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Spun off from Siemens: makes medical imaging equipment (MRI, CT, X-ray), lab diagnostics and cancer therapy systems for hospitals.
Spun off from Siemens: makes medical imaging equipment (MRI, CT, X-ray), lab diagnostics and cancer therapy systems for hospitals.
Sells imaging and lab systems to hospitals in large one-off purchases, then earns again from service contracts and reagents, the chemicals used in lab tests, across the installed base. Siemens kept the majority at the 2018 listing. The 2021 purchase of Varian added radiotherapy, a market where cancer-treatment machines pair with its imaging.
In one line: Germany's GE Healthcare.
Moat: wide (installed base, switching costs, customer qualification). Large installed base of imaging equipment generates long-term service/consumables revenue and high switching costs.
Headquarters: Erlangen, Germany · Founded: 2018 · Employees: 74,000
Size Siemens Healthineers (SHL.DE) is a Germany Health Care company (Medical Specialties) with a market value of $55.9B, the 14th largest of 205 Germany companies the cockpit tracks. Shares closed at €44.66 on 6 Nov 2026.
Performance Over six months the shares gained 30.9%, against +22.4% for the median peer and +2.6% for the Germany market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue fell 0.9% over the last twelve months (peer median +8.5%); the operating margin is 14.8% (peer median 22.2%).
Valuation It trades at 18.9× forward earnings against a peer median of 26.7× (4th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.6 points above its cost of capital (7.0% WACC).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €23.2B | €23.4B | €22.4B | €21.7B | €21.7B |
| Revenue growth | — | +5% | +3% | 0% | — |
| Gross profit | €9.04B | €9.03B | €8.47B | €7.71B | €8.14B |
| EBITDA | €4.61B | €4.73B | €4.52B | €4.00B | €4.41B |
| Net income | €2.21B | €2.14B | €1.94B | €1.51B | €2.04B |
| Free cash flow | €2.21B | €2.27B | €1.77B | €971M | €1.40B |
| Capital expenditure | €815M | €818M | €696M | €838M | €852M |
| Total debt | €15.0B | €15.1B | €16.2B | €16.7B | €16.7B |
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 |
|---|---|---|---|---|---|---|
| Siemens Healthineers SHL.DE | $55.9B | +31% | -1% | 15% | 18.9× | 9.0% |
| GE HealthCare GEHC | $37.2B | +30% | +7% | 14% | 15.4× | 4.3% |
| Koninklijke Philips PHIA.AS | $29.8B | +24% | -1% | 10% | 16.5× | 5.7% |
| Canon 7751.T | $28.4B | +18% | +4% | 10% | 12.2× | -0.6% |
| Elekta EKTA-B.ST | $2.37B | +8% | -7% | 6% | 15.1× | 10.0% |
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 | SHL.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.7% | +11.8% | 9th highest of 21 |
| 6-month return | +30.9% | +22.4% | 7th highest of 21 |
| Distance from 52-week high | -5.5% | -11.2% | 7th highest of 21 |
| Revenue growth (TTM) | -0.9% | +8.5% | 2nd lowest of 21 |
| Operating margin | 14.8% | 22.2% | 7th lowest of 21 |
| Forward P/E | 18.9× | 26.7× | 4th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 9.0% | 17.2% | 5th least demanding of 21 |
| Growth delivered (Del g) | +10.1% | +9.4% | 8th highest of 21 |
| Hurdle (Req g minus delivered) | -1.1 pp | +5.8 pp | 5th least demanding of 21 |
| ROIC minus cost of capital | +0.6 pp | +5.0 pp | 7th lowest of 21 |
| EV / EBITDA | 13.6× | 19.5× | 3rd cheapest of 20 |
| Net debt / EBITDA | 2.7× | 1.6× | 4th most indebted of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Siemens Healthineers SHL.DE | Germany | $55.9B | +31% | -1% | 15% | 18.9× | 9.0% | +10.1% |
| Becton Dickinson BDX | United States | $57.7B | +43% | -3% | 15% | 16.0× | 9.6% | +6.3% |
| Idexx Laboratories IDXX | United States | $53.3B | +21% | +12% | 32% | 41.5× | 28.0% | +9.7% |
| Edwards Lifesciences EW | United States | $58.9B | +28% | +15% | 29% | 31.4× | 17.2% | +6.7% |
| Medline MDLN | United States | $52.1B | 0% | +12% | 6% | 26.1× | 17.1% | +9.9% |
| Boston Scientific BSX | United States | $62.0B | -21% | +9% | 21% | 13.8× | 5.0% | +15.2% |
| Agilent Technologies A | United States | $49.3B | +51% | +9% | 24% | 26.6× | 22.6% | +5.4% |
| Hoya 7741.T | Japan | $47.4B | -23% | +13% | 31% | 26.7× | 13.3% | +11.6% |
| Waters WAT | United States | $45.0B | +29% | +81% | 10% | 28.6× | 46.2% | +6.0% |
| Alcon ALC.SW | Switzerland | $37.5B | +22% | -1% | 11% | 21.4× | 12.9% | +6.1% |
| GE HealthCare GEHC | United States | $37.2B | +30% | +7% | 14% | 15.4× | 4.3% | +3.7% |
| Mettler Toledo MTD | United States | $34.5B | +53% | +7% | 28% | 33.9× | 20.3% | +5.5% |
| Shenzhen Mindray Bio-Medical Electronics 300760.SZ | China | $33.4B | +9% | +5% | 28% | 27.1× | 0.9% | +9.7% |
| ResMed RMD | United States | $33.1B | +14% | +9% | 34% | 19.1× | 4.9% | +12.1% |
| Illumina ILMN | United States | $32.2B | +50% | +6% | 21% | 35.7× | 27.1% | +6.0% |
| EssilorLuxottica EL.PA | France | $101B | +12% | +8% | 12% | 26.6× | 19.4% | +14.6% |
| Dexcom DXCM | United States | $29.6B | +31% | +13% | 24% | 27.0× | 18.5% | +19.3% |
| West Pharmaceutical Services WST | United States | $27.9B | +23% | +13% | 23% | 39.8× | 25.2% | +7.5% |
| Stryker SYK | United States | $124B | +14% | +8% | 25% | 20.4× | 10.6% | +11.8% |
| Sartorius Stedim Biotech DIM.PA | France | $24.7B | +38% | +4% | 19% | 45.5× | 33.1% | +9.2% |
| Steris STE | United States | $24.6B | +22% | +8% | 20% | 21.4× | 13.7% | +13.8% |