Fresenius Medical Care AG & Co. KGaA (FMS) Balance Sheet

NYSE: FMSAssets, liabilities, debt and equity over 10 years.

FMS balance sheet, 2025

December 31, 2025 · euros

€31.00B assets = €16.72B liabilities + €14.28B equity

What it owns€31.00BCash & ST investments: €1.60B (5.2%)Receivables: €3.14B (10.1%)Receivables €3.14BInventory: €2.14B (6.9%)Other current: €1.02B (3.3%)PP&E: €3.01B (9.7%)PP&E €3.01BGoodwill & intangibles: €28.40B (91.6%)Goodwill & intangibles€28.40B · 92%LT investments: €1.32B (4.3%)=How it is financed€31.00BCurrent liabilities: €6.25B (20.1%)Current liabilities€6.25B · 20%Long-term debt: €8.60B (27.7%)Long-term debt€8.60B · 28%Other LT liabilities: €1.88B (6.1%)Shareholders’ equity: €14.28B (46.1%)Shareholders’ equity€14.28B · 46%

Both columns are drawn to the same scale: what FMS owns equals what it owes plus shareholders’ equity. Hover a block for its value.

FMS financial health

Current ratio1.26
Adequate · current assets cover current liabilities 1.26×
Debt / equity0.76
Moderate leverage · €0.76 of debt for each $1 of equity
Equity / assets46.1%
Equity-funded · of assets funded by shareholders
Cash / debt14.8%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles91.6%
Mostly intangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

FMS balance sheet trends, 2016–2025

MetricTrendThenLatestChange
Total assets€25.50B2016€31.00B2025+2.2%/yr
Total liabilities€14.45B2016€16.72B2025+1.6%/yr
Shareholders’ equity€9.98B2016€14.28B2025+4.1%/yr
Cash & short-term investments€974.7M2016€1.60B2025+5.7%/yr
Total debt€8.13B2016€10.79B2025+3.2%/yr
Net cash (debt)−€7.16B2016−€9.20B2025−€2.0B
Working capital€1.59B2016€1.65B2025+€67.9M
Current ratio1.3020161.262025−0.03
Debt / equity0.8220160.762025−0.06
Shares outstanding612.7M2016582.4M2025−0.6%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

FMS assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

FMS liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

FMS debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

FMS balance sheet in euros

2025202420232022202120202019201820172016
Assets
Cash & short-term investments€1.60B€1.34B€1.56B€1.46B€1.64B€1.24B€1.16B€2.27B€993.6M€974.7M
Cash & equivalents€1.60B€1.18B€1.40B€1.27B€1.48B€1.08B€1.01B€2.15B€978.1M€708.9M
Short-term investments€238.8M€163.1M€154.4M€187.8M€159.2M€161.7M€155.5M€119.5M€15.5M€265.8M
Receivables€3.14B€3.41B€3.64B€3.72B€3.58B€3.62B€3.59B€3.43B€3.50B€3.70B
Inventory€2.14B€2.07B€2.18B€2.30B€2.04B€1.90B€1.66B€1.47B€1.29B€1.34B
Other current assets€1.02B€1.10B€1.33B€725.8M€708.0M€517.4M€746.6M€684.6M€589.0M€871.2M
Total current assets€7.90B€7.92B€8.70B€8.20B€7.97B€7.28B€7.17B€7.85B€6.37B€6.88B
Property, plant & equipment (net)€3.01B€7.26B€7.45B€8.34B€8.55B€4.13B€8.52B€3.84B€3.49B€3.58B
Goodwill & intangible assets€28.40B€16.54B€16.01B€17.31B€15.82B€14.34B€15.44B€12.89B€12.79B€13.80B
Long-term investments€1.32B€1.42B€1.25B€773.7M€786.9M€761.1M€696.9M€649.8M€647.0M€645.9M
Other non-current assets€0€427.8M€507.5M€1.13B€1.24B€5.18B€1.11B€1.02B€725.1M€594.0M
Total assets€31.00B€33.57B€33.93B€35.75B€34.37B€31.69B€32.93B€26.24B€24.03B€25.50B
Liabilities
Accounts payable€738.0M€984.3M€885.1M€951.6M€857.5M€827.4M€835.2M€795.1M€737.8M€839.6M
Short-term debt€2.20B€1.22B€1.56B€2.02B€2.59B€1.70B€3.26B€2.50B€1.65B€1.30B
Deferred revenue—€82.2M€85.8M€105.7M€518.0M€606.3M€30.9M€68.2M€275.1M€218.1M
Total current liabilities€6.25B€5.66B€6.11B€6.47B€7.26B€6.16B€7.06B€6.27B€5.30B€5.30B
Long-term debt€8.60B€9.76B€10.49B€11.18B€10.73B€10.68B€10.52B€5.05B€5.79B€6.83B
Lease obligations€3.49B€4.14B€4.15B€4.68B€4.75B€4.49B€4.71B€0€0€0
Other long-term liabilities€1.88B€2.38B€2.50B€2.66B€2.40B€2.51B€2.12B€2.03B€2.10B€2.32B
Total liabilities€16.72B€17.80B€19.10B€20.30B€20.39B€19.36B€19.71B€13.34B€13.20B€14.45B
Shareholders' equity
Common stock & paid-in capital€14.28B€293.4M€293.4M€293.4M€293.0M€292.9M€304.4M€307.9M€308.1M€360.9M
Retained earnings (deficit)€12.21B€11.27B€10.92B€10.71B€10.83B€10.25B€9.45B€8.83B€7.14B€8.40B
Treasury stock——————−€370.5M−€51.0M−€108.9M−€51.0M
Accumulated other comprehensive income—−€328.5M−€975.2M−€388.5M−€1.31B−€2.21B−€1.04B−€1.20B−€1.49B−€1.25B
Minority interest€973.0M€1.19B€1.21B€1.46B——€0€0€0€0
Total shareholders' equity€14.28B€14.58B€13.62B€13.99B€12.70B€12.33B€11.96B€11.76B€9.82B€9.98B
Key figures
Total debt€10.79B€11.00B€12.08B€13.21B€13.32B€12.38B€13.82B€7.58B€7.52B€8.13B
Net cash (debt)−€9.20B−€9.66B−€10.52B−€11.75B−€11.68B−€11.14B−€12.66B−€5.31B−€6.53B−€7.16B
Working capital€1.65B€2.26B€2.59B€1.74B€709.6M€1.11B€106.1M€1.58B€1.07B€1.59B
Tangible book value−€14.11B−€1.96B−€2.39B−€3.32B−€3.12B−€2.01B−€3.49B−€1.13B−€2.97B−€3.82B
Shares outstanding582.4M586.8M586.8M586.5M586.1M294.3M588.6M614.5M614.6M612.7M
Current ratio1.261.401.421.271.101.181.021.251.201.30
Quick ratio0.760.840.850.800.720.790.670.910.850.88
Debt / equity0.760.750.890.941.051.001.160.640.770.82
Equity / assets46.1%43.4%40.1%39.1%37.0%38.9%36.3%44.8%40.9%39.1%

Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported (latest annual report filed February 24, 2026); data from EODHD.

FMS financial position

At the end of fiscal 2025 (December 31, 2025), Fresenius Medical Care AG & Co. KGaA had total assets of €31.0 billion (down 7.6% from a year earlier), total liabilities of €16.7 billion and shareholders' equity of €14.3 billion. It held €1.6 billion in cash and short-term investments against €10.8 billion of debt, net debt of €9.2 billion. Its current ratio was 1.26. In the latest quarter (ended June 30, 2026) total assets were €31.3 billion and equity €12.6 billion.

Related: FMS income statement, FMS cash flow statement, FMS key metrics. See the FMS stock overview for the latest quote and news.

FMS balance sheet FAQ

What are Fresenius Medical Care AG & Co. KGaA's total assets?

Fresenius Medical Care AG & Co. KGaA reported total assets of €31.0 billion at the end of fiscal 2025 (December 31, 2025), compared with €33.6 billion a year earlier.

How much debt does Fresenius Medical Care AG & Co. KGaA have?

Fresenius Medical Care AG & Co. KGaA had €10.8 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.76.

How much cash does Fresenius Medical Care AG & Co. KGaA have?

Fresenius Medical Care AG & Co. KGaA held €1.6 billion in cash and short-term investments at the end of fiscal 2025; with €10.8 billion of debt that is net debt of €9.2 billion.

What is Fresenius Medical Care AG & Co. KGaA's book value?

Fresenius Medical Care AG & Co. KGaA's shareholders' equity (book value) was €14.3 billion at the end of fiscal 2025.

What is Fresenius Medical Care AG & Co. KGaA's current ratio?

Fresenius Medical Care AG & Co. KGaA had current assets of €7.9 billion and current liabilities of €6.2 billion, a current ratio of 1.26 (it can cover its short-term obligations).

How much goodwill does Fresenius Medical Care AG & Co. KGaA have?

Fresenius Medical Care AG & Co. KGaA carried €28.4 billion of goodwill and intangible assets, 91.6% of total assets, at the end of fiscal 2025.

Medical Care Facilities: balance sheet