Carl Zeiss Meditec AG (XSWX:AFX) Operating Income: CHF185 Mil (TTM As of Dec. 2025)

What is Carl Zeiss Meditec AG Operating Income?

Carl Zeiss Meditec AG XSWX:AFX 67 Operating Income is CHF185 Mil as of Dec. 2025. GuruFocus rates XSWX:AFX with a GF Score™ of 67/100 and a GF Value™ of CHF65.97 (Significantly Undervalued). The stock has 4 warning signs investors should review.

Carl Zeiss Meditec AG's Operating Income for the three months ended in Dec. 2025 was CHF1 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was CHF185 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Carl Zeiss Meditec AG's Operating Income for the three months ended in Dec. 2025 was CHF1 Mil. Carl Zeiss Meditec AG's Revenue for the three months ended in Dec. 2025 was CHF436 Mil. Therefore, Carl Zeiss Meditec AG's Operating Margin % for the quarter that ended in Dec. 2025 was 0.21%.

Warning Sign:

Carl Zeiss Meditec AG operating margin has been in a 5-year decline. The average rate of decline per year is -11.5%.

Carl Zeiss Meditec AG's 5-Year average Growth Rate for Operating Margin % was -11.50% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Carl Zeiss Meditec AG's annualized ROC % for the quarter that ended in Dec. 2025 was 0.13%. Carl Zeiss Meditec AG's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 1.32%.

Carl Zeiss Meditec AG (XSWX:AFX) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Carl Zeiss Meditec AG's annualized ROC % for the quarter that ended in Dec. 2025 is calculated as:

	ROC % (Q: Dec. 2025 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Sep. 2025 )	+	Invested Capital (Q: Dec. 2025 ))	/ count )
=	3.732 * ( 1 - 0% )	/	( (2915.507	+	0)	/ 1 )
=	3.732	/	2915.507
=	0.13 %

where

	Invested Capital		(Q: Sep. 2025 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	3180.075	-	239.09	-	( 25.478	-	max(0, 508.131	-	1188.493	+	25.478	))
=	2915.507

	Invested Capital		(Q: Dec. 2025 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	0	-	0	-	( 0	-	max(0, 0	-	0	+	0	))
=	0

Note: The Operating Income data used here is four times the quarterly (Dec. 2025) data.

2. Joel Greenblatt's definition of Return on Capital:

Carl Zeiss Meditec AG's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2025 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Sep. 2025		Q: Dec. 2025
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	7.464	/	( ( (320.452 + max(245.292, 0))	+	(0 + max(0, 0)) )	/	1 )
=	7.464	/	( ( 565.744	+	0 )	/	1 )
=	7.464	/	565.744
=	1.32 %

where Working Capital is:

	Working Capital		(Q: Sep. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(195.3	+	464.375	+	71.194)	-	(239.09	+	0	+	246.487)
=	245.292

	Working Capital		(Q: Dec. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	0	+	0)	-	(0	+	0	+	0)
=	0

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Dec. 2025) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Carl Zeiss Meditec AG's Operating Margin % for the quarter that ended in Dec. 2025 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2025 )	/	Revenue (Q: Dec. 2025 )
	=	0.933	/	435.776
	=	0.21 %

* 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.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Carl Zeiss Meditec AG Operating Income Related Terms

Carl Zeiss Meditec AG Operating Income Historical Data

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The historical data trend for Carl Zeiss Meditec AG's Operating Income can be seen below:

Carl Zeiss Meditec AG Operating Income Chart

Carl Zeiss Meditec AG Annual Data

Trend

Sep16

Sep17

Sep18

Sep19

Sep20

Sep21

Sep22

Sep23

Sep24

Sep25

Operating Income

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405.61

382.46

334.23

182.84

208.67

Carl Zeiss Meditec AG Quarterly Data
	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25
Operating Income	Get a 7-Day Free Trial															26.14	67.99	49.77	66.45	0.93

67GF Score

Carl Zeiss Meditec AG XSWX:AFX

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Carl Zeiss Meditec AG Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 adds up the quarterly data reported by the company within the most recent 12 months, which was CHF185 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of CHF185 Mil mean?

Carl Zeiss Meditec AG (XSWX:AFX) has a Operating Income of CHF185 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Carl Zeiss Meditec AG and its competitors.

Is Carl Zeiss Meditec AG's Operating Income too high?

Carl Zeiss Meditec AG's current Operating Income is CHF185 Mil. Overall, Carl Zeiss Meditec AG has a GF Score™ of 67/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Carl Zeiss Meditec AG's Operating Income compare to ISRG and BDX?

Carl Zeiss Meditec AG's Operating Income of CHF185 Mil can be compared against companies in the Medical Devices & Instruments industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Operating Income for a Medical Devices & Instruments company?

A good Operating Income depends on the Medical Devices & Instruments industry context. However, Operating Income 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 Operating Income mean?

A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Carl Zeiss Meditec AG and its competitors. Carl Zeiss Meditec AG's current Operating Income is CHF185 Mil. 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 CHF65.97, compared to a current price of CHF25.10 — trading 62% below its estimated fair value. The current Operating Income is CHF185 Mil. Carl Zeiss Meditec AG's overall GF Score™ is 67/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Operating Income calculated?

Operating Income is calculated from a company's financial statements. For Carl Zeiss Meditec AG (XSWX:AFX), the current Operating Income is CHF185 Mil 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 CHF25.10 is trading 62% below its estimated GF Value™ of CHF65.97. GuruFocus considers Carl Zeiss Meditec AG to be Significantly Undervalued.

Key valuation signals for XSWX:AFX:

Operating Income: CHF185 Mil
GF Value™: CHF65.97 vs. price of CHF25.10 (62% below fair value)
GF Score™: 67/100 with 4 warning signs

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 AG Business Description

Industry Healthcare Medical Devices & Instruments

Comparable Companies XTER:1SXP XTER:FIE XTER:GXI FRA:PHH2 ISRG XPAR:EL TSE:7741 BDX XSWX:ALC MDLN RMD WST XSWX:STMN TSE:4543 XPAR:DIM COO SOLV OCSE:COLO B NZSE:FPH ALGN

Other Exchanges CZMWY:USA CZMWF:USA 1AFX:Italy AFXd:UK 0DHC:UK AFX:Germany AFX:Austria

Address Goschwitzer Strasse 51-52, Jena, TH, DEU, 07745

Website https://www.zeiss.com

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.

67GF Score

Get the complete analysis for XSWX:AFX

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

CHF25.10

Price

CHF65.97

GF Value

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