Fresenius Medical Care Corporation (FMS) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Fresenius Medical Care Corporation stock $46.55, price $23.40, upside +98.9%, quality 65 out of 100. Rating: strongly undervalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range $11.33 – $35.22 · fair‑value band $30.48 – $58.19 · the $23.40 price screens below the $46.55 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Fresenius Medical Care AG provides dialysis and related services for individuals with renal diseases in Germany, the United States, and internationally.
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The company offers dialysis treatment and related laboratory and diagnostic services through a network of outpatient dialysis clinics; materials, training, and patient support services comprising clinical monitoring, follow-up assistance, and arranging for delivery of the supplies to the patient's residence; and dialysis services under contract to hospitals in the United States for the hospitalized end-stage renal disease (ESRD) patients and for patients suffering from acute kidney failure.
The company operates through Care Delivery and Care Enablement segments.
It also develops, manufactures, and distributes various health care products, including hemodialysis machines, peritoneal dialysis cyclers, peritoneal dialysis solutions, hemodialysis concentrates, solutions and granulates, bloodlines, renal pharmaceuticals, systems for water treatment, and acute cardiopulmonary and apheresis products.
In addition, the company develops, acquires, and in-licenses renal pharmaceuticals; offers renal medications and supplies to patients at homes or to dialysis clinics; and provides vascular specialty, ambulatory surgery center, physician nephrology practice management, pharmacy and other services.
The company sells its products to dialysis clinics, hospitals, and specialized treatment clinics, as well as through local sales forces, independent distributors, dealers, and sales agents. The company was incorporated in 1996 and is headquartered in Bad Homburg, Germany.
Stock analysis
Fresenius Medical Care Corporation (FMS) currently trades at $23.40, while our model-based Fair Value estimate is $46.55, implying the stock looks roughly 50% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of $57.42 per share, and 20 of the 24 models we run sit above the $23.40 price.
Bear case: the Dividend Discount group reads lowest at $15.18, and 4 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: $30.48 (bear) to $58.19 (bull), the price of $23.40 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 65/100 (solid quality), in the Healthcare sector.
Weak Growth: Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Fresenius Medical Care Corporation reported revenue of €19.6B in FY2025 versus €17.6B in FY2021, a compound +2.7%/yr. Reported net income was €978M in FY2025, compounding +0.2%/yr from FY2021.
Key figures
Market cap $12.6B Large · P/E ratio 13.5 · P/S ratio 0.58 · EPS (TTM) $1.73 · Dividend yield 6.4% · Net margin 4.2% · Return on equity 7.8% · Return on assets (EBIT) 4.8% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (medium confidence).
What moves the price
The share trades about 9% below its 52-week high and 21% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −23% fair-value upside, at 99%, FMS screens cheaper than that median.
Fair Value models
Bear$30.48Fair Value $46.55Bull$58.19
Price $23.40 · Upside +98.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($0.2052 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Revenue growth 1 year
+1.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.9%
Start year 2020 (pandemic). Over 10 years: +2.5% a year
Revenue growth 28 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.0%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
≈ +10.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.2%
Dividend (yield on the price)6.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.4.4% vs 0.9%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.13% → 9%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Rate on operating basis: 2025 sits 98% above its own trend.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−5.2%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+2.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in EUR, euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about −7.2% a year for the price and +0.2% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (96 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Global clinic scale provides a moderate moat while heavy reimbursement dependence and average profitability remain the central constraints.
Main risk: DaVita could expand its lead in risk-based integrated kidney care arrangements and capture more US patients or force Fresenius to accept lower margins in value-based contracts.
Bull case: Fresenius could leverage its global clinic scale and new systems like multiFiltratePRO together with its KI tools to win more value-based contracts and maintain or grow its share even as rivals advance.
Bear case: If DaVita captures more integrated care patients and GLP-1 therapies meaningfully cut new dialysis starts, Fresenius could face sustained volume pressure and margin compression in its core US and international operations.
Fresenius Medical Care is launching its multiFiltratePRO system in the US for acute kidney injury patients in critical care. The setup automates citrate anticoagulation to make treatment simpler for ICU teams. Our models see it as undervalued. Will this move into advanced therapies offset risks from dialysis reforms or introduce fresh uncertainties?
Compare Fresenius Medical Care Corporation with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Medical Care Facilities · 233 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score65 · Top 25%
Fair Value upside+98.9% · Top 25%
Profitability
Return on equity (12 months)7.8% · Below median
Return on assets3.2% · Below median
Net margin (12 months)4.2% · Below median
Operating margin (12 months)9.6% · Below median
Growth and dividend
Revenue growth (quarter YoY)1.1% · Below median
Dividend yield (12 months)6.4% · Top 25%
Balance sheet
Debt / equity0.40× · Above median
Valuation Multiplesvs Medical Care Facilities median · lower = cheaper
P/E (12 months)13.5× · Cheaper than median
P/B0.79× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Fresenius Medical Care Corporation Fair Value". https://www.fairvalue-calculator.com/stock/FMS
Frequently asked questions
Is Fresenius Medical Care Corporation (FMS) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of $46.55 versus a price of $23.40, about +99% upside (undervalued).
What is the fair value of FMS?
Our model-based fair value for Fresenius Medical Care Corporation is $46.55 (as of Nov 6, 2026), built from audited fundamentals. The current price: $23.40.
What is the quality score of FMS?
Fresenius Medical Care Corporation has a Quality Score of 65/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Fresenius Medical Care Corporation (FMS)?
Our model-based price target is the fair value of $46.55 (as of Nov 6, 2026) from 24 valuation models. Cautious scenario $30.48, optimistic scenario $58.19. It is a calculation from audited fundamentals, not an analyst target.
What is the Fresenius Medical Care Corporation stock forecast for 2026?
Our models put fair value at $46.55, about +99% upside versus a price of $23.40 (undervalued). Cautious scenario $30.48, optimistic scenario $58.19. The calculation is refreshed regularly with new filings.
What is the revenue of Fresenius Medical Care Corporation (FMS)?
Fresenius Medical Care Corporation reported trailing-twelve-month revenue of about €19.5B (latest available figure, as of Nov 6, 2026).
Does Fresenius Medical Care Corporation pay a dividend?
Fresenius Medical Care Corporation currently shows a dividend yield of 6.37% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Fresenius Medical Care Corporation (FMS) and when is the ex-dividend date?
Fresenius Medical Care Corporation pays a dividend of $1.49 per share a year, a dividend yield of 6.4%. The last ex-dividend date was May 22, 2026. A dividend has been paid every year since at least 1998. The payout ratio is 41.5% of earnings. Free cash flow covers the dividend 4.18 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Fresenius Medical Care Corporation (FMS)?
For today's price to be fair in a discounted-cash-flow model, Fresenius Medical Care Corporation would have to grow free cash flow by -5.2 % per year for five years (discount rate 8.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +1.9 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of FMS use?
Our models discount Fresenius Medical Care Corporation at 8.8 %: a base by market capitalisation (large), damped by beta 0.79, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Fresenius Medical Care Corporation that is -5.2 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (8.8 %) and the same formula as our fair value.
How much growth has Fresenius Medical Care Corporation (FMS) delivered so far?
Over the past 5 years revenue at Fresenius Medical Care Corporation grew +1.9 % a year. The price currently implies free-cash-flow growth of -5.2 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Fresenius Medical Care Corporation (FMS) growing?
The median revenue growth in the sector is +6.2 % a year. That is the yardstick for the growth priced into Fresenius Medical Care Corporation (-5.2 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Fresenius Medical Care Corporation (FMS)?
The free-cash-flow yield on the price is 14.98 %: that much free cash flow Fresenius Medical Care Corporation produces per unit of market value. When it exceeds the discount rate of our models (8.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Fresenius Medical Care Corporation (FMS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Fresenius Medical Care Corporation it is $46.55 per share (as of Nov 6, 2026), against a price of $23.40. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings).
Is Fresenius Medical Care Corporation stock overvalued or undervalued in 2026?
As of Nov 6, 2026, FMS trades below its calculated fair value: price $23.40, fair value $46.55, a gap of about +99% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FMS?
No. The price is what the market pays today ($23.40); the fair value is what the company's own numbers justify ($46.55). For Fresenius Medical Care Corporation the two are $23.15 per share apart. That gap is exactly why we show both numbers side by side.
How much is Fresenius Medical Care Corporation worth?
The market values Fresenius Medical Care Corporation at about $12.6B (market capitalisation, as of Nov 6, 2026). Per share that is $23.40; our models calculate a fair value of $46.55 per share.
What do the bullish and bearish scenarios say about FMS?
Our models span a range for Fresenius Medical Care Corporation: cautious scenario $30.48, base $46.55, optimistic $58.19 per share (as of Nov 6, 2026, price $23.40). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FMS?
Fresenius Medical Care Corporation trades at a price-to-earnings ratio of 13.5 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $46.55 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 21.7. Other multiples: PEG 0.8, P/B 0.8, P/S 0.6, EV/EBITDA 5.7.
What is the PEG ratio of FMS?
The PEG ratio of Fresenius Medical Care Corporation is 0.77 (P/E divided by earnings growth, as of Nov 6, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Fresenius Medical Care Corporation (FMS)?
Balance-sheet figures for Fresenius Medical Care Corporation (as of Nov 6, 2026): return on equity 7.8%, debt of 0.40 per unit of equity. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is FMS from its 52-week high?
Fresenius Medical Care Corporation trades at $23.40, about 9% below its 52-week high of $25.70 and 21% above the low of $19.41 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $46.55 is for.
Which stocks are comparable to Fresenius Medical Care Corporation?
From the same area (Healthcare) we also value HCA Healthcare, Inc, Fresenius SE, Tenet Healthcare Corporation, Dr. Sulaiman Al Habib Medical Services Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Fresenius Medical Care Corporation stock attractive at the current price?
The data as of Nov 6, 2026: price $23.40, calculated fair value $46.55 (+99%), Quality Score 65/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FMS calculated?
We run Fresenius Medical Care Corporation through 24 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of $46.55 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Fresenius Medical Care Corporation currently trades 50% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Fresenius Medical Care Corporation (FMS)?
The closing price on Nov 6, 2026 was $23.40. Our model-based fair value is $46.55, about +99% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Fresenius Medical Care Corporation right now?
The price is below even our cautious bear case ($30.48). The market is more pessimistic than our downside scenario. Solid quality (65/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range ($30.48 to $58.19) leaves room in how you read the outcome.
Where does the earnings growth of Fresenius Medical Care Corporation (FMS) come from?
Earnings per share at Fresenius Medical Care Corporation grew −3.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share +3.3 %, EBIT margin −6.3 %, tax rate +0.8 %, residual (interest, one-offs) −1.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Fresenius Medical Care Corporation
How large is the market capitalisation of Fresenius Medical Care Corporation (FMS)?
The market capitalisation of Fresenius Medical Care Corporation is $12.6B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Fresenius Medical Care Corporation (FMS)?
The price-to-sales ratio of Fresenius Medical Care Corporation is 0.58 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Fresenius Medical Care Corporation (FMS)?
Earnings per share at Fresenius Medical Care Corporation are $1.73 (price ÷ EPS = P/E 13.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Fresenius Medical Care Corporation (FMS)?
The dividend yield of Fresenius Medical Care Corporation is 6.4% (payout 86.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Fresenius Medical Care Corporation (FMS)?
The net margin of Fresenius Medical Care Corporation is 4.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Fresenius Medical Care Corporation (FMS)?
The return on equity (ROE) of Fresenius Medical Care Corporation is 7.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Fresenius Medical Care Corporation (FMS)?
On an EBIT basis the return on assets of Fresenius Medical Care Corporation is 4.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Fresenius Medical Care Corporation (FMS)?
The operating margin of Fresenius Medical Care Corporation is 9.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Fresenius Medical Care Corporation (FMS)?
Revenue at Fresenius Medical Care Corporation is growing +1.1% versus a year earlier (3y avg +0.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Fresenius Medical Care Corporation (FMS)?
Earnings per share at Fresenius Medical Care Corporation are growing −35.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Fresenius Medical Care Corporation (FMS) carry?
The net debt of Fresenius Medical Care Corporation is €9.2B (fiscal year 2025, ≈ 5.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 6, 2026