Fresenius Medical Care AG & Co. KGaA
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5-year stock timeline
May 2026 — Annual General Meeting approves dividend and Reignite focus
The AGM approved a fiscal-year 2025 dividend of €1.49 per share and management reiterated execution of the FME Reignite strategy, a five-year plan through 2030 with emphasis on capital allocation discipline. Investors interpreted the large-majority dividend approval and management messaging as confirmation that the company had completed its multi-year operational turnaround and was transitioning from restructuring to growth and shareholder returns. The dividend reinforced perception of predictable payouts and improved profitability [2][12].
Q1 2026 (reported May 5, 2026) — Operational progress and 5008X CAREsystem rollout
Q1 results showed organic revenue growth, improved profitability and adjusted EPS growth. Management highlighted rollout of the 5008X CAREsystem across around 100 clinics with more than 100,000 treatments performed, and noted TDAPA effects supporting Care Delivery income. The company guided for 2026 revenue broadly flat versus prior year. Investors interpreted results as execution of the product and care delivery strategy with an improving margin profile; the new device rollout supported a medium-term growth and innovation narrative while near-term revenue guidance remained conservative [6][9].
Q2 2026 (reported August 3, 2026) — Strong earnings growth and accelerated buyback activity
Fresenius Medical Care reported accelerated operating income and earnings growth in Q2 2026. The company completed its initial €1.0bn share buyback program (24.8 million shares cancelled, approximately 8.5% of capital) and initiated a second approximately €1.0bn buyback to be executed in tranches. The first tranche, started May 28, 2026, had repurchased 2,454,945 shares for approximately €94m as of June 30. Market perception shifted toward recognition of improved cash generation and shareholder-friendly capital allocation. The cancellation of shares materially improved per-share metrics and supported a value-oriented story combining capital return with operational improvement [1][3][5][10].
June 2025 — Capital Markets Day and FME Reignite strategy launch
The Capital Markets Day presented the FME Reignite five-year strategy through 2030 with targets to deliver industry-leading outcomes, above-market growth, margin expansion and sustainable value creation. The market framed the company as transitioning from turnaround to focused growth and margin expansion; credibility of the plan depended on subsequent execution [12].
December 10, 2025 — Global Chief Medical Officer appointment
Charles Hugh-Jones was appointed Global Chief Medical Officer and member of the Management Board. The market regarded the hire as strengthening clinical leadership and governance amid the company's emphasis on clinical outcomes and innovation in support of the Reignite strategy [4].
Full year 2025 (reported February 24, 2026) — Strong earnings growth and margin targets achieved
The company reported full-year 2025 results showing 27% earnings growth and reaching the upper end of its financial outlook, with margins within the 2025 mid-term target band. Investors viewed FY2025 performance as validation of the operational turnaround and execution of restructuring and margin initiatives; the strong earnings growth supported the subsequent capital returns program [4][11].
2024–2025 — Large-scale share buyback programs
The company executed an initial approximately €1.0bn share buyback program (completed by April 30, 2026, with cancellation of 24.8 million shares) and announced a second approximately €1.0bn program in May 2026 to be executed in tranches over 12 months. Investors saw buybacks as evidence of cash-flow strength and management prioritizing shareholder returns alongside reinvestment; buybacks supported per-share EPS improvement and a valuation re-rating narrative [3][5][10].
2023–2024 — Profitability recovery and dividend normalization
Fresenius Medical Care continued to restore profitability following multi-year restructuring. Dividend levels were adjusted and then increased in line with the capital allocation framework. Dividend per share rose from €1.12 in 2022 to €1.49 in 2025. Market perception shifted from caution regarding post-restructuring risk to increasing confidence as dividends rose and profitability normalized, moving the stock's narrative toward stable cash generator and value orientation [2].
2021–2022 — Restructuring phase and cost pressures
The company was executing restructuring and cost measures following pandemic disruptions while facing pricing and reimbursement pressures in certain markets. Dividend and margins were under pressure. Investors treated the company as a turnaround candidate and potential value trap while awaiting evidence of sustainable margin recovery. The dividend declined from €1.35 per share in 2021 to €1.12 in 2022, reflecting reduced payout amid the recovery and restructuring phase [2].
Key risks and downside factors
Fresenius Medical Care holds a leading global position in dialysis products and renal care services. The company operates within a competitive landscape shaped by large dialysis service chains and medtech firms offering dialysis machines, consumables, and home dialysis solutions. Several structural risks merit attention. U.S. reimbursement rates and government payor policies exert substantial influence on financial performance. Regulatory frameworks vary significantly across markets, creating compliance complexity. Operational and supply-chain pressures persist alongside workforce challenges. The company's financial leverage amplifies sensitivity to macroeconomic shifts and interest-rate movements, creating cyclical vulnerability during periods of tightening monetary conditions.
- High dependence on U.S. reimbursement policies creates meaningful revenue risk if Medicare and Medicaid payment rates decline or coverage narrows.
- Regulatory and compliance obligations span multiple jurisdictions—medical device regulation, clinic licensing, quality standards, and anti-fraud requirements—each capable of raising operational costs or constraining how the business can function.
- Operational risks stem from supply-chain disruptions, shortages of dialysis consumables or devices, and workforce constraints that could diminish capacity or increase costs.
- Elevated debt levels create financial risk, particularly through interest-rate sensitivity that could constrain the company's flexibility for future investments or acquisitions.
Competitive landscape
Fresenius Medical Care (FME.XETRA) operates as the world's largest dialysis services and products provider. Its competitive environment includes large publicly listed clinic operators and medtech companies supplying dialysis machines, disposables, and home-dialysis systems. The company faces material risks from reimbursement and regulatory pressure across major markets, competition from established clinic operators and cost-conscious device makers, supply-chain and commodity cost swings, and clinical and staffing challenges that can pressure utilization and margins.
| Company | Ticker |
|---|---|
| DaVita Inc. | DVA.NYSE |
| Baxter International Inc. | BAX.NYSE |
| Outset Medical, Inc. | OM.NASDAQ |
Private competitors
- B. Braun Melsungen AG
- American Renal Associates (private/operator formats and regional clinic chains)
- Regional and specialty renal-care chains and startups (examples: selected clinic consolidators and home-dialysis specialists that remain private)
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Start Free TrialPerformance Figures of Fresenius Medical Care AG & Co. KGaA
Relative Performance vs Benchmarks
| Period | Fresenius Medical Care AG & Co. KGaA | vs DAX | vs S&P 500 (SPY) |
|---|---|---|---|
| 1M | +2.27% | +5.60% | +0.86% |
| 3M | -3.99% | -4.08% | -7.89% |
| 6M | +3.56% | -2.06% | -11.68% |
| 1Y | -9.67% | -12.77% | -27.36% |
| 3Y | +14.40% | -50.68% | -73.68% |
| 5Y | -23.00% | -88.34% | -113.24% |
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Start Free TrialHistorical valuation trends
How the company’s key valuation ratios (P/E, P/S, P/B and P/CF) have evolved over time compared to today.
| Period | P/E Ratio | P/S Ratio | P/B Ratio | P/CF Ratio |
|---|---|---|---|---|
| Current | 11.5 | 0.6 | 0.9 | 3.8 |
| 1Y ago | 18.6 | 0.7 | 1.0 | 5.3 |
| 3Y ago | 20.5 | 0.6 | 0.8 | 4.5 |
| 5Y ago | 19.1 | 1.0 | 1.4 | 7.3 |
Frequently Asked Questions
Where is the Fresenius Medical Care AG & Co. KGaA stock traded?
What does Fresenius Medical Care AG & Co. KGaA do?
What are the key metrics for FME.XETRA?
How has Fresenius Medical Care AG & Co. KGaA's stock price performed?
How is FME.XETRA valued?
Does FME.XETRA pay dividends?
What are the key risks when investing in FME.XETRA?
- High dependence on U.S. reimbursement policies creates meaningful revenue risk if Medicare and Medicaid payment rates decline or coverage narrows.
- Regulatory and compliance obligations span multiple jurisdictions—medical device regulation, clinic licensing, quality standards, and anti-fraud requirements—each capable of raising operational costs or constraining how the business can function.
- Operational risks stem from supply-chain disruptions, shortages of dialysis consumables or devices, and workforce constraints that could diminish capacity or increase costs.
- Elevated debt levels create financial risk, particularly through interest-rate sensitivity that could constrain the company's flexibility for future investments or acquisitions.
Who are the main competitors of Fresenius Medical Care AG & Co. KGaA?
- DaVita Inc. (DVA.NYSE)
- Baxter International Inc. (BAX.NYSE)
- Outset Medical, Inc. (OM.NASDAQ)
When does Fresenius Medical Care AG & Co. KGaA report earnings?
Key Metrics
Valuation Metrics
Profitability Metrics
Growth Metrics
Dividend history
Long-term record of paid dividends (amount per share and dividend yield at the time of payment).
| Year | Dividend | Yield at payment | Avg. yield |
|---|---|---|---|
| 2026 | 1.49 EUR | 3.84% | 1.91% |
| 2025 | 1.44 EUR | 2.74% | |
| 2024 | 1.19 EUR | 2.85% | |
| 2023 | 1.12 EUR | 2.54% | |
| 2022 | 1.35 EUR | 2.39% | |
| 2021 | 1.34 EUR | 1.98% | |
| 2020 | 1.20 EUR | 1.65% | |
| 2020 | 1.20 EUR | 1.64% | |
| 2019 | 1.17 EUR | 1.65% | |
| 2018 | 1.06 EUR | 1.20% | |
| 2017 | 0.96 EUR | 1.12% | |
| 2016 | 0.80 EUR | 1.08% | |
| 2015 | 0.78 EUR | 0.98% | |
| 2014 | 0.77 EUR | 1.60% | |
| 2013 | 0.75 EUR | 1.42% |
Earnings history & estimates
Historical earnings performance shows how consistently the company meets or exceeds analyst expectations. Forward estimates provide insight into expected profitability and growth trajectory.
Historical earnings performance
Upcoming earnings report
Analyst estimates for upcoming periods
Key financial figures
Selected income statement, balance sheet and cash flow figures. Annual and quarterly, based on reported IFRS/GAAP financials.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 19.63B | 19.34B | 19.45B | 19.40B | 17.62B |
| Operating income (EBIT) | 1.83B | 1.39B | 1.37B | 1.54B | 301.32M |
| Net income | 978.00M | 537.91M | 499.00M | 673.40M | 969.31M |
| Free cash flow | 1.77B | 1.69B | 1.94B | 756.00M | 806.00M |
| Total assets | 31.00B | 33.57B | 33.93B | 35.75B | 34.37B |
| Equity | 13.31B | 14.58B | 13.62B | 15.45B | 13.98B |
| Net debt | 9.20B | 9.83B | 10.65B | 11.94B | 11.84B |
PWP Leeway UG (haftungsbeschränkt)
