Fresenius SE & Co. KGaA
5-year stock timeline
Fresenius SE & Co. KGaA has traced a deliberate path through five years of operational and strategic recalibration, with the stock price reflecting each major inflection.
2020–2021 brought pandemic-era volatility followed by recovery as activity normalised. The group navigated revenue and profit swings during that stretch, with dividend actions signalling management's confidence in the underlying business resilience.
October 2022 marked a genuine pivot when Michael Sen took the helm as CEO. That leadership change, paired with the company's explicit acknowledgment of Russia–Ukraine war risks in its annual reporting, reset investor expectations and near-term guidance in one stroke.
2023 through early 2025 saw management execute the #FutureFresenius / REJUVENATE refocus—a deliberate emphasis on balance-sheet strength and portfolio clarity that positioned the company for the capital moves that followed.
March 2025 delivered the headline event: Fresenius completed an equity and exchangeable-bond transaction that trimmed its stake in Fresenius Medical Care by roughly 7.1 percentage points across two tranches, netting approximately €1.1 billion in gross proceeds while retaining at least 25% plus one share. For the market, that was a major liquidity event and a clear signal of continued strategic discipline.
The investor narrative evolved predictably. Through 2020–2021, the lens was pandemic recovery and operational resilience. After 2022, attention shifted to corporate restructuring and de-leveraging as new management made balance-sheet repair the centerpiece of its agenda.
On price, the technical story unfolded in phases. Early 2020 saw a sharp pandemic drawdown consistent with healthcare peers. Recovery and consolidation followed through 2020–2021 as operations normalised. Then 2022–2024 brought range-bound, choppy trading punctuated by periodic retests of support and resistance—the kind of environment that builds conviction for a genuine breakout when the catalyst arrives.
The stock has moved on leadership turnover, geopolitical exposure, the FME capital transaction, and the routine beat-or-miss rhythm of quarterly results and dividend decisions. At 44.32, the price sits as a reference point for what the market currently values in a company that has spent five years proving it can manage complexity and capital with discipline.
Key risks and downside factors
Fresenius SE operates across dialysis, hospital services, and pharmaceutical infusion therapies, competing against both specialist dialysis providers and larger medical-device and pharma companies. The business faces meaningful headwinds: margin compression from inflation and supply-chain friction, a leveraged balance sheet still absorbing restructuring costs, shifting regulatory and reimbursement landscapes, and persistent competition on product quality and regional positioning.
- Margin compression driven by inflation, supply-chain disruptions, and restructuring charges [7].
- Elevated leverage coupled with deteriorating financial ratios has begun to increase both refinancing and credit risk.
- Regulatory shifts and reimbursement pressure across dialysis, hospital, and pharmaceutical markets pose a meaningful headwind to revenue—whether through direct price concessions or structural margin compression [5][10].
- Intense competition from large device and pharma companies, combined with lower-cost regional suppliers, creates meaningful pressure on both market share and pricing power.
Competitive landscape
Fresenius SE & Co. KGaA is a diversified German healthcare group with hospitals, biopharmaceutical and medical-device operations that compete across Europe and North America against large global players. The competitive landscape includes public rivals like Siemens Healthineers, Medtronic, Abbott and Baxter in diagnostics, devices, hospital services and acute-care supplies, alongside significant private competitors such as B. Braun who exert pricing pressure on hospital consumables. Regulatory changes, reimbursement dynamics and supply-chain disruptions represent the principal headwinds to growth and margins.
| Company | Ticker |
|---|---|
| Siemens Healthineers AG | SHL.XETRA |
| Medtronic plc | MDT.NYSE |
| Abbott Laboratories | ABT.NYSE |
| Baxter International Inc. | BAX.NYSE |
Private competitors
- B. Braun Melsungen
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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 | -11.85% | -5.88% | -6.86% |
| 3M | -9.51% | -4.11% | -5.14% |
| 6M | -6.02% | -1.05% | -3.75% |
| 1Y | +14.92% | +12.14% | -2.34% |
| 3Y | +88.87% | +40.64% | +23.79% |
| 5Y | +30.08% | -23.27% | -43.74% |
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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 | 19.7 | 1.1 | 1.3 | 9.7 |
| 1Y ago | 52.5 | 1.0 | 1.1 | 8.9 |
| 3Y ago | 10.6 | 0.3 | 0.7 | 3.2 |
| 5Y ago | 12.6 | 0.6 | 1.2 | 3.4 |
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 | — | 1.72% |
| 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) | 2.18B | 1.84B | 1.34B | 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)
