Carl Zeiss Meditec AGXSWX:AFX 70 Net-Net Working Capital is CHF0.00 as of Dec. 2025. GuruFocus rates XSWX:AFX with a GF Score™ of 70/100 and a GF Value™ of CHF65.71 (Significantly Undervalued). The stock has 4 warning signs investors should review. Among 424 Medical Devices & Instruments companies, Carl Zeiss Meditec AG ranks worse than 235848.82% on this metric.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
Carl Zeiss Meditec AG's Net-Net Working Capital for the quarter that ended in Dec. 2025 was CHF0.00.
The industry rank for Carl Zeiss Meditec AG's Net-Net Working Capital or its related term are showing as below:
XSWX:AFX's Price-to-Net-Net-Working-Capital is not ranked *
in the Medical Devices & Instruments industry.
Industry Median: 6.81 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Carl Zeiss Meditec AG (XSWX:AFX) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
Carl Zeiss Meditec AG Net-Net Working Capital Related Terms
Carl Zeiss Meditec AG Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Carl Zeiss Meditec AG's Net-Net Working Capital 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 Net-Net Working Capital Chart
XSWX:AFX vs ISRG, BDX, MDLN: Net-Net Working Capital Comparison
For the Medical Instruments & Supplies subindustry, Carl Zeiss Meditec AG's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital 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 Price-to-Net-Net-Working-Capital vs Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Carl Zeiss Meditec AG's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Carl Zeiss Meditec AG's Price-to-Net-Net-Working-Capital 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.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of CHF0.00 mean?
Carl Zeiss Meditec AG (XSWX:AFX) has a Net-Net Working Capital of CHF0.00 as of Dec. 2025. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Carl Zeiss Meditec AG According to the industry distribution chart, Carl Zeiss Meditec AG ranks #999999 out of 424 companies in the Medical Devices & Instruments industry.
Is Carl Zeiss Meditec AG's Net-Net Working Capital too high?
Carl Zeiss Meditec AG's current Net-Net Working Capital is CHF0.00. Based on the distribution chart, Carl Zeiss Meditec AG ranks #999999 out of 424 companies in the Medical Devices & Instruments industry, which is in the bottom quartile relative to peers. Overall, Carl Zeiss Meditec AG has a GF Score™ of 70/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Carl Zeiss Meditec AG's Net-Net Working Capital compare to ISRG and BDX?
According to the Medical Devices & Instruments industry distribution chart, Carl Zeiss Meditec AG ranks #999999 out of 424 companies for Net-Net Working Capital. This places Carl Zeiss Meditec AG in the lower half of its industry. The industry median Net-Net Working Capital is 6.81. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Medical Devices & Instruments company?
The median Net-Net Working Capital among Medical Devices & Instruments companies is 6.81, based on 424 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital 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 Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Carl Zeiss Meditec AG For the Medical Devices & Instruments industry, the median Net-Net Working Capital is 6.81 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Carl Zeiss Meditec AG's current Net-Net Working Capital is CHF0.00. 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 CHF65.71, compared to a current price of CHF26.30 — trading 60% below its estimated fair value. The current Net-Net Working Capital is CHF0.00. Carl Zeiss Meditec AG's overall GF Score™ is 70/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For Carl Zeiss Meditec AG (XSWX:AFX), the current Net-Net Working Capital is CHF0.00 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 CHF26.30 is trading 60% below its estimated GF Value™ of CHF65.71.
GuruFocus considers Carl Zeiss Meditec AG to be Significantly Undervalued.
Key valuation signals for XSWX:AFX:
Net-Net Working Capital: CHF0.00
GF Value™: CHF65.71 vs. price of CHF26.30 (60% 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.
70GF Score
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