Comprehensive Stock Comparison
Compare Ardent Health Partners, LLC (ARDT) vs Fresenius Medical Care AG & Co. KGaA (FMS) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | ARDT | 10.3% revenue growth vs FMS's 1.5% |
| Value | ARDT | Lower P/E (7.4x vs 9.9x), PEG 0.10 vs 1.94 |
| Quality / Margins | FMS | 5.0% net margin vs ARDT's 3.2% |
| Stability / Safety | FMS | Beta 0.40 vs ARDT's 0.88, lower leverage |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | FMS | +0.2% vs ARDT's -35.9% |
| Efficiency (ROA) | ARDT | 4.0% ROA vs FMS's 3.2%, ROIC 9.7% vs 5.6% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Ardent Health Partners operates a network of acute care hospitals and clinics providing comprehensive healthcare services across the United States. It generates revenue primarily from patient care services — including inpatient and outpatient treatments, surgeries, and rehabilitation — with the majority coming from government and private insurance reimbursements. The company benefits from its regional concentration in key markets, which creates operational efficiencies and strong local physician relationships that drive patient referrals.
Fresenius Medical Care is a global leader in dialysis care and products for patients with chronic kidney failure. It generates revenue through two main segments: dialysis services (about 75% of revenue) from its network of outpatient clinics and hospital contracts, and dialysis products (about 25%) including machines, dialyzers, and related supplies. The company's key advantage is its vertically integrated model—combining clinics, products, and services—which creates patient stickiness and economies of scale in the capital-intensive dialysis industry.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
FMS leads in 3 of 6 categories (Total Returns, Risk & Volatility). ARDT leads in 2 (Valuation Metrics, Profitability & Efficiency). 1 tied.
Financial Metrics (TTM)
FMS is the larger business by revenue, generating $19.6B annually — 3.1x ARDT's $6.3B. Profitability is closely matched — net margins range from 5.0% (FMS) to 3.2% (ARDT). On growth, ARDT holds the edge at +8.8% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | ARDTArdent Health Par… | FMSFresenius Medical… |
|---|---|---|
| RevenueTrailing 12 months | $6.3B | $19.6B |
| EBITDAEarnings before interest/tax | $948M | $3.3B |
| Net IncomeAfter-tax profit | $205M | $978M |
| Free Cash FlowCash after capex | $155M | $1.2B |
| Gross MarginGross profit ÷ Revenue | +70.6% | +25.6% |
| Operating MarginEBIT ÷ Revenue | +12.6% | +9.3% |
| Net MarginNet income ÷ Revenue | +3.2% | +5.0% |
| FCF MarginFCF ÷ Revenue | +2.4% | +6.0% |
| Rev. Growth (YoY)Latest quarter vs prior year | +8.8% | -0.3% |
| EPS Growth (YoY)Latest quarter vs prior year | -189.5% | +8.5% |
Valuation Metrics
At 5.9x trailing earnings, ARDT trades at a 50% valuation discount to FMS's 11.8x P/E. Adjusting for growth (PEG ratio), ARDT offers better value at 0.08x vs FMS's 2.32x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | ARDTArdent Health Par… | FMSFresenius Medical… |
|---|---|---|
| Market CapShares × price | $1.3B | $13.6B |
| Enterprise ValueMkt cap + debt − cash | $3.1B | $24.4B |
| Trailing P/EPrice ÷ TTM EPS | 5.94x | 11.84x |
| Forward P/EPrice ÷ next-FY EPS est. | 7.38x | 9.89x |
| PEG RatioP/E ÷ EPS growth rate | 0.08x | 2.32x |
| EV / EBITDAEnterprise value multiple | 5.55x | 6.33x |
| Price / SalesMarket cap ÷ Revenue | 0.22x | 0.59x |
| Price / BookPrice ÷ Book value/share | 0.82x | 0.81x |
| Price / FCFMarket cap ÷ FCF | 10.51x | — |
Profitability & Efficiency
ARDT delivers a 12.6% return on equity — every $100 of shareholder capital generates $13 in annual profit, vs $7 for FMS. FMS carries lower financial leverage with a 0.76x debt-to-equity ratio, signaling a more conservative balance sheet compared to ARDT's 1.50x. On the Piotroski fundamental quality scale (0–9), ARDT scores 8/9 vs FMS's 5/9, reflecting strong financial health.
| Metric | ARDTArdent Health Par… | FMSFresenius Medical… |
|---|---|---|
| ROE (TTM)Return on equity | +12.6% | +6.8% |
| ROA (TTM)Return on assets | +4.0% | +3.2% |
| ROICReturn on invested capital | +9.7% | +5.6% |
| ROCEReturn on capital employed | +10.0% | +6.9% |
| Piotroski ScoreFundamental quality 0–9 | 8 | 5 |
| Debt / EquityFinancial leverage | 1.50x | 0.76x |
| Net DebtTotal debt minus cash | $1.7B | $9.2B |
| Cash & Equiv.Liquid assets | $557M | $1.6B |
| Total DebtShort + long-term debt | $2.3B | $10.8B |
| Interest CoverageEBIT ÷ Interest expense | 7.08x | 6.84x |
Total Returns (with DRIP)
A $10,000 investment in FMS five years ago would be worth $7,718 today (with dividends reinvested), compared to $5,847 for ARDT. Over the past 12 months, FMS leads with a +0.2% total return vs ARDT's -35.9%. The 3-year compound annual growth rate (CAGR) favors FMS at 9.1% vs ARDT's -16.4% — a key indicator of consistent wealth creation.
| Metric | ARDTArdent Health Par… | FMSFresenius Medical… |
|---|---|---|
| YTD ReturnYear-to-date | +8.7% | -0.2% |
| 1-Year ReturnPast 12 months | -35.9% | +0.2% |
| 3-Year ReturnCumulative with dividends | -41.5% | +29.7% |
| 5-Year ReturnCumulative with dividends | -41.5% | -22.8% |
| 10-Year ReturnCumulative with dividends | -41.5% | -28.5% |
| CAGR (3Y)Annualised 3-year return | -16.4% | +9.1% |
Risk & Volatility
FMS is the less volatile stock with a 0.40 beta — it tends to amplify market swings less than ARDT's 0.88 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. FMS currently trades 77.0% from its 52-week high vs ARDT's 60.4% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | ARDTArdent Health Par… | FMSFresenius Medical… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.88x | 0.40x |
| 52-Week HighHighest price in past year | $15.55 | $30.46 |
| 52-Week LowLowest price in past year | $8.07 | $20.95 |
| % of 52W HighCurrent price vs 52-week peak | +60.4% | +77.0% |
| RSI (14)Momentum oscillator 0–100 | 55.7 | 49.0 |
| Avg Volume (50D)Average daily shares traded | 341K | 518K |
Analyst Outlook
Wall Street rates ARDT as "Buy" and FMS as "Hold". Consensus price targets imply 55.2% upside for ARDT (target: $15) vs 19.4% for FMS (target: $28).
| Metric | ARDTArdent Health Par… | FMSFresenius Medical… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Hold |
| Price TargetConsensus 12-month target | $14.57 | $28.00 |
| # AnalystsCovering analysts | 12 | 18 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | 1 | 3 |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Jul 24 | Feb 26 | Change |
|---|---|---|---|
| Ardent Health Partn… (ARDT) | 100 | 53.49 | -46.5% |
| Fresenius Medical C… (FMS) | 100 | 120.47 | +20.5% |
Fresenius Medical C… (FMS) returned -23% over 5 years vs Ardent Health Partn… (ARDT)'s -42%.
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Ardent Health Partn… (ARDT) | $2.1B | $6.0B | +183.4% |
| Fresenius Medical C… (FMS) | $17.0B | $19.6B | +15.3% |
Fresenius Medical Care AG & Co. KGaA's revenue grew from $17.0B (2016) to $19.6B (2025) — a 1.6% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Ardent Health Partn… (ARDT) | 0.7% | 3.5% | +408.3% |
| Fresenius Medical C… (FMS) | 6.9% | 5.0% | -28.2% |
Fresenius Medical Care AG & Co. KGaA's net margin went from 7% (2016) to 5% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Fresenius Medical C… (FMS) | 25.3 | 14.2 | -43.9% |
Fresenius Medical Care AG & Co. KGaA has traded in a 10x–39x P/E range over 9 years; current trailing P/E is ~12x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Ardent Health Partn… (ARDT) | 0.1 | 1.58 | +1480.0% |
| Fresenius Medical C… (FMS) | 1.87 | 1.68 | -10.2% |
Fresenius Medical Care AG & Co. KGaA's EPS grew from $1.87 (2016) to $1.68 (2025) — a -1% CAGR.
Chart 6Free Cash Flow — 5 Years
Ardent Health Partners, LLC generated $128M FCF in 2024 (+167% vs 2022). Fresenius Medical Care AG & Co. KGaA generated $0M FCF in 2025 (-100% vs 2021).
ARDT vs FMS: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is ARDT or FMS a better buy right now?
Ardent Health Partners, LLC (ARDT) offers the better valuation at 5.9x trailing P/E (7.4x forward), making it the more compelling value choice. Analysts rate Ardent Health Partners, LLC (ARDT) a "Buy" — based on 12 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — ARDT or FMS?
On trailing P/E, Ardent Health Partners, LLC (ARDT) is the cheapest at 5.9x versus Fresenius Medical Care AG & Co. KGaA at 11.8x. On forward P/E, Ardent Health Partners, LLC is actually cheaper at 7.4x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Ardent Health Partners, LLC wins at 0.10x versus Fresenius Medical Care AG & Co. KGaA's 1.94x — a PEG below 1.0 traditionally signals the market is underpricing earnings growth.
03Which is the better long-term investment — ARDT or FMS?
Over the past 5 years, Fresenius Medical Care AG & Co. KGaA (FMS) delivered a total return of -22.8%, compared to -41.5% for Ardent Health Partners, LLC (ARDT). A $10,000 investment in FMS five years ago would be worth approximately $8K today (assuming dividends reinvested). Over 10 years, the gap is even starker: FMS returned -28.5% versus ARDT's -41.5%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — ARDT or FMS?
By beta (market sensitivity over 5 years), Fresenius Medical Care AG & Co. KGaA (FMS) is the lower-risk stock at 0.40β versus Ardent Health Partners, LLC's 0.88β — meaning ARDT is approximately 121% more volatile than FMS relative to the S&P 500. On balance sheet safety, Fresenius Medical Care AG & Co. KGaA (FMS) carries a lower debt/equity ratio of 76% versus 150% for Ardent Health Partners, LLC — giving it more financial flexibility in a downturn.
05Which has better profit margins — ARDT or FMS?
Fresenius Medical Care AG & Co. KGaA (FMS) is the more profitable company, earning 5.0% net margin versus 3.5% for Ardent Health Partners, LLC — meaning it keeps 5.0% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: FMS leads at 9.3% versus 6.8% for ARDT. At the gross margin level — before operating expenses — ARDT leads at 82.7%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is ARDT or FMS more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, Ardent Health Partners, LLC (ARDT) is the more undervalued stock at a PEG of 0.10x versus Fresenius Medical Care AG & Co. KGaA's 1.94x. A PEG below 1.0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Ardent Health Partners, LLC (ARDT) trades at 7.4x forward P/E versus 9.9x for Fresenius Medical Care AG & Co. KGaA — 2.5x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for ARDT: 55.2% to $14.57.
07Which pays a better dividend — ARDT or FMS?
None of the stocks in this comparison currently pay a material dividend. All are effectively zero-yield and should be held for capital appreciation rather than income.
08Is ARDT or FMS better for a retirement portfolio?
For long-horizon retirement investors, Fresenius Medical Care AG & Co. KGaA (FMS) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.40)). Both have compounded well over 10 years (FMS: -28.5%, ARDT: -41.5%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between ARDT and FMS?
Both stocks operate in the Healthcare sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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