Siemens Healthineers AG (SHL) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Siemens Healthineers AG stock €35.21, price €45.00, that is 21.8% below the price, quality 64 out of 100. Rating: overvalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range €33.40 – €61.22 · fair‑value band €19.64 – €52.68 · the €45.00 price screens above the €35.21 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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Siemens Healthineers AG, through its subsidiaries, develops, manufactures, and sells a range of diagnostic and therapeutic products and services to healthcare providers in Germany, the United States, rest of Europe, CIS, Africa, the Middle East, the Americas, the Asia Pacific, Japan, and China.
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It operates in four segments: Imaging, Diagnostics, Varian, and Advanced Therapies.
The Imaging segment offers magnetic resonance imaging, computed tomography, X-ray, molecular imaging, and ultrasound systems; and software solutions to support the reading and structured reporting of diagnostic images from different modalities.
Its Diagnostics segment provides in-vitro diagnostic products and services to healthcare providers in the fields of general and specialty laboratory, and point-of-care diagnostics; and workflow solutions for laboratories and informatics products.
The Varian segment offers microwave, cryoablation, and embolization technologies, as well as clinical professional services for cancer care that support oncology departments in hospitals and clinics; and customized support for cancer care operations.
Its Advanced Therapies segment provides products that are designed to support image-guided minimally invasive clinical procedures in various areas, such as cardiology, neurology, and oncology; angiography systems and mobile C-arms; and AI-powered clinical applications.
It also offers essential technical customer service, such as maintenance and repair; spare parts; medical equipment performance management; training; clinical education and e-learning; planning and design; financing; asset management; and managed departmental services for laboratories and healthcare facilities, as well as healthcare consulting, products, and services.
The company was founded in 1896 and is headquartered in Forchheim, Germany. Siemens Healthineers AG is a subsidiary of Siemens Aktiengesellschaft.
Stock analysis
Siemens Healthineers AG (SHL) currently trades at €45.00, while our model-based Fair Value estimate is €35.21, 22% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of €40.66 per share, and 2 of the 24 models we run sit above the €45.00 price.
Bear case: the Earnings-Based group reads lowest at €11.84, and 22 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: €19.64 (bear) to €52.68 (bull), the price of €45.00 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 64/100 (solid quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Siemens Healthineers AG reported revenue of €23.4B in FY2025 versus €18.0B in FY2021, a compound +6.8%/yr. Reported net income was €2.1B in FY2025, compounding +5.6%/yr from FY2021.
Key figures
Market cap €50.4B Large · P/E ratio 22.8 · P/S ratio 2.17 · EPS (TTM) €1.97 · Dividend yield 2.2% · Net margin 9.6% · Return on equity 12.2% · Return on assets (EBIT) 6.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 2% below its 52-week high and 35% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at 5% fair-value upside, at −22%, SHL screens richer than that median.
Fair Value models
Bear€19.64Fair Value €35.21Bull€52.68
Price €45.00 · Downside -21.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then (€0.9700 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.86/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+4.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.1%
Start year 2020 (pandemic). Over 10 years: +6.1% a year
Revenue growth 10 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.1%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+6.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.0%
Dividend (yield on the price)2.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.4.0% vs 3.9%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.14% → 15%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes about as much growth as the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+11.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+3.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +9.0% a year for the price and +1.2% for the forecasts.
AI conclusion: The business gains potential strength from an alliance developing a benchtop blood testing platform with recurring revenue from diagnostics, yet its main weakness remains the lack of any clear durable moat amid thin public evidence.
Main risk: The planned reduction of Siemens AG's stake could force Siemens Healthineers to refinance its debt without the parent's guarantee, potentially raising interest costs and constraining investment in diagnostics and imaging.
Bull case: Siemens Healthineers could leverage its AI partnerships and photon-counting technology to differentiate its offerings and maintain premium positioning even as refinancing occurs or Chinese competition intensifies.
Bear case: Persistent refinancing costs combined with share loss to lower-priced Chinese systems in China could erode margins in core imaging and diagnostics businesses and slow expansion of recurring test revenues.
Siemens Healthineers recently formed an alliance to speed development of a benchtop blood testing platform that runs multiple assays from one sample in about thirty minutes. The move targets faster, more convenient diagnostics with recurring revenue from tests and consumables. Our models currently see the stock as overvalued. Will the partnership expand high-margin recurring sales faster than margin pressure in the core business erodes them?
Compare Siemens Healthineers AG with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Medical Devices · 320 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score64 · Above median
Fair Value upside−21.8% · Below median
Profitability
Return on equity (12 months)12.2% · Top 25%
Return on assets4.8% · Above median
Net margin (12 months)9.6% · Above median
Operating margin (12 months)16.4% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)1.8% · Below median
Dividend yield (12 months)2.2% · Above median
Balance sheet
Debt / equity0.60× · Highest 25%
Valuation Multiplesvs Medical Devices median · lower = cheaper
P/E (12 months)22.8× · Cheaper than median
P/B2.79× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Siemens Healthineers AG Fair Value". https://www.fairvalue-calculator.com/stock/SHL
Frequently asked questions
Is Siemens Healthineers AG (SHL) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of €35.21 versus a price of €45.00, about 22% lower (overvalued).
What is the fair value of SHL?
Our model-based fair value for Siemens Healthineers AG is €35.21 (as of Nov 5, 2026), built from audited fundamentals. The current price: €45.00.
What is the quality score of SHL?
Siemens Healthineers AG has a Quality Score of 64/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Siemens Healthineers AG (SHL)?
Our model-based price target is the fair value of €35.21 (as of Nov 5, 2026) from 24 valuation models. Cautious scenario €19.64, optimistic scenario €52.68. It is a calculation from audited fundamentals, not an analyst target.
What is the Siemens Healthineers AG stock forecast for 2026?
Our models put fair value at €35.21, about 22% lower versus a price of €45.00 (overvalued). Cautious scenario €19.64, optimistic scenario €52.68. The calculation is refreshed regularly with new filings.
What is the revenue of Siemens Healthineers AG (SHL)?
Siemens Healthineers AG reported trailing-twelve-month revenue of about €23.2B (latest available figure, as of Nov 5, 2026).
Does Siemens Healthineers AG pay a dividend?
Siemens Healthineers AG currently shows a dividend yield of 2.22% relative to its recent price (as of Nov 5, 2026).
What growth is priced into Siemens Healthineers AG (SHL)?
For today's price to be fair in a discounted-cash-flow model, Siemens Healthineers AG would have to grow free cash flow by +11.4 % per year for five years (discount rate 8.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.1 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of SHL use?
Our models discount Siemens Healthineers AG at 8.6 %: a base by market capitalisation (large), damped by beta 0.83, country premium for Germany. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Siemens Healthineers AG that is +11.4 % per year a year over ten years, using the same discount rate (8.6 %) and the same formula as our fair value.
How much growth has Siemens Healthineers AG (SHL) delivered so far?
Over the past 5 years revenue at Siemens Healthineers AG grew +10.1 % a year. The price currently implies +11.4 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Siemens Healthineers AG (SHL) growing?
The median revenue growth in the sector is +6.2 % a year. That is the yardstick for the growth priced into Siemens Healthineers AG (+11.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Siemens Healthineers AG (SHL)?
The free-cash-flow yield on the price is 4.50 %: that much free cash flow Siemens Healthineers AG produces per unit of market value. When it exceeds the discount rate of our models (8.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Siemens Healthineers AG (SHL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Siemens Healthineers AG it is €35.21 per share (as of Nov 5, 2026), against a price of €45.00. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Siemens Healthineers AG stock overvalued or undervalued in 2026?
As of Nov 5, 2026, SHL trades above its calculated fair value: price €45.00, fair value €35.21, a gap of about −22% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of SHL?
No. The price is what the market pays today (€45.00); the fair value is what the company's own numbers justify (€35.21). For Siemens Healthineers AG the two are €9.79 per share apart. That gap is exactly why we show both numbers side by side.
How much is Siemens Healthineers AG worth?
The market values Siemens Healthineers AG at about €50.4B (market capitalisation, as of Nov 5, 2026). Per share that is €45.00; our models calculate a fair value of €35.21 per share.
What do the bullish and bearish scenarios say about SHL?
Our models span a range for Siemens Healthineers AG: cautious scenario €19.64, base €35.21, optimistic €52.68 per share (as of Nov 5, 2026, price €45.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SHL?
Siemens Healthineers AG trades at a price-to-earnings ratio of 22.8 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €35.21 is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2018 to 2025), reported earnings: 28.6. Other multiples: PEG 1.7, P/B 2.8, P/S 2.2, EV/EBITDA 14.7.
What is the PEG ratio of SHL?
The PEG ratio of Siemens Healthineers AG is 1.71 (P/E divided by earnings growth, as of Nov 5, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Siemens Healthineers AG (SHL)?
Balance-sheet figures for Siemens Healthineers AG (as of Nov 5, 2026): return on equity 12.2%, debt of 0.60 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is SHL from its 52-week high?
Siemens Healthineers AG trades at €45.00, about 2% below its 52-week high of €45.95 and 35% above the low of €33.40 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of €35.21 is for.
Which stocks are comparable to Siemens Healthineers AG?
From the same area (Healthcare) we also value Abbott Laboratories,, Medtronic plc, Stryker Corporation, Boston Scientific Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Siemens Healthineers AG stock attractive at the current price?
The data as of Nov 5, 2026: price €45.00, calculated fair value €35.21 (−22%), Quality Score 64/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of SHL calculated?
We run Siemens Healthineers AG through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €35.21, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.6% above its aggregate fair value. Siemens Healthineers AG itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Siemens Healthineers AG (SHL)?
The closing price on Nov 5, 2026 was €45.00. Our model-based fair value is €35.21, about 22% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Siemens Healthineers AG right now?
The model range is unusually wide (€19.64 to €52.68). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (64/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Siemens Healthineers AG (SHL) come from?
Earnings per share at Siemens Healthineers AG grew +3.0 % a year from 2015 to 2025. Broken into its drivers: revenue per share +5.0 %, EBIT margin −1.3 %, tax rate +1.4 %, residual (interest, one-offs) −2.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Siemens Healthineers AG
How large is the market capitalisation of Siemens Healthineers AG (SHL)?
The market capitalisation of Siemens Healthineers AG is €50.4B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Siemens Healthineers AG (SHL)?
The price-to-sales ratio of Siemens Healthineers AG is 2.17 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Siemens Healthineers AG (SHL)?
Earnings per share at Siemens Healthineers AG are €1.97 (price ÷ EPS = P/E 22.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Siemens Healthineers AG (SHL)?
The dividend yield of Siemens Healthineers AG is 2.2% (payout 50.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Siemens Healthineers AG (SHL)?
The net margin of Siemens Healthineers AG is 9.6% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Siemens Healthineers AG (SHL)?
The return on equity (ROE) of Siemens Healthineers AG is 12.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Siemens Healthineers AG (SHL)?
On an EBIT basis the return on assets of Siemens Healthineers AG is 6.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Siemens Healthineers AG (SHL)?
The operating margin of Siemens Healthineers AG is 16.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Siemens Healthineers AG (SHL)?
Revenue at Siemens Healthineers AG is growing +1.8% versus a year earlier (3y avg +2.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Siemens Healthineers AG (SHL)?
Earnings per share at Siemens Healthineers AG are growing +22.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Siemens Healthineers AG (SHL) carry?
The net debt of Siemens Healthineers AG is €12.9B (fiscal year 2025, ≈ 5.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 5, 2026