Carl Zeiss Meditec AGXSWX:AFX +1.21%79 PB Ratio is 1.11 as of Jun. 25, 2026, which is 74% below its 10-year median of 4.33. GuruFocus rates XSWX:AFX with a GF Score™ of 79/100 and a GF Value™ of CHF315.55 (Significantly Undervalued). The stock has 4 warning signs investors should review. Among 787 Medical Devices & Instruments companies, Carl Zeiss Meditec AG ranks better than 75.48% on this metric.
Carl Zeiss Meditec AG stock PB Ratio (=1.11) is close to 10-year low of 1.11.
The historical rank and industry rank for Carl Zeiss Meditec AG's PB Ratio or its related term are showing as below:
XSWX:AFX'
s PB Ratio Range Over the Past 10 Years
Min: 1.11 Med: 4.33 Max: 10.1
Current: 1.12
During the past 13 years, Carl Zeiss Meditec AG's highest PB Ratio was 10.10. The lowest was 1.11. And the median was 4.33.
XSWX:AFX's PB Ratio is ranked better than 75.48% of 787
companies
in the Medical Devices & Instruments industry
Industry Median: 2.04
vs XSWX:AFX: 1.12
During the past 12 months, Carl Zeiss Meditec AG's average Book Value Per Share Growth Rate was 3.70% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was 2.40% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was 8.40% per year.
During the past 10 years, the average Book Value Per Share Growth Rate was 10.60% per year.
During the past 13 years, the highest 3-Year average Book Value Per Share Growth Rate of Carl Zeiss Meditec AG was 16.80% per year. The lowest was -2.30% per year. And the median was 6.90% per year.
Back to Basics: PB Ratio
Carl Zeiss Meditec AG (XSWX:AFX) PB Ratio Explanation
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
* 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.
For the Medical Instruments & Supplies subindustry, Carl Zeiss Meditec AG's PB Ratio, along with its competitors' market caps and PB Ratio 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 PB Ratio vs Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Carl Zeiss Meditec AG's PB Ratio distribution charts can be found below:
* The bar in red indicates where Carl Zeiss Meditec AG's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
* 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.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
Carl Zeiss Meditec AG (XSWX:AFX) has a PB Ratio of 1.11 as of Jun. 25, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Carl Zeiss Meditec AG and its competitors. This is 74% below median its historical median of 4.33. Over the past decade, Carl Zeiss Meditec AG's PB Ratio has ranged from 1.11 to 10.10. According to the industry distribution chart, Carl Zeiss Meditec AG ranks #193 out of 787 companies in the Medical Devices & Instruments industry, placing it in the top 24.5%.
Is Carl Zeiss Meditec AG's PB Ratio too high?
Carl Zeiss Meditec AG's current PB Ratio of 1.11 is 74% below median its 10-year median of 4.33. Over the past 10 years, this metric has ranged from a low of 1.11 to a high of 10.10. The Medical Devices & Instruments industry median PB Ratio is 2.04. Carl Zeiss Meditec AG's value of 1.11 is 45.6% below this industry median. Based on the distribution chart, Carl Zeiss Meditec AG ranks #193 out of 787 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 79/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Carl Zeiss Meditec AG's PB Ratio compare to ISRG and BDX?
According to the Medical Devices & Instruments industry distribution chart, Carl Zeiss Meditec AG ranks #193 out of 787 companies for PB Ratio. This places Carl Zeiss Meditec AG in the top 25% of its industry — outperforming the majority of peers. The industry median PB Ratio is 2.04. Carl Zeiss Meditec AG's value of 1.11 is 45.6% below this benchmark. Historically, Carl Zeiss Meditec AG's own PB Ratio has ranged from 1.11 to 10.10 over the past decade. While the company's 10-year median is 4.33 vs. the industry median of 2.04, Carl Zeiss Meditec AG has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good PB Ratio for a Medical Devices & Instruments company?
The median PB Ratio among Medical Devices & Instruments companies is 2.04, based on 787 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Carl Zeiss Meditec AG's current PB Ratio of 1.11 is 45.6% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Carl Zeiss Meditec AG and its competitors. For the Medical Devices & Instruments industry, the median PB Ratio is 2.04 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Carl Zeiss Meditec AG's current PB Ratio is 1.11, which is 74% below median its own 10-year median of 4.33. 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 CHF315.55, compared to a current price of CHF25.10 — trading 92% below its estimated fair value. The current PB Ratio is 1.11, which is 74% below median its 10-year median of 4.33 and 45.6% below the Medical Devices & Instruments industry median of 2.04. 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 PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For Carl Zeiss Meditec AG (XSWX:AFX), the current PB Ratio is 1.11 as of Jun. 25, 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 CHF25.10 is trading 92% below its estimated GF Value™ of CHF315.55.
GuruFocus considers Carl Zeiss Meditec AG to be Significantly Undervalued.
Key valuation signals for XSWX:AFX:
PB Ratio: 1.11 (74% below median its 10-year median of 4.33)
GF Value™: CHF315.55 vs. price of CHF25.10 (92% below fair value)
Industry Position: 45.6% below the Medical Devices & Instruments median (#193 of 787)
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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