FMS
HealthcareFresenius Medical Care AG & Co. KGaA · Medical - Care Facilities · $12B
What is Fresenius Medical Care AG & Co. KGaA?
Fresenius Medical Care is one of the world's largest providers of dialysis care, operating a global network of outpatient clinics and manufacturing the equipment and supplies that keep kidney patients alive. Headquartered in Bad Homburg, Germany, the company serves patients across North America, Europe, and beyond.
Fresenius Medical Care generates revenue through two interconnected streams: delivering dialysis treatments directly to patients at its outpatient clinics, and manufacturing and selling the machines, dialyzers, solutions, and supplies used in those treatments worldwide. It also contracts with hospitals to care for acute kidney failure patients, provides home dialysis support, and offers vascular and nephrology specialty services. This integrated model means the company is both a healthcare provider and a medical device manufacturer.
The company was founded in 1996 and is headquartered in Bad Homburg, Germany.
- Outpatient hemodialysis and peritoneal dialysis clinic services
- Hemodialysis machines and polysulfone dialyzers
- Peritoneal dialysis cyclers and solutions
- Home dialysis patient support and supply delivery
- Vascular and nephrology specialty care services
Is FMS a Good Stock to Buy?
UQS Score rates FMS as Below Average overall, reflecting meaningful headwinds across several key dimensions.
The most constructive element in FMS's profile is its Valuation pillar, which registers as Attractive — suggesting the market may already be pricing in a significant portion of the company's challenges. Quality and Moat both land at Neutral, reflecting the company's entrenched position in a specialized, high-barrier market even as profitability faces pressure.
Growth and Risk are both rated Weak, pointing to limited near-term earnings momentum and an elevated risk profile driven by reimbursement exposure, cost pressures, and ongoing restructuring.
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Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does FMS pay dividends?
Yes — Fresenius Medical Care AG & Co. KGaA pays a dividend.
FMS pays a regular dividend, which may appeal to income-oriented investors seeking exposure to the healthcare services sector. Given the company's scale and long operating history, the dividend reflects a commitment to returning capital even during periods of operational transition. Investors should review the current yield and payout sustainability in the context of the company's ongoing restructuring efforts.
When does FMS report earnings?
Fresenius Medical Care reports earnings on a quarterly cadence, consistent with standard practice for internationally listed healthcare companies.
Recent reporting periods have reflected the pressures visible in the UQS profile — constrained growth and elevated risk — as the company works through cost restructuring and navigates reimbursement dynamics in its core markets. Operational improvement has been a stated management priority.
For the most recent quarter's results and guidance, visit Fresenius Medical Care's official investor relations page.
FMS Price History
-38.4% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Fresenius Medical Care AG & Co. KGaA?
Based on Fresenius Medical Care AG & Co. KGaA's historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
FMS Long-term Outlook
The UQS Growth pillar rating of Weak signals that near-term revenue and earnings expansion is expected to remain limited. The Weak Risk rating adds further caution, as reimbursement rate changes, labor cost inflation, and restructuring execution all represent ongoing uncertainties. That said, the Attractive Valuation pillar suggests the current price may reflect these risks, leaving room for improvement if operational initiatives gain traction over the medium term.
Growth drivers
- Structural demand growth from aging populations and rising ESRD prevalence globally
- Potential margin recovery as cost restructuring programs mature
- Expansion of home dialysis and value-based care models
Key risks
- Reimbursement rate pressure from government payers, particularly in the US
- Elevated cost base and execution risk around ongoing restructuring
- Currency headwinds given the company's global revenue mix
FMS vs Peers
FMS operates in a specialized corner of healthcare, but it shares the broader services and medtech landscape with several notable peers.
Solventum focuses on medical-grade filtration and purification technologies, overlapping with FMS in the supply of specialized healthcare consumables rather than direct patient care.
Ensign Group operates skilled nursing and rehabilitation facilities, competing with FMS in the broader post-acute and specialty care services market.
Universal Health Services runs acute care hospitals and behavioral health facilities, representing a different care-setting model within the large-cap US healthcare services space.
Frequently Asked Questions
What does Fresenius Medical Care do?
Fresenius Medical Care provides dialysis treatment to patients with end-stage renal disease through a global network of outpatient clinics. It also manufactures and sells the machines, dialyzers, and solutions used in dialysis, and offers home dialysis support, vascular care, and nephrology specialty services.
Does FMS pay dividends?
Yes, FMS pays a regular dividend. The company has maintained a dividend program reflecting its long operating history and commitment to returning capital to shareholders. Investors should review the current yield and payout ratio in light of the company's ongoing restructuring before making income-focused decisions.
When does FMS report earnings?
Fresenius Medical Care reports on a quarterly cadence. For exact upcoming dates and the most recent results, check the investor relations section of the company's official website, as our data source does not cover specific future earnings dates.
Is FMS a good stock to buy?
UQS Score rates FMS as Below Average overall. The Valuation pillar is Attractive, which may interest contrarian investors, but the Weak Growth and Weak Risk ratings highlight meaningful near-term challenges. The full pillar breakdown is available to UQS Pro members.
Is FMS overvalued?
Based on the UQS Valuation pillar, FMS is rated Attractive — meaning the current price appears to reflect, or more than reflect, the company's fundamental challenges. This does not guarantee upside, but it suggests the stock is not trading at a premium relative to its quality profile.
How does FMS compare to its competitors?
FMS is distinguished by its integrated model — combining direct patient care with dialysis product manufacturing — which sets it apart from pure-play healthcare services companies like Ensign Group or hospital operators like Universal Health Services. Its global scale in dialysis is difficult to replicate.
What is FMS's market cap bracket?
FMS is classified as a large-cap company, reflecting its significant global footprint across dialysis clinic operations and medical device manufacturing. Large-cap status generally implies greater liquidity and institutional coverage compared to smaller healthcare peers.
Who founded Fresenius Medical Care?
Fresenius Medical Care was formed in 1996 through the merger of Fresenius AG's dialysis division with National Medical Care. The parent company Fresenius SE has roots going back much further in German healthcare. Detailed founding history is widely available through the company's official corporate profile.
Is FMS a long-term quality investment?
As a long-term quality indicator, FMS scores Below Average on the UQS composite. The Neutral Moat rating reflects some structural advantages in a high-barrier specialty, but Weak Growth and Weak Risk ratings temper the long-term quality case. Pro members can view the complete pillar analysis.
What is the main competitive advantage of Fresenius Medical Care?
FMS benefits from its integrated position across the dialysis value chain — operating clinics while also supplying the equipment and consumables those clinics use. This creates switching costs and scale advantages that are difficult for new entrants to replicate, contributing to its Neutral Moat rating.
What sector does FMS belong to?
FMS operates in the Healthcare sector, specifically spanning healthcare services and medical devices. Its primary focus on dialysis care places it in a specialized sub-segment serving patients with chronic kidney disease and end-stage renal disease.
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Pro Analysis
FMS — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 7, 2026 | 49.5 | 41.0 | 46.0 | 39.6 | 33.7 | 98.9 | -0.1 |
| May 3, 2026 | 49.6 | 41.0 | 46.0 | 39.6 | 33.7 | 99.1 | +0.1 |
| Apr 26, 2026 | 49.5 | 41.0 | 46.0 | 39.6 | 33.7 | 98.8 | +0.1 |
| Apr 23, 2026 | 49.4 | 41.0 | 46.0 | 39.6 | 33.7 | 98.1 | -0.1 |
| Apr 22, 2026 | 49.5 | 41.0 | 46.0 | 39.6 | 33.7 | 98.3 | +0.1 |
| Apr 21, 2026 | 49.4 | 41.0 | 46.0 | 39.5 | 33.7 | 98.4 | 0.0 |
| Apr 19, 2026 | 49.4 | 41.0 | 46.0 | 39.5 | 33.7 | 98.2 | 0.0 |
| Apr 18, 2026 | 49.4 | 41.0 | 46.0 | 39.5 | 33.7 | 97.9 | 0.0 |
| Apr 17, 2026 | 49.4 | 41.0 | 46.0 | 39.4 | 33.7 | 98.1 | 0.0 |
| Apr 16, 2026 | 49.4 | 41.0 | 46.0 | 39.3 | 33.7 | 98.0 | +0.1 |
FMS — Pillar Breakdown
Quality
— 41.7/100 (25%)Fresenius Medical Care AG & Co. KGaA has average quality metrics, with room for improvement in margins or capital efficiency.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 38.8/100 (20%)Fresenius Medical Care AG & Co. KGaA shows steady but unspectacular growth, typical for mature companies.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 29.7/100 (15%)Fresenius Medical Care AG & Co. KGaA presents elevated risk with concerns around leverage or financial stability.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 99.2/100 (15%)Fresenius Medical Care AG & Co. KGaA appears attractively valued relative to its earnings, cash flows, and sector peers.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 46/100 (25%)Fresenius Medical Care AG & Co. KGaA possesses some competitive advantages but faces meaningful competition. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for FMS.
Score Composition
Financial Data
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How is the FMS UQS Score Calculated?
The UQS (Unified Quality Score) for Fresenius Medical Care AG & Co. KGaA is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Fresenius Medical Care AG & Co. KGaA's competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Fresenius Medical Care AG & Co. KGaA is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.