Fresenius Medical Care AG & Co. KGaA (FMS) 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

+246.6%

$78.35

vs $22.61 price

Levered DCF

$70.14

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.74

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	12.07×	23.89×	22.62×	26.54×	34.39×	25.96×	24.33×	8.76×
P/B	0.83×	0.88×	0.83×	1.28×	2.63×	2.69×	2.44×	1.48×
P/S	0.6×	0.66×	0.58×	0.92×	1.9×	1.69×	1.67×	1.05×
EV / EBITDA	6.18×	7.07×	6.84×	8.73×	12.76×	10.04×	10.69×	7.8×
Gross margin	25.6%	24.6%	25.3%	25.2%	27.1%	31.0%	30.9%	31.2%
Operating margin	9.3%	7.6%	7.0%	7.8%	10.5%	12.9%	13.0%	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×	1.2×	1.02×	1.25×
Debt / equity	0.76×	0.75×	0.89×	0.94×	1.05×	1.1×	1.16×	0.64×
Interest coverage	4.75×	3.6×	3.22×	4.2×	5.24×	5.62×	4.62×	6.78×
Dividend yield	3.4%	2.7%	2.9%	2.2%	1.2%	1.2%	1.2%	1.9%
Payout ratio	41.5%	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	6.8%	3.7%	3.7%	4.8%	7.6%	10.4%	10.0%	16.9%
Return on invested capital	5.3%	3.5%	3.3%	3.5%	4.8%	6.3%	6.1%	11.0%
Return on assets	3.2%	1.6%	1.5%	1.9%	2.8%	3.7%	3.6%	7.6%
Free cash flow yield	14.4%	13.1%	17.2%	8.1%	4.9%	10.5%	4.9%	0.0%
Earnings yield	8.3%	4.2%	4.4%	3.8%	2.9%	3.9%	4.1%	11.4%
Enterprise value	$21B	$22.7B	$22B	$29.8B	$45.3B	$41.5B	$42B	$22.8B
Net debt / EBITDA	2.71×	3.06×	3.33×	3.49×	3.34×	2.73×	3.26×	1.86×
Cash conversion cycle (days)	94	91	101	104	108	98	100	97