Fresenius Medical Care AG & Co. KGaA (FMS) 10-Year Financial Performance & Capital Metrics

FMS •

HealthcareHealthcare FacilitiesSpecialty chronic care clinics

AboutFresenius Medical Care AG & Co. KGaA provides dialysis care and related dialysis care services in Germany, North America, and internationally. It 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 also develops, manufactures, and distributes dialysis products, including polysulfone dialyzers, hemodialysis machines, peritoneal dialysis cyclers, peritoneal dialysis solutions, hemodialysis concentrates, solutions and granulates, bloodlines, renal pharmaceuticals, and systems for water treatment; and non-dialysis products, such as acute cardiopulmonary and apheresis products. In addition, it develops, acquires, and in-licenses renal pharmaceuticals; offers renal medications and supplies to patients at homes or to dialysis clinics; and provides vascular, cardiovascular, endovascular specialty, vascular care ambulatory surgery center, and physician nephrology and cardiology services. The company sells its products to dialysis clinics, hospitals, and specialized treatment clinics directly, as well as through local sales forces, independent distributors, dealers, and sales agents. As of February 23, 2022, it operated 4,171 outpatient dialysis clinics in approximately 150 countries. Fresenius Medical Care AG & Co. KGaA was incorporated in 1996 and is headquartered in Bad Homburg, Germany.Show more

Revenue $19.63B +1.5%
EBITDA $3.27B +4.4%
Net Income $978M +81.8%
EPS (Diluted) 1.68 +82.6%
Gross Margin 25.62% +4.2%
EBITDA Margin 16.67% +2.8%
Operating Margin 9.31% +29.3%
Net Margin 4.98% +79.1%
ROE 6.51% +85.1%
ROIC 5.58% +36.6%
Debt/Equity 0.76 +8.3%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 0.8x book value

✗Weaknesses

✗Weak 3Y average ROE of 4.4%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.52%

5Y1.91%

3Y0.39%

TTM1.51%

Profit (Net Income) CAGR

10Y0.38%

5Y-3.43%

3Y13.25%

TTM81.88%

EPS CAGR

10Y0.68%

5Y5.1%

3Y43.38%

TTM259.57%

ROCE

10Y Avg8.85%

5Y Avg5.82%

3Y Avg5.58%

Latest6.94%

Peer Comparison

Specialty chronic care clinics

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
DVADaVita Inc.	10.45B	156.30	17.23	6.46%	5.47%	64.47%	12.54%	12.99
FMSFresenius Medical Care AG & Co. KGaA	13.6B	23.46	11.84	1.51%	4.98%	6.85%		0.76
CCMConcord Medical Services Holdings Limited	166.67M	3.64	-0.01	-28.55%	-44.6%	-9.47%		2.43
TOIThe Oncology Institute, Inc.	218.88M	2.89	-4.07	21.33%	-14.38%	-213.36%		34.31

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	17.03B	17.78B	16.55B	17.48B	17.86B	17.62B	19.4B	19.45B	19.34B	19.63B
Revenue Growth %	11.24%	4.42%	-6.96%	5.62%	2.19%	-1.35%	10.1%	0.29%	-0.61%	1.51%
Cost of Goods Sold+	11.53B	11.78B	11.39B	12.08B	12.32B	12.85B	14.5B	14.53B	14.58B	14.6B
COGS % of Revenue	67.73%	66.24%	68.85%	69.13%	68.99%	72.91%	74.77%	74.68%	75.4%	74.38%
Gross Profit+	5.5B	6B	5.16B	5.4B	5.54B	4.77B	4.89B	4.93B	4.76B	5.03B
Gross Margin %	32.27%	33.76%	31.15%	30.87%	31.01%	27.09%	25.23%	25.32%	24.6%	25.62%
Gross Profit Growth %	12.71%	9.25%	-14.14%	4.67%	2.62%	-13.8%	2.53%	0.64%	-3.42%	5.73%
Operating Expenses+	3.05B	3.71B	3B	3.13B	3.23B	2.92B	3.38B	3.56B	3.36B	3.2B
OpEx % of Revenue	17.91%	20.86%	18.12%	17.89%	18.1%	16.58%	17.43%	18.28%	17.4%	16.31%
Selling, General & Admin	2.9B	3.58B	2.87B	3.03B	3.13B	2.77B	3.17B	3.2B	3.14B	3.03B
SG&A % of Revenue	17%	20.12%	17.31%	17.35%	17.55%	15.74%	16.34%	16.43%	16.25%	15.45%
Research & Development	154.04M	131M	134M	168.03M	193.77M	220.78M	228.62M	231.97M	183.49M	158M
R&D % of Revenue	0.9%	0.74%	0.81%	0.96%	1.08%	1.25%	1.18%	1.19%	0.95%	0.8%
Other Operating Expenses	0	0	0	-73.68M	-94.52M	-72.87M	-17.06M	127.26M	37.95M	11M
Operating Income+	2.51B	2.36B	3.04B	2.27B	2.3B	1.85B	1.51B	1.37B	1.39B	1.83B
Operating Margin %	14.73%	13.28%	18.36%	12.99%	12.9%	10.51%	7.79%	7.04%	7.2%	9.31%
Operating Income Growth %	17.85%	-5.83%	28.62%	-25.29%	1.54%	-19.62%	-18.38%	-9.41%	1.68%	31.21%
EBITDA+	3.21B	3.1B	3.76B	3.86B	4.09B	3.48B	3.35B	3.12B	3.13B	3.27B
EBITDA Margin %	18.85%	17.42%	22.74%	22.1%	22.9%	19.73%	17.27%	16.05%	16.21%	16.67%
EBITDA Growth %	15.29%	-3.5%	21.48%	2.65%	5.89%	-15.02%	-3.62%	-6.83%	0.42%	4.38%
D&A (Non-Cash Add-back)	701.54M	735.48M	724.85M	1.59B	1.79B	1.62B	1.84B	1.75B	1.74B	1.44B
EBIT	2.47B	2.41B	2.18B	2.33B	2.35B	1.93B	1.58B	1.46B	1.46B	1.65B
Net Interest Income+	-363.41M	-364.82M	-301.06M	-429.44M	-368.02M	-280.43M	-292.48M	-336.42M	-335.47M	-315M
Interest Income	63.4M	51.38M	147M	61.62M	41.96M	73.17M	67.66M	88.22M	71.58M	0
Interest Expense	426.81M	416.2M	448M	491.06M	409.98M	353.6M	360.14M	424.64M	407.04M	0
Other Income/Expense	-363.41M	-364.82M	-301.06M	-429.44M	-368.02M	-280.43M	-292.48M	-336.42M	-335.47M	-315M
Pretax Income+	2.12B	2.01B	2.74B	1.84B	1.94B	1.57B	1.22B	1.03B	1.06B	1.51B
Pretax Margin %	12.46%	11.29%	16.54%	10.53%	10.84%	8.92%	6.29%	5.31%	5.47%	7.7%
Income Tax+	649.42M	454M	511M	401.61M	500.56M	352.83M	324.95M	300.56M	316.06M	321M
Effective Tax Rate %	55.69%	63.74%	72.42%	65.19%	60.13%	61.67%	55.23%	48.3%	50.89%	64.68%
Net Income+	1.18B	1.28B	1.98B	1.2B	1.16B	969.31M	673.4M	499M	537.91M	978M
Net Margin %	6.94%	7.2%	11.98%	6.86%	6.52%	5.5%	3.47%	2.57%	2.78%	4.98%
Net Income Growth %	25.58%	8.3%	54.84%	-39.47%	-2.94%	-16.75%	-30.53%	-25.9%	7.8%	81.81%
Net Income (Continuing)	1.42B	1.55B	2.23B	1.44B	1.44B	1.22B	894.33M	732.46M	740.87M	1.19B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	616.47M	1.01B	1.14B	1.27B	1.12B	1.28B	1.46B	1.21B	1.19B	0
EPS (Diluted)+	1.87	2.08	3.23	1.35	1.31	0.83	0.57	0.85	0.92	1.68
EPS Growth %	19.11%	11.23%	55.29%	-58.2%	-2.96%	-36.64%	-31.33%	49.12%	8.24%	82.61%
EPS (Basic)	1.87	2.09	3.24	1.35	1.31	0.83	0.57	0.85	0.92	1.68
Diluted Shares Outstanding	612.66M	614.57M	614.45M	887.33M	887.33M	1.17B	1.17B	586.83M	586.83M	582.38M
Basic Shares Outstanding	613.39M	615.28M	614.55M	888.24M	888.24M	1.17B	1.17B	587.06M	587.88M	582.38M
Dividend Payout Ratio	20.67%	22.97%	16.39%	29.56%	30.16%	40.49%	58.74%	65.86%	64.91%	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	6.88B	6.37B	7.85B	7.17B	7.28B	7.97B	8.2B	8.7B	7.92B	7.9B
Cash & Short-Term Investments	974.72M	993.57M	2.27B	1.16B	1.26B	1.64B	1.46B	1.56B	1.34B	1.6B
Cash Only	708.88M	978.11M	2.15B	1.01B	1.08B	1.48B	1.27B	1.4B	1.18B	1.6B
Short-Term Investments	265.84M	15.46M	119.51M	155.55M	179.26M	159.18M	187.83M	154.37M	163.09M	0
Accounts Receivable	3.7B	3.5B	3.43B	3.59B	3.26B	3.58B	3.72B	3.64B	3.41B	3.14B
Days Sales Outstanding	79.31	71.85	75.67	75.02	66.7	74.17	69.99	68.26	64.35	58.43
Inventory	1.34B	1.29B	1.47B	1.66B	1.9B	2.04B	2.3B	2.18B	2.07B	2.14B
Days Inventory Outstanding	42.32	39.99	47	50.25	56.14	57.91	57.78	54.75	51.77	53.53
Other Current Assets	800.16M	516.11M	603.63M	700.46M	817.6M	672.58M	682.6M	1.28B	1.06B	1.02B
Total Non-Current Assets+	18.62B	17.65B	18.4B	25.77B	24.41B	26.4B	27.55B	25.23B	25.64B	23.1B
Property, Plant & Equipment	3.58B	3.49B	3.84B	8.52B	8.19B	8.55B	8.34B	7.45B	7.26B	3.01B
Fixed Asset Turnover	4.76x	5.09x	4.31x	2.05x	2.18x	2.06x	2.33x	2.61x	2.66x	6.51x
Goodwill	12.99B	12.1B	12.21B	14.02B	12.96B	14.36B	15.79B	14.65B	15.17B	0
Intangible Assets	805.55M	683.06M	681.33M	1.43B	1.38B	1.46B	1.52B	1.36B	1.37B	14.83B
Long-Term Investments	598.15M	647.01M	649.78M	696.87M	761.11M	786.9M	1.2B	1.08B	1.12B	0
Other Non-Current Assets	683.12M	725.15M	1.02B	1.11B	1.13B	1.24B	702.46M	681.83M	720.02M	5.26B
Total Assets+	25.5B	24.03B	26.24B	32.93B	31.69B	34.37B	35.75B	33.93B	33.57B	31B
Asset Turnover	0.67x	0.74x	0.63x	0.53x	0.56x	0.51x	0.54x	0.57x	0.58x	0.63x
Asset Growth %	9.93%	-5.8%	9.23%	25.5%	-3.78%	8.45%	4.04%	-5.1%	-1.07%	-7.64%
Total Current Liabilities+	5.3B	5.3B	6.27B	7.06B	6.06B	7.26B	6.47B	6.11B	5.66B	6.25B
Accounts Payable	839.63M	737.84M	795.05M	835.19M	827.39M	857.53M	951.58M	885.15M	984.32M	738M
Days Payables Outstanding	26.57	22.86	25.47	25.23	24.51	24.37	23.95	22.24	24.64	18.45
Short-Term Debt	1.3B	1.65B	2.5B	2.62B	1.09B	1.92B	1.34B	944.6M	577.38M	1.61B
Deferred Revenue (Current)	218.13M	275.13M	0	30.94M	606.3M	518.03M	105.72M	85.82M	82.17M	0
Other Current Liabilities	1.98B	2.48B	2.9B	2.44B	2.42B	2.75B	2.86B	2.99B	2.84B	3.31B
Current Ratio	1.30x	1.20x	1.25x	1.02x	1.20x	1.10x	1.27x	1.42x	1.40x	1.26x
Quick Ratio	1.05x	0.96x	1.02x	0.78x	0.89x	0.82x	0.91x	1.07x	1.03x	0.92x
Cash Conversion Cycle	95.06	88.99	97.19	100.04	98.34	107.72	103.83	100.77	91.48	93.51
Total Non-Current Liabilities+	9.15B	7.9B	7.07B	12.65B	13.3B	13.13B	13.84B	12.99B	12.14B	10.47B
Long-Term Debt	6.83B	5.79B	5.05B	6.46B	6.8B	6.65B	7.17B	6.96B	6.26B	5.69B
Capital Lease Obligations	0	0	0	4.07B	3.88B	4.09B	4B	3.53B	3.5B	2.91B
Deferred Tax Liabilities	661.92M	467.54M	626.52M	739.7M	785.89M	868.45M	936.48M	750.29M	708.89M	0
Other Non-Current Liabilities	1.66B	1.63B	1.4B	1.38B	1.83B	1.53B	1.72B	1.74B	1.63B	1.88B
Total Liabilities	14.45B	13.2B	13.34B	19.71B	19.36B	20.39B	20.3B	19.1B	17.8B	16.72B
Total Debt+	8.13B	7.52B	7.58B	13.82B	12.38B	13.32B	13.21B	12.08B	11B	10.79B
Net Debt	7.42B	6.55B	5.43B	12.81B	11.3B	11.84B	11.94B	10.67B	9.82B	9.2B
Debt / Equity	0.74x	0.69x	0.59x	1.04x	1.00x	0.95x	0.86x	0.81x	0.70x	0.76x
Debt / EBITDA	2.53x	2.43x	2.01x	3.58x	3.03x	3.83x	3.94x	3.87x	3.51x	3.30x
Net Debt / EBITDA	2.31x	2.11x	1.44x	3.32x	2.76x	3.41x	3.56x	3.42x	3.13x	2.81x
Interest Coverage	5.88x	5.68x	6.78x	4.62x	5.62x	5.24x	4.20x	3.22x	3.42x	-
Total Equity+	11.05B	10.83B	12.9B	13.23B	12.33B	13.98B	15.45B	14.83B	15.77B	14.28B
Equity Growth %	15.11%	-2.02%	19.15%	2.52%	-6.77%	13.36%	10.52%	-4.03%	6.35%	-9.42%
Book Value per Share	18.04	17.62	21.00	14.91	13.90	11.93	13.17	25.27	26.87	24.53
Total Shareholders' Equity	9.98B	9.82B	11.76B	11.96B	11.22B	12.7B	13.99B	13.62B	14.58B	14.28B
Common Stock	360.92M	308.11M	307.88M	304.44M	292.88M	293M	293.41M	293.41M	293.41M	14.28B
Retained Earnings	8.4B	7.14B	8.83B	9.45B	10.25B	10.83B	10.71B	10.92B	11.27B	0
Treasury Stock	-50.99M	-108.93M	-50.99M	-370.5M	0	0	0	0	0	0
Accumulated OCI	-1.25B	-1.49B	-1.2B	-1.04B	-2.21B	-1.31B	-388.47M	-975.17M	-328.55M	0
Minority Interest	616.47M	1.01B	1.14B	1.27B	1.12B	1.28B	1.46B	1.21B	1.19B	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	2.03B	2.19B	2.06B	2.57B	4.23B	2.49B	2.17B	2.63B	2.39B	0
Operating CF Margin %	11.95%	12.33%	12.46%	14.69%	23.7%	14.13%	11.17%	13.51%	12.34%	-
Operating CF Growth %	13.5%	7.73%	-5.93%	24.49%	64.91%	-41.19%	-12.94%	21.29%	-9.23%	-100%
Net Income	1.47B	1.55B	2.23B	1.44B	1.44B	1.22B	894.33M	732.46M	740.87M	978M
Depreciation & Amortization	736.9M	736M	725M	1.59B	1.79B	1.62B	1.84B	1.75B	1.74B	0
Stock-Based Compensation	28.69M	46.81M	10.74M	1.99M	0	0	0	32.52M	0	0
Deferred Taxes	-5.35M	-203.05M	89.17M	64.27M	111.1M	67.26M	-41.47M	-122.15M	-72.67M	0
Other Non-Cash Items	-23.34M	156.24M	-99.92M	-518.52M	-335.14M	-322.7M	-395.77M	-327.27M	-468.62M	-978M
Working Capital Changes	-174.95M	-98M	-889M	-12.45M	1.24B	-97.77M	-128.07M	561.28M	444.31M	0
Change in Receivables	-305.92M	-86.25M	-170.49M	-64.11M	71.69M	-163.2M	-46.68M	-151.84M	-73.48M	0
Change in Inventory	-63.39M	-62.69M	-157.09M	-117.5M	-355.83M	-48.53M	-204.31M	-13.14M	107.9M	0
Change in Payables	170.56M	518.74M	368.39M	-164.77M	1.37B	-363.95M	-356.79M	108.48M	155.59M	0
Cash from Investing+	-1.31B	-991.54M	-245.04M	-3.29B	-1.33B	-1.2B	-734.73M	-544.23M	-84.94M	0
Capital Expenditures	-1.94B	-1.78B	-2.06B	-1.12B	-1.05B	-854.36M	-723.99M	-684.6M	-699.36M	0
CapEx % of Revenue	11.4%	10.04%	12.45%	6.44%	5.89%	4.85%	3.73%	3.52%	3.62%	-
Acquisitions	-348.96M	-150.31M	757.71M	-2.18B	-244.38M	-381.73M	1.03M	137M	606.68M	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.53B	1.51B	1.98B	11.54M	15.58M	24.42M	36.2M	16.14M	14.1M	0
Cash from Financing+	-556.01M	-798.63M	-681.74M	-466.63M	-2.66B	-1.02B	-1.62B	-1.86B	-2.57B	0
Debt Issued (Net)	-548.73M	-308.33M	160.93M	318.55M	-1.27B	-358.9M	-1.12B	-1.19B	-1.91B	0
Equity Issued (Net)	0	-1000K	-1000K	-1000K	-1000K	0	0	0	0	0
Dividends Paid	-263.55M	-293.97M	-324.84M	-354.64M	-351.17M	-392.45M	-395.56M	-328.62M	-349.16M	0
Share Repurchases	0	-57.94M	-37.22M	-599.8M	-365.99M	0	0	0	0	0
Other Financing	273.26M	-138.39M	-480.61M	169.25M	-680.88M	-273.02M	-103.8M	-340.11M	-314.99M	0
Net Change in Cash	188.01M	269.23M	1.17B	-1.14B	73.82M	400.12M	-207.87M	153.44M	-241.9M	-1.19B
Free Cash Flow+	93.18M	407M	2M	1.44B	3.18B	1.64B	1.44B	1.94B	1.69B	0
FCF Margin %	0.55%	2.29%	0.01%	8.25%	17.81%	9.28%	7.44%	9.99%	8.72%	-
FCF Growth %	41.5%	336.78%	-99.51%	72008%	120.58%	-48.6%	-11.73%	34.7%	-13.24%	-100%
FCF per Share	0.15	0.66	0.00	1.63	3.59	1.40	1.23	3.31	2.87	-
FCF Conversion (FCF/Net Income)	1.72x	1.71x	1.04x	2.14x	3.64x	2.57x	3.22x	5.27x	4.44x	-
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	11.45%	11.7%	16.7%	9.18%	9.11%	7.37%	4.58%	3.3%	3.52%	6.51%
Return on Invested Capital (ROIC)	10.59%	9.88%	12.76%	7.67%	6.96%	5.62%	4.26%	3.88%	4.09%	5.58%
Gross Margin	32.27%	33.76%	31.15%	30.87%	31.01%	27.09%	25.23%	25.32%	24.6%	25.62%
Net Margin	6.94%	7.2%	11.98%	6.86%	6.52%	5.5%	3.47%	2.57%	2.78%	4.98%
Debt / Equity	0.74x	0.69x	0.59x	1.04x	1.00x	0.95x	0.86x	0.81x	0.70x	0.76x
Interest Coverage	5.88x	5.68x	6.78x	4.62x	5.62x	5.24x	4.20x	3.22x	3.42x	-
FCF Conversion	1.72x	1.71x	1.04x	2.14x	3.64x	2.57x	3.22x	5.27x	4.44x	-
Revenue Growth	11.24%	4.42%	-6.96%	5.62%	2.19%	-1.35%	10.1%	0.29%	-0.61%	1.51%

US Stock Screener

...

Fresenius Medical Care AG & Co. KGaA (FMS) 10-Year Financial Performance & Capital Metrics

FMS •

HealthcareHealthcare FacilitiesSpecialty chronic care clinics

Revenue $19.63B +1.5%
EBITDA $3.27B +4.4%
Net Income $978M +81.8%
EPS (Diluted) 1.68 +82.6%
Gross Margin 25.62% +4.2%
EBITDA Margin 16.67% +2.8%
Operating Margin 9.31% +29.3%
Net Margin 4.98% +79.1%
ROE 6.51% +85.1%
ROIC 5.58% +36.6%
Debt/Equity 0.76 +8.3%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 0.8x book value

✗Weaknesses

✗Weak 3Y average ROE of 4.4%

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y2.52%

5Y1.91%

3Y0.39%

TTM1.51%

Profit (Net Income) CAGR

10Y0.38%

5Y-3.43%

3Y13.25%

TTM81.88%

EPS CAGR

10Y0.68%

5Y5.1%

3Y43.38%

TTM259.57%

ROCE

10Y Avg8.85%

5Y Avg5.82%

3Y Avg5.58%

Latest6.94%

Peer Comparison

Specialty chronic care clinics

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
DVADaVita Inc.	10.45B	156.30	17.23	6.46%	5.47%	64.47%	12.54%	12.99
FMSFresenius Medical Care AG & Co. KGaA	13.6B	23.46	11.84	1.51%	4.98%	6.85%		0.76
CCMConcord Medical Services Holdings Limited	166.67M	3.64	-0.01	-28.55%	-44.6%	-9.47%		2.43
TOIThe Oncology Institute, Inc.	218.88M	2.89	-4.07	21.33%	-14.38%	-213.36%		34.31

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	17.03B	17.78B	16.55B	17.48B	17.86B	17.62B	19.4B	19.45B	19.34B	19.63B
Revenue Growth %	11.24%	4.42%	-6.96%	5.62%	2.19%	-1.35%	10.1%	0.29%	-0.61%	1.51%
Cost of Goods Sold+	11.53B	11.78B	11.39B	12.08B	12.32B	12.85B	14.5B	14.53B	14.58B	14.6B
COGS % of Revenue	67.73%	66.24%	68.85%	69.13%	68.99%	72.91%	74.77%	74.68%	75.4%	74.38%
Gross Profit+	5.5B	6B	5.16B	5.4B	5.54B	4.77B	4.89B	4.93B	4.76B	5.03B
Gross Margin %	32.27%	33.76%	31.15%	30.87%	31.01%	27.09%	25.23%	25.32%	24.6%	25.62%
Gross Profit Growth %	12.71%	9.25%	-14.14%	4.67%	2.62%	-13.8%	2.53%	0.64%	-3.42%	5.73%
Operating Expenses+	3.05B	3.71B	3B	3.13B	3.23B	2.92B	3.38B	3.56B	3.36B	3.2B
OpEx % of Revenue	17.91%	20.86%	18.12%	17.89%	18.1%	16.58%	17.43%	18.28%	17.4%	16.31%
Selling, General & Admin	2.9B	3.58B	2.87B	3.03B	3.13B	2.77B	3.17B	3.2B	3.14B	3.03B
SG&A % of Revenue	17%	20.12%	17.31%	17.35%	17.55%	15.74%	16.34%	16.43%	16.25%	15.45%
Research & Development	154.04M	131M	134M	168.03M	193.77M	220.78M	228.62M	231.97M	183.49M	158M
R&D % of Revenue	0.9%	0.74%	0.81%	0.96%	1.08%	1.25%	1.18%	1.19%	0.95%	0.8%
Other Operating Expenses	0	0	0	-73.68M	-94.52M	-72.87M	-17.06M	127.26M	37.95M	11M
Operating Income+	2.51B	2.36B	3.04B	2.27B	2.3B	1.85B	1.51B	1.37B	1.39B	1.83B
Operating Margin %	14.73%	13.28%	18.36%	12.99%	12.9%	10.51%	7.79%	7.04%	7.2%	9.31%
Operating Income Growth %	17.85%	-5.83%	28.62%	-25.29%	1.54%	-19.62%	-18.38%	-9.41%	1.68%	31.21%
EBITDA+	3.21B	3.1B	3.76B	3.86B	4.09B	3.48B	3.35B	3.12B	3.13B	3.27B
EBITDA Margin %	18.85%	17.42%	22.74%	22.1%	22.9%	19.73%	17.27%	16.05%	16.21%	16.67%
EBITDA Growth %	15.29%	-3.5%	21.48%	2.65%	5.89%	-15.02%	-3.62%	-6.83%	0.42%	4.38%
D&A (Non-Cash Add-back)	701.54M	735.48M	724.85M	1.59B	1.79B	1.62B	1.84B	1.75B	1.74B	1.44B
EBIT	2.47B	2.41B	2.18B	2.33B	2.35B	1.93B	1.58B	1.46B	1.46B	1.65B
Net Interest Income+	-363.41M	-364.82M	-301.06M	-429.44M	-368.02M	-280.43M	-292.48M	-336.42M	-335.47M	-315M
Interest Income	63.4M	51.38M	147M	61.62M	41.96M	73.17M	67.66M	88.22M	71.58M	0
Interest Expense	426.81M	416.2M	448M	491.06M	409.98M	353.6M	360.14M	424.64M	407.04M	0
Other Income/Expense	-363.41M	-364.82M	-301.06M	-429.44M	-368.02M	-280.43M	-292.48M	-336.42M	-335.47M	-315M
Pretax Income+	2.12B	2.01B	2.74B	1.84B	1.94B	1.57B	1.22B	1.03B	1.06B	1.51B
Pretax Margin %	12.46%	11.29%	16.54%	10.53%	10.84%	8.92%	6.29%	5.31%	5.47%	7.7%
Income Tax+	649.42M	454M	511M	401.61M	500.56M	352.83M	324.95M	300.56M	316.06M	321M
Effective Tax Rate %	55.69%	63.74%	72.42%	65.19%	60.13%	61.67%	55.23%	48.3%	50.89%	64.68%
Net Income+	1.18B	1.28B	1.98B	1.2B	1.16B	969.31M	673.4M	499M	537.91M	978M
Net Margin %	6.94%	7.2%	11.98%	6.86%	6.52%	5.5%	3.47%	2.57%	2.78%	4.98%
Net Income Growth %	25.58%	8.3%	54.84%	-39.47%	-2.94%	-16.75%	-30.53%	-25.9%	7.8%	81.81%
Net Income (Continuing)	1.42B	1.55B	2.23B	1.44B	1.44B	1.22B	894.33M	732.46M	740.87M	1.19B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	616.47M	1.01B	1.14B	1.27B	1.12B	1.28B	1.46B	1.21B	1.19B	0
EPS (Diluted)+	1.87	2.08	3.23	1.35	1.31	0.83	0.57	0.85	0.92	1.68
EPS Growth %	19.11%	11.23%	55.29%	-58.2%	-2.96%	-36.64%	-31.33%	49.12%	8.24%	82.61%
EPS (Basic)	1.87	2.09	3.24	1.35	1.31	0.83	0.57	0.85	0.92	1.68
Diluted Shares Outstanding	612.66M	614.57M	614.45M	887.33M	887.33M	1.17B	1.17B	586.83M	586.83M	582.38M
Basic Shares Outstanding	613.39M	615.28M	614.55M	888.24M	888.24M	1.17B	1.17B	587.06M	587.88M	582.38M
Dividend Payout Ratio	20.67%	22.97%	16.39%	29.56%	30.16%	40.49%	58.74%	65.86%	64.91%	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	6.88B	6.37B	7.85B	7.17B	7.28B	7.97B	8.2B	8.7B	7.92B	7.9B
Cash & Short-Term Investments	974.72M	993.57M	2.27B	1.16B	1.26B	1.64B	1.46B	1.56B	1.34B	1.6B
Cash Only	708.88M	978.11M	2.15B	1.01B	1.08B	1.48B	1.27B	1.4B	1.18B	1.6B
Short-Term Investments	265.84M	15.46M	119.51M	155.55M	179.26M	159.18M	187.83M	154.37M	163.09M	0
Accounts Receivable	3.7B	3.5B	3.43B	3.59B	3.26B	3.58B	3.72B	3.64B	3.41B	3.14B
Days Sales Outstanding	79.31	71.85	75.67	75.02	66.7	74.17	69.99	68.26	64.35	58.43
Inventory	1.34B	1.29B	1.47B	1.66B	1.9B	2.04B	2.3B	2.18B	2.07B	2.14B
Days Inventory Outstanding	42.32	39.99	47	50.25	56.14	57.91	57.78	54.75	51.77	53.53
Other Current Assets	800.16M	516.11M	603.63M	700.46M	817.6M	672.58M	682.6M	1.28B	1.06B	1.02B
Total Non-Current Assets+	18.62B	17.65B	18.4B	25.77B	24.41B	26.4B	27.55B	25.23B	25.64B	23.1B
Property, Plant & Equipment	3.58B	3.49B	3.84B	8.52B	8.19B	8.55B	8.34B	7.45B	7.26B	3.01B
Fixed Asset Turnover	4.76x	5.09x	4.31x	2.05x	2.18x	2.06x	2.33x	2.61x	2.66x	6.51x
Goodwill	12.99B	12.1B	12.21B	14.02B	12.96B	14.36B	15.79B	14.65B	15.17B	0
Intangible Assets	805.55M	683.06M	681.33M	1.43B	1.38B	1.46B	1.52B	1.36B	1.37B	14.83B
Long-Term Investments	598.15M	647.01M	649.78M	696.87M	761.11M	786.9M	1.2B	1.08B	1.12B	0
Other Non-Current Assets	683.12M	725.15M	1.02B	1.11B	1.13B	1.24B	702.46M	681.83M	720.02M	5.26B
Total Assets+	25.5B	24.03B	26.24B	32.93B	31.69B	34.37B	35.75B	33.93B	33.57B	31B
Asset Turnover	0.67x	0.74x	0.63x	0.53x	0.56x	0.51x	0.54x	0.57x	0.58x	0.63x
Asset Growth %	9.93%	-5.8%	9.23%	25.5%	-3.78%	8.45%	4.04%	-5.1%	-1.07%	-7.64%
Total Current Liabilities+	5.3B	5.3B	6.27B	7.06B	6.06B	7.26B	6.47B	6.11B	5.66B	6.25B
Accounts Payable	839.63M	737.84M	795.05M	835.19M	827.39M	857.53M	951.58M	885.15M	984.32M	738M
Days Payables Outstanding	26.57	22.86	25.47	25.23	24.51	24.37	23.95	22.24	24.64	18.45
Short-Term Debt	1.3B	1.65B	2.5B	2.62B	1.09B	1.92B	1.34B	944.6M	577.38M	1.61B
Deferred Revenue (Current)	218.13M	275.13M	0	30.94M	606.3M	518.03M	105.72M	85.82M	82.17M	0
Other Current Liabilities	1.98B	2.48B	2.9B	2.44B	2.42B	2.75B	2.86B	2.99B	2.84B	3.31B
Current Ratio	1.30x	1.20x	1.25x	1.02x	1.20x	1.10x	1.27x	1.42x	1.40x	1.26x
Quick Ratio	1.05x	0.96x	1.02x	0.78x	0.89x	0.82x	0.91x	1.07x	1.03x	0.92x
Cash Conversion Cycle	95.06	88.99	97.19	100.04	98.34	107.72	103.83	100.77	91.48	93.51
Total Non-Current Liabilities+	9.15B	7.9B	7.07B	12.65B	13.3B	13.13B	13.84B	12.99B	12.14B	10.47B
Long-Term Debt	6.83B	5.79B	5.05B	6.46B	6.8B	6.65B	7.17B	6.96B	6.26B	5.69B
Capital Lease Obligations	0	0	0	4.07B	3.88B	4.09B	4B	3.53B	3.5B	2.91B
Deferred Tax Liabilities	661.92M	467.54M	626.52M	739.7M	785.89M	868.45M	936.48M	750.29M	708.89M	0
Other Non-Current Liabilities	1.66B	1.63B	1.4B	1.38B	1.83B	1.53B	1.72B	1.74B	1.63B	1.88B
Total Liabilities	14.45B	13.2B	13.34B	19.71B	19.36B	20.39B	20.3B	19.1B	17.8B	16.72B
Total Debt+	8.13B	7.52B	7.58B	13.82B	12.38B	13.32B	13.21B	12.08B	11B	10.79B
Net Debt	7.42B	6.55B	5.43B	12.81B	11.3B	11.84B	11.94B	10.67B	9.82B	9.2B
Debt / Equity	0.74x	0.69x	0.59x	1.04x	1.00x	0.95x	0.86x	0.81x	0.70x	0.76x
Debt / EBITDA	2.53x	2.43x	2.01x	3.58x	3.03x	3.83x	3.94x	3.87x	3.51x	3.30x
Net Debt / EBITDA	2.31x	2.11x	1.44x	3.32x	2.76x	3.41x	3.56x	3.42x	3.13x	2.81x
Interest Coverage	5.88x	5.68x	6.78x	4.62x	5.62x	5.24x	4.20x	3.22x	3.42x	-
Total Equity+	11.05B	10.83B	12.9B	13.23B	12.33B	13.98B	15.45B	14.83B	15.77B	14.28B
Equity Growth %	15.11%	-2.02%	19.15%	2.52%	-6.77%	13.36%	10.52%	-4.03%	6.35%	-9.42%
Book Value per Share	18.04	17.62	21.00	14.91	13.90	11.93	13.17	25.27	26.87	24.53
Total Shareholders' Equity	9.98B	9.82B	11.76B	11.96B	11.22B	12.7B	13.99B	13.62B	14.58B	14.28B
Common Stock	360.92M	308.11M	307.88M	304.44M	292.88M	293M	293.41M	293.41M	293.41M	14.28B
Retained Earnings	8.4B	7.14B	8.83B	9.45B	10.25B	10.83B	10.71B	10.92B	11.27B	0
Treasury Stock	-50.99M	-108.93M	-50.99M	-370.5M	0	0	0	0	0	0
Accumulated OCI	-1.25B	-1.49B	-1.2B	-1.04B	-2.21B	-1.31B	-388.47M	-975.17M	-328.55M	0
Minority Interest	616.47M	1.01B	1.14B	1.27B	1.12B	1.28B	1.46B	1.21B	1.19B	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	2.03B	2.19B	2.06B	2.57B	4.23B	2.49B	2.17B	2.63B	2.39B	0
Operating CF Margin %	11.95%	12.33%	12.46%	14.69%	23.7%	14.13%	11.17%	13.51%	12.34%	-
Operating CF Growth %	13.5%	7.73%	-5.93%	24.49%	64.91%	-41.19%	-12.94%	21.29%	-9.23%	-100%
Net Income	1.47B	1.55B	2.23B	1.44B	1.44B	1.22B	894.33M	732.46M	740.87M	978M
Depreciation & Amortization	736.9M	736M	725M	1.59B	1.79B	1.62B	1.84B	1.75B	1.74B	0
Stock-Based Compensation	28.69M	46.81M	10.74M	1.99M	0	0	0	32.52M	0	0
Deferred Taxes	-5.35M	-203.05M	89.17M	64.27M	111.1M	67.26M	-41.47M	-122.15M	-72.67M	0
Other Non-Cash Items	-23.34M	156.24M	-99.92M	-518.52M	-335.14M	-322.7M	-395.77M	-327.27M	-468.62M	-978M
Working Capital Changes	-174.95M	-98M	-889M	-12.45M	1.24B	-97.77M	-128.07M	561.28M	444.31M	0
Change in Receivables	-305.92M	-86.25M	-170.49M	-64.11M	71.69M	-163.2M	-46.68M	-151.84M	-73.48M	0
Change in Inventory	-63.39M	-62.69M	-157.09M	-117.5M	-355.83M	-48.53M	-204.31M	-13.14M	107.9M	0
Change in Payables	170.56M	518.74M	368.39M	-164.77M	1.37B	-363.95M	-356.79M	108.48M	155.59M	0
Cash from Investing+	-1.31B	-991.54M	-245.04M	-3.29B	-1.33B	-1.2B	-734.73M	-544.23M	-84.94M	0
Capital Expenditures	-1.94B	-1.78B	-2.06B	-1.12B	-1.05B	-854.36M	-723.99M	-684.6M	-699.36M	0
CapEx % of Revenue	11.4%	10.04%	12.45%	6.44%	5.89%	4.85%	3.73%	3.52%	3.62%	-
Acquisitions	-348.96M	-150.31M	757.71M	-2.18B	-244.38M	-381.73M	1.03M	137M	606.68M	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.53B	1.51B	1.98B	11.54M	15.58M	24.42M	36.2M	16.14M	14.1M	0
Cash from Financing+	-556.01M	-798.63M	-681.74M	-466.63M	-2.66B	-1.02B	-1.62B	-1.86B	-2.57B	0
Debt Issued (Net)	-548.73M	-308.33M	160.93M	318.55M	-1.27B	-358.9M	-1.12B	-1.19B	-1.91B	0
Equity Issued (Net)	0	-1000K	-1000K	-1000K	-1000K	0	0	0	0	0
Dividends Paid	-263.55M	-293.97M	-324.84M	-354.64M	-351.17M	-392.45M	-395.56M	-328.62M	-349.16M	0
Share Repurchases	0	-57.94M	-37.22M	-599.8M	-365.99M	0	0	0	0	0
Other Financing	273.26M	-138.39M	-480.61M	169.25M	-680.88M	-273.02M	-103.8M	-340.11M	-314.99M	0
Net Change in Cash	188.01M	269.23M	1.17B	-1.14B	73.82M	400.12M	-207.87M	153.44M	-241.9M	-1.19B
Free Cash Flow+	93.18M	407M	2M	1.44B	3.18B	1.64B	1.44B	1.94B	1.69B	0
FCF Margin %	0.55%	2.29%	0.01%	8.25%	17.81%	9.28%	7.44%	9.99%	8.72%	-
FCF Growth %	41.5%	336.78%	-99.51%	72008%	120.58%	-48.6%	-11.73%	34.7%	-13.24%	-100%
FCF per Share	0.15	0.66	0.00	1.63	3.59	1.40	1.23	3.31	2.87	-
FCF Conversion (FCF/Net Income)	1.72x	1.71x	1.04x	2.14x	3.64x	2.57x	3.22x	5.27x	4.44x	-
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	11.45%	11.7%	16.7%	9.18%	9.11%	7.37%	4.58%	3.3%	3.52%	6.51%
Return on Invested Capital (ROIC)	10.59%	9.88%	12.76%	7.67%	6.96%	5.62%	4.26%	3.88%	4.09%	5.58%
Gross Margin	32.27%	33.76%	31.15%	30.87%	31.01%	27.09%	25.23%	25.32%	24.6%	25.62%
Net Margin	6.94%	7.2%	11.98%	6.86%	6.52%	5.5%	3.47%	2.57%	2.78%	4.98%
Debt / Equity	0.74x	0.69x	0.59x	1.04x	1.00x	0.95x	0.86x	0.81x	0.70x	0.76x
Interest Coverage	5.88x	5.68x	6.78x	4.62x	5.62x	5.24x	4.20x	3.22x	3.42x	-
FCF Conversion	1.72x	1.71x	1.04x	2.14x	3.64x	2.57x	3.22x	5.27x	4.44x	-
Revenue Growth	11.24%	4.42%	-6.96%	5.62%	2.19%	-1.35%	10.1%	0.29%	-0.61%	1.51%

Fresenius Medical Care AG & Co. KGaA (FMS) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare FMS vs Peers

vs DVA

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Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios

Fresenius Medical Care AG & Co. KGaA (FMS) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare FMS vs Peers

vs DVA

vs TOI

Compare Top 4

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios