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German maker of prosthetic limbs, orthotic braces and wheelchairs that help people with disabilities and mobility limitations.
German maker of prosthetic limbs, orthotic braces and wheelchairs that help people with disabilities and mobility limitations.
Largely paid by health insurers, which reimburse the fitting of prosthetic limbs and braces, so rules and approval times matter. It makes the devices for sale to independent orthopedic workshops and also runs its own patient-care clinics, earning fitting and service fees there. The Naeder family, which has owned it for generations, keeps control.
In one line: A German Hanger Inc./Invacare for prosthetics and mobility devices.
Moat: narrow (brand, IP / patents, distribution). Leading global brand in advanced prosthetics with strong clinician relationships, but faces reimbursement-dependent demand.
Headquarters: Duderstadt, Germany · Founded: 1919 · Employees: 10,365
Size Ottobock SE & Co. KGaA (OBCK.DE) is a Germany Health Care company (Medical Specialties) with a market value of $3.36B, the 89th largest of 205 Germany companies the cockpit tracks. Shares closed at €46.85 on 6 Nov 2026.
Performance Over six months the shares fell 24.7%, against +6.2% for the median peer and +2.6% for the Germany market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 4.7% over the last twelve months (peer median +6.2%); the operating margin is 15.1% (peer median 9.5%).
Valuation It trades at 15.4× forward earnings against a peer median of 26.8× (3rd cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.5 points above its cost of capital (6.5% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €1.73B | €1.68B | €1.60B | €1.50B | €1.33B |
| Revenue growth | — | +5% | +7% | +12% | — |
| Gross profit | €911M | €886M | €812M | €702M | €597M |
| EBITDA | €413M | €372M | €300M | €204M | €143M |
| Net income | €129M | €90.2M | €30.2M | €49.0M | €76.4M |
| Free cash flow | n/a | €176M | €112M | €57.7M | -€40.5M |
| Capital expenditure | n/a | €109M | €102M | €89.4M | €114M |
| Total debt | €1.22B | €1.05B | €1.20B | €1.19B | €1.19B |
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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 | OBCK.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.6% | +7.3% | 8th lowest of 21 |
| 6-month return | -24.7% | +6.2% | 5th lowest of 21 |
| Distance from 52-week high | -38.6% | -30.9% | 8th lowest of 21 |
| Revenue growth (TTM) | +4.7% | +6.2% | 10th highest of 19 |
| Operating margin | 15.1% | 9.5% | 5th highest of 19 |
| Forward P/E | 15.4× | 26.8× | 3rd cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 3.5% | 11.7% | 4th least demanding of 16 |
| Growth delivered (Del g) | +8.0% | +8.9% | 7th lowest of 16 |
| Hurdle (Req g minus delivered) | -4.5 pp | +0.7 pp | 4th least demanding of 16 |
| ROIC minus cost of capital | +5.5 pp | -1.6 pp | 2nd highest of 18 |
| EV / EBITDA | 10.0× | 13.3× | 2nd cheapest of 10 |
| Net debt / EBITDA | 2.7× | 0.7× | 3rd most indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ottobock SE & Co. KGaA OBCK.DE | Germany | $3.36B | -25% | +5% | 15% | 15.4× | 3.5% | +8.0% |
| Zhende Medical 603301.SS | China | $3.33B | -8% | +8% | 7% | 43.5× | 23.2% | -16.1% |
| Autobio Diagnostics 603658.SS | China | $3.41B | +19% | +3% | 25% | 20.6× | -0.3% | +7.2% |
| MGI Tech 688114.SS | China | $3.42B | +9% | +2% | -7% | n/a | 46.5% | -0.1% |
| Lepu Medical Technology (Beijing) 300003.SZ | China | $3.42B | -12% | -1% | 13% | 26.3× | 9.6% | -4.2% |
| Sumitomo Bakelite 4203.T | Japan | $3.31B | +15% | +15% | 13% | 14.9× | 6.8% | +8.9% |
| Ambu A/S AMBU-B.CO | Denmark | $3.42B | +40% | +5% | 11% | 28.1× | 12.6% | +11.1% |
| Celcuity CELC | United States | $3.27B | -49% | n/a | n/a | n/a | n/a | n/a |
| Carl Zeiss Meditec AFX.DE | Germany | $3.51B | +40% | 0% | 8% | 26.8× | 13.7% | +10.8% |
| iRay Technology 688301.SS | China | $3.54B | -8% | +58% | 24% | 27.5× | n/a | n/a |
| Andon Health 002432.SZ | China | $3.60B | -29% | -30% | -26% | 15.0× | -7.7% | -7.4% |
| Shandong Weigao Blood Purification Products 603014.SS | China | $3.63B | -3% | +4% | n/a | 20.4× | -1.2% | +8.1% |
| SCHOTT Pharma AG & Co. KGaA 1SXP.DE | Germany | $3.67B | +31% | +4% | 15% | 22.1× | 11.7% | +11.0% |
| TransMedics TMDX | United States | $3.06B | +30% | +26% | 12% | 48.5× | 35.6% | +88.2% |
| Stevanato STVN | United States | $3.70B | -26% | +12% | 18% | 19.3× | 10.6% | +12.1% |
| Axogen AXGN | United States | $2.99B | +19% | +24% | -5% | 76.5× | 48.8% | +14.9% |
| AtriCure ATRC | United States | $2.98B | +123% | +14% | 3% | 220.7× | 55.7% | +20.9% |
| iRhythm IRTC | United States | $2.97B | -25% | +26% | 1% | 182.6× | n/a | n/a |
| Pulse Biosciences PLSE | United States | $3.87B | +179% | n/a | -7,008% | n/a | n/a | n/a |
| COMET COTN.SW | Switzerland | $2.84B | -9% | -3% | 6% | 34.0× | n/a | n/a |
| Envista NVST | United States | $4.04B | +4% | +12% | 11% | 15.6× | 6.8% | +7.1% |