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Siemens Healthineers AG

SMMNY
47
Medical - Devices · Healthcare
Price
$19.79
+0.47 (+2.43%)
Market Cap
$22.10B
Exchange
Other OTC
Winston Score
47
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Jul 27, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+1.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 2.21B (2021) → 2.25B (2025)

Siemens Healthineers AG (SMMNY), operating through its various subsidiaries, is a global enterprise that provides a comprehensive suite of diagnostic and therapeutic medical products and services. These offerings are extended to healthcare professionals and institutions across numerous international markets, including Germany, the United States, the broader European continent, the CIS region, Africa, the Middle East, the Americas, the Asia Pacific region, Japan, and China. The company's business is structured across four primary divisions: Imaging, Diagnostics, Varian, and Advanced Therapies. The Imaging segment supplies cutting-edge systems such as magnetic resonance imaging (MRI), computed tomography (CT), X-ray, molecular imaging, and ultrasound technologies. It also develops sophisticated software solutions designed to streamline the interpretation and structured reporting of diagnostic images from diverse modalities. The Diagnostics segment delivers in-vitro diagnostic products and associated services, catering to healthcare providers in both general and specialized laboratory settings, as well as point-of-care diagnostics. This division further offers workflow solutions to optimize laboratory operations and provides advanced informatics products. The Varian segment specializes in oncology solutions, featuring advanced technologies like microwave, cryoablation, and embolization. It also furnishes extensive clinical professional services and tailored support programs to assist oncology departments in hospitals and clinics with their cancer care operations. The Advanced Therapies segment focuses on developing products that facilitate image-guided, minimally invasive clinical procedures. These solutions are applied across various medical specialties, including cardiology, neurology, and oncology. Its portfolio includes angiography systems, mobile C-arms, and AI-powered clinical applications that enhance procedural precision. Beyond its core product lines, Siemens Healthineers AG offers a broad range of essential technical customer services. These include maintenance and repair, provision of spare parts, medical equipment performance management, training programs, clinical education, e-learning resources, planning and design assistance, financing options, asset management, and managed departmental services for laboratories and other healthcare facilities. The company also provides healthcare consulting, products, and additional services. Established in 1896, Siemens Healthineers AG maintains its corporate headquarters in Forchheim, Germany, and functions as a subsidiary of Siemens Aktiengesellschaft.

Winston Score History

Score breakdown

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Quality

Gross Margin
37.7%
Modest — 37.7% gross margin
Operating Margin
13.3%
Healthy — 13.3% operating margin
ROCE
2.3%
Weak — 2.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
-5.9%
Shrinking sales (-5.9% YoY)
EPS YoY
-11.7%
Earnings shrinking (-11.7% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
135%
Turns 135% of profit into real cash
FCF Margin
9.3%
Modest free cash flow (9.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity
0.82
Moderate — manageable debt (0.82)
Interest Cover
7.18x
Adequate interest coverage (7.2x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)
23.8x
Growth-priced — P/E 23.8

P/E above the market average. People are paying up for expected growth.

P/E vs Forward
+10.0
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (23.8 → 13.9)

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Dividends

Dividend Yield
2.85%
Moderate income — 2.85% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth
+7.1%
Dividend growing modestly (7.1% YoY)

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