Fresenius SE & Co. KGaA
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5-year stock timeline
2026 (May–Aug)
Strong operational momentum and upgraded guidance following Q1 and Q2 results marked a shift in market perception toward sustainable earnings growth and balance-sheet repair. S&P revised its outlook to positive, and the company issued bonds.
Q1 2026 showed group revenue of €5,744m with 5% organic growth. Core earnings per share grew 13% in constant currency terms. Q2 2026 delivered group revenue of €5,864m with 6% organic growth, group EBIT of €719m, and an EBIT margin of 12.3%. Core EPS reached €0.83 in constant currency, up 14% for the half-year. S&P affirmed the BBB rating and changed its outlook from Stable to Positive. On July 8, 2026, Fresenius issued €1,000m in bonds.
Investors interpreted these results as evidence that Fresenius was converting restructuring gains into durable earnings expansion and financial stability—a transition from turnaround to growth with improved credit standing.
2025 (full year; results announced Feb 25, 2026)
FY/2025 results marked the launch of the "Rejuvenate" phase of #FutureFresenius. Management upgraded guidance during the year and continued portfolio simplification, including a decision to reduce the stake in Fresenius Medical Care.
Group revenue reached €22,554m with 7% organic growth. EBIT rose 13% and core EPS grew 12%, both in constant currency and excluding Fresenius Medical Care. Net debt fell by around €3bn over the prior two years through end-2025. The company proposed a dividend increase for the 2026 AGM.
The market read 2025 as the pivot from restructuring to value creation. After the RESET and Revitalize phases, Rejuvenate represented the earnings-growth phase. Consistent organic expansion, margin improvement, and deleveraging shifted sentiment from cyclical recovery toward sustainable operational improvement.
2024 (calendar year and FY/2024 disclosures)
Continued execution of the #FutureFresenius strategy saw portfolio moves and improving profitability across core businesses, laying groundwork for the Rejuvenate phase in 2025.
FY/2024 reported revenue around €21.8bn with headline EPS improvements versus 2023. The RESET phase began in 2022, followed by Revitalize actions through 2023–2024.
Markets increasingly viewed Fresenius as de-risked. Operational focus on higher-return growth vectors—notably Fresenius Kabi growth initiatives and Helios hospital performance—combined with disciplined portfolio management to improve investor confidence, though legacy exposure to Fresenius Medical Care and leverage remained watchpoints.
2023 (operational focus, portfolio optimization)
Ongoing Revitalize actions built "growth vectors," particularly in Fresenius Kabi, while the Fresenius Helios hospital network showed operational improvement.
Investors began to reward clearer strategy and early signs of margin recovery. Sentiment shifted from caution about execution risk toward guarded optimism as core businesses delivered steady results and management emphasized returns and cash-generation priorities.
2022 (Oct 1, 2022 — Management change and Reset strategy launch)
Michael Sen was appointed CEO effective October 1, 2022. The company announced and began implementing "RESET," focusing on returns, productivity, and balance-sheet repair.
The management change signaled a strategic reset that markets read as a decisive step to address structural issues around leverage and margins. Initial investor perception centered on a high-risk, high-reward turnaround: success would mean restored profitability and de-risking; failure would leave legacy problems unresolved.
2021 (context: pandemic aftermath and business pressures)
Post-COVID normalization in healthcare demand continued alongside pressure on some business lines through costs, supply-chain disruption, and outpatient service shifts, setting conditions for the 2022–2025 strategic program.
Investors treated Fresenius as still recovering from pandemic-related revenue shifts and structural challenges. The company's multi-year strategy to rebuild margins and reduce leverage lacked evidence-based backing, so sentiment remained cautious and valuation reflected execution risk.
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)
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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 | -5.96% | -4.82% | -8.08% |
| 3M | +3.25% | +2.73% | -0.56% |
| 6M | -1.13% | -6.16% | -12.93% |
| 1Y | -8.73% | -13.00% | -29.24% |
| 3Y | +74.43% | +7.98% | -12.67% |
| 5Y | +17.51% | -48.25% | -73.78% |
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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 | 15.7 | 1.0 | 1.2 | 8.1 |
| 1Y ago | 24.4 | 1.2 | 1.5 | 12.4 |
| 3Y ago | 56.3 | 0.4 | 0.8 | 3.4 |
| 5Y ago | 13.1 | 0.6 | 1.2 | 4.8 |
Frequently Asked Questions
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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) | 2.18B | 1.84B | 1.34B | 1.50B | 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)
