Fresenius Medical Care AG
FMSNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $22.74 Prior regular-session close from the quote source.
- $21.95–$22.70 Regular-session low and high so far today.
- 6.0M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $20.02–$26.42 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own FMS if indispensable kidney-failure treatment and scale let it rebuild margins faster than reimbursement, labor, and modality shifts erode them.
FMS price history
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Investment thesis
What must happen next
Because dialysis is life-sustaining and recurring, Fresenius Medical Care should retain a resilient revenue base even if industry growth is modest.HoldingMateriality: High
IFRS annual revenue was €19.63 billion in FY2025, broadly stable versus €19.34 billion in FY2024 and €19.45 billion in FY2023. If this holds, margin repair can create equity value without needing high revenue growth; if it breaks, the turnaround loses its revenue foundation.
Watch: GLP-1, SGLT2, or other therapies materially delay chronic kidney disease progression and reduce new dialysis starts faster than Fresenius can offset.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual revenue was €19.63 billion in FY2025, broadly stable versus €19.34 billion in FY2024 and €19.45 billion in FY2023.
Open source ↗The restructuring and operating-efficiency case is valid only if Fresenius can offset wage, supply, and reimbursement pressure through better clinic productivity and cost discipline.StrengtheningMateriality: High
IFRS annual operating income increased to €1.83 billion in FY2025 from €1.39 billion in FY2024. Operating leverage is the main path from a flat revenue base to higher equity value.
Watch: Nurse and technician labor inflation reaccelerates in the U.S. or Europe and outpaces dialysis reimbursement updates.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual operating income increased to €1.83 billion in FY2025 from €1.39 billion in FY2024.
Open source ↗The business model creates value only if recurring treatments and disciplined working capital keep earnings converting into operating cash despite regulated reimbursement.StrengtheningMateriality: Medium
IFRS annual operating cash flow was €2.68 billion in FY2025, up from €2.39 billion in FY2024. Cash conversion determines whether the company can reduce leverage, invest in clinics and products, and return capital without relying on external financing.
Watch: Payers slow collections, deny more claims, or shift Fresenius toward contracts with longer cash-collection cycles.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual operating cash flow was €2.68 billion in FY2025, up from €2.39 billion in FY2024.
Open source ↗Management must keep using the cash engine to improve financial flexibility rather than rebuild leverage through acquisitions or restructuring leakage.StrengtheningMateriality: Medium
IFRS liabilities declined to €16.72 billion at FY2025 year-end from €17.80 billion at FY2024 year-end. A more flexible balance sheet makes the turnaround safer and increases the share of cash flow available to equity holders.
Watch: Fresenius Medical Care pursues debt-funded acquisitions or clinic roll-ups that reverse balance-sheet improvement.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS liabilities declined to €16.72 billion at FY2025 year-end from €17.80 billion at FY2024 year-end.
Open source ↗The turnaround must flow through to per-share earnings rather than being absorbed by financing costs, taxes, restructuring charges, or dilution.StrengtheningMateriality: Medium
IFRS diluted EPS rose to €3.36 in FY2025 from €1.83 in FY2024. Owners benefit only if operational improvement becomes per-share value, not just larger enterprise activity.
Watch: Interest expense or tax rates rise enough to prevent operating-income recovery from reaching net income.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS diluted EPS rose to €3.36 in FY2025 from €1.83 in FY2024.
Open source ↗
Full investment case & evidence
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Original research
Because dialysis is life-sustaining and recurring, Fresenius Medical Care should retain a resilient revenue base even if industry growth is modest. If this holds, margin repair can create equity value without needing high revenue growth; if it breaks, the turnaround loses its revenue foundation.
The restructuring and operating-efficiency case is valid only if Fresenius can offset wage, supply, and reimbursement pressure through better clinic productivity and cost discipline. Operating leverage is the main path from a flat revenue base to higher equity value.
The business model creates value only if recurring treatments and disciplined working capital keep earnings converting into operating cash despite regulated reimbursement. Cash conversion determines whether the company can reduce leverage, invest in clinics and products, and return capital without relying on external financing.
Management must keep using the cash engine to improve financial flexibility rather than rebuild leverage through acquisitions or restructuring leakage. A more flexible balance sheet makes the turnaround safer and increases the share of cash flow available to equity holders.
The turnaround must flow through to per-share earnings rather than being absorbed by financing costs, taxes, restructuring charges, or dilution. Owners benefit only if operational improvement becomes per-share value, not just larger enterprise activity.
All standing thesis claims
Original report summary
indispensable kidney-failure treatment and scale let it rebuild margins faster than reimbursement, labor, and modality shifts erode them.
Bull case and bear case
Bull case and bear case for Fresenius Medical Care AG
Where the evidence on Fresenius Medical Care AG stands: Holding on the latest evidence (Nov 9, 2026). Of its 5 thesis points, 4 strengthening and 1 holding.
Bull case: what the evidence supports
Because dialysis is life-sustaining and recurring, Fresenius Medical Care should retain a resilient revenue base even if industry growth is modest.
The restructuring and operating-efficiency case is valid only if Fresenius can offset wage, supply, and reimbursement pressure through better clinic productivity and cost discipline.
The business model creates value only if recurring treatments and disciplined working capital keep earnings converting into operating cash despite regulated reimbursement.
Management must keep using the cash engine to improve financial flexibility rather than rebuild leverage through acquisitions or restructuring leakage.
The turnaround must flow through to per-share earnings rather than being absorbed by financing costs, taxes, restructuring charges, or dilution.
Bear case: what would count against it
GLP-1, SGLT2, or other therapies materially delay chronic kidney disease progression and reduce new dialysis starts faster than Fresenius can offset.
Nurse and technician labor inflation reaccelerates in the U.S. or Europe and outpaces dialysis reimbursement updates.
Payers slow collections, deny more claims, or shift Fresenius toward contracts with longer cash-collection cycles.
Thesis-Break Engine
Thesis-break watch · Fresenius Medical Care AG
Loading the break-condition record for Fresenius Medical Care AG.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedForeign issuer material report (6-K).
Fresenius Medical Care AG filed an SEC report on 2026-11-09: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
- MixedForeign issuer material report (6-K).
Fresenius Medical Care AG filed an SEC report on 2026-11-03: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
- MixedForeign issuer material report (6-K).
Fresenius Medical Care AG filed an SEC report on 2026-10-07: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- GLP-1, SGLT2, or other therapies materially delay chronic kidney disease progression and reduce new dialysis starts faster than Fresenius can offset.
- Nurse and technician labor inflation reaccelerates in the U.S. or Europe and outpaces dialysis reimbursement updates.
- Payers slow collections, deny more claims, or shift Fresenius toward contracts with longer cash-collection cycles.
- Fresenius Medical Care pursues debt-funded acquisitions or clinic roll-ups that reverse balance-sheet improvement.
- Interest expense or tax rates rise enough to prevent operating-income recovery from reaching net income.
FMS news
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Financial statements
FMS income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
FMS: quick answers
- Have members of Congress traded FMS?
- 16 trades in FMS have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed FMS trade