EN DE
Check 35,000+ stocks against 26 valuation models and 37 quality factors
Data-driven stock valuation

Carl Zeiss Meditec AG (0DHC) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Carl Zeiss Meditec AG €20.24, price €31.36, upside -35.5%, quality 69 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
  3. Add to watchlist

Healthcare · GB · Home Germany · ISIN DE0005313704

CZ Some data Sep 23, 2026

Carl Zeiss Meditec AG

0DHC · LSE

Stretched ValuationQuality growthStrong overvaluation with only moderate quality.

!Fair value €20.24 · Strongly overvalued (−35.5%)
✓Quality 69/100
!Mixed Growth (revenue 3y +8.7 %/yr)
!Thin margins · 4.4% net margin (TTM)
✓Low debt
✓0.4% dividend yield · Well covered
!Narrow moat 35/100
!Evidence only medium, so the estimate is less certain

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

€188.33 €22.84 Fair Value €20.24 Jul 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.

How to read this chart

60‑month range €22.84 – €188.33 · fair‑value band €13.74 – €29.48 · the €31.36 price screens above the €20.24 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.

Which stocks are undervalued right now? Check free Discover now →

Company profile

Carl Zeiss Meditec AG operates as a medical technology company in Germany, rest of Europe, North America, and Asia. It operates in two segments, Ophthalmology and Microsurgery.

Show more

Carl Zeiss Meditec AG operates as a medical technology company in Germany, rest of Europe, North America, and Asia. It operates in two segments, Ophthalmology and Microsurgery. The Ophthalmology segment offers products and solutions for the diagnosis and treatment of chronic eye diseases, including slit lamps, refractometers, and tonometers; optical coherence tomography and fundus cameras for retina examination; functional glaucoma diagnostic devices (perimeters); surgical ophthalmology products comprising surgical microscopes, biometers, and phacoemulsification and vitrectomy equipment; intraocular lenses for cataract surgery; and systems and consumables for laser eye surgery that include the VISUMAX femtosecond laser, which enables minimally invasive correction of vision defects using lenticular extraction, as well as digital products for the storage, analysis, and sharing of clinical data. The Microsurgery segment provides products and solutions for minimally invasive surgical treatments, including surgical visualization, interoperative radiotherapy, interoperative pathology, special surgical instruments, and digital solutions, as well as the ZEISS Tumor Workflow, a cross-product workflow solution. It serves physicians in various fields and hospitals. The company has a strategic collaboration with Envision Health Technologies Inc. to help advance glaucoma care through gamified virtual reality technology. The company was founded in 1846 and is headquartered in Jena, Germany. Carl Zeiss Meditec AG operates as a subsidiary of ZEISS Group.

Stock analysis

Carl Zeiss Meditec AG (0DHC) currently trades at €31.36, while our model-based Fair Value estimate is €20.24, 35.5% below the price, so the stock looks overvalued today.

Show more

Valuation

Bull case: the DCF Models group reads highest at a median of €13.07 per share, and 0 of the 25 models we run sit above the €31.36 price.

Bear case: the Asset-Based group reads lowest at €2.52, and 25 of the 25 models stay below the price. Evidence for this calculation is medium.

Scenario range: €13.74 (bear) to €29.48 (bull), the price of €31.36 sits above 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 69/100 (solid quality), in the Healthcare sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Carl Zeiss Meditec AG reported revenue of €1.6B in FY2021 versus €1.2B in FY2017, a compound +8.5%/yr. Reported net income was €236M in FY2021, compounding +15.1%/yr from FY2017.

Key figures

Market cap €12.2B · P/E ratio 0.5 · P/S ratio 0.07 · EPS (TTM) €2.96 · Dividend yield 0.4% · Net margin 14.3% · Return on equity 4.5% · Return on assets (EBIT) 12.1%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).

What moves the price

The share trades about 33% below its 52-week high and 37% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −37% fair-value upside, at −35%, 0DHC screens cheaper than that median.

Fair Value models

Bear €13.74 Fair Value €20.24 Bull €29.48
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. 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. Evidence ⓘEvidence = 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.
Highest evidence
FCF DCF €7.07 €12.70 €22.34 74
EPV €5.31 €6.22 €7.02 74
Growth DCF €7.04 €12.26 €21.01 72
All 25 models by family
DCF Models
FCF DCF €7.07 €12.70 €22.34 74
5Y Revenue Exit €7.32 €13.07 €20.85 67
5Y EBITDA Exit €8.38 €15.23 €23.78 70
5Y P/E Exit €7.68 €13.80 €20.74 66
10Y Revenue Exit €6.91 €12.33 €20.57 62
10Y EBITDA Exit €7.87 €13.91 €23.00 63
10Y P/E Exit €7.41 €12.86 €20.48 59
Earnings-Based
Graham-Dodd €3.65 €16.25 €22.26 61
Lynch FV €4.22 €6.03 €7.84 58
PEG = 1.0 €4.22 €6.03 €7.84 55
EPV €5.31 €6.22 €7.02 74
Dividend Discount
Gordon GGM €2.05 €4.26 €6.76 63
DDM Multi-Stage €2.05 €3.59 €4.47 64
Multiples
P/E Multiple €8.85 €11.79 €14.74 63
P/S Multiple €6.84 €9.11 €11.39 58
P/B Multiple €6.84 €9.11 €11.39 55
EV/EBIT €10.65 €14.25 €17.86 66
EV/EBITDA €9.82 €13.14 €16.47 67
EV/Revenue €7.56 €10.86 €14.17 53
Asset-Based
NCAV (Graham) €1.88 €2.52 €3.76 54
Growth DCF
Growth DCF €7.04 €12.26 €21.01 72
Rev-Margin DCF €7.32 €12.91 €20.05 68
Economic Profit
Residual Income €3.70 €4.67 €6.83 72
ROIC Compounder €5.89 €8.06 €11.02 68
Growth Earnings
Growth-Adj P/E €7.09 €10.12 €13.16 65

Open the full fair value analysis →

Notify me when 0DHC reaches fair value

Put 0DHC on your watchlist. We get in touch as soon as price and fair value meet or the trend turns.

Set up alert →

Quality Score breakdown

Overall quality 69/100

Of which business quality 70 · Market factors (momentum, volatility) 35

Profitability 60
Margins and returns on capital today
Quality Growth 81
Are margins and returns improving?
Cashflow 65
Earnings quality: real cash, not paper profit
Fin. Strength 83
Balance sheet, leverage, solvency risk
Investment 64
Disciplined investing over empire-building
Low Volatility 34
Calm price path (market factor)
Momentum 46
Price trend over the last 3–12 months (market factor)
52W Momentum 18
Distance to the 52-week high (market factor)

Open the full quality analysis →

Revenue & earnings trend

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. 70/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+23.3%
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.
+8.7%
Profit margin (trend) ⓘ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.
15.2% (2017) → 22.7% (2021)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no share-count history
not computed

0DHC screens overvalued: fair value 35% below the price. Compare with Intuitive Surgical, Inc →

Compare Carl Zeiss Meditec AG with another stock

Price, fair value, quality and upside side by side.

Free, no sign-up

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Medical Instruments & Supplies stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Intuitive Surgical, Inc ISRG $406.63 $348.72 −14%
EssilorLuxottica Société anonyme EL €144.60 €159.06 +10%
Becton, Dickinson and Company BDX $178.07 $104.73 −41%
Medline Inc MDLN $34.70 $29.06 −16%
Alcon Inc ALC $63.94 $40.13 −37%
West Pharmaceutical Services, Inc WST $375.65 $137.81 −63%
Sartorius Stedim Biotech S.A DIM €208.20 €54.82 −74%
Straumann Holding STMN CHF 89.80 CHF 45.50 −49%
Sartorius Aktiengesellschaft SRT €206.50 €42.05 −80%
Solventum Corporation SOLV $89.50 $134.36 +50%

Explore undervalued stocks

More undervalued Healthcare stocks →

All undervalued stocks TechnologyFinancial ServicesHealthcareConsumer CyclicalConsumer DefensiveCommunication ServicesIndustrialsEnergyBasic MaterialsReal EstateUtilities Deeply Undervalued StocksUndervalued High-Quality StocksUndervalued Blue-Chip StocksUndervalued Small-Cap StocksUndervalued Dividend Stocks

Try a ready-made strategy

Pick a strategy and jump into the live analysis with that exact screen applied.

🥇 Backtested Best 🏆 Big Names ⭐ Top Rated 💎 Quality on Sale 🚀 Profitable Growth 🧊 Quality Compounders 💵 Dividend Stars 📈 Strong Momentum 📉 Fallen Angels ⚖️ Deeply Undervalued 🔍 Small-Cap Gems 🏰 Moat at a Fair Price 💼 Insider Buying 🎩 Buffett-Style Quality 📚 Peter Lynch GARP 🧮 Greenblatt Magic Formula 🛡️ Graham Defensive

Discover tools

Stock screenerFilter by region, size and sector Compare toolTwo stocks side by side Extrinsic Value Calculator…Calculator with industry benchmark Peter Lynch Fair Value Formula &…Calculator with industry benchmark
Run the numbers yourself: free valuation calculators
DCF CalculatorGraham NumberPeter Lynch FormulaDDM CalculatorFama-French ModelIntrinsic Value
For bloggers & editors: embed code + live data

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.

Carl Zeiss Meditec AG · Fair Value
€20.24 −35%Fair Value
Calculator →

Cite: Fair Value Calculator (2026). "Carl Zeiss Meditec AG Fair Value". https://www.fairvalue-calculator.com/stock/0DHC

Frequently asked questions

Is Carl Zeiss Meditec AG (0DHC) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of €20.24 versus a price of €31.36, about −35% upside (overvalued).
What is the fair value of 0DHC?
Our model-based fair value for Carl Zeiss Meditec AG is €20.24 (as of Sep 23, 2026), built from audited fundamentals. The current price: €31.36.
What is the quality score of 0DHC?
Carl Zeiss Meditec AG has a Quality Score of 69/100. 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 Carl Zeiss Meditec AG (0DHC)?
Our model-based price target is the fair value of €20.24 (as of Sep 23, 2026) from 25 valuation models. Cautious scenario €13.74, optimistic scenario €29.48. It is a calculation from audited fundamentals, not an analyst target.
What is the Carl Zeiss Meditec AG stock forecast for 2026?
Our models put fair value at €20.24, about −35% upside versus a price of €31.36 (overvalued). Cautious scenario €13.74, optimistic scenario €29.48. The calculation is refreshed regularly with new filings.
What is the revenue of Carl Zeiss Meditec AG (0DHC)?
Carl Zeiss Meditec AG reported trailing-twelve-month revenue of about €2.2B (latest available figure, as of Sep 23, 2026).
Does Carl Zeiss Meditec AG pay a dividend?
Carl Zeiss Meditec AG currently shows a dividend yield of about 0.40% relative to its recent price (as of Sep 23, 2026).
What is the intrinsic value of Carl Zeiss Meditec AG (0DHC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Carl Zeiss Meditec AG it is €20.24 per share (as of Sep 23, 2026), against a price of €31.36. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is Carl Zeiss Meditec AG stock overvalued or undervalued in 2026?
As of Sep 23, 2026, 0DHC trades above its calculated fair value: price €31.36, fair value €20.24, a gap of about −35% (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 0DHC?
No. The price is what the market pays today (€31.36); the fair value is what the company's own numbers justify (€20.24). For Carl Zeiss Meditec AG the two are €11.12 per share apart. That gap is exactly why we show both numbers side by side.
How much is Carl Zeiss Meditec AG worth?
The market values Carl Zeiss Meditec AG at about €12.2B (market capitalisation, as of Sep 23, 2026). Per share that is €31.36; our models calculate a fair value of €20.24 per share.
What do the bullish and bearish scenarios say about 0DHC?
Our models span a range for Carl Zeiss Meditec AG: cautious scenario €13.74, base €20.24, optimistic €29.48 per share (as of Sep 23, 2026, price €31.36). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is 0DHC from its 52-week high?
Carl Zeiss Meditec AG trades at €31.36, about 33% below its 52-week high of €47.02 and 37% above the low of €22.84 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of €20.24 is for.
Which stocks are comparable to Carl Zeiss Meditec AG?
From the same area (Healthcare) we also value Intuitive Surgical, Inc, EssilorLuxottica Société anonyme, Becton, Dickinson and Company, Medline Inc, 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 Carl Zeiss Meditec AG stock attractive at the current price?
The data as of Sep 23, 2026: price €31.36, calculated fair value €20.24 (−35%), Quality Score 69/100, from 25 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 0DHC calculated?
We run Carl Zeiss Meditec AG through 25 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 €20.24, 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 14.5 % above its aggregate fair value. Carl Zeiss Meditec 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 Carl Zeiss Meditec AG (0DHC)?
The closing price on Oct 2, 2026 was €31.36. Our model-based fair value is €20.24, about −35% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Carl Zeiss Meditec AG right now?
The price sits above even our optimistic bull case (€29.48). The favourable scenario is already priced in. Solid but not exceptional quality (69/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (€13.74 to €29.48) leaves room in how you read the outcome.

Key figures of Carl Zeiss Meditec AG

How large is the market capitalisation of Carl Zeiss Meditec AG (0DHC)?
The market capitalisation of Carl Zeiss Meditec AG is €12.2B. 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/E ratio of Carl Zeiss Meditec AG (0DHC)?
The price-to-earnings ratio of Carl Zeiss Meditec AG is 0.5 (as of Jul 24, 2026). Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of Carl Zeiss Meditec AG (0DHC)?
The price-to-sales ratio of Carl Zeiss Meditec AG is 0.07 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Carl Zeiss Meditec AG (0DHC)?
Earnings per share at Carl Zeiss Meditec AG are €2.96 (price ÷ EPS = P/E 0.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Carl Zeiss Meditec AG (0DHC)?
The dividend yield of Carl Zeiss Meditec AG is 0.4% (payout 4.2%). 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 Carl Zeiss Meditec AG (0DHC)?
The net margin of Carl Zeiss Meditec AG is 14.3% (fiscal year 2021). 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 Carl Zeiss Meditec AG (0DHC)?
The return on equity (ROE) of Carl Zeiss Meditec AG is 4.5% (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 Carl Zeiss Meditec AG (0DHC)?
On an EBIT basis the return on assets of Carl Zeiss Meditec AG is 12.1% (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 Carl Zeiss Meditec AG (0DHC)?
The operating margin of Carl Zeiss Meditec AG is 4.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Carl Zeiss Meditec AG (0DHC)?
Revenue at Carl Zeiss Meditec AG is growing −6.4% versus a year earlier (3y avg +8.7%). 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 Carl Zeiss Meditec AG (0DHC)?
Earnings per share at Carl Zeiss Meditec AG are growing −57.7% versus a year earlier. How much earnings per share grew versus a year earlier.
Free · no account needed

Continue in the live analysis

Fair value and trend for 35,000+ stocks, watchlist, comparison and the diversification check. You can also try 14 days of Pro there, no card.

Open the live analysis →

Zero risk: nothing is ever charged. Your watchlist is yours, with or without an account.