Carl Zeiss Meditec AGXSWX:AFX 79 Beneish M-Score is -2.51 as of Jun. 24, 2026. GuruFocus rates XSWX:AFX with a GF Score™ of 79/100 and a GF Value™ of CHF67.74 (Significantly Undervalued). The stock has 4 warning signs investors should review. Among 765 Medical Devices & Instruments companies, Carl Zeiss Meditec AG ranks worse than 57.52% on this metric.
The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -2.51 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Carl Zeiss Meditec AG's Beneish M-Score or its related term are showing as below:
XSWX:AFX'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.71 Med: -2.46 Max: -1.53
Current: -2.51
During the past 13 years, the highest Beneish M-Score of Carl Zeiss Meditec AG was -1.53. The lowest was -2.71. And the median was -2.46.
Carl Zeiss Meditec AG Beneish M-Score Related Terms
Carl Zeiss Meditec AG Beneish M-Score Historical Data
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The historical data trend for Carl Zeiss Meditec AG's Beneish M-Score 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.
XSWX:AFX vs ISRG, BDX, MDLN: Beneish M-Score Comparison
For the Medical Instruments & Supplies subindustry, Carl Zeiss Meditec AG's Beneish M-Score, along with its competitors' market caps and Beneish M-Score 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 Beneish M-Score vs Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Carl Zeiss Meditec AG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Carl Zeiss Meditec AG's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Carl Zeiss Meditec AG for today is based on a combination of the following eight different indices:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 1.1005
+
0.528 * 1.002
+
0.404 * 0.9736
+
0.892 * 1.0479
+
0.115 * 1
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9952
+
4.679 * -0.038811
-
0.327 * 0.9347
=
-2.51
* 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.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI
=
(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))
/
(Depreciation_t / (Depreciaton_t + PPE_t))
=
(0 / (0 + 332.639))
/
(0 / (0 + 320.452))
=
0
/
0
=
1
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA
=
(IncomefromContinuingOperations_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(NetIncome_t - NonOperatingIncome_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(113.755 - 0
-
237.176)
/
3180.075
=
-0.038811
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Carl Zeiss Meditec AG has a M-score of -2.51 suggests that the company is unlikely to be a manipulator.
Carl Zeiss Meditec AG (XSWX:AFX) has a Beneish M-Score of -2.51 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Carl Zeiss Meditec AG and its competitors. According to the industry distribution chart, Carl Zeiss Meditec AG ranks #440 out of 765 companies in the Medical Devices & Instruments industry, placing it in the top 57.5%.
Is Carl Zeiss Meditec AG's Beneish M-Score too high?
Carl Zeiss Meditec AG's current Beneish M-Score is -2.51. Based on the distribution chart, Carl Zeiss Meditec AG ranks #440 out of 765 companies in the Medical Devices & Instruments industry, which is below the industry midpoint. Overall, Carl Zeiss Meditec AG has a GF Score™ of 79/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Carl Zeiss Meditec AG's Beneish M-Score compare to ISRG and BDX?
According to the Medical Devices & Instruments industry distribution chart, Carl Zeiss Meditec AG ranks #440 out of 765 companies for Beneish M-Score. This places Carl Zeiss Meditec AG in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Medical Devices & Instruments company?
A good Beneish M-Score depends on the Medical Devices & Instruments industry context. However, Beneish M-Score 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 Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Carl Zeiss Meditec AG and its competitors. Carl Zeiss Meditec AG's current Beneish M-Score is -2.51. 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?
Based on GuruFocus' analysis, Carl Zeiss Meditec AG (XSWX:AFX) is currently considered Significantly Undervalued. The stock's GF Value™ is CHF67.74, compared to a current price of CHF24.80 — trading 63.4% below its estimated fair value. The current Beneish M-Score is -2.51. Carl Zeiss Meditec AG's overall GF Score™ is 79/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Carl Zeiss Meditec AG (XSWX:AFX), the current Beneish M-Score is -2.51 as of Jun. 24, 2026. 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 CHF24.80 is trading 63.4% below its estimated GF Value™ of CHF67.74.
GuruFocus considers Carl Zeiss Meditec AG to be Significantly Undervalued.
Key valuation signals for XSWX:AFX:
Beneish M-Score: -2.51
GF Value™: CHF67.74 vs. price of CHF24.80 (63.4% 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.
79GF Score
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