olivLaw · European equity research
Sartorius Stedim Biotech DIM.PA
France · Euronext Paris · ISIN FR0013154002 · Vertical: Listed companies from France
Sartorius Stedim Biotech supplies equipment, consumables and bioprocessing and laboratory solutions to the biopharmaceutical industry, where market growth is supported by long-term structural trends. For fiscal 2026 the company has guided to revenue growth of roughly 6 to 10 percent at constant exchange rates, after a normalisation of the sector in prior years with demand for equipment still volatile. Against the backdrop of transatlantic trade tensions and US tariffs, the outcome could depend heavily on demand from pharmaceutical customers.
At the close of 30 Oct 2026, Sartorius Stedim Biotech (DIM.PA) stock was 223.40 EUR (−2.19% on the day), with market capitalisation 21.7 bn EUR, P/E 81.8 on diluted EPS of 2.73 EUR over the last 12 months, dividend yield 0.31%, beta 1.05, 52-week range 151.50–228.40 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 60.2
- strong (55–70)
- Bollinger (20, 2)
- 205.70 – 225.94
- in the upper half of the band · %B 0.87 · band width 9.4%
- SMA 50 / 200
- 205.44 / 182.51
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 4.80 / 4.32
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.0% | −2.2% | +7.2 pp | — |
| 3 months | +34.0% | −3.6% | +37.6 pp | — |
| 6 months | +42.6% | +4.2% | +38.3 pp | — |
| Year to date | +6.4% | +5.8% | +0.6 pp | — |
| 1 year | +8.0% | +7.6% | +0.4 pp | −10.3% |
| 3 years | +26.5% | +51.0% | −24.4 pp | −2.6% |
| 5 years | −53.1% | +44.2% | −97.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 71.1, median 76.9, max 104.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2.8 bn | 2.8 bn | 3.0 bn |
| Revenue YoY | unavailable | +0.2% | +6.7% |
| Net income | 310.3 m | 175.1 m | 265.6 m |
| Net income YoY | unavailable | −43.6% | +51.7% |
| Diluted EPS | 3.37 | 1.81 | 2.73 |
| Diluted EPS YoY | unavailable | −46.3% | +50.8% |
| net % | 11.2% | 6.3% | 9.0% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 426.1 m EUR
- Financial debt
- 1.9 bn EUR
- Net debt
- 1.4 bn EUR
- Equity
- 4.1 bn EUR
- Total assets
- 8.0 bn EUR
- Debt / equity
- 0.45x
- Current ratio
- 1.02x
- ROE
- 6.5%
- ROA
- 3.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.8 bn | 2.8 bn | 3.0 bn | esef· 17 Feb 2026verified |
| Cost of revenue | 1.5 bn | 1.6 bn | 1.6 bn | esef· 17 Feb 2026verified |
| Gross profit | 1.2 bn | 1.2 bn | 1.3 bn | esef· 17 Feb 2026verified |
| Research & development | 129.5 m | 144.1 m | 133.1 m | esef· 17 Feb 2026verified |
| Operating income | 449.5 m | 370.6 m | 525.7 m | esef· 17 Feb 2026verified |
| Interest expense | 141.9 m | 196.7 m | 192.7 m | esef· 17 Feb 2026verified |
| Pre-tax income | 401.9 m | 219.2 m | 373.2 m | esef· 17 Feb 2026verified |
| Income tax | 89.2 m | 40.7 m | 107.3 m | esef· 17 Feb 2026verified |
| Net income | 310.3 m | 175.1 m | 265.6 m | esef· 17 Feb 2026verified |
| Diluted EPS | 3.37 | 1.81 | 2.73 | esef· 17 Feb 2026verified |
| Dividend per share | — | 0.69 | 0.69 | esef· 17 Feb 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 116.6 m | 678.9 m | 426.1 m | esef· 17 Feb 2026verified |
| Inventories | 882.4 m | 684.9 m | 690.9 m | esef· 17 Feb 2026verified |
| Current assets | 1.4 bn | 1.7 bn | 1.4 bn | esef· 17 Feb 2026verified |
| Goodwill | 2.9 bn | 2.9 bn | 2.9 bn | esef· 17 Feb 2026verified |
| Intangibles (excl. goodwill) | 1.7 bn | 1.6 bn | 1.5 bn | esef· 17 Feb 2026verified |
| Total assets | 7.7 bn | 8.3 bn | 8.0 bn | esef· 17 Feb 2026verified |
| Long-term debt | 3.5 bn | 2.7 bn | 1.9 bn | esef· 17 Feb 2026verified |
| Current liabilities | 937.3 m | 938.8 m | 1.4 bn | esef· 17 Feb 2026verified |
| Equity | 2.7 bn | 4.0 bn | 4.1 bn | esef· 17 Feb 2026verified |
| Shares outstanding at year end | 92.1 m | 96.7 m | 97.3 m | esef· 17 Feb 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
30 Oct 2026Source: olivLaw, closing series
Market cap: 21.7 bn EUR
Key indicators
Coverage and freshness
Score by group
38% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 9.38 – 79.71 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E29.82 – 79.71 (Mid 45.94)20 companies used · median multiple 16.8x · quartiles 10.9x – 29.2x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA
- Dividend discount (DDM)9.38 – 12.80 (Mid 10.83)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.5% | 48 (vs peers) | 28% |
| Net margin · Quality | 9.0% | 90 (vs peers) | 17% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.7x | 19 (on a fixed band) | 17% |
| Current ratio · Balance sheet | 1.0x | 18 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | 81.8x | 9 (vs peers) | 28% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet19/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality63/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial9/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Sartorius Stedim Biotech (DIM.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 3.0 bn EUR in 2025; YoY growth 6.7%; net margin 9.0%; ROE 6.6%.
The estimated value range is 19.60–46.25 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 28.38 EUR, the price of 223.40 EUR leaves a potential of -87.3% (value / price − 1) and a margin of safety of -687.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 9.0%
What contradicts it
- Interest coverage: 2.7x
- Current ratio: 1.0x
- P/E (TTM): 81.8x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 104.2 bn | 31.6 | 12.9% | 12.2% | −2.0% | +19% / +35% |
| DIM.PASartorius Stedim Biotech | 21.7 bn | 81.8 | 6.6% | 9.0% | +6.7% | +8% / +27% |
| AC.PAAccor | 12.9 bn | 28.8 | 9.6% | 8.0% | +0.6% | +5% / +54% |
| ADP.PAAeroports De Paris | 11.2 bn | 32.7 | 7.8% | 5.6% | +12.1% | −5% / +7% |
| ALO.PAAlstom | 8.4 bn | 26.4 | 3.1% | 1.7% | +3.7% | −27% / +24% |
| AKE.PAArkema | 6.8 bn | 109.9 | 0.9% | 0.7% | −5.0% | +9% / −37% |
| AF.PAAir France - Klm | 3.5 bn | 11.2 | — | 1.0% | +4.8% | −10% / −3% |
| ATE.PAAlten | 3.0 bn | 28.6 | 4.8% | 2.6% | −1.1% | +22% / −22% |
| BB.PASociete Bic | 2.6 bn | 30.9 | 5.0% | 4.1% | −4.8% | +33% / +8% |
| ANTIN.PAAntin Infrastructure Partners | 1.3 bn | 12.5 | 21.9% | 36.6% | −8.1% | −31% / −33% |
| 74SW.PA74software | 846.7 m | 22.3 | 8.9% | 8.5% | +44.8% | +1% / +58% |
| AUB.PAAubay | 654.7 m | 17.5 | 13.6% | 6.3% | +11.3% | +3% / +63% |
| ATO.PAAtos Se | 522.2 m | — | -23,400.0% | -17.5% | −16.5% | −46% / −94% |
| ASY.PAAssystem | 492.6 m | 67.9 | 2.5% | 1.1% | +7.4% | −22% / −10% |
| ARAMI.PAAramis Group | 315.4 m | 15.9 | 10.0% | 0.8% | +6.3% | −39% / +18% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −33% |
| BGO.PACompagnie Chargeurs Invest | 178.8 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 155.5 m | 30.5 | 9.3% | 1.9% | +5.8% | +41% / +111% |
| ALHEX.PAHexaom | 148.8 m | 6.9 | 9.9% | 2.2% | +13.1% | −24% / +49% |
| ALCGM.PACegedim | 143.7 m | — | -2.6% | -1.2% | +10.9% | −15% / −44% |
| ATEME.PAAteme | 136.9 m | 143.8 | 2.8% | 1.0% | +2.2% | +107% / +73% |
| ALBON.PACompagnie Lebon | 109.9 m | 16.2 | 4.2% | 8.8% | −17.9% | +2% / +12% |
| ALHYF.PALhyfe | 71.5 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ABEO.PAAbeo | 66.3 m | 7.9 | 6.9% | 3.0% | +12.6% | −7% / −53% |
| ALFER.PASergeferrari Group | 60.4 m | 11.3 | 5.1% | 1.5% | +7.4% | −30% / −17% |
1- and 3-year price returns: for DIM.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 135.03 Total return -39% · Per year -39% | 238.47 Total return 7% · Per year 7% | 358.85 Total return 61% · Per year 61% |
| 3 years | 137.03 Total return -38% · Per year -15% | 271.72 Total return 23% · Per year 7% | 448.10 Total return 102% · Per year 26% |
| 5 years | 139.05 Total return -36% · Per year -9% | 309.61 Total return 40% · Per year 7% | 559.53 Total return 153% · Per year 20% |
- Exit P/E± 67.93
- Net margin± 47.55
- Annual revenue growth± 38.21
- Annual dilution± 4.00
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Sartorius Stedim Biotech supplies equipment, consumables and bioprocessing and laboratory solutions to the biopharmaceutical industry, where market growth is supported by long-term structural trends. For fiscal 2026 the company has guided to revenue growth of roughly 6 to 10 percent at constant exchange rates, after a normalisation of the sector in prior years with demand for equipment still volatile. Against the backdrop of transatlantic trade tensions and US tariffs, the outcome could depend heavily on demand from pharmaceutical customers.
SWOT
Strengths
- Strong competitive position in key technologies, supported by products used in validated processes that make rapid loss of market share harder.
- High vertical integration for a substantial part of products and an international site network that allows bottlenecks in production to be offset.
- Diversified customer base across industries and segments, which reduces dependence on large accounts.
Weaknesses
- The equipment segment is sensitive to customers' reluctance to invest after the overcapacity built up during the pandemic.
- Revenue has shown pronounced volatility in recent years, with periods of temporary decline.
- Some products are made at a single site, such as the Puerto Rico plant or the Israel facility, which increases exposure to local risks.
Opportunities
- The structural growth of the biopharmaceutical segment and of advanced therapies could support demand over the long term.
- Single-use technologies and digitalisation could open new sales opportunities with manufacturers seeking efficiency.
- A long-standing presence in China could allow participation in a future recovery of that regional market.
Threats
- US tariffs and possible countermeasures by trading partners could affect costs and sales volumes.
- Sanctions and trade restrictions linked to geopolitical conflicts could limit sales opportunities in some regions.
- Regulatory restrictions on certain chemicals, such as PFAS, could affect products and the availability of key raw materials.
Risks
- US tariffsmedium
Tariffs on imports from the EU into the US could rise if new decisions or countermeasures are taken, and uncertainty remains very high according to the report.
- Supply risksmedium
Unexpected delivery disruptions or supplier price increases could affect margins, although the company has strengthened safety stocks and alternative suppliers.
- Geographic exposure of certain siteshigh
The Puerto Rico plant, which produces a broad range for the US market, is exposed to hurricanes and earthquakes, and significant damage could have a material impact.
- Equipment demandmedium
Customers' reluctance to invest in equipment could persist if pandemic-era overcapacity is not absorbed quickly.
- Product quality liabilityhigh
Failure to meet specified quality criteria could lead to damage claims from customers, and losses in vaccine or drug production can be large.
Investment thesis
What would need to be true (bull case)
- If growth in the biopharmaceutical segment continues above the market average, demand for consumables and equipment could support higher revenue and margins.
- Its position in validated processes and vertical integration could protect the company from rapid market share losses and price pressure.
- If single-use technologies and digitalisation expand, the company could benefit from a well-positioned product portfolio.
What would break the thesis
- If customers' reluctance to invest in equipment persists, that segment could stay weak, and competition from second-hand equipment could pressure prices.
- US tariffs and geopolitical tensions could reduce sales volumes or raise costs, especially if trading partners respond with their own measures.
- Revenue volatility of recent years could continue if sector normalisation takes longer than management expects.
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The Sartorius Stedim Biotech group is headquartered in France and operates in the life sciences sector, offering technologies for biopharmaceutical production and research. According to the annual report for the year ended 31 December 2025, the company grew on average by about 15 percent a year for many years, acquisitions included, before a temporary decline in revenue in 2023 and 2024. In 2025 it returned to profitable single-digit growth 1. Its customers are mainly companies in the pharmaceutical, chemical and food industries, and its products are used in validated processes, which makes customer relationships relatively stable 1.
Activity is split between consumables, including filters and cell culture media, and equipment such as fermenters and bioreactors. The company manufactures a substantial part of its own products, especially those with high vertical integration, and works with external suppliers for other product categories 1. Its international footprint, with sites in Germany, France, India, Puerto Rico and China, allows it to partly shift production between locations 1.
The end-market mix is diversified. Besides biopharmaceuticals, the report cites university and public research institutes, laboratories in environment, food and diagnostics, and chemical, semiconductor and materials science industries 1. According to the report this diversification helps limit dependence on large customers 1.
Segments
Consumables
Consumables such as filters and culture media were the segment that recovered most clearly in fiscal 2025, contributing to the group's profitable growth. For 2026 management expects this business to deliver most of the revenue growth 1.
Equipment
Customers remain reluctant to invest in equipment, as overcapacity built during the pandemic has lowered current investment needs. Second-hand equipment is increasingly available on the market. The company expects the segment could remain at least stable in 2026 1.
Market context
According to estimates cited in the report, the global pharmaceutical market could grow by 5 to 8 percent a year until 2029, while the biopharmaceutical segment has grown above average and could continue to do so, with average annual growth of around 10 percent 1. The global laboratory instruments and consumables market could grow by roughly 4 percent a year, reaching about 101 billion dollars by 2029 1.
Demand is supported by population growth and ageing, wider access to biopharmaceutical products in emerging countries, and advanced therapies. Cost pressure in the industry favours flexible single-use technologies, digitalisation and process intensification 1.
Competitive position
The group holds a strong competitive position in its key technologies and mainly competes with larger companies that have comparable international reach 1. Technological barriers and strict regulation in the pharmaceutical and food industries make the emergence of new competitors in the short term relatively unlikely, according to the report 1.
Market consolidation and new competitors, for example in China, could create risks in the medium term. The company made acquisitions in recent years to strengthen its position and keeps working on innovation to maintain its competitive advantages 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202517 Feb 2026
- Annual report 202425 Feb 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Sartorius Stedim Biotech · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.