(FMS) Fresenius Medical Care - Overview
Stock: Dialysis Machines, Dialyzers, Bloodlines, Concentrates, Renal Drugs
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 2.81% |
| Yield on Cost 5y | 2.71% |
| Yield CAGR 5y | -0.57% |
| Payout Consistency | 97.0% |
| Payout Ratio | 39.8% |
| Risk 5d forecast | |
|---|---|
| Volatility | 31.2% |
| Relative Tail Risk | -5.58% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.07 |
| Alpha | -8.20 |
| Character TTM | |
|---|---|
| Beta | 0.416 |
| Beta Downside | 0.249 |
| Drawdowns 3y | |
|---|---|
| Max DD | 40.49% |
| CAGR/Max DD | 0.26 |
Description: FMS Fresenius Medical Care January 03, 2026
Fresenius Medical Care AG (NYSE:FMS) is the world’s largest provider of dialysis and related renal-care services, operating outpatient clinics, hospital contracts, and a broad product portfolio that includes dialysis machines, consumables, and renal pharmaceuticals across Germany, the United States, and other international markets.
Key operational metrics: FY 2023 revenue was approximately $22.5 billion, with the Care Delivery segment contributing roughly 70 % of sales; the company reported a 3.2 % year-over-year increase in dialysis patient volume, driven largely by the aging U.S. population and expanding Medicare-eligible ESRD enrollments. Core economic drivers include U.S. Medicare’s bundled payment for dialysis (the “ESRD bundle”), which caps reimbursement and pressures margins, and the secular growth in chronic kidney disease prevalence, which underpins long-term demand for both services and consumables.
FMS’s diversification into renal pharmaceuticals and home-based peritoneal dialysis solutions aims to offset margin compression in the traditional in-center model and to capture higher-margin, growth-oriented segments of the renal-care market.
For a deeper, data-rich assessment of FMS’s valuation and risk profile, you may find the analysis on ValueRay worth reviewing.
Piotroski VR‑10 (Strict, 0-10) 6.5
| Net Income: 718.2m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.06 > 0.02 and ΔFCF/TA 0.94 > 1.0 |
| NWC/Revenue: 10.51% < 20% (prev 11.45%; Δ -0.93% < -1%) |
| CFO/TA 0.08 > 3% & CFO 2.51b > Net Income 718.2m |
| Net Debt (9.22b) to EBITDA (2.72b): 3.39 < 3 |
| Current Ratio: 1.36 > 1.5 & < 3 |
| Outstanding Shares: last quarter (584.7m) vs 12m ago -50.18% < -2% |
| Gross Margin: 25.00% > 18% (prev 0.25%; Δ 2475 % > 0.5%) |
| Asset Turnover: 61.97% > 50% (prev 59.18%; Δ 2.79% > 0%) |
| Interest Coverage Ratio: 4.16 > 6 (EBITDA TTM 2.72b / Interest Expense TTM 367.3m) |
Altman Z'' 2.66
| A: 0.07 (Total Current Assets 7.82b - Total Current Liabilities 5.76b) / Total Assets 30.89b |
| B: 0.38 (Retained Earnings 11.84b / Total Assets 30.89b) |
| C: 0.05 (EBIT TTM 1.53b / Avg Total Assets 31.70b) |
| D: 0.62 (Book Value of Equity 10.47b / Total Liabilities 16.98b) |
| Altman-Z'' Score: 2.66 = A |
Beneish M -3.08
| DSRI: 0.98 (Receivables 3.28b/3.28b, Revenue 19.64b/19.24b) |
| GMI: 1.01 (GM 25.00% / 25.13%) |
| AQI: 1.01 (AQ_t 0.54 / AQ_t-1 0.54) |
| SGI: 1.02 (Revenue 19.64b / 19.24b) |
| TATA: -0.06 (NI 718.2m - CFO 2.51b) / TA 30.89b) |
| Beneish M-Score: -3.08 (Cap -4..+1) = AA |
What is the price of FMS shares?
Over the past week, the price has changed by +6.08%, over one month by +1.73%, over three months by -0.91% and over the past year by +1.83%.
Is FMS a buy, sell or hold?
- StrongBuy: 1
- Buy: 0
- Hold: 4
- Sell: 0
- StrongSell: 1
What are the forecasts/targets for the FMS price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 28.2 | 17.1% |
| Analysts Target Price | 28.2 | 17.1% |
| ValueRay Target Price | 24.2 | 0.6% |
FMS Fundamental Data Overview February 05, 2026
P/E Trailing = 15.9583
P/E Forward = 9.1241
P/S = 0.683
P/B = 0.872
P/EG = 0.3606
Revenue TTM = 19.64b EUR
EBIT TTM = 1.53b EUR
EBITDA TTM = 2.72b EUR
Long Term Debt = 6.32b EUR (from longTermDebt, last quarter)
Short Term Debt = 1.14b EUR (from shortTermDebt, last quarter)
Debt = 10.47b EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 9.22b EUR (from netDebt column, last quarter)
Enterprise Value = 20.58b EUR (11.36b + Debt 10.47b - CCE 1.26b)
Interest Coverage Ratio = 4.16 (Ebit TTM 1.53b / Interest Expense TTM 367.3m)
EV/FCF = 11.58x (Enterprise Value 20.58b / FCF TTM 1.78b)
FCF Yield = 8.64% (FCF TTM 1.78b / Enterprise Value 20.58b)
FCF Margin = 9.05% (FCF TTM 1.78b / Revenue TTM 19.64b)
Net Margin = 3.66% (Net Income TTM 718.2m / Revenue TTM 19.64b)
Gross Margin = 25.00% ((Revenue TTM 19.64b - Cost of Revenue TTM 14.73b) / Revenue TTM)
Gross Margin QoQ = 25.43% (prev 25.34%)
Tobins Q-Ratio = 0.67 (Enterprise Value 20.58b / Total Assets 30.89b)
Interest Expense / Debt = 0.71% (Interest Expense 73.9m / Debt 10.47b)
Taxrate = 18.69% (75.2m / 402.6m)
NOPAT = 1.24b (EBIT 1.53b * (1 - 18.69%))
Current Ratio = 1.36 (Total Current Assets 7.82b / Total Current Liabilities 5.76b)
Debt / Equity = 0.81 (Debt 10.47b / totalStockholderEquity, last quarter 12.95b)
Debt / EBITDA = 3.39 (Net Debt 9.22b / EBITDA 2.72b)
Debt / FCF = 5.18 (Net Debt 9.22b / FCF TTM 1.78b)
Total Stockholder Equity = 13.79b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.27% (Net Income 718.2m / Total Assets 30.89b)
RoE = 5.21% (Net Income TTM 718.2m / Total Stockholder Equity 13.79b)
RoCE = 7.60% (EBIT 1.53b / Capital Employed (Equity 13.79b + L.T.Debt 6.32b))
RoIC = 5.99% (NOPAT 1.24b / Invested Capital 20.76b)
WACC = 4.15% (E(11.36b)/V(21.84b) * Re(7.45%) + D(10.47b)/V(21.84b) * Rd(0.71%) * (1-Tc(0.19)))
Discount Rate = 7.45% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: -33.33 | Cagr: -18.48%
[DCF Debug] Terminal Value 86.53% ; FCFF base≈1.69b ; Y1≈1.73b ; Y5≈1.90b
Fair Price DCF = 81.73 (EV 56.60b - Net Debt 9.22b = Equity 47.38b / Shares 579.7m; r=5.90% [WACC]; 5y FCF grow 1.82% → 2.90% )
EPS Correlation: 18.96 | EPS CAGR: -45.16% | SUE: -3.07 | # QB: 0
Revenue Correlation: 29.93 | Revenue CAGR: 1.34% | SUE: 0.17 | # QB: 0
EPS next Quarter (2026-03-31): EPS=0.49 | Chg30d=+0.004 | Revisions Net=+1 | Analysts=2
EPS next Year (2026-12-31): EPS=2.92 | Chg30d=-0.008 | Revisions Net=-1 | Growth EPS=+5.2% | Growth Revenue=+2.2%