Fresenius Medical Care AG & Co. KGaA (FME.DE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+126.2%

€89.20

vs €39.43 price

Levered DCF

€97.14

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.77

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	12.13×	24.13×	22.33×	13.29×	17.26×	17.22×	16.66×	8.85×
P/B	0.89×	0.89×	0.82×	0.58×	1.2×	1.63×	1.51×	1.36×
P/S	0.6×	0.67×	0.57×	0.46×	0.95×	1.12×	1.14×	1.06×
EV / EBITDA	6.31×	7.11×	7.43×	6.49×	8.27×	8.18×	8.57×	5.87×
Gross margin	25.6%	24.6%	25.3%	27.4%	28.8%	31.0%	30.9%	31.2%
Operating margin	9.3%	7.2%	7.0%	7.9%	1.7%	3.0%	4.1%	18.4%
Net margin	5.0%	2.8%	2.6%	3.5%	5.5%	6.5%	6.9%	12.0%
Current ratio	1.26×	1.4×	1.42×	1.27×	1.1×	1.18×	1.02×	1.25×
Debt / equity	0.81×	0.75×	0.88×	0.86×	0.95×	1×	1.04×	0.58×
Interest coverage	4.74×	3.42×	3.22×	4.27×	0.85×	1.29×	1.45×	6.78×
Dividend yield	3.6%	2.7%	3.0%	4.4%	2.3%	1.8%	1.8%	1.9%
Payout ratio	43.2%	64.9%	65.9%	58.7%	40.5%	30.2%	29.6%	16.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.3%	3.7%	3.7%	4.4%	6.9%	9.4%	9.1%	15.4%
Return on invested capital	5.3%	3.4%	3.3%	3.6%	0.8%	1.4%	1.9%	11.1%
Return on assets	3.2%	1.6%	1.5%	1.9%	2.8%	3.7%	3.6%	7.6%
Free cash flow yield	14.9%	13.0%	17.5%	16.1%	9.8%	10.7%	1.6%	0.0%
Earnings yield	8.2%	4.2%	4.5%	7.5%	5.8%	5.8%	6.0%	11.3%
Enterprise value	€21.1B	€22.8B	€21.8B	€20.9B	€28.6B	€31.4B	€32.7B	€22.9B
Net debt / EBITDA	2.76×	3.07×	3.63×	3.71×	3.43×	2.95×	3.34×	1.38×
Cash conversion cycle (days)	94	101	112	104	109	98	108	105