Latest Ratios: P/E Ratio 12.6x · EV/EBITDA 6.4x · ROE 6.5%. (1998–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $13.3B | $13.9B | $13.3B | $12.2B | $19.2B | $38.0B | $36.9B | $32.7B | $19.9B | $32.3B | $25.9B |
| Enterprise Value | $23.8B | $23.1B | $23.1B | $22.9B | $31.1B | $49.9B | $48.2B | $45.5B | $25.3B | $38.8B | $33.3B |
| P/E Ratio → | 12.61 | 14.18 | 24.61 | 24.51 | 28.67 | 39.11 | 31.73 | 27.28 | 10.03 | 25.26 | 22.57 |
| P/S Ratio | 0.59 | 0.71 | 0.69 | 0.63 | 0.99 | 2.16 | 2.06 | 1.87 | 1.20 | 1.82 | 1.52 |
| P/B Ratio | 0.86 | 0.97 | 0.84 | 0.82 | 1.24 | 2.72 | 2.99 | 2.47 | 1.54 | 2.98 | 2.34 |
| P/FCF | 6.87 | 8.18 | 7.88 | 6.29 | 13.28 | 23.26 | 11.59 | 22.66 | 9951.05 | 79.35 | 277.52 |
| P/OCF | 4.53 | 5.39 | 5.57 | 4.65 | 8.84 | 15.28 | 8.71 | 12.73 | 9.65 | 14.73 | 12.71 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.18 | 1.20 | 1.18 | 1.60 | 2.83 | 2.70 | 2.60 | 1.53 | 2.18 | 1.95 |
| EV / EBITDA | 6.37 | 7.05 | 7.37 | 7.34 | 9.28 | 14.35 | 11.78 | 11.78 | 6.73 | 12.54 | 10.37 |
| EV / EBIT | 11.41 | 15.26 | 15.79 | 15.71 | 19.69 | 25.90 | 20.53 | 19.52 | 11.60 | 16.09 | 13.46 |
| EV / FCF | — | 13.60 | 13.70 | 11.78 | 21.55 | 30.50 | 15.14 | 31.55 | 12667.58 | 95.44 | 357.20 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.6% | 25.6% | 24.6% | 25.3% | 25.2% | 27.1% | 31.0% | 30.9% | 31.2% | 33.8% | 32.3% |
| Operating Margin | 9.3% | 9.3% | 7.2% | 7.0% | 7.8% | 10.5% | 12.9% | 13.0% | 18.4% | 13.3% | 14.7% |
| Net Profit Margin | 5.0% | 5.0% | 2.8% | 2.6% | 3.5% | 5.5% | 6.5% | 6.9% | 12.0% | 7.2% | 6.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.5% | 6.5% | 3.5% | 3.3% | 4.6% | 7.4% | 9.1% | 9.2% | 16.7% | 11.7% | 11.4% |
| ROA | 3.0% | 3.0% | 1.6% | 1.4% | 1.9% | 2.9% | 3.6% | 4.1% | 7.9% | 5.2% | 4.9% |
| ROIC | 5.6% | 5.6% | 4.1% | 3.9% | 4.3% | 5.6% | 7.0% | 7.7% | 12.8% | 9.9% | 10.6% |
| ROCE | 6.9% | 6.9% | 5.0% | 4.8% | 5.4% | 7.0% | 8.9% | 9.9% | 15.7% | 12.1% | 12.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.76 | 0.76 | 0.70 | 0.81 | 0.86 | 0.95 | 1.00 | 1.04 | 0.59 | 0.69 | 0.74 |
| Debt / EBITDA | 3.30 | 3.30 | 3.51 | 3.87 | 3.94 | 3.83 | 3.03 | 3.58 | 2.01 | 2.43 | 2.53 |
| Net Debt / Equity | — | 0.64 | 0.62 | 0.72 | 0.77 | 0.85 | 0.92 | 0.97 | 0.42 | 0.60 | 0.67 |
| Net Debt / EBITDA | 2.81 | 2.81 | 3.13 | 3.42 | 3.56 | 3.41 | 2.76 | 3.32 | 1.44 | 2.11 | 2.31 |
| Debt / FCF | — | 5.42 | 5.82 | 5.49 | 8.27 | 7.24 | 3.55 | 8.88 | 2716.53 | 16.09 | 79.68 |
| Interest Coverage | — | — | 3.60 | 3.43 | 4.39 | 5.45 | 5.72 | 4.75 | 4.87 | 5.80 | 5.79 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.26 | 1.26 | 1.40 | 1.42 | 1.27 | 1.10 | 1.20 | 1.02 | 1.25 | 1.20 | 1.30 |
| Quick Ratio | 0.92 | 0.92 | 1.03 | 1.07 | 0.91 | 0.82 | 0.89 | 0.78 | 1.02 | 0.96 | 1.05 |
| Cash Ratio | 0.26 | 0.26 | 0.24 | 0.25 | 0.23 | 0.23 | 0.21 | 0.16 | 0.36 | 0.19 | 0.18 |
| Asset Turnover | — | 0.63 | 0.58 | 0.57 | 0.54 | 0.51 | 0.56 | 0.53 | 0.63 | 0.74 | 0.67 |
| Inventory Turnover | 6.82 | 6.82 | 7.05 | 6.67 | 6.32 | 6.30 | 6.50 | 7.26 | 7.77 | 9.13 | 8.62 |
| Days Sales Outstanding | — | 58.43 | 64.35 | 68.26 | 69.99 | 74.17 | 66.70 | 75.02 | 75.67 | 71.85 | 79.31 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.3% | 2.9% | 2.6% | 2.7% | 2.1% | 1.0% | 1.0% | 1.1% | 1.6% | 0.9% | 0.9% |
| Payout Ratio | 41.5% | 41.5% | 64.9% | 65.9% | 58.7% | 40.5% | 30.2% | 29.6% | 16.4% | 23.0% | 20.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.9% | 7.1% | 4.1% | 4.1% | 3.5% | 2.6% | 3.2% | 3.7% | 10.0% | 4.0% | 4.4% |
| FCF Yield | 14.5% | 12.2% | 12.7% | 15.9% | 7.5% | 4.3% | 8.6% | 4.4% | 0.0% | 1.3% | 0.4% |
| Buyback Yield | 4.8% | 4.1% | 0.0% | 0.0% | 0.0% | 0.0% | 1.0% | 1.8% | 0.2% | 0.2% | 0.0% |
| Total Shareholder Yield | 8.1% | 7.0% | 2.6% | 2.7% | 2.1% | 1.0% | 1.9% | 2.9% | 1.8% | 1.1% | 0.9% |
| Shares Outstanding | — | $582M | $587M | $587M | $1.2B | $1.2B | $887M | $887M | $614M | $615M | $613M |
Regulatory reimbursement and labor
Based on current market data, FMS trades at a P/E of 12.14 and an EV/EBITDA of 6.24, suggesting that investors are applying a significant conglomerate discount compared to pure-play service peers like DaVita, which commands a substantially higher valuation multiple despite similar operational risks.
The current valuation appears to reflect deep skepticism regarding the company's ability to improve capital efficiency through its ongoing FMG25 transformation program. Investors should monitor whether the transition to an AG legal structure successfully narrows this valuation gap by simplifying governance and increasing transparency for institutional capital.
As reported in recent financial statements, the company's ROIC has languished at 1.2% in 2026Q1, a figure that highlights the difficulty of generating meaningful returns on invested capital within a high-fixed-cost, regulated healthcare environment that has seen significant asset base expansion through historical acquisitions.
The persistent gap between the cost of capital and these low returns suggests that the company's massive asset base is not currently being utilized to drive shareholder value. This trend warrants further investigation into whether the divestment of non-core assets can meaningfully improve the return profile over the medium term.
According to quarterly data, the cash conversion cycle has expanded to 104 days in 2026Q1, driven by persistent administrative friction in U.S. healthcare billing cycles that continues to tie up liquidity and complicate the company's ability to maintain consistent free cash flow generation across its global operations.
The elevated DSO of 67 days indicates that the company remains highly dependent on the timing of government and private payer reimbursements, which creates inherent volatility in working capital. This inefficiency appears to be a structural drag on the company's ability to self-fund its operations without relying on external liquidity.
The P/E ratio is frequently misapplied to FMS, as it obscures the significant impact of non-controlling interests and high depreciation charges inherent in a capital-intensive, vertically integrated healthcare model that requires constant reinvestment in clinic infrastructure and specialized medical hardware to maintain its competitive market position.
Analysts should instead prioritize EV/EBITDA or P/FCF to better capture the company's true operational earning power and cash-generating capacity. Relying on P/E ignores the distortive effects of the company's complex joint-venture structure and the heavy amortization of intangible assets acquired during its aggressive global expansion phase.
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying FMS stock.
Fresenius Medical Care AG & Co. KGaA's current P/E ratio is 12.6x. The historical average is 26.4x. This places it at the 8th percentile of its historical range.
Fresenius Medical Care AG & Co. KGaA's current EV/EBITDA is 6.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.5x.
Fresenius Medical Care AG & Co. KGaA's return on equity (ROE) is 6.5%. The historical average is 9.1%.
Based on historical data, Fresenius Medical Care AG & Co. KGaA is trading at a P/E of 12.6x. This is at the 8th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Fresenius Medical Care AG & Co. KGaA's current dividend yield is 3.29% with a payout ratio of 41.5%.
Fresenius Medical Care AG & Co. KGaA has 25.6% gross margin and 9.3% operating margin.
Fresenius Medical Care AG & Co. KGaA's Debt/EBITDA ratio is 3.3x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.