NYSE : FMS
Fresenius Medical Care AG — Financial statements
Healthcare · Medical Care Facilities · Germany
Last price 23.13 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 12.27B
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Financial statements
Fresenius Medical Care AG (FMS) reported revenue of 19.43B EUR (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 19.43B | 19.63B | 19.34B | 19.45B | 19.40B | 17.62B |
| Cost of Revenue | 14.31B | 14.60B | 14.58B | 14.53B | 14.50B | 12.85B |
| Gross Profit | 5.12B | 5.03B | 4.76B | 4.93B | 4.89B | 4.77B |
| Selling, General & Admin | 2.98B | 3.03B | 3.14B | 3.20B | 3.17B | 2.77B |
| Research & Development | 154.32M | 157.97M | 183.49M | 231.97M | 228.62M | 220.78M |
| Other Operating Expenses | -2.19M | -31.65M | -109.03M | -26.86M | -43.25M | -124.41M |
| Operating Expenses | 3.13B | 3.16B | 3.22B | 3.40B | 3.36B | 2.87B |
| Operating Income | 1.99B | 1.87B | 1.54B | 1.52B | 1.54B | 1.90B |
| Interest Expense | -382.97M | -384.41M | -407.04M | -424.64M | -360.14M | -353.60M |
| Interest & Investment Income | 62.10M | 69.61M | 71.58M | 88.22M | 67.66M | 73.17M |
| Earnings From Equity Investments | 88.43M | 181.37M | 134.88M | 121.78M | 66.56M | 92.17M |
| Currency Exchange Gain (Loss) | -22.34M | -43.79M | -23.06M | -35.50M | -36.83M | -9.90M |
| EBT Excluding Unusual Items | 1.74B | 1.69B | 1.32B | 1.27B | 1.28B | 1.71B |
| Merger & Restructuring Charges | -222.77M | -104.37M | -317.48M | -259.92M | -147.95M | -37.55M |
| Gain (Loss) on Sale of Investments | -22.52M | -77.04M | 44.03M | 14.67M | 44.85M | -87.63M |
| Gain (Loss) on Sale of Assets | 8.69M | 993.00K | 14.66M | 4.84M | 47.17M | -8.63M |
| Pretax Income | 1.50B | 1.51B | 1.06B | 1.03B | 1.22B | 1.57B |
| Income Tax Expense | 314.25M | 320.97M | 316.06M | 300.56M | 324.95M | 352.83M |
| Earnings From Continuing Operations | 1.19B | 1.19B | 740.87M | 732.46M | 894.33M | 1.22B |
| Minority Interest in Earnings | -249.51M | -212.90M | -202.96M | -233.46M | -220.92M | -249.72M |
| Net Income | 937.78M | 978.37M | 537.91M | 499.00M | 673.40M | 969.31M |
| Net Income to Common | 937.78M | 978.37M | 537.91M | 499.00M | 673.40M | 969.31M |
| Shares Outstanding (Basic) | 280.40M | 291.19M | 293.41M | 293.41M | 293.25M | 292.94M |
| Shares Outstanding (Diluted) | 280.40M | 291.19M | 293.41M | 293.41M | 293.25M | 293.07M |
| EPS (Basic) | 3.34 | 3.36 | 1.83 | 1.70 | 2.30 | 3.31 |
| EPS (Diluted) | 3.34 | 3.36 | 1.83 | 1.70 | 2.30 | 3.31 |
| Free Cash Flow | 1.78B | 1.77B | 1.69B | 1.94B | 1.44B | 1.64B |
| Free Cash Flow Per Share | 6.37 | 6.06 | 5.75 | 6.63 | 4.92 | 5.58 |
| Dividend Per Share | 1.49 | 1.49 | 1.44 | 1.19 | 1.12 | 1.35 |
| Gross Margin | 26.36% | 25.62% | 24.60% | 25.32% | 25.23% | 27.09% |
| Operating Margin | 10.26% | 9.53% | 7.96% | 7.83% | 7.93% | 10.81% |
| Profit Margin | 4.83% | 4.98% | 2.78% | 2.56% | 3.47% | 5.50% |
| Free Cash Flow Margin | 9.19% | 9.00% | 8.72% | 9.99% | 7.44% | 9.28% |
| EBITDA | 2.72B | 2.62B | 2.35B | 2.44B | 2.51B | 2.80B |
| EBITDA Margin | 14.01% | 13.36% | 12.14% | 12.52% | 12.95% | 15.88% |
| D&A For EBITDA | 728.67M | 752.56M | 807.31M | 912.07M | 973.66M | 894.89M |
| EBIT | 1.99B | 1.87B | 1.54B | 1.52B | 1.54B | 1.90B |
| EBIT Margin | 10.26% | 9.53% | 7.96% | 7.83% | 7.93% | 10.81% |
| Effective Tax Rate | 20.93% | 21.22% | 29.90% | 29.09% | 26.65% | 22.45% |
| Revenue as Reported | 19.43B | 19.63B | 19.34B | 19.45B | 19.40B | 17.62B |
Balance sheet
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.06B | 1.60B | 1.18B | 1.40B | 1.27B | 1.48B |
| Short-Term Investments | 141.01M | 163.09M | 154.37M | 187.83M | 159.18M | |
| Cash & Short-Term Investments | 1.06B | 1.74B | 1.34B | 1.56B | 1.46B | 1.64B |
| Accounts Receivable | 3.38B | 3.18B | 3.41B | 3.64B | 3.72B | 3.58B |
| Other Receivables | 85.44M | 406.57M | 440.23M | 361.33M | 293.46M | 307.40M |
| Receivables | 3.47B | 3.65B | 3.90B | 4.01B | 4.03B | 3.91B |
| Inventory | 2.33B | 2.14B | 2.07B | 2.18B | 2.30B | 2.04B |
| Prepaid Expenses | 9.84M | 41.62M | 45.76M | 43.20M | 35.40M | |
| Other Current Assets | 830.98M | 359.74M | 572.61M | 906.65M | 370.83M | 346.31M |
| Total Current Assets | 7.69B | 7.90B | 7.92B | 8.70B | 8.20B | 7.97B |
| Property, Plant & Equipment | 6.43B | 6.50B | 7.26B | 7.45B | 8.34B | 8.55B |
| Long-Term Investments | 660.69M | 1.06B | 1.12B | 1.08B | 1.20B | 786.90M |
| Goodwill | 13.97B | 13.57B | 15.17B | 14.65B | 15.79B | 14.36B |
| Other Intangible Assets | 1.28B | 1.25B | 1.37B | 1.36B | 1.52B | 1.46B |
| Long-Term Accounts Receivable | 102.23M | 111.86M | 122.57M | 141.76M | 148.54M | |
| Long-Term Deferred Tax Assets | 273.62M | 236.55M | 229.51M | 283.95M | 312.68M | 315.36M |
| Other Long-Term Assets | 992.00M | 383.63M | 378.65M | 275.30M | 248.01M | 776.07M |
| Total Assets | 31.29B | 31.00B | 33.57B | 33.93B | 35.75B | 34.37B |
| Accounts Payable | 876.64M | 820.45M | 955.64M | 839.06M | 892.64M | 818.51M |
| Accrued Expenses | 526.00K | 1.32B | 1.27B | 1.22B | 1.15B | 1.30B |
| Short-Term Debt | 479.33M | 29.98M | 27.41M | 483.78M | 669.01M | 1.26B |
| Current Portion of Long-Term Debt | 1.28B | 1.60B | 575.28M | 487.70M | 694.06M | 667.97M |
| Current Portion of Leases | 583.86M | 584.29M | 640.88M | 616.96M | 673.83M | 661.58M |
| Current Income Taxes Payable | 232.84M | 139.59M | 142.65M | 191.26M | 143.93M | 137.84M |
| Current Unearned Revenue | 114.36M | 82.17M | 85.82M | 105.72M | 518.03M | |
| Other Current Liabilities | 3.73B | 1.64B | 1.97B | 2.18B | 2.14B | 1.90B |
| Total Current Liabilities | 7.18B | 6.25B | 5.66B | 6.11B | 6.47B | 7.26B |
| Long-Term Debt | 5.82B | 5.69B | 6.26B | 6.96B | 7.17B | 6.65B |
| Long-Term Leases | 2.81B | 2.91B | 3.50B | 3.53B | 4.00B | 4.09B |
| Long-Term Unearned Revenue | 6.00K | |||||
| Pension & Post-Retirement Benefits | 578.25M | 574.81M | 678.67M | 664.33M | 514.22M | 782.62M |
| Long-Term Deferred Tax Liabilities | 673.10M | 689.52M | 708.89M | 750.29M | 936.48M | 868.45M |
| Other Long-Term Liabilities | 694.98M | 611.82M | 989.80M | 1.09B | 1.21B | 744.05M |
| Total Liabilities | 17.76B | 16.72B | 17.80B | 19.10B | 20.30B | 20.39B |
| Common Stock | 268.56M | 293.41M | 293.41M | 293.41M | 293.41M | 293.00M |
| Additional Paid-In Capital | 1.60B | 3.08B | 3.35B | 3.38B | 3.37B | 2.89B |
| Retained Earnings | 12.09B | 12.21B | 11.27B | 10.92B | 10.71B | 10.83B |
| Treasury Stock | -93.79M | -586.09M | ||||
| Comprehensive Income & Other | -1.31B | -1.68B | -328.55M | -975.17M | -388.47M | -1.31B |
| Total Common Equity | 12.56B | 13.31B | 14.58B | 13.62B | 13.99B | 12.70B |
| Minority Interest | 974.54M | 972.98M | 1.19B | 1.21B | 1.46B | 1.28B |
| Shareholders' Equity | 13.53B | 14.28B | 15.77B | 14.83B | 15.45B | 13.98B |
| Total Liabilities & Equity | 31.29B | 31.00B | 33.57B | 33.93B | 35.75B | 34.37B |
| Total Debt | 10.98B | 10.81B | 11.00B | 12.08B | 13.21B | 13.32B |
| Net Cash (Debt) | -9.92B | -9.07B | -9.66B | -10.52B | -11.75B | -11.68B |
| Net Cash Per Share | -35.37 | -31.14 | -32.93 | -35.85 | -40.07 | -39.85 |
| Filing Date Shares Outstanding | 266.11M | 279.29M | 293.41M | 293.41M | 293.41M | 293.00M |
| Total Common Shares Outstanding | 266.11M | 279.29M | 293.41M | 293.41M | 293.41M | 293.00M |
| Working Capital | 511.74M | 1.65B | 2.26B | 2.59B | 1.74B | 709.61M |
| Book Value Per Share | 47.19 | 47.66 | 49.68 | 46.42 | 47.68 | 43.34 |
| Tangible Book Value | -2.69B | -1.52B | -1.96B | -2.39B | -3.32B | -3.12B |
| Tangible Book Value Per Share | -10.11 | -5.43 | -6.69 | -8.15 | -11.32 | -10.66 |
| Land | 71.52M | 63.13M | 65.65M | 70.31M | 70.69M | |
| Buildings | 4.41B | 4.58B | 4.31B | 4.42B | 4.13B | |
| Machinery | 6.04B | 6.42B | 6.23B | 6.40B | 5.68B | |
| Construction In Progress | 350.63M | 385.66M | 384.05M | 362.84M | 394.33M |
Cash flow statement
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 937.78M | 978.37M | 537.91M | 499.00M | 673.40M | 969.31M |
| Depreciation & Amortization | 1.37B | 1.40B | 1.48B | 1.61B | 1.72B | 1.59B |
| Other Amortization | 63.24M | 63.24M | 52.70M | |||
| Loss (Gain) From Sale of Assets | 72.94M | 123.23M | -12.17M | -12.90M | -99.27M | 44.09M |
| Asset Writedown & Restructuring Costs | 127.02M | 37.00M | 206.72M | 139.24M | 118.23M | 38.31M |
| Loss (Gain) on Equity Investments | -88.43M | -181.37M | -134.88M | -121.78M | -66.56M | -92.17M |
| Other Operating Activities | 170.75M | 122.12M | -191.30M | -48.76M | -50.49M | 42.37M |
| Change in Accounts Receivable | -88.99M | -69.06M | -73.48M | -151.84M | -46.68M | -163.20M |
| Change in Inventory | -326.18M | -248.66M | 107.90M | -13.14M | -204.31M | -48.53M |
| Change in Accounts Payable | 256.94M | 12.45M | 155.59M | 108.48M | -356.79M | -363.95M |
| Change in Income Taxes | 287.78M | 236.61M | 482.27M | 472.08M | 325.68M | 313.71M |
| Change in Other Net Operating Assets | 50.98M | 206.90M | -227.97M | 145.70M | 154.03M | 164.20M |
| Operating Cash Flow | 2.83B | 2.68B | 2.39B | 2.63B | 2.17B | 2.49B |
| Capital Expenditures | -1.05B | -915.37M | -699.36M | -684.60M | -723.99M | -854.36M |
| Sale of Property, Plant & Equipment | 13.47M | 16.70M | 14.10M | 16.14M | 36.20M | 24.42M |
| Cash Acquisitions | -6.38M | -15.30M | -177.00K | -3.14M | 10.53M | -324.81M |
| Divestitures | 182.96M | 202.14M | 629.75M | 172.20M | 60.16M | 52.44M |
| Sale (Purchase) of Intangibles | -4.67M | -4.67M | -8.54M | -26.37M | -46.35M | -32.35M |
| Investment in Securities | -52.17M | -6.03M | -20.71M | -18.46M | -71.28M | -61.58M |
| Investing Cash Flow | -912.48M | -722.53M | -84.94M | -544.23M | -734.73M | -1.20B |
| Short-Term Debt Issued | 156.46M | 84.81M | 65.34M | 717.09M | 1.80B | |
| Long-Term Debt Issued | 1.62B | 61.51M | 417.88M | 1.08B | 1.24B | |
| Total Debt Issued | 1.19B | 1.78B | 146.32M | 483.21M | 1.80B | 3.05B |
| Short-Term Debt Repaid | -140.81M | -540.50M | -244.97M | -1.30B | -627.25M | |
| Long-Term Debt Repaid | -1.49B | -1.53B | -1.50B | -1.52B | -2.78B | |
| Lease Payments | -631.85M | -649.04M | -676.51M | -727.37M | -775.15M | -696.95M |
| Total Debt Repaid | -1.67B | -1.63B | -2.07B | -1.74B | -2.82B | -3.41B |
| Net Debt Issued (Repaid) | -481.92M | 149.58M | -1.93B | -1.26B | -1.02B | -358.90M |
| Issuance of Common Stock | 20.15M | 6.51M | ||||
| Repurchase of Common Stock | -1.08B | -585.28M | ||||
| Common Dividends Paid | -400.16M | -422.51M | -349.16M | -328.62M | -395.56M | -392.45M |
| Other Financing Activities | -589.93M | -544.99M | -291.89M | -270.75M | -218.91M | -279.54M |
| Financing Cash Flow | -2.55B | -1.40B | -2.57B | -1.86B | -1.62B | -1.02B |
| Foreign Exchange Rate Adjustments | -27.58M | -141.48M | 26.20M | -72.61M | -23.16M | 131.23M |
| Net Cash Flow | -658.89M | 413.79M | -241.90M | 153.44M | -207.87M | 400.12M |
| Free Cash Flow | 1.78B | 1.77B | 1.69B | 1.94B | 1.44B | 1.64B |
| Free Cash Flow Margin | 9.19% | 9.00% | 8.72% | 9.99% | 7.44% | 9.28% |
| Free Cash Flow Per Share | 6.37 | 6.06 | 5.75 | 6.63 | 4.92 | 5.58 |
| Levered Free Cash Flow | 2.02B | 1.56B | 2.03B | 1.31B | 1.02B | 1.70B |
| Unlevered Free Cash Flow | 2.26B | 1.80B | 2.29B | 1.58B | 1.25B | 1.92B |
| Free Cash Flow After Leases | 1.15B | 1.12B | 1.01B | 1.22B | 668.24M | 938.18M |
| Cash Interest Paid | 350.67M | 359.98M | 381.23M | 394.54M | 350.68M | 341.63M |
| Cash Income Tax Paid | 213.15M | 225.75M | 444.59M | 410.13M | 334.62M | 345.05M |
| Change in Working Capital | 180.52M | 138.24M | 444.31M | 561.28M | -128.07M | -97.77M |
Ratios
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 12.09B | 13.37B | 13.41B | 12.31B | 9.59B | 19.04B |
| Enterprise Value | 24.29B | 25.32B | 24.83B | 26.51B | 24.93B | 33.69B |
| Last Close Price | 22.47 | 23.18 | 21.60 | 19.48 | 15.02 | 29.33 |
| PE Ratio | 12.06 | 11.64 | 24.09 | 22.32 | 13.32 | 17.27 |
| PS Ratio | 0.54 | 0.58 | 0.67 | 0.57 | 0.46 | 0.95 |
| PB Ratio | 0.78 | 0.80 | 0.82 | 0.75 | 0.58 | 1.20 |
| P/FCF Ratio | 6.01 | 6.45 | 7.68 | 5.73 | 6.21 | 10.24 |
| P/OCF Ratio | 3.79 | 4.25 | 5.43 | 4.24 | 4.14 | 6.72 |
| EV/Sales Ratio | 1.09 | 1.10 | 1.24 | 1.23 | 1.20 | 1.68 |
| EV/EBITDA Ratio | 7.79 | 8.22 | 10.22 | 9.85 | 9.29 | 10.59 |
| EV/EBIT Ratio | 10.64 | 11.54 | 15.58 | 15.74 | 15.17 | 15.56 |
| EV/FCF Ratio | 12.11 | 12.22 | 14.22 | 12.34 | 16.16 | 18.12 |
| Debt / Equity Ratio | 0.81 | 0.76 | 0.70 | 0.81 | 0.85 | 0.95 |
| Debt / EBITDA Ratio | 3.27 | 3.31 | 3.64 | 3.85 | 4.06 | 3.82 |
| Debt / FCF Ratio | 6.15 | 6.12 | 6.52 | 6.21 | 9.15 | 8.15 |
| Net Debt / Equity Ratio | 0.73 | 0.64 | 0.61 | 0.71 | 0.76 | 0.83 |
| Net Debt / EBITDA Ratio | 3.64 | 3.46 | 4.12 | 4.32 | 4.68 | 4.17 |
| Net Debt / FCF Ratio | 5.56 | 5.14 | 5.73 | 5.41 | 8.14 | 7.14 |
| Asset Turnover | 0.62 | 0.61 | 0.57 | 0.56 | 0.55 | 0.53 |
| Inventory Turnover | 6.61 | 6.94 | 6.87 | 6.49 | 6.69 | 6.53 |
| Quick Ratio | 0.63 | 0.85 | 0.92 | 0.91 | 0.85 | 0.76 |
| Current Ratio | 1.07 | 1.26 | 1.40 | 1.42 | 1.27 | 1.10 |
| Return on Equity (ROE) | 8.52% | 7.93% | 4.84% | 4.84% | 6.08% | 9.27% |
| Return on Assets (ROA) | 3.98% | 3.62% | 2.85% | 2.73% | 2.74% | 3.60% |
| Return on Invested Capital (ROIC) | 6.64% | 6.04% | 4.25% | 4.11% | 4.27% | 6.01% |
| Return on Capital Employed (ROCE) | 8.30% | 7.60% | 5.50% | 5.50% | 5.30% | 7.00% |
| Earnings Yield | 8.29% | 8.59% | 4.15% | 4.48% | 7.51% | 5.79% |
| FCF Yield | 16.63% | 15.51% | 13.02% | 17.46% | 16.09% | 9.77% |
| Dividend Yield | 2.68% | 3.66% | 3.26% | 3.14% | 3.66% | 2.36% |
| Payout Ratio | 32.49% | 43.19% | 64.91% | 65.86% | 58.74% | 40.49% |
| Buyback Yield / Dilution | 4.44% | 0.76% | -0.06% | -0.06% | 0.41% | |
| Total Shareholder Return | 7.14% | 4.41% | 3.26% | 3.08% | 3.60% | 2.77% |