FME Stock Analysis: Fresenius Medical Care | XETRA
Medical Care Facilities | XETRA, Germany | Market Cap: 10.071m EUR | 12M Return: -17% | DE0005785802 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 30.9M
EPS Trend: 98.5%
Qual. Beats: 0
Rev. Trend: 21.6%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Fresenius Medical Care AG (XETRA: FME) is a Germany-based dialysis services and products company operating a Care Delivery segment (outpatient dialysis clinics, hospital dialysis contracts, vascular and physician practice services) and a Care Enablement segment (dialysis machines, concentrates, solutions, bloodlines, renal pharmaceuticals, and water treatment systems). The company is headquartered in Bad Homburg, Germany, and was incorporated in 1996.
The business model combines a recurring, service-driven revenue stream from operating one of the worlds largest networks of outpatient dialysis clinics with a products business that manufactures and sells dialysis equipment and supplies to its own clinics, third-party providers, hospitals, and home patients. Distribution is handled through direct sales forces as well as independent distributors, dealers, and sales agents.
Dialysis providers benefit from high patient switching costs and chronic, life-sustaining demand, since most patients require treatment multiple times per week. Reimbursement risk is a defining feature of the sector: in the U.S., the dominant payer framework is Medicares bundled ESRD payment system, which sets fixed per-treatment rates and periodically exposes providers to reimbursement cuts, sequestration, and policy changes. FMEs vertically integrated structure - manufacturing its own machines, dialyzers, and concentrates while delivering care directly - is a common strategic response to margin pressure in this environment.
- US Medicare reimbursement cuts pressure dialysis margins
- Care Enablement product sales face dialyzer pricing competition
- GLP-1 drug adoption threatens long-term ESRD patient volumes
| Net Income: 937.8m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.06 > 0.02 and ΔFCF/TA -0.86 > 1.0 |
| NWC/Revenue: 2.63% < 20% (prev 12.68%; Δ -10.05% < -1%) |
| CFO/TA 0.09 > 3% & CFO 2.83b > Net Income 937.8m |
| Net Debt (12.9b) to EBITDA (3.55b): 3.64 < 3 |
| Current Ratio: 1.07 > 1.5 & < 3 |
| Outstanding Shares: last quarter (268.4m) vs 12m ago -8.51% < -2% |
| Gross Margin: 26.36% > 18% (prev 24.67%; Δ 1.69% > 0.5%) |
| Asset Turnover: 62.09% > 50% (prev 62.38%; Δ -0.29% > 0%) |
| Interest Coverage Ratio: 5.49 > 6 (EBIT TTM 2.10b / Interest Expense TTM 382.9m) |
| A: 0.02 (Total Current Assets 7.69b - Total Current Liabilities 7.18b) / Total Assets 31.3b |
| B: 0.39 (Retained Earnings 12.1b / Total Assets 31.3b) |
| C: 0.07 (EBIT TTM 2.10b / Avg Total Assets 31.3b) |
| D: 0.71 (Book Value of Equity 12.6b / Total Liabilities 17.8b) |
| Altman-Z'' = 2.56 = A |
| DSRI: 1.08 (Receivables 3.47b/3.23b, Revenue 19.4b/19.5b) |
| GMI: 0.94 (GM 24.67% / 26.36%) |
| AQI: 1.03 (AQ_t 0.55 / AQ_t-1 0.53) |
| SGI: 1.00 (Revenue 19.4b / 19.5b) |
| TATA: -0.06 (NI 937.8m - CFO 2.83b) / TA 31.3b) |
| Beneish M = -3.01 (Cap -4..+1) = AA |
As of October 14, 2026, the stock is trading at EUR 37.90 with a total of 836,683 shares traded. Over the past week, the price has changed by -5.65%, over one month by -4.20%, over three months by -11.74% and over the past year by -17.04%.
Current recommended Stop Loss: 35.40 (which is 6.6% or 2.2 ATR below the current price).
Fresenius Medical Care has no consensus analysts rating.
P/E Trailing = 11.5031
P/E Forward = 8.673
P/S = 0.5137
P/B = 0.8392
P/EG = 0.7291
Revenue TTM = 19.4b EUR
EBIT TTM = 2.10b EUR
EBITDA TTM = 3.55b EUR
Long Term Debt = 5.82b EUR (from longTermDebt, last quarter)
Short Term Debt = 2.33b EUR (from shortTermDebt, last quarter)
Debt = 14.4b EUR (from shortLongTermDebtTotal, last quarter) + Leases 3.40b
Net Debt = 12.9b EUR (calculated: Debt 14.4b - CCE 1.45b)
Enterprise Value = 23.0b EUR (10.1b + Debt 14.4b - CCE 1.45b)
Interest Coverage Ratio = 5.49 (Ebit TTM 2.10b / Interest Expense TTM 382.9m)
EV/FCF = 12.88x (Enterprise Value 23.0b / FCF TTM 1.78b)
FCF Yield = 7.77% (FCF TTM 1.78b / Enterprise Value 23.0b)
FCF Margin = 9.19% (FCF TTM 1.78b / Revenue TTM 19.4b)
Net Margin = 4.83% (Net Income TTM 937.8m / Revenue TTM 19.4b)
Gross Margin = 26.36% ((Revenue TTM 19.4b - Cost of Revenue TTM 14.3b) / Revenue TTM)
Gross Margin QoQ = 26.95% (prev 25.57%)
Tobins Q-Ratio = 0.73 (Enterprise Value 23.0b / Total Assets 31.3b)
Interest Expense / Debt = 2.67% (Interest Expense 382.9m / Debt 14.4b)
Taxrate = 20.91% (314.0m / 1.50b)
NOPAT = 1.66b (EBIT 2.10b * (1 - 20.91%))
Current Ratio = 1.07 (Total Current Assets 7.69b / Total Current Liabilities 7.18b)
Debt / Equity = 1.14 (Debt 14.4b / totalStockholderEquity, last quarter 12.6b)
Debt / EBITDA = 3.64 (Net Debt 12.9b / EBITDA 3.55b)
Debt / FCF = 7.23 (Net Debt 12.9b / FCF TTM 1.78b)
Total Stockholder Equity = 13.0b (last 4 quarters mean from totalStockholderEquity)
RoA = 3.00% (Net Income 937.8m / Total Assets 31.3b)
RoE = 7.21% (Net Income TTM 937.8m / Total Stockholder Equity 13.0b)
RoCE = 11.16% (EBIT 2.10b / Capital Employed (Equity 13.0b + L.T.Debt 5.82b))
RoIC = 6.53% (NOPAT 1.66b / Invested Capital 25.5b)
WACC = 3.56% (E(10.1b)/V(24.4b) * Re(5.63%) + D(14.4b)/V(24.4b) * Rd(2.67%) * (1-Tc(0.21)))
Discount Rate = 5.63% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -79.51 | Cagr: -3.88%
[DCF] Terminal Value 73.44% ; FCFF base≈1.89b ; Y1≈1.69b ; Y5≈1.42b
[DCF] Fair Price = 36.23 (EV 22.6b - Net Debt 12.9b = Equity 9.73b / Shares 268.6m; r=8.35% [WACC [floored]]; 5y FCF grow -13.10% → 2.50% )
EPS Correlation: 98.54 | EPS CAGR: 31.80% | SUE: 0.05 | # QB: 0
Revenue Correlation: 21.59 | Revenue CAGR: 0.14% | SUE: 0.41 | # QB: 0
EPS current Quarter (2026-09-30): EPS=1.11 | Chg30d=+5.92% | Revisions=-40% | Analysts=3
EPS current Year (2026-12-31): EPS=4.07 | Chg30d=+0.50% | Revisions=+46% | GrowthEPS=-4.8% | GrowthRev=-0.7%
EPS next Year (2027-12-31): EPS=4.26 | Chg30d=-1.64% | Revisions=-21% | GrowthEPS=+4.7% | GrowthRev=+3.2%
[Analyst] Revisions Ratio: +4% (up=12, down=11)