Is the business good?
How good a business is FMS?
Fresenius Medical Care AG earns 7.8% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
7.8%
Return on invested capital · cost of capital 9.0% · 1.2 points below what the capital costs: growth destroys value
- Operating margin
- 9.3%
Operating margin · Medical Care Facilities median 8.9% · 12 months to Q4 2025
- R&D as % of revenue
- 0.80%
R&D as % of revenue
- Gross margin
- 26%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | 13% |
| FY2021 | 11% |
| FY2022 | 7.8% |
| FY2023 | 7.0% |
| FY2024 | 7.2% |
| FY2025 | 9.3% |
Details›
- Gross margin12 months to Q4 2025
- 26%
- Operating margin12 months to Q4 2025
- 9.3%
- Net margin12 months to Q4 2025
- 5.0%
- R&D as % of revenue
- 0.80%
- Revenue, trailing twelve months
- $19.6B
- Net income, trailing twelve months
- $978M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 7.8%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Medical Care Facilities
Ranks #26 of 28 by Smart Score