# Sartorius Stedim Biotech (DIM.PA)

Canonical: https://gigainvestors.com/s/DIM.PA

Analysis as of: 2026-10-16T07:34:34.601Z. Financial observations: FY2005–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 219.40 per share; close as of 2026-10-15.

Estimated value: low EUR 27.72 per share, central EUR 31.34 per share, high EUR 36.16 per share. Buy at or below the central value EUR 31.34 per share. Valuation as of 2026-10-16T07:34:34.601Z; scenarios are not confidence intervals.

Expected annual return: 3.9% at the stated quote. About 3.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; FR 10-year bond 4.8% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.24×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.21×

- FY2017: 0.21×

- FY2018: 0.25×

- FY2019: 0.23×

- FY2020: 0.25×

- FY2021: 0.32×

- FY2022: 0.32×

- FY2023: 0.17×

- FY2024: 0.13×

- FY2025: 0.19×

### moat: fail

- Recent gross margin fell 7.2pp below the typical margin (limit 4pp)

- ROIC, median of available years: 29.6%

- ROIC, second-lowest year: 11.3%

- Typical minus recent gross margin: 7.2 pp

- Typical gross margin (annual median): 51.6%

- Recent gross margin (lower of latest and 3-year median): 44.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 12.0%

- ROIC including acquisitions, ten-year median: 13.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 35.0%

- FY2017: 27.4%

- FY2018: 29.2%

- FY2019: 30.1%

- FY2020: 32.0%

- FY2021: 48.5%

- FY2022: 37.0%

- FY2023: 11.3%

- FY2024: 9.3%

- FY2025: 11.6%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.79×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.6B

- Net income, five-year total: EUR 2.0B

- Return on incremental invested capital: 17.1%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -2.6 pp

- Working capital / revenue, final three-year average: 25.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.96×

- FY2022: 0.94×

- FY2023: 0.16×

- FY2024: 0.63×

- FY2025: 0.87×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 29.2% vs 11.3%

- Per-share earnings: 1.65 to 2.73 (three-year endpoint medians)

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.6%

- Ordinary dilution, 5-year annual growth: 1.1%

- Market cap gain: EUR 15B

- Cumulative retained earnings: EUR 2.2B

- Diluted shares, 10-year annual growth: 0.6%

- Diluted shares, 5-year annual growth: 1.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 6.5%

- Per-share value change: EUR 1.08

- Per-share value, starting three-year median: EUR 1.65

- Per-share value, ending three-year median: EUR 2.73

- Buybacks concentrated in cheaper years (correlation): 0.80

- Average buyback yield: 0.0%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 4.1B

- Cumulative net income, 10 years: EUR 3.1B

- ROIC, first three-year median: 29.2%

- ROIC, last three-year median: 11.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.65

- FY2017: EUR 1.73

- FY2018: EUR 2.27

- FY2019: EUR 2.53

- FY2020: EUR 3.64

- FY2021: EUR 4.49

- FY2022: EUR 9.51

- FY2023: EUR 3.36

- FY2024: EUR 1.81

- FY2025: EUR 2.73

### accounting: pass

- Sloan accruals: -3.4%

- Receivables to sales index (DSRI): 0.80×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.03×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.08×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.2%

- FY2017: -1.0%

- FY2018: -1.2%

- FY2019: -4.2%

- FY2020: -2.6%

- FY2021: -7.1%

- FY2022: 5.2%

- FY2023: -5.6%

- FY2024: -7.8%

- FY2025: -3.4%

## Holders

## Price story

Down 58% since Nov 2021 · sales +6.7%

Story as of 2026-10-16T10:00:01.420Z; price observation 2026-10-15.

Price needs cash profits to grow 26.6% a year for ten years

### Sales · FY2024–2025

sales +6.7%; source https://filings.xbrl.org/52990006IVXY7GCSSR39/2025-12-31/ESEF/FR/0/sartoriusstedimbio-2025-12-31-1-fr/reports/sartoriusstedimbio-2025-12-31-1-fr%20.xhtml; observed 2026-02-17.

- FY2016: EUR 1.1B 

- FY2017: EUR 1.1B 

- FY2018: EUR 1.2B 

- FY2019: EUR 1.4B 

- FY2020: EUR 1.9B 

- FY2021: EUR 2.9B 

- FY2022: EUR 3.5B 

- FY2023: EUR 2.8B 

- FY2024: EUR 2.8B 

- FY2025: EUR 3.0B 

### Gross margin · FY2025

gross margin 45.3%; source https://filings.xbrl.org/52990006IVXY7GCSSR39/2025-12-31/ESEF/FR/0/sartoriusstedimbio-2025-12-31-1-fr/reports/sartoriusstedimbio-2025-12-31-1-fr%20.xhtml; observed 2026-02-17.

- FY2016: 50.1% 

- FY2017: 51.3% 

- FY2018: 51.9% 

- FY2019: 51.9% 

- FY2020: 52.5% 

- FY2021: 53.8% 

- FY2022: 52.0% 

- FY2023: 44.4% 

- FY2024: 43.4% 

- FY2025: 45.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in medical instruments & supplies; annual sales are EUR 3 billion.

- Source: https://filings.xbrl.org/52990006IVXY7GCSSR39/2025-12-31/ESEF/FR/0/sartoriusstedimbio-2025-12-31-1-fr/reports/sartoriusstedimbio-2025-12-31-1-fr%20.xhtml (filed 2026-02-17); FY2025: revenue 2967500000; grossProfit 1345300000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 43.4% to 45.3% during 2023–25; it earns 29.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2023: grossProfit / revenue = 44.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2024: grossProfit / revenue = 43.4%.

- Source: https://filings.xbrl.org/52990006IVXY7GCSSR39/2025-12-31/ESEF/FR/0/sartoriusstedimbio-2025-12-31-1-fr/reports/sartoriusstedimbio-2025-12-31-1-fr%20.xhtml (filed 2026-02-17); FY2025: grossProfit / revenue = 45.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); 10-year return on capital observations [[2016,0.34990686438952756],[2017,0.27416894933877495],[2018,0.29220092886794685],[2019,0.300625263135954],[2020,0.31979388750832255],[2021,0.4849327206901146],[2022,0.37018821282403597],[2023,0.11278814971617879],[2024,0.09258744512111144],[2025,0.1160078132435298]]; median 0.2964130960019504. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 32.6% of cash earnings on expansion; earns 17.1% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2016: growth capex 35026000; upkeep 44687000; owner earnings 153678000. Growth capex / owner earnings = 0.22791811449914756.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2017: growth capex 8162752.900139168; upkeep 118663247.09986083; owner earnings 93102752.90013917. Growth capex / owner earnings = 0.08767466746009576.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2018: growth capex 37971412.73630136; upkeep 138568587.26369864; owner earnings 130397412.73630136. Growth capex / owner earnings = 0.29119759310784615.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2019: growth capex 62605000; upkeep 73368000; owner earnings 224214200. Growth capex / owner earnings = 0.27921960339710866.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2020: growth capex 57505000; upkeep 101687000; owner earnings 324329000. Growth capex / owner earnings = 0.1773045271930663.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2021: growth capex 182431000; upkeep 141556000; owner earnings 398612200. Growth capex / owner earnings = 0.4576653700012192.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2022: growth capex 214162001.02796245; upkeep 216437998.97203755; owner earnings 819242001.0279624. Growth capex / owner earnings = 0.2614148209677212.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2023: growth capex 0; upkeep 473600000; owner earnings 50800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2024: growth capex 2065697.0116971135; upkeep 337734302.9883029; owner earnings 109945697.01169711. Growth capex / owner earnings = 0.01878833886038618.

- Source: https://filings.xbrl.org/52990006IVXY7GCSSR39/2025-12-31/ESEF/FR/0/sartoriusstedimbio-2025-12-31-1-fr/reports/sartoriusstedimbio-2025-12-31-1-fr%20.xhtml (filed 2026-02-17); FY2025: growth capex 75100000; upkeep 318100000; owner earnings 230680000. Growth capex / owner earnings = 0.3255592162302757.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Incremental return on capital 0.17070904068712378, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Dividend observations: [[2016,30734000],[2017,38713000],[2018,42403000],[2019,52543000],[2020,31341000],[2021,62683000],[2022,116100000],[2023,132700000],[2024,67100000],[2025,67099999]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 71.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DIM.PA SharesStats.PercentInsiders = 71.5 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 26.6% yearly over ten years; actual growth was 6.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Ten-year compound average after fade. Initial solved rate 0.376257118208858. Price 219.4; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.2814779258126594 → FY2025 2.370816795101326. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 61.43 per share

- 2016-11: EUR 60.16 per share

- 2016-12: EUR 59.97 per share

- 2017-01: EUR 56.00 per share

- 2017-02: EUR 60.17 per share

- 2017-03: EUR 63.15 per share

- 2017-04: EUR 61.57 per share

- 2017-05: EUR 70.04 per share

- 2017-06: EUR 67.90 per share

- 2017-07: EUR 60.22 per share

- 2017-08: EUR 61.55 per share

- 2017-09: EUR 58.60 per share

- 2017-10: EUR 58.51 per share

- 2017-11: EUR 60.10 per share

- 2017-12: EUR 60.29 per share

- 2018-01: EUR 69.80 per share

- 2018-02: EUR 72.80 per share

- 2018-03: EUR 73.45 per share

- 2018-04: EUR 77.40 per share

- 2018-05: EUR 84.80 per share

- 2018-06: EUR 89.50 per share

- 2018-07: EUR 101.80 per share

- 2018-08: EUR 109.20 per share

- 2018-09: EUR 118.50 per share

- 2018-10: EUR 109.60 per share

- 2018-11: EUR 89.40 per share

- 2018-12: EUR 87.35 per share

- 2019-01: EUR 96.30 per share

- 2019-02: EUR 103.50 per share

- 2019-03: EUR 112.90 per share

- 2019-04: EUR 121.00 per share

- 2019-05: EUR 124.10 per share

- 2019-06: EUR 138.70 per share

- 2019-07: EUR 144.70 per share

- 2019-08: EUR 140.80 per share

- 2019-09: EUR 128.40 per share

- 2019-10: EUR 134.20 per share

- 2019-11: EUR 144.10 per share

- 2019-12: EUR 147.70 per share

- 2020-01: EUR 162.10 per share

- 2020-02: EUR 171.70 per share

- 2020-03: EUR 183.00 per share

- 2020-04: EUR 219.00 per share

- 2020-05: EUR 243.80 per share

- 2020-06: EUR 225.00 per share

- 2020-07: EUR 264.00 per share

- 2020-08: EUR 299.80 per share

- 2020-09: EUR 294.60 per share

- 2020-10: EUR 325.60 per share

- 2020-11: EUR 303.00 per share

- 2020-12: EUR 291.20 per share

- 2021-01: EUR 345.00 per share

- 2021-02: EUR 362.00 per share

- 2021-03: EUR 351.20 per share

- 2021-04: EUR 382.00 per share

- 2021-05: EUR 354.40 per share

- 2021-06: EUR 398.90 per share

- 2021-07: EUR 481.30 per share

- 2021-08: EUR 513.60 per share

- 2021-09: EUR 483.70 per share

- 2021-10: EUR 476.20 per share

- 2021-11: EUR 521.40 per share

- 2021-12: EUR 482.40 per share

- 2022-01: EUR 387.10 per share

- 2022-02: EUR 343.40 per share

- 2022-03: EUR 372.50 per share

- 2022-04: EUR 312.90 per share

- 2022-05: EUR 321.10 per share

- 2022-06: EUR 299.30 per share

- 2022-07: EUR 389.60 per share

- 2022-08: EUR 365.70 per share

- 2022-09: EUR 317.10 per share

- 2022-10: EUR 321.20 per share

- 2022-11: EUR 323.30 per share

- 2022-12: EUR 302.50 per share

- 2023-01: EUR 318.90 per share

- 2023-02: EUR 308.70 per share

- 2023-03: EUR 282.00 per share

- 2023-04: EUR 242.50 per share

- 2023-05: EUR 245.60 per share

- 2023-06: EUR 228.70 per share

- 2023-07: EUR 284.50 per share

- 2023-08: EUR 262.10 per share

- 2023-09: EUR 226.00 per share

- 2023-10: EUR 176.55 per share

- 2023-11: EUR 206.40 per share

- 2023-12: EUR 239.50 per share

- 2024-01: EUR 251.20 per share

- 2024-02: EUR 254.30 per share

- 2024-03: EUR 264.30 per share

- 2024-04: EUR 203.00 per share

- 2024-05: EUR 182.65 per share

- 2024-06: EUR 153.30 per share

- 2024-07: EUR 184.95 per share

- 2024-08: EUR 184.00 per share

- 2024-09: EUR 187.75 per share

- 2024-10: EUR 183.30 per share

- 2024-11: EUR 180.35 per share

- 2024-12: EUR 188.70 per share

- 2025-01: EUR 223.40 per share

- 2025-02: EUR 199.00 per share

- 2025-03: EUR 182.35 per share

- 2025-04: EUR 206.20 per share

- 2025-05: EUR 194.00 per share

- 2025-06: EUR 202.80 per share

- 2025-07: EUR 176.00 per share

- 2025-08: EUR 174.90 per share

- 2025-09: EUR 172.05 per share

- 2025-10: EUR 207.20 per share

- 2025-11: EUR 207.30 per share

- 2025-12: EUR 210.00 per share

- 2026-01: EUR 188.30 per share

- 2026-02: EUR 183.10 per share

- 2026-03: EUR 166.20 per share

- 2026-04: EUR 156.70 per share

- 2026-05: EUR 178.10 per share

- 2026-06: EUR 181.60 per share

- 2026-07: EUR 166.70 per share

- 2026-08: EUR 196.00 per share

- 2026-09: EUR 212.80 per share

- 2026-10: EUR 213.60 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 14.40 per share, central EUR 16.36 per share, high EUR 18.96 per share

- FY2017: low EUR 18.35 per share, central EUR 26.11 per share, high EUR 30.62 per share

- FY2018: low EUR 19.59 per share, central EUR 27.89 per share, high EUR 32.72 per share

- FY2019: low EUR 28.33 per share, central EUR 40.39 per share, high EUR 47.41 per share

- FY2020: low EUR 41.51 per share, central EUR 59.15 per share, high EUR 69.42 per share

- FY2021: low EUR 60.65 per share, central EUR 85.81 per share, high EUR 100.45 per share

- FY2022: low EUR 86.33 per share, central EUR 125.62 per share, high EUR 147.54 per share

- FY2023: low EUR 52.00 per share, central EUR 59.06 per share, high EUR 68.46 per share

- FY2024: low EUR 49.89 per share, central EUR 55.87 per share, high EUR 63.83 per share

- FY2025: low EUR 29.77 per share, central EUR 33.34 per share, high EUR 38.10 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:21.515Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/52990006IVXY7GCSSR39/2025-12-31/ESEF/FR/0/sartoriusstedimbio-2025-12-31-1-fr/reports/sartoriusstedimbio-2025-12-31-1-fr%20.xhtml); period 2025-12-31, filed 2026-02-17.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.