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Fresenius Medical Care AG (0H9X) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Fresenius Medical Care AG €53.94, price €39.43, upside +36.8%, quality 54 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
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Healthcare · GB · Home Germany · ISIN DE0005785802

FM Thin data Oct 3, 2026

Fresenius Medical Care AG

0H9X · LSE

UndervaluedThe stock appears undervalued with acceptable quality.

✓Fair value €53.94 · Undervalued (+36.8%)
!Quality 54/100
!Weak Growth (revenue 3y +0.1 %/yr)
!Thin margins · 4.9% net margin (TTM)
!Moderate debt
·3.8% dividend yield · Safety not assessed
!Narrow moat 41/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

€61.24 €23.51 Fair Value €53.94 Jul 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 3, 2026.

How to read this chart

60‑month range €23.51 – €61.24 · fair‑value band €33.16 – €78.68 · the €39.43 price screens below the €53.94 fair value. Dashed = 300-day average. As of Oct 3, 2026.

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Company profile

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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Fresenius Medical Care AG provides dialysis and related services for individuals with renal diseases in Germany, the United States, and internationally. 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 AG (0H9X) currently trades at €39.43, while our model-based Fair Value estimate is €53.94, implying the stock looks roughly 26.9% undervalued today.

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Valuation

Bull case: the Growth DCF group reads highest at a median of €51.89 per share, and 16 of the 23 models we run sit above the €39.43 price.

Bear case: the Dividend Discount group reads lowest at €10.42, and 7 of the 23 models stay below the price. Evidence for this calculation is low.

Scenario range: €33.16 (bear) to €78.68 (bull), the price of €39.43 sits inside 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 54/100 (solid quality), in the Healthcare sector.

Weak Growth: Revenue growth is weak: less than 2 % a year.

Fresenius Medical Care AG reported revenue of €17.9B in FY2020 versus €16.6B in FY2016, a compound +1.9%/yr. Reported net income was €1.2B in FY2020, compounding +0.4%/yr from FY2016.

Key figures

Market cap €17.9B · P/S ratio 0.92 · Dividend yield 3.8% · Net margin 6.5% · Return on equity 7.9% · Return on assets (EBIT) 9.0% · Operating margin 8.1% · Revenue (TTM) €19.4B.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).

What moves the price

The share trades about 14% below its 52-week high and 18% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at 6% fair-value upside, at 37%, 0H9X screens cheaper than that median.

Fair Value models

Bear €33.16 Fair Value €53.94 Bull €78.68
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. 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. Evidence ⓘEvidence = 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.
Highest evidence
FCF DCF €34.40 €52.26 €84.25 75
EPV €27.33 €34.26 €40.33 74
Growth DCF €36.25 €53.55 €82.38 74
All 23 models by family
DCF Models
FCF DCF €34.40 €52.26 €84.25 75
5Y Revenue Exit €30.79 €51.06 €79.54 68
5Y EBITDA Exit €53.67 €90.24 €136.91 71
5Y P/E Exit €26.90 €44.40 €64.50 67
10Y Revenue Exit €30.48 €48.48 €69.23 63
10Y EBITDA Exit €45.85 €74.45 €107.64 65
10Y P/E Exit €29.36 €44.06 €59.16 61
Earnings-Based
Graham-Dodd €17.47 €31.20 €38.42 64
EPV €27.33 €34.26 €40.33 74
Dividend Discount
Gordon GGM €8.01 €10.42 €12.87 67
DDM Multi-Stage €8.01 €10.93 €14.45 64
Multiples
P/E Multiple €42.39 €56.52 €70.65 63
P/S Multiple €32.76 €43.68 €54.60 58
P/B Multiple €32.76 €43.68 €54.60 55
EV/EBIT €50.56 €72.17 €93.78 65
EV/EBITDA €77.54 €108.15 €138.75 67
EV/Revenue €32.01 €51.84 €71.67 53
Asset-Based
NCAV (Graham) €12.37 €16.58 €24.75 54
Growth DCF
Growth DCF €36.25 €53.55 €82.38 74
Rev-Margin DCF €30.79 €51.89 €77.34 68
Economic Profit
Residual Income €22.18 €24.63 €30.12 73
ROIC Compounder €27.54 €35.76 €44.38 69
Growth Earnings
Growth-Adj P/E €29.88 €42.69 €55.50 65

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Quality Score breakdown

Overall quality 54/100

Of which business quality 53 · Market factors (momentum, volatility) 47

Profitability 37
Margins and returns on capital today
Quality Growth 48
Are margins and returns improving?
Cashflow 80
Earnings quality: real cash, not paper profit
Fin. Strength 32
Balance sheet, leverage, solvency risk
Investment 76
Disciplined investing over empire-building
Low Volatility 71
Calm price path (market factor)
Momentum 37
Price trend over the last 3–12 months (market factor)
52W Momentum 36
Distance to the 52-week high (market factor)

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Revenue & earnings trend

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
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+2.2%
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.
+0.1%
Profit margin (trend) ⓘ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.
14.5% (2016) → 12.9% (2020)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no share-count history
not computed

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Compare Fresenius Medical Care AG with another stock

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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 · 246 stocks

Beats the industry median on 3/12 measures
Overall it trails its industry peers.
Valuation
Quality Score 54 · Below median
Fair Value upside +28.1% · Above median
Profitability
Return on equity (TTM) 7.9% · Below median
Return on assets 3.6% · Below median
Net margin (TTM) 4.9% · Below median
Operating margin (TTM) 8.1% · Below median
Growth and dividend
Revenue growth −5.5% · Bottom 25%
Dividend yield (TTM) 3.8% · Above median
Balance sheet
Debt / equity 0.61× · Highest 25%

Valuation Multiplesvs Medical Care Facilities median · lower = cheaper

P/B 1.85× · Pricier than median
P/S (TTM) 1.07× · Cheaper than median
EV/EBITDA 10.5× · Pricier than median

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Medical Care Facilities stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
HCA Healthcare, Inc HCA $431.63 $597.97 +39%
Fresenius SE FRE €43.64 €34.49 −21%
Dr. Sulaiman Al Habib Medical Services Group 4013 225.00 SAR 109.45 SAR −51%
Tenet Healthcare Corporation THC $257.93 $274.35 +6%
IHH Healthcare Berhad, an investment holding company, 5225 8.03 MYR 4.87 MYR −39%
Apollo Hospitals Enterprise Limited APOLLOHOSP ₹8,889 ₹2,908 −67%
Encompass Health Corporation EHC $123.47 $94.47 −23%
DaVita Inc DVA $178.07 $215.81 +21%
Aier Eye Hospital Group 300015 ¥7.91 ¥10.86 +37%
Universal Health Services, Inc UHS $175.73 $444.19 +153%

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Fresenius Medical Care AG · Fair Value
€53.94 +27%Fair Value
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Cite: Fair Value Calculator (2026). "Fresenius Medical Care AG Fair Value". https://www.fairvalue-calculator.com/stock/0H9X

Frequently asked questions

Is Fresenius Medical Care AG (0H9X) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of €53.94 versus a price of €39.43, about +37% upside (undervalued).
What is the fair value of 0H9X?
Our model-based fair value for Fresenius Medical Care AG is €53.94 (as of Oct 3, 2026), built from audited fundamentals. The current price: €39.43.
What is the quality score of 0H9X?
Fresenius Medical Care AG has a Quality Score of 54/100. 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 AG (0H9X)?
Our model-based price target is the fair value of €53.94 (as of Oct 3, 2026) from 23 valuation models. Cautious scenario €33.16, optimistic scenario €78.68. It is a calculation from audited fundamentals, not an analyst target.
What is the Fresenius Medical Care AG stock forecast for 2026?
Our models put fair value at €53.94, about +37% upside versus a price of €39.43 (undervalued). Cautious scenario €33.16, optimistic scenario €78.68. The calculation is refreshed regularly with new filings.
What is the revenue of Fresenius Medical Care AG (0H9X)?
Fresenius Medical Care AG reported trailing-twelve-month revenue of about €19.4B (latest available figure, as of Oct 3, 2026).
Does Fresenius Medical Care AG pay a dividend?
Fresenius Medical Care AG currently shows a dividend yield of about 3.78% relative to its recent price (as of Oct 3, 2026).
What is the intrinsic value of Fresenius Medical Care AG (0H9X)?
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 AG it is €53.94 per share (as of Oct 3, 2026), against a price of €39.43. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is Fresenius Medical Care AG stock overvalued or undervalued in 2026?
As of Oct 3, 2026, 0H9X trades below its calculated fair value: price €39.43, fair value €53.94, a gap of about +37% (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 0H9X?
No. The price is what the market pays today (€39.43); the fair value is what the company's own numbers justify (€53.94). For Fresenius Medical Care AG the two are €14.52 per share apart. That gap is exactly why we show both numbers side by side.
How much is Fresenius Medical Care AG worth?
The market values Fresenius Medical Care AG at about €17.9B (market capitalisation, as of Oct 3, 2026). Per share that is €39.43; our models calculate a fair value of €53.94 per share.
What do the bullish and bearish scenarios say about 0H9X?
Our models span a range for Fresenius Medical Care AG: cautious scenario €33.16, base €53.94, optimistic €78.68 per share (as of Oct 3, 2026, price €39.43). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Fresenius Medical Care AG (0H9X)?
Balance-sheet figures for Fresenius Medical Care AG (as of Oct 3, 2026): return on equity 7.9%, debt of 0.61 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is 0H9X from its 52-week high?
Fresenius Medical Care AG trades at €39.43, about 14% below its 52-week high of €45.66 and 18% above the low of €33.31 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of €53.94 is for.
Which stocks are comparable to Fresenius Medical Care AG?
From the same area (Healthcare) we also value HCA Healthcare, Inc, Fresenius SE, Dr. Sulaiman Al Habib Medical Services Group, Tenet Healthcare Corporation, 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 AG stock attractive at the current price?
The data as of Oct 3, 2026: price €39.43, calculated fair value €53.94 (+37%), Quality Score 54/100, from 23 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 0H9X calculated?
We run Fresenius Medical Care AG through 23 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €53.94, 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 14.5 % above its aggregate fair value. Fresenius Medical Care AG currently trades 27 % 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 AG (0H9X)?
The closing price on Oct 2, 2026 was €39.43. Our model-based fair value is €53.94, about +37% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Fresenius Medical Care AG right now?
The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (54/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (€33.16 to €78.68) leaves room in how you read the outcome.

Key figures of Fresenius Medical Care AG

How large is the market capitalisation of Fresenius Medical Care AG (0H9X)?
The market capitalisation of Fresenius Medical Care AG is €17.9B. 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 AG (0H9X)?
The price-to-sales ratio of Fresenius Medical Care AG is 0.92 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of Fresenius Medical Care AG (0H9X)?
The dividend yield of Fresenius Medical Care AG is 3.8%. 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 AG (0H9X)?
The net margin of Fresenius Medical Care AG is 6.5% (fiscal year 2020). 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 AG (0H9X)?
The return on equity (ROE) of Fresenius Medical Care AG is 7.9% (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 AG (0H9X)?
On an EBIT basis the return on assets of Fresenius Medical Care AG is 9.0% (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 AG (0H9X)?
The operating margin of Fresenius Medical Care AG is 8.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Fresenius Medical Care AG (0H9X)?
Revenue at Fresenius Medical Care AG is growing −5.5% versus a year earlier (3y avg +0.1%). 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 AG (0H9X)?
Earnings per share at Fresenius Medical Care AG are growing −17.1% versus a year earlier. How much earnings per share grew versus a year earlier.
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