Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
Carl Zeiss Meditec AG's Sloan Ratio for the quarter that ended in Dec. 2025 was 0.00%.
As of Dec. 2025, Carl Zeiss Meditec AG has a Sloan Ratio of 0.00%, indicating the company is in the safe zone and there is no funny business with accruals.
Carl Zeiss Meditec AG (XSWX:AFX) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Dec. 2025, Carl Zeiss Meditec AG has a Sloan Ratio of 0.00%, indicating the company is in the safe zone and there is no funny business with accruals.
Carl Zeiss Meditec AG Sloan Ratio % Related Terms
Carl Zeiss Meditec AG Sloan Ratio % Historical Data
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The historical data trend for Carl Zeiss Meditec AG's Sloan Ratio % 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: Sloan Ratio % Comparison
For the Medical Instruments & Supplies subindustry, Carl Zeiss Meditec AG's Sloan Ratio %, along with its competitors' market caps and Sloan 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 Sloan Ratio % vs Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Carl Zeiss Meditec AG's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where Carl Zeiss Meditec AG's Sloan Ratio % falls into.
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
Carl Zeiss Meditec AG's Sloan Ratio for the fiscal year that ended in Sep. 2025 is calculated as
Carl Zeiss Meditec AG's Net Income for the trailing twelve months (TTM) ended in Dec. 2025 was 43.302 (Mar. 2025 ) + 26.614 (Jun. 2025 ) + 48.411 (Sep. 2025 ) + -4.572 (Dec. 2025 ) = CHF114 Mil.
Carl Zeiss Meditec AG's Cash Flow from Operations for the trailing twelve months (TTM) ended in Dec. 2025 was 33.25 (Mar. 2025 ) + 53.643 (Jun. 2025 ) + 134.7 (Sep. 2025 ) + 15.583 (Dec. 2025 ) = CHF237 Mil.
Carl Zeiss Meditec AG's Cash Flow from Investing for the trailing twelve months (TTM) ended in Dec. 2025 was 2.017 (Mar. 2025 ) + 21.937 (Jun. 2025 ) + -92.436 (Sep. 2025 ) + 0.653 (Dec. 2025 ) = CHF-68 Mil.
* 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 (XSWX:AFX) has a Sloan Ratio % of 0.00% as of Dec. 2025. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Carl Zeiss Meditec AG and its competitors.
Is Carl Zeiss Meditec AG's Sloan Ratio % too high?
Carl Zeiss Meditec AG's current Sloan Ratio % is 0.00%. 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 Sloan Ratio % compare to ISRG and BDX?
Carl Zeiss Meditec AG's Sloan Ratio % of 0.00% 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 Sloan Ratio % for a Medical Devices & Instruments company?
A good Sloan Ratio % depends on the Medical Devices & Instruments industry context. However, Sloan Ratio % 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 Sloan Ratio % mean?
A high Sloan Ratio % can signal that a stock is expensive relative to its fundamentals. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Carl Zeiss Meditec AG and its competitors. Carl Zeiss Meditec AG's current Sloan Ratio % is 0.00%. 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 CHF62.89, compared to a current price of CHF26.30 — trading 58.2% below its estimated fair value. The current Sloan Ratio % is 0.00%. Carl Zeiss Meditec AG's overall GF Score™ is 70/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Sloan Ratio % calculated?
Sloan Ratio % is calculated from a company's financial statements. For Carl Zeiss Meditec AG (XSWX:AFX), the current Sloan Ratio % is 0.00% 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 58.2% below its estimated GF Value™ of CHF62.89.
GuruFocus considers Carl Zeiss Meditec AG to be Significantly Undervalued.
Key valuation signals for XSWX:AFX:
Sloan Ratio %: 0.00%
GF Value™: CHF62.89 vs. price of CHF26.30 (58.2% 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.
70GF Score
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