Fresenius Medical Care AG & Co. KGaA (FMS) Key Metrics
FMS key metrics, 2016–2025
Fiscal year ended December 31, 2025 · eurosFMS returns How much profit the business earns on the capital it uses.
FMS financial health Debt, liquidity and how easily interest is covered.
FMS efficiency & capital use Working capital cycle and where the cash goes.
FMS returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
FMS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
FMS cash returned to shareholders
FMS key metrics in euros
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 6.8% | 3.8% | 3.6% | 5.0% | 7.7% | 9.6% | 10.1% | 18.4% | 12.9% | 12.1% |
| Return on invested capital (ROIC) | 6.0% | 4.3% | 3.9% | 4.4% | 6.0% | 7.1% | 8.5% | 14.8% | 10.9% | 10.3% |
| Return on assets (ROA) | 3.0% | 1.6% | 1.4% | 1.9% | 2.9% | 3.6% | 4.1% | 7.9% | 5.2% | 4.8% |
| Return on tangible assets | 37.6% | 3.2% | 2.8% | 3.7% | 5.2% | 6.7% | 6.9% | 14.8% | 11.4% | 10.1% |
| Free cash flow margin | 8.6% | 8.7% | 10.0% | 3.9% | 4.6% | 12.0% | 1.9% | 0.0% | 2.3% | 0.5% |
| Income quality (OCF / net income) | 2.63 | 4.44 | 5.27 | 3.22 | 2.57 | 3.64 | 2.14 | 1.04 | 1.71 | 1.72 |
| Financial health | ||||||||||
| Total debt | €10.79B | €11.00B | €12.08B | €13.21B | €13.32B | €12.38B | €13.82B | €7.58B | €7.52B | €8.13B |
| Cash & short-term investments | €1.60B | €1.34B | €1.56B | €1.46B | €1.64B | €1.24B | €1.16B | €2.27B | €993.6M | €974.7M |
| Net debt | €9.20B | €9.66B | €10.52B | €11.75B | €11.68B | €11.14B | €12.66B | €5.31B | €6.53B | €7.16B |
| Debt / equity | 0.76 | 0.75 | 0.89 | 0.94 | 1.05 | 1.00 | 1.16 | 0.64 | 0.77 | 0.82 |
| Debt / assets | 0.35 | 0.33 | 0.36 | 0.37 | 0.39 | 0.39 | 0.42 | 0.29 | 0.31 | 0.32 |
| Net debt / EBITDA | 2.71 | 3.01 | 3.28 | 3.44 | 3.29 | 2.70 | 3.23 | 1.82 | 2.07 | 2.26 |
| Current ratio | 1.26 | 1.40 | 1.42 | 1.27 | 1.10 | 1.18 | 1.02 | 1.25 | 1.20 | 1.30 |
| Quick ratio | 0.92 | 1.03 | 1.07 | 0.91 | 0.82 | 0.87 | 0.78 | 1.02 | 0.96 | 1.05 |
| Interest coverage | 4.8 | 3.6 | 3.2 | 4.2 | 5.2 | 5.6 | 4.6 | 6.8 | 5.7 | 5.9 |
| Working capital | €1.65B | €2.26B | €2.59B | €1.74B | €709.6M | €1.11B | €106.1M | €1.58B | €1.07B | €1.59B |
| Invested capital | €23.48B | €24.24B | €24.14B | €25.74B | €24.38B | €23.47B | €24.62B | €17.07B | €16.35B | €17.14B |
| Tangible asset value | −€14.11B | −€772.2M | −€1.19B | −€1.86B | −€1.84B | −€2.01B | −€2.22B | €11.0M | −€1.96B | −€2.75B |
| Net current asset value | −€8.82B | −€9.88B | −€10.40B | −€12.10B | −€12.42B | −€12.08B | −€12.54B | −€5.49B | −€6.82B | −€7.57B |
| Capital allocation | ||||||||||
| Dividends paid | €405.8M | €349.2M | €328.6M | €395.6M | €392.5M | €351.2M | €354.6M | €324.8M | €294.0M | €263.6M |
| Share buybacks (net) | €562.2M | €0 | €0 | €0 | €0 | €366.0M | €599.8M | €37.2M | €57.9M | €0 |
| Dividend payout ratio | 41.5% | 64.9% | 65.9% | 58.7% | 40.5% | 30.2% | 29.6% | 16.4% | 23.0% | 22.3% |
| Dividends + buybacks / free cash flow | 57.1% | 20.7% | 16.9% | 52.3% | 48.7% | 33.4% | 290.1% | — | 86.5% | 282.8% |
| Capex / revenue | 4.5% | 3.6% | 3.5% | 7.3% | 9.6% | 11.7% | 12.8% | 12.4% | 10.0% | 11.4% |
| Capex / operating cash flow | 34.1% | 29.3% | 26.0% | 65.1% | 67.6% | 49.3% | 87.2% | 99.9% | 81.4% | 95.4% |
| Capex / depreciation | 0.59 | 0.40 | 0.39 | 0.77 | 1.04 | 1.17 | 1.40 | 2.80 | 2.43 | 2.77 |
| Stock-based compensation / revenue | — | — | 0.2% | −0.0% | −9.6% | −10.6% | 0.0% | 0.1% | 0.3% | 0.2% |
| R&D / revenue | 0.8% | 0.9% | 1.2% | 1.2% | 1.3% | 1.1% | 1.0% | 0.8% | 0.7% | 0.9% |
| SG&A / revenue | 15.5% | 16.3% | 16.4% | 16.3% | 17.6% | 17.7% | 17.5% | 17.3% | 20.1% | 17.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 60.9 | 66.5 | 69.0 | 68.7 | 74.6 | 73.7 | 73.3 | 76.4 | 73.9 | 80.4 |
| Days of inventory on hand | 52.6 | 53.2 | 56.2 | 54.5 | 55.9 | 52.7 | 47.3 | 44.2 | 40.7 | 40.6 |
| Days payables outstanding | 21.5 | 23.4 | 23.1 | 22.8 | 23.9 | 24.6 | 24.6 | 24.6 | 24.4 | 24.6 |
| Cash conversion cycle (days) | 92.0 | 96.3 | 102.2 | 100.5 | 106.5 | 101.8 | 96.0 | 96.1 | 90.2 | 96.4 |
| Receivables turnover | 5.99 | 5.49 | 5.29 | 5.31 | 4.89 | 4.95 | 4.98 | 4.77 | 4.94 | 4.54 |
| Payables turnover | 16.95 | 15.60 | 15.82 | 16.03 | 15.25 | 14.82 | 14.82 | 14.86 | 14.94 | 14.85 |
| Inventory turnover | 6.94 | 6.87 | 6.49 | 6.69 | 6.53 | 6.93 | 7.72 | 8.26 | 8.96 | 9.00 |
| Asset turnover | 0.61 | 0.57 | 0.56 | 0.55 | 0.53 | 0.55 | 0.59 | 0.66 | 0.72 | 0.70 |
| Average receivables | €3.28B | €3.52B | €3.68B | €3.65B | €3.60B | €3.61B | €3.51B | €3.47B | €3.60B | €3.75B |
| Average payables | €861.2M | €934.7M | €918.4M | €904.6M | €842.5M | €831.3M | €815.1M | €766.4M | €788.7M | €776.9M |
| Average inventory | €2.10B | €2.12B | €2.24B | €2.17B | €1.97B | €1.78B | €1.57B | €1.38B | €1.31B | €1.28B |
| Intangibles / total assets | 91.6% | 49.3% | 47.2% | 48.4% | 46.0% | 45.3% | 46.9% | 49.1% | 53.2% | 54.1% |
Computed from FMS's annual financial statements (latest annual report filed February 24, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in euros; data from EODHD. Averages use the opening and closing balance of each year.
FMS valuation and financial ratios
Fresenius Medical Care AG & Co. KGaA earned a return on equity of 6.8% and a return on invested capital of 6.0% in fiscal 2025. It ended the year with €10.8 billion of debt and €1.6 billion in cash and short-term investments, net debt of €9.2 billion. It returned €968.0 million to shareholders: €405.8 million in dividends and €562.2 million in share buybacks, 57% of free cash flow.
See the FMS income statement, the FMS chart for price history, or the FMS stock overview for the latest quote and news.
FMS key metrics FAQ
What is Fresenius Medical Care AG & Co. KGaA's return on equity?
Fresenius Medical Care AG & Co. KGaA's return on equity (ROE) was 6.8% in fiscal 2025: net income of €978.4 million on average shareholders' equity of €14.4 billion.
What is Fresenius Medical Care AG & Co. KGaA's ROIC?
Fresenius Medical Care AG & Co. KGaA's return on invested capital was 6.0% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Fresenius Medical Care AG & Co. KGaA have?
Fresenius Medical Care AG & Co. KGaA had total debt of €10.8 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.76 and €9.2 billion of net debt (2.71 times EBITDA).
Does Fresenius Medical Care AG & Co. KGaA buy back its shares?
Yes. Fresenius Medical Care AG & Co. KGaA spent €562.2 million on net share repurchases in fiscal 2025.
What is Fresenius Medical Care AG & Co. KGaA's current ratio?
Fresenius Medical Care AG & Co. KGaA's current ratio was 1.26 at the end of fiscal 2025: current assets were 1.26 times current liabilities.