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1. Company Snapshot

1.a. Company Description

Sartorius Aktiengesellschaft provides bioprocess solutions and lab products and services worldwide.The company offers biosensors and kits, compliance tools, systems software, label-free detection systems, and SPR systems; live-cell analysis systems, flow cytometry platform, and cell analysis reagents and consumables; and antibody and recombinant protein media, viral vaccines media, regenerative medicine media, general media, downstream buffer, microcarrier, and stem cell media and reagent products, as well as strong acids, bases, and alcohols and detergents.It also provides multi-parallel bioreactors, benchtop bioreactors, single-use bioreactors, stainless steel bioreactors, cell culture bioreactors, microbial bioreactors, and software apps for bioreactors; membranes, blotting products, filter papers, glass and quartz microfibre products, and filtration equipment; syringe filters; and filtration devices, ultrafiltration devices, sterile filtration devices, harvesting devices, analytical sample prep systems, buffer exchange systems, diagnostic sample prep systems, particle analysis systems, pharmaceutical filtration systems, protein DNA concentration systems, venting moisture barriers, clarification systems, buffer and media products, and membrane chromatography products.


In addition, the company offers process filtration products; process filtration products; process chromatography products; fluid management products; process analytical technology and data analytics; industrial microbiology systems; water purification systems; weighing systems; pipetting and dispensing systems; OEM systems; and centrifuges.Further, it provides bioprocess development and engineering, protein expression system, media and process, testing, instrument, and validation services.It serves the life science research, biopharmaceutical manufacturing, quality control and testing, and applied industries.


The company was founded in 1870 and is headquartered in Göttingen, Germany.

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1.b. Last Insights on SRT

Sartorius Aktiengesellschaft's recent performance was positively driven by robust revenue growth and improved EBITDA margin, despite facing currency headwinds and market volatility. The company's Q4 2025 earnings call highlights a return to "normal" demand behavior for consumables, with improved demand trends, particularly in recurring revenue. Additionally, Sartorius' expansion of its bio-circular product offering for more sustainable bioprocesses and sharpening of climate targets, validated by the Science Based Targets Initiative, demonstrate its commitment to sustainability.

1.c. Company Highlights

2. Sartorius Delivers Improved Operational and Financial Performance in 2025

Sartorius reported a 7.6% increase in sales revenue in constant currencies, reaching EUR 3.5 billion, driven by mid-teens growth in recurring revenue across both divisions. The underlying EBITDA margin expanded by 170 basis points to 29.7%, with Bioprocess Solutions' underlying EBITDA margin improving by 240 basis points to 31.7%. The actual EPS came out at '1.26', slightly below estimates at '1.31'.

Publication Date: Feb -09

📋 Highlights
  • 2025 Revenue Growth: Sales increased 7.6% in constant currencies (€3.5B) driven by mid-teens recurring revenue growth across divisions.
  • EBITDA Margin Expansion: Underlying EBITDA rose 11.2% to €1.052B with a 170 bps margin improvement to 29.7%, led by Bioprocess Solutions’ 240 bps margin gain to 31.7%.
  • Bioprocess Solutions Outperformance: Achieved €3B sales (+9.6% constant currencies) and €907M EBITDA (+15.2%), exceeding top-line 2025 guidance.
  • Lab Products & Services Margin Pressure: Margins declined to 21.5% due to unfavorable product mix and FX/tariff impacts, but expected to recover to >20% in 2026.
  • 2026 Guidance: Targets 5–9% constant currency sales growth and EBITDA margin above 30%, with Bioprocess Solutions driving consumption growth (mid-single digits) and stable equipment demand.

Segmental Performance

The Bioprocess Solutions division delivered strong double-digit growth in recurring revenue, while Lab Products & Services improved gradually as expected. The order intake developed strongly, growing faster than sales, and the 12-month rolling book-to-bill ratio remained consistently above 1. As per René Fáber, "We achieved considerable profitable growth driven by improving demand, particularly for consumables and operating leverage."

Guidance for 2026

Sartorius expects to continue its profitable growth trajectory in 2026, with sales growth in constant currencies of around 5% to 9% and an underlying EBITDA margin increase to slightly above 30%. The company expects the Bioprocess Solutions division to continue its positive development, while the Lab Products & Services division is expected to recover. Analysts estimate next year's revenue growth at 10.8%.

Valuation Metrics

With a P/E Ratio of 96.5 and EV/EBITDA of 22.04, the market seems to be pricing in high growth expectations. The Net Debt / EBITDA ratio is 4.23, indicating a relatively high level of debt. However, the company is committed to deleveraging, with the net debt to underlying EBITDA ratio expected to decrease to slightly above 2 by the end of 2026.

Outlook

The guidance range reflects a cautious scenario with worsening market conditions, where equipment is expected to be stable, supported by the existing backlog, and consumables are impacted. As per Michael Grosse, "We're assuming some level of deterioration in the current trajectory of consumables, which would be slightly above the bottom part of our guidance."

3. NewsRoom

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$19.8 Billion Cell and Gene Therapy Tools & Reagents Market Outlook, 2030 Featuring Thermo Fisher Scientific, Cytiva (Danaher), Merck, Miltenyi Biotec, Sartorius and More

Feb -19

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Sartorius Releases Annual Report for 2025

Feb -16

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Sartorius Sharpens Climate Targets and Receives Validation from Science Based Targets Initiative

Feb -16

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Bio-Rad Laboratories Q4 Earnings Call Highlights

Feb -13

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[Latest] Global Large And Small Scale Bioprocessing Market Size/Share Worth USD 277.4 Billion by 2035 at a 11.5% CAGR: Custom Market Insights (Analysis, Outlook, Leaders, Report, Trends, Forecast, Growth Rate, Value, SWOT Analysis)

Feb -10

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Assessing Sartorius (XTRA:SRT3) Valuation After Recent Share Weakness And Long Term Decline

Feb -09

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BioPhorum announces formation of Strategic Advisory Board to accelerate industry collaboration

Feb -05

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Sartorius AG (SUVPF) (Q4 2025) Earnings Call Highlights: Strong Revenue Growth and ...

Feb -03

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.85%)

6. Segments

Bioprocess Solutions

Expected Growth: 8%

Sartorius' Bioprocess Solutions segment growth is driven by increasing demand for biologics, vaccines, and gene therapies, fueled by the COVID-19 pandemic. Expanding biopharma industry, growing adoption of single-use technologies, and increasing regulatory requirements for bioprocessing also contribute to the segment's 8% growth.

Lab Products & Services

Expected Growth: 12%

Sartorius' Lab Products & Services segment growth is driven by increasing biopharmaceutical R&D investments, rising demand for single-use technologies, and expansion in emerging markets. Additionally, the company's strategic acquisitions, innovative product launches, and strong customer relationships contribute to its 12% growth.

7. Detailed Products

Bioreactors

Sartorius offers a range of bioreactors for cell culture and fermentation, from small-scale to large-scale production, designed for maximum flexibility and ease of use.

Fermenters

Sartorius provides fermenters for microbial fermentation, offering a range of sizes and configurations to meet specific process requirements.

Downstream Processing Equipment

Sartorius offers a range of downstream processing equipment, including centrifuges, filters, and chromatography systems, for the purification and separation of biomolecules.

Laboratory Instruments

Sartorius provides a range of laboratory instruments, including balances, pipettes, and laboratory software, for precise and accurate measurements.

Single-Use Systems

Sartorius offers single-use systems for biopharmaceutical manufacturing, including bioreactors, fermentation systems, and downstream processing equipment.

Data Analytics and Software

Sartorius provides data analytics and software solutions for biopharmaceutical manufacturing, including data management and process control systems.

Services

Sartorius offers a range of services, including consulting, training, and validation, to support biopharmaceutical manufacturing and laboratory operations.

8. Sartorius Aktiengesellschaft's Porter Forces

Forces Ranking

Threat Of Substitutes

Sartorius Aktiengesellschaft operates in the biotechnology and pharmaceutical industries, where substitutes are limited. However, the company's products and services can be substituted with those of its competitors, which reduces the switching costs for customers.

Bargaining Power Of Customers

Sartorius Aktiengesellschaft's customers are primarily biotechnology and pharmaceutical companies, which have limited bargaining power due to their dependence on the company's products and services.

Bargaining Power Of Suppliers

Sartorius Aktiengesellschaft relies on a few key suppliers for raw materials and components, which gives them some bargaining power. However, the company's large size and global presence mitigate this risk.

Threat Of New Entrants

The biotechnology and pharmaceutical industries have high barriers to entry, including significant capital requirements, regulatory hurdles, and the need for specialized expertise, which limits the threat of new entrants.

Intensity Of Rivalry

The biotechnology and pharmaceutical industries are highly competitive, with several established players competing for market share. Sartorius Aktiengesellschaft faces intense competition from companies such as Thermo Fisher Scientific, Merck, and Danaher.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 71.98%
Debt Cost 3.95%
Equity Weight 28.02%
Equity Cost 8.37%
WACC 5.18%
Leverage 256.92%

11. Quality Control: Sartorius Aktiengesellschaft passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Tecan

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Momentum: 1.0

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Carl Zeiss Meditec

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Sartorius

A-Score: 2.8/10

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Growth: 5.3

Quality: 4.0

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A-Score: 2.4/10

Value: 7.2

Growth: 3.0

Quality: 3.6

Yield: 0.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

184.8$

Current Price

184.8$

Potential

-0.00%

Expected Cash-Flows