Fresenius Medical Care AG (FMSC34) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Fresenius Medical Care AG BRL 172, price BRL 114, upside +50.5%, quality 68 out of 100. Calculated from audited financials with 26 valuation models and 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 Oct 3, 2026.
How to read this chart
60‑month range R$60.56 – R$191.05 · fair‑value band R$111.99 – R$231.35 · the R$114.00 price screens below the R$171.55 fair value. Dashed = 300-day average. As of Oct 3, 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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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 (FMSC34) currently trades at R$114.00, while our model-based Fair Value estimate is R$171.55, implying the stock looks roughly 33.5% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of R$216.22 per share, and 20 of the 24 models we run sit above the R$114.00 price.
Bear case: the Dividend Discount group reads lowest at R$46.41, and 4 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: R$111.99 (bear) to R$231.35 (bull), the price of R$114.00 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 68/100 (solid quality), in the Healthcare sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
Fresenius Medical Care AG reported revenue of €19.6B in FY2025 versus €19.4B in FY2022, a compound +0.4%/yr. Reported net income was €978M in FY2025, compounding +13.3%/yr from FY2022.
Key figures
Market cap R$64.2B (≈ $12.3B) · P/E ratio 11.8 · P/S ratio 0.59 · EPS (TTM) R$9.65 · Dividend yield 1.3% · Net margin 5.0% · Return on equity 7.9% · Return on assets (EBIT) 4.6%.
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 11% below its 52-week high and 12% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at 6% fair-value upside, at 50%, FMSC34 screens cheaper than that median.
Fair Value models
Bear R$111.99Fair Value R$171.55Bull R$231.35
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 (R$6.17 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.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
Revenue growth is weak: less than 2 % a year.
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%
’22
’23
’24
’25
What shareholders gained per year (last 3 years) (mathematically smoothed) ⓘ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 3 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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+12.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+11.4%
Dividend (yield on the price)1.3%
Profit margin 2022 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.8% → 9%
2025 sits 91% above its own trend. The rate follows the median trend of the last 3 years, not that single year.
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).
−8.2%
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.
After inflation (figures in EUR, euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about −10.1% a year for the price and +0.3% for the forecasts.
Compare Fresenius Medical Care AG 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 · 246 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score68 · Top 25%
Fair Value upside+0.0% · Below median
Profitability
Return on equity (TTM)7.9% · Above median
Return on assets3.6% · 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)1.3% · Below median
Balance sheet
Debt / equity0.43× · Above median
Valuation Multiplesvs Medical Care Facilities median · lower = cheaper
P/E (TTM)11.8× · Cheapest 25%
P/B0.92× · 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 AG Fair Value". https://www.fairvalue-calculator.com/stock/FMSC34
Frequently asked questions
Is Fresenius Medical Care AG (FMSC34) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of R$171.55 versus a price of R$114.00, about +50% upside (undervalued).
What is the fair value of FMSC34?
Our model-based fair value for Fresenius Medical Care AG is R$171.55 (as of Oct 3, 2026), built from audited fundamentals. The current price: R$114.00.
What is the quality score of FMSC34?
Fresenius Medical Care AG has a Quality Score of 68/100. 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 (FMSC34)?
Our model-based price target is the fair value of R$171.55 (as of Oct 3, 2026) from 24 valuation models. Cautious scenario R$111.99, optimistic scenario R$231.35. 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 R$171.55, about +50% upside versus a price of R$114.00 (undervalued). Cautious scenario R$111.99, optimistic scenario R$231.35. The calculation is refreshed regularly with new filings.
What is the revenue of Fresenius Medical Care AG (FMSC34)?
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 1.31% relative to its recent price (as of Oct 3, 2026).
What growth is priced into Fresenius Medical Care AG (FMSC34)?
For today's price to be fair in a discounted-cash-flow model, Fresenius Medical Care AG would have to grow free cash flow by -8.2 % per year for five years (discount rate 11.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 3 years revenue grew +0.4 % per year. As of Oct 3, 2026.
What discount rate (WACC) does the fair value of FMSC34 use?
Our models discount Fresenius Medical Care AG at 11.7 %: a base by market capitalisation (large), damped by beta 0.82, country premium for Brazil. 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 that is -8.2 % per year a year over ten years, using the same discount rate (11.7 %) and the same formula as our fair value.
How much growth has Fresenius Medical Care AG (FMSC34) delivered so far?
Over the past 3 years revenue at Fresenius Medical Care AG grew +0.4 % a year. The price currently implies -8.2 % 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 (FMSC34) growing?
The median revenue growth in the sector is +1.0 % a year. That is the yardstick for the growth priced into Fresenius Medical Care AG (-8.2 % 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 (FMSC34)?
The free-cash-flow yield on the price is 32.61 %: that much free cash flow Fresenius Medical Care AG produces per unit of market value. When it exceeds the discount rate of our models (11.7 %), 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 (FMSC34)?
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 R$171.55 per share (as of Oct 3, 2026), against a price of R$114.00. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Fresenius Medical Care AG stock overvalued or undervalued in 2026?
As of Oct 3, 2026, FMSC34 trades below its calculated fair value: price R$114.00, fair value R$171.55, a gap of about +50% (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 FMSC34?
No. The price is what the market pays today (R$114.00); the fair value is what the company's own numbers justify (R$171.55). For Fresenius Medical Care AG the two are R$57.55 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 R$64.2B (market capitalisation, as of Oct 3, 2026). Per share that is R$114.00; our models calculate a fair value of R$171.55 per share.
What do the bullish and bearish scenarios say about FMSC34?
Our models span a range for Fresenius Medical Care AG: cautious scenario R$111.99, base R$171.55, optimistic R$231.35 per share (as of Oct 3, 2026, price R$114.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FMSC34?
Fresenius Medical Care AG trades at a price-to-earnings ratio of 11.8 (as of Oct 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R$171.55 is built from several models across several years. Other multiples: PEG 0.8, P/B 0.9, P/S 0.6, EV/EBITDA 6.3.
What is the PEG ratio of FMSC34?
The PEG ratio of Fresenius Medical Care AG is 0.83 (P/E divided by earnings growth, as of Oct 3, 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 (FMSC34)?
Balance-sheet figures for Fresenius Medical Care AG (as of Oct 3, 2026): return on equity 7.9%, debt of 0.43 per unit of equity. They feed the Quality Score of 68/100, which measures business quality independently of the share price.
How far is FMSC34 from its 52-week high?
Fresenius Medical Care AG trades at R$114.00, about 11% below its 52-week high of R$127.74 and 12% above the low of R$102.05 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of R$171.55 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 R$114.00, calculated fair value R$171.55 (+50%), Quality Score 68/100, 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 FMSC34 calculated?
We run Fresenius Medical Care AG through 24 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 R$171.55, 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 34 % 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 (FMSC34)?
The closing price on Oct 1, 2026 was R$114.00. Our model-based fair value is R$171.55, about +50% 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?
Solid quality (68/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (R$111.99 to R$231.35) 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 (FMSC34)?
The market capitalisation of Fresenius Medical Care AG is R$64.2B (≈ $12.3B). 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 (FMSC34)?
The price-to-sales ratio of Fresenius Medical Care AG 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 (FMSC34)?
Earnings per share at Fresenius Medical Care AG are R$9.65 (price ÷ EPS = P/E 11.8). 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 (FMSC34)?
The dividend yield of Fresenius Medical Care AG is 1.3% (payout 15.4%). 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 (FMSC34)?
The net margin of Fresenius Medical Care AG 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 (FMSC34)?
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 (FMSC34)?
On an EBIT basis the return on assets of Fresenius Medical Care AG is 4.6% (avg 4y). 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 (FMSC34)?
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 (FMSC34)?
Revenue at Fresenius Medical Care AG 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 (FMSC34)?
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.
How much net debt does Fresenius Medical Care AG (FMSC34) carry?
The net debt of Fresenius Medical Care AG is €5.7B (fiscal year 2025, ≈ 3.2 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
Oct 3, 2026