Comprehensive Stock Comparison
Compare National HealthCare Corporation (NHC) 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 |  NHC | 13.2% revenue growth vs FMS's 1.5% |
| Value | NHC | PEG 0.94 vs 1.90 |
| Quality / Margins | NHC | 6.7% net margin vs FMS's 5.0% |
| Stability / Safety |  FMS | Beta 0.40 vs NHC's 0.44 |
| Dividends | NHC | 1.4% yield; 12-year raise streak; FMS pays no meaningful dividend |
| Momentum (1Y) | NHC | +87.9% vs FMS's +0.5% |
| Efficiency (ROA) | NHC | 6.4% ROA vs FMS's 3.2%, ROIC 8.4% vs 5.6% |
Who Each Stock Is For
Income & stability
NHCDividend streak 12 yrs, beta 0.44, yield 1.4%
Growth exposure
NHCRev growth 13.2%, EPS growth 17.5%, 3Y rev CAGR 11.0%
Long-term compounding (10Y)
NHC200.6% 10Y total return vs FMS's -29.0%
Sleep-well-at-night portfolio
FMSLower volatility, beta 0.40, Low D/E 75.6%, current ratio 1.26x
Valuation efficiency (growth/$)
NHCPEG 0.94 vs FMS's 1.90
Defensive / Recession hedge
FMSBeta 0.40, current ratio 1.26x
Business Model
What each company does and how it makes money
National HealthCare Corporation is a diversified healthcare services company that operates skilled nursing facilities, assisted living communities, homecare and hospice agencies, and behavioral health services. It generates revenue primarily from patient care services at its facilities — with skilled nursing contributing the largest portion — through Medicare, Medicaid, and private pay sources. The company's competitive advantage lies in its diversified portfolio across the care continuum and its operational expertise in managing complex regulatory environments within the post-acute care sector.
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
NHC 4FMS 1NHC4/6 metricsFMS5/6 metricsNHC7/8 metricsNHC6/6 metricsNHC1/1 metricsNHC leads in 4 of 6 categories (Financial Metrics, Profitability & Efficiency). FMS leads in 1 (Valuation Metrics). 1 tied.
Financial Metrics (TTM)
FMS is the larger business by revenue, generating $19.6B annually — 13.1x NHC's $1.5B. Profitability is closely matched — net margins range from 6.7% (NHC) to 5.0% (FMS). On growth, NHC holds the edge at +12.5% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | NHCNational HealthCa… | FMSFresenius Medical… |
|---|---|---|
| RevenueTrailing 12 months | $1.5B | $19.6B |
| EBITDAEarnings before interest/tax | $166M | $3.3B |
| Net IncomeAfter-tax profit | $101M | $978M |
| Free Cash FlowCash after capex | $147M | $1.2B |
| Gross MarginGross profit ÷ Revenue | +38.5% | +25.6% |
| Operating MarginEBIT ÷ Revenue | +8.1% | +9.3% |
| Net MarginNet income ÷ Revenue | +6.7% | +5.0% |
| FCF MarginFCF ÷ Revenue | +9.8% | +6.0% |
| Rev. Growth (YoY)Latest quarter vs prior year | +12.5% | -0.3% |
| EPS Growth (YoY)Latest quarter vs prior year | -8.4% | +8.5% |
Valuation Metrics
At 11.8x trailing earnings, FMS trades at a 48% valuation discount to NHC's 22.5x P/E. Adjusting for growth (PEG ratio), NHC offers better value at 0.98x vs FMS's 2.32x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | NHCNational HealthCa… | FMSFresenius Medical… |
|---|---|---|
| Market CapShares × price | $2.7B | $13.4B |
| Enterprise ValueMkt cap + debt − cash | $2.8B | $24.0B |
| Trailing P/EPrice ÷ TTM EPS | 22.53x | 11.82x |
| Forward P/EPrice ÷ next-FY EPS est. | 21.69x | 9.71x |
| PEG RatioP/E ÷ EPS growth rate | 0.98x | 2.32x |
| EV / EBITDAEnterprise value multiple | 15.98x | 6.33x |
| Price / SalesMarket cap ÷ Revenue | 1.82x | 0.59x |
| Price / BookPrice ÷ Book value/share | 2.52x | 0.81x |
| Price / FCFMarket cap ÷ FCF | 18.04x | — |
Profitability & Efficiency
NHC delivers a 9.6% return on equity — every $100 of shareholder capital generates $10 in annual profit, vs $7 for FMS. NHC carries lower financial leverage with a 0.08x debt-to-equity ratio, signaling a more conservative balance sheet compared to FMS's 0.76x. On the Piotroski fundamental quality scale (0–9), FMS scores 5/9 vs NHC's 2/9, reflecting solid financial health.
| Metric | NHCNational HealthCa… | FMSFresenius Medical… |
|---|---|---|
| ROE (TTM)Return on equity | +9.6% | +6.8% |
| ROA (TTM)Return on assets | +6.4% | +3.2% |
| ROICReturn on invested capital | +8.4% | +5.6% |
| ROCEReturn on capital employed | — | +6.9% |
| Piotroski ScoreFundamental quality 0–9 | 2 | 5 |
| Debt / EquityFinancial leverage | 0.08x | 0.76x |
| Net DebtTotal debt minus cash | $87M | $9.2B |
| Cash & Equiv.Liquid assets | — | $1.6B |
| Total DebtShort + long-term debt | $87M | $10.8B |
| Interest CoverageEBIT ÷ Interest expense | 24.41x | 6.84x |
Total Returns (with DRIP)
A $10,000 investment in NHC five years ago would be worth $24,926 today (with dividends reinvested), compared to $7,700 for FMS. Over the past 12 months, NHC leads with a +87.9% total return vs FMS's +0.5%. The 3-year compound annual growth rate (CAGR) favors NHC at 48.6% vs FMS's 8.1% — a key indicator of consistent wealth creation.
| Metric | NHCNational HealthCa… | FMSFresenius Medical… |
|---|---|---|
| YTD ReturnYear-to-date | +32.5% | -2.0% |
| 1-Year ReturnPast 12 months | +87.9% | +0.5% |
| 3-Year ReturnCumulative with dividends | +227.8% | +26.5% |
| 5-Year ReturnCumulative with dividends | +149.3% | -23.0% |
| 10-Year ReturnCumulative with dividends | +200.6% | -29.0% |
| CAGR (3Y)Annualised 3-year return | +48.6% | +8.1% |
Risk & Volatility
FMS is the less volatile stock with a 0.40 beta — it tends to amplify market swings less than NHC's 0.44 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. NHC currently trades 99.0% from its 52-week high vs FMS's 75.6% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | NHCNational HealthCa… | FMSFresenius Medical… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.44x | 0.40x |
| 52-Week HighHighest price in past year | $174.51 | $30.46 |
| 52-Week LowLowest price in past year | $89.14 | $20.95 |
| % of 52W HighCurrent price vs 52-week peak | +99.0% | +75.6% |
| RSI (14)Momentum oscillator 0–100 | 70.5 | 48.5 |
| Avg Volume (50D)Average daily shares traded | 67K | 638K |
Analyst Outlook
NHC is the only dividend payer here at 1.43% yield — a key consideration for income-focused portfolios.
| Metric | NHCNational HealthCa… | FMSFresenius Medical… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | — | Hold |
| Price TargetConsensus 12-month target | — | $28.00 |
| # AnalystsCovering analysts | — | 18 |
| Dividend YieldAnnual dividend ÷ price | +1.4% | — |
| Dividend StreakConsecutive years of raises | 12 | 3 |
| Dividend / ShareAnnual DPS | $2.47 | — |
| Buyback YieldShare repurchases ÷ mkt cap | +0.5% | 0.0% |
Historical Charts
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Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Mar 26 | Change |
|---|---|---|---|
| National HealthCare… (NHC) | 100 | 229.79 | +129.8% |
| Fresenius Medical C… (FMS) | 100 | 60.21 | -39.8% |
National HealthCare… (NHC) returned +149% over 5 years vs Fresenius Medical C… (FMS)'s -23%. A $10,000 investment in NHC 5 years ago would be worth $24,926 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| National HealthCare… (NHC) | $924M | $1.5B | +59.1% |
| Fresenius Medical C… (FMS) | $17.0B | $19.6B | +15.3% |
National HealthCare Corporation's revenue grew from $924M (2016) to $1.5B (2025) — a 5.3% CAGR. 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 |
|---|---|---|---|
| National HealthCare… (NHC) | 5.5% | 8.2% | +49.2% |
| Fresenius Medical C… (FMS) | 6.9% | 5.0% | -28.2% |
National HealthCare Corporation's net margin went from 5% (2016) to 8% (2025). 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 |
|---|---|---|---|
| National HealthCare… (NHC) | 16.5 | 17.9 | +8.5% |
| Fresenius Medical C… (FMS) | 25.3 | 14.2 | -43.9% |
National HealthCare Corporation has traded in a 8x–41x P/E range over 9 years; current trailing P/E is ~23x. 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 |
|---|---|---|---|
| National HealthCare… (NHC) | 3.32 | 7.67 | +131.0% |
| Fresenius Medical C… (FMS) | 1.87 | 1.68 | -10.2% |
National HealthCare Corporation's EPS grew from $3.32 (2016) to $7.67 (2025) — a 10% CAGR. 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
National HealthCare Corporation generated $149M FCF in 2025 (+546% vs 2021). Fresenius Medical Care AG & Co. KGaA generated $0M FCF in 2025 (-100% vs 2021).
NHC vs FMS: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is NHC or FMS a better buy right now?
Fresenius Medical Care AG & Co. KGaA (FMS) offers the better valuation at 11.8x trailing P/E (9.7x 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 — NHC or FMS?
On trailing P/E, Fresenius Medical Care AG & Co. KGaA (FMS) is the cheapest at 11.8x versus National HealthCare Corporation at 22.5x. On forward P/E, Fresenius Medical Care AG & Co. KGaA is actually cheaper at 9.7x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: National HealthCare Corporation wins at 0.94x versus Fresenius Medical Care AG & Co. KGaA's 1.90x — a PEG below 1.0 traditionally signals the market is underpricing earnings growth.
03Which is the better long-term investment — NHC or FMS?
Over the past 5 years, National HealthCare Corporation (NHC) delivered a total return of +149.3%, compared to -23.0% for Fresenius Medical Care AG & Co. KGaA (FMS). A $10,000 investment in NHC five years ago would be worth approximately $25K today (assuming dividends reinvested). Over 10 years, the gap is even starker: NHC returned +200.6% versus FMS's -29.0%. 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 — NHC 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 National HealthCare Corporation's 0.44β — meaning NHC is approximately 10% more volatile than FMS relative to the S&P 500. On balance sheet safety, National HealthCare Corporation (NHC) carries a lower debt/equity ratio of 8% versus 76% for Fresenius Medical Care AG & Co. KGaA — giving it more financial flexibility in a downturn.
05Which has better profit margins — NHC or FMS?
National HealthCare Corporation (NHC) is the more profitable company, earning 8.2% net margin versus 5.0% for Fresenius Medical Care AG & Co. KGaA — meaning it keeps 8.2% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: FMS leads at 9.3% versus 8.7% for NHC. At the gross margin level — before operating expenses — NHC leads at 37.3%, 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 NHC 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, National HealthCare Corporation (NHC) is the more undervalued stock at a PEG of 0.94x versus Fresenius Medical Care AG & Co. KGaA's 1.90x. A PEG below 1.0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Fresenius Medical Care AG & Co. KGaA (FMS) trades at 9.7x forward P/E versus 21.7x for National HealthCare Corporation — 12.0x cheaper on a one-year earnings basis.
07Which pays a better dividend — NHC or FMS?
In this comparison, NHC (1.4% yield) pays a dividend. FMS does not pay a meaningful dividend and should not be held primarily for income.
08Is NHC or FMS better for a retirement portfolio?
For long-horizon retirement investors, National HealthCare Corporation (NHC) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.44), 1.4% yield, +200.6% 10Y return). Both have compounded well over 10 years (NHC: +200.6%, FMS: -29.0%), 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 NHC 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. In terms of investment character: NHC is a small-cap quality compounder stock; FMS is a mid-cap deep-value stock. NHC pays a dividend while FMS does not, making them suitable for different income and tax situations. 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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