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Siemens Healthineers AG Registered Shares SHL

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Stock XETR Rating as of
€37.86 +0.25 (0.66%)
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Siemens Healthineers Performance Dragged Down by Diagnostics

Alex Morozov

Siemens Healthineers has established a formidable presence in imaging and radiotherapy through the acquisition of Varian. Now, it is refocusing its diagnostic operations, the weakest piece among otherwise remarkably strong businesses. While we aren't sanguine about the prospect of returning growth and profitability of diagnostics to the level of its closest peers, we view Healthineers’ overall product portfolio, market presence, growth, and margins as among the best in medical technology.

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Price vs Fair Value

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SHL is trading at a LOCK|N&DJq?% premium.
Price
€37.61
Fair Value
yd
Uncertainty
LOCK|M<Vm
1-Star Price
LOCK|.MC
5-Star Price
LOCK|.!
Economic Moat
LOCK|DQ%
Capital Allocation
LOCK|tnl%!<fs

Bulls Say, Bears Say

Bulls

Varian continues to grow at above-average levels, taking market share in new orders. Its product portfolio is materially broader than its key competitors'.

Bears

China remains a near-term drag for the entire industry, particularly diagnostics. Recovery in this market might take longer than expected, and growth isn't likely to return to the prior levels.

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Trading Information

Previous Close Price
€37.61
Day Range
€37.46–38.13
52-Week Range
€32.81–49.71
Bid/Ask
€0.00 / €0.00
Shares Outstanding
1.12B
Market Cap
€42.37B
Volume/Avg
689,705 / 932,267

Key Statistics

Price/Earnings (Normalized)
17.37
Price/Sales
1.82
Dividend Yield (Trailing)
2.66%
Dividend Yield (Forward)
2.66%
Dividend Payment Schedule
Feb
Total Yield
3.13%

Company Profile

Siemens Healthineers is engaged in therapeutic imaging, radiotherapy, and diagnostics. The imaging segment (56% of sales in fiscal 2025) includes magnetic resonance imaging, computed tomography, X-ray systems, and molecular imaging. The Varian business, now within Precision Therapies, (18% of sales) offers radiotherapy and other oncology solutions. The diagnostics segment (19%) includes in vitro diagnostics and point-of-care diagnostics. The advanced therapies (now part of precision therapy) segment (9%) products are designed to support image-guided minimally invasive treatments in cardiology, interventional radiology, and surgery. The Americas represents 44% of total sales, Europe, Middle East, and Africa 32%, and Asia-Pacific, including China (11%), the remainder.
Sector
Healthcare
Industry
Medical Devices
Stock Style Box
Large Core
Total Number of Employees
74,300
Website
https://www.siemens-healthineers.com

Competitors

Valuation

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Metric
SHL
EKTA B
GEHC
Price/Earnings (Normalized)
 17.3714.6913.82
Price/Book Value
 2.202.632.63
Price/Sales
 1.821.201.37
Price/Cash Flow
 13.189.1912.34
Price/Earnings
SHL
EKTA B
GEHC

Financial Strength

Metric
SHL
EKTA B
GEHC
Quick Ratio
 0.740.620.84
Current Ratio
 1.160.861.26
Interest Coverage
 7.881.197.15
Quick Ratio
SHL
EKTA B
GEHC

Profitability

Metric
SHL
EKTA B
GEHC
Return on Assets (Normalized)
 5.00%1.83%5.78%
Return on Equity (Normalized)
 12.25%6.33%20.45%
Return on Invested Capital (Normalized)
 12.99%5.06%11.38%
Return on Assets
SHL
EKTA B
GEHC

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