Fresenius SE & Co. KGaA
5-year stock timeline
Fresenius experienced a COVID shock in 2020, then management and structural change from late 2022 (new CEO and corporate Reset), followed by operational improvement, a strong multi-quarter rally through 2024–2025, and consolidation into 2026. Current price €39.65.
Major events (2020–2026)
The group was hit by the 2020 COVID shock with volatile volumes, but its diversified footprint across hospitals, Kabi (pharma and infusion) and Medical Care (dialysis) provided resilience and context for what came next.
Michael Sen became CEO on 1 October 2022 and launched a broad Reset to simplify operations and improve profitability. Management tied this shift to improving results from late 2022 onward.
Fresenius materially restructured around its subsidiaries and governance, including changes to Fresenius Medical Care's legal form and de-consolidation in 2023. The company later reported stronger results and raised guidance into 2025, citing sustained outperformance versus peers.
How the investor narrative evolved
From early 2020 through 2022, the stock was often viewed as a complex, cyclical healthcare conglomerate with debt and execution risk—a "value trap" in some commentary during the weak 2021–2022 phase.
After the October 2022 leadership change and Reset, the narrative shifted toward turnaround and operational improvement. Management communicated simplification, cost discipline and clearer growth levers, and investors rewarded improving execution through 2024–2025.
By 2025, the narrative leaned toward a defensive compounder with growth momentum and improved margins following strong share performance and upgraded outlooks from management and rating agencies into early 2026.
Key technical phases
The March 2020 drawdown was followed by recovery into 2021, then renewed weakness into 2022 with a calendar-year low around €20, reflecting earnings pressure and uncertainty.
A clear multi-year base and breakout began around October 2022 (the Reset inflection), producing sustained uptrend into 2024–2025. Management cited a +76% run from October 2022 to 28 February 2025, with the share hitting 2025 highs above €50 before partial consolidation.
2024 showed a broad range (low ~€24.5 to high ~€34.9) before the sharper 2025 rally (high ~€50.56). The stock compacted after that rally into 2026 around €39.65 as investors balanced momentum gains against normalization of growth expectations.
Key risks and downside factors
Fresenius SE & Co. KGaA is a diversified German healthcare group with four main operating pieces: Helios, a hospital services business; Kabi, which handles generics, infusions, and medical devices; Vamed, providing facility services; and a meaningful stake in Fresenius Medical Care, a dialysis provider. Competition plays out differently across each segment. Dialysis and kidney services face specialist competitors. Kabi contends with generic injectable pricing pressure and medical-tech rivals. Helios competes against large hospital operators both regionally and internationally. The group carries real vulnerabilities worth tracking: regulatory and quality-control incidents have occurred; generics face persistent pricing pressure; acquisitions bring integration risk and geopolitical exposure depending on where those operations sit; and the capital-intensive hospital business leaves the group sensitive to shifts in capital availability and interest rates.
- Regulatory, compliance, and legal risk stemming from product quality issues and prior bribery settlements, with potential for material fines and reputational damage.
- Pricing pressure and margin erosion persist in generic injectables and infusion, where competitor pricing and procurement dynamics continue to compress returns.
- Operational and geopolitical risk stemming from large acquisition integrations and regional exposures—particularly complex Russia/Ukraine-era operations—that could disrupt services and cash flow [1].
- The hospital network's capital-intensive operations and ongoing M&A activity have created meaningful exposure to interest rates and refinancing risk, with leverage levels rising accordingly.
Competitive landscape
Fresenius SE operates across three main healthcare businesses: dialysis through Fresenius Medical Care, generics and IV nutrition via Fresenius Kabi, and hospital services under Helios. Each faces capable specialists—dialysis and medtech companies like Baxter International and DaVita compete directly on products, delivery models and geography, while Fresenius Medical Care itself competes as a listed peer in dialysis. The group carries meaningful risk from regulatory and legal exposure in dialysis and hospitals, supply chain vulnerabilities in IV and hospital products, persistent pricing and reimbursement headwinds, and the usual M&A integration and competition scrutiny that comes with scale.
| Company | Ticker |
|---|---|
| Baxter International Inc. | BAX.NYSE |
| DaVita Inc. | DVA.NYSE |
| Fresenius Medical Care AG & Co. KGaA | FME.XETRA |
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 | -9.43% | -9.67% | -12.96% |
| 3M | -23.87% | -21.60% | -31.36% |
| 6M | -15.53% | -21.52% | -27.50% |
| 1Y | -7.81% | -9.64% | -32.99% |
| 3Y | +47.66% | -2.72% | -34.48% |
| 5Y | -5.02% | -63.57% | -94.35% |
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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 | 15.1 | 1.0 | 1.1 | 7.6 |
| 1Y ago | 57.8 | 1.1 | 1.3 | 9.8 |
| 3Y ago | 11.7 | 0.4 | 0.7 | 3.6 |
| 5Y ago | 14.8 | 0.7 | 1.4 | 3.9 |
Frequently Asked Questions
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How has Fresenius SE & Co. KGaA's stock price performed?
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Does FRE.XETRA pay dividends?
What are the key risks when investing in FRE.XETRA?
- Regulatory, compliance, and legal risk stemming from product quality issues and prior bribery settlements, with potential for material fines and reputational damage.
- Pricing pressure and margin erosion persist in generic injectables and infusion, where competitor pricing and procurement dynamics continue to compress returns [page:2].
- Operational and geopolitical risk stemming from large acquisition integrations and regional exposures—particularly complex Russia/Ukraine-era operations—that could disrupt services and cash flow [page:1].
- The hospital network's capital-intensive operations and ongoing M&A activity have created meaningful exposure to interest rates and refinancing risk, with leverage levels rising accordingly [page:2].
Who are the main competitors of Fresenius SE & Co. KGaA?
- Baxter International Inc. (BAX.NYSE)
- DaVita Inc. (DVA.NYSE)
- Fresenius Medical Care AG & Co. KGaA (FME.XETRA)
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 | — | 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)
