Fresenius Medical Care AG - Depositary Receipt
Fresenius Medical Care AG - Depositary Receipt is the U.S.-traded American Depositary Receipt for Fresenius Medical Care, a global healthcare company focused on renal care. Fresenius Medical Care provides dialysis products and related services for people with chronic kidney disease, supporting treatment across hospitals, clinics, and home-based care settings. Its business is organized around care delivery and care enablement, combining clinical services with the development, manufacturing, and supply of dialysis equipment, consumables, and associated technologies. The company serves healthcare providers and patients in the United States, Europe, and other international markets, making it an important participant in the kidney care ecosystem. As a depositary receipt, it offers a U.S. listing structure for investors seeking exposure to Fresenius Medical Care’s healthcare operations without directly referencing the underlying foreign share.
$22.17
+$0.04 (+0.18%)
EOD Oct 16, 2026
Operating margin is thin at 9.31%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 14.0% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 11% versus the prior year, cash generation momentum has weakened. Net debt of €8.97B represents 5.1x FCF, leverage limits flexibility.
12.0x earnings, 6.1x FCF. The multiple is below average. Either the market is pricing in deterioration you should investigate, or there's genuine value here.
Price History
Valuation & Multiples
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
€19.36B
▼ -14.0% YoY
Net Income (TTM)
€1.17B
▲ +36.3% YoY
Op. Margin
9.41%
▲ +1.7pp YoY
ROIC
5.08%
▲ +0.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
€1.79B
▼ -11.3% YoY
Op. Cash Flow (TTM)
€2.75B
▼ -16.1% YoY
Net Debt
€8.97B
Cash & Equiv.
€1.82B
3Y CAGR: +0.4%
3Y CAGR: +6.9%
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Is Fresenius Medical Care AG - Depositary Receipt (FMS) overvalued?
At a P/E of 12.0 and a price-to-free-cash-flow of 6.1, Fresenius Medical Care AG - Depositary Receipt (FMS) trades below a two-stage DCF intrinsic value of about €39.90 per share, so at €22.17 the stock looks undervalued (80.0% below estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Fresenius Medical Care AG - Depositary Receipt scores 58/100 on Intrinsiqq's quality scorecard (a mixed business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. It currently yields about 4.4%; see dividend safety for coverage and history. All figures are computed from company filings; read the full methodology, or see how the market compares in our US profitability statistics. This is analysis, not investment advice.
Frequently asked
What is Fresenius Medical Care AG - Depositary Receipt's fair value?+
Intrinsiqq's two-stage DCF estimates an intrinsic value of about €39.90 per share for FMS, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around €29.93. At today's €22.17, that puts the stock about 80.0% below estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Is Fresenius Medical Care AG - Depositary Receipt a high-quality business?+
Fresenius Medical Care AG - Depositary Receipt scores 58 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a mixed business on these measures. Recent fundamentals include a 9.4% operating margin and a 5.1% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from company filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Does Fresenius Medical Care AG - Depositary Receipt (FMS) pay a dividend, and how much?+
Yes, Fresenius Medical Care AG - Depositary Receipt pays a regular dividend of about €0.87 per share per year (typically in quarterly installments), a yield of roughly 4.4% at the current price. That is a payout ratio of about 41.0% of earnings, so the dividend is well covered. Fresenius Medical Care AG - Depositary Receipt has grown the dividend at roughly 6.1% a year over the past few years. A low headline yield is not the same as a weak dividend: what matters is how well earnings and free cash flow cover the payout and whether it is growing, not the percentage alone. For FMS's full payout history, growth streak and dividend-safety score, see the dividends tab.
Is Fresenius Medical Care AG - Depositary Receipt a good stock to buy right now?+
That depends on valuation and quality together, not either alone. FMS currently trades below its estimated intrinsic value and scores 58/100 on quality (mixed). It also yields about 4.4%. A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from company filings, not investment advice.
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Data sourced from company filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.