Fresenius Medical Care AG
FMS, FMCQF · Services-Misc Health & Allied Services, NEC · EDGAR filings ↗
Grade
B76World-leading dialysis franchise with top-decile margins and durable healthcare moat, but graded on stale FY2013 metrics.
Strengths
- Top-decile profitability: gross 95% (96.9th), operating 45% (100th), OCF 41% and FCF 26% margins (100th pct)
- Global scale and recurring, largely non-cyclical demand; ROIC 10.5% (75th), interest coverage 5x
Risks
- Reimbursement-rate dependence (Medicare/private payors) and heavy regulatory/litigation exposure
- Leverage (debt/equity 0.84) and only moderate ROE 12% / ROA 4.8%
Notable findings
- Strong balance sheetStrong balance sheet — $1.9B cash & investments
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
25.6%
Operating margin
9.3%
Net margin
6.1%
Return on equity
8.3%
Return on assets
3.8%
ROIC
5.8%
Revenue growth (QoQ)
4.0%
Debt / equity
0.8×
Interest coverage
4.9×
Current ratio
1.3×
Tangible book value
$836M
Cash & investments
$1.9B
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-02-24 | 2025-12-31 | 0001104659-26-019005 ↗ |
| 20-F | 2025-02-25 | 2024-12-31 | 0001104659-25-016784 ↗ |
| 20-F | 2024-02-20 | 2023-12-31 | 0001104659-24-025293 ↗ |
| 20-F | 2023-02-22 | 2022-12-31 | 0001104659-23-024168 ↗ |
| 20-F | 2022-02-22 | 2021-12-31 | 0001104659-22-025549 ↗ |
| 20-F | 2021-02-23 | 2020-12-31 | 0001047469-21-000424 ↗ |
| 20-F | 2020-02-20 | 2019-12-31 | 0001047469-20-000960 ↗ |
| 20-F | 2019-02-20 | 2018-12-31 | 0001047469-19-000562 ↗ |
| 20-F | 2018-02-27 | 2017-12-31 | 0001047469-18-001100 ↗ |
| 20-F | 2017-02-22 | 2016-12-31 | 0001047469-17-000816 ↗ |
| 20-F | 2016-02-24 | 2015-12-31 | 0001047469-16-010364 ↗ |
| 20-F | 2015-02-25 | 2014-12-31 | 0001047469-15-001176 ↗ |