Fresenius Medical Care Corporation (FMS) fair value: what the stock is really worth
We calculate from audited financials what Fresenius Medical Care Corporation 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, free.
Compare price with fair valuebelow fair value = cheap, above = expensive
Check the quality50 and up solid, 75 and up strong
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Healthcare · US · Market cap $12.9B · ISIN US3580291066
At a glance
FMFresenius Medical Care CorporationFMS · US
Price$22.23
Fair Value$46.42
Upside+108.8%
Quality64/100
A solid business, trading 52% below our fair value of $46.42.
As of Aug 19, 2026, the fair value of Fresenius Medical Care Corporation is $46.42 per share against a price of $22.23, so the fair value sits 109% above the price. A model estimate from reported figures, not an analyst target.
!Weak Growth (revenue 5y +1.9 %/yr)
!Thin margins · 4.9% net margin
✓Low debt · generates free cash flow
·6.70% dividend yield
✓Ranks above peers (10/15)
!Moderate moat 47/100
Evidence: HighRange $27.85 to $58.02
Fair value as of: Aug 19, 2026
From 26 valuation models · updated 23 days ago
Fair value updated Aug 19, 2026, revised from $46.23 to $46.42 (+0.4%) since Aug 13, 2026. Share price −6.9% over the past month.
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69 individual criteria per stock, every one traceable See the method →
What matters now
The price is below even our cautious bear case ($27.85). The market is more pessimistic than our downside scenario.
Solid quality (64/100) at a price below fair value, the discount is the argument here, not the business quality.
A fairly wide model range ($27.85 to $58.02) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 19, 2026.
How to read this chart
60‑month range $11.33 – $36.37 · fair‑value band $27.85 – $58.02 · the $22.23 price screens below the $46.42 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 19, 2026.
Fresenius Medical Care Corporation (FMS) currently trades at $22.23, while our model-based Fair Value estimate is $46.42, implying the stock looks roughly 52.1% undervalued today. The Quality Score stands at 64/100 (solid quality), in the Healthcare sector. Bull case: the Growth DCF group reads highest at a median of $40.71 per share, and 21 of the 26 models we run sit above the $22.23 price. Bear case: the Earnings-Based group reads lowest at $9.62, and 5 of the 26 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Fresenius Medical Care Corporation generated revenue of $19.4B at a net margin of 4.9%. Revenue declined 5.5% year over year. It earns a return on equity of 7.9%. Net debt stands at $9.2B. Fundamentals as of Aug 19, 2026
Scenario range: $27.85 (bear) to $58.02 (bull), the price of $22.23 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. The share trades about 20% below its 52-week high and 16% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at −9% fair-value upside, at 109%, FMS screens cheaper than that median.
Fair Value models
Based on fiscal year 2025 figures (about 8 months old). Earnings retained since then ($0.2853 per share) are deliberately not added.
Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →
ModelBear ⓘ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
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Key figures & financial health
P/E ratio11.7
P/S ratio0.58P/E × margin
EPS (TTM)$1.90price ÷ EPS = P/E 11.7
Dividend yield6.7%payout 78.4%
Net margin5.0%FY2025
Return on equity7.9%TTM
More key figures
Profitability
Return on assets (EBIT)4.8%avg 5y
Operating margin8.1%TTM
Growth
Revenue (TTM)$19.4BTTM
Revenue growth (YoY)−5.5%3y avg +0.4%
EPS growth (YoY)−17.1%
Balance sheet & cash flow
Free cash flow$1.7BFY2025
Net debt$9.2BFY2025 · ≈ 5.4 yrs of FCF
Figures from reported company fundamentals · as of Aug 19, 2026. TTM = trailing twelve months.
Quality Score breakdown
Overall quality64/100
Of which business quality 60
· Market factors (momentum, volatility) 47
Profitability34
Margins and returns on capital today
Quality Growth57
Are margins and returns improving?
Cashflow62
Earnings quality: real cash, not paper profit
Fin. Strength46
Balance sheet, leverage, solvency risk
Investment94
Disciplined investing over empire-building
Low Volatility72
Calm price path (market factor)
Momentum40
Price trend over the last 3–12 months (market factor)
52W Momentum30
Distance to the 52-week high (market factor)
Net Issuance94
Buybacks instead of dilution
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Fresenius Medical Care AG provides dialysis and related services for individuals with renal diseases in Germany, the United States, and internationally.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
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.
Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
$19.6B
Latest YoY
+1.5%
Avg. revenue growth/yr (3Y) ⓘ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.
+0.4%
Avg. revenue growth/yr (5Y) ⓘ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.
+1.9%
Avg. revenue growth/yr (28Y) ⓘ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.
+7.0%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years, EBIT basis) plus dividend yield: value created per share and year.
≈ +10.9%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+4.2%
Dividend yield6.7%
Trend ⓘ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.5Y 4.4% vs 10Y 0.9%, picking up
Operating margin (EBIT) ⓘ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.12.9% (2020) → 9.3% (2025) · falling
Worst earnings drop86% (2022) · in USD
⚠ Final year 2025 sits 98% above trend (one-off), rate on operating basis
Revenue+2.7%/yr
FY21€17.6B
FY22€19.4B
FY23€19.5B
FY24€19.3B
FY25€19.6B
Net income+0.2%/yr
FY21€969M
FY22€673M
FY23€499M
FY24€538M
FY25€978M
Character of growth · EPS growth decomposed (2014-2025)−3.8 % p.a.
Revenue per share+3.3 %
of which total revenue +2.9 % · buybacks/dilution +0.5 %
EBIT margin−6.3 %
Tax rate+0.8 %
Residual (interest, one-offs)−1.4 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
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.
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.
Valuation
Quality Score64 · Top 25%
Fair Value upside+105% · Top 25%
Profitability
Return on equity (TTM)8% · Above median
Return on assets4% · Below median
Net margin (TTM)5% · Above median
Operating margin (TTM)8% · Below median
Growth and dividend
Revenue growth−6% · Bottom 25%
Dividend yield (TTM)6.7% · Top 25%
Balance sheet
Debt / equity0.40× · Above median
Valuation Multiples vs Medical Care Facilities median · lower = cheaper
P/E (TTM)11.7× · Cheapest 25%
P/B0.89× · Cheaper than median
P/S (TTM)0.66× · Cheaper than median
P/FCF7.5× · Pricier than median
EV/EBITDA6.5× · Cheaper than median
PEG0.84× · Cheapest 25%
What the price implies (reverse DCF)
The inverse question: what free-cash-flow growth must Fresenius Medical Care Corporation deliver for ten years so that today's price is fair in our DCF model? Same formula, same discount rate as the fair value.
Implied FCF growth, 10 years-2.2 % per year
Achieved revenue growth, 5 years+1.9 % p.a.
Sector median revenue growth+4.4 %
FCF yield on price13.10 %
Discount rate (WACC) in the models8.8 %
The price demands less growth than the company recently delivered: even a weaker business would justify the price. Ranking of the largest stocks →
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
This stockSector peers
VALUE100· sector 24
FUTURE0· sector 26
PAST31· sector 30
HEALTH80· sector 90
DIVIDEND100· sector 43
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 (as of Aug 19, 2026).
Is Fresenius Medical Care Corporation (FMS) overvalued or undervalued?
As of Aug 19, 2026, our model estimates a fair value of $46.42 versus a price of $22.23, about +109% upside (undervalued).
What is the fair value of FMS?
Our model-based fair value for Fresenius Medical Care Corporation is $46.42 (as of Aug 19, 2026), built from audited fundamentals. The current price: $22.23.
What is the quality score of FMS?
Fresenius Medical Care Corporation has a Quality Score of 64/100. 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 $46.42 (as of Aug 19, 2026) from 26 valuation models. Cautious scenario $27.85, optimistic scenario $58.02. 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 $46.42, about +109% upside versus a price of $22.23 (undervalued). Cautious scenario $27.85, optimistic scenario $58.02. 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 $19.4B (latest available figure, as of Aug 19, 2026).
What is the net profit margin of FMS?
The net profit margin of Fresenius Medical Care Corporation is about 4.9%, meaning it keeps roughly 4.9% of revenue as net income. Based on the latest reported figures.
Does Fresenius Medical Care Corporation pay a dividend?
Fresenius Medical Care Corporation currently shows a dividend yield of about 6.70% relative to its recent price (as of Aug 19, 2026).
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 -2.2 % per year for ten years (discount rate 8.8 %, then 2 % perpetual growth). Over the last 5 years revenue grew +1.9 % per year. As of Aug 19, 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 0.81, country premium for USA. The same rate applies in all 26 models.
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 $46.42 per share (as of Aug 19, 2026), against a price of $22.23. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Fresenius Medical Care Corporation stock overvalued or undervalued in 2026?
As of Aug 19, 2026, FMS trades below its calculated fair value: price $22.23, fair value $46.42, a gap of about +109% (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 ($22.23); the fair value is what the company's own numbers justify ($46.42). For Fresenius Medical Care Corporation the two are $24.19 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 $12.9B (market capitalisation, as of Aug 19, 2026). Per share that is $22.23; our models calculate a fair value of $46.42 per share.
What do the bullish and bearish scenarios say about FMS?
Our models span a range for Fresenius Medical Care Corporation: cautious scenario $27.85, base $46.42, optimistic $58.02 per share (as of Aug 19, 2026, price $22.23). 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 11.7 (as of Aug 19, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $46.42 is built from several models across several years. Other multiples: PEG 0.8, P/B 0.9, P/S 0.7, EV/EBITDA 6.5.
What is the PEG ratio of FMS?
The PEG ratio of Fresenius Medical Care Corporation is 0.84 (P/E divided by earnings growth, as of Aug 19, 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 Aug 19, 2026): return on equity 7.9%, debt of 0.40 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is FMS from its 52-week high?
Fresenius Medical Care Corporation trades at $22.23, about 20% below its 52-week high of $27.75 and 16% above the low of $19.24 (as of Aug 19, 2026). Distance from the high says nothing about value: that is what the fair value of $46.42 is for.
Which stocks are comparable to Fresenius Medical Care Corporation?
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 Corporation stock attractive at the current price?
The data as of Aug 19, 2026: price $22.23, calculated fair value $46.42 (+109%), Quality Score 64/100, 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 FMS calculated?
We run Fresenius Medical Care Corporation 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 $46.42, 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 32.6 % above its aggregate fair value. Fresenius Medical Care Corporation currently trades 109 % 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 <a href="/is-it-worth-investing-now/">is it worth investing now</a>.
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Fresenius Medical Care Corporation
FMS · US