FMS

MKT CAP:$13B

Fresenius Medical Care AG & Co. KGaA

Market Cap

$13B

Healthcare·Medical - Care Facilities·🇩🇪 Germany·NYSE

Healthcare·Medical·🇩🇪·NYSE

Stock Price

$22.86-$0.65 (-2.76%)

Apr 22, 2026

Company Details

Fresenius Medical Care AG & Co. KGaA provides dialysis care and related dialysis care services in Germany, North America, and internationally. It offers dialysis treatment and related laboratory and diagnostic services through a network of ...

CEO

Helen Giza

IPO Date

Sep 17, 1996

Website

www.freseniusmedicalcare.com

Key Metrics TTM

Revenue

$23.1B

+2.7% YoY

Net Income

$1.0B

EPS (Diluted)

$1.51

Free Cash Flow

$3.0B

Revenue / Share

$40.48

Gross Margin

25.5%

Operating Margin

9.1%

Net Margin

4.5%

FCF Margin

12.7%

P/S

0.5x

P/E

12.3x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

Q4 2025

Feb 24, 2026

$5.9B-0.3%EPS $0.67

Q3 2025

Nov 4, 2025

$5.7B+2.6%EPS $0.55

Q4 2024

Feb 25, 2025

$5.9BEPS $0.07

Q3 2024

Sep 30, 2024

$5.6B-3.6%EPS $0.22

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$5.6B	$1.5B	$398M
Q2 23	$5.6B	$1.4B	$417M
Q3 23	$5.8B	$1.4B	$379M
Q2 24	$5.6B	$1.4B	$497M
Q3 24	$5.6B	$1.3B	$541M
Q4 24	$5.9B	$1.5B	$303M
Q3 25	$5.7B	$1.5B	$557M
Q4 25	$5.9B	$1.6B	$694M

Valuation

Quarter	P/S	P/E
Q2 22	—	—
Q2 23	—	—
Q3 23	—	—
Q2 24	0.6x	19.5x
Q3 24	0.6x	17.4x
Q4 24	0.6x	19.8x
Q3 25	0.6x	14.7x
Q4 25	0.5x	12.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 22	$879M	$677M
Q2 23	$1.2B	$996M
Q3 23	$888M	$728M
Q2 24	$517M	$331M
Q3 24	$1.2B	$958M
Q4 24	$972M	$691M
Q3 25	$867M	$642M
Q4 25	$1.1B	$660M

Capital Expenditures

Quarter	CapEx
Q2 22	$201M
Q2 23	$182M
Q3 23	$160M
Q2 24	$186M
Q3 24	$193M
Q4 24	$281M
Q3 25	$225M
Q4 25	$480M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 24	+0.1%	-2.7%
Q4 24	+5.4%	+8.0%
Q3 25	-1.0%	-4.4%
Q4 25	+6.4%	+3.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 22	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$45M	0.8%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q2 22	$65M	—	—	$886M
Q2 23	$67M	—	—	$906M
Q3 23	$62M	$692M	$236M	—
Q2 24	$54M	$679M	$223M	—
Q3 24	$47M	$650M	$234M	—
Q4 24	$59M	—	—	$982M
Q3 25	$44M	—	—	$825M
Q4 25	$185M	—	—	$918M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$1.4B	$0	$1.4B
Q2 22	$1.2B	$0	$1.2B
Q3 22	$1.3B	$0	$1.3B
Q4 22	$1.5B	$220M	$1.7B
Q1 23	$1.4B	$0	$1.4B
Q2 23	$1.6B	$0	$1.6B
Q3 23	$1.8B	$0	$1.8B
Q4 23	$1.6B	$180M	$1.8B
Q1 24	$1.3B	$0	$1.3B
Q2 24	$1.3B	$0	$1.3B
Q3 24	$1.6B	$0	$1.6B
Q4 24	$1.4B	$191M	$1.6B
Q1 25	$1.3B	$0	$1.3B
Q2 25	$2.0B	$555M	$2.6B
Q3 25	$1.5B	$0	$1.5B
Q4 25	$1.9B	$0	$1.9B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	1.17B	—	—
Q2 23	880M	-24.9%	—
Q3 23	880M	0.0%	—
Q2 24	1.17B	+33.4%	—
Q3 24	1.17B	0.0%	+0.1%
Q4 24	1.17B	0.0%	+33.4%
Q3 25	585M	-50.2%	-33.6%
Q4 25	572M	-2.2%	-51.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$45.2K	123K
Q2 23	$44.1K	128K
Q3 23	$45.1K	128K
Q2 24	$46.5K	120K
Q3 24	$46.4K	120K
Q4 24	$53.3K	112K
Q3 25	$51.2K	112K
Q4 25	$20.3K	292K

Revenue / Employee