Fresenius Medical Care AG - Depositary Receipt (FMS) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.5	$0.56	+12.0%	—	—	—
Q1 26	$0.5	$0.46	-8.0%	—	$4.6B	—
Q4 25	$0.55	$0.72	+30.9%	—	$5.1B	—
Q3 25	$0.5	$0.55	+10.0%	—	$4.9B	—
Q2 25	$0.47	$0.46	-2.1%	—	$4.8B	—
Q1 25	$0.38	$0.42	+10.5%	—	$4.9B	—
Q4 24	$0.4	$0.46	+15.0%	—	$6B	—
Q3 24	$0.35	$0.41	+17.1%	—	$5.5B	—
Q2 24	$0.34	$0.35	+2.9%	—	$4.8B	—
Q1 24	$0.25	$0.32	+28.0%	—	$4.7B	—
Q4 23	$0.3	$0.44	+46.7%	—	$5B	—
Q3 23	$0.31	$0.28	-9.7%	—	$4.9B	—
Q2 23	$0.28	$0.3	+7.1%	—	$4.8B	—
Q1 23	$0.12	$0.18	+50.0%	—	$4.7B	—
Q4 22	$0.22	$0.43	+95.5%	—	$5B	—
Q3 22	$0.34	$0.4	+17.6%	—	$5.1B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.68	—	—	$19.6B	—
FY24	—	$0.92	—	—	$22.8B	—
FY23	—	$0.85	—	—	$19.5B	—
FY22	—	$1.15	—	—	$19.4B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$16.6B	$17.8B	$16.5B	$17.5B	$17.9B	$17.6B	$19.4B	$19.5B	$22.8B	$19.6B
YoY change	+7.21%	+7.33%	-6.95%	+5.62%	+2.19%	-1.35%	+10.1%	+0.29%	+17.3%	-14%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	16.6B	17.8B	16.5B	17.5B	17.9B	17.6B	19.4B	19.5B	22.8B	19.6B
Cost of revenue	11B	11.8B	11.4B	12.1B	12.3B	12.8B	14.5B	14.5B	17.2B	14.6B
Gross profit	5.6B	6B	5.2B	5.4B	5.5B	4.8B	4.9B	4.9B	5.6B	5B
Gross margin	33.9%	33.8%	31.2%	30.9%	31%	27.1%	25.2%	25.3%	24.6%	25.6%
Research & development	146.5M	111M	114.1M	168M	193.8M	220.8M	228.6M	232M	216.5M	158M
Selling, general & administrative	3.1B	3.6B	2.9B	3B	3.1B	2.8B	3.2B	3.2B	3.7B	3B
Operating expenses	3.3B	3.7B	3B	3.2B	3.3B	2.9B	3.4B	3.4B	3.9B	3.2B
Operating income	2.3B	2.3B	2.2B	2.2B	2.2B	1.9B	1.5B	1.5B	1.7B	1.8B
Operating margin	14.1%	12.8%	13%	12.6%	12.4%	10.6%	7.5%	7.59%	7.59%	9.31%
Non-operating income, net	72.2M	93M	882.3M	73.7M	94.5M	-7.2M	57M	-107.2M	-88.5M	212K
Pretax income	2B	2B	2.7B	1.8B	1.9B	1.6B	1.2B	1B	1.2B	1.5B
Income tax	625.4M	443.1M	511.1M	401.6M	500.6M	352.8M	325M	300.6M	373M	321M
Net income	1.4B	1.6B	2.2B	1.4B	1.4B	1.2B	894.3M	732.5M	874.3M	1.2B
Net margin	8.57%	8.74%	13.5%	8.23%	8.04%	6.92%	4.61%	3.77%	3.83%	6.07%
EBITDA	3.2B	3.1B	3.2B	3.9B	4.1B	3.6B	3.6B	3.4B	4B	3.6B
EPS	1.93	2.08	3.23	1.98	1.98	1.66	1.15	0.85	0.92	1.68
Diluted EPS	1.93	2.08	3.23	1.98	1.98	1.66	1.15	0.85	0.92	1.68

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	4.9B	5B	4.7B	4.8B	5.5B	6B	4.9B	4.8B	4.9B	5.1B	4.6B	—
Cost of revenue	3.7B	3.6B	3.6B	3.6B	4.2B	4.5B	3.7B	3.6B	3.6B	3.7B	3.4B	—
Gross profit	1.2B	1.3B	1.2B	1.2B	1.3B	1.5B	1.2B	1.2B	1.2B	1.4B	1.2B	—
Gross margin	24.9%	27.1%	24.8%	24.5%	24.1%	25%	24.3%	25.3%	25.4%	27.4%	25.6%	—
Research & development	53M	66M	47.8M	46M	46.3M	59.6M	43.5M	38.1M	37.7M	38.6M	38.3M	—
Selling, general & administrative	793.8M	845.2M	775.6M	771M	874.4M	991.1M	750.7M	792M	705.4M	784.6M	748.9M	—
Operating expenses	927.4M	716.4M	812.2M	774M	837.4M	983.3M	802.3M	820M	740.5M	839.4M	803.9M	—
Operating income	301.6M	633.3M	361.5M	392M	488.1M	516.2M	381.7M	394.4M	501.7M	549M	375.6M	—
Operating margin	6.11%	12.7%	7.65%	8.22%	8.87%	8.6%	7.82%	8.23%	10.3%	10.8%	8.14%	—
Non-operating income, net	22.6M	-205.6M	-115.5M	33M	47.4M	-210M	-50.3M	30.9M	-25.2M	44.9M	-89.4M	—
Pretax income	235.5M	343.1M	157.8M	340M	440.7M	212.3M	250.7M	350.6M	402.6M	508.5M	207.5M	—
Income tax	88.5M	86.5M	39.5M	99M	135.3M	72.1M	61M	78.3M	75.2M	106.4M	42.8M	—
Net income	147.1M	256.6M	118.3M	241M	305.3M	140.3M	189.6M	272.3M	327.3M	402M	164.8M	—
Net margin	2.98%	5.14%	2.5%	5.06%	5.55%	2.34%	3.88%	5.68%	6.7%	7.93%	3.57%	—
EBITDA	803.4M	880.4M	918.4M	830M	555.2M	331.6M	838.9M	836.7M	924.8M	977.8M	894.4M	—
EPS	0.14	—	0.12	0.32	0.36	0.12	0.26	0.39	0.47	0.57	0.21	0.41
Diluted EPS	0.14	—	0.12	0.32	0.36	0.12	0.26	0.39	0.47	0.57	0.21	0.41

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	24.9B	31.1B	19.2B	21.5B	23.6B	18.4B	9.2B	11.7B	—	—	11.8B
Enterprise value	32.1B	37.6B	24.5B	34.2B	34.7B	30.1B	21B	22.2B	—	—	26.5B
Shares outstanding	590.1M	591.7M	591.6M	584.2M	567.5M	565.4M	566M	560.5M	692.5M	582.4M	582.4M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	17.5	20	8.61	15	16.4	15.1	10.3	15.9	—	—	11.5
P/S	1.5	1.75	1.16	1.23	1.32	1.04	0.48	0.6	—	—	0.61
P/B	2.25	2.87	1.49	1.63	1.91	1.31	0.6	0.79	—	—	0.81
EV/EBITDA	10.2	12	7.73	8.7	8.4	8.24	5.88	6.45	—	—	8.37
EV/Sales	1.94	2.11	1.48	1.95	1.94	1.71	1.08	1.14	—	—	1.17
Earnings yield	5.7%	5%	11.6%	6.69%	6.09%	6.64%	9.67%	6.27%	—	—	8.68%
FCF yield	4.02%	4.01%	5.24%	6.7%	13.5%	8.91%	15.6%	16.7%	—	—	19.9%
PEG	—	—	—	—	—	—	—	—	—	—	2.22

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	33.9%	33.8%	31.2%	30.9%	31%	27.1%	25.2%	25.3%	24.6%	25.6%	27%
Operating margin	14.1%	12.8%	13%	12.6%	12.4%	10.6%	7.5%	7.59%	7.59%	9.31%	10.8%
Net margin	8.57%	8.74%	13.5%	8.23%	8.04%	6.92%	4.61%	3.77%	3.83%	6.07%	4.83%
ROE	12.8%	14.4%	17.3%	10.9%	11.6%	8.72%	5.79%	4.94%	4.7%	8.34%	8.52%
ROA	5.57%	6.47%	8.48%	4.37%	4.53%	3.55%	2.5%	2.16%	2.21%	3.84%	3.98%
ROIC	8.9%	10.2%	9.63%	6.64%	6.98%	5.62%	3.92%	4.13%	4.07%	6.19%	6.74%
Return on tangible assets	-70.5%	-100.4%	483.4%	70.3%	47.7%	44.7%	78.8%	38.4%	152.7%	88.2%	148.9%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.3	1.2	1.25	1.02	1.2	1.1	1.27	1.42	1.4	1.26	1.07
Quick ratio	1.05	0.96	1.02	0.78	0.89	0.82	0.91	1.07	1.03	0.92	0.75
Debt / equity	0.74	0.69	0.58	1.04	1	0.95	0.85	0.81	0.7	0.76	0.81
Debt / assets	0.32	0.31	0.29	0.42	0.39	0.39	0.37	0.36	0.33	0.35	0.35
Net debt / EBITDA	2.27	2.07	1.67	3.22	2.7	3.21	3.29	3.06	2.79	2.51	2.59
Interest coverage	5.79	5.8	7.1	4.75	5.72	5.45	4.39	3.43	3.6	4.93	4.92
Effective tax rate	30.6%	22.2%	18.7%	21.8%	25.9%	22.4%	26.7%	29.1%	29.9%	21.2%	20.9%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	28.1	30.1	28	29.9	31.5	31.2	34.3	34.7	32.9	33.7	34.6
EPS (basic)	1.93	2.08	3.23	1.98	1.98	1.66	1.15	0.85	0.92	1.68	1.68
EPS (diluted)	1.93	2.08	3.23	1.98	1.98	1.66	1.15	0.85	0.92	1.68	1.93
Book value per share	18.7	18.3	21.8	22.6	21.7	24.7	27.3	26.5	26.9	24.5	27.4
FCF per share	1.7	2.11	1.7	2.47	5.61	2.89	2.55	3.47	2.87	3.03	3.32
Cash per share	1.63	1.65	3.8	1.95	2.19	2.86	2.52	2.75	2.47	3.13	1.99
Capex per share	1.55	1.42	1.69	1.91	1.83	1.47	1.22	1.19	1.17	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	5.52%	4.73%	6.06%	6.37%	5.8%	4.71%	3.55%	3.44%	3.54%	—	—
Capex / operating cash flow	40%	31.4%	33.5%	35.7%	22.5%	29.9%	27.2%	24%	25.3%	—	—
Payout ratio	17.2%	18.9%	14.6%	24.7%	24.5%	32.2%	44.2%	44.9%	47.1%	35.5%	45%
Dividend yield	0.98%	0.95%	1.7%	1.65%	1.49%	2.14%	4.28%	2.81%	—	—	15.7%

Yield

15.7%

trailing twelve months

Frequency

Annual

Last dividend

$0.872

ex-dividend May 22, 2026

Payout ratio

45%

of earnings

Dividend growth

2 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
May 22, 2026	$0.872
May 23, 2025	$0.815
May 17, 2024	$0.6342
May 17, 2023	$0.6181
May 13, 2022	$0.7085
May 24, 2021	$0.8193
Aug 28, 2020	$0.7169
May 17, 2019	$0.6522

Split history

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$4.9B	$5B	$4.7B	$4.8B	$5.5B	$6B	$4.9B	$4.8B	$4.9B	$5.1B	$4.6B	—
YoY change	-3.14%	-0.18%	+0.44%	-1.22%	+11.5%	+20.3%	+3.32%	+0.54%	-11.3%	-15.5%	-5.52%	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	959.6M	978.1M	2.2B	1.1B	1.2B	1.6B	1.4B	1.5B	1.7B	1.8B
Receivables	4B	3.8B	3.3B	3.5B	3.2B	3.5B	3.7B	3.7B	4B	3.2B
Inventory	1.3B	1.3B	1.5B	1.7B	1.9B	2B	2.3B	2.2B	2.4B	2.1B
Total current assets	6.9B	6.4B	7.8B	7.2B	7.3B	8B	8.2B	8.7B	9.3B	7.9B
Property, plant & equipment	582.1M	610.1M	524.3M	8.8B	5B	4.4B	3.9B	3.1B	3.2B	2.1B
Goodwill & intangibles	27.5B	25.6B	25.8B	30.9B	28.7B	31.6B	34.6B	32B	39B	29.7B
Total assets	25.5B	24B	26.2B	32.9B	31.7B	34.4B	35.8B	33.9B	39.6B	31B
Accounts payable	839.6M	737.8M	795.1M	835.2M	827.4M	857.5M	951.6M	885.1M	1.2B	835.5M
Short-term debt	1.3B	1.7B	2.5B	3.3B	1.7B	2.6B	2B	1.6B	1.4B	2.2B
Total current liabilities	5.3B	5.3B	6.3B	7.1B	6.1B	7.3B	6.5B	6.1B	6.7B	6.2B
Long-term debt	6.8B	5.8B	5B	10.5B	10.7B	10.7B	11.2B	10.5B	11.5B	8.6B
Total liabilities	14.5B	13.2B	13.3B	19.7B	19.4B	20.4B	20.3B	19.1B	21B	16.7B
Shareholders' equity	11.1B	10.8B	12.9B	13.2B	12.3B	14B	15.4B	14.8B	18.6B	14.3B
Total debt	8.1B	7.4B	7.5B	13.8B	12.4B	13.3B	13.2B	12.1B	13B	10.8B
Net debt	7.4B	6.5B	5.4B	12.8B	11.3B	11.8B	11.9B	10.6B	11.6B	9.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.6B	1.5B	1.4B	1.1B	2B	1.7B	1.5B	2.2B	1.8B	1.8B	1.6B	1.4B
Receivables	3.7B	3.7B	4B	4B	3.8B	4B	3.6B	3.2B	3.2B	3.2B	3.6B	3.4B
Inventory	2.3B	2.2B	2.2B	2.2B	2.4B	2.4B	2.1B	2B	2.1B	2.1B	2.3B	2.3B
Total current assets	9.1B	8.7B	9.3B	8.7B	9.4B	9.3B	8B	8.1B	7.8B	7.9B	8.1B	7.7B
Property, plant & equipment	7.9B	3.1B	7.3B	3.6B	4B	3.2B	7B	6.5B	6.4B	2.1B	6.4B	6.4B
Goodwill & intangibles	33.6B	32B	32.1B	16.2B	35.9B	39B	31.9B	29.7B	29.7B	29.7B	30.2B	30.5B
Total assets	35.6B	33.9B	34.3B	33.9B	37.6B	39.6B	32.7B	31.3B	30.9B	31B	31.5B	31.3B
Accounts payable	844.8M	885.1M	835.4M	784M	892.9M	1.2B	895.9M	751.7M	827M	835.5M	890.4M	891.8M
Short-term debt	1.9B	1.6B	1.5B	1.4B	1.9B	1.4B	1.3B	1.6B	1.1B	2.2B	2.4B	2.3B
Total current liabilities	6.6B	6.1B	6.2B	5.9B	6.8B	6.7B	5.4B	5.7B	5.8B	6.2B	6.7B	7.2B
Long-term debt	11.1B	10.5B	10.5B	10.3B	11.1B	11.5B	9.5B	9.4B	9.3B	8.6B	8.6B	8.6B
Total liabilities	20.2B	19.1B	19.2B	18.7B	20.5B	21B	17.2B	17B	17B	16.7B	17.3B	17.8B
Shareholders' equity	15.4B	14.8B	15.1B	15.2B	17.1B	18.6B	15.5B	14.3B	13.9B	14.3B	14.2B	13.5B
Total debt	13B	12.1B	12B	11.8B	13B	13B	10.8B	11B	10.5B	10.8B	11B	11B
Net debt	11.4B	10.6B	10.9B	10.7B	11.4B	11.6B	9.7B	9.3B	9.2B	9.2B	9.8B	9.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	1.4B	1.6B	2.2B	1.4B	1.4B	1.2B	894.3M	732.5M	874.3M	1.2B
Depreciation & amortization	701.5M	735.5M	789.6M	1.6B	1.8B	1.6B	1.8B	1.8B	2.1B	1.5B
Stock-based compensation	27.4M	46.8M	10.7M	2M	0	0	—	—	—	—
Change in working capital	136.2M	177.7M	-420.2M	-392.5M	911M	-411.5M	-453.7M	89.2M	-44.8M	-98.4M
Operating cash flow	2.3B	2.7B	3B	3.1B	4.6B	2.8B	2.5B	2.8B	3.2B	2.7B
Capital expenditure	-914.6M	-841.2M	-1B	-1.1B	-1B	-829.9M	-687.8M	-668.5M	-808.7M	—
Investing cash flow	-1.8B	-1.6B	-245M	-3.3B	-1.3B	-1.2B	-734.7M	-544.2M	-100.2M	176.1M
Dividends paid	-244.3M	-294M	-324.8M	-354.6M	-351.2M	-392.5M	-395.6M	-328.6M	-412M	-422.5M
Share repurchases	0	-57.9M	-37.2M	-599.8M	-366M	0	0	—	—	-585.3M
Financing cash flow	-1B	-1.2B	-972.7M	-1.7B	-4.6B	-1.7B	-2.9B	-2.2B	-3.7B	-1.5B
Net change in cash	-530.9M	-84.6M	1.8B	-1.9B	-1.3B	-75.5M	-1.1B	70.8M	-574.4M	1.3B
Free cash flow	1B	1.2B	1B	1.4B	3.2B	1.6B	1.4B	1.9B	2B	1.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	146.9M	256.6M	118.3M	241M	305.3M	140.3M	189.6M	272.3M	327.3M	402M	164.8M	293.2M
Depreciation & amortization	454M	425.9M	512.4M	387M	423.6M	—	394.4M	375.2M	357.3M	373.6M	462.9M	363.1M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	407.2M	30.3M	-485M	-186M	615.3M	296.7M	-437.6M	136.9M	32.5M	118.8M	-383.8M	125.2M
Operating cash flow	1.1B	764.8M	189.5M	442M	2.2B	-267M	196.6M	774.9M	741.6M	1B	226.9M	860.3M
Capital expenditure	-133.6M	-238.9M	-129.5M	-153M	-195.7M	—	-142.3M	-147M	—	—	—	—
Investing cash flow	-150.9M	-96.5M	-68.4M	-153M	-195.7M	—	-108.2M	-142.6M	137.9M	-271K	17.5M	-35.4M
Dividends paid	0	0	—	—	—	—	—	—	0	0	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	-434.2M	-347.3M	-144.6M
Financing cash flow	-405.8M	-566.7M	-646M	—	—	—	-139.4M	411.8M	-984.1M	-258.6M	-459.2M	-369.2M
Net change in cash	509.2M	101.6M	-524.8M	289M	2B	-267M	-51M	1B	-104.7M	742.8M	-214.8M	455.6M
Free cash flow	919.4M	468.8M	-6.6M	130M	746M	1.2B	17.1M	620.5M	549.3M	578.7M	36.8M	619.9M

Fresenius Medical Care AG - Depositary Receipt Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement