Rankings Pharma & medtech Optomed
Optomed
56
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Margin−10
- Funding and dilution−8
- Capital allocation−7
Strengths
- Margin improvement+2
How the score is built
From 100 to 56, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 1.51 EUR
- Median analyst target
- 2.00 EUR
- Upside to median
- +32.1%
- Analysts
- 3
- Target range
- 1.80 – 3.30 EUR
- 52-week change
- −62%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−26 of −30
- −10MarginLoss every year since the listing: operating margin has been between −26% and −38% in 2021–2026 (TTM −35%, EBITDA EUR −4.9m on revenue of 16.1m). Gross margin has risen to 70% in H1 2026, though.
- −6Quality of growthRevenue has stood still for five years (EUR 14.9m in 2021, 17.1m in 2025) and fell 12.7% in H1 2026; Devices fell 24.5% due to uncertainty over reimbursement in the US, and Software fell 5.7%.
- −7Capital allocationThe share count has risen from 13.6m (2021) to 21.5m via ongoing issues (6–14% dilution a year), while the price has fallen from EUR 9.80 to about 1.50. The latest issue (EUR 6m at EUR 3.40 in December 2025) has already more than halved.
- −3Market and moatOptomed is a small player in retinal cameras against Topcon, Zeiss and Canon, and the AI diagnosis in Aurora AEYE comes from the third party AEYE Health. The handheld Lumo camera requires new clinical studies to obtain FDA clearance with AI.
Price
Today's multiples against the company's own history and its peers. · 1 finding−4 of −35
- −4Multiples vs own historyEV/Sales is 1.7 vs 4.1-8.9 in 2021-2025 and P/B 1.45 vs 3.0-7.8, i.e. historically cheap on sales. But the company has no earnings to measure against, and 18m of the equity of EUR 21.7m is goodwill and intangibles.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−18 of −35
- −8Funding and dilutionCash was EUR 6.7m at 30/6-2026 vs spending of about 1.4m per quarter incl. capitalized development (H1), i.e. about 13 months of runway after loan repayments. Inderes warns that a new issue at the current price would be very dilutive.
- −4Guidance credibilityThe company continues to guide for growth in 2026 even though H1 fell 12.7%, and the entire lift depends on an order of about USD 2.1m from one US distributor in H2. In 2024 there was a negative profit warning in which growth turned into a decline.
- −4Dependence on US reimbursement and a partnerInvestment appetite among US customers fell in Q1 2026 due to uncertainty about reimbursement for AI screening, and the recurring AI revenue depends on AEYE Health's algorithm and US reimbursement rules.
- −2Insiders and ownershipInsiders own only 0.75% of the shares, and the most recent management transactions (August 2026) were share compensation to the board, not market purchases.
Plus
Only documented strengths. · 1 finding+2 of +15
- +2Margin improvementThe gross margin rose to 71.3% in Q2 2026 (64.9%), EBITDA improved to −EUR 0.46m (−0.92), Devices is almost at zero in EBITDA, and Software had an EBITDA margin of 19.5%.
Caveats
What the score does not capture, or where the data is weak.
The share count is about 21.5m after the directed issue of 1.76m shares at EUR 3.40 in December 2025 and board shares in August 2026; market value is calculated by myself (21.5m × EUR 1.50 = EUR 32m). Stockanalysis' FCF (−EUR 3.5m) is too good, because capitalized development (about EUR 1.5m a year) is outside capex; the company's own cash flow in H1 2026 was operations −1.7 and investments −1.1m EUR. Debt of EUR 2.35m includes leasing; interest-bearing loans incl. government loans are about EUR 1.3m, of which 0.6m fall due within 12 months. The option program from 25/9-2026 and the management transactions on 28/9-2026 have not been reviewed in detail (presumably grants). Largest owners and short interest are not verified. Only 3 analysts. Industry: Medicine & medtech (the software segment also includes non-medical systems via Ubetec).
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