Fresenius Medical Care (FMS) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Fresenius Medical Care

NYSE•Healthcare•Medical Care Facilities

$22.45-0.21(-0.01%)Pre-market

Market Cap

$12.11B

P/E

12.9x

P/S

0.6x

P/B

1.0x

Fresenius Medical Care AG provides dialysis and related services for individuals with renal diseases in Germany, the United States, and internationally. The company 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 operates through Care Delivery and Care Enablement segments. It also develops, manufactures, and distributes various health care products, including hemodialysis machines, peritoneal dialysis cyclers, peritoneal dialysis solutions, hemodialysis concentrates, solutions and granulates, bloodlines, renal pharmaceuticals, systems for water treatment, and acute cardiopulmonary and apheresis products. In addition, the company develops, acquires, and in-licenses renal pharmaceuticals; offers renal medications and supplies to patients at homes or to dialysis clinics; and provides vascular specialty, ambulatory surgery center, physician nephrology practice management, pharmacy and other services. The company sells its products to dialysis clinics, hospitals, and specialized treatment clinics, as well as through local sales forces, independent distributors, dealers, and sales agents. The company was incorporated in 1996 and is headquartered in Bad Homburg, Germany.

How this company scores

GoodMetricSide Score: 66/100

Strongest: Cash & Earnings Quality (18/25); weakest: Growth (15/25).

Profitability17/25

Growth15/25

Balance Sheet & Red Flags16/25

Cash & Earnings Quality18/25

Strengths

Rising earningsLow leverageCash-backed earningsConsistent free cash flow

No red flags in the last 8 quarters.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 13.1x5y range 10.3x – 49.6x

Currently below its 20-quarter median.

P/S · 0.6x5y range 0.3x – 2.2x

Currently below its 20-quarter median.

P/B · 1.0x5y range 0.5x – 3.0x

Price & Volume

Market Cap $12.11B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $19.43B
Q. Revenue: $4.86B
TTM EBITDA: $3.42B
TTM Op. Income: $1.89B
Q. Op. Income: $465.86M
TTM Net Income: $937.78M
Q. Net Income: $218.38M
EPS: N/A
Shares Out.: $539.20M

$19.43B in TTM revenue declined 0.5% YoY, reaching $4.86B last quarter. TTM EBITDA of $3.42B and TTM operating income of $1.89B show growth is flowing through to the bottom line. TTM net income of $937.78M means revenue is converting into profit. Over the past year, TTM revenue is down 0% — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 16.9%
Op. Margin: 9.6%
Net Margin: 4.5%

Op. margin of 9.6% is up 1.4% YoY — cost efficiency is improving. Net margin at 4.5% Over the past year, operating margin is up 16% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 13.1x
P/S Ratio: 0.6x
P/B Ratio: 1.0x

At 13.1x P/E, the stock trades below typical market levels. P/S of 0.6x and P/B of 1.0x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is down 49% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $31.29B
Cash: $1.06B
Long-Term Debt: $5.82B
Book Value: $12.56B
D/E Ratio: 0.5
Debt/EBITDA: 7.1

With $31.29B in assets and $5.82B in long-term debt, D/E is 0.5and book value is $12.56B — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has risen for 2 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

TTM Free Cash Flow: $1.77B
FCF Margin: 9.1%
FCF / Net Income: 1.9

TTM FCF of $1.77B. The FCF / Net Income ratio of 1.9x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is down 14% — a weakening trend.