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FMSFresenius Medical Care AG & Co. KGaA
$22.50$12.0B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
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Income StatementBalance SheetCash FlowRatios & Margins
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P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
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FMS logo

Fresenius Medical Care AG & Co. KGaA

FMS
NYSE · Healthcare Facilities
$22.50
At close - Sep 22, 4:00 PM EDT - USD
Market Cap$12.09B
P/E11.7x
52W High$27.64
Volume954.28K
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Stable Volumes, Margin Pressure, Deleveraging Continues

Fresenius Medical Care presents a mixed fundamental picture: stable dialysis volumes and modest gross margin expansion to 27.0% in 2026Q2 are offset by persistent operating margin compression (9.6%) driven by labor cost inflation. The company generates robust ...

GrowthStable
ProfitabilityStrained
ValuationAttractive
TechnicalsWeak
Explore valuation models
MARKET ACTION

FMS price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

9/12 Beats

EPS beat 9 of last 12 quarters

02

Valuation risk

-54% Peers

P/E is 54% below peer median

03

Market leadership

RS 44 · Lag

Laggard (Underperforming 56% of market)

04

Weak Trend

Below 200DMA

Price < 200DMA

Next CatalystEstimated earnings · Nov 3
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue growth remains subdued at 1.4% YoY in 2026Q2, while gross margin improved to 27.0% but operating margin contracted to 9.6% due to elevated SG&A costs.

Analyst Consensus+5.2% target
Hold(21 analysts)
5 Buy14 Hold2 Sell

The Bull Case

Upside Catalysts

Strong analyst price target

Wall Street analysts have a consensus twelve-month stock price forecast of $28.00 for Fresenius Medical Care, indicating potential upside.

Deep-value contrarian opportunity

Fresenius Medical Care is presented as a compelling deep-value, contrarian investment for long-term investors, especially after a significant share price decline.

Earnings growth potential

The company has shown 38% growth in 2025 adjusted earnings per share, with a stable profit outlook for 2026.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 9/24/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
FMS-0.62%
S&P 500 (^GSPC)+13.20%
1-Year Return
FMS-8.88%
S&P 500 (^GSPC)+15.98%
3-Year Return
FMS+11.07%
S&P 500 (^GSPC)+83.13%
5-Year Return
FMS-27.91%
S&P 500 (^GSPC)+76.25%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y Low
11.7x
Forward P/EExpansion
10.9x
EV/EBITDA0th %ile
5.9x
FCF YieldCash Flow
16.0%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
11.7x
24.6x
0th· Low
EV/EBITDA
5.9x
7.3x
0th· Low
Price/FCF
6.2x
8.2x
0th· Low
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$68.54+204.6%
Base (Fair)$129.93+485.3%
Bull$155.43+590.8%
$68.54 Bear$129.93 Base$155.43 Bull
Current Market Price: $22.50
Trades at a 82.7% discount to Base DCF ($129.93)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$19.63B+1.5% YoY
Net income
$978M+81.9% YoY
Free cash flow
$1.7B+0.5% YoY
Operating margin
9.3%+1.7 pts YoY
ROIC (TTM)5.6%
Avg ROIC 5Y-
ROE (TTM)6.5%
Piotroski Score7 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate9/12 (75%)
Revenue Beat Rate8/12 (67%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Aug 3, 2026
$0.66+7.1%
vs $0.62
$5.6B+2.2%
vs $5.5B
Q2 2026
May 5, 2026
$0.53-10.2%
vs $0.59
$5.4B-0.1%
vs $5.4B
Q1 2026
Feb 24, 2026
$0.83+28.3%
vs $0.65
$6.0B+5.3%
vs $5.7B
Q4 2025
Nov 4, 2025
$0.64+8.5%
vs $0.59
$5.7B+19.2%
vs $4.8B
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
Defense World·Sep 17, 2026
Tidal Investments LLC Buys 48,885 Shares of Fresenius Medical Care AG & Co. KGaA $FMS

Tidal Investments LLC grew its stake in shares of Fresenius Medical Care AG and Co. KGaA (NYSE: FMS) by 96.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 99,790 shares of the company's stock after acquiring an additional

Zacks Investment Research·Sep 3, 2026
Can Fresenius Medical's 5008X Rollout Drive the Next Growth Phase?

Fresenius Medical is scaling its 5008X rollout across U.S. clinics, creating growth potential despite volume, reimbursement and rollout-cost pressures.

Zacks Investment Research·Sep 3, 2026
Reasons to Retain Fresenius Medical Stock in Your Portfolio for Now

Fresenius Medical's improving profitability, 5008X rollout and value-based care gains offer support despite volume and reimbursement risks.

Defense World·Aug 21, 2026
Fresenius Medical Care AG & Co. KGaA (NYSE:FMS) Share Price Passes Above 200 Day Moving Average – Time to Sell?

Fresenius Medical Care AG and Co. KGaA (NYSE: FMS - Get Free Report) shares passed above its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $23.13 and traded as high as $23.92. Fresenius Medical Care AG and Co. KGaA shares last traded at $23.43,

Filtered for Fresenius Medical Care AG & Co. KGaAMore Headlines
04

Compare before deciding

Benchmark FMS against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Fresenius Medical Care AG & Co. KGaA (FMS)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
FMS logoFMSFresenius Medical Care AG & Co. KGaACurrent
$22.50$12.09B11.681.51%4.98%6.51%3.55%
DVA logoDVADaVita Inc.
$183.72$11.79B19.326.46%6.05%70.42%—
FXNC logoFXNCFirst National Corporation
$30.46$275.39M15.5433.46%18.47%11.57%—
NKTR logoNKTRNektar Therapeutics
$60.97$2.02B-6.27-43.89%-287.84%-37.99%—
BAX logoBAXBaxter International Inc.
$23.68$12.23B-13.535.72%-9.27%-16.67%—
NVA logoNVANova Minerals Limited
$5.96$3.32M-3.64————

Compare FMS vs Peers

Fresenius Medical Care AG & Co. KGaA (FMS) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs DVA

Most directly comparable listed peer for FMS.

Scale Benchmark

vs ABT

Larger-name benchmark to compare FMS against a more recognizable public peer.

Peer Set

Compare Top 5

vs DVA, FXNC, NKTR, BAX

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FMS Frequently Asked Questions

Fresenius Medical Care AG & Co. KGaA (FMS) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Fresenius Medical Care AG & Co. KGaA's revenue?

Fresenius Medical Care AG & Co. KGaA (FMS) reported $19.43B in revenue for fiscal year 2025. This represents a 550% increase from $2.99B in 1998.

How fast is Fresenius Medical Care AG & Co. KGaA growing?

Fresenius Medical Care AG & Co. KGaA (FMS) grew revenue by 1.5% over the past year. Growth has been modest.

Is FMS profitable?

Yes, Fresenius Medical Care AG & Co. KGaA (FMS) is profitable, generating $937.8M in net income for fiscal year 2025 (5.0% net margin).

Dividend & Returns
Does FMS pay dividends?

Yes, Fresenius Medical Care AG & Co. KGaA (FMS) pays a dividend with a yield of 3.55%. This makes it attractive for income-focused investors.

What is FMS's return on equity?

Fresenius Medical Care AG & Co. KGaA (FMS) has a return on equity (ROE) of 6.5%. This is below average, suggesting room for improvement.

What is Fresenius Medical Care AG & Co. KGaA's free cash flow?

Fresenius Medical Care AG & Co. KGaA (FMS) generated $1.77B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in FMS back in 1998?

Total return calculator · dividends reinvested · 28+ years of data

See returns →