Fresenius Medical Care AG & Co. KGaA (FMS) Financial Ratios
28 years of historical data (1998–2025) · Healthcare · Medical - Care Facilities
EV/EBITDA
↓
6.28
↓-31% vs avg
5yr avg: 9.08
30Y Low4.7·High14.3
P/FCF
↓
6.69
↓-43% vs avg
5yr avg: 11.78
30Y Low6.3·High79.3
P/B Ratio
↓
0.84
↓-36% vs avg
5yr avg: 1.32
30Y Low0.8·High4.1
ROE
↓
6.5%
↓+29% vs avg
5yr avg: 5.1%
30Y Low-12%·High17%
Debt/EBITDA
↓
3.30
↓-11% vs avg
5yr avg: 3.69
30Y Low0.8·High3.9
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
FMS Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Fresenius Medical Care AG & Co. KGaA trades at 12.3x earnings, 53% below its 5-year average of 26.2x, sitting at the 8th percentile of its historical range. Compared to the Healthcare sector median P/E of 22.1x, the stock trades at a discount of 45%. On a free-cash-flow basis, the stock trades at 6.7x P/FCF, 43% below the 5-year average of 11.8x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $13.0B | $13.9B | $13.3B | $12.2B | $19.2B | $38.0B | $36.9B | $32.7B | $19.9B | $32.3B | $25.9B |
| Enterprise Value | $23.5B | $23.1B | $23.1B | $22.9B | $31.1B | $49.9B | $48.2B | $45.5B | $25.3B | $38.8B | $33.3B |
| P/E Ratio → | 12.27 | 14.18 | 24.61 | 24.51 | 28.67 | 39.11 | 31.73 | 27.28 | 10.03 | 25.26 | 22.57 |
| P/S Ratio | 0.58 | 0.71 | 0.69 | 0.63 | 0.99 | 2.16 | 2.06 | 1.87 | 1.20 | 1.82 | 1.52 |
| P/B Ratio | 0.84 | 0.97 | 0.84 | 0.82 | 1.24 | 2.72 | 2.99 | 2.47 | 1.54 | 2.98 | 2.34 |
| P/FCF | 6.69 | 8.18 | 7.88 | 6.29 | 13.28 | 23.26 | 11.59 | 22.66 | 9951.05 | 79.35 | 277.52 |
| P/OCF | 4.41 | 5.39 | 5.57 | 4.65 | 8.84 | 15.28 | 8.71 | 12.73 | 9.65 | 14.73 | 12.71 |
P/E links to full P/E history page with 30-year chart
FMS EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Fresenius Medical Care AG & Co. KGaA's enterprise value stands at 6.3x EBITDA, 31% below its 5-year average of 9.1x. The Healthcare sector median is 14.2x, placing the stock at a 56% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.18 | 1.20 | 1.18 | 1.60 | 2.83 | 2.70 | 2.60 | 1.53 | 2.18 | 1.95 |
| EV / EBITDA | 6.28 | 7.05 | 7.37 | 7.34 | 9.28 | 14.35 | 11.78 | 11.78 | 6.73 | 12.54 | 10.37 |
| EV / EBIT | 11.25 | 15.26 | 15.79 | 15.71 | 19.69 | 25.90 | 20.53 | 19.52 | 11.60 | 16.09 | 13.46 |
| EV / FCF | — | 13.60 | 13.70 | 11.78 | 21.55 | 30.50 | 15.14 | 31.55 | 12667.58 | 95.44 | 357.20 |
FMS Profitability
Margins and return-on-capital ratios measuring operating efficiency
Fresenius Medical Care AG & Co. KGaA earns an operating margin of 9.3%. Operating margins have expanded from 7.0% to 9.3% over the past 3 years, signaling improving operational efficiency. ROE of 6.5% is modest. ROIC of 5.6% represents adequate returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.6% | 25.6% | 24.6% | 25.3% | 25.2% | 27.1% | 31.0% | 30.9% | 31.2% | 33.8% | 32.3% |
| Operating Margin | 9.3% | 9.3% | 7.2% | 7.0% | 7.8% | 10.5% | 12.9% | 13.0% | 18.4% | 13.3% | 14.7% |
| Net Profit Margin | 5.0% | 5.0% | 2.8% | 2.6% | 3.5% | 5.5% | 6.5% | 6.9% | 12.0% | 7.2% | 6.9% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.5% | 6.5% | 3.5% | 3.3% | 4.6% | 7.4% | 9.1% | 9.2% | 16.7% | 11.7% | 11.4% |
| ROA | 3.0% | 3.0% | 1.6% | 1.4% | 1.9% | 2.9% | 3.6% | 4.1% | 7.9% | 5.2% | 4.9% |
| ROIC | 5.6% | 5.6% | 4.1% | 3.9% | 4.3% | 5.6% | 7.0% | 7.7% | 12.8% | 9.9% | 10.6% |
| ROCE | 6.9% | 6.9% | 5.0% | 4.8% | 5.4% | 7.0% | 8.9% | 9.9% | 15.7% | 12.1% | 12.7% |
FMS Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Fresenius Medical Care AG & Co. KGaA carries a Debt/EBITDA ratio of 3.3x, which is moderately leveraged (roughly in line with the sector average of 3.2x). Net debt stands at $9.2B ($10.8B total debt minus $1.6B cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.76 | 0.76 | 0.70 | 0.81 | 0.86 | 0.95 | 1.00 | 1.04 | 0.59 | 0.69 | 0.74 |
| Debt / EBITDA | 3.30 | 3.30 | 3.51 | 3.87 | 3.94 | 3.83 | 3.03 | 3.58 | 2.01 | 2.43 | 2.53 |
| Net Debt / Equity | — | 0.64 | 0.62 | 0.72 | 0.77 | 0.85 | 0.92 | 0.97 | 0.42 | 0.60 | 0.67 |
| Net Debt / EBITDA | 2.81 | 2.81 | 3.13 | 3.42 | 3.56 | 3.41 | 2.76 | 3.32 | 1.44 | 2.11 | 2.31 |
| Debt / FCF | — | 5.42 | 5.82 | 5.49 | 8.27 | 7.24 | 3.55 | 8.88 | 2716.53 | 16.09 | 79.68 |
| Interest Coverage | — | — | 3.60 | 3.43 | 4.39 | 5.45 | 5.72 | 4.75 | 4.87 | 5.80 | 5.79 |
FMS Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.26x means Fresenius Medical Care AG & Co. KGaA can comfortably meet its short-term obligations, though there is limited excess liquidity. The quick ratio of 0.92x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has declined from 1.42x to 1.26x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.26 | 1.26 | 1.40 | 1.42 | 1.27 | 1.10 | 1.20 | 1.02 | 1.25 | 1.20 | 1.30 |
| Quick Ratio | 0.92 | 0.92 | 1.03 | 1.07 | 0.91 | 0.82 | 0.89 | 0.78 | 1.02 | 0.96 | 1.05 |
| Cash Ratio | 0.26 | 0.26 | 0.24 | 0.25 | 0.23 | 0.23 | 0.21 | 0.16 | 0.36 | 0.19 | 0.18 |
| Asset Turnover | — | 0.63 | 0.58 | 0.57 | 0.54 | 0.51 | 0.56 | 0.53 | 0.63 | 0.74 | 0.67 |
| Inventory Turnover | 6.82 | 6.82 | 7.05 | 6.67 | 6.32 | 6.30 | 6.50 | 7.26 | 7.77 | 9.13 | 8.62 |
| Days Sales Outstanding | — | 58.43 | 64.35 | 68.26 | 69.99 | 74.17 | 66.70 | 75.02 | 75.67 | 71.85 | 79.31 |
FMS Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Fresenius Medical Care AG & Co. KGaA returns 8.3% to shareholders annually — split between a 3.4% dividend yield and 5.0% buyback yield. A payout ratio of 41.5% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 8.1% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.4% | 2.9% | 2.6% | 2.7% | 2.1% | 1.0% | 1.0% | 1.1% | 1.6% | 0.9% | 0.9% |
| Payout Ratio | 41.5% | 41.5% | 64.9% | 65.9% | 58.7% | 40.5% | 30.2% | 29.6% | 16.4% | 23.0% | 20.7% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.1% | 7.1% | 4.1% | 4.1% | 3.5% | 2.6% | 3.2% | 3.7% | 10.0% | 4.0% | 4.4% |
| FCF Yield | 14.9% | 12.2% | 12.7% | 15.9% | 7.5% | 4.3% | 8.6% | 4.4% | 0.0% | 1.3% | 0.4% |
| Buyback Yield | 5.0% | 4.1% | 0.0% | 0.0% | 0.0% | 0.0% | 1.0% | 1.8% | 0.2% | 0.2% | 0.0% |
| Total Shareholder Yield | 8.3% | 7.0% | 2.6% | 2.7% | 2.1% | 1.0% | 1.9% | 2.9% | 1.8% | 1.1% | 0.9% |
| Shares Outstanding | — | $582M | $587M | $587M | $1.2B | $1.2B | $887M | $887M | $614M | $615M | $613M |
Peer Comparison
Compare FMS with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 FMSYou | $13B | 12.3 | 6.3 | 6.7 | 25.6% | 9.3% | 6.5% | 5.6% | 3.3 |
 DVA | $13B | 21.9 | 10.1 | 10.2 | 27.0% | 14.7% | 46.0% | 10.5% | 5.5 |
 FXNC | $265M | 15.0 | 6.7 | 12.6 | 74.0% | 19.6% | 10.0% | 7.7% | 1.9 |
 NKTR | $1B | -6.3 | — | — | 100.0% | -236.8% | -217.9% | -57.2% | — |
 BAX | $10B | -11.4 | 27.2 | 31.8 | 30.1% | -2.7% | -14.6% | -1.4% | 14.9 |
 NVA | $28M | -3.6 | — | — | — | — | -8.9% | — | — |
 NXRT | $684M | -21.4 | 18.0 | 8.2 | 84.3% | 11.1% | -8.9% | 1.1% | 12.6 |
 USPH | $964M | 44.6 | 13.2 | 15.8 | 20.1% | 10.3% | 2.0% | 5.6% | 4.1 |
 ACHC | $2B | -2.0 | 8.3 | — | 17.6% | 11.7% | -41.4% | 5.9% | 4.6 |
 ABT | $154B | 11.6 | 16.1 | 24.2 | 50.8% | 16.3% | 30.9% | 9.9% | 1.5 |
 BDX | $52B | 24.7 | 14.0 | 19.5 | 45.4% | 11.8% | 6.5% | 4.3% | 3.8 |
| Healthcare Median | — | 22.1 | 14.2 | 18.5 | 63.9% | -4.3% | -32.6% | -11.6% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 28 years · Updated daily
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FMS — Frequently Asked Questions
Quick answers to the most common questions about buying FMS stock.
What is Fresenius Medical Care AG & Co. KGaA's P/E ratio?
Fresenius Medical Care AG & Co. KGaA's current P/E ratio is 12.3x. The historical average is 26.4x. This places it at the 8th percentile of its historical range.
What is Fresenius Medical Care AG & Co. KGaA's EV/EBITDA?
Fresenius Medical Care AG & Co. KGaA's current EV/EBITDA is 6.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.5x.
What is Fresenius Medical Care AG & Co. KGaA's ROE?
Fresenius Medical Care AG & Co. KGaA's return on equity (ROE) is 6.5%. The historical average is 9.1%.
Is FMS stock overvalued?
Based on historical data, Fresenius Medical Care AG & Co. KGaA is trading at a P/E of 12.3x. This is at the 8th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Fresenius Medical Care AG & Co. KGaA's dividend yield?
Fresenius Medical Care AG & Co. KGaA's current dividend yield is 3.38% with a payout ratio of 41.5%.
What are Fresenius Medical Care AG & Co. KGaA's profit margins?
Fresenius Medical Care AG & Co. KGaA has 25.6% gross margin and 9.3% operating margin.
How much debt does Fresenius Medical Care AG & Co. KGaA have?
Fresenius Medical Care AG & Co. KGaA's Debt/EBITDA ratio is 3.3x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.