(FME) Fresenius Medical Care - Ratings and Ratios
Dialysis Machines, Dialyzers, Bloodlines, Concentrates, Renal Drugs
Dividends
| Dividend Yield | 3.60% |
| Yield on Cost 5y | 2.39% |
| Yield CAGR 5y | -16.09% |
| Payout Consistency | 95.4% |
| Payout Ratio | 39.8% |
| Risk via 10d forecast | |
|---|---|
| Volatility | 31.9% |
| Value at Risk 5%th | 45.5% |
| Relative Tail Risk | -13.22% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -0.36 |
| Alpha | -14.57 |
| CAGR/Max DD | 0.35 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.572 |
| Beta | 0.041 |
| Beta Downside | 0.008 |
| Drawdowns 3y | |
|---|---|
| Max DD | 36.77% |
| Mean DD | 14.52% |
| Median DD | 14.26% |
Description: FME Fresenius Medical Care October 30, 2025
Fresenius Medical Care AG & Co. KGaA (XETRA:FME) is the world’s largest provider of dialysis services, operating a global network of outpatient clinics and supplying dialysis equipment, consumables, and renal pharmaceuticals to both clinics and hospitals.
The business is split into two segments: **Care Delivery**, which runs the outpatient dialysis centers and hospital contracts, and **Care Enablement**, which manufactures and distributes dialysis machines, disposables, water-treatment systems, and related renal drugs.
Key economic drivers include the growing prevalence of end-stage renal disease (ESRD) driven by aging demographics and rising diabetes rates, as well as reimbursement policies in the U.S. Medicare system that influence per-treatment pricing and volume incentives.
Recent performance metrics (FY 2023) show revenue of €21.6 bn, a 4.2 % YoY increase, and a net profit margin of roughly 6 %, reflecting both volume growth and modest pricing pressure. The company’s **dialysis-treatment volume** rose to 2.9 million sessions, while **machine sales** grew 5 % year-over-year, underscoring the dual-track strategy of service expansion and product innovation.
Sector-wide, the dialysis market is expected to expand at a CAGR of 5-6 % through 2030, with U.S. Medicare reimbursement reforms and European health-budget constraints representing the primary sources of upside or downside risk for FME.
For a deeper, data-driven look at FME’s valuation multiples, cash-flow outlook, and peer comparison, the ValueRay analysis provides a concise, research-ready overview.
Piotroski VR‑10 (Strict, 0-10) 5.5
| Net Income (718.2m TTM) > 0 and > 6% of Revenue (6% = 1.18b TTM) |
| FCFTA 0.07 (>2.0%) and ΔFCFTA 1.88pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue 10.51% (prev 11.45%; Δ -0.93pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA 0.08 (>3.0%) and CFO 2.51b > Net Income 718.2m (YES >=105%, WARN >=100%) |
| Net Debt (5.61b) to EBITDA (2.29b) ratio: 2.45 <= 3.0 (WARN <= 3.5) |
| Current Ratio 1.36 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active) |
| Outstanding Shares last Quarter (289.8m) change vs 12m ago -1.21% (target <= -2.0% for YES) |
| Gross Margin 25.00% (prev 25.14%; Δ -0.14pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 61.97% (prev 59.18%; Δ 2.79pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio 2.70 (EBITDA TTM 2.29b / Interest Expense TTM 386.4m) >= 6 (WARN >= 3) |
Altman Z'' 2.64
| (A) 0.07 = (Total Current Assets 7.82b - Total Current Liabilities 5.76b) / Total Assets 30.89b |
| (B) 0.38 = Retained Earnings (Balance) 11.84b / Total Assets 30.89b |
| (C) 0.03 = EBIT TTM 1.04b / Avg Total Assets 31.70b |
| (D) 0.70 = Book Value of Equity 11.84b / Total Liabilities 16.98b |
| Total Rating: 2.64 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 65.25
| 1. Piotroski 5.50pt |
| 2. FCF Yield 9.42% |
| 3. FCF Margin 10.52% |
| 4. Debt/Equity 0.85 |
| 5. Debt/Ebitda 2.45 |
| 6. ROIC - WACC (= 0.50)% |
| 7. RoE 5.21% |
| 8. Rev. Trend 29.93% |
| 9. EPS Trend 56.38% |
What is the price of FME shares?
Over the past week, the price has changed by -2.93%, over one month by -4.12%, over three months by -4.64% and over the past year by -9.93%.
Is FME a buy, sell or hold?
What are the forecasts/targets for the FME price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 47.9 | 19.6% |
| Analysts Target Price | - | - |
| ValueRay Target Price | 39.4 | -1.7% |
FME Fundamental Data Overview November 27, 2025
Market Cap EUR = 12.23b (12.23b EUR * 1.0 EUR.EUR)
P/E Trailing = 17.0779
P/E Forward = 9.5969
P/S = 0.6224
P/B = 0.9267
P/EG = 0.3792
Beta = 0.95
Revenue TTM = 19.64b EUR
EBIT TTM = 1.04b EUR
EBITDA TTM = 2.29b EUR
Long Term Debt = 6.32b EUR (from longTermDebt, last quarter)
Short Term Debt = 543.2m EUR (from shortLongTermDebt, last quarter)
Debt = 10.98b EUR (from shortLongTermDebtTotal, last fiscal year)
Net Debt = 5.61b EUR (from netDebt column, last quarter)
Enterprise Value = 21.95b EUR (12.23b + Debt 10.98b - CCE 1.26b)
Interest Coverage Ratio = 2.70 (Ebit TTM 1.04b / Interest Expense TTM 386.4m)
FCF Yield = 9.42% (FCF TTM 2.07b / Enterprise Value 21.95b)
FCF Margin = 10.52% (FCF TTM 2.07b / Revenue TTM 19.64b)
Net Margin = 3.66% (Net Income TTM 718.2m / Revenue TTM 19.64b)
Gross Margin = 25.00% ((Revenue TTM 19.64b - Cost of Revenue TTM 14.73b) / Revenue TTM)
Gross Margin QoQ = 25.43% (prev 25.34%)
Tobins Q-Ratio = 0.71 (Enterprise Value 21.95b / Total Assets 30.89b)
Interest Expense / Debt = 0.85% (Interest Expense 93.1m / Debt 10.98b)
Taxrate = 18.69% (75.2m / 402.6m)
NOPAT = 846.9m (EBIT 1.04b * (1 - 18.69%))
Current Ratio = 1.36 (Total Current Assets 7.82b / Total Current Liabilities 5.76b)
Debt / Equity = 0.85 (Debt 10.98b / totalStockholderEquity, last quarter 12.95b)
Debt / EBITDA = 2.45 (Net Debt 5.61b / EBITDA 2.29b)
Debt / FCF = 2.71 (Net Debt 5.61b / FCF TTM 2.07b)
Total Stockholder Equity = 13.79b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.33% (Net Income 718.2m / Total Assets 30.89b)
RoE = 5.21% (Net Income TTM 718.2m / Total Stockholder Equity 13.79b)
RoCE = 5.18% (EBIT 1.04b / Capital Employed (Equity 13.79b + L.T.Debt 6.32b))
RoIC = 4.08% (NOPAT 846.9m / Invested Capital 20.76b)
WACC = 3.58% (E(12.23b)/V(23.21b) * Re(6.17%) + D(10.98b)/V(23.21b) * Rd(0.85%) * (1-Tc(0.19)))
Discount Rate = 6.17% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 8.05%
Shares Correlation 3-Years: -81.65 | Cagr: -0.61%
[DCF Debug] Terminal Value 79.54% ; FCFE base≈1.87b ; Y1≈2.04b ; Y5≈2.59b
Fair Price DCF = 155.4 (DCF Value 45.04b / Shares Outstanding 289.8m; 5y FCF grow 10.64% → 3.0% )
EPS Correlation: 56.38 | EPS CAGR: 9.60% | SUE: 0.04 | # QB: 0
Revenue Correlation: 29.93 | Revenue CAGR: 1.34% | SUE: 0.55 | # QB: 0
EPS next Year (2026-12-31): EPS=4.21 | Chg30d=+0.071 | Revisions Net=-1 | Growth EPS=+9.1% | Growth Revenue=+3.4%