# Siemens Healthineers AG (SHL.XETRA)

Canonical: https://gigainvestors.com/s/SHL.XETRA

Analysis as of: 2026-10-16T07:33:55.153Z. Financial observations: FY2015–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 40.85 per share; close as of 2026-10-15.

Estimated value: low EUR 25.79 per share, central EUR 29.11 per share, high EUR 33.54 per share. Buy at or below the central value EUR 29.11 per share. Valuation as of 2026-10-16T07:33:55.153Z; scenarios are not confidence intervals.

Expected annual return: 7.9% at the stated quote. About 7.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DE 10-year bond 3.4% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.09×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.16×

- FY2017: 0.16×

- FY2018: 0.15×

- FY2019: 0.16×

- FY2020: 0.14×

- FY2021: 0.15×

- FY2022: 0.14×

- FY2023: 0.11×

- FY2024: 0.15×

- FY2025: 0.15×

### moat: pass

- ROIC, median of available years: 18.6%

- ROIC, second-lowest year: 17.4%

- Typical minus recent gross margin: 0.8 pp

- Typical gross margin (annual median): 38.6%

- Recent gross margin (lower of latest and 3-year median): 37.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.8%

- ROIC including acquisitions, ten-year median: 8.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 42.3%

- FY2017: 25.7%

- FY2018: 31.3%

- FY2019: >100%

- FY2020: 17.9%

- FY2021: 17.4%

- FY2022: 17.0%

- FY2023: 18.1%

- FY2024: 18.2%

- FY2025: 18.9%

### economics: pass

- Owner earnings / net income, 5-yr: 1.21×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 11B

- Net income, five-year total: EUR 9.4B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -2.7 pp

- Working capital / revenue, final three-year average: 42.4%

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

- FY2021: 1.14×

- FY2022: 1.18×

- FY2023: 1.40×

- FY2024: 1.20×

- FY2025: 1.16×

### management: pass

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 31.3% vs 18.2%

- Per-share earnings: 1.31 to 1.72 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.2%

- Ordinary dilution, 5-year annual growth: 0.8%

- Market cap gain: EUR 14B

- Cumulative retained earnings: EUR 6.3B

- Diluted shares, 10-year annual growth: 1.2%

- Diluted shares, 5-year annual growth: 0.8%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 3.5%

- Per-share value change: EUR 0.41

- Per-share value, starting three-year median: EUR 1.31

- Per-share value, ending three-year median: EUR 1.72

- Buybacks concentrated in cheaper years (correlation): -0.14

- Average buyback yield: 0.4%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 18B

- Cumulative net income, 10 years: EUR 16B

- ROIC, first three-year median: 31.3%

- ROIC, last three-year median: 18.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.31

- FY2017: EUR 1.39

- FY2018: EUR 1.26

- FY2019: EUR 1.56

- FY2020: EUR 1.31

- FY2021: EUR 1.52

- FY2022: EUR 1.82

- FY2023: EUR 1.33

- FY2024: EUR 1.72

- FY2025: EUR 1.91

### accounting: pass

- Sloan accruals: -2.1%

- Receivables to sales index (DSRI): 0.96×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.44×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.31×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.8%

- FY2017: -1.6%

- FY2018: -0.9%

- FY2019: 0.3%

- FY2020: -2.1%

- FY2021: -2.9%

- FY2022: -0.9%

- FY2023: -1.3%

- FY2024: -1.1%

- FY2025: -2.1%

## Holders

## Price story

Down 38% since Dec 2021 · "Siemens Healthineers Shares Slump After Tariffs Hit Profit" (finance.yahoo.com, Nov 2025) · sales +4.5%

Story as of 2026-10-16T09:59:58.291Z; price observation 2026-10-15.

Price needs cash profits to grow 5.4% a year for ten years

- 2025-11-05: Siemens Healthineers Reports Fall in Profits, Citing Tariffs ([finance.yahoo.com](https://finance.yahoo.com/m/8206de77-32a0-31f8-be2c-c3164ddccdcb/siemens-healthineers-reports.html))

- 2026-03-30: Siemens Healthineers Flags Bigger FX, Tariff Headwinds in Q2 Pre-Close Update, Reiterates Outlook ([finance.yahoo.com](https://finance.yahoo.com/sectors/healthcare/articles/siemens-healthineers-flags-bigger-fx-110252128.html))

### Sales · FY2024–2025

sales +4.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 14B 

- FY2017: EUR 14B 

- FY2018: EUR 13B 

- FY2019: EUR 15B 

- FY2020: EUR 14B 

- FY2021: EUR 18B 

- FY2022: EUR 22B 

- FY2023: EUR 22B 

- FY2024: EUR 22B 

- FY2025: EUR 23B 

### Gross margin · FY2025

gross margin 38.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 40.4% 

- FY2017: 41.6% 

- FY2018: 40.7% 

- FY2019: 39.9% 

- FY2020: 38.6% 

- FY2021: 38.6% 

- FY2022: 37.5% 

- FY2023: 35.6% 

- FY2024: 37.9% 

- FY2025: 38.6% 

## Owner memo

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

### How it makes money

Operates in medical devices; annual sales are EUR 23.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.153Z); FY2025: revenue 23375000000; grossProfit 9030000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 35.6% to 38.6% during 2023–25; it earns 18.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.153Z); FY2023: grossProfit / revenue = 35.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.153Z); FY2024: grossProfit / revenue = 37.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.153Z); FY2025: grossProfit / revenue = 38.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.153Z); 10-year return on capital observations [[2016,0.4229482693433065],[2017,0.25656092527238367],[2018,0.31273729313451226],[2019,4.4800187374024],[2020,0.17884067388875152],[2021,0.17426179281291163],[2022,0.1698015303424384],[2023,0.18118468391964263],[2024,0.18220200367244968],[2025,0.1891083736273062]]; median 0.18565518864987796. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

In China, for example, the introduction of centralized volume-based public procurement has intensified price pressure in the market.

- Source: https://corporate.webassets.siemens-healthineers.com/a364b935102e7df5/d7fdacda458e/siemens-healthineers-ir-annual-report-2025.pdf (filed ); To manage healthcare costs, governments are looking for ways to influence the costs of diagnostic testing. In China, for example, the introduction of centralized volume-based public procurement has intensified price pressure in the market. Additionally, as in prior years, healthcare providers continue to consolidate their operations while also industrializing their testing processes to improve efficiency through automation and digitalization.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 301 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.153Z); FY2016: growth capex 0; upkeep 424000000; owner earnings 1478000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.153Z); FY2017: growth capex 0; upkeep 466000000; owner earnings 1485000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.153Z); FY2018: growth capex 0; upkeep 530000000; owner earnings 1265000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.153Z); FY2019: growth capex 0; upkeep 579000000; owner earnings 1601600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.153Z); FY2020: growth capex 0; upkeep 557000000; owner earnings 1594600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.153Z); FY2021: growth capex 0; upkeep 674000000; owner earnings 1974000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.153Z); FY2022: growth capex 0; upkeep 852000000; owner earnings 2399000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.153Z); FY2023: growth capex 0; upkeep 838000000; owner earnings 2109600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.153Z); FY2024: growth capex 0; upkeep 696000000; owner earnings 2332000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.153Z); FY2025: growth capex 0; upkeep 818000000; owner earnings 2489400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.153Z); Dividend observations: [[2016,377000000],[2017,352000000],[2018,230000000],[2019,699000000],[2020,798000000],[2021,856000000],[2022,955000000],[2023,1066000000],[2024,1063000000],[2025,1066000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.153Z); FY2025: cash repurchases 301000000 EUR.

### Are managers owners

Insiders own 67% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SHL.XETRA SharesStats.PercentInsiders = 67.02 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5.4% yearly over ten years; actual growth was 4.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.153Z); Ten-year compound average after fade. Initial solved rate 0.06382921941580155. Price 40.85; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.484 → FY2025 2.217728285077951. Closing-price date 2026-10-15.

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

- 2018-03: EUR 33.40 per share

- 2018-04: EUR 32.29 per share

- 2018-05: EUR 34.01 per share

- 2018-06: EUR 35.36 per share

- 2018-07: EUR 38.10 per share

- 2018-08: EUR 39.16 per share

- 2018-09: EUR 37.88 per share

- 2018-10: EUR 36.59 per share

- 2018-11: EUR 38.24 per share

- 2018-12: EUR 36.55 per share

- 2019-01: EUR 34.43 per share

- 2019-02: EUR 35.62 per share

- 2019-03: EUR 37.15 per share

- 2019-04: EUR 38.02 per share

- 2019-05: EUR 34.85 per share

- 2019-06: EUR 37.11 per share

- 2019-07: EUR 37.82 per share

- 2019-08: EUR 35.71 per share

- 2019-09: EUR 36.10 per share

- 2019-10: EUR 38.10 per share

- 2019-11: EUR 44.02 per share

- 2019-12: EUR 42.82 per share

- 2020-01: EUR 42.48 per share

- 2020-02: EUR 36.66 per share

- 2020-03: EUR 36.05 per share

- 2020-04: EUR 40.20 per share

- 2020-05: EUR 46.47 per share

- 2020-06: EUR 42.65 per share

- 2020-07: EUR 43.96 per share

- 2020-08: EUR 38.10 per share

- 2020-09: EUR 38.30 per share

- 2020-10: EUR 36.86 per share

- 2020-11: EUR 38.55 per share

- 2020-12: EUR 41.98 per share

- 2021-01: EUR 46.28 per share

- 2021-02: EUR 45.83 per share

- 2021-03: EUR 46.20 per share

- 2021-04: EUR 47.48 per share

- 2021-05: EUR 45.98 per share

- 2021-06: EUR 51.68 per share

- 2021-07: EUR 55.68 per share

- 2021-08: EUR 58.90 per share

- 2021-09: EUR 56.18 per share

- 2021-10: EUR 57.46 per share

- 2021-11: EUR 64.32 per share

- 2021-12: EUR 65.82 per share

- 2022-01: EUR 56.76 per share

- 2022-02: EUR 57.48 per share

- 2022-03: EUR 56.24 per share

- 2022-04: EUR 51.26 per share

- 2022-05: EUR 55.88 per share

- 2022-06: EUR 48.49 per share

- 2022-07: EUR 50.02 per share

- 2022-08: EUR 48.73 per share

- 2022-09: EUR 44.28 per share

- 2022-10: EUR 46.58 per share

- 2022-11: EUR 50.66 per share

- 2022-12: EUR 46.73 per share

- 2023-01: EUR 49.07 per share

- 2023-02: EUR 49.38 per share

- 2023-03: EUR 53.02 per share

- 2023-04: EUR 56.42 per share

- 2023-05: EUR 52.90 per share

- 2023-06: EUR 51.86 per share

- 2023-07: EUR 52.82 per share

- 2023-08: EUR 46.25 per share

- 2023-09: EUR 48.00 per share

- 2023-10: EUR 46.32 per share

- 2023-11: EUR 52.94 per share

- 2023-12: EUR 52.60 per share

- 2024-01: EUR 51.86 per share

- 2024-02: EUR 55.50 per share

- 2024-03: EUR 56.72 per share

- 2024-04: EUR 52.10 per share

- 2024-05: EUR 53.38 per share

- 2024-06: EUR 53.80 per share

- 2024-07: EUR 49.63 per share

- 2024-08: EUR 52.58 per share

- 2024-09: EUR 53.86 per share

- 2024-10: EUR 47.97 per share

- 2024-11: EUR 51.32 per share

- 2024-12: EUR 51.20 per share

- 2025-01: EUR 54.96 per share

- 2025-02: EUR 53.76 per share

- 2025-03: EUR 49.61 per share

- 2025-04: EUR 47.38 per share

- 2025-05: EUR 46.58 per share

- 2025-06: EUR 47.06 per share

- 2025-07: EUR 47.30 per share

- 2025-08: EUR 47.31 per share

- 2025-09: EUR 46.02 per share

- 2025-10: EUR 48.57 per share

- 2025-11: EUR 42.84 per share

- 2025-12: EUR 44.92 per share

- 2026-01: EUR 42.17 per share

- 2026-02: EUR 42.14 per share

- 2026-03: EUR 36.30 per share

- 2026-04: EUR 34.88 per share

- 2026-05: EUR 34.92 per share

- 2026-06: EUR 34.20 per share

- 2026-07: EUR 36.86 per share

- 2026-08: EUR 39.13 per share

- 2026-09: EUR 37.97 per share

- 2026-10: EUR 39.92 per share

## Annual estimated value (EUR per share)

- FY2019: low EUR 17.91 per share, central EUR 20.29 per share, high EUR 23.46 per share

- FY2020: low EUR 16.31 per share, central EUR 18.51 per share, high EUR 21.44 per share

- FY2021: low EUR 19.83 per share, central EUR 22.45 per share, high EUR 25.93 per share

- FY2022: low EUR 24.42 per share, central EUR 27.64 per share, high EUR 31.94 per share

- FY2023: low EUR 24.21 per share, central EUR 27.39 per share, high EUR 31.62 per share

- FY2024: low EUR 25.74 per share, central EUR 29.01 per share, high EUR 33.37 per share

- FY2025: low EUR 25.76 per share, central EUR 29.10 per share, high EUR 33.55 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

## Sources

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.

## Reported holder observations