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German life sciences company making lab equipment and bioprocessing technology, majority owner of Sartorius Stedim Biotech.
German life sciences company making lab equipment and bioprocessing technology, majority owner of Sartorius Stedim Biotech.
Earns most of its revenue through Sartorius Stedim Biotech: equipment sold once, then consumables such as bags and filters bought again for every production batch. The smaller lab division sells balances, pipettes and filtration products to research and quality-control labs.
Moat: narrow (switching costs, installed base, process know-how). Bioprocessing/lab equipment gets validated into customer workflows, creating switching costs.
Headquarters: Gottingen, Germany · Founded: 1870 · Employees: 14,042
Size Sartorius (SRT.DE) is a Germany Health Care company (Medical Specialties) with a market value of $20.0B, the 36th largest of 205 Germany companies the cockpit tracks. Shares closed at €227.00 on 6 Nov 2026.
Performance Over six months the shares gained 33.5%, against +28.7% for the median peer and +2.6% for the Germany market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 4.2% over the last twelve months (peer median +7.4%); the operating margin is 17.8% (peer median 16.6%).
Valuation It trades at 42.6× forward earnings against a peer median of 26.7× (6th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 25% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is +16 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.7 points below its cost of capital (8.4% WACC).
Credit Sartorius has 4 bonds outstanding ($3.17B), rated BBB- by the agencies and trading like BBB at a weighted spread of 114 bp.
Next results Next results expected around 23 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €3.66B | €3.54B | €3.38B | €3.40B | €4.17B |
| Revenue growth | — | +5% | 0% | -19% | — |
| Gross profit | €1.66B | €1.64B | €1.52B | €1.57B | €2.20B |
| EBITDA | €1.08B | €1.07B | €995M | €1.00B | €1.48B |
| Net income | €218M | €155M | €84.0M | €206M | €678M |
| Free cash flow | €320M | €214M | €356M | €186M | €176M |
| Capital expenditure | €399M | €442M | €410M | €560M | €523M |
| Total debt | €3.91B | €4.28B | €4.56B | €5.31B | €2.54B |
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 |
|---|---|---|---|---|---|---|
| Sartorius SRT.DE | $20.0B | +34% | +4% | 18% | 42.6× | 24.9% |
| Danaher DHR | $162B | +35% | +6% | 21% | 25.3× | 20.5% |
| Thermo Fisher Scientific TMO | $257B | +50% | +8% | 19% | 25.8× | 20.9% |
| Merck KGaA MRK.DE | $72.5B | +23% | 0% | 20% | 17.5× | 7.7% |
| Repligen RGEN | $11.1B | +41% | +14% | 9% | 71.3× | 56.4% |
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 | SRT.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.1% | +9.3% | 6th highest of 21 |
| 6-month return | +33.5% | +28.7% | 9th highest of 21 |
| Distance from 52-week high | -4.4% | -12.0% | 3rd highest of 21 |
| Revenue growth (TTM) | +4.2% | +7.4% | 7th lowest of 21 |
| Operating margin | 17.8% | 16.6% | 9th highest of 21 |
| Forward P/E | 42.6× | 26.7× | 6th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 24.9% | 13.7% | 7th most demanding of 18 |
| Growth delivered (Del g) | +8.7% | +7.5% | 8th highest of 18 |
| Hurdle (Req g minus delivered) | +16.3 pp | +3.4 pp | 6th most demanding of 18 |
| ROIC minus cost of capital | -2.7 pp | +2.2 pp | 7th lowest of 21 |
| EV / EBITDA | 21.0× | 17.5× | 8th most expensive of 18 |
| Net debt / EBITDA | 3.4× | 0.8× | 2nd most indebted of 18 |
| Bond spread | 114 bp | 91 bp | 2nd widest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sartorius SRT.DE | Germany | $20.0B | +34% | +4% | 18% | 42.6× | 24.9% | +8.7% |
| Zimmer Biomet ZBH | United States | $20.1B | +29% | +7% | 16% | 12.0× | -1.4% | +3.2% |
| Guardant Health GH | United States | $20.2B | +58% | +43% | -40% | n/a | n/a | n/a |
| Sonova SOON.SW | Switzerland | $20.3B | +62% | -7% | 21% | 25.6× | 7.1% | +6.7% |
| Straumann STMN.SW | Switzerland | $20.4B | +25% | +2% | 21% | 31.9× | 15.2% | +12.8% |
| Coloplast A/S COLO-B.CO | Denmark | $17.7B | +26% | +4% | 25% | 19.9× | -1.8% | +8.3% |
| Revvity RVTY | United States | $17.3B | +54% | +5% | 15% | 26.7× | 27.3% | -5.5% |
| Terumo 4543.T | Japan | $23.4B | +25% | +14% | 17% | 24.6× | 8.7% | +13.0% |
| Steris STE | United States | $24.6B | +22% | +8% | 20% | 21.4× | 13.7% | +13.8% |
| Sartorius Stedim Biotech DIM.PA | France | $24.7B | +38% | +4% | 19% | 45.5× | 33.1% | +9.2% |
| Shanghai United Imaging Healthcare 688271.SS | China | $14.8B | +9% | +27% | 9% | 46.9× | n/a | n/a |
| West Pharmaceutical Services WST | United States | $27.9B | +23% | +13% | 23% | 39.8× | 25.2% | +7.5% |
| Dexcom DXCM | United States | $29.6B | +31% | +13% | 24% | 27.0× | 18.5% | +19.3% |
| Lenskart Solutions LENSKART.NS | India | $13.4B | +49% | +35% | 10% | 137.4× | 52.8% | +33.5% |
| Baxter International BAX | United States | $13.3B | +43% | +5% | 6% | 12.6× | 12.7% | -0.7% |
| Glaukos GKOS | United States | $13.3B | +68% | +47% | -9% | 155.4× | n/a | n/a |
| Smith & Nephew SN..L | United Kingdom | $13.1B | +5% | +2% | 17% | 14.4× | 11.1% | +5.6% |
| Penumbra PEN | United States | $12.6B | -1% | +17% | 12% | 54.9× | 30.1% | +20.2% |
| Illumina ILMN | United States | $32.2B | +50% | +6% | 21% | 35.7× | 27.1% | +6.0% |
| bioMerieux BIM.PA | France | $12.4B | +29% | -3% | 15% | 20.9× | 8.9% | +5.5% |
| Olympus 7733.T | Japan | $12.2B | +13% | +8% | 16% | 18.0× | -1.5% | +6.7% |
Sartorius has 4 bonds outstanding with $3.17B face value. The agencies rate it BBB-; its bonds trade like BBB. Weighted yield 4.27%, a spread of 114 bp over government bonds.