Siemens Healthineers AG
5-year stock timeline
Siemens Healthineers (SHL.XETRA) five-year timeline; latest price €33.86.
Major events
The company announced on 2 August 2020 that it would acquire Varian Medical Systems for approximately USD 16.4 billion, positioning itself to build an integrated cancer-care portfolio with closure expected in H1 2021.
The Varian acquisition closed during 2021 through a combination of debt and a substantial rights issue, triggering a lengthy integration phase that reshaped the company's capital structure and free-float composition.
From 2022 through 2025, management concentrated on Varian integration alongside selective bolt-on acquisitions—including Varian's purchase of Aspekt Solutions in April 2024—while corporate actions such as a partial Siemens AG stake sale in 2025 and regular capital-markets updates altered both the ownership structure and investor information flow.
Investor narrative
The 2020–2021 Varian deal reframed Siemens Healthineers as a growth-and-scale oncology platform, anchoring a narrative around therapy-franchise expansion and long-term TAM capture.
Through 2022–2023, sentiment shifted as investors focused on capital-equipment cyclicality, Varian integration execution risk, and macroeconomic headwinds, driving a more cautious, valuation-conscious stance.
By 2024–2026, the story settled into a stabilizing compounder as Varian synergies materialized, reporting clarity improved, and index/passive ownership increased—moving the name toward a defensive healthcare industrial with meaningful oncology exposure.
Technical phases
2020 saw a COVID-era shock followed by recovery, with a notable rally surrounding and after the Varian announcement as markets repriced the growth trajectory the deal implied.
2021 brought pronounced volatility and periodic selloffs tied to rights-issue mechanics and early integration updates, creating multi-month retracements that punctuated the pre-deal trend.
2022–2023 experienced a broad drawdown and extended sideways consolidation amid macro weakness and capital-cycle concerns, followed by 2023–2024 breakout episodes on better-than-expected results, then 2025–2026 consolidation near current levels as volatility subsided and investor focus narrowed to cash-flow and integration milestones.
Key risks and downside factors
Siemens Healthineers faces stiff competition from GE HealthCare and Philips across imaging, diagnostics and therapy, with Canon, Fujifilm and specialist PACS/IT vendors nibbling at the edges. The company is deliberately moving toward services, consumables and software subscriptions—a sensible pivot—though management has been candid that the diagnostics business is running into headwinds that have pulled down their outlook. It's the kind of pressure that tends to separate who's adapting from who's just hoping things improve.
- Intense competition from GE HealthCare, Philips, Canon, and Fujifilm, alongside low-cost entrants, creates ongoing pressure on pricing and market share [3][8].
- Diagnostics revenue and margins move with volume cycles and reimbursement shifts. Management has flagged the diagnostics business as navigating a challenging environment with material implications for guidance [8].
- The rapid pivot toward software, AI, and cloud imaging platforms creates real exposure to margin compression. More concerning: tech firms and specialist software vendors are positioned to disintermediate the traditional players here.
- Operational risks—supply-chain constraints, parts and service execution, regulatory approvals for imaging and therapy devices—can delay deliveries and push costs higher [2][7].
Competitive landscape
Siemens Healthineers operates in a global medtech market dominated by large, diversified competitors—GE HealthCare, Philips, Abbott, and Roche among them. The competitive arena spans imaging, laboratory diagnostics, radiotherapy, advanced therapies, and digital health, which creates persistent pressure on pricing, installed-base services, and the pace of product innovation. Regional low-cost manufacturers and newer software and AI players introduce additional disruption risk, particularly in emerging markets and digital workflow solutions.
| Company | Ticker |
|---|---|
| GE HealthCare Technologies, Inc. | GEHC.NASDAQ |
| Abbott Laboratories | ABT.NYSE |
| Roche Holding AG | ROG.SIX |
Private competitors
- Carestream Health
- United Imaging
- Epic Systems
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Start Free TrialPerformance Figures of Siemens Healthineers AG
Relative Performance vs Benchmarks
| Period | Siemens Healthineers AG | vs DAX | vs S&P 500 (SPY) |
|---|---|---|---|
| 1M | -11.57% | -11.81% | -15.10% |
| 3M | -18.31% | -16.04% | -25.80% |
| 6M | -16.99% | -22.98% | -28.96% |
| 1Y | -29.34% | -31.17% | -54.52% |
| 3Y | -33.25% | -83.63% | -115.39% |
| 5Y | -19.90% | -78.45% | -109.23% |
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Start Free TrialHistorical valuation trends
How the company’s key valuation ratios (P/E, P/S, P/B and P/CF) have evolved over time compared to today.
| Period | P/E Ratio | P/S Ratio | P/B Ratio | P/CF Ratio |
|---|---|---|---|---|
| Current | 18.2 | 1.7 | 2.1 | 13.6 |
| 1Y ago | 26.6 | 2.4 | 3.0 | 17.8 |
| 3Y ago | 39.6 | 2.8 | 3.5 | 30.4 |
| 5Y ago | 31.6 | 3.3 | 3.4 | 19.6 |
Frequently Asked Questions
Where is the Siemens Healthineers AG stock traded?
What does Siemens Healthineers AG do?
What are the key metrics for SHL.XETRA?
How has Siemens Healthineers AG's stock price performed?
How is SHL.XETRA valued?
Does SHL.XETRA pay dividends?
What are the key risks when investing in SHL.XETRA?
- Intense competition from GE HealthCare, Philips, Canon, and Fujifilm, alongside low-cost entrants, creates ongoing pressure on pricing and market share [web:3][web:8].
- Diagnostics revenue and margins move with volume cycles and reimbursement shifts. Management has flagged the diagnostics business as navigating a challenging environment with material implications for guidance [page:1][web:8].
- The rapid pivot toward software, AI, and cloud imaging platforms creates real exposure to margin compression. More concerning: tech firms and specialist software vendors are positioned to disintermediate the traditional players here.
- Operational risks—supply-chain constraints, parts and service execution, regulatory approvals for imaging and therapy devices—can delay deliveries and push costs higher [web:2][web:7].
Who are the main competitors of Siemens Healthineers AG?
- GE HealthCare Technologies, Inc. (GEHC.NASDAQ)
- Abbott Laboratories (ABT.NYSE)
- Roche Holding AG (ROG.SIX)
Key Metrics
Valuation Metrics
Profitability Metrics
Growth Metrics
Dividend history
Long-term record of paid dividends (amount per share and dividend yield at the time of payment).
| Year | Dividend | Yield at payment | Avg. yield |
|---|---|---|---|
| 2026 | 1.00 EUR | 2.35% | 1.85% |
| 2025 | 0.95 EUR | 1.66% | |
| 2024 | 0.95 EUR | 1.86% | |
| 2023 | 0.95 EUR | 1.85% | |
| 2022 | 0.85 EUR | 1.52% | |
| 2021 | 0.80 EUR | 1.64% | |
| 2020 | 0.80 EUR | 1.94% | |
| 2019 | 0.70 EUR | 1.98% |
Earnings history & estimates
Historical earnings performance shows how consistently the company meets or exceeds analyst expectations. Forward estimates provide insight into expected profitability and growth trajectory.
Historical earnings performance
Analyst estimates for upcoming periods
Key financial figures
Selected income statement, balance sheet and cash flow figures. Annual and quarterly, based on reported IFRS/GAAP financials.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 23.38B | 22.36B | 21.68B | 21.71B | 18.00B |
| Operating income (EBIT) | 3.44B | 3.30B | 2.44B | 3.06B | 2.78B |
| Net income | 2.14B | 1.94B | 1.51B | 2.04B | 1.73B |
| Free cash flow | 2.27B | 1.77B | 1.28B | 1.65B | 2.26B |
| Total assets | 44.37B | 46.05B | 46.68B | 49.06B | 41.93B |
| Equity | 18.04B | 18.20B | 18.08B | 19.84B | 16.04B |
| Net debt | 12.89B | 13.53B | -1.01B | -704.00M | 12.99B |
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