FMS Fresenius Medical Care AG
$22.12
▼ 0.0%Updated Oct 16, 2:25 PM ET
Report Card
FMS at a glance — five pillars scored 0–100 from real filed financials.
How the 0–100 rating is calculatedOverall: Neutral · 53/100. A wider, greener shape means more pillars look healthy. Dividends scores 0 when a company pays none — that is a choice, not a flaw.
Price — Past Year
▼ Down 16.3% in the year to Jul 6, 2026
Key Metrics
Market Cap
$11.79B
P/E
11.56x
Forward P/E (est.)
8.26x
ROE
7.2%
Revenue Growth
-0.7%
EPS Growth
55.7%
Profit Margin
4.9%
FCF Yield
33.1%
Debt / Equity
0.81x
ROIC
8.0%
Interest Coverage
4.87x
Current Ratio
1.26x
Dividend Yield
3.6%
Implied Growth (rev. DCF)
—
Rating Score
53/100
Business Overview
Fresenius Medical Care AG (FMS) is a large-cap NYSE-listed company in the Health Care industry, within the Health Care sector, with a market value around $11.79B.
In its latest reported year it generated about $21.20B in revenue and $1.06B in net profit.
Our model rates FMS Neutral (53/100) on growth, profitability, financial health, and valuation. The summary below is built from its filed financials and current ratios and refreshes automatically.
Economic Moat
Evidence of durable competitive advantage in the filed financials (10 years of history).
Profit margins and economic moats, explainedSome durable-advantage evidence, but not across the board — dig into which ingredient is weak and whether it's cyclical or structural.
29.1% average over the last 3 years
±2.2 pts around 31.0% across 7 years
grew in 6 of the last 9 year-over-year periods
positive in 10 of 10 years
8.0% latest fiscal year
A moat can't be proven by numbers alone — this scores the evidence a durable advantage leaves behind (pricing power, consistency, returns on capital), computed the same way for every stock. Pair it with the business overview before concluding anything.
Technical Analysis (Educational)
Technical analysis reads price and volume to judge momentum and timing. It complements the fundamentals above — it does not replace them. Here is what FMS's chart says today, with each tool explained.
Trend — moving averages. A moving average is the average closing price over a window, which smooths out daily noise. FMS trades near $22.12, below its 50-day average ($22.32) and 200-day average ($23.56). Price below both averages is a downtrend — momentum is against buyers for now.
Momentum — RSI. The Relative Strength Index runs 0–100 and measures how strong recent gains are versus losses. Above 70 is "overbought", below 30 "oversold". At 57 it is in neutral territory — neither stretched nor washed out.
MACD. MACD compares two moving averages to flag shifts in momentum. Its histogram is currently negative — short-term momentum is fading.
Volatility — ATR. Average True Range is the typical daily move. FMS's is $0.47 (~2.1% of price), so swings of about that size each day are normal — handy for setting a stop that isn't too tight.
Support & resistance. In the month to Jul 6, 2026, FMS found buyers near $21.72 (support) and sellers near $24.00 (resistance); its 52-week range then was $20.02–$28.21. A decisive break beyond either edge often marks the next move.
Volume. The latest session traded 0.4× the 20-day average — lighter than usual, so the move carries less conviction. Rising volume on up-days suggests real buying; on down-days, real selling.
Educational information to help you read a chart — not a recommendation or a forecast. The indicators were last computed on Jul 6, 2026; the price is current.
Revenue Growth
4Y CAGR
2.7%
Revenue moved from $17.90B in 2016 to $21.20B in 2025, a 1.9% compound annual growth rate. The most recent year declined 0.7% year over year. Shrinking revenue is worth a closer look — is it cyclical or structural?
Profitability
Gross Margin
25.9%
Operating Margin
9.3%
Net Margin
5.0%
ROE
7.2%
Fresenius Medical Care AG keeps about 4.9% of each sales dollar as net profit, with a 25.9% gross margin and 9.3% operating margin. Return on equity is 7.2% and return on invested capital about 8.0%. Thin margins leave less cushion if costs rise.
Debt Analysis
Total Debt
$6.15B
Net Debt
$4.42B
Net Debt / EBITDA
2.24x
Debt / Equity
0.81x
Leverage: debt-to-equity is 0.8x, and operating profit covers interest about 4.9x, with a current ratio of 1.3x. That is a moderate, manageable debt load for most businesses. It carries roughly $6.15B of total debt against $1.73B of cash.
Cash Flow Analysis
Operating CF
$2.90B
Free Cash Flow
$2.90B
FCF Margin
13.7%
In the latest year Fresenius Medical Care AG produced about $2.90B of operating cash flow and $2.90B of free cash flow after capital spending. That is a free-cash-flow yield of about 33.1% on today's price. Strong cash generation funds dividends, buybacks, and reinvestment.
Dividend Safety
Can the payout survive a bad year? Scored from filed cash flow, earnings coverage, and the raise/cut record.
What to look for in a dividend stockThe dividend is being paid, but coverage or consistency is thinner than an income investor should rely on without a closer look.
Dividend yield
3.6%
Total paid (latest FY)
$456.32M
History on record
8 years
dividend uses 16% of free cash flow
43% of net income paid out
total dividends increased 2 years in a row
payout was cut at least once in the last 8 years
Coverage uses the latest fiscal year as filed with the SEC; the streak counts total dollars paid (per-share figures can carry split artifacts). Educational information, not income advice.
Valuation Analysis
P/E
11.56x
P/S
0.56x
P/B
0.89x
EV / EBITDA
4.56x
FMS trades at 11.6x trailing earnings (about 8.3x on estimated forward earnings), 0.6x sales, and 0.9x book value. That is an undemanding multiple — potentially cheap if the business is stable.
Metrics vs. Sector Range
Where FMS sits versus the Health Care companies we cover.
Bands show the middle half (25th–75th percentile) of the 83 Health Care companies in our coverage that have fundamentals data — the peer-relative anchor professional comps analysis uses. Context only — not investment advice.
Sector Peer Comparison
How FMS stacks up against its Health Care peers — valuation, profitability, and growth versus the sector median.
Among the 83 rated Health Care companies we cover, FMS ranks #36 by our overall rating. It trades at a discount versus the sector on earnings (11.6x P/E vs. 26.1x median) with a lower return on equity (7.2% vs. 14.1%) and slower revenue growth (-0.7% vs. 7.6%).
P/E vs sector
11.6x
median 26.1x
ROE vs sector
7.2%
median 14.1%
Growth vs sector
-0.7%
median 7.6%
Sector rank
#36
of 83 rated
Valuation vs. quality map
The sweet spot is upper-left: more profitable (higher ROE) for a lower P/E. Dashed lines mark the sector median.
Peers are the closest Health Care companies by sub-industry and size, preferring ones with full data. Sector medians and rank use the 83 rated companies among the 324 Health Care stocks we cover. Educational, not a recommendation.
5-Year Projection Model
Project revenue → earnings → price. Edit the assumptions to build your own case.
What drives this projection, and its limits2030 scenario price range (Base Case)
$16.13 – $27.65
vs. $22.12 today · implied CAGR -6% – 5%
| Metric | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|
| Revenue | $21.83B | $22.49B | $23.16B | $23.86B | $24.57B |
| Net income | $1.09B | $1.12B | $1.16B | $1.19B | $1.23B |
| EPS | $2.05 | $2.11 | $2.17 | $2.24 | $2.30 |
| Share price (low) | $14.33 | $14.76 | $15.20 | $15.66 | $16.13 |
| Share price (high) | $24.57 | $25.31 | $26.06 | $26.85 | $27.65 |
| CAGR (low–high) | -35% / 11% | -18% / 7% | -12% / 6% | -8% / 5% | -6% / 5% |
Educational scenario model, not a forecast or investment advice. It starts from the latest annual revenue in SEC filings. By default, growth is trailing revenue growth (held between 3% and 45% a year), the net margin is the latest one (held between 3% and 50%, so a loss-making company is modeled with a small profit), and the Base case P/E runs from 60% to 100% of today's. Carrying recent growth forward five years can miss badly in either direction. Outputs are only as good as the assumptions.
Bull Case
The case for FMS:
- Healthy free-cash-flow yield (~33.1%) funds buybacks and dividends.
- Pays a 3.6% dividend on top of any price gains.
Bear Case
The case against FMS:
- Revenue growth is slow/negative (-0.7%), limiting the upside engine.
- Thin net margins (4.9%) leave little room for error.
Key Risks
Growth risk — sluggish revenue (-0.7%) leaves little margin for execution missteps.
Margin risk — thin profitability (4.9%) is vulnerable to cost or pricing pressure.
Market risk — sector rotation, the economic cycle, and broad sentiment move the stock regardless of fundamentals.
Investment Thesis
On balance, the picture is mixed: Fresenius Medical Care AG is a large-cap health care business with shrinking revenue, with modest profitability, and a heavier debt load to watch. It trades at 11.6x earnings, which our model scores Neutral (53/100). Weigh this against your own goals and time horizon — this is educational information, not a recommendation.
Analyst Ratings
What 29 Wall Street analysts covering FMS recommend (September 2026). Consensus is a useful sanity check — not a substitute for your own homework.
Analysts have turned more cautious over the last three months (-22 pts of buy ratings).
Latest SEC Filings
FMS's most recent filings, straight from SEC EDGAR. Annual and quarterly reports are the deep dives; 8-Ks flag material events the moment they happen. How to read a 10-K
In the Idea Lab
FMS — frequently asked questions
Is FMS a good stock to buy?
We don't give buy or sell advice. Our model rates Fresenius Medical Care AG Neutral (53/100) based on its growth, profitability, financial health, and valuation — use that as a research starting point and make your own decision.
What is FMS's rating on The Stocks School?
Fresenius Medical Care AG currently scores 53/100 (Neutral) on our transparent model, which weighs real fundamentals: growth, margins, returns on capital, balance-sheet strength, and valuation.
How our ratings work →Where does FMS's data come from?
Live price data plus real fundamentals and 5-year financials pulled directly from Fresenius Medical Care AG's SEC filings — refreshed automatically, not hand-entered.
How is the 5-year projection for FMS calculated?
It's a scenario model. It starts from the latest annual revenue and net margin in SEC filings, grows revenue at an assumed rate (trailing revenue growth by default), and applies a P/E range built around today's multiple to show the resulting share-price range. When a stock has no growth or P/E data, the starting values are placeholders. It's a tool for thinking, not a prediction.
Is this FMS analysis financial advice?
No. Everything on this page is educational research, not financial advice or a recommendation to buy or sell FMS. Always do your own research and consider a licensed professional.
Data notice. Fundamentals and financial statements are sourced from company filings (SEC EDGAR) and market-data providers; prices and market caps refresh on trading days and may be delayed. Ratings, projections, technical signals, and written summaries are model- or rule-generated for education and may simplify or lag the latest filings.
Not advice. Nothing on this page is investment advice or a recommendation to buy, hold, or sell any security. Do your own research and consult a licensed financial professional before investing.