Fresenius Medical Care AG & Co. KGaA (FME) fair value: what the stock is really worth
We calculate from audited financials what Fresenius Medical Care AG & Co. KGaA is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 18, 2026.
How to read this chart
60‑month range €23.25 – €60.24 · fair‑value band €25.54 – €55.08 · the €38.85 price screens below the €39.20 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 18, 2026.
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 & Co. KGaA (FME) currently trades at €38.85, while our model-based Fair Value estimate is €39.20, implying the stock looks roughly 0.9% fairly valued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of €83.01 per share, and 21 of the 26 models we run sit above the €38.85 price.
Bear case: the Earnings-Based group reads lowest at €19.23, and 5 of the 26 models stay below the price. Evidence for this calculation is medium.
Scenario range: €25.54 (bear) to €55.08 (bull), the price of €38.85 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 61/100 (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 AG & Co. KGaA 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 €11.3B · P/E ratio 11.9 · P/S ratio 0.59 · EPS (TTM) €3.27 · Dividend yield 3.8% · Net margin 5.0% · Return on equity 7.9% · Return on assets (EBIT) 3.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 21% below its 52-week high and 17% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −24% fair-value upside, at 1%, FME screens cheaper than that median.
Fair Value models
Bear €25.54Fair Value €39.20Bull €55.08
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (€1.29 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.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.
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%
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.
≈ +32.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+28.6%
Dividend (yield on the price)3.8%
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.−3% vs 1%, slowing
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.3% → 9%
⚠ Rate on operating basis: 2025 sits 83% 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).
−6.4%
Yearly growth needed for the next five years to justify today's price.
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.
+2.5%
Yearly sales growth analysts expect, extended to five years.
Compare Fresenius Medical Care AG & Co. KGaA 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 · 256 stocks
Beats the industry median on 9/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score61 · Above median
Fair Value upside+0% · Above median
Profitability
Return on equity (TTM)8% · Above median
Return on assets4% · Below median
Net margin (TTM)5% · Below median
Operating margin (TTM)8% · Below median
Growth and dividend
Revenue growth−6% · Bottom 25%
Dividend yield (TTM)3.8% · Above median
Balance sheet
Debt / equity0.43× · Above median
Valuation Multiplesvs Medical Care Facilities median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Fresenius Medical Care AG & Co. KGaA Fair Value". https://www.fairvalue-calculator.com/stock/FME
Frequently asked questions
Is Fresenius Medical Care AG & Co. KGaA (FME) overvalued or undervalued?
As of Sep 18, 2026, our model estimates a fair value of €39.20 versus a price of €38.85, about +1% upside (fairly valued).
What is the fair value of FME?
Our model-based fair value for Fresenius Medical Care AG & Co. KGaA is €39.20 (as of Sep 18, 2026), built from audited fundamentals. The current price: €38.85.
What is the quality score of FME?
Fresenius Medical Care AG & Co. KGaA has a Quality Score of 61/100. 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 & Co. KGaA (FME)?
Our model-based price target is the fair value of €39.20 (as of Sep 18, 2026) from 26 valuation models. Cautious scenario €25.54, optimistic scenario €55.08. It is a calculation from audited fundamentals, not an analyst target.
What is the Fresenius Medical Care AG & Co. KGaA stock forecast for 2026?
Our models put fair value at €39.20, about +1% upside versus a price of €38.85 (fairly valued). Cautious scenario €25.54, optimistic scenario €55.08. The calculation is refreshed regularly with new filings.
What is the revenue of Fresenius Medical Care AG & Co. KGaA (FME)?
Fresenius Medical Care AG & Co. KGaA reported trailing-twelve-month revenue of about €19.4B (latest available figure, as of Sep 18, 2026).
Does Fresenius Medical Care AG & Co. KGaA pay a dividend?
Fresenius Medical Care AG & Co. KGaA currently shows a dividend yield of about 3.84% relative to its recent price (as of Sep 18, 2026).
What growth is priced into Fresenius Medical Care AG & Co. KGaA (FME)?
For today's price to be fair in a discounted-cash-flow model, Fresenius Medical Care AG & Co. KGaA would have to grow free cash flow by -6.4 % per year for five years (discount rate 8.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +1.9 % per year. As of Sep 18, 2026.
What discount rate (WACC) does the fair value of FME use?
Our models discount Fresenius Medical Care AG & Co. KGaA at 8.6 %: a base by market capitalisation (large), damped by beta 0.82, country premium for Germany. 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 AG & Co. KGaA that is -6.4 % per year a year over ten years, using the same discount rate (8.6 %) and the same formula as our fair value.
How much growth has Fresenius Medical Care AG & Co. KGaA (FME) delivered so far?
Over the past 5 years revenue at Fresenius Medical Care AG & Co. KGaA grew +1.9 % a year. The price currently implies -6.4 % per year free-cash-flow growth a 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 AG & Co. KGaA (FME) growing?
The median revenue growth in the sector is +4.3 % a year. That is the yardstick for the growth priced into Fresenius Medical Care AG & Co. KGaA (-6.4 % per year a 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 AG & Co. KGaA (FME)?
The free-cash-flow yield on the price is 15.67 %: that much free cash flow Fresenius Medical Care AG & Co. KGaA produces per unit of market value. When it exceeds the discount rate of our models (8.6 %), 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 AG & Co. KGaA (FME)?
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 & Co. KGaA it is €39.20 per share (as of Sep 18, 2026), against a price of €38.85. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Fresenius Medical Care AG & Co. KGaA stock overvalued or undervalued in 2026?
As of Sep 18, 2026, FME trades below its calculated fair value: price €38.85, fair value €39.20, a gap of about +1% (fairly valued). 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 FME?
No. The price is what the market pays today (€38.85); the fair value is what the company's own numbers justify (€39.20). For Fresenius Medical Care AG & Co. KGaA the two are €0.3540 per share apart. That gap is exactly why we show both numbers side by side.
How much is Fresenius Medical Care AG & Co. KGaA worth?
The market values Fresenius Medical Care AG & Co. KGaA at about €11.3B (market capitalisation, as of Sep 18, 2026). Per share that is €38.85; our models calculate a fair value of €39.20 per share.
What do the bullish and bearish scenarios say about FME?
Our models span a range for Fresenius Medical Care AG & Co. KGaA: cautious scenario €25.54, base €39.20, optimistic €55.08 per share (as of Sep 18, 2026, price €38.85). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FME?
Fresenius Medical Care AG & Co. KGaA trades at a price-to-earnings ratio of 11.9 (as of Sep 18, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €39.20 is built from several models across several years. Other multiples: PEG 0.9, P/B 1.0, P/S 0.7, EV/EBITDA 6.7.
What is the PEG ratio of FME?
The PEG ratio of Fresenius Medical Care AG & Co. KGaA is 0.88 (P/E divided by earnings growth, as of Sep 18, 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 AG & Co. KGaA (FME)?
Balance-sheet figures for Fresenius Medical Care AG & Co. KGaA (as of Sep 18, 2026): return on equity 7.9%, debt of 0.43 per unit of equity. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is FME from its 52-week high?
Fresenius Medical Care AG & Co. KGaA trades at €38.85, about 21% below its 52-week high of €48.98 and 17% above the low of €33.24 (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of €39.20 is for.
Which stocks are comparable to Fresenius Medical Care AG & Co. KGaA?
From the same area (Healthcare) we also value HCA Healthcare, Inc, Fresenius SE, Dr. Sulaiman Al Habib Medical Services Group, IHH Healthcare Berhad, an investment holding company,, 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 & Co. KGaA stock attractive at the current price?
The data as of Sep 18, 2026: price €38.85, calculated fair value €39.20 (+1%), Quality Score 61/100, from 26 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 FME calculated?
We run Fresenius Medical Care AG & Co. KGaA through 26 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 €39.20, 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 16.1 % above its aggregate fair value. Fresenius Medical Care AG & Co. KGaA currently trades 1 % 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 & Co. KGaA (FME)?
The closing price on Sep 21, 2026 was €38.85. Our model-based fair value is €39.20, about +1% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Fresenius Medical Care AG & Co. KGaA right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (€25.54 to €55.08) leaves room in how you read the outcome.
Where does the earnings growth of Fresenius Medical Care AG & Co. KGaA (FME) come from?
Earnings per share at Fresenius Medical Care AG & Co. KGaA grew −3.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +3.3 %, EBIT margin −6.4 %, tax rate +0.8 %, residual (interest, one-offs) −1.3 %. 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 AG & Co. KGaA
How large is the market capitalisation of Fresenius Medical Care AG & Co. KGaA (FME)?
The market capitalisation of Fresenius Medical Care AG & Co. KGaA is €11.3B. 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 & Co. KGaA (FME)?
The price-to-sales ratio of Fresenius Medical Care AG & Co. KGaA is 0.59 (P/E × margin). 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 AG & Co. KGaA (FME)?
Earnings per share at Fresenius Medical Care AG & Co. KGaA are €3.27 (price ÷ EPS = P/E 11.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Fresenius Medical Care AG & Co. KGaA (FME)?
The dividend yield of Fresenius Medical Care AG & Co. KGaA is 3.8% (payout 45.6%). 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 & Co. KGaA (FME)?
The net margin of Fresenius Medical Care AG & Co. KGaA is 5.0% (fiscal year 2025). 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 & Co. KGaA (FME)?
The return on equity (ROE) of Fresenius Medical Care AG & Co. KGaA 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 & Co. KGaA (FME)?
On an EBIT basis the return on assets of Fresenius Medical Care AG & Co. KGaA is 3.9% (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 & Co. KGaA (FME)?
The operating margin of Fresenius Medical Care AG & Co. KGaA 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 & Co. KGaA (FME)?
Revenue at Fresenius Medical Care AG & Co. KGaA is growing −5.5% 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 AG & Co. KGaA (FME)?
Earnings per share at Fresenius Medical Care AG & Co. KGaA are growing −17.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Fresenius Medical Care AG & Co. KGaA (FME) carry?
The net debt of Fresenius Medical Care AG & Co. KGaA is €12.1B (fiscal year 2025, ≈ 6.9 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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Some data
Sep 18, 2026