Fresenius Medical Care AGFMS
NYSE•Healthcare•Medical Care Facilities
Fresenius Medical Care AG provides dialysis and related services for individuals with renal diseases in Germany, the United States, and internationally. The company offers dialysis treatment and related laboratory and diagnostic services through a network of outpatient dialysis clinics; materials, training, and patient support services comprising clinical monitoring, follow-up assistance, and arranging for delivery of the supplies to the patient's residence; and dialysis services under contract to hospitals in the United States for the hospitalized end-stage renal disease (ESRD) patients and for patients suffering from acute kidney failure. The company operates through Care Delivery and Care Enablement segments. It also develops, manufactures, and distributes various health care products, including hemodialysis machines, peritoneal dialysis cyclers, peritoneal dialysis solutions, hemodialysis concentrates, solutions and granulates, bloodlines, renal pharmaceuticals, systems for water treatment, and acute cardiopulmonary and apheresis products. In addition, the company develops, acquires, and in-licenses renal pharmaceuticals; offers renal medications and supplies to patients at homes or to dialysis clinics; and provides vascular specialty, ambulatory surgery center, physician nephrology practice management, pharmacy and other services. The company sells its products to dialysis clinics, hospitals, and specialized treatment clinics, as well as through local sales forces, independent distributors, dealers, and sales agents. The company was incorporated in 1996 and is headquartered in Bad Homburg, Germany.
Fresenius Medical Care AG (FMS) reported trailing twelve months revenue of $19.36B as of March 2026, a 0.7% decline year-over-year. Quarterly revenue reached $4.61B, reflecting a contraction in sales.
Fresenius Medical Care AG generated $944.67M in TTM net income, with quarterly EBITDA of $763.76M. The operating margin expanded from 7.8% to 8.1%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (8.1%) and net margin (2.5%) indicates moderate non-operating costs. Net margin has narrowed from 3.1% a year ago, reflecting increased costs or interest expense.
FMS trades at a P/E of 12.9x (below the broader market average) and a P/S of 0.6x. The price-to-book ratio of 0.9x suggests the stock trades below its book value.
The company generated $36.82M in free cash flow over the trailing twelve months, a 115.8% increase year-over-year, indicating cash generation ability. The balance sheet shows $31.47B in total assets with $5.74B in long-term debt against $13.24B in stockholders equity for a debt-to-equity ratio of 0.4, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~9.0% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~5.1% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~9.4% — no sign of cost or pricing stress.
FCF covers net income by 2.6x on average — earnings are well-supported by cash generation.
D/E ratio is 0.4 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 53.1% — net buybacks are reducing shares outstanding and boosting per-share value.