Fresenius SE & Co. KGaA
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5-year stock timeline
2021 — Strategy reset; Vision 2026 & FME25
Fresenius Kabi launched "Vision 2026"; Fresenius Medical Care realigned operations under the FME25 program; the Group initiated a cost and efficiency program with a sustainable savings target raised to over €150m for 2023. Helios made targeted hospital acquisitions while Vamed showed a record order backlog [3].
Investors read 2021 as a formal strategic pivot — Kabi established as a growth priority, cost programs meant to offset COVID-related volume and margin pressure. The market worried about near-term COVID impacts but accepted a credible roadmap to re-accelerate growth [3].
Trading was volatile within a wide range: high of €47.44 on 18 August 2021, low of €33.45 on 3 December 2021, year-end close €35.40. The late-year drawdown reflected pandemic effects and execution risk being re-priced [3].
2022 Aug–Oct — CEO change and guidance shock
The Group issued weaker near-term guidance and announced management changes. Longtime CEO Stephan Sturm departed and Michael Sen was named successor effective 1 October 2022, with other Management Board moves following [6], [4].
Market sentiment turned cautious — management turnover was read as accountability for the guidance shortfall and heightened execution risk. Investors priced in uncertainty around delivery of the turnaround [6], [4].
A sharp drawdown and elevated volatility occurred around August–September 2022 as the guidance cut and CEO change hit the share price [6].
2023 May–Dec — Strategy re-affirmation; Capital Markets Day and Q4 recovery
Fresenius held a Capital Markets Day on 25 May 2023 to update strategy. The company closed FY23 with a strong Q4, achieved its raised FY23 outlook and communicated expectations for accelerated EBIT growth in 2024 [12], [11].
Perception shifted from "value-trap / execution risk" toward "turnaround/earnings acceleration" as operating companies — notably Kabi and Helios — showed momentum and cost measures began to flow through [11], [12].
Price action shifted from stabilization to a rally and breakout into late-2023 after the stronger Q4 and upgraded outlook [11].
2024 H1–H2 — Portfolio simplification; Medical-Care deconsolidation and Vamed exit
Fresenius executed portfolio simplification: deconsolidation of Fresenius Medical Care was completed and the sale of fertility group Eugin closed. The company announced a structured exit from Vamed, selling the majority of Vamed's rehabilitation business to PAI Partners. Vamed ceased to be a reporting segment as of Q2 2024 [11], [5].
Investors increasingly priced Fresenius as a simpler, more focused healthcare group with clearer capital allocation, with Fresenius Kabi as top priority. Reduced conglomerate complexity and clearer near-term cash and liquidity paths improved sentiment [11], [5].
The market rewarded the simplification with a renewed uptrend and rerating as uncertainty around the conglomerate structure receded [11], [5].
2025 — Monetisations and balance-sheet repair
Fresenius reported on FY24 and early-2025 progress (Q4/FY24 communications in February 2025) and executed further monetisations. In fiscal 2025 the company sold shares in Fresenius Medical Care and recognised proceeds and income of €510 million [7], [9].
The monetisations were read as tangible de-risking and a material boost to liquidity and deleveraging, supporting a re-focus of capital on Kabi and on prioritized organic growth. Investor narrative moved toward value realisation and normalization of earnings growth [7], [9].
A relief rally and consolidation into a higher trading range occurred as balance-sheet repair and clearer capital-allocation plans were digested by the market [7], [9].
2025 Dec — Board oversight and 2026 planning
The Supervisory Board met on 4 December 2025 to review the 2026 budget and mid-term planning. Management reported business performance through October 2025 to the board [8].
Investors saw stronger governance oversight and clearer mid-term planning as reinforcing execution discipline under the FutureFresenius roadmap [8].
Measured consolidation occurred as guidance visibility improved and the market awaited 2026 execution [8].
2026 Jul 11 — Current market snapshot
Latest market price: 42.57 [reference date 2026-07-11].
By mid-2026 the public and investor view treated Fresenius as a materially simplified healthcare group: Kabi the primary growth engine, prior non-core assets monetised or de-consolidated, balance sheet materially repaired. Market narrative is now execution/compounder with lower conglomerate discount.
Mid-40s consolidation range after the multi-year restructuring and partial rerating. Price sits above the 2021 year-end close but below the 2021 intraday high (~€47), consistent with a post-restructuring rerating.
Key risks and downside factors
Fresenius SE & Co. KGaA operates across three distinct healthcare domains: hospital operations through Helios, renal and dialysis services via a significant stake in Fresenius Medical Care, and pharmaceuticals, infusion therapy, and medical devices through Fresenius Kabi. Each segment faces its own competitive landscape—dialysis and renal products square off against Fresenius Medical Care, DaVita, and Baxter, while the medtech, diagnostics, and hospital services divisions contend with formidable competitors like Abbott, Siemens Healthineers, and established hospital operators. The company's risk exposure clusters around regulatory and antitrust oversight, reimbursement constraints and pricing pressure, manufacturing concentration in critical IV and dialysis products that creates supply-chain vulnerability, and the capital intensity and execution demands inherent in large hospital infrastructure investments and affiliate stakes.
- Reimbursement and pricing pressure across dialysis, hospital, and generic/infusion segments—each sensitive to shifts in public-payer rates and negotiated tariffs.
- Legal, compliance, and antitrust enforcement risk stems from prior FCPA settlements tied to dialysis operations, alongside active market-conduct investigations that could result in material fines and operational restrictions.
- Supply-chain and manufacturing concentration risk creates genuine vulnerability across IV fluids, generics, and dialysis supplies. When a single plant goes offline or raw-material supplies tighten, these products face immediate shortages and margin compression. The risk isn't theoretical—it's baked into how these categories are produced and distributed, with limited redundancy built into most supply networks [8], [3], [21].
- Capital structure strain from substantial hospital capital expenditures, acquisitions, and meaningful affiliate investments—balance sheet leverage, exposure to rate movements, and the friction inherent in integrating complex healthcare operations.
Competitive landscape
Fresenius SE & Co. KGaA is a diversified German healthcare group built around two core operating businesses: Fresenius Kabi, which handles intravenous and generic drugs alongside clinical nutrition and medical devices, and Fresenius Helios, a private hospital operator. The group maintains a substantial stake in Fresenius Medical Care, adding another layer to its healthcare footprint. Competition spans global medtech and infusion suppliers like Baxter and Becton, as well as regional and private hospital operators—a positioning that exposes the company to pricing and reimbursement pressure, regulatory oversight, and the volatility of patient volumes and labor costs. Recent strategic moves, including the exit from Vamed, suggest an active reshaping of the portfolio [https://report.fresenius.com/2024/annual-report/group-management-report/fundamental-information-about-the-group/the-groups-business-model.html, https://www.fresenius.com/sites/default/files/2025-02/20250203_FSE_Press_Release_Vamed_HTE-Sale.pdf].
| Company | Ticker |
|---|---|
| Baxter International Inc. | BAX.NYSE |
| Becton, Dickinson and Company | BDX.NYSE |
| DaVita Inc. | DVA.NYSE |
Private competitors
- B. Braun Melsungen
- Asklepios Kliniken
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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 | +14.28% | +10.74% | +11.69% |
| 3M | -2.11% | -7.42% | -13.51% |
| 6M | -13.73% | -12.40% | -22.91% |
| 1Y | +4.33% | +0.98% | -18.07% |
| 3Y | +74.16% | +17.72% | -1.54% |
| 5Y | +6.06% | -52.69% | -78.75% |
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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 | 16.2 | 1.0 | 1.2 | 8.2 |
| 1Y ago | 21.4 | 1.1 | 1.3 | 10.9 |
| 3Y ago | 13.7 | 0.3 | 0.7 | 3.1 |
| 5Y ago | 14.2 | 0.7 | 1.4 | 5.3 |
Frequently Asked Questions
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What are the key risks when investing in FRE.XETRA?
- Reimbursement and pricing pressure across dialysis, hospital, and generic/infusion segments—each sensitive to shifts in public-payer rates and negotiated tariffs.
- Legal, compliance, and antitrust enforcement risk stems from prior FCPA settlements tied to dialysis operations, alongside active market-conduct investigations that could result in material fines and operational restrictions.
- Supply-chain and manufacturing concentration risk creates genuine vulnerability across IV fluids, generics, and dialysis supplies. When a single plant goes offline or raw-material supplies tighten, these products face immediate shortages and margin compression. The risk isn't theoretical—it's baked into how these categories are produced and distributed, with limited redundancy built into most supply networks [8, 3, 21].
- Capital structure strain from substantial hospital capital expenditures, acquisitions, and meaningful affiliate investments—balance sheet leverage, exposure to rate movements, and the friction inherent in integrating complex healthcare operations.
Who are the main competitors of Fresenius SE & Co. KGaA?
- Baxter International Inc. (BAX.NYSE)
- Becton, Dickinson and Company (BDX.NYSE)
- DaVita Inc. (DVA.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)
