Fresenius Medical Care AG & Co. KGaA (FMS) AI Stock Analysis

Fresenius Medical Care AG & Co. KGaA is a Germany-based provider of dialysis care and related services across Germany, North America, and other global regions. Established in 1996, it operates a network of outpatient dialysis clinics that deliver treatments alongside laboratory and diagnostic services, clinical monitoring, home supply delivery, and follow-up care. The company also supplies contracted dialysis services to US hospitals for patients with end-stage renal disease and acute kidney failure. In addition, it develops, manufactures, and distributes dialysis products—including dialyzers, hemodialysis machines, peritoneal dialysis cyclers, solutions, concentrates, and renal pharmaceuticals—as well as acute cardiopulmonary and apheresis products across roughly 150 countries.

Revenue rose from $17.62B in FY2021 to $19.63B in FY2025, reflecting a 5-year revenue CAGR of 1.9%. Over that span, operating margin fluctuated from 10.5% in FY2021 down to 7.0% in FY2023, before recovering to 9.3% in FY2025. Net income was $969.3M in FY2021, dipped to $499.0M in FY2023, and rebounded to $978.4M in FY2025, generating EPS of $2.15. Free cash flow improved from $806.0M in FY2021 to $1.70B in FY2025. Over the trailing twelve months, revenue reached $19.43B with an operating margin of 10.8% and net profit margin of 4.8%. For the latest quarter ending June 30, 2026, quarterly revenue grew 1.4% year-over-year while quarterly earnings expanded 5.5%.

As of June 30, 2026, the company held $1.45B in cash and short-term investments against total debt of $10.96B, resulting in net debt of $9.51B and a debt-to-equity ratio of 0.87. Total assets stood at $31.29B, shareholders' equity was $12.56B, and the current ratio was 1.07. In FY2025, the company generated $2.58B in operating cash flow. Cash deployment in FY2025 included $879.2M in capital expenditures, $562.2M in share buybacks, and $405.8M in dividends paid, contributing to a 39.2% share count reduction over 5 years.

At a share price of $22.17, Fresenius Medical Care has a market cap of $11.80B and an enterprise value of $22.82B. It trades at a trailing P/E of 11.4x and a forward P/E of 8.6x, compared to medians of 24.6x and 17.3x, respectively, for the US-listed Healthcare peer group. Its EV/EBITDA of 5.8x is below the peer median of 12.0x, and its price-to-sales ratio is 0.6x versus the peer median of 4.1x. Over the past year, the stock returned -14.7% compared to a 16.8% return for the S&P 500, and over five years it returned -27.6% versus 83.0% for the index.

Fresenius Medical Care pays an annual dividend with a forward rate of $0.87 per share, representing a 3.93% dividend yield. The payout ratio is 36.6%, and the company has paid dividends for 29 consecutive years, recording a 5-year annualized dividend growth rate of 2.9%. The most recent ex-dividend date was May 22, 2026.

Wall Street coverage includes 1 Strong Buy, 0 Buys, 3 Holds, 2 Sells, and 1 Strong Sell. The mean price target is $23.95, which is 8.0% above the last closing price of $22.17. Analysts project current fiscal year EPS of $2.09 on revenue of $19.46B, followed by next fiscal year EPS of $2.67 on revenue of $20.10B, representing 27.9% earnings growth. Over the last four quarters, the company beat EPS estimates 3 times. The next earnings release is scheduled for November 3, 2026.

This page is an AI-written research summary of Fresenius Medical Care AG & Co. KGaA (FMS). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

Related: FMS income statement, FMS balance sheet, FMS key metrics, FMS analyst forecast, FMS chart. See the FMS stock overview for the latest quote and news.