Rankings Pharma & medtech Siemens Healthineers
Siemens Healthineers
65
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
- Share overhang (Siemens spin-off)−4
- Quality of growth−3
- ROIC and capital allocation−3
Strengths
- Order intake+1
- Buybacks and dividend+1
How the score is built
From 100 to 65, 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
- 43.41 EUR
- Median analyst target
- 46.50 EUR
- Upside to median
- +7.1%
- Analysts
- 20
- Target range
- 36.00 – 57.40 EUR
- 52-week change
- −11%
- P/E (trailing)
- 22.0
- Forward P/E
- 18.9
- PEG
- 2.68
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−9 of −30
- −3Quality of growthComparable growth only 2.8% in Q3. FY2026 revenue guidance has been cut twice, from 5–6% to 4.5–5% in Q2 and to 3.5–4% in Q3; reported revenue TTM (EUR 23.2bn) is below FY2025 (23.4bn).
- −2Weak segment (Diagnostics)Diagnostics fell 5.5% in Q3 to an EBIT margin of only 4.1%, and revenue has shrunk from EUR 6.1bn (FY2022) to 4.1bn TTM; the business is now to be separated.
- −3ROIC and capital allocationROIC 7.9% vs a WACC of 7.1% and 8.0% in FY2021, before the EUR 13.5bn Varian acquisition. Five years later the deal has not lifted returns, and goodwill exceeds equity (P/TBV is n/a).
- −1MarginOperating margin 14.0% TTM vs 14.3% in FY2021 and gross margin 39.0% vs 38.6%; no margin improvement in five years despite scale. Imaging (26.5% adjusted EBIT margin) carries the group.
Price
Today's multiples against the company's own history and its peers. · 1 finding−3 of −35
- −3Multiples vs own history and peersThe forward P/E of 17.0 is below the whole 18.9–26.8 range in FY2021–25; trailing P/E 19.6 vs 23.9–36.5; EV/EBITDA 13.2 vs 15.9–23.2; P/FCF 16.5 vs 18.9–41.9 (FCF yield about 6%). The cheapest ever, but in line with medtech peers with similarly low growth, and EV includes EUR 12.6bn of net debt.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−12 of −35
- −4Share overhang (Siemens spin-off)Siemens will distribute about 30% of Healthineers directly to Siemens shareholders after the AGM in February 2027 and eventually cut its stake to below 20%. Many Siemens shareholders will sell a medtech stock they did not choose, and the market is already speculating that the stake will fall below 49%.
- −2China and procurement policyChina's volume-based procurement and lower reimbursement rates have squeezed prices and volumes, and revenue in China fell sharply; higher tariffs were only partly offset by cost savings.
- −2Quality of earningsEPS guidance was raised to EUR 2.35–2.45 from 2.20–2.30 solely by the amount of refunded US tariffs (IEEPA), while growth guidance was cut; Q3 FCF of EUR 1.0bn was also lifted by the refund.
- −2DebtNet debt EUR 12.6bn (debt 15.0bn vs cash 2.4bn), 3.1x EBITDA; current ratio 1.16 and quick ratio 0.70.
- −2Execution (Diagnostics spin-off)The legal separation of Diagnostics takes about two years, and a sale or continuation is unresolved; financial investors have shown interest, but there are no formal negotiations. It brings dis-synergies and management focus on a business with a 4% margin.
Plus
Only documented strengths. · 2 findings+2 of +15
- +1Order intakeBook-to-bill 1.27 in Q3; Precision Therapy (Varian) grew 9.2% to a 17.5% margin.
- +1Buybacks and dividendDividends of EUR 1.12bn and buybacks of 0.20bn TTM = 1.3bn, below FCF of 2.6bn; the share count is −0.5% in a year.
Caveats
What the score does not capture, or where the data is weak.
Siemens AG owns about 67% and will distribute about 30% of the Healthineers shares directly to its shareholders after a vote at Siemens' AGM in February 2027, and over time go below 20%; free float therefore rises from about 32% to over 60%. FY2026 EPS guidance is lifted by a one-off refund of US tariffs (IEEPA), and Q3 FCF was also helped by it. A large part of the debt stems from the Varian acquisition and financing via Siemens; how it will be refinanced after the separation has not been examined. Competition from Chinese imaging makers and insider trading have not been examined. Q4 results 5/11.
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