(FMS) Fresenius Medical Care - Overview
Sector: Healthcare | Industry: Medical Care Facilities | Exchange: NYSE (USA) | Market Cap: 11.623m USD | Total Return: -23.9% in 12m
Avg Turnover: 15.4M
EPS Trend: 98.9%
Qual. Beats: -1
Rev. Trend: 4.8%
Qual. Beats: 0
Warnings
Choppy
Tailwinds
No distinct edge detected
Fresenius Medical Care AG (FMS) is a vertically integrated healthcare provider specializing in treatments for end-stage renal disease (ESRD) and acute kidney failure. The company operates through two primary segments: Care Delivery, which manages a global network of outpatient clinics and hospital-based services, and Care Enablement, which focuses on the engineering and distribution of dialysis equipment and renal pharmaceuticals.
The business model relies on a dual revenue stream from both clinical service fees and the manufacturing of proprietary medical consumables, such as bloodlines and dialysis solutions. This sector is characterized by high barriers to entry due to the capital-intensive nature of clinic infrastructure and the rigorous regulatory requirements for medical device manufacturing. Investors should examine ValueRay for deeper insights into the firms valuation and sector positioning.
Headquartered in Germany, the company maintains a significant market presence in the United States, utilizing a direct sales force and independent distributors to supply specialized treatment centers. Their portfolio extends beyond traditional hemodialysis to include home-based peritoneal dialysis support and vascular surgery center management.
- U.S. Medicare reimbursement rate adjustments impact outpatient dialysis service margins
- GLP-1 drug adoption rates influence long-term patient volume projections
- Global labor shortages and nursing wage inflation pressure operating costs
- Strategic divestment of non-core assets drives capital allocation and deleveraging
- Transition toward home-based dialysis shifts product mix and service delivery models
| Net Income: 944.7m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.06 > 0.02 and ΔFCF/TA 0.40 > 1.0 |
| NWC/Revenue: 7.12% < 20% (prev 12.88%; Δ -5.76% < -1%) |
| CFO/TA 0.09 > 3% & CFO 2.72b > Net Income 944.7m |
| Net Debt (12.9b) to EBITDA (3.42b): 3.77 < 3 |
| Current Ratio: 1.20 > 1.5 & < 3 |
| Outstanding Shares: last quarter (550.4m) vs 12m ago -6.20% < -2% |
| Gross Margin: 25.95% > 18% (prev 0.24%; Δ 2.57k% > 0.5%) |
| Asset Turnover: 60.30% > 50% (prev 59.55%; Δ 0.76% > 0%) |
| Interest Coverage Ratio: 5.10 > 6 (EBITDA TTM 3.42b / Interest Expense TTM 362.8m) |
| A: 0.04 (Total Current Assets 8.11b - Total Current Liabilities 6.73b) / Total Assets 31.5b |
| B: 0.39 (Retained Earnings 12.3b / Total Assets 31.5b) |
| C: 0.06 (EBIT TTM 1.85b / Avg Total Assets 32.1b) |
| D: 0.65 (Book Value of Equity 11.2b / Total Liabilities 17.3b) |
| Altman-Z'' = 2.63 = A |
| DSRI: 1.04 (Receivables 3.72b/3.59b, Revenue 19.4b/19.5b) |
| GMI: 0.94 (GM 25.95% / 24.45%) |
| AQI: 0.99 (AQ_t 0.54 / AQ_t-1 0.54) |
| SGI: 0.99 (Revenue 19.4b / 19.5b) |
| TATA: -0.06 (NI 944.7m - CFO 2.72b) / TA 31.5b) |
| Beneish M = -3.11 (Cap -4..+1) = AA |
As of May 27, 2026, the stock is trading at USD 21.58 with a total of 677,456 shares traded.
Over the past week, the price has changed by +1.04%,
over one month by -0.75%,
over three months by -4.10% and
over the past year by -23.87%.
Fresenius Medical Care has received a consensus analysts rating of 3.00. Therefore, it is recommended to hold FMS.
- StrongBuy: 1
- Buy: 0
- Hold: 4
- Sell: 0
- StrongSell: 1
| Analysts Target Price | 27.1 | 25.7% |
Market Cap EUR = 9.98b (11.6b USD * 0.859 USD.EUR)
P/E Trailing = 11.3895
P/E Forward = 9.0662
P/S = 0.6004
P/B = 0.7551
P/EG = 0.7618
Revenue TTM = 19.4b EUR
EBIT TTM = 1.85b EUR
EBITDA TTM = 3.42b EUR
Long Term Debt = 5.74b EUR (from longTermDebt, last quarter)
Short Term Debt = 2.39b EUR (from shortTermDebt, last quarter)
Debt = 14.5b EUR (from shortLongTermDebtTotal, last quarter) + Leases 3.49b
Net Debt = 12.9b EUR (calculated: Debt 14.5b - CCE 1.62b)
Enterprise Value = 22.9b EUR (9.98b + Debt 14.5b - CCE 1.62b)
Interest Coverage Ratio = 5.10 (Ebit TTM 1.85b / Interest Expense TTM 362.8m)
EV/FCF = 12.92x (Enterprise Value 22.9b / FCF TTM 1.77b)
FCF Yield = 7.74% (FCF TTM 1.77b / Enterprise Value 22.9b)
FCF Margin = 9.15% (FCF TTM 1.77b / Revenue TTM 19.4b)
Net Margin = 4.88% (Net Income TTM 944.7m / Revenue TTM 19.4b)
Gross Margin = 25.95% ((Revenue TTM 19.4b - Cost of Revenue TTM 14.3b) / Revenue TTM)
Gross Margin QoQ = 25.57% (prev 27.39%)
Tobins Q-Ratio = 0.73 (Enterprise Value 22.9b / Total Assets 31.5b)
Interest Expense / Debt = 2.50% (Interest Expense 362.8m / Debt 14.5b)
Taxrate = 20.60% (42.8m / 207.5m)
NOPAT = 1.47b (EBIT 1.85b * (1 - 20.60%))
Current Ratio = 1.20 (Total Current Assets 8.11b / Total Current Liabilities 6.73b)
Debt / Equity = 1.10 (Debt 14.5b / totalStockholderEquity, last quarter 13.2b)
Debt / EBITDA = 3.77 (Net Debt 12.9b / EBITDA 3.42b)
Debt / FCF = 7.28 (Net Debt 12.9b / FCF TTM 1.77b)
Total Stockholder Equity = 13.4b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.94% (Net Income 944.7m / Total Assets 31.5b)
RoE = 7.03% (Net Income TTM 944.7m / Total Stockholder Equity 13.4b)
RoCE = 9.65% (EBIT 1.85b / Capital Employed (Equity 13.4b + L.T.Debt 5.74b))
RoIC = 5.42% (NOPAT 1.47b / Invested Capital 27.1b)
WACC = 4.03% (E(9.98b)/V(24.5b) * Re(7.0%) + D(14.5b)/V(24.5b) * Rd(2.50%) * (1-Tc(0.21)))
Discount Rate = 7.0% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -74.00 | Cagr: -18.82%
[DCF] Terminal Value 75.90% ; FCFF base≈1.75b ; Y1≈1.81b ; Y5≈2.03b
[DCF] Fair Price = 34.31 (EV 31.3b - Net Debt 12.9b = Equity 18.4b / Shares 537.1m; r=8.35% [WACC [floored]]; 5y FCF grow 3.53% → 2.50% )
EPS Correlation: 98.88 | EPS CAGR: 30.83% | SUE: -1.34 | # QB: -1
Revenue Correlation: 4.77 | Revenue CAGR: 0.03% | SUE: -0.01 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.49 | Chg30d=-4.73% | Revisions=-33% | Analysts=2
EPS next Quarter (2026-09-30): EPS=0.57 | Chg30d=+4.79% | Revisions=+33% | Analysts=2
EPS current Year (2026-12-31): EPS=2.46 | Chg30d=-14.46% | Revisions=-50% | GrowthEPS=+15.0% | GrowthRev=-0.9%
EPS next Year (2027-12-31): EPS=3.38 | Chg30d=-2.22% | Revisions=-50% | GrowthEPS=+37.3% | GrowthRev=+3.9%
[Analyst] Revisions Ratio: -50%