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German maker of medical ventilators, anesthesia machines and patient monitors, plus safety equipment like gas detectors and respiratory protection.
German maker of medical ventilators, anesthesia machines and patient monitors, plus safety equipment like gas detectors and respiratory protection.
Two arms: medical devices for operating theatres and intensive care, and safety equipment for fire services, mines and industry. A sale is followed by years of service contracts, accessories and consumables, so the installed base is a steady income source. The Draeger family controls it through voting shares; this preferred share has no vote.
In one line: A German GE Healthcare (respiratory) combined with an MSA Safety.
Moat: narrow (brand, regulatory licence, installed base). Trusted safety-critical medical and safety-equipment brand with regulatory approvals, but competes with larger med-tech/safety players.
Headquarters: Luebeck, Germany · Founded: 1889 · Employees: 16,687
Size Draegerwerk AG & Co. KGaA (DRW8.DE) is a Germany Health Care company (Medical Specialties) with a market value of $1.89B, the 108th largest of 205 Germany companies the cockpit tracks. Shares closed at €77.40 on 6 Nov 2026.
Performance Over six months the shares gained 17.3%, against -4.5% for the median peer and +2.6% for the Germany market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 5.1% over the last twelve months (peer median +11.6%); the operating margin is 7.4% (peer median 11.5%).
Valuation It trades at 9.4× forward earnings against a peer median of 38.8× (3rd cheapest of 18).
Price implies For today's price to make sense, revenue must grow about -13% a year for seven years (Req g). Recent delivered growth is 0%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.2 points above its cost of capital (6.0% WACC).
Next results Next results expected around 17 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €3.59B | €3.48B | €3.37B | €3.37B | €3.05B |
| Revenue growth | — | +3% | 0% | +11% | — |
| Gross profit | €1.67B | €1.52B | €1.43B | €1.40B | €1.17B |
| EBITDA | €405M | €385M | €313M | €341M | €72.9M |
| Net income | €170M | €139M | €124M | €110M | -€64.6M |
| Free cash flow | €227M | €167M | €107M | €125M | -€224M |
| Capital expenditure | €105M | €80.7M | €63.8M | €68.2M | €86.9M |
| Total debt | €229M | €405M | €396M | €471M | €362M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Draegerwerk AG & Co. KGaA DRW8.DE | $1.89B | +17% | +5% | 7% | 9.4× | -12.6% |
| GE HealthCare GEHC | $37.2B | +30% | +7% | 14% | 15.4× | 4.3% |
| MSA Safety MSA | $6.55B | 0% | +8% | 22% | 17.5× | 8.3% |
| Getinge GETI-B.ST | $7.73B | +45% | -4% | 14% | 21.0× | 4.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DRW8.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.2% | +0.3% | 6th lowest of 21 |
| 6-month return | +17.3% | -4.5% | 7th highest of 21 |
| Distance from 52-week high | -19.4% | -31.4% | 5th highest of 21 |
| Revenue growth (TTM) | +5.1% | +11.6% | 6th lowest of 21 |
| Operating margin | 7.4% | 11.5% | 7th lowest of 21 |
| Forward P/E | 9.4× | 38.8× | 3rd cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -12.6% | 13.2% | least demanding of 15 |
| Growth delivered (Del g) | +0.4% | +12.2% | 2nd lowest of 15 |
| Hurdle (Req g minus delivered) | -13.0 pp | -4.9 pp | 4th least demanding of 15 |
| ROIC minus cost of capital | +5.2 pp | -1.3 pp | 8th highest of 21 |
| EV / EBITDA | 4.1× | 18.8× | 2nd cheapest of 12 |
| Net debt / EBITDA | -0.1× | -1.1× | 5th most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Draegerwerk AG & Co. KGaA DRW8.DE | Germany | $1.89B | +17% | +5% | 7% | 9.4× | -12.6% | +0.4% |
| DENTSPLY SIRONA XRAY | United States | $1.89B | -14% | -1% | 5% | 7.3× | 10.2% | +1.9% |
| SKAN SKAN.SW | Switzerland | $1.92B | +49% | +9% | 11% | 49.8× | 13.8% | +11.7% |
| Inspire Medical Systems INSP | United States | $1.85B | +45% | 0% | 2% | 45.4× | 30.9% | +51.2% |
| LeMaitre Vascular LMAT | United States | $1.85B | -25% | +12% | 29% | 26.2× | 2.9% | +14.0% |
| Inner Mongolia Furui Medical Science 300049.SZ | China | $1.85B | -5% | +11% | 25% | 53.2× | 6.6% | +14.6% |
| Veracyte VCYT | United States | $1.94B | -40% | +17% | 17% | 14.9× | 15.1% | +34.5% |
| Mehow Innovative 301363.SZ | China | $1.95B | -14% | +10% | 21% | 38.8× | 18.9% | +12.9% |
| Medartis MED.SW | Switzerland | $1.83B | +47% | +30% | 2% | 74.2× | n/a | n/a |
| Shandong Weigao Group Medical Polymer 1066.HK | Hong Kong | $1.96B | -4% | +7% | 14% | 8.8× | -11.8% | +2.1% |
| JEOL 6951.T | Japan | $1.98B | -3% | -18% | 11% | 14.2× | 21.3% | +10.2% |
| Wuxi Unicomp Technology 688531.SS | China | $1.80B | -36% | +53% | 12% | 40.7× | n/a | n/a |
| Establishment Labs ESTA | United States | $2.00B | -7% | +38% | -7% | n/a | n/a | n/a |
| Fukuda Denshi 6960.T | Japan | $1.75B | -5% | 0% | 19% | 14.6× | -3.2% | -1.0% |
| Embla Medical hf EMBLA.CO | Denmark | $1.75B | +3% | +6% | 14% | 17.9× | -1.8% | +8.3% |
| Angelalign Technology 6699.HK | Hong Kong | $1.74B | -7% | +84% | 9% | 52.1× | 18.1% | +25.8% |
| Poly Medicure POLYMED.NS | India | $1.73B | -4% | +18% | 17% | 40.6× | n/a | n/a |
| Kestra Medical Technologies KMTS | United States | $1.72B | +37% | +61% | -134% | n/a | n/a | n/a |
| Cofoe Medical Technology 301087.SZ | China | $1.71B | -5% | +33% | 10% | 26.9× | 12.5% | +7.4% |
| Butterfly Network BFLY | United States | $1.70B | +53% | +39% | -36% | n/a | n/a | n/a |
| ChemoMetec A/S CHEMM.CO | Denmark | $1.69B | +124% | +3% | 49% | 52.0× | 17.9% | +12.7% |