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Degree of Operating Leverage (DOL) measures the percentage change in EBIT for a unit change in Revenue.
Carl Zeiss Meditec AG's Degree of Operating Leverage for the quarter that ended in Dec. 2025 was -3.07. The higher Degree of Operating Leverage, the higher operating risk the company will take.
The industry rank for Carl Zeiss Meditec AG's Degree of Operating Leverage or its related term are showing as below:
XSWX:AFX's Degree of Operating Leverage is ranked better than 76.08% of 790
companies
in the Medical Devices & Instruments industry
Industry Median: 0.27
vs XSWX:AFX: -3.07
Carl Zeiss Meditec AG (XSWX:AFX) Degree of Operating Leverage Explanation
Degree of Operating Leverage (DOL) is a leverage ratio that measures the sensitivity of a company’s operting income, also referred to as Earnings Before Interest and Taxes (EBIT), to fluctuations in its Revenue. DOL is a method used to quantify a company’s operating risk. This risk is related to the company's structure of variable costs and fixed costs. Since the fixed costs do not allow the company to adjust the operating costs, the operating risk rises with a higher fixed-to-variable costs proportion.
A high Degree of Operating Leverage indicates that the company’s fixed costs exceed its variable costs. By increasing the sales, the company can earn more profits. In addition, the company must be able to maintain relatively high sales to cover all fixed costs.
Be Aware
The use of operating leverage varies across different industries and business sectors, and the application of Degree of Operating Leverage (DOL) should be adjusted accordingly.
Carl Zeiss Meditec AG Degree of Operating Leverage Related Terms
Carl Zeiss Meditec AG Degree of Operating Leverage Historical Data
* Premium members only.
The historical data trend for Carl Zeiss Meditec AG's Degree of Operating Leverage can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Carl Zeiss Meditec AG Degree of Operating Leverage Chart
XSWX:AFX vs ISRG, BDX, MDLN: Degree of Operating Leverage Comparison
For the Medical Instruments & Supplies subindustry, Carl Zeiss Meditec AG's Degree of Operating Leverage, along with its competitors' market caps and Degree of Operating Leverage data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Carl Zeiss Meditec AG Degree of Operating Leverage vs Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Carl Zeiss Meditec AG's Degree of Operating Leverage distribution charts can be found below:
* The bar in red indicates where Carl Zeiss Meditec AG's Degree of Operating Leverage falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
** TTM data of EBIT and Revenue was used to calculate Degree of Operating Leverage.
*** Please be aware that the Degree of Operating Leverage calculations are based on company-level data using the primary share class. The calculated data provided is for demonstration purposes and may slightly differ from the results displayed in the title due to potential variations caused by currency exchange rate differences throughout the year.
What does a Degree of Operating Leverage of -3.07 mean?
Carl Zeiss Meditec AG (XSWX:AFX) has a Degree of Operating Leverage of -3.07 as of Dec. 2025. Degree of Operating Leverage (DOL) measures the percentage change in EBIT for a unit change in Revenue. View historical data for Carl Zeiss Meditec AG and its competitors. According to the industry distribution chart, Carl Zeiss Meditec AG ranks #189 out of 790 companies in the Medical Devices & Instruments industry, placing it in the top 23.9%.
Is Carl Zeiss Meditec AG's Degree of Operating Leverage too high?
Carl Zeiss Meditec AG's current Degree of Operating Leverage is -3.07. Based on the distribution chart, Carl Zeiss Meditec AG ranks #189 out of 790 companies in the Medical Devices & Instruments industry, which is in the top quartile — a strong position relative to peers. Overall, Carl Zeiss Meditec AG has a GF Score™ of 75/100, reflecting its overall financial health beyond just this single metric.
How does Carl Zeiss Meditec AG's Degree of Operating Leverage compare to ISRG and BDX?
According to the Medical Devices & Instruments industry distribution chart, Carl Zeiss Meditec AG ranks #189 out of 790 companies for Degree of Operating Leverage. This places Carl Zeiss Meditec AG in the top 24% of its industry — outperforming the majority of peers. The industry median Degree of Operating Leverage is 0.27. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Degree of Operating Leverage for a Medical Devices & Instruments company?
The median Degree of Operating Leverage among Medical Devices & Instruments companies is 0.27, based on 790 companies in the industry. Companies in the top quartile (top 25%) have a Degree of Operating Leverage significantly above this median, while those in the bottom quartile fall well below. However, Degree of Operating Leverage should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Degree of Operating Leverage mean?
A high Degree of Operating Leverage can signal that a stock is expensive relative to its fundamentals. Degree of Operating Leverage (DOL) measures the percentage change in EBIT for a unit change in Revenue. View historical data for Carl Zeiss Meditec AG and its competitors. For the Medical Devices & Instruments industry, the median Degree of Operating Leverage is 0.27 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Carl Zeiss Meditec AG's current Degree of Operating Leverage is -3.07. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Carl Zeiss Meditec AG stock overvalued right now?
Carl Zeiss Meditec AG (XSWX:AFX) has a current Degree of Operating Leverage of -3.07. The stock's GF Value™ is CHF64.20, compared to a current price of CHF28.14 — trading 56.2% below its estimated fair value. The current Degree of Operating Leverage is -3.07. Carl Zeiss Meditec AG's overall GF Score™ is 75/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Degree of Operating Leverage calculated?
Degree of Operating Leverage is calculated from a company's financial statements. For Carl Zeiss Meditec AG (XSWX:AFX), the current Degree of Operating Leverage is -3.07 as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Carl Zeiss Meditec AG (XSWX:AFX) Overvalued in 2026?
Based on GuruFocus' analysis, Carl Zeiss Meditec AG stock appears to be undervalued.
The current stock price of CHF28.14 is trading 56.2% below its estimated GF Value™ of CHF64.20.
Key valuation signals for XSWX:AFX:
Degree of Operating Leverage: -3.07
GF Value™: CHF64.20 vs. price of CHF28.14 (56.2% below fair value)
No single metric tells the full story. See the XSWX:AFX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Carl Zeiss Meditec is one of the largest visioncare technology companies in the world, and it operates in two segments: ophthalmic devices and microsurgery. OPT, which made up about 75% of sales in 2025, includes refractive lasers, surgical ophthalmic devices, equipment for ophthalmic diagnostics, as well as a portfolio of intraocular lenses and disposable medical instruments. With a low-teens share of the market, Zeiss is the second-largest player in the space. MCS is composed of implants, surgical instruments, and visualization devices used during neurosurgery, spine surgery, and otolaryngology surgery. With over 60% market share, Zeiss is the clear leader in the microsurgery space.
75GF Score
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