# Sartorius AG VZO O.N. (SRT3.XETRA)

Canonical: https://gigainvestors.com/s/SRT3.XETRA

Analysis as of: 2026-10-16T07:34:45.407Z. Financial observations: FY2002–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 261.80 per share; close as of 2026-10-15.

Estimated value: low EUR 22.65 per share, central EUR 25.45 per share, high EUR 29.19 per share. Buy at or below the central value EUR 25.45 per share. Valuation as of 2026-10-16T07:34:45.407Z; scenarios are not confidence intervals.

Expected annual return: 3.6% at the stated quote. About 3.6% 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

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.18×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.19×

- FY2017: 0.19×

- FY2018: 0.19×

- FY2019: 0.19×

- FY2020: 0.22×

- FY2021: 0.21×

- FY2022: 0.27×

- FY2023: 0.16×

- FY2024: 0.13×

- FY2025: 0.18×

### moat: fail

- Recent gross margin fell 4.7pp below the typical margin (limit 4pp)

- ROIC, median of available years: 23.5%

- ROIC, second-lowest year: 11.4%

- Typical minus recent gross margin: 4.7 pp

- Typical gross margin (annual median): 50.8%

- Recent gross margin (lower of latest and 3-year median): 46.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 12.4%

- ROIC including acquisitions, ten-year median: 5.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 27.0%

- FY2017: 23.7%

- FY2018: 21.6%

- FY2019: 23.2%

- FY2020: 24.5%

- FY2021: 29.7%

- FY2022: 33.6%

- FY2023: 11.4%

- FY2024: 10.7%

- FY2025: 15.0%

### economics: pass

- Owner earnings / net income, 5-yr: 0.85×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.5B

- Net income, five-year total: EUR 1.8B

- Return on incremental invested capital: 19.4%

- Working capital / revenue, annual change: -0.8 pp

- Working capital / revenue, change between three-year averages: -4.8 pp

- Working capital / revenue, final three-year average: 25.2%

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

- FY2021: 0.95×

- FY2022: 0.97×

- FY2023: 0.15×

- FY2024: 0.78×

- FY2025: 0.82×

### management: fail

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 23.7% vs 11.4%

- Per-share earnings: 1.66 to 2.24 (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: 0.1%

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: EUR 12B

- Cumulative retained earnings: EUR 2.0B

- Diluted shares, 10-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 3.8%

- Per-share value change: EUR 0.58

- Per-share value, starting three-year median: EUR 1.66

- Per-share value, ending three-year median: EUR 2.24

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 4.9B

- Cumulative net income, 10 years: EUR 2.7B

- ROIC, first three-year median: 23.7%

- ROIC, last three-year median: 11.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.49

- FY2017: EUR 1.66

- FY2018: EUR 2.07

- FY2019: EUR 3.20

- FY2020: EUR 4.68

- FY2021: EUR 6.23

- FY2022: EUR 13.35

- FY2023: EUR 3.00

- FY2024: EUR 1.22

- FY2025: EUR 2.24

### accounting: pass

- Sloan accruals: -5.2%

- Receivables to sales index (DSRI): 0.85×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.23×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.96×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.8%

- FY2017: -4.0%

- FY2018: -4.1%

- FY2019: -5.6%

- FY2020: -4.0%

- FY2021: -7.7%

- FY2022: 2.6%

- FY2023: -6.6%

- FY2024: -8.8%

- FY2025: -5.2%

## Holders

## Price story

Down 57% since Nov 2021 · sales +4.7%

Story as of 2026-10-16T10:00:02.297Z; price observation 2026-10-15.

Price needs cash profits to grow 32.5% a year for ten years

### Sales · FY2024–2025

sales +4.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 1.3B 

- FY2017: EUR 1.4B 

- FY2018: EUR 1.6B 

- FY2019: EUR 1.8B 

- FY2020: EUR 2.3B 

- FY2021: EUR 3.4B 

- FY2022: EUR 4.2B 

- FY2023: EUR 3.4B 

- FY2024: EUR 3.4B 

- FY2025: EUR 3.5B 

### Gross margin · FY2025

gross margin 46.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 48.6% 

- FY2017: 50.3% 

- FY2018: 51.3% 

- FY2019: 51.5% 

- FY2020: 51.6% 

- FY2021: 53.3% 

- FY2022: 52.6% 

- FY2023: 46.1% 

- FY2024: 45.1% 

- FY2025: 46.3% 

## Owner memo

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

### How it makes money

Operates in medical instruments & supplies; annual sales are EUR 3.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.407Z); FY2025: revenue 3538100000; grossProfit 1636800000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SRT3.XETRA: Sartorius Aktiengesellschaft provides bioprocess solutions, and lab products and services worldwide. The company offers analytical solutions, such as biolayer interferometry systems, high-throughput screening by cytometry systems, process analytical technology and data analytics, cell selection and retrieval, live-cell imaging and analysis systems, and surface plasmon resonance systems; cell culture solutions, including bioreactors and fermenters, cell culture reagents, supplements and matrices, nucleic acid and delivery solutions, cell culture media, and cell lines and buffers; and fluid management products. It also provides lab filtration and purification solutions, lab water purification systems, microtissue technologies, lab weighing, pipettes, tips and dispensers, microbiological testing solutions, lab data and fleet management software, and OEM solutions; and Process chromatography and filtration solutions. The company serves the life science research, biopharmaceutical manufacturing, cell and gene therapy, and applied industries. The company was founded in 1870 and is headquartered in Göttingen, Germany.

### Why customers stay

Margins ranged from 45.1% to 46.3% during 2023–25; it earns 23.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.407Z); FY2023: grossProfit / revenue = 46.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.407Z); FY2024: grossProfit / revenue = 45.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.407Z); FY2025: grossProfit / revenue = 46.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.407Z); 10-year return on capital observations [[2016,0.2702124277773351],[2017,0.23748319330192955],[2018,0.2159372537202121],[2019,0.2317751849249335],[2020,0.245330045431219],[2021,0.2965561672137694],[2022,0.3356059817647436],[2023,0.11444712857267983],[2024,0.10741556819139282],[2025,0.15006531749501983]]; median 0.23462918911343153. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 17.2% of cash earnings on expansion; earns 19.4% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.407Z); FY2016: growth capex 51176338.11227119; upkeep 97587661.88772881; owner earnings 81050338.11227119. Growth capex / owner earnings = 0.6314142458157492.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.407Z); FY2017: growth capex 31161723.47248277; upkeep 165942276.52751723; owner earnings 47147723.47248277. Growth capex / owner earnings = 0.6609380300338351.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.407Z); FY2018: growth capex 53500115.27938107; upkeep 179683884.72061893; owner earnings 75032115.27938107. Growth capex / owner earnings = 0.7130295484829944.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.407Z); FY2019: growth capex 92848000; upkeep 132720000; owner earnings 203921400. Growth capex / owner earnings = 0.45531268420087345.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.407Z); FY2020: growth capex 60256000; upkeep 179998000; owner earnings 304418200. Growth capex / owner earnings = 0.19793823102560884.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.407Z); FY2021: growth capex 175992000; upkeep 231176000; owner earnings 403968400. Growth capex / owner earnings = 0.43565783858341395.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.407Z); FY2022: growth capex 235500000; upkeep 287100000; owner earnings 884380000. Growth capex / owner earnings = 0.2662882471335851.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.407Z); FY2023: growth capex 0; upkeep 559700000; owner earnings 30044110.344827592. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.407Z); FY2024: growth capex 0; upkeep 409900000; owner earnings 65512663.75545852. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.407Z); FY2025: growth capex 21800000; upkeep 420100000; owner earnings 127039513.8888889. Growth capex / owner earnings = 0.17160015283958566.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.407Z); Incremental return on capital 0.19442829418350394, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.407Z); Dividend observations: [[2016,34529000],[2017,31116000],[2018,34536000],[2019,42059000],[2020,24278000],[2021,48233000],[2022,85900000],[2023,98200000],[2024,50700000],[2025,50700000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 25.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SRT3.XETRA SharesStats.PercentInsiders = 25.611 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 32.5% yearly over ten years; actual decline was 0%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.407Z); Ten-year compound average after fade. Initial solved rate 0.4662107474464524. Price 261.8; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.8454747491572825 → FY2025 1.8397578920454336. Closing-price date 2026-10-15.

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

- 2016-10: EUR 71.57 per share

- 2016-11: EUR 70.10 per share

- 2016-12: EUR 70.50 per share

- 2017-01: EUR 65.00 per share

- 2017-02: EUR 70.84 per share

- 2017-03: EUR 82.25 per share

- 2017-04: EUR 84.06 per share

- 2017-05: EUR 90.75 per share

- 2017-06: EUR 84.48 per share

- 2017-07: EUR 79.95 per share

- 2017-08: EUR 83.44 per share

- 2017-09: EUR 80.88 per share

- 2017-10: EUR 80.01 per share

- 2017-11: EUR 80.50 per share

- 2017-12: EUR 79.54 per share

- 2018-01: EUR 96.25 per share

- 2018-02: EUR 111.00 per share

- 2018-03: EUR 113.50 per share

- 2018-04: EUR 127.80 per share

- 2018-05: EUR 125.30 per share

- 2018-06: EUR 128.10 per share

- 2018-07: EUR 139.00 per share

- 2018-08: EUR 156.40 per share

- 2018-09: EUR 139.80 per share

- 2018-10: EUR 128.00 per share

- 2018-11: EUR 112.10 per share

- 2018-12: EUR 108.90 per share

- 2019-01: EUR 130.90 per share

- 2019-02: EUR 139.40 per share

- 2019-03: EUR 152.90 per share

- 2019-04: EUR 163.20 per share

- 2019-05: EUR 170.00 per share

- 2019-06: EUR 180.30 per share

- 2019-07: EUR 185.40 per share

- 2019-08: EUR 181.90 per share

- 2019-09: EUR 167.40 per share

- 2019-10: EUR 174.20 per share

- 2019-11: EUR 191.30 per share

- 2019-12: EUR 190.80 per share

- 2020-01: EUR 210.60 per share

- 2020-02: EUR 207.00 per share

- 2020-03: EUR 222.20 per share

- 2020-04: EUR 256.80 per share

- 2020-05: EUR 333.40 per share

- 2020-06: EUR 292.60 per share

- 2020-07: EUR 325.40 per share

- 2020-08: EUR 355.00 per share

- 2020-09: EUR 350.40 per share

- 2020-10: EUR 363.40 per share

- 2020-11: EUR 382.00 per share

- 2020-12: EUR 343.60 per share

- 2021-01: EUR 410.60 per share

- 2021-02: EUR 425.40 per share

- 2021-03: EUR 425.20 per share

- 2021-04: EUR 469.20 per share

- 2021-05: EUR 405.00 per share

- 2021-06: EUR 439.00 per share

- 2021-07: EUR 509.80 per share

- 2021-08: EUR 558.00 per share

- 2021-09: EUR 549.80 per share

- 2021-10: EUR 560.40 per share

- 2021-11: EUR 607.00 per share

- 2021-12: EUR 595.20 per share

- 2022-01: EUR 476.10 per share

- 2022-02: EUR 394.20 per share

- 2022-03: EUR 401.70 per share

- 2022-04: EUR 359.10 per share

- 2022-05: EUR 375.60 per share

- 2022-06: EUR 333.40 per share

- 2022-07: EUR 435.50 per share

- 2022-08: EUR 415.90 per share

- 2022-09: EUR 357.10 per share

- 2022-10: EUR 357.10 per share

- 2022-11: EUR 356.40 per share

- 2022-12: EUR 369.40 per share

- 2023-01: EUR 410.30 per share

- 2023-02: EUR 402.60 per share

- 2023-03: EUR 387.00 per share

- 2023-04: EUR 351.60 per share

- 2023-05: EUR 313.50 per share

- 2023-06: EUR 317.10 per share

- 2023-07: EUR 375.30 per share

- 2023-08: EUR 377.40 per share

- 2023-09: EUR 321.80 per share

- 2023-10: EUR 236.20 per share

- 2023-11: EUR 295.50 per share

- 2023-12: EUR 333.20 per share

- 2024-01: EUR 340.90 per share

- 2024-02: EUR 349.80 per share

- 2024-03: EUR 368.60 per share

- 2024-04: EUR 282.30 per share

- 2024-05: EUR 241.50 per share

- 2024-06: EUR 219.00 per share

- 2024-07: EUR 262.70 per share

- 2024-08: EUR 249.40 per share

- 2024-09: EUR 252.20 per share

- 2024-10: EUR 237.70 per share

- 2024-11: EUR 217.80 per share

- 2024-12: EUR 215.20 per share

- 2025-01: EUR 280.00 per share

- 2025-02: EUR 240.90 per share

- 2025-03: EUR 213.60 per share

- 2025-04: EUR 227.10 per share

- 2025-05: EUR 211.00 per share

- 2025-06: EUR 216.00 per share

- 2025-07: EUR 187.55 per share

- 2025-08: EUR 198.20 per share

- 2025-09: EUR 197.90 per share

- 2025-10: EUR 238.10 per share

- 2025-11: EUR 251.20 per share

- 2025-12: EUR 247.20 per share

- 2026-01: EUR 235.80 per share

- 2026-02: EUR 240.30 per share

- 2026-03: EUR 211.90 per share

- 2026-04: EUR 217.20 per share

- 2026-05: EUR 245.10 per share

- 2026-06: EUR 229.60 per share

- 2026-07: EUR 218.00 per share

- 2026-08: EUR 249.20 per share

- 2026-09: EUR 259.40 per share

- 2026-10: EUR 261.80 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 14.53 per share, central EUR 18.74 per share, high EUR 21.81 per share

- FY2017: low EUR 15.50 per share, central EUR 19.83 per share, high EUR 23.07 per share

- FY2018: low EUR 14.68 per share, central EUR 19.62 per share, high EUR 22.90 per share

- FY2019: low EUR 22.74 per share, central EUR 31.85 per share, high EUR 37.32 per share

- FY2020: low EUR 30.04 per share, central EUR 40.06 per share, high EUR 46.53 per share

- FY2021: low EUR 80.59 per share, central EUR 113.30 per share, high EUR 132.34 per share

- FY2022: low EUR 98.40 per share, central EUR 140.03 per share, high EUR 164.27 per share

- FY2023: low EUR 66.91 per share, central EUR 75.67 per share, high EUR 87.33 per share

- FY2024: low EUR 69.43 per share, central EUR 78.07 per share, high EUR 89.58 per share

- FY2025: low EUR 24.79 per share, central EUR 27.57 per share, high EUR 31.26 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 2026-10-15T06:40:30.244Z where newer inputs omit a numeric field or fiscal period.

## 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.