Fresenius SE & Co. KGaA
Explore by topic
5-year stock timeline
2021 — Strategy resets, Vision 2026 begins
Fresenius business units began multi-year strategy resets, with Vision 2026 launched at Fresenius Kabi alongside group-wide efficiency programs and targeted hospital acquisitions at Helios. Investors viewed the company as repositioning from a cyclical hospital and health-services conglomerate toward clearer unit-level strategies and cost discipline. Optimism mixed with skepticism about execution. The stock traded in a range with occasional rallies as individual business news lifted segments and the group showed stabilization [11][3].
Q3–Q4 2022 — Guidance cut, CEO change, stock volatility
Fresenius cut guidance and implemented management changes. Stephan Sturm departed and Michael Sen was appointed CEO effective 1 October 2022. The stock experienced elevated volatility and material drawdown in August–September 2022. Market sentiment turned negative—from execution risk concern to active re-rating as investors punished guidance cuts and reacted to leadership turnover. The narrative shifted to turnaround and management reset. Sharp drawdown and elevated volatility marked a correction around August–September 2022 [11][3].
2023 (May) — Capital Markets Day and strategy update
A Capital Markets Day on 25 May 2023 updated strategy, refocusing the portfolio and setting efficiency targets and roadmap. Management reinforced its intent to simplify the portfolio and drive structural improvements. Investor perception moved from punishment toward conditional confidence contingent on demonstrated monetizations and cost savings. The stock moved from range to gradual recovery as clarity on strategy reduced uncertainty, with early breakout attempts on positive execution news [11][4].
2023 H2 — Management reshuffle and VAMED realignment
Multiple Management Board changes occurred across Fresenius, Fresenius Kabi, VAMED and Fresenius Medical Care as deconsolidation plans progressed. Pierluigi Antonelli joined Kabi on 1 March 2023; Helen Giza and others moved as part of the transformation. The market saw concerted governance and leadership renewal consistent with the transformation plan. Perception improved incrementally as management stabilized and roles aligned to strategy. The stock stabilized following the 2022 drawdown with modest rallies on clarity around leadership and segment roles [3][9][15].
2024 Q1–Q2 — Portfolio simplification and deconsolidation
Portfolio simplification executed as planned. Fresenius Medical Care deconsolidation completed; the fertility group Eugin closed its sale; the majority of VAMED's rehabilitation business sold to PAI Partners; VAMED ceased to be a reporting segment as of Q2 2024. Investors began viewing Fresenius as a leaner core health-services and pharma/medtech group with proceeds available for deleveraging and reinvestment. The narrative shifted from conglomerate discount toward clearer valuation drivers. Rally phases occurred on monetization announcements and deconsolidation clarity; breakout momentum followed when proceeds and concrete transactions were disclosed [11][5].
2024 Q4 / FY24 reporting (Feb 2025)
Q4 and full-year 2024 results signalled progress on execution. Management communicated raised outlooks during 2024 and early 2025, with reported organic growth and improved core EPS metrics excluding FMC. The market narrative moved toward repair and re-rating as evidence of organic growth and margin recovery supported a more constructive outlook. Investors rewarded visible progress while remaining attentive to monetizations and balance-sheet repair. The stock sustained an uptrend as results beat and guidance upgrades were priced in, with short rallies on upgraded outlooks [4][7].
2025 — Monetizations and balance-sheet repair
Continued disposals and monetizations included sales of Fresenius Medical Care shares and other asset realizations. The company recognized proceeds and income, including approximately €510 million from FMC share sales in fiscal 2025. Investors increasingly framed Fresenius as executing balance-sheet repair and shareholder value actions. Perception shifted toward improving credit profile and disciplined capital allocation, supporting multiple expansion. The stock moved in an uptrend with periodic profit-taking; higher lows reflected deleveraging and cash inflows reducing tail risks [11][7].
2025 Dec — Supervisory Board oversight and 2026 planning
A Supervisory Board meeting on 4 December 2025 reviewed the 2026 budget and mid-term planning. Management reported performance through October 2025. Governance oversight emphasized planning discipline and visibility into 2026 targets. Investors treated this as confirmation of a structured multi-year plan rather than ad-hoc fixes. The stock traded in a range within an overall constructive trend while markets awaited 2026 guidance and execution proof points [11][8].
2026 Feb — CEO mandate extended and board succession announced
The Supervisory Board extended CEO Michael Sen's mandate ahead of schedule to run until 2031 on 25 February 2026. Christian Pawlu was announced to join the Management Board effective 1 July 2026 to oversee Fresenius Helios. The market interpreted this as endorsement of current strategy and management continuity. Succession planning reduced leadership uncertainty and supported the rejuvenate phase of #FutureFresenius. A short-term bullish reaction continued the trend as the extension signalled stable governance and strategic continuity [1][web:functions.fetch_url].
2026 H1–Aug 12 — Rejuvenate phase and current valuation
The company described 2025 as a launch point and announced the next phase "Rejuvenate" of #FutureFresenius in late February 2026. Ongoing execution of strategy continued with monetizations and unit performance updates through 2026. By mid-2026 investors viewed Fresenius as transitioning from remediation to growth execution under a clear multi-year plan. Sentiment remained positive but tied to delivery on 2026 targets. An overall uptrend marked the constructive phase into 2026 with rallies on positive operating updates. The current market price of 47.15 reflects the market's valuation of the execution story and remaining risks [2][8].
Key risks and downside factors
Fresenius SE & Co. KGaA operates a diversified healthcare portfolio spanning dialysis through Fresenius Medical Care, pharmaceuticals and intravenous therapies via Fresenius Kabi, hospital operations through Fresenius Helios, and healthcare services through Fresenius Vamed. The company competes across multiple segments against integrated hospital operators, large multinational medtech and pharmaceutical firms, and specialized dialysis providers. Material risks stem from execution of acquisitions and transformation initiatives, shifts in healthcare reimbursement and financing structures, intensifying competition in dialysis and generic/IV therapy markets, and operational exposures including supply chain resilience, manufacturing quality, and IT and cybersecurity infrastructure.
- Large M&A and integration programs carry genuine risk of execution failure, which could trigger impairment charges and disrupt operations.
- Changes in public and private payer reimbursement rates or regulatory pricing policies pose a material risk to revenue and margins across hospitals, dialysis providers, and generic manufacturers.
- Intense rivalry from Baxter, B. Braun, DaVita, established medtech players, and low-cost regional suppliers creates meaningful pressure on pricing and market share, particularly across dialysis and IV/generic product lines.
- Operational, quality, and IT/cybersecurity risks stem from supply-chain disruptions, product quality issues, or cyberattacks, each capable of disrupting services, triggering recalls or regulatory sanctions, and damaging reputation [1].
Competitive landscape
Fresenius SE & Co. KGaA operates across healthcare with exposure to competitive pressure from global medical technology firms, renal-care device manufacturers, large hospital operators, and multinational pharmaceutical and infusion companies. The group faces overlapping risks: healthcare financing and reimbursement constraints, competitive and innovation dynamics in dialysis and infusion products, and operational, quality, and regulatory challenges that span its hospital, dialysis, and pharmaceutical infusion divisions.
| Company | Ticker |
|---|---|
| Baxter International Inc. | BAX.NYSE |
| DaVita Inc. | DVA.NYSE |
| Medtronic plc | MDT.NYSE |
| Abbott Laboratories | ABT.NYSE |
| HCA Healthcare, Inc. | HCA.NYSE |
| Cardinal Health, Inc. | CAH.NYSE |
Private competitors
- Quanta Dialysis Technologies Ltd.
- Pure Life Renal (private/home dialysis specialists/startups)
Get More Stock Analyses Like This
Receive hand-picked stock recommendations with detailed analyses every week
Start Free TrialPerformance Figures of Fresenius SE & Co. KGaA
Relative Performance vs Benchmarks
| Period | Fresenius SE & Co. KGaA | vs DAX | vs S&P 500 (SPY) |
|---|---|---|---|
| 1M | +12.82% | +6.34% | +8.37% |
| 3M | +23.41% | +14.64% | +18.04% |
| 6M | -7.16% | -12.93% | -21.46% |
| 1Y | +5.17% | -3.37% | -16.82% |
| 3Y | +68.44% | -0.22% | -16.26% |
| 5Y | +12.27% | -53.79% | -74.80% |
Get More Stock Analyses Like This
Receive hand-picked stock recommendations with detailed analyses every week
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 | 17.4 | 1.1 | 1.3 | 8.9 |
| 1Y ago | 23.3 | 1.2 | 1.4 | 11.9 |
| 3Y ago | 16.6 | 0.4 | 0.8 | 3.8 |
| 5Y ago | 14.8 | 0.7 | 1.5 | 5.5 |
Frequently Asked Questions
Where is the Fresenius SE & Co. KGaA stock traded?
What does Fresenius SE & Co. KGaA do?
What are the key metrics for FRE.XETRA?
How has Fresenius SE & Co. KGaA's stock price performed?
How is FRE.XETRA valued?
Does FRE.XETRA pay dividends?
What are the key risks when investing in FRE.XETRA?
- Large M&A and integration programs carry genuine risk of execution failure, which could trigger impairment charges and disrupt operations.
- Changes in public and private payer reimbursement rates or regulatory pricing policies pose a material risk to revenue and margins across hospitals, dialysis providers, and generic manufacturers.
- Intense rivalry from Baxter, B. Braun, DaVita, established medtech players, and low-cost regional suppliers creates meaningful pressure on pricing and market share, particularly across dialysis and IV/generic product lines.
- Operational, quality, and IT/cybersecurity risks stem from supply-chain disruptions, product quality issues, or cyberattacks, each capable of disrupting services, triggering recalls or regulatory sanctions, and damaging reputation [1].
Who are the main competitors of Fresenius SE & Co. KGaA?
- Baxter International Inc. (BAX.NYSE)
- DaVita Inc. (DVA.NYSE)
- Medtronic plc (MDT.NYSE)
- Abbott Laboratories (ABT.NYSE)
- HCA Healthcare, Inc. (HCA.NYSE)
- Cardinal Health, Inc. (CAH.NYSE)
When does Fresenius SE & 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 | 1.05 EUR | 2.71% | 1.8% |
| 2025 | 1.00 EUR | 2.32% | |
| 2023 | 0.92 EUR | 3.33% | |
| 2022 | 0.92 EUR | 2.70% | |
| 2021 | 0.88 EUR | — | |
| 2020 | 0.84 EUR | 2.13% | |
| 2020 | 0.84 EUR | 1.88% | |
| 2019 | 0.80 EUR | 1.64% | |
| 2018 | 0.75 EUR | — | |
| 2017 | 0.62 EUR | 0.78% | |
| 2016 | 0.55 EUR | — | |
| 2015 | 0.38 EUR | 0.67% | |
| 2014 | 0.42 EUR | 1.12% | |
| 2013 | 0.37 EUR | 1.14% | |
| 2012 | 0.32 EUR | 1.22% |
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 | 22.87B | 21.83B | 21.07B | 21.33B | 37.08B |
| Operating income (EBIT) | 2.50B | 1.84B | 1.29B | 2.00B | 3.60B |
| Net income | 1.26B | 471.00M | -594.00M | 1.37B | 1.82B |
| Free cash flow | 1.20B | 1.52B | 3.32B | 2.28B | 3.03B |
| Total assets | 41.40B | 43.55B | 45.28B | 76.42B | 71.96B |
| Equity | 19.10B | 19.54B | 19.00B | 20.41B | 19.00B |
| Net debt | 10.35B | 11.53B | 13.27B | 25.59B | 24.55B |
PWP Leeway UG (haftungsbeschränkt)
