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FMS

Fresenius Medical Care AG & Co. KGaA

FMS

Fresenius Medical Care AG & Co. KGaA • NYSE
$23.92 ▲ 0.42% (+0.10)
Market Cap $14.02 B
52w High $30.46
52w Low $22.05
Dividend Yield 0.79%
P/E 16.85
Volume 146.96K
Outstanding Shares 586.16M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $4.885B ▲ $765.713M ▼ $274.797M ▲ 5.625% ▲ $0.47 ▲ $871.482M ▲
Q2-2025 $4.792B ▼ $789.078M ▼ $225.27M ▲ 4.701% ▲ $0.39 ▲ $822.37M ▲
Q1-2025 $4.881B ▼ $852.588M ▼ $151.221M ▲ 3.098% ▲ $0.26 ▲ $740.731M ▲
Q4-2024 $5.085B ▲ $1.011B ▲ $66.913M ▼ 1.316% ▼ $0.06 ▼ $280.97M ▼
Q3-2024 $4.76B $683M $213M 4.475% $0.19 $846.256M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.256B ▼ $30.887B ▼ $16.979B ▲ $12.949B ▼
Q2-2025 $2.19B ▲ $31.291B ▼ $16.964B ▼ $13.271B ▼
Q1-2025 $1.071B ▼ $32.735B ▼ $17.23B ▼ $14.372B ▼
Q4-2024 $1.343B ▼ $33.567B ▲ $17.798B ▲ $14.577B ▲
Q3-2024 $1.371B $32.511B $17.72B $13.622B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $274.797M ▲ $741.559M ▼ $-54.005M ▲ $-1.135B ▼ $-463.915M ▼ $549.345M ▼
Q2-2025 $272.296M ▲ $774.93M ▲ $-142.054M ▼ $79.223M ▲ $641.448M ▲ $620.547M ▲
Q1-2025 $189.608M ▲ $162.824M ▼ $-108.241M ▲ $-138.788M ▲ $-106.639M ▲ $17.064M ▼
Q4-2024 $66.899M ▼ $831.702M ▼ $-119.194M ▲ $-965.185M ▼ $-201.884M ▼ $591.012M ▼
Q3-2024 $213.027M $984.711M $-219.932M $-477.085M $275.333M $819.36M

Revenue by Products

Product Q4-2014Q1-2023Q2-2023Q4-2023
Health Care Products
Health Care Products
 $0 ▲$10.00M ▲$10.00M ▲$4.04Bn ▲
Health Care Services
Health Care Services
 $0 ▲$3.71Bn ▲$3.83Bn ▲$7.85Bn ▲
Segment Total
Segment Total
 $4.30Bn ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Fresenius Medical Care has kept its overall sales fairly steady over the last five years, with a gentle upward trend but no strong growth surge. The bigger story is margin pressure: costs have eaten into profitability, so gross profit and net income are meaningfully lower than they were a few years ago. The company even posted an operating loss in the middle of the period before returning to profit, which shows the business went through a tough patch. Profitability has since recovered to healthier, positive levels, but earnings are still below earlier peaks, suggesting the business is stabilizing rather than booming and still working through structural cost and pricing challenges.

Balance Sheet

Balance Sheet The balance sheet looks relatively stable in size, with total assets moving within a narrow range. Debt is still sizable, which is normal for a capital-heavy healthcare provider, but it has started to edge down from its peak, while shareholder equity has been trending upward. This combination points to a slow improvement in leverage and a somewhat stronger capital base. Cash on hand has stayed fairly consistent, giving the company a reasonable liquidity cushion but not an overly large safety buffer. Overall, the financial structure appears solid but still carries notable debt that needs ongoing, careful management.

Cash Flow

Cash Flow Cash generation from the core business has been a clear strength: operating cash flow has remained robust across the period, even when accounting profits were under pressure. Free cash flow has consistently been positive, although it has swung from weaker to stronger years, reflecting shifts in both earnings and investment levels. Spending on new equipment and facilities has gradually come down, which supports near‑term free cash flow but may also signal a more selective or cautious investment approach. In simple terms, cash flows look healthier than the income statement alone might suggest, giving the company financial flexibility to service debt and fund its strategy.

Competitive Edge

Competitive Edge Fresenius Medical Care holds a strong global position in dialysis, combining both the manufacture of dialysis equipment and the operation of its own clinics. This vertical integration provides cost advantages, tighter quality control, and a direct channel to patients and payers. Its huge clinic footprint and long operating history give it a deep data set and clinical expertise that newer or smaller rivals struggle to match. At the same time, the company operates in a heavily regulated, reimbursement‑driven market with powerful payers and capable competitors, so pricing pressure, policy changes, and shifts toward alternative care models (especially home therapies) remain important ongoing risks to its competitive strength.

Innovation and R&D

Innovation and R&D The company is clearly leaning on innovation as a core part of its identity. It offers advanced dialysis machines, strong home‑dialysis solutions, and a wide range of digital tools linking patients, nurses, and doctors. Its use of big data, artificial intelligence, and connected devices to predict problems and personalize treatment is a notable differentiator, as is its push into multi‑organ support through ECMO technologies. Efforts to create more sustainable, resource‑efficient dialysis and to build a large renal genomic registry suggest a long‑term research mindset. The key uncertainty is not whether FMS is innovating—it clearly is—but how consistently it can turn these technologies into higher margins and durable growth amid regulatory constraints and cautious clinical adoption.

Summary

Overall, Fresenius Medical Care combines a resilient, cash‑generative business with a strong strategic position in a critical niche of healthcare. Revenues are stable, but profitability has been squeezed compared with earlier years, even though recent results show a clear recovery from past weakness. The balance sheet is steady with slowly improving leverage, and cash flows provide a solid underpinning for operations and debt service. Strategically, its integrated model, global clinic network, and data‑driven approach give it a meaningful edge, supported by active innovation in home dialysis, digital health, and sustainable technologies. Looking ahead, the main questions are how effectively the company can restore and grow margins, navigate reimbursement and regulatory pressures, and convert its rich innovation pipeline into lasting financial and clinical advantages.

NEWS

November 4, 2025 · 7:00 AM UTC

Fresenius Medical Care further accelerates organic revenue development and achieves an inflection in earnings growth, delivering 28% operating income growth in the third quarter of 2025

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October 30, 2025 · 9:00 AM UTC

Fresenius Medical Care highlights real-world advances in hemodiafiltration and AI at ASN Kidney Week 2025

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October 1, 2025 · 9:35 AM UTC

Fresenius Medical Care appoints Joseph Turk as new Management Board Member for Care Enablement

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September 18, 2025 · 3:30 PM UTC

Fresenius Medical Care advances its FME Reignite strategy by increasing ownership in its Value-Based Care asset and appointing a new leader for the operating segment

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