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. In the quarter to June 2026, revenue grew 3.89%, EPS grew 6.82%, free cash flow grew 1.57% and total debt rose 5.57%, each against the same quarter a year earlier. Dividend growth for three consecutive years.
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Fresenius Medical Care AG & Co. KGaA (FMS) Altman Z-score
Fresenius Medical Care AG & Co. KGaA's Altman Z-score for fiscal 2025 is 1.88, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.88 | 0.21 |
| FY2024 | 1.68 | 0.07 |
| FY2023 | 1.60 | 0.17 |
| FY2022 | 1.43 | (0.20) |
| FY2021 | 1.63 | (0.33) |
| FY2020 | 1.96 | 0.19 |
| FY2019 | 1.77 | (0.54) |
| FY2018 | 2.31 | (0.52) |
| FY2017 | 2.83 | 0.28 |
| FY2016 | 2.55 | 0.00 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.05 | — | 0.06 | |
| Retained earnings / total assets | 0.39 | — | 0.55 | |
| EBIT / total assets | 0.06 | — | 0.19 | |
| Market value of equity / total liabilities | 0.73 | — | 0.44 | |
| Sales / total assets | 0.63 | — | 0.63 | |
| Altman Z-score | Grey zone | 1.88 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 2.93 | ||
Z and Z″ put Fresenius Medical Care AG & Co. KGaA in different zones: grey zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CHE Chemed Corporation compare | 11.7× |
| ENSG The Ensign Group, Inc. compare | 3.6× |
| UHS Universal Health Services, Inc. compare | 3.3× |
| EHC Encompass Health Corporation compare | 3.2× |
| PACS PACS Group, Inc. compare | 2.0× |
| THC Tenet Healthcare Corporation compare | 1.9× |
| FMS Fresenius Medical Care AG & Co. KGaA | 1.9× |
| CON Concentra Group Holdings Parent, Inc. compare | 1.8× |
| DVA DaVita Inc. compare | 1.5× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets