Fresenius Medical Care AG & Co. KGaA
5-year stock timeline
Fresenius Medical Care faced a pivotal five years. The pandemic hit hard in 2020–2021, forcing excess mortality costs and earnings pressure, but the company moved quickly with its FME25 transformation program to protect margins. U.S. Medicare reimbursement changes, particularly the mandatory ETC model from 2021 onward, reshaped dialysis economics materially. By early 2023, management closed a three-way value-based care merger to scale that business in the U.S., then converted to an AG structure in November 2023—deconsolidating from Fresenius SE and simplifying governance in one stroke.
The market's view evolved alongside. In 2020–2021, investors saw a defensive healthcare name caught in pandemic headwinds, waiting to see if FME25 could actually restore profitability. By 2022–2023, the narrative shifted. Transformation and value-based care scaling started to look real, and the governance change sparked talk of unlocked value. From 2024 onward, the tone settled into something steadier: a defensive compounder returning to form, with visible margin improvement, record dividends, and a multi-year buyback program under way as FME25+ delivered.
The price action followed that arc. Early 2020 saw a sharp drawdown tied to pandemic mortality risk, then recovery as the business held and FME25 was announced. Through 2021–2022, the stock consolidated in a range while markets digested regulatory changes and waited for clearer profit signals. By 2023, the re-rating began. Governance change, the value-based merger, visible FME25+ savings, margin expansion, and rising shareholder returns in 2024–2025 fueled an uptrend that carried into 2026, with reduced downside volatility along the way.
Key risks and downside factors
Fresenius Medical Care holds the dominant position in dialysis globally, facing direct competition from scaled operators like DaVita and device manufacturers including Baxter and Outset Medical. The competitive landscape divides between two forces: large integrated clinic networks that leverage scale and payer relationships, and device and consumables makers competing on innovation and tender pricing. Home-dialysis entrants and cost-aggressive Asian suppliers are steadily eroding margins across the sector. The company's risk surface spans reimbursement and regulatory changes, supply-chain fragility and manufacturing constraints, litigation and cyber exposure, plus the persistent squeeze from price competition and technological displacement.
- Reimbursement and regulatory shifts in major markets—whether U.S. payment reforms or EMEA reimbursement changes—carry real potential to compress dialysis revenue or fundamentally alter the economics of care delivery.
- Large clinic operators have structural advantages in scale and payer negotiations, while device and consumables manufacturers compete on pricing and innovation. Together, these pressures could compress both margins and market share.
- Supply-chain and manufacturing disruptions—whether from export or import restrictions, raw-material price swings, or simple production halts—have a way of quietly compounding costs before anyone notices the full damage.
- Legal, compliance, or cybersecurity incidents carry real weight—significant fines, operational disruption, and reputational damage are all on the table.
Competitive landscape
Fresenius Medical Care operates in a crowded space. Globally, it squares off against established competitors like DaVita and Baxter in dialysis services and renal consumables, while contending with regional device makers and private care networks that keep squeezing both pricing and the mix of services offered. What actually keeps you up at night here is reimbursement risk—regulatory shifts in major markets can move the needle quickly. There's also the steady pressure from the industry's slow migration toward home and portable dialysis, which changes the economics of what they sell and how. Then there's the operational reality: they move enormous volumes of consumables, and supply-chain hiccups in that world aren't abstract problems.
| Company | Ticker |
|---|---|
| DaVita Inc. | DVA.NYSE |
| Baxter International Inc. | BAX.NYSE |
Private competitors
- B. Braun Melsungen
- Strive Health
- AWAK Technologies
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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 | -2.76% | -3.00% | -6.29% |
| 3M | -5.78% | -3.51% | -13.27% |
| 6M | -5.43% | -11.42% | -17.40% |
| 1Y | -26.53% | -28.36% | -51.71% |
| 3Y | -6.13% | -56.51% | -88.27% |
| 5Y | -36.18% | -94.73% | -125.51% |
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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 | 11.2 | 0.5 | 0.8 | 3.8 |
| 1Y ago | 24.5 | 0.8 | 1.1 | 6.3 |
| 3Y ago | 16.6 | 0.6 | 0.9 | 5.9 |
| 5Y ago | 17.2 | 1.1 | 1.6 | 5.0 |
Frequently Asked Questions
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What are the key metrics for FME.XETRA?
How has Fresenius Medical Care AG & Co. KGaA's stock price performed?
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What are the key risks when investing in FME.XETRA?
- Reimbursement and regulatory shifts in major markets—whether U.S. payment reforms or EMEA reimbursement changes—carry real potential to compress dialysis revenue or fundamentally alter the economics of care delivery.
- Large clinic operators have structural advantages in scale and payer negotiations, while device and consumables manufacturers compete on pricing and innovation. Together, these pressures could compress both margins and market share.
- Supply-chain and manufacturing disruptions—whether from export or import restrictions, raw-material price swings, or simple production halts—have a way of quietly compounding costs before anyone notices the full damage.
- Legal, compliance, or cybersecurity incidents carry real weight—significant fines, operational disruption, and reputational damage are all on the table.
Who are the main competitors of Fresenius Medical Care AG & Co. KGaA?
- DaVita Inc. (DVA.NYSE)
- Baxter International Inc. (BAX.NYSE)
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 | — | 1.77% |
| 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) | 1.84B | 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 | 12.10B | 9.83B | 10.65B | 11.94B | 11.84B |
PWP Leeway UG (haftungsbeschränkt)
