Fresenius SE & Co. KGaA (FRE.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

-99.6%

€0.21

vs €48.51 price

Levered DCF

€57.77

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.1

Grey zone

Rating

B+

Overall 3 / 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	21.87×	39.93×	-26.73×	10.76×	10.86×	12.37×	14.85×	11.83×
P/B	1.44×	0.97×	0.83×	0.72×	1.04×	1.24×	1.67×	1.56×
P/S	1.21×	0.87×	0.75×	0.69×	0.53×	0.58×	0.79×	0.72×
EV / EBITDA	10.13×	9.7×	10.82×	13.03×	6.37×	6.59×	7.91×	7.08×
Gross margin	24.9%	24.6%	23.6%	24.4%	26.5%	28.4%	29.2%	29.3%
Operating margin	9.5%	8.4%	6.3%	7.0%	9.7%	11.4%	12.2%	12.6%
Net margin	5.5%	2.2%	-2.8%	6.4%	4.9%	4.7%	5.3%	6.0%
Current ratio	1.32×	1.27×	1.34×	1.34×	1.16×	1.19×	1.1×	1.11×
Debt / equity	0.62×	0.69×	0.83×	1.36×	1.43×	1.53×	1.62×	1.24×
Interest coverage	4.97×	3.38×	2.6×	4.4×	5.7×	5.53×	4.92×	6.15×
Dividend yield	2.5%	0.0%	3.5%	2.7%	2.5%	2.2%	1.6%	1.7%
Payout ratio	54.1%	0.0%	-92.6%	29.4%	27.0%	27.4%	23.6%	20.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.6%	2.4%	-3.1%	6.7%	9.6%	10.1%	11.2%	13.2%
Return on invested capital	4.6%	3.1%	1.3%	1.7%	4.5%	5.5%	5.7%	6.9%
Return on assets	3.1%	1.1%	-1.3%	1.8%	2.5%	2.6%	2.8%	3.6%
Free cash flow yield	4.3%	8.1%	21.0%	15.5%	15.3%	19.6%	6.5%	2.2%
Earnings yield	4.6%	2.5%	-3.8%	9.3%	9.2%	8.1%	6.7%	8.4%
Enterprise value	€37.9B	€30.4B	€29.1B	€40.3B	€44.3B	€45.2B	€53.5B	€40.4B
Net debt / EBITDA	2.76×	3.68×	4.94×	8.27×	3.53×	3.51×	3.78×	2.88×
Cash conversion cycle (days)	120	104	123	217	104	106	118	98