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Fresenius Medical Care AG & Co. KGaA

FMS Healthcare Medical Care Facilities

Fresenius Medical Care AG & Co. KGaA’s revenue for fiscal 2025 (year ended December 2025) was $22.2 billion, up 6.13% from fiscal 2024.

Revenue
−0.49%
EPS
−10.6%
Free cash flow
−3.47%
Total debt
+8.09%

Quarter to September 2026, against a year earlier

23.47 0.19 −0.80%
Market cap
$12.6B
P/E
12.6×
Fwd P/E
14.4×
Dividend yield
3.68%
F-score
8/9
Altman Z
1.88
Beneish M
−2.77
Dividend safety
42/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 12,590.00
Revenue ttm 22,646.23
Net income ttm 1,211.07
Free cash flow ttm 2,029.79
Net debt Q 6,968.01
Valuation
P/E 12.64
Forward P/E 14.40
Price / sales 0.55
Forward P/S Powerpack
Price / FCF 6.13
Price / book 0.79
Financial health
Current ratio Q 0.99 (below 1: weak)
Debt / equity Q 0.55
Interest coverage Q 3.94
Growth
Revenue growth Q −0.49% (below 0%: shrinking)
Operating income growth Q −20.63% (below 0%: shrinking)
EPS, this year −9.01% (below 0%: weak)
EPS, next year A −0.68% (below 0%: weak)
Revenue, next year A −38.18% (below 0%: weak)
EPS, past 5 yrs −3.41% (below 0%: weak)
EPS, next 5 yrs A +1.84%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.9×, against a ten-year median of 1.4×; over the ten years it ranged from 0.8× in 2022 to 2.1× in 2018.
P/E against its own 10 years 17.93%
10-year low 10-year high
P/S against its own 10 years 12.36%
10-year low 10-year high
P/B against its own 10 years 21.93%
10-year low 10-year high
EV/Sales against its own 10 years 8.58%
10-year low 10-year high
EV/FCF against its own 10 years 21.31%
10-year low 10-year high

Dividends raised 3 years running

Yield
3.68%
Annual rate
0.87
Payout ratio
46.6%
Growth, 2018–26
+4.35%/yr
  1. 0.62 ’18
  2. 0.65 ’19 +5
  3. 0.72 ’20 +10
  4. 0.82 ’21 +14
  5. 0.71 ’22 −14
  6. 0.60 ’23 −15
  7. 0.64 ’24 +6
  8. 0.82 ’25 +27
  9. 0.87 ’26 +7
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,783 1,746 2,314 1,707
Receivables 3,936 3,688 3,592 3,971
Inventory 2,359 2,238 2,422 2,778
Other 549 174 4 —
9,418 8,573 8,936 9,024
2023 2024 2025 Q'26
Payables 958 1,065 945 1,068
ST’ Debt 1,022 29 1,825 2,750
Other 3,759 3,587 3,476 4,302
6,615 6,125 7,066 9,099

Compound Annual Growth %

10y 5y 3y
Sales 2.87% 1.71% 2.81%
Cash Flow 4.46% (8.91%) 9.93%
Earnings 0.73% (3.61%) 15.98%
Book Value 4.41% 2.78% (0.24%)

Earnings Trends EPS, adjusted, against the consensus

Mar 2026 Estimate 0.59 Actual 0.53

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Jun 2025 0.50 0.52 Beat by 0.02
Sep 2025 0.59 0.64 Beat by 0.05
Dec 2025 0.67 0.83 Beat by 0.16
Mar 2026 0.59 0.53 Miss by 0.06

EPS $

Mar Jun Sep Dec Year
’26 0.25 0.47 0.49 — —
’25 0.26 0.44 0.55 0.66 1.90
’24 0.13 0.34 0.40 0.12 0.98
’23 0.16 0.26 0.16 0.34 0.92
’22 0.30 0.27 0.39 0.24 1.21
’21 0.51 0.45 0.55 0.45 1.96
’20 0.52 0.66 0.71 0.36 2.26
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 5,398 5,651 5,682 — —
’25 5,143 5,440 5,710 5,915 22,207
’24 5,129 5,133 5,234 5,427 20,923
’23 5,050 5,261 5,373 5,371 21,055
’22 5,104 5,062 5,133 5,139 20,438
’21 5,076 5,205 5,237 5,326 20,845
’20 4,951 5,018 5,160 5,272 20,400
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 266 999 905 — —
’25 172 893 898 1,070 3,033
’24 138 475 1,096 873 2,582
’23 153 1,101 825 767 2,845
’22 178 790 610 705 2,284
’21 250 1,110 787 799 2,945
’20 644 2,553 1,069 570 4,836
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 47 726 641 — —
’25 22 715 664 615 2,017
’24 (2) 312 903 628 1,841
’23 3 929 680 511 2,122
’22 (1) 620 471 469 1,559
’21 35 867 583 479 1,963
’20 335 2,315 756 246 3,652
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 17,911 20,101 19,542 19,574 20,400 20,845 20,438 21,055 20,923 22,207 22,646 +2.4% 13,727 14,208 14,749 (12.8%)
Gross margin, % 32.27 33.76 31.15 30.87 31.01 28.82 27.38 25.32 24.60 25.62 26.42 (6.6) pt
EBT 2,232 2,270 3,232 2,061 2,212 1,860 1,285 1,118 1,144 1,711 1,615 (2.9%)
EBT margin, % 12.46 11.29 16.54 10.53 10.84 8.92 6.29 5.31 5.47 7.70 7.13 (4.8) pt
Net income 1,549 1,757 2,629 1,611 1,640 1,442 942 793 802 1,348 1,211 (1.5%)
Per share, $
Per share, $ Revenue 29.29 32.78 31.87 32.33 34.69 35.58 34.85 35.88 35.66 38.13 43.06 +3.0%
Earnings 2.03 2.36 3.80 2.22 2.26 1.96 1.21 0.92 0.98 1.90 1.87 (0.7%)
Cash flow 3.50 4.04 3.97 4.75 8.22 5.03 3.89 4.85 4.40 5.21 6.16 +4.5%
Capex (1.66) (1.55) (1.93) (2.06) (2.01) (1.68) (1.24) (1.23) (1.26) (1.75) (2.30) +0.6%
Free cash flow 1.84 2.49 2.04 2.69 6.21 3.35 2.66 3.62 3.14 3.46 3.86 +7.3%
Book value 18.74 19.96 24.85 24.47 23.95 28.23 27.75 27.35 29.08 27.75 30.11 +4.5%
Shares, m 611 613 613 605 588 586 586 587 587 582 549 (0.5%)
Valuation, ×
Valuation, × P/E 20.96 22.27 8.46 16.67 18.47 16.56 13.43 23.10 22.87 12.47 12.64 17.5
P/S 1.45 1.60 1.02 1.14 1.20 0.91 0.46 0.59 0.64 0.62 0.55 1.0
P/B 2.26 2.62 1.30 1.51 1.74 1.15 0.58 0.78 0.78 0.86 0.79 1.4
EV/Sales 1.88 1.96 1.34 1.60 1.58 1.31 0.84 0.91 0.88 0.89 0.86 1.3
EV/FCF 29.90 25.81 20.97 19.25 8.82 13.96 10.97 9.07 9.97 9.83 9.56 15.9
Cash, $m
Cash, $m Operating cash flow 2,140 2,477 2,435 2,875 4,836 2,945 2,284 2,845 2,582 3,033 3,240 +4.0%
Capex (1,012) (951) (1,184) (1,247) (1,184) (982) (725) (723) (742) (1,017) (1,210) 0.0%
Free cash flow 1,128 1,527 1,251 1,628 3,652 1,963 1,559 2,122 1,841 2,017 2,030 +6.7%
Balance, $m
Balance, $m Working capital 2,277 1,214 1,864 177 1,274 840 1,829 2,803 2,448 1,871 (75) (2.2%)
Net debt 7,824 7,313 6,378 9,038 7,775 8,387 7,649 6,772 5,058 5,950 6,968 (3.0%)
Shareholders’ equity 11,457 12,239 15,237 14,815 14,086 16,539 16,277 16,047 17,063 16,160 15,835 +3.9%
Returns, %
Returns, % ROA 4.75 5.35 8.05 3.96 3.64 2.98 1.81 1.45 1.59 3.10 2.62 (1.7) pt
ROIC 8.55 8.54 10.37 6.66 7.53 5.49 4.16 4.06 4.26 5.84 5.47 (2.7) pt
ROE 11.33 12.21 17.04 8.94 9.20 7.49 4.32 3.34 3.52 6.66 5.90 (4.7) pt
People
People Employees 109,319 114,000 112,658 120,659 125,364 122,909 1,235 1,358 1,384 1,488 — (38.0%)
Revenue/emp, $m 0.16 0.18 0.17 0.16 0.16 0.17 16.55 15.50 15.12 14.92 — +65.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Fresenius Medical Care AG & Co. KGaA vs peers in Medical Care Facilities (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
THC Tenet Healthcare Corporation $22.8B 7.6× 7.5× +6.47% (above 0%: growing) +291.05% (above 0%: growing) +39.20% (above 0%: growing) 43.95% 31.08% Compare
EHC Encompass Health Corporation $13.9B 21.8× 20.9× +8.93% (above 0%: growing) +20.63% (above 0%: growing) +52.33% (above 0%: growing) 100.00% 17.89% Compare
FMS Fresenius Medical Care AG & Co. KGaA $12.6B 12.6× 14.4× −0.49% (below 0%: shrinking) −10.55% (below 0%: shrinking) −3.47% (below 0%: shrinking) 25.83% 7.78%
DVA DaVita Inc. $12.3B 14.0× 13.0× +4.62% (above 0%: growing) +66.99% (above 0%: growing) −45.83% (below 0%: shrinking) 31.50% 13.95% Compare
UHS Universal Health Services, Inc. $11.7B 8.2× 8.0× +5.30% (above 0%: growing) −9.98% (below 0%: shrinking) +216.74% (above 0%: growing) 90.99% 9.60% Compare
ENSG The Ensign Group, Inc. $10.6B 26.3× 25.4× +14.47% (above 0%: growing) +23.64% (above 0%: growing) +89.21% (above 0%: growing) 16.86% 9.30% Compare
PACS PACS Group, Inc. $8.0B 28.6× 21.8× +11.45% (above 0%: growing) +16.36% (above 0%: growing) −4.31% (below 0%: shrinking) 17.23% 6.65% Compare
CHE Chemed Corporation $7.0B 25.5× 24.0× +10.57% (above 0%: growing) +23.09% (above 0%: growing) −45.25% (below 0%: shrinking) 33.72% 13.96% Compare
CON Concentra Group Holdings Parent, Inc. $5.4B 24.9× 25.2× +8.61% (above 0%: growing) +36.84% (above 0%: growing) −19.76% (below 0%: shrinking) 31.42% 18.52% Compare
Median of peers $11.2B 23.4× 21.4× +8.77% +23.37% +17.45% 32.61% 13.96%

All 51 Medical Care Facilities stocks →

Fresenius Medical Care AG & Co. KGaA (FMS) Latest News

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FMS metrics, ten years each

stockrow.com/FMS · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com