FMS
Fresenius Medical Care AG & Co. KGaA
Medical - Care Facilities
Market Cap$11.92B
5Y Perf.-48.7%
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Stock Comparison
FMS vs BAX
Revenue, margins, valuation, and 5-year total return — side by side.
BAX
Baxter International Inc.
Medical - Instruments & Supplies
Market Cap$9.04B
5Y Perf.-80.5%
FMS vs BAX — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | FMS | BAX |
|---|---|---|
| Industry | Medical - Care Facilities | Medical - Instruments & Supplies |
| Market Cap | $11.92B | $9.04B |
| Revenue (TTM) | $19.36B | $11.32B |
| Net Income (TTM) | $947M | $-1.10B |
| Gross Margin | 26.0% | 30.1% |
| Operating Margin | 9.7% | -2.7% |
| Forward P/E | 10.5x | 9.2x |
| Total Debt | $10.79B | $10.00B |
| Cash & Equiv. | $1.60B | $1.97B |
FMS vs BAX — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
FMS
BAX
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| Fresenius Medical C… (FMS) | 100 | 51.3 | -48.7% |
| Baxter Internationa… (BAX) | 100 | 19.5 | -80.5% |
Price return only. Dividends and distributions are not included.
Quick Verdict: FMS vs BAX
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: FMS leads in 5 of 7 categories, making it the strongest pick for profitability and margin quality and capital preservation and lower volatility. Baxter International Inc. is the stronger pick specifically for growth and revenue expansion and valuation and capital efficiency. As sector peers, any of these can serve as alternatives in the same allocation.
FMS
Fresenius Medical Care AG & Co. KGaA
The Income Pick
FMS carries the broadest edge in this set and is the clearest fit for income & stability and long-term compounding.
- Dividend streak 4 yrs, beta 0.49, yield 3.8%
- -35.1% 10Y total return vs BAX's -42.4%
- Lower volatility, beta 0.49, Low D/E 75.6%, current ratio 1.26x
Best for: income & stability and long-term compounding
BAX
Baxter International Inc.
The Growth Play
BAX is the clearest fit if your priority is growth exposure and defensive.
- Rev growth 5.7%, EPS growth -37.8%, 3Y rev CAGR 3.8%
- Beta 1.37, yield 3.9%, current ratio 2.31x
- 5.7% revenue growth vs FMS's 1.5%
Best for: growth exposure and defensive
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | BAX | 5.7% revenue growth vs FMS's 1.5% |
| Value | BAX | Lower P/E (9.2x vs 10.5x) |
| Quality / Margins | FMS | 4.9% margin vs BAX's -9.7% |
| Stability / Safety | FMS | Beta 0.49 vs BAX's 1.37, lower leverage |
| Dividends | FMS | 3.8% yield, 4-year raise streak, vs BAX's 3.9% |
| Momentum (1Y) | FMS | -20.5% vs BAX's -41.8% |
| Efficiency (ROA) | FMS | 3.0% ROA vs BAX's -5.4%, ROIC 5.6% vs -1.4% |
FMS vs BAX — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
FY 2025
FY 2025
FMS vs BAX — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLFMSLAGGINGBAX
BAXBaxter International …
0leads
FMSFresenius Medical Car…
5leads
6 Total Categories
CATEGORYLEADERvs BAXMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
FMS4/6
Valuation MetricsMultiples, price ratios, and targets
FMS4/6
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
FMS7/9
Total Returns1Y, 3Y, 5Y total returns with dividends
FMS6/6
Risk & VolatilityBeta, volatility, and downside exposure
FMS2/2
Analyst OutlookRatings, price targets, and dividends
Tied
—
Income & Cash Flow (Last 12 Months)
FMS leads this category, winning 4 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
FMS is the larger business by revenue, generating $19.4B annually — 1.7x BAX's $11.3B. FMS is the more profitable business, keeping 4.9% of every revenue dollar as net income compared to BAX's -9.7%. On growth, BAX holds the edge at +2.9% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | FMSFresenius Medical… | BAXBaxter Internatio… |
|---|---|---|
| RevenueTrailing 12 months | $19.4B | $11.3B |
| EBITDAEarnings before interest/tax | $3.5B | $671M |
| Net IncomeAfter-tax profit | $947M | -$1.1B |
| Free Cash FlowCash after capex | $1.8B | $501M |
| Gross MarginGross profit ÷ Revenue | +26.0% | +30.1% |
| Operating MarginEBIT ÷ Revenue | +9.7% | -2.7% |
| Net MarginNet income ÷ Revenue | +4.9% | -9.7% |
| FCF MarginFCF ÷ Revenue | +9.1% | +4.4% |
| Rev. Growth (YoY)Latest quarter vs prior year | -5.5% | +2.9% |
| EPS Growth (YoY)Latest quarter vs prior year | -15.4% | -112.0% |
FMS leads this category, winning 4 of 6 comparable metrics.
Valuation Metrics
FMS leads this category, winning 4 of 6 comparable metrics.
Valuation Metrics
On an enterprise value basis, FMS's 5.9x EV/EBITDA is more attractive than BAX's 25.4x.
| Metric | FMSFresenius Medical… | BAXBaxter Internatio… |
|---|---|---|
| Market CapShares × price | $11.9B | $9.0B |
| Enterprise ValueMkt cap + debt − cash | $22.7B | $17.1B |
| Trailing P/EPrice ÷ TTM EPS | 10.96x | -10.01x |
| Forward P/EPrice ÷ next-FY EPS est. | 10.52x | 9.17x |
| PEG RatioP/E ÷ EPS growth rate | 2.15x | — |
| EV / EBITDAEnterprise value multiple | 5.91x | 25.37x |
| Price / SalesMarket cap ÷ Revenue | 0.52x | 0.80x |
| Price / BookPrice ÷ Book value/share | 0.75x | 1.47x |
| Price / FCFMarket cap ÷ FCF | 5.98x | 27.99x |
FMS leads this category, winning 4 of 6 comparable metrics.
Profitability & Efficiency
FMS leads this category, winning 7 of 9 comparable metrics.
Profitability & Efficiency
FMS delivers a 6.7% return on equity — every $100 of shareholder capital generates $7 in annual profit, vs $-16 for BAX. FMS carries lower financial leverage with a 0.76x debt-to-equity ratio, signaling a more conservative balance sheet compared to BAX's 1.64x. On the Piotroski fundamental quality scale (0–9), FMS scores 7/9 vs BAX's 5/9, reflecting strong financial health.
| Metric | FMSFresenius Medical… | BAXBaxter Internatio… |
|---|---|---|
| ROE (TTM)Return on equity | +6.7% | -16.5% |
| ROA (TTM)Return on assets | +3.0% | -5.4% |
| ROICReturn on invested capital | +5.6% | -1.4% |
| ROCEReturn on capital employed | +6.9% | -1.7% |
| Piotroski ScoreFundamental quality 0–9 | 7 | 5 |
| Debt / EquityFinancial leverage | 0.76x | 1.64x |
| Net DebtTotal debt minus cash | $9.2B | $8.0B |
| Cash & Equiv.Liquid assets | $1.6B | $2.0B |
| Total DebtShort + long-term debt | $10.8B | $10.0B |
| Interest CoverageEBIT ÷ Interest expense | 10.17x | -0.83x |
FMS leads this category, winning 7 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
FMS leads this category, winning 6 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in FMS five years ago would be worth $6,410 today (with dividends reinvested), compared to $2,566 for BAX. Over the past 12 months, FMS leads with a -20.5% total return vs BAX's -41.8%. The 3-year compound annual growth rate (CAGR) favors FMS at 0.7% vs BAX's -24.1% — a key indicator of consistent wealth creation.
| Metric | FMSFresenius Medical… | BAXBaxter Internatio… |
|---|---|---|
| YTD ReturnYear-to-date | -7.9% | -10.2% |
| 1-Year ReturnPast 12 months | -20.5% | -41.8% |
| 3-Year ReturnCumulative with dividends | +2.2% | -56.3% |
| 5-Year ReturnCumulative with dividends | -35.9% | -74.3% |
| 10-Year ReturnCumulative with dividends | -35.1% | -42.4% |
| CAGR (3Y)Annualised 3-year return | +0.7% | -24.1% |
FMS leads this category, winning 6 of 6 comparable metrics.
Risk & Volatility
FMS leads this category, winning 2 of 2 comparable metrics.
Risk & Volatility
FMS is the less volatile stock with a 0.49 beta — it tends to amplify market swings less than BAX's 1.37 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. FMS currently trades 71.1% from its 52-week high vs BAX's 53.6% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | FMSFresenius Medical… | BAXBaxter Internatio… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.49x | 1.37x |
| 52-Week HighHighest price in past year | $30.46 | $32.68 |
| 52-Week LowLowest price in past year | $20.02 | $15.73 |
| % of 52W HighCurrent price vs 52-week peak | +71.1% | +53.6% |
| RSI (14)Momentum oscillator 0–100 | 36.5 | 44.0 |
| Avg Volume (50D)Average daily shares traded | 527K | 8.7M |
FMS leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
Evenly matched — FMS and BAX each lead in 1 of 2 comparable metrics.
Analyst Outlook
Wall Street rates FMS as "Hold" and BAX as "Hold". Consensus price targets imply 29.4% upside for FMS (target: $28) vs 12.8% for BAX (target: $20). For income investors, BAX offers the higher dividend yield at 3.87% vs FMS's 3.78%.
| Metric | FMSFresenius Medical… | BAXBaxter Internatio… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Hold |
| Price TargetConsensus 12-month target | $28.00 | $19.75 |
| # AnalystsCovering analysts | 18 | 36 |
| Dividend YieldAnnual dividend ÷ price | +3.8% | +3.9% |
| Dividend StreakConsecutive years of raises | 4 | 0 |
| Dividend / ShareAnnual DPS | $0.70 | $0.68 |
| Buyback YieldShare repurchases ÷ mkt cap | +5.5% | 0.0% |
Evenly matched — FMS and BAX each lead in 1 of 2 comparable metrics.
Key Takeaway
FMS leads in 5 of 6 categories — strongest in Income & Cash Flow and Valuation Metrics. 1 category is tied.
Best OverallFresenius Medical Care AG &… (FMS)Leads 5 of 6 categories
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FMS vs BAX: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is FMS or BAX a better buy right now?
For growth investors, Baxter International Inc.
(BAX) is the stronger pick with 5. 7% revenue growth year-over-year, versus 1. 5% for Fresenius Medical Care AG & Co. KGaA (FMS). Fresenius Medical Care AG & Co. KGaA (FMS) offers the better valuation at 11. 0x trailing P/E (10. 5x forward), making it the more compelling value choice. Analysts rate Fresenius Medical Care AG & Co. KGaA (FMS) a "Hold" — based on 18 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 — FMS or BAX?
On forward P/E, Baxter International Inc.
is actually cheaper at 9. 2x — notably different from the trailing picture, reflecting expected earnings growth.
03Which is the better long-term investment — FMS or BAX?
Over the past 5 years, Fresenius Medical Care AG & Co.
KGaA (FMS) delivered a total return of -35. 9%, compared to -74. 3% for Baxter International Inc. (BAX). Over 10 years, the gap is even starker: FMS returned -35. 1% versus BAX's -42. 4%. 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 — FMS or BAX?
By beta (market sensitivity over 5 years), Fresenius Medical Care AG & Co.
KGaA (FMS) is the lower-risk stock at 0. 49β versus Baxter International Inc. 's 1. 37β — meaning BAX is approximately 179% 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 164% for Baxter International Inc. — giving it more financial flexibility in a downturn.
05Which is growing faster — FMS or BAX?
By revenue growth (latest reported year), Baxter International Inc.
(BAX) is pulling ahead at 5. 7% versus 1. 5% for Fresenius Medical Care AG & Co. KGaA (FMS). On earnings-per-share growth, the picture is similar: Fresenius Medical Care AG & Co. KGaA grew EPS 82. 6% year-over-year, compared to -37. 8% for Baxter International Inc.. Over a 3-year CAGR, BAX leads at 3. 8% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — FMS or BAX?
Fresenius Medical Care AG & Co.
KGaA (FMS) is the more profitable company, earning 5. 0% net margin versus -8. 5% for Baxter International Inc. — 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 -2. 7% for BAX. At the gross margin level — before operating expenses — BAX leads at 30. 1%, 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.
07Is FMS or BAX more undervalued right now?
On forward earnings alone, Baxter International Inc.
(BAX) trades at 9. 2x forward P/E versus 10. 5x for Fresenius Medical Care AG & Co. KGaA — 1. 4x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for FMS: 29. 4% to $28. 00.
08Which pays a better dividend — FMS or BAX?
All stocks in this comparison pay dividends.
Baxter International Inc. (BAX) offers the highest yield at 3. 9%, versus 3. 8% for Fresenius Medical Care AG & Co. KGaA (FMS).
09Is FMS or BAX 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. 49), 3. 8% yield). Both have compounded well over 10 years (FMS: -35. 1%, BAX: -42. 4%), 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.
10What are the main differences between FMS and BAX?
Both stocks operate in the Healthcare sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
In terms of investment character: FMS is a mid-cap deep-value stock; BAX is a small-cap income-oriented stock. 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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