FRESENIUS MEDICAL CARE-ADR (FMS) Fundamental Analysis & Valuation

NYSE:FMS • US3580291066

22.95 USD
-0.1 (-0.43%)
At close: Mar 6, 2026
23 USD
+0.05 (+0.22%)
After Hours: 3/6/2026, 8:19:05 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership News

This FMS fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

5

We assign a fundamental rating of 5 out of 10 to FMS. FMS was compared to 101 industry peers in the Health Care Providers & Services industry. While FMS is still in line with the averages on profitability rating, there are concerns on its financial health. FMS may be a bit undervalued, certainly considering the very reasonable score on growth


Dividend Valuation Growth Profitability Health

5

1. FMS Profitability Analysis

1.1 Basic Checks

  • In the past year FMS was profitable.
  • In the past year FMS had a positive cash flow from operations.
  • In the past 5 years FMS has always been profitable.
  • FMS had a positive operating cash flow in each of the past 5 years.
FMS Yearly Net Income VS EBIT VS OCF VS FCFFMS Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1B 2B 3B 4B

1.2 Ratios

  • The Return On Assets of FMS (3.16%) is better than 65.35% of its industry peers.
  • With a decent Return On Equity value of 7.35%, FMS is doing good in the industry, outperforming 64.36% of the companies in the same industry.
  • Looking at the Return On Invested Capital, with a value of 5.30%, FMS is in line with its industry, outperforming 58.42% of the companies in the same industry.
  • Measured over the past 3 years, the Average Return On Invested Capital for FMS is significantly below the industry average of 9.07%.
  • The last Return On Invested Capital (5.30%) for FMS is above the 3 year average (4.02%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 3.16%
ROE 7.35%
ROIC 5.3%
ROA(3y)2.08%
ROA(5y)2.19%
ROE(3y)4.9%
ROE(5y)5.43%
ROIC(3y)4.02%
ROIC(5y)3.98%
FMS Yearly ROA, ROE, ROICFMS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5 10 15

1.3 Margins

  • FMS's Profit Margin of 4.98% is fine compared to the rest of the industry. FMS outperforms 79.21% of its industry peers.
  • FMS's Profit Margin has declined in the last couple of years.
  • The Operating Margin of FMS (9.00%) is better than 77.23% of its industry peers.
  • FMS's Operating Margin has declined in the last couple of years.
  • FMS has a Gross Margin of 25.62%. This is comparable to the rest of the industry: FMS outperforms 52.48% of its industry peers.
  • FMS's Gross Margin has declined in the last couple of years.
Industry RankSector Rank
OM 9%
PM (TTM) 4.98%
GM 25.62%
OM growth 3Y10.69%
OM growth 5Y-6.44%
PM growth 3Y12.82%
PM growth 5Y-5.23%
GM growth 3Y0.52%
GM growth 5Y-3.74%
FMS Yearly Profit, Operating, Gross MarginsFMS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 20 30

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ROAROEROICOperating and Profit MarginShow most profitable peers

3

2. FMS Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so FMS is still creating some value.
  • The number of shares outstanding for FMS has been reduced compared to 1 year ago.
  • The number of shares outstanding for FMS has been reduced compared to 5 years ago.
  • The debt/assets ratio for FMS is higher compared to a year ago.
FMS Yearly Shares OutstandingFMS Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 200M 400M 600M
FMS Yearly Total Debt VS Total AssetsFMS Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10B 20B 30B

2.2 Solvency

  • An Altman-Z score of 1.83 indicates that FMS is not a great score, but indicates only limited risk for bankruptcy at the moment.
  • With a Altman-Z score value of 1.83, FMS perfoms like the industry average, outperforming 45.54% of the companies in the same industry.
  • FMS has a debt to FCF ratio of 6.19. This is a slightly negative value and a sign of low solvency as FMS would need 6.19 years to pay back of all of its debts.
  • FMS has a Debt to FCF ratio (6.19) which is comparable to the rest of the industry.
  • A Debt/Equity ratio of 0.65 indicates that FMS is somewhat dependend on debt financing.
  • FMS's Debt to Equity ratio of 0.65 is in line compared to the rest of the industry. FMS outperforms 56.44% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.65
Debt/FCF 6.19
Altman-Z 1.83
ROIC/WACC1.02
WACC5.22%
FMS Yearly LT Debt VS Equity VS FCFFMS Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5B 10B

2.3 Liquidity

  • FMS has a Current Ratio of 1.26. This is a normal value and indicates that FMS is financially healthy and should not expect problems in meeting its short term obligations.
  • Looking at the Current ratio, with a value of 1.26, FMS is in line with its industry, outperforming 49.51% of the companies in the same industry.
  • A Quick Ratio of 0.92 indicates that FMS may have some problems paying its short term obligations.
  • Looking at the Quick ratio, with a value of 0.92, FMS is doing worse than 69.31% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 1.26
Quick Ratio 0.92
FMS Yearly Current Assets VS Current LiabilitesFMS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2B 4B 6B 8B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

5

3. FMS Growth Analysis

3.1 Past

  • FMS shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 32.00%, which is quite impressive.
  • The Earnings Per Share has been decreasing by -1.51% on average over the past years.
  • The Revenue has been growing slightly by 1.51% in the past year.
  • FMS shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 1.91% yearly.
EPS 1Y (TTM)32%
EPS 3Y11.44%
EPS 5Y-1.51%
EPS Q2Q%58.24%
Revenue 1Y (TTM)1.51%
Revenue growth 3Y0.39%
Revenue growth 5Y1.91%
Sales Q2Q%-0.29%

3.2 Future

  • FMS is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 9.03% yearly.
  • FMS is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 3.69% yearly.
EPS Next Y-6.53%
EPS Next 2Y2.07%
EPS Next 3Y6.69%
EPS Next 5Y9.03%
Revenue Next Year0.74%
Revenue Next 2Y2.42%
Revenue Next 3Y2.64%
Revenue Next 5Y3.69%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
  • The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
FMS Yearly Revenue VS EstimatesFMS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 5B 10B 15B 20B 25B
FMS Yearly EPS VS EstimatesFMS Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 1 2 3

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7

4. FMS Valuation Analysis

4.1 Price/Earnings Ratio

  • FMS is valuated reasonably with a Price/Earnings ratio of 9.44.
  • Compared to the rest of the industry, the Price/Earnings ratio of FMS indicates a rather cheap valuation: FMS is cheaper than 94.06% of the companies listed in the same industry.
  • When comparing the Price/Earnings ratio of FMS to the average of the S&P500 Index (26.29), we can say FMS is valued rather cheaply.
  • FMS is valuated reasonably with a Price/Forward Earnings ratio of 10.11.
  • Based on the Price/Forward Earnings ratio, FMS is valued cheaper than 90.10% of the companies in the same industry.
  • When comparing the Price/Forward Earnings ratio of FMS to the average of the S&P500 Index (24.57), we can say FMS is valued rather cheaply.
Industry RankSector Rank
PE 9.44
Fwd PE 10.11
FMS Price Earnings VS Forward Price EarningsFMS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, FMS is valued cheaper than 90.10% of the companies in the same industry.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of FMS indicates a rather cheap valuation: FMS is cheaper than 91.09% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 6.65
EV/EBITDA 6.1
FMS Per share dataFMS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 10 20 30

4.3 Compensation for Growth

PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y2.07%
EPS Next 3Y6.69%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

6

5. FMS Dividend Analysis

5.1 Amount

  • FMS has a Yearly Dividend Yield of 3.68%.
  • FMS's Dividend Yield is rather good when compared to the industry average which is at 0.49. FMS pays more dividend than 98.02% of the companies in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.82, FMS pays a better dividend.
Industry RankSector Rank
Dividend Yield 3.68%

5.2 History

  • The dividend of FMS has a limited annual growth rate of 4.43%.
  • FMS has paid a dividend for at least 10 years, which is a reliable track record.
  • The dividend of FMS decreased in the last 3 years.
Dividend Growth(5Y)4.43%
Div Incr Years2
Div Non Decr Years2
FMS Yearly Dividends per shareFMS Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.5 1 1.5 2

5.3 Sustainability

  • 43.19% of the earnings are spent on dividend by FMS. This is a bit on the high side, but may be sustainable.
  • FMS's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP43.19%
EPS Next 2Y2.07%
EPS Next 3Y6.69%
FMS Yearly Income VS Free CF VS DividendFMS Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1B 2B 3B
FMS Dividend Payout.FMS Dividend Payout, showing the Payout Ratio.FMS Dividend Payout.PayoutRetained Earnings

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FMS Fundamentals: All Metrics, Ratios and Statistics

FRESENIUS MEDICAL CARE-ADR

NYSE:FMS (3/6/2026, 8:19:05 PM)

After market: 23 +0.05 (+0.22%)

22.95

-0.1 (-0.43%)

Chartmill FA Rating
GICS SectorHealth Care
GICS IndustryGroupHealth Care Equipment & Services
GICS IndustryHealth Care Providers & Services
Earnings (Last)02-24
Earnings (Next)05-05
Inst Owners43.91%
Inst Owner Change6.19%
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap13.47B
Revenue(TTM)19.63B
Net Income(TTM)978.37M
Analysts65.93
Price Target27.2 (18.52%)
Short Float %0.45%
Short Ratio3.12
Dividend
Industry RankSector Rank
Dividend Yield 3.68%
Yearly Dividend0.84
Dividend Growth(5Y)4.43%
DP43.19%
Div Incr Years2
Div Non Decr Years2
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)24.86%
Min EPS beat(2)14.16%
Max EPS beat(2)35.55%
EPS beat(4)4
Avg EPS beat(4)22.94%
Min EPS beat(4)14.16%
Max EPS beat(4)35.55%
EPS beat(8)8
Avg EPS beat(8)21.57%
EPS beat(12)10
Avg EPS beat(12)16.05%
EPS beat(16)12
Avg EPS beat(16)12.94%
Revenue beat(2)1
Avg Revenue beat(2)0.93%
Min Revenue beat(2)-1.71%
Max Revenue beat(2)3.58%
Revenue beat(4)2
Avg Revenue beat(4)0.32%
Min Revenue beat(4)-3.33%
Max Revenue beat(4)3.58%
Revenue beat(8)4
Avg Revenue beat(8)-0.14%
Revenue beat(12)5
Avg Revenue beat(12)-0.25%
Revenue beat(16)7
Avg Revenue beat(16)-0.28%
PT rev (1m)-2.48%
PT rev (3m)-2.87%
EPS NQ rev (1m)12.25%
EPS NQ rev (3m)14.55%
EPS NY rev (1m)0%
EPS NY rev (3m)2.83%
Revenue NQ rev (1m)0.31%
Revenue NQ rev (3m)0.62%
Revenue NY rev (1m)0.02%
Revenue NY rev (3m)0.39%
Valuation
Industry RankSector Rank
PE 9.44
Fwd PE 10.11
P/S 0.59
P/FCF 6.65
P/OCF 4.32
P/B 0.87
P/tB N/A
EV/EBITDA 6.1
EPS(TTM)2.43
EY10.59%
EPS(NY)2.27
Fwd EY9.89%
FCF(TTM)3.45
FCFY15.04%
OCF(TTM)5.31
OCFY23.13%
SpS38.86
BVpS26.35
TBVpS-3
PEG (NY)N/A
PEG (5Y)N/A
Graham Number37.96
Profitability
Industry RankSector Rank
ROA 3.16%
ROE 7.35%
ROCE 7.13%
ROIC 5.3%
ROICexc 5.78%
ROICexgc 16.63%
OM 9%
PM (TTM) 4.98%
GM 25.62%
FCFM 8.88%
ROA(3y)2.08%
ROA(5y)2.19%
ROE(3y)4.9%
ROE(5y)5.43%
ROIC(3y)4.02%
ROIC(5y)3.98%
ROICexc(3y)4.29%
ROICexc(5y)4.23%
ROICexgc(3y)11.55%
ROICexgc(5y)11.07%
ROCE(3y)5.42%
ROCE(5y)5.44%
ROICexgc growth 3Y23.76%
ROICexgc growth 5Y-0.49%
ROICexc growth 3Y19.48%
ROICexc growth 5Y-3.49%
OM growth 3Y10.69%
OM growth 5Y-6.44%
PM growth 3Y12.82%
PM growth 5Y-5.23%
GM growth 3Y0.52%
GM growth 5Y-3.74%
F-Score8
Asset Turnover0.63
Health
Industry RankSector Rank
Debt/Equity 0.65
Debt/FCF 6.19
Debt/EBITDA 2.64
Cap/Depr 62.47%
Cap/Sales 4.78%
Interest Coverage 4.9
Cash Conversion 82.09%
Profit Quality 178.22%
Current Ratio 1.26
Quick Ratio 0.92
Altman-Z 1.83
F-Score8
WACC5.22%
ROIC/WACC1.02
Cap/Depr(3y)48.17%
Cap/Depr(5y)48.21%
Cap/Sales(3y)4.06%
Cap/Sales(5y)4.23%
Profit Quality(3y)290.62%
Profit Quality(5y)248.93%
High Growth Momentum
Growth
EPS 1Y (TTM)32%
EPS 3Y11.44%
EPS 5Y-1.51%
EPS Q2Q%58.24%
EPS Next Y-6.53%
EPS Next 2Y2.07%
EPS Next 3Y6.69%
EPS Next 5Y9.03%
Revenue 1Y (TTM)1.51%
Revenue growth 3Y0.39%
Revenue growth 5Y1.91%
Sales Q2Q%-0.29%
Revenue Next Year0.74%
Revenue Next 2Y2.42%
Revenue Next 3Y2.64%
Revenue Next 5Y3.69%
EBIT growth 1Y39.46%
EBIT growth 3Y11.12%
EBIT growth 5Y-4.66%
EBIT Next Year72.47%
EBIT Next 3Y24.27%
EBIT Next 5Y15.34%
FCF growth 1Y4.8%
FCF growth 3Y7.67%
FCF growth 5Y-11.14%
OCF growth 1Y12.36%
OCF growth 3Y7.35%
OCF growth 5Y-8.73%

FRESENIUS MEDICAL CARE-ADR / FMS FAQ

What is the fundamental rating for FMS stock?

ChartMill assigns a fundamental rating of 5 / 10 to FMS.


Can you provide the valuation status for FRESENIUS MEDICAL CARE-ADR?

ChartMill assigns a valuation rating of 7 / 10 to FRESENIUS MEDICAL CARE-ADR (FMS). This can be considered as Undervalued.


What is the profitability of FMS stock?

FRESENIUS MEDICAL CARE-ADR (FMS) has a profitability rating of 5 / 10.


What is the expected EPS growth for FRESENIUS MEDICAL CARE-ADR (FMS) stock?

The Earnings per Share (EPS) of FRESENIUS MEDICAL CARE-ADR (FMS) is expected to decline by -6.53% in the next year.


Is the dividend of FRESENIUS MEDICAL CARE-ADR sustainable?

The dividend rating of FRESENIUS MEDICAL CARE-ADR (FMS) is 6 / 10 and the dividend payout ratio is 43.19%.