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Siemens Healthineers Stock SHL.DE

Siemens Healthineers AG · IR documents · Reporting currency EUR · Quarterly reporting · Figures as of Q3 FY2026 (Apr to Jun 2026) · updated 2026-10-22 · ISIN DE000SHL1006 · WKN SHL100

Siemens Healthineers is a global medical technology company that develops, manufactures, and sells diagnostic imaging systems, laboratory diagnostics instruments, and radiation therapy equipment to hospitals, clinics, and laboratories worldwide. Siemens Healthineers stock (SHL.DE): Quarterly and annual results since 2023 from Quarterly Report and IR documents: revenue, earnings, balance sheet, cash flow and management guidance, every figure with its source. As of 07/2026, quarterly reporting. Stock analysis by NadirAlpha. Siemens Healthineers stock (SHL.DE): listed on Xetra, index DAX, WKN SHL100. NadirAlpha has evaluated 25 original documents, cross-checked every figure automatically and linked each to its source; sources as of 07/2026. Revenue Q3 FY2026 (Apr to Jun 2026): EUR 5.8 billion (+2% year on year). Latest reading: Margin expanding, Guidance cut, Guidance raised.

Margin expanding Guidance cut Guidance raised

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Siemens Healthineers Current Status

Where Siemens Healthineers stands after the report for Q3 FY2026: what changed in revenue, earnings and outlook, written editorially from the original report. NadirAlpha methodology

Assessment by NadirAlpha, as of Q3 FY2026 (Apr to Jun 2026).

Siemens Healthineers posted revenue of 5,764 million in the third fiscal quarter of 2026, with comparable revenue growth of 2.8% against a prior-year quarter rate of 7.6%, as weakness in the Diagnostics segment weighed on group performance 23. Adjusted basic earnings per share of 0.70 exceeded the prior-year quarter of 0.64, supported by tariff refunds that partially offset lower operating business earnings 23. Free cash flow reached 1,023 million, rising 21.2% from the prior-year quarter, also benefiting from tariff refund inflows 23. Following these results, the company updated its full-year guidance, adjusting both revenue growth and adjusted EPS expectations 23.
Management commentary on the 2026-Q2 results (IR-Quarter, 2026-07-31):

“We showed great order momentum. Our synergetic core was robust on both top and bottom lines. Due to the revenue weakness in Diagnostics we are decreasing our revenue growth outlook while raising the EPS outlook by the amount of the tariff refunds.”

Bernd Montag, Chief Executive Officer 23
Revenue · 2026-Q35,764€ million+1.8 % vs. 2025-Q3
Net profit · 2026-Q3669€ million+21.2 % vs. 2025-Q3
EPS · 2026-Q30.60€+22.4 % vs. 2025-Q3
Revenue trend
Guidance
For FY2026, Siemens Healthineers guides EPS (non-GAAP) 2.35 to 2.45 € (raised); comparable revenue growth 3.5 to 4% (cut). 23
Profitability
Siemens Healthineers recorded operating income of 946 million and net income of 669 million for the quarter, with diluted EPS of 0.60 126. The adjusted EBIT margin expanded to 19.1% from 16.8% in the prior-year quarter, with tariff refunds providing the primary support for the improvement 23. Capital expenditure for the quarter was 210 million against operating cash flow of 1,233 million 126.
Leverage
Siemens Healthineers carried net debt of 12,643 million at quarter end, with cash and cash equivalents of 2,360 million 126. Net debt declined compared with 13,410 million recorded at the close of the prior quarter, supported by the period's strong free cash flow generation. No trailing-twelve-month Net-Debt/EBITDA multiple was disclosed in the period's reporting.
Management view
Siemens Healthineers raised its full-year adjusted EPS guidance to €2.35-€2.45 from €2.20-€2.30, attributing the revision to tariff refund benefits that lifted earnings above initial expectations 23. The equipment book-to-bill ratio of 1.27 indicated that order intake exceeded equipment revenue in the quarter, pointing to near-term pipeline support 23. Precision Therapy delivered revenue growth of 9.2%, driven by Advanced Therapies and strong Varian performance 23.
Change
Siemens Healthineers reported a Diagnostics segment revenue decline of 5.5%, driven by structural changes in the market environment, particularly in the China region 23. Full-year revenue growth guidance was lowered to 3.5%-4.0% from the prior range of 4.5%-5.0%, with Diagnostics weakness cited as the primary driver 23. The Diagnostics segment's adjusted EBIT margin fell to 0.9% from 6.3% in the prior-year quarter, sharply compressing the segment's contribution to group profitability 25.
Risks (current)
Siemens Healthineers' full-year outlook excludes potential material impacts from developments related to wars and conflicts, and framework conditions around tariff levels are also excluded from the outlook, with tariff refunds currently benefiting performance but the underlying framework remaining uncertain 23. The Diagnostics segment faces ongoing structural headwinds from centralized volume-based public procurement and government price controls in China, which have caused a sharp market decline 24. Siemens AG has announced a reduction of its stake in the company, with deconsolidation risks identified in the continuity of dependent processes, IT systems, procurement structures, and branding; negative currency effects are additionally expected to weigh significantly on full-year 2026 adjusted EPS relative to FY2025 24 23.

Siemens Healthineers Stock: Key Figures (€ million)

Revenue, margin, earnings and EPS of Siemens Healthineers per fiscal year, half-year and quarter in € million, as of Q3 FY2026, as reported in the filing; restatements show the most recent filing version. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology

All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.

Revenue (€ million) · annual basis, as reported
Net income (€ million) · annual basis, as reported
EPS (€) · annual basis, as reported
Operating cash flow (€ million) · annual basis, as reported
Revenue (€ million) · quarterly basis, as reported
Net income (€ million) · quarterly basis, as reported
EPS (€) · quarterly basis, as reported
Operating cash flow (€ million) · quarterly basis, as reported
Cash (€ million) · annual basis, as reported
Debt (€ million) · annual basis, as reported
Net Debt (€ million) · annual basis, as reported
Cash (€ million) · quarterly basis, as reported
Debt (€ million) · quarterly basis, as reported
Net Debt (€ million) · quarterly basis, as reported
Capex (€ million) · quarterly basis, as reported
FCF (€ million) · quarterly basis, as reported
Shown: the most recent fiscal years. Full history since FY2022 is on record.

Fiscal years

Amounts in € million · EPS in € per share · as reported
Siemens Healthineers stock: key figures on annual basis, FY2023 to FY2025, in € million. Compiled by NadirAlpha from IR documents.
PeriodCalendar quarterRevenueOp. incomeNet incomeEPS (€)EPS adj. (€)OCFSource
FY2025Q4/2024–Q3/202523,3753,154EBIT2,1441.912.393,53217
FY2024Q4/2023–Q3/202422,3632,807EBIT1,9421.732.232,82610
FY2023Q4/2022–Q3/202321,6802,135EBIT1,5091.342.142,1192

Quarters

Amounts in € million · EPS in € per share · as reported
Siemens Healthineers stock: key figures on quarterly basis, 2023-Q1 to 2026-Q3, in € million. Compiled by NadirAlpha from IR documents.
PeriodCalendar quarterPublishedRevenueOp. incomeNet incomeEPS (€)EPS adj. (€)EBITDA (adj.)FCFCashNet DebtSource
2026-Q3*Q2/20262026-07-315,764946EBIT6690.600.70–1,0232,36012,643126
2026-Q2*Q1/20262026-05-075,681725EBIT5120.45≈0.53–3901,90813,41025
2026-Q1*Q4/20252026-02-055,402677EBIT4490.400.491,0033312,14312,528125
2025-Q4*Q3/20252025-11-056,322882EBIT5970.53≈0.68–8632,17511,87217
2025-Q3*Q2/20252025-07-305,662733EBIT5520.490.64–8442,37413,32415
2025-Q2*Q1/20252025-05-075,909841EBIT5300.470.56–1982,40414,43720
2025-Q1*Q4/20242025-02-065,482698EBIT4740.420.511,0038102,77413,84916
2024-Q4*Q3/20242024-11-066,329944EBIT6160.550.67–1,2262,68313,52510
2024-Q3*Q2/20242024-07-315,423680EBIT4690.420.52–5462,05614,8049
2024-Q2*Q1/20242024-05-075,435589EBIT4260.380.55–1202,30514,02512
2024-Q1*Q4/20232024-02-015,176594EBIT4310.380.498852382,056~13,936~8
2023-Q4*Q3/20232023-11-086,056858EBIT5370.480.60–5571,642~14,382~2
2023-Q3*Q2/20232023-08-025,201568EBIT4450.400.55–2851,77914,9684
2023-Q2*Q1/20232023-05-105,346189EBIT1050.090.49–5161,37014,9601
2023-Q1*Q4/20222023-02-025,077520EBIT4210.370.50––1,35214,7856
* derived: values with formula provenance (hover); Q4 = FY − 9M · H2 = FY − H1 · EPS via implied shares · net debt = financial debt − cash · FCF = OCF − |capex|.
Columns not reported in this reporting cadence are hidden: Op. income (adj.) (not reported in any source for these periods).

Siemens Healthineers Balance Sheet & Cash Flow (€ million)

Balance sheet and cash flow of Siemens Healthineers up to Q3 FY2026 in € million: net debt = financial debt minus cash, free cash flow = operating cash flow minus capex, every input sourced. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology

Fiscal years

Amounts in € million · as reported
Siemens Healthineers stock: balance sheet and cash flow on annual basis, FY2023 to FY2025, in € million. Compiled by NadirAlpha from IR documents.
PeriodCalendar quarterPublishedCashDebtNet DebtOCFCapexFCFSource
FY2025Q4/2024–Q3/20252025-11-052,17514,04711,8723,532––17
FY2024Q4/2023–Q3/20242024-11-062,68316,20813,5252,8266962,13010
FY2023Q4/2022–Q3/20232023-11-081,642~16,02414,382~2,1198381,2812

Quarters

Amounts in € million · as reported
Siemens Healthineers stock: balance sheet and cash flow on quarterly basis, 2023-Q1 to 2026-Q3, in € million. Compiled by NadirAlpha from IR documents.
PeriodCalendar quarterPublishedCashDebtNet DebtOCFCapexFCFSource
2026-Q3Q2/20262026-07-312,36015,00312,6431,2332101,023126
2026-Q2Q1/20262026-05-071,90815,31813,41057218239025
2026-Q1Q4/20252026-02-052,14314,67112,528492161331125
2025-Q4Q3/20252025-11-052,17514,04711,8721,12526286317
2025-Q3Q2/20252025-07-302,37415,69813,3241,03519184415
2025-Q2Q1/20252025-05-072,40416,84114,43739319519820
2025-Q1Q4/20242025-02-062,77416,62313,84998017081016
2024-Q4Q3/20242024-11-062,68316,20813,5251,4392131,22610
2024-Q3Q2/20242024-07-312,05616,86014,8047311855469
2024-Q2Q1/20242024-05-072,30516,33014,02528616612012
2024-Q1Q4/20232024-02-012,056~15,99213,936~3701322388
2023-Q4Q3/20232023-11-081,642~16,02414,382~7982415572
2023-Q3Q2/20232023-08-021,77916,74714,9684771922854
2023-Q2Q1/20232023-05-101,37016,33014,9607212055161
2023-Q1Q4/20222023-02-021,35216,13714,785123––6
Debt = long-term + current · Net debt = debt − cash · FCF = OCF − capex.

Siemens Healthineers Guidance Tracking (latest per metric/period · 6/28)

What Siemens Healthineers guided for Q3 FY2026 and beyond and whether the targets were met; ranges count as met when the actual lies within. NadirAlpha methodology

Actuals: EPS in € per share · ratios in %

Direction: confirmedcutraised Verdict: beatin linemisspending

Siemens Healthineers: guidance and actuals per metric and period, 28 entries. Compiled by NadirAlpha from IR documents.
For periodGuided onMetricGuidedActualVerdictDirectionSource
FY20262026-07-31EPS (non-GAAP)2.35–2.45–23
FY20262026-07-31comparable revenue growth3.5–4%–23
FY20252025-07-30EPS (non-GAAP)2.3–2.452.3915
FY20252025-07-30comparable revenue growth5.5–6%––15
FY20252024-11-26EBIT marginbetween 200 and 400 basis points13.5–14
FY2025–Revenue growth (YoY)5–6%4.519
FY20242024-07-31Tax rate22–24%––9
FY20242024-07-31comparable revenue growth4.5–5.5%––9
FY20242024-05-07EBIT margin4–6%12.612
FY20242024-05-07Revenue growth (YoY)5–7%3.212
FY20242024-02-01comparable revenue growth excl. rapid COVID-19 antigen tests5–7%––9
FY20242023-11-27Imaging comparable revenue growth6–8%––7
FY20242023-11-27Diagnostics comparable revenue growth excluding rapid COVID-19 antigen tests2–4%––7
FY20242023-11-27Varian comparable revenue growth8–10%––7
FY20242023-11-27Advanced Therapies comparable revenue growth5–8%––7
FY20242023-11-08EPS (non-GAAP)2.1–2.32.2312
FY20232023-08-02EBIT margin14–15%9.84
FY20232023-08-02Varian comparable revenue growth9–12%––4
FY20232023-05-10comparable revenue growth (excluding rapid COVID-19 antigen tests)6–8%––4
FY20232023-05-10Diagnostics segment comparable revenue growth-26–-23%––1
FY20232023-05-10Diagnostics segment comparable revenue growth (excluding rapid COVID-19 antigen tests)-2–1%––1
FY20232023-02-02EPS (non-GAAP)2–2.22.141
FY20232023-02-02comparable revenue growth-1–1%––1
FY20232023-02-02Revenue (excluding antigen tests)6–8%––6
FY2023–Revenue growth (YoY)-1–1%––3
FY2023–Revenue (excluding COVID-19 antigen tests)6–8%––3
FY2023–Diagnostics comparable revenue growth-26–-23%––3
FY2023–Diagnostics comparable revenue growth (excluding COVID-19 antigen tests)-2–1%––3

Siemens Healthineers Stock: Price & Chart

Price history of Siemens Healthineers stock (SHL.DE) as a TradingView chart, loaded only after a click, alongside the trend of the key figures from the tables. NadirAlpha methodology

Daily candles with news and earnings markers. Loads only on click.

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Siemens Healthineers Event Timeline

This timeline collects the material events of Siemens Healthineers from the original reports: guidance changes, revenue and margin signals, strategy shifts, product and M&A announcements, grouped by quarter. NadirAlpha methodology

Overview: one dot per event · click jumps to the period
earningsrevenuemarginguidancestrategyfinancials2023-Q12023-Q22023-Q32023-Q42024-Q12024-Q22024-Q32024-Q42025-Q12025-Q22025-Q32025-Q42026-Q12026-Q22026-Q3
2026 · 7 events

Margin expanding 2026-07-31
Adjusted EBIT margin of 19.1% in Q3 2026, above prior-year quarter of 16.8%, supported by tariff refunds 23
Guidance cut 2026-07-31
Full-year comparable revenue growth guidance lowered to 3.5%-4.0% from 4.5%-5.0% due to continued Diagnostics segment weakness 23
Guidance raised 2026-07-31
Adjusted basic EPS guidance raised to €2.35-€2.45 from €2.20-€2.30, benefiting from tariff refunds 23

“While the environment remains tough, our synergetic core of Imaging and Precision Therapy is on track with good momentum. We are also taking measures for the future of the company by initiating the next steps to create options for Diagnostics and introducing an evolution of the leadership team.”

Bernd Montag, Chief Executive Officer 25
Regulation 2026-06-30
Supreme Court ruling in February 2026 retroactively struck down IEEPA tariffs, opening the possibility of refund claims on previously paid import duties 24
Strategic pivot 2026-06-30
Siemens AG announced intention to reduce its stake in Siemens Healthineers to a significant minority shareholding, resulting in potential deconsolidation from the Siemens Group 24
Guidance cut 2026-05-07
FY2026 comparable revenue growth guidance reduced to 4.5%-5.0% from 5.0%-6.0%; adjusted basic EPS guidance narrowed to €2.20-€2.30 from €2.20-€2.40 due to Diagnostics market weakness 25

Strategic pivot 2025-10-01
Business segmentation restructured effective October 1, 2025: new Precision Therapy segment created by merging Varian, Advanced Therapies, and Ultrasound; Technology Centers separated from Imaging 24
2025 · 12 events

“We had a very good start, with higher profit and profitability in our Imaging and Precision Therapy core despite significant headwinds from foreign-exchange rates and tariffs. Diagnostics continues to feel the effects of a transition phase in the Chinese market.”

Bernd Montag, CEO 22
Revenue decelerating 2026-02-05
Q1 FY2026 comparable revenue growth of 3.8%; the Diagnostics segment posted a 3.1% comparable revenue decline primarily due to structural market changes in China 22

“We have closed another successful year, despite a challenging environment. Following this achievement, we are raising our proposed dividend. We have a solid foundation for our next strategy phase.”

Bernd Montag, CEO of Siemens Healthineers AG 17
Adjusted result turned positive ◦ 2025-11-05
Diagnostics segment adjusted EBIT margin improved significantly to 7.7% from 5.3% in the prior year due to transformation cost reductions 17
Margin expanding 2025-11-05
Full-year adjusted EBIT margin increased by 80 basis points to 16.5%, driven by strong revenue development and Diagnostics transformation cost reductions 17

“We had a very good quarter with high revenue growth, another increase in profitability and strong free cash flow. Therefore we are raising the midpoints of our outlook. While volatility in the geopolitical environment remains high, our performance shows the value of our healthcare innovations for more and more patients around the world.”

Bernd Montag, Chief Executive Officer 15
Margin expanding 2025-07-30
Adjusted EBIT margin improved to 16.8% from 15.2% in the prior-year quarter, driven by strong revenue growth and cost reductions 15
Guidance raised 2025-07-30
FY2025 comparable revenue growth guidance narrowed and raised to 5.5%–6% from 5%–6%; adjusted EPS range raised to €2.30 to €2.45 from €2.20 to €2.50 15
Acquisition 2025-06-30
The company acquired Advanced Accelerator Applications Molecular Imaging for €182 million, expanding the PETNET radiopharmacy network to European markets 19

“We continued our strong start to the fiscal year in the second quarter. While the fundamental growth drivers remain intact, we expect that the significantly increased volatility of the geopolitical environment will weigh on our business this year. That leads us to widen our guidance range for adjusted basic earnings per share for fiscal 2025, while keeping our revenue growth outlook unchanged.”

Bernd Montag, Chief Executive Officer 20
Revenue accelerating 2025-05-07
Comparable revenue growth of 6.8%, led by the Imaging segment at 8.7% and the Varian segment at 12.5% 20
Margin expanding 2025-05-07
Overall adjusted EBIT margin of 16.6%, clearly above the prior-year quarter 20
Guidance cut 2025-05-07
Adjusted EPS guidance range for FY2025 widened to €2.20 to €2.50 from €2.35 to €2.50, citing geopolitical uncertainties and trade tariffs; revenue growth outlook of 5%–6% confirmed 20
Cash flow inflection 2025-02-06
Operating cash flow reached EUR 980.0 million vs EUR 370.0 million in 2024-Q1 (×2.6). 125
Acquisition 2024-11-26
Block Imaging acquired with 78% ownership through Healthcare Technology Management, LLC in July 2023 14
Acquisition 2024-11-26
Medical Physics Holdings, LLC (Aspekt Solutions) acquired on August 1, 2023 14
2024 · 13 events

“We achieved our targets for the fiscal year with a very good fourth quarter despite the current market weakness in China. This underlines the fundamental strength of our company and the contribution of the entire Healthineers team. We will carry this momentum into the 2025 financial year.”

Bernd Montag, Chief Executive Officer 10

“We have made a strong start to the year. Our performance is consistently improving from a high base thanks to the efforts of the whole Healthineers team.”

Bernd Montag, Chief Executive Officer 16
revenue 2024-11-06
Q4 comparable revenue growth of 5.6% (6.5% excluding rapid antigen tests), with marked growth in Imaging (7.7%), Varian (10.5%), and Advanced Therapies (6.8%), despite severe revenue decline in China due to delayed customer orders 10
Margin expanding 2024-11-06
Imaging segment adjusted EBIT margin reached 24.2% in Q4, 180 basis points above the prior-year quarter, supported by strong revenue development and favorable business mix 10
Guidance initiated 2024-11-06
FY2025 guidance initiated: comparable revenue growth of 5%–6% and adjusted basic earnings per share of €2.35 to €2.50 10

“We made good progress again in the third quarter, despite ongoing order delays in China. Varian and Diagnostics especially contributed to the strong operating performance. We confirm our outlook for the financial year.”

Bernd Montag, Chief Executive Officer 9
Revenue accelerating 2024-07-31
Varian segment achieved 9.6% comparable revenue growth in Q3 with adjusted EBIT margin of 16.6% 9
Guidance cut 2024-07-31
Imaging segment comparable revenue growth guidance revised down to 4.5%–5.5% from prior guidance of 6.0%–8.0% 9

Margin expanding 2024-06-30
Diagnostics segment adjusted EBIT margin improved to 4.6% in H1 from negative 1.0% in the prior-year period, driven by transformation program benefits 13
Operating income doubled 2024-05-07
Operating income more than doubled YoY (189.0 to EUR 589.0 million, +212%). 122
Net income doubled 2024-05-07
Net income more than doubled YoY (105.0 to EUR 426.0 million, +306%). 122

“The Healthineers team has continued its successful growth trajectory, even relative to an excellent prior-year quarter. After an overall strong first half of the year, we are once again well on our way to achieving our targets for the financial year.”

Bernd Montag, CEO of Siemens Healthineers AG 12
Segment divergence 2025-07-30
Diagnostics revenue grew +202.4% to EUR 3,269.0 million in 2024-Q1 (63% of group revenue) while group revenue changed +1.9%. 15
Segment divergence 2025-07-30
Varian revenue grew +194.2% to EUR 2,748.0 million in 2024-Q1 (53% of group revenue) while group revenue changed +1.9%. 15
Margin expanding 2024-05-07
Diagnostics segment adjusted EBIT margin improved to 4.1% from -3.0% in the prior-year quarter, driven by transformation program cost reductions 12
Guidance raised 2024-05-07
Diagnostics segment adjusted EBIT margin guidance raised to 4%–6% from prior guidance of 2.5%–4.5% 12
Cash flow inflection 2024-02-01
Operating cash flow reached EUR 370.0 million vs EUR 123.0 million in 2023-Q1 (×3.0). 118
2023 · 14 events

“We had a good start to the new financial year with broad-based growth. The transformation of our Diagnostics business is showing positive momentum and Varian delivered strong results. In parallel we are focused on our new, ambitious sustainability goals.”

Bernd Montag, CEO of Siemens Healthineers AG 8
Revenue accelerating 2024-02-01
Comparable revenue growth of 7.0% excluding rapid COVID-19 antigen tests; 5.7% including antigen tests 8
Margin expanding 2024-02-01
Adjusted EBIT margin improved to 14.3% from 13.5% in the prior-year quarter 8
Margin expanding 2024-02-01
Diagnostics segment adjusted EBIT margin increased to 5.1% from 0.8% in the prior-year quarter, benefiting from cost reductions in the transformation program 8

“We have delivered a very strong final quarter of another successful year at Siemens Healthineers. I am very proud of the team and the trust we have earned with our customers.”

Bernd Montag, CEO of Siemens Healthineers AG 2
Adjusted result turned negative ◦ 2023-11-08
Diagnostics segment adjusted EBIT margin turned to -2.6%, mainly due to discontinued rapid antigen-test business and transformation costs of €152 million 2
Revenue accelerating 2023-11-08
Varian segment achieved comparable revenue growth of 14.8% for the full year and 29.8% in Q4 2023 2
Segment divergence 2023-11-08
Imaging revenue grew +29.1% to EUR 3,325.0 million in 2023-Q3 (64% of group revenue) while group revenue changed +0.3%. 2

“The Siemens Healthineers team once again delivered a quarter of strong growth. This clearly underlines the special relevance and meaning of our innovations for our customers and their patients worldwide.”

Bernd Montag, Chief Executive Officer 4
revenue 2023-08-02
Imaging segment showed comparable revenue growth of 15.2% with adjusted EBIT margin of 21.8%, driven by Molecular Imaging and Magnetic Resonance 4
Margin expanding 2023-08-02
Advanced Therapies adjusted EBIT margin increased to 15.3% from 7.7% in the prior-year quarter 4
Guidance cut 2023-08-02
Varian segment adjusted EBIT margin guidance revised downward to 14%-15% from 16%-18% due to cost increases and logistics challenges 4
Operating income halved 2023-05-10
Operating income more than halved YoY (761.0 to EUR 189.0 million, -75%). 113
Net income halved 2023-05-10
Net income more than halved YoY (579.0 to EUR 105.0 million, -82%). 113

“We achieved remarkable sales growth in the second quarter and made important decisions for the future. We are fully on track to achieve our annual and mid-term targets.”

Bernd Montag, CEO of Siemens Healthineers AG 1
Revenue decelerating 2023-05-10
Diagnostics revenue fell 39.0% due to tapering rapid COVID-19 antigen test business; group comparable growth excluding antigen tests was 11.2% 1
Margin compressing 2023-05-10
Adjusted EBIT margin declined to 12.7% due to lower contributions from rapid antigen tests and transformation costs 1
Strategic pivot 2023-05-10
Siemens Healthineers withdrew from robotic-assisted endovascular cardiology, refocusing the endovascular robotics solution exclusively on neurovascular interventions 1

Siemens Healthineers Business Model

The Siemens Healthineers business model in brief: products, customers and revenue sources as the company itself describes them in its reports. NadirAlpha methodology

Siemens Healthineers is a global medical technology company that develops, manufactures, and sells diagnostic imaging systems, laboratory diagnostics instruments, and radiation therapy equipment to hospitals, clinics, and laboratories worldwide. Siemens Healthineers operates through three reportable segments: Imaging, covering CT, MRI, X-ray, and molecular imaging products; Diagnostics, providing in-vitro diagnostic instruments, reagents, and point-of-care testing solutions; and Precision Therapy, encompassing linear accelerators, radiosurgery systems, and adaptive intelligence software primarily under the Varian brand. Revenue is generated through initial equipment and system sales as well as ongoing streams from service agreements, software subscriptions, reagents, and spare parts across a global customer base.

Siemens Healthineers Stock: Share-Price Drivers

What determines the business trajectory of Siemens Healthineers according to management, summarised from the reports up to Q3 FY2026. NadirAlpha methodology

Portfolio reconfiguration around Precision Therapy and the planned separation from Siemens AG
Siemens Healthineers formed the Precision Therapy segment on 2025-10-01 by merging Varian and Advanced Therapies, while a spin-off from Siemens AG is planned (2025-11-12) and a further spin-off of Siemens Healthineers shares is slated for 2027-02; these structural moves reshape how the company's growth and capital are reported 24 21.
Imaging segment demand
Imaging is the largest revenue segment and grew 2.3% at a 26.5% margin in 2026-Q2, remaining the company's profitability anchor 23.
Precision Therapy traction
The newly formed Precision Therapy segment posted 9.2% growth in 2026-Q2 at a 17.5% margin, the fastest-growing reported unit; Varian contributed revenue of 4081.0 million for FY2025 at 6.9% growth 23 17.
Diagnostics demand
Diagnostics revenue declined 5.5% in 2026-Q2 at a thin 4.1% margin, reflecting the roll-off of rapid COVID-19 antigen testing (discontinued 2023-09-30) and ongoing pressure in the base business 23 2.
Product and technology launches
Photon Counting CT, Low Helium MRI technology and HyperSight radiation therapy technology have launched, and an endovascular robotics platform for neurovascular care is planned, supporting the Imaging and Precision Therapy pipelines 21.
Radiopharmaceuticals via Advanced Accelerator Applications
Siemens Healthineers acquired the Advanced Accelerator Applications diagnostic molecular imaging radiopharmaceutical business (closed September 25, 2024), adding a molecular imaging growth avenue 14 19.
Group revenue and profitability trajectory
Group revenue was 5,764 million in 2026-Q3 with operating income of 946 million and net income of 669 million, up from revenue of 5,681 million and net income of 512 million in 2026-Q2; free cash flow reached 1,023 million 126 25.
Net debt and deleveraging
Net debt stood at 12,643 million in 2026-Q3 against cash of 2,360 million, down from net debt of 14,437 million in 2025-Q2, pointing to gradual deleveraging 126 128.
Capital-structure separation
A spin-off from Siemens AG is planned for 2025-11-12 and a further spin-off of Siemens Healthineers shares is planned for 2027-02, alongside the 'Elevating Health Globally' strategic phase for fiscal year 2026 21 24.

Sector trend: Across the company's medical technology mix, demand is uneven: imaging utilisation and precision therapy are growing while diagnostics volumes are lower, and group margins are holding broadly stable as operating income tracks revenue 23 126.

Siemens Healthineers Revenue by Type (as of 2026-Q3 · EUR million · 5/5)

Where the revenue of Siemens Healthineers comes from: segments and product types with share, growth and margin, as of Q3 FY2026, older structures remain in the expandable part. NadirAlpha methodology

Siemens Healthineers: revenue by segment, as of 2026-Q3, in EUR million. Compiled by NadirAlpha from IR documents.
SegmentSinceRevenueGrowthMarginSource
Period 2026-Q2 (3M)
Precision Therapy2025-Q21,7499.2%17.5%23
Imaging2022-Q13,0082.3%26.5%23
Diagnostics2022-Q1992-5.5%4.1%23
Period FY2025 (12M)
Varian2022-Q14,0816.9%17.2%17
Advanced Therapies2022-Q12,1284.2%15.3%17

Siemens Healthineers Products & announcements (3/15 active+recent)

Product announcements of Siemens Healthineers from the reports: market launches, approvals, partnerships, with first mention and source; discontinued products are shown in grey. NadirAlpha methodology

Status: PlannedLaunched

Siemens Healthineers: product announcements from the filings, 15 entries. Compiled by NadirAlpha from IR documents.
Product/LineSinceStatusSource
2026
Varian and Advanced Therapies segment merger into Precision Therapy202621
Strategic phase Elevating Health Globally202621
2025
Precision Therapy segment formation2025-1024
2024
Photon Counting CT202421
Low Helium MRI technology202421
HyperSight radiation therapy technology202421
Endovascular robotics platform for neurovascular care202421
2023
RapidPoint and RapidLab blood gas systems product developments202314
New testing center in Forchheim for Advanced Therapies202314
New testing and demonstration systems for mobile C-arms202314
Innovation center in Bengaluru202314
Factory to grow crystals for semiconductor production in Forchheim202314
Construction of new plant for superconducting magnets in Oxford202314
Atellica and Clinitek product line developments202314
2022
Regional structure changed to four regions from three2022-103

Siemens Healthineers Transactions & Events (9)

9 transactions and events of Siemens Healthineers from the original reports, financing measures and management changes are not listed here, cancelled items in grey. NadirAlpha methodology

Acquisitions · 5Divestitures/exits · 4
202320242025

Acquisitions by Siemens Healthineers

Siemens Healthineers: Acquisitions, 5 entries. Compiled by NadirAlpha from IR documents.
Transaction / stakeDateTypeSource
2024
Advanced Accelerator Applications Molecular Imaging (2×)2024-12Completed14
2023
Endovascular robotics refocus on neurovascular interventions (3×)2023-09Completed2
Medical Physics Holdings, LLC (Aspekt Solutions) acquisition2023-08Completed14
Block Imaging acquisition2023-07Completed14
2022
Cancer Therapy business transferred from Imaging segment to Varian segment2022-10Completed3

Divestitures and exits by Siemens Healthineers

Siemens Healthineers: Divestitures / exits, 4 entries. Compiled by NadirAlpha from IR documents.
Transaction / stakeDateTypeSource
2025
Spin-off from Siemens AG (2×)2025-11Divested24
2023
Rapid COVID-19 antigen test business discontinuation2023-09Divested2
Withdrawal from robotic-assisted endovascular cardiology business2023-03Divested3
2022
Proton Solutions business transferred to Central Items; no longer pursuing new sales2022-10Divested3

Siemens Healthineers Risks (62 since the annual report of 2025-11-26, 120 tracked in total)

Risk factors Siemens Healthineers itself names in its reports, merged by topic across periods, with category, first mention and source; new risks of the latest period come first. NadirAlpha methodology

Category: MarketGeopoliticsRegulatoryFinancialMacroSupply chainLegalTechnologyCyberPeopleCompetitionCustomers

Siemens Healthineers: risk factors as reported, 62 since the last annual report, 120 tracked. Compiled by NadirAlpha from IR documents.
RiskCategoryLast reported
Siemens Healthineers: first mention in 2026-H1, source 24
Structural change in Chinese Diagnostics market; centralized volume-based public procurement and government price controls causing sharp market decline.=
Siemens Healthineers: first mention in IR-Quarter quarterly report of 2026-07-31 (2026-Q2), source 23
Outlook excludes potential material impact from developments related to wars and conflicts.=
Framework conditions including changes in tariff levels excluded from outlook; tariff refunds currently benefiting performance.=
Siemens Healthineers: first mention in IR-Quarter quarterly report of 2026-05-07 (2026-Q1), source 25
Diagnostics segment adjusted EBIT margin fell from 6.3% to 0.9%=
Structural change in Chinese Diagnostics market causing revenue decline=
Tariffs and currency effects negatively impacting profitability=
Asia Pacific Japan region revenue declined significantly year-over-year=
Siemens Healthineers: first mention in IR-Quarter quarterly report of 2026-02-05 (2025-Q4), source 22
Significant adverse currency effects impacting margins and earnings=
Higher tariff costs offsetting revenue growth contributions=
Siemens Healthineers: first mention in IR-Annual annual report of 2025-11-26 (FY2024), source 21
Reliance on limited suppliers for critical parts and sole-source suppliers=
Market downturn in China from centralized procurement and price controls=
Trade barriers, tariffs, protectionism reducing competitiveness and market access=
No convictions or fines recorded for anti-corruption/bribery violations in FY2025.=
Increasing cybersecurity regulations and data breach risks with patient data handling=
Emerging AI regulations requiring compliance without fully defined requirements=
Volume-based and centralized public procurement systems expansion driving pricing pressure in China market=
High cyber risk in healthcare industry; ransomware attacks threaten patient data and operations=
Long development cycles and high R&D investment with uncertain market acceptance and cost recovery=
Higher trade tariffs negatively impact all segments but offset by strong revenue and favorable business mix.2025-Q2
2025-07-30 15
Advancing digitalization and AI increase cybersecurity and data protection criticality.=
Significant exposure to USD, JPY, CNY fluctuations affecting earnings=
Volatility in worldwide demand, availability and pricing of raw materials and energy=
Personnel, production, and financing costs elevated despite energy price declines; inflation remains above central bank targets=
Global economic output slowdown driven by protectionist tendencies and political uncertainty=
Global trade conditions support for medical technology sector competitiveness.=
Political engagement focused on expanding healthcare access and improving patient outcomes.=
Gap between patient numbers and availability of qualified clinical staff=
Risks from antitrust, corruption, data protection, export control and human rights violations=
European Health Data Space and EU Data Act introduce new compliance obligations for data access and product interoperability=
EU Taxonomy framework does not adequately reflect medtech sector characteristics and safety requirements.=
Regulatory requirements for cybersecurity manufacturers demand compliance to avoid legal repercussions.=
Deconsolidation and spin-off may trigger early termination rights for financing agreements with Siemens Group=
US lawmakers debate legislative changes to increase price transparency and lower costs; One Big Beautiful Bill Act includes Medicaid and Medicare reductions=
Pricing pressure from consolidation, new competitors, and Chinese competitors expanding globally=
Disruptive technologies and AI-driven new entrants challenging existing business models=
Siemens Healthineers: first mention in IR-Quarter quarterly report of 2025-11-05 (2025-Q3), source 17
China region revenue declined slightly in full year and low double-digit percentage in Q4 due to centralized volume-based public procurement=
Significant negative currency effects expected on adjusted basic earnings per share for fiscal year 2026 compared with fiscal year 2025=
Higher tariffs negatively impacted all segments and margins despite strong revenue growth=
Siemens Healthineers: first mention in IR-Quarter quarterly report of 2025-07-30 (2025-Q2), source 15
Currency effects lead to slightly negative impact on adjusted basic earnings per share for FY2025.=
Ongoing volatility in geopolitical environment affecting business outlook despite strong current performance.=
Siemens Healthineers: first mention in IR-Quarter quarterly report of 2025-05-07 (2025-Q1), source 20
Financial income declined significantly impacting net earnings.=
Trade barriers and increased tariffs negatively impact business development.=
Siemens Healthineers: first mention in IR-Annual annual report of 2024-11-26 (FY2023), source 14
Increase in pension provisions from adverse development of plan assets or defined benefit obligationsFY2024
2025-11-26 21
Tax audits and potential disputes from divergent interpretations in multiple jurisdictionsFY2024
2025-11-26 21
Delays and interruptions from geopolitical dynamics, extreme events, cyber incidents, supplier financial difficultiesFY2024
2025-11-26 21
Russia-Ukraine war and Middle East conflict affecting business and supply chainsFY2024
2025-11-26 21
Risk of competitors independently developing similar products if IP protection ineffectiveFY2024
2025-11-26 21
Supply chain resilience assumptions included in outlook; further challenges excluded from guidance.2026-Q2
2026-07-31 23
Loans with market value compensation clauses may result in higher financing expenses if triggered upon spin-offFY2024
2025-11-26 21
Siemens Healthineers: first mention in IR-Quarter quarterly report of 2023-11-08 (2023-Q3), source 2
China region revenue declined sharply; structural changes in market environment impact Diagnostics and other segments.2026-Q2
2026-07-31 23
Negative currency effects impact all segments; significant negative effect expected on FY2026 adjusted EPS versus FY2025.2026-Q2
2026-07-31 23
Higher effective tax rate increasing burden on profitability2025-Q4
2026-02-05 22
Siemens Healthineers: first mention in 2023-H1, source 3
Trade tariff impacts on supply chain and procurement costs affecting margins in second half of fiscal year2025-H1
19
Siemens Healthineers: first mention in 2026-H1, source 24
Siemens AG announced reduction of stake; deconsolidation risks include continuity of dependent processes, IT systems, procurement structures, branding.=
Cybersecurity continues as one of most significant risks; no material changes in assessment.=
War in Middle East cannot be reliably assessed; potential effects on inflation, energy, raw material costs, logistics, supply chains depend on duration.=
Supreme Court struck down IEEPA tariffs; Section 232 investigation on medical equipment ongoing; tariff environment remains highly volatile.=
Competitive Environment continues as one of most significant risks; no material changes in assessment.=
Siemens Healthineers: first mention in 2025-H1, source 19
Continued delays in customer orders particularly affecting Varian and other segments in China region=
Exchange rate developments, particularly USD/EUR, affect financial results and consolidated figures=
Ongoing war in Ukraine, Middle East escalation, and volatile geopolitical situation impact sales units and currency=
Potential U.S. corporate tax reductions could create one-time deferred tax revaluation benefit but other burdens may limit effect=
= last mention identical with the first mention (same source)

Siemens Healthineers Reported KPIs (as disclosed) (183)

The story KPIs of Siemens Healthineers that standard databases usually miss, grouped by publication, most recent first, with source number. NadirAlpha methodology

Company-specific KPIs verbatim from the filings (English, as disclosed; not normalised). Balance-sheet and boilerplate items filtered.
Siemens Healthineers: reported KPIs as disclosed, 183 entries. Compiled by NadirAlpha from IR documents.
KPIValue / changeSource
Siemens Healthineers, published 2026-07-31, period 2026-Q2
equipment book to bill ratio1.2723
comparable revenue growth2.8%23
adjusted EBIT margin19.1%23
Siemens Healthineers, published –, period 2026-H1
equipment book to bill ratio1.0724
adjusted EBIT margin Siemens Healthineers14.8%24
adjusted EBIT margin Precision Therapy14.1%24
adjusted EBIT margin Imaging22.0%24
adjusted EBIT margin Diagnostics1.5%24
Siemens Healthineers, published 2026-05-07, period 2026-Q1
Precision Therapy comparable revenue growth4.7%25
Precision Therapy adjusted EBIT margin13.3%25
Overall comparable revenue growth3.1%25
Imaging comparable revenue growth6.1%25
Imaging adjusted EBIT margin22.4%25
Equipment book-to-bill ratio1.0225
Diagnostics comparable revenue decline-6.5%25
Diagnostics adjusted EBIT margin0.9%25
Adjusted EBIT margin14.7%25
Siemens Healthineers, published 2026-02-05, period 2025-Q4
Tax rate24.4%22
Precision Therapy comparable revenue growth5.9%22
Precision Therapy adjusted EBIT margin14.9%22
Overall comparable revenue growth3.8%22
Imaging comparable revenue growth5.7%22
Imaging adjusted EBIT margin21.6%22
Equipment book-to-bill ratio1.1222
Diagnostics comparable revenue decline-3.1%22
Diagnostics adjusted EBIT margin2.1%22
Adjusted EBIT margin15.0%22
Siemens Healthineers, published 2025-11-26, period FY2024
Order backlog11 billion21
Order backlog36 billion21
Women in senior management30% target by 203021
Varian EBIT margin17.2%21
Technical intellectual property rightsmore than 25,00021
Scope 3 emissions reduction target28% reduction by 2030 compared to 201921
Scope 1 and 2 emissions reduction target90% reduction by 2030 compared to 201921
R&D intensity8%21
R&D expenses1,958 (EUR in millions of €)21
Patient touchpoints target3.3 billion worldwide by 2030, 1.25 billion in low- and middle-income countries21
Operating net working capital4,749 (EUR in millions of €)21
Net defined benefit assets (prior year)94 (EUR in millions of €)21
Net defined benefit assets84 (EUR in millions of €)21
Imaging EBIT margin20.7%21
Granted patentsmore than 16,00021
Equipment book-to-bill ratio1.1421
Diagnostics EBIT margin7.7%21
Capitalized development expenses119 (EUR in millions of €)21
Amortization of capitalized development expenses110 (EUR in millions of €)21
Advanced Therapies EBIT margin15.3%21
Adjusted EBIT margin16.5%21
Siemens Healthineers, published 2025-11-05, period 2025-Q3
comparable revenue growth5.9%17
Book-to-bill ratio1.1417
adjusted EBIT margin16.5%17
Siemens Healthineers, published 2025-07-30, period 2025-Q2
comparable revenue growth7.6%15
Book-to-bill ratio1.0915
Adjusted EBIT margin15.2%15
Varian comparable revenue growth8.7%15
Varian adjusted EBIT margin18.8%15
Overall adjusted EBIT margin16.8%15
Imaging comparable revenue growth11.7%15
Imaging adjusted EBIT margin21.0%15
Diagnostics comparable revenue decline-0.6%15
Diagnostics adjusted EBIT margin9.2%15
Advanced Therapies comparable revenue growth4.5%15
Advanced Therapies adjusted EBIT margin10.5%15
Siemens Healthineers, published 2025-05-07, period 2025-Q1
equipment book to bill ratio1.1420
comparable revenue growth6.8%20
Siemens Healthineers, published 2025-02-06, period 2024-Q4
Varian comparable revenue growth6.2%16
Varian adjusted EBIT margin17.1%16
Overall adjusted EBIT margin15.0%16
Imaging comparable revenue growth7.6%16
Imaging adjusted EBIT margin18.7%16
Equipment book-to-bill ratio1.2116
Diagnostics comparable revenue growth1.6%16
Diagnostics adjusted EBIT margin7.8%16
Comparable revenue growth5.7%16
Advanced Therapies comparable revenue growth5.1%16
Advanced Therapies adjusted EBIT margin14.1%16
Siemens Healthineers, published 2024-11-26, period FY2023
Total dividend payoutapproximately €1,060 million14
Technical intellectual property rightsabout 25,00014
Purchase price obligations acquisitions€208 million14
Order backlog11 billion14
Order backlog35 billion14
operating net working capital4,803 (EUR in millions of €)14
granted patentsabout 16,00014
equipment book to bill ratio1.1114
effective income tax rate22.4%14
dividend per share€0.9514
dividend payout percentageapproximately 54%14
contractual obligations property plant equipment€175 million14
capitalized development expenses€151 million14
amortization capitalized development€88 million14
adjusted EBIT margin Varian16.5%14
adjusted EBIT margin Siemens Healthineers15.7%14
adjusted EBIT margin Imaging21.1%14
adjusted EBIT margin Diagnostics5.3%14
adjusted EBIT margin Advanced Therapies16.3%14
R&D intensity9%14
R&D expenses€1,918 million14
interest income/expenses, net358 (EUR in millions of €)14
income tax expenses564 (EUR in millions of €)14
amortization, depreciation and impairments1,223 (in millions of €)14
Siemens Healthineers, published 2024-11-06, period 2024-Q3
tax rate Q426%10
tax rate FY22%10
equipment book to bill ratio Q41.1210
equipment book to bill ratio FY1.1110
adjusted EBIT margin Q417.7%10
adjusted EBIT margin FY15.7%10
Varian adjusted EBIT margin Q417.1%10
Varian adjusted EBIT margin FY16.5%10
Imaging adjusted EBIT margin Q424.2%10
Imaging adjusted EBIT margin FY21.1%10
Diagnostics adjusted EBIT margin Q44.7%10
Diagnostics adjusted EBIT margin FY5.3%10
Advanced Therapies adjusted EBIT margin Q420.0%10
Advanced Therapies adjusted EBIT margin FY16.3%10
Siemens Healthineers, published 2024-07-31, period 2024-Q2
Varian adjusted EBIT margin16.6%9
Tax rate21%9
Imaging adjusted EBIT margin20.0%9
Equipment book-to-bill ratio1.079
Diagnostics adjusted EBIT margin7.4%9
Advanced Therapies adjusted EBIT margin13.9%9
Adjusted EBIT margin15.2%9
Siemens Healthineers, published 2024-05-07, period 2024-Q1
Equipment book-to-bill ratio1.0812
Comparable revenue growth (excl. rapid COVID-19 antigen tests)11.2%12
Comparable revenue growth3.0%12
Siemens Healthineers, published 2024-02-01, period 2023-Q4
Tax rate20%8
Overall adjusted EBIT margin14.3%8
equipment book to bill ratio1.148
Comparable revenue growth incl. antigen tests5.7%8
Comparable revenue growth excl. antigen tests7.0%8
Adjusted basic EPS0.498
adjusted EBIT margin14.3%8
Varian comparable revenue growth22.3%8
Varian adjusted EBIT margin15.9%8
Imaging comparable revenue growth5.3%8
Imaging adjusted EBIT margin19.1%8
Diagnostics comparable revenue growth excl. antigen tests1.6%8
Diagnostics comparable revenue decline incl. antigen tests-4.0%8
Diagnostics adjusted EBIT margin5.1%8
Advanced Therapies comparable revenue growth5.0%8
Advanced Therapies adjusted EBIT margin14.3%8
Siemens Healthineers, published 2023-11-08, period 2023-Q3
equipment book to bill ratio Q41.162
equipment book to bill ratio1.152
adjusted EBIT margin including rapid antigen tests14.2%2
adjusted EBIT margin excluding rapid antigen tests14.0%2
adjusted EBIT margin Q4 including rapid antigen tests16.7%2
adjusted EBIT margin Q4 excluding rapid antigen tests16.3%2
Siemens Healthineers, published 2023-08-02, period 2023-Q2
equipment book-to-bill ratio1.114
comparable revenue growth (total)3.6%4
comparable revenue growth (excluding rapid COVID-19 antigen tests)10.1%4
Varian comparable revenue growth6.7%4
Varian adjusted EBIT margin12.1%4
Imaging comparable revenue growth15.2%4
Imaging adjusted EBIT margin21.8%4
Diagnostics comparable revenue growth (excl. antigen tests)2.0%4
Diagnostics comparable revenue growth-20.1%4
Diagnostics adjusted EBIT margin (excl. rapid antigen tests and transformation costs)1.0%4
Diagnostics adjusted EBIT margin-0.5%4
Advanced Therapies comparable revenue growth11.9%4
Advanced Therapies adjusted EBIT margin15.3%4
Adjusted EBIT margin14.2%4
Siemens Healthineers, published 2023-05-10, period 2023-Q1
Overall adjusted EBIT margin12.7%1
equipment book to bill ratio1.011
comparable revenue growth excl. rapid antigen tests11.2%1
comparable revenue decline incl. rapid antigen tests-2.5%1
Varian comparable revenue growth27.0%1
Varian adjusted EBIT margin14.4%1
Imaging comparable revenue growth12.7%1
Imaging adjusted EBIT margin21.5%1
Diagnostics transformation costs€77 million1
Diagnostics comparable revenue decline-39.0%1
Diagnostics adjusted EBIT margin-10.1%1
Advanced Therapies comparable revenue growth9.9%1
Advanced Therapies adjusted EBIT margin16.8%1
Siemens Healthineers, published –, period 2025-H1
Book-to-bill ratio1.1719
adjusted EBIT margin15.8%19
Siemens Healthineers, published –, period 2024-H1
equipment book to bill ratio1.1113
Siemens Healthineers, published –, period 2023-H1
Varian adjusted EBIT margin14.5%3
Research and development intensityaround 9%3
Imaging adjusted EBIT margin21.2%3
Equipment book-to-bill ratio1.173
Diagnostics adjusted EBIT margin-6.0%3
Advanced Therapies adjusted EBIT margin14.3%3
Adjusted EBIT margin12.7%3

Siemens Healthineers Development

A condensed summary of Siemens Healthineers per reporting period as running text: what changed operationally, which drivers management names, how earnings and cash flow developed. NadirAlpha methodology

FY2026: Siemens Healthineers

In the first three quarters of fiscal year 2026, Siemens Healthineers generated revenue of EUR 5,402 million, EUR 5,681 million, and EUR 5,764 million respectively, with the Imaging and Precision Therapy segments posting comparable growth while the Diagnostics segment declined due to structural market changes in China, including centralized volume-based public procurement and government price controls 24. Adjusted EBIT margins came under pressure from higher tariffs and negative currency effects through the first half, while Q3 2026 benefited from tariff refunds following a Supreme Court ruling that retroactively struck down IEEPA tariffs, with the adjusted EBIT margin reaching 19.1% and adjusted basic EPS rising to 0.70 23. Free cash flow improved from EUR 331 million in Q1 to EUR 1,023 million in Q3, with Q3 particularly supported by the tariff refunds 23 126. Full-year comparable revenue growth guidance was reduced twice, first to 4.5%-5.0% and subsequently to 3.5%-4.0% due to continued Diagnostics weakness, while adjusted basic EPS guidance was raised to €2.35-€2.45 reflecting the tariff refund benefit 23 25. Siemens AG announced its intention to reduce its stake in Siemens Healthineers to a significant minority shareholding, which would result in potential deconsolidation from the Siemens Group 24.

FY2025: Siemens Healthineers

Siemens Healthineers delivered full-year FY2025 revenue of 23,375 million with comparable revenue growth of 5.9% despite a challenging environment shaped by higher trade tariffs 17. The adjusted EBIT margin increased by 80 basis points to 16.5% for the year, reflecting strong revenue performance and cost reductions in the Diagnostics transformation program 17. Adjusted basic earnings per share reached 2.39 for the full year 123, and free cash flow reached 2.7 billion euros, up 27% from the prior year, driven by higher cash flow from operating activities 17. Siemens Healthineers expanded its radiopharmacy network through the acquisition of Advanced Accelerator Applications Molecular Imaging for €182 million in the first half, extending the PETNET network to European markets 19. A proposed dividend of €1.00 per share was announced alongside the full-year results, higher than the prior year's €0.95 17.

FY2024: Siemens Healthineers

Siemens Healthineers delivered fiscal year 2024 revenue of 22,363 million, reflecting comparable revenue growth of 4.7% (5.2% excluding rapid COVID-19 antigen tests), supported by strong performance across the Imaging, Varian, and Advanced Therapies segments, while China posted a severe decline due to delayed customer orders 10. The adjusted EBIT margin for the year improved 70 basis points to 15.7%, driven by positive revenue development and cost reductions from the Diagnostics transformation program 10. Net income of 1,942 million was higher than the prior year, benefiting from higher earnings and a lower effective tax rate of 22% 10. Free cash flow reached 2,130 million, doubling from the prior-year level, primarily due to higher earnings 10. Adjusted basic earnings per share of 2.23 fell within the full-year guidance range of €2.10 to €2.30, and the full-year equipment book-to-bill ratio of 1.11 indicated continued expansion of the order backlog 10.

FY2023: Siemens Healthineers

Siemens Healthineers recorded full-year revenue of EUR 21,680 million in fiscal 2023, with comparable revenue growth of 1.2% including the discontinued rapid COVID-19 antigen test business and 8.3% excluding it 2. The Diagnostics segment was the primary headwind, reporting an adjusted EBIT margin of -2.6% for the year, reflecting the exit from antigen-test volumes and transformation costs of €152 million 2. Net income totaled EUR 1,509 million, including €349 million in expenses related to refocusing the endovascular robotics solution exclusively on neurovascular interventions 2. Free cash flow of EUR 1,281 million was below the prior-year level, which had been supported by positive rapid COVID-19 antigen test effects 2. Varian and Imaging were the strongest contributors, with Varian achieving comparable revenue growth of 14.8% for the full year and Imaging 10.9% 2.

Glossary

  • Revenue: Revenue from contracts with customers, net of sales deductions, as the company itself reports it; not total output, gross revenue, GMV or order intake.
  • Op. income: The operating line of the income statement; EBIT only as a marked fallback, never pre-tax or ordinary income.
  • EBITDA (adj.): Adjusted EBITDA, verbatim and company-defined (non-GAAP), never derived.
  • Net income: Net income attributable to the shareholders of the parent, after discontinued operations; not the result including minority interests, not comprehensive income.
  • EPS: Diluted earnings per share attributable to the shareholders of the parent; a printed figure always beats a calculated one, calculated values are marked.
  • EPS adj.: Adjusted earnings per share, verbatim and company-defined (non-GAAP).
  • FCF: Free cash flow = operating cash flow minus capital expenditure on property, plant and equipment; the company's own free cash flow figure is shown separately.
  • OCF: Cash flow from operating activities as reported; IFRS companies may show interest paid in financing cash flow, so the figure is not always comparable.
  • Cash: Cash and cash equivalents, without securities unless the company reports them as part of the position.
  • Net Debt: Net debt = financial debt excluding lease liabilities minus cash at the same reporting date; the company's own net position may differ.
  • *: derived, the formula is in the hover
  • ≈: calculated, approximation
  • ~: uncertain; the value stays visible, verdicts do not use it
  • °: repaired by a targeted query against the document, or curated with documentary evidence
  • EBIT: EBIT as a fallback: the income statement carries no operating line
  • basic: basic earnings per share as a fallback when diluted is missing

Sources: quarterly reports, annual reports and investor relations documents

All original documents NadirAlpha used for this report on Siemens Healthineers stock: quarterly and annual reports, earnings releases and investor relations documents, sorted by publication, the document type is the link. NadirAlpha methodology

25 documents · 2023 to 2026 · IR
Sources for Siemens Healthineers stock: 25 original documents, 2023 to 2026. Compiled by NadirAlpha.
#Document typePublished
#3 / #103IR-Half half-year report–
#13 / #114IR-Half half-year report–
#19 / #121IR-Quarter quarterly report–
#24 / #127IR-Quarter quarterly report–
#6 / #106IR-Quarter quarterly report2023-02-02
#1 / #101IR-Quarter quarterly report2023-05-10
#4 / #104IR-Quarter quarterly report2023-08-02
#2 / #102IR-Quarter quarterly report2023-11-08
#5 / #105IR-Report report2023-11-24
#7 / #107IR-Annual annual report2023-11-27
#8 / #109IR-Quarter quarterly report2024-02-01
#12 / #113IR-Quarter quarterly report2024-05-07
#9 / #110IR-Quarter quarterly report2024-07-31
#10 / #111IR-Quarter quarterly report2024-11-06
#11 / #112IR-Report report2024-11-25
#14 / #115IR-Annual annual report2024-11-26
#16 / #118IR-Quarter quarterly report2025-02-06
#20 / #122IR-Quarter quarterly report2025-05-07
#15 / #117IR-Quarter quarterly report2025-07-30
#17 / #119IR-Quarter quarterly report2025-11-05
#18 / #120IR-Report report2025-11-25
#21 / #123IR-Annual annual report2025-11-26
#22 / #125IR-Quarter quarterly report2026-02-05
#25 / #128IR-Quarter quarterly report2026-05-07
#23 / #126IR-Quarter quarterly report2026-07-31

Siemens Healthineers Stock FAQ

Is there a management forecast (guidance) for FY2026?

Yes. Management has issued targets for FY2026, including EPS (non-GAAP). The guidance tracking chapter shows all targets and checks them against the actuals reported later; neutral, with no estimate of our own.

Does Siemens Healthineers pay a dividend?

The filings report on the dividend; most recent entry: dividends paid approximately €1,060 million (FY2023) (as reported, no assessment of our own). Details with source links are in the report chapters.

Where can I find the official investor relations documents of Siemens Healthineers?

NadirAlpha links all 25 original filings used (IR documents) in the sources chapter: quarterly report, annual report, report, each with type, publication date and a direct link; every figure in the report carries a source number.

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