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) Piotroski F-score
Fresenius Medical Care AG & Co. KGaA's Piotroski F-score for fiscal 2025 is 8 out of 9: 8 of nine tests of profitability, leverage and efficiency passed, up from 7 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 8 | 1.00 |
| FY2024 | 7 | 2.00 |
| FY2023 | 5 | 0.00 |
| FY2022 | 5 | 0.00 |
| FY2021 | 5 | (2.00) |
| FY2020 | 7 | 3.00 |
| FY2019 | 4 | (3.00) |
| FY2018 | 7 | 0.00 |
| FY2017 | 7 | 0.00 |
| FY2016 | 7 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 3.10% | 1.59% | Pass | 1 |
| Positive operating cash flow | 3.03b | 2.58b | Pass | 1 |
| Rising return on assets | 3.10% | 1.59% | Pass | 1 |
| Cash flow above net income | 1.93b | 2.00b | Pass | 1 |
| Falling long-term leverage | 0.18 | 0.19 | Pass | 1 |
| Rising current ratio | 1.26 | 1.40 | Fail | 0 |
| No new shares issued | 582,382,000 | 586,826,000 | Pass | 1 |
| Rising gross margin | 25.62% | 24.60% | Pass | 1 |
| Rising asset turnover | 0.62 | 0.57 | Pass | 1 |
| Piotroski F-score | Strong — most fundamentals improved | 8 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| FMS Fresenius Medical Care AG & Co. KGaA | 8 |
| UHS Universal Health Services, Inc. compare | 8 |
| ENSG The Ensign Group, Inc. compare | 7 |
| EHC Encompass Health Corporation compare | 7 |
| THC Tenet Healthcare Corporation compare | 7 |
| PACS PACS Group, Inc. compare | 7 |
| CHE Chemed Corporation compare | 6 |
| DVA DaVita Inc. compare | 6 |
| CON Concentra Group Holdings Parent, Inc. compare | 6 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover