 2,204 | 121 | 630 | 324 |
| 30 Sep 25 | 2,228 | 141 | 627 | 326 |
| 30 Jun 25 | 2,180 | 150 | 620 | 319 |
| 31 Mar 25 | 2,169 | 156 | 630 | 322 |
| 31 Dec 24 | 2,082 | 157 | 596 | 333 |
| 30 Sep 24 | 2,066 | 179 | 568 | 343 |
| 30 Jun 24 | 2,066 | 203 | 534 | 352 |
| 31 Mar 24 | 2,062 | 261 | 504 | 358 |
| 31 Dec 23 | 2,094 | 277 | 509 | 356 |
| 30 Sep 23 | 2,089 | 290 | 503 | 349 |
| 30 Jun 23 | 2,080 | 308 | 496 | 343 |
| 31 Mar 23 | 2,022 | 278 | 485 | 326 |
| 31 Dec 22 | 1,963 | 307 | 455 | 312 |
| 30 Sep 22 | 1,903 | 294 | 439 | 291 |
| 30 Jun 22 | 1,781 | 245 | 417 | 270 |
| 31 Mar 22 | 1,735 | 264 | 392 | 251 |
| 31 Dec 21 | 1,688 | 228 | 380 | 238 |
| 30 Sep 21 | 1,647 | 236 | 365 | 232 |
| 30 Jun 21 | 1,566 | 235 | 337 | 227 |
| 31 Mar 21 | 1,388 | 159 | 326 | 225 |
| 31 Dec 20 | 1,335 | 130 | 334 | 221 |
| 30 Sep 20 | 1,335 | 122 | 350 | 219 |
| 30 Jun 20 | 1,400 | 120 | 379 | 212 |
| 31 Mar 20 | 1,507 | 166 | 400 | 200 |
| 31 Dec 19 | 1,505 | 170 | 400 | 188 |
| 30 Sep 19 | 1,459 | 160 | 394 | 173 |
| 30 Jun 19 | 1,382 | 153 | 381 | 159 |
| 31 Mar 19 | 1,334 | 129 | 371 | 158 |
| 31 Dec 18 | 1,310 | 127 | 362 | 157 |
| 30 Sep 18 | 1,281 | 126 | 354 | 160 |
| 30 Jun 18 | 1,251 | 124 | 342 | 161 |
| 31 Mar 18 | 1,216 | 129 | 341 | 156 |
| 31 Dec 17 | 1,205 | 132 | 341 | 149 |
| 30 Sep 17 | 1,190 | 134 | 339 | 146 |
| 30 Jun 17 | 1,154 | 123 | 331 | 138 |
| 31 Mar 17 | 1,135 | 112 | 319 | 132 |
| 31 Dec 16 | 1,106 | 113 | 311 | 129 |
| 30 Sep 16 | 1,088 | 98 | 303 | 123 |
| 30 Jun 16 | 1,090 | 78 | 303 | 118 |
| 31 Mar 16 | 1,083 | 80 | 304 | 117 |
| 31 Dec 15 | 1,062 | 61 | 301 | 115 |
| 30 Sep 15 | 1,040 | 62 | 298 | 112 |
| 30 Jun 15 | 984 | 70 | 291 | 112 |
Quality Earnings: AFX has high quality earnings.
Growing Profit Margin: AFX's current net profit margins (4.4%) are lower than last year (7.2%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: AFX's earnings have declined by 11.7% per year over the past 5 years.
Accelerating Growth: AFX's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: AFX had negative earnings growth (-39.1%) over the past year, making it difficult to compare to the Medical Equipment industry average (10.9%).
Return on Equity
High ROE: AFX's Return on Equity (4.5%) is considered low.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/07 06:19 |
| End of Day Share Price | 2026/06/05 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/09/30 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
| |
| Ownership | 10 years |
| |
| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Carl Zeiss Meditec AG is covered by 25 analysts. 13 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Jonathon Unwin | Barclays |
| Samuel England | Berenberg |
| Susannah Ludwig | Bernstein |