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Fresenius Medical Care KGaA

NYSE:FMS
Snowflake Description

Excellent balance sheet established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
FMS
NYSE
€21B
Market Cap
  1. Home
  2. US
  3. Healthcare
Company description

Fresenius Medical Care AG & Co. KGaA, a kidney dialysis company, provides dialysis care and related services, and other health care services in Germany, the United States, and internationally. The last earnings update was 57 days ago. More info.


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FMS Share Price and Events
7 Day Returns
-5.6%
NYSE:FMS
-7.2%
US Healthcare
0.8%
US Market
1 Year Returns
-24.7%
NYSE:FMS
-5.6%
US Healthcare
5.9%
US Market
FMS Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Fresenius Medical Care KGaA (FMS) -5.6% -0.9% 12% -24.7% -11.7% 14.8%
US Healthcare -7.2% -7.9% -9.9% -5.6% 12.9% 61.6%
US Market 0.8% 2.6% 10.6% 5.9% 37.7% 45.5%
1 Year Return vs Industry and Market
  • FMS underperformed the Healthcare industry which returned -5.6% over the past year.
  • FMS underperformed the Market in United States of America which returned 5.9% over the past year.
Price Volatility
FMS
Industry
5yr Volatility vs Market

FMS Value

 Is Fresenius Medical Care KGaA undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Fresenius Medical Care KGaA to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Fresenius Medical Care KGaA.

NYSE:FMS Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 23 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.3%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:FMS
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Healthcare Unlevered Beta Simply Wall St/ S&P Global 0.72
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.716 (1 + (1- 30%) (35.3%))
0.928
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.93
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.928 * 5.96%)
8.26%

Discounted Cash Flow Calculation for NYSE:FMS using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Fresenius Medical Care KGaA is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NYSE:FMS DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 8.26%)
2019 1,233.68 Analyst x10 1,139.52
2020 1,405.17 Analyst x11 1,198.88
2021 1,684.96 Analyst x5 1,327.87
2022 1,579.58 Analyst x3 1,149.83
2023 1,601.98 Analyst x4 1,077.13
2024 1,630.89 Est @ 1.8% 1,012.89
2025 1,664.85 Est @ 2.08% 955.07
2026 1,702.76 Est @ 2.28% 902.27
2027 1,743.84 Est @ 2.41% 853.52
2028 1,787.57 Est @ 2.51% 808.15
Present value of next 10 years cash flows €10,425.13
NYSE:FMS DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €1,787.57 × (1 + 2.73%) ÷ (8.26% – 2.73%)
€33,193.77
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €33,193.77 ÷ (1 + 8.26%)10
€15,006.68
NYSE:FMS Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €10,425.13 + €15,006.68
€25,431.81
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €25,431.81 / 304.66
€83.48
NYSE:FMS Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in NYSE:FMS represents 0.56115x of XTRA:FME
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.56115x
Value per Share
(Listing Adjusted, USD)
= Value per Share (EUR) x Listing Adjustment Factor
= € 83.48 x 0.56115
$46.84
Value per share (USD) From above. $46.84
Current discount Discount to share price of $39.37
= -1 x ($39.37 - $46.84) / $46.84
16%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Fresenius Medical Care KGaA is available for.
Intrinsic value
16%
Share price is $39.37 vs Future cash flow value of $46.84
Current Discount Checks
For Fresenius Medical Care KGaA to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Fresenius Medical Care KGaA's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Fresenius Medical Care KGaA's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Fresenius Medical Care KGaA's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Fresenius Medical Care KGaA's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:FMS PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €6.47
XTRA:FME Share Price ** XTRA (2019-04-18) in EUR €70.16
United States of America Healthcare Industry PE Ratio Median Figure of 53 Publicly-Listed Healthcare Companies 21.71x
United States of America Market PE Ratio Median Figure of 3,078 Publicly-Listed Companies 18.23x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Fresenius Medical Care KGaA.

NYSE:FMS PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= XTRA:FME Share Price ÷ EPS (both in EUR)

= 70.16 ÷ 6.47

10.85x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Fresenius Medical Care KGaA is good value based on earnings compared to the US Healthcare industry average.
  • Fresenius Medical Care KGaA is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Fresenius Medical Care KGaA's expected growth come at a high price?
Raw Data
NYSE:FMS PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 10.85x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 23 Analysts
-0.2%per year
United States of America Healthcare Industry PEG Ratio Median Figure of 40 Publicly-Listed Healthcare Companies 1.5x
United States of America Market PEG Ratio Median Figure of 2,108 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

NYSE:FMS PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 10.85x ÷ -0.2%

-46.43x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Fresenius Medical Care KGaA earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Fresenius Medical Care KGaA's assets?
Raw Data
NYSE:FMS PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €38.32
XTRA:FME Share Price * XTRA (2019-04-18) in EUR €70.16
United States of America Healthcare Industry PB Ratio Median Figure of 93 Publicly-Listed Healthcare Companies 2.32x
United States of America Market PB Ratio Median Figure of 5,172 Publicly-Listed Companies 1.93x
NYSE:FMS PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= XTRA:FME Share Price ÷ Book Value per Share (both in EUR)

= 70.16 ÷ 38.32

1.83x

* Primary Listing of Fresenius Medical Care KGaA.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Fresenius Medical Care KGaA is good value based on assets compared to the US Healthcare industry average.
X
Value checks
We assess Fresenius Medical Care KGaA's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Healthcare industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Healthcare industry average (and greater than 0)? (1 check)
  5. Fresenius Medical Care KGaA has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

FMS Future Performance

 How is Fresenius Medical Care KGaA expected to perform in the next 1 to 3 years based on estimates from 23 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-0.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Fresenius Medical Care KGaA expected to grow at an attractive rate?
  • Fresenius Medical Care KGaA's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Fresenius Medical Care KGaA's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Fresenius Medical Care KGaA's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:FMS Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:FMS Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 23 Analysts -0.2%
NYSE:FMS Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 23 Analysts 5.9%
United States of America Healthcare Industry Earnings Growth Rate Market Cap Weighted Average 13.2%
United States of America Healthcare Industry Revenue Growth Rate Market Cap Weighted Average 7.2%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.3%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:FMS Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 23 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:FMS Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 22,281 2,916 1,920 7
2022-12-31 20,963 2,580 1,824 8
2021-12-31 19,544 2,769 1,604 14
2020-12-31 18,287 2,462 1,427 23
2019-12-31 17,291 2,314 1,298 22
NYSE:FMS Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 16,547 2,062 1,982
2018-09-30 16,676 1,748 1,951
2018-06-30 16,954 1,750 1,975
2018-03-31 17,211 1,977 1,250
2017-12-31 17,784 2,192 1,280
2017-09-30 17,771 2,436 1,249
2017-06-30 17,647 2,217 1,244
2017-03-31 17,201 1,938 1,239
2016-12-31 16,570 1,932 1,144
2016-09-30 16,101 1,648 1,063
2016-06-30 15,841 1,782 998
2016-03-31 15,402 1,491 933

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Fresenius Medical Care KGaA's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Fresenius Medical Care KGaA's revenue is expected to grow by 5.9% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:FMS Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 23 Analyst Estimates (S&P Global) See Below

All data from Fresenius Medical Care KGaA Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:FMS Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 6.47 6.76 6.16 4.00
2022-12-31 6.14 7.17 5.50 6.00
2021-12-31 5.38 6.39 4.93 11.00
2020-12-31 4.82 5.74 4.23 15.00
2019-12-31 4.24 4.90 3.65 16.00
NYSE:FMS Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 6.47
2018-09-30 6.36
2018-06-30 6.44
2018-03-31 4.08
2017-12-31 4.17
2017-09-30 4.08
2017-06-30 4.06
2017-03-31 4.05
2016-12-31 3.74
2016-09-30 3.48
2016-06-30 3.27
2016-03-31 3.06

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Fresenius Medical Care KGaA is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Fresenius Medical Care KGaA's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Fresenius Medical Care KGaA has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

FMS Past Performance

  How has Fresenius Medical Care KGaA performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Fresenius Medical Care KGaA's growth in the last year to its industry (Healthcare).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Fresenius Medical Care KGaA's year on year earnings growth rate has been positive over the past 5 years.
  • Fresenius Medical Care KGaA's 1-year earnings growth exceeds its 5-year average (54.9% vs 18.5%)
  • Fresenius Medical Care KGaA's earnings growth has exceeded the US Healthcare industry average in the past year (54.9% vs 7.3%).
Earnings and Revenue History
Fresenius Medical Care KGaA's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Fresenius Medical Care KGaA Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:FMS Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 16,546.87 1,981.92 2,865.68 133.62
2018-09-30 16,675.92 1,950.80 3,085.36 131.06
2018-06-30 16,953.77 1,975.46 3,144.51 133.02
2018-03-31 17,211.08 1,250.17 3,346.53 130.47
2017-12-31 17,783.57 1,279.79 3,618.07 130.70
2017-09-30 17,771.32 1,248.97 3,417.48 133.86
2017-06-30 17,647.22 1,243.95 3,406.51 145.34
2017-03-31 17,201.45 1,238.99 3,262.20 144.22
2016-12-31 16,569.72 1,143.98 3,132.72 146.51
2016-09-30 16,100.77 1,063.00 3,047.20 143.11
2016-06-30 15,841.08 998.37 3,027.34 135.83
2016-03-31 15,401.83 933.07 2,960.86 130.45
2015-12-31 15,454.86 954.95 2,894.81 128.13
2015-09-30 15,345.10 939.02 2,918.59 117.84
2015-06-30 15,245.87 948.45 2,838.55 113.84
2015-03-31 15,427.88 976.79 2,816.04 114.52
2014-12-31 13,329.32 863.55 2,434.40 100.88
2014-09-30 12,412.68 838.97 2,241.69 96.88
2014-06-30 11,112.14 774.99 1,998.55 91.48
2014-03-31 10,881.56 790.96 1,962.49 91.05
2013-12-31 10,815.55 805.95 1,936.75 91.35
2013-09-30 10,881.06 752.23 1,965.74 90.74
2013-06-30 11,134.69 780.79 1,995.50 90.36
2013-03-31 11,154.74 813.08 1,983.01 88.57
2012-12-31 10,679.47 900.14 1,899.98 84.67
2012-09-30 10,608.22 965.63 1,860.98 88.47
2012-06-30 10,553.64 985.69 1,862.65 89.43

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Fresenius Medical Care KGaA has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Fresenius Medical Care KGaA used its assets more efficiently than the US Healthcare industry average last year based on Return on Assets.
  • Fresenius Medical Care KGaA's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Fresenius Medical Care KGaA's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Healthcare industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Fresenius Medical Care KGaA has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

FMS Health

 How is Fresenius Medical Care KGaA's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Fresenius Medical Care KGaA's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Fresenius Medical Care KGaA is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Fresenius Medical Care KGaA's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Fresenius Medical Care KGaA's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Fresenius Medical Care KGaA Company Filings, last reported 3 months ago.

NYSE:FMS Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 12,901.96 7,546.23 2,265.14
2018-09-30 12,345.84 7,370.05 1,754.05
2018-06-30 11,978.30 7,264.04 1,657.46
2018-03-31 10,910.95 7,720.87 846.38
2017-12-31 10,828.19 7,448.70 993.57
2017-09-30 10,673.02 7,663.45 729.24
2017-06-30 10,692.75 8,046.13 720.98
2017-03-31 11,298.05 8,271.20 670.58
2016-12-31 11,051.13 8,133.53 974.72
2016-09-30 11,085.35 7,906.79 560.33
2016-06-30 10,852.99 8,182.91 650.79
2016-03-31 10,445.63 7,851.27 454.63
2015-12-31 10,611.06 7,963.31 770.42
2015-09-30 10,038.22 8,150.93 556.78
2015-06-30 9,913.71 8,324.17 522.63
2015-03-31 10,207.53 8,430.21 579.85
2014-12-31 8,966.23 7,824.13 678.57
2014-09-30 8,338.57 7,188.65 465.51
2014-06-30 7,539.99 6,679.39 470.80
2014-03-31 7,484.10 6,251.26 416.67
2013-12-31 7,358.27 6,115.40 530.94
2013-09-30 7,195.30 6,231.29 444.90
2013-06-30 7,424.29 6,423.29 450.67
2013-03-31 7,722.92 6,287.52 417.42
2012-12-31 7,380.11 6,298.70 537.70
2012-09-30 7,350.16 6,576.94 482.02
2012-06-30 7,110.03 6,929.49 534.35
  • Fresenius Medical Care KGaA's level of debt (58.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (83.1% vs 58.5% today).
  • Debt is well covered by operating cash flow (27.3%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 7.2x coverage).
X
Financial health checks
We assess Fresenius Medical Care KGaA's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Fresenius Medical Care KGaA has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

FMS Dividends

 What is Fresenius Medical Care KGaA's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.67%
Current annual income from Fresenius Medical Care KGaA dividends. Estimated to be 1.82% next year.
If you bought $2,000 of Fresenius Medical Care KGaA shares you are expected to receive $33 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Fresenius Medical Care KGaA's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.4%).
  • Fresenius Medical Care KGaA's dividend is below the markets top 25% of dividend payers in United States of America (3.63%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:FMS Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 23 Analyst Estimates (S&P Global) See Below
United States of America Healthcare Industry Average Dividend Yield Market Cap Weighted Average of 21 Stocks 1.6%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2009 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:FMS Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 1.69 3.00
2022-12-31 1.53 4.00
2021-12-31 1.33 10.00
2020-12-31 1.26 20.00
2019-12-31 1.15 19.00
NYSE:FMS Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-02-20 1.170 1.659
2018-05-17 1.060 1.404
2017-04-11 0.960 1.145
2016-04-01 0.800 1.034
2015-02-25 0.780 1.029
2014-02-25 0.770 1.434
2013-02-26 0.750 1.472
2012-02-23 0.690 1.277
2012-02-21 0.690 1.297
2011-02-23 0.650 1.285
2010-02-24 0.610 1.420
2009-04-20 0.580 1.754

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Fresenius Medical Care KGaA's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (5.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (4x coverage).
X
Income/ dividend checks
We assess Fresenius Medical Care KGaA's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Fresenius Medical Care KGaA afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Fresenius Medical Care KGaA has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

FMS Management

 What is the CEO of Fresenius Medical Care KGaA's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Rice Powell
COMPENSATION €6,418,000
AGE 63
TENURE AS CEO 6.3 years
CEO Bio

Mr. Robert Maurice Powell, Jr., also known as Rice, has been the Chief Executive Officer and Chairman of Management at Fresenius Medical Care Management AG, General Partner of Fresenius Medical Care AG & Co. KGAA since January 1, 2013. Mr. Powell has been a Member of the Management Board of Fresenius Medical Care Management Board, General Partner of Fresenius Medical Care AG & Co. KGAA since 2004. He served as the Deputy Chairman of the Management Board and Chief Executive Officer of Fresenius Medical Care North America at Management AG from January 1, 2010 to December 31, 2012. Since 1997, he served as the President of Renal Products North America Division, General Partner of Fresenius Medical Care AG & Co. KGAA, including the Extracorporal Therapy and Laboratory Services. He serves as a Member of the Management Board for the Products & Hospital Group of Fresenius Medical Care in North America. Mr. Powell serves as the President of Products & Hospital Group at Fresenius Medical Care North America and of Management AG, General Partner of Fresenius Medical Care AG & Co. KGAA. He served as the Co-Chief Executive Officer of Products Division at Fresenius Medical Care Holdings Inc. Mr. Powell served as the Co-Chief Executive Officer and President Products & Hospital Group of Fresenius Medical Care North America at Fresenius Medical Care Holdings Inc. since January 1, 2004. He has more than 25 years of experience in the healthcare industry. Mr. Powell served as a Member of Management Board at Fresenius Medical Care AG & Co. KGAA since January 2004. From 1978 to 1996, he held various positions within Baxter International Inc. USA, Biogen Inc. USA and Ergo Sciences Inc. USA.

CEO Compensation
  • Rice's compensation has been consistent with company performance over the past year.
  • Rice's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Fresenius Medical Care KGaA management team in years:

6.1
Average Tenure
57.5
Average Age
  • The average tenure for the Fresenius Medical Care KGaA management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Rice Powell

TITLE
Chairman of the Management Board & CEO of Fresenius Medical Care Mgmt AG
COMPENSATION
€6M
AGE
63
TENURE
6.3 yrs

Mike Brosnan

TITLE
CFO & Member of the Management Board at Fresenius Medical Care Mgmt AG
COMPENSATION
€4M
AGE
63
TENURE
9.3 yrs

Kent Wanzek

TITLE
CEO of Global Mfg & Quality and Member of Management Board - Fresenius Medical Care Mgmt AG
COMPENSATION
€3M
AGE
59
TENURE
9.3 yrs

Olaf Schermeier

TITLE
CEO of Global R&D and Member of the Management Board - Fresenius Medical Care Mgmt AG
COMPENSATION
€3M
AGE
46
TENURE
6.1 yrs

Harry de Wit

TITLE
CEO of APAC & Member of Management Board - Fresenius Medical Care Mgmt AG
COMPENSATION
€3M
AGE
56
TENURE
3 yrs

Bill Valle

TITLE
CEO of North America & Member of Management Board at Fresenius Medical Care Mgmt AG
COMPENSATION
€3M
AGE
58
TENURE
2.3 yrs

Katarzyna Mazur-Hofsäß

TITLE
CEO for EMEA & Member of Management Board - Fresenius Medical Care Mgmt AG
AGE
55
TENURE
0.6 yrs

Dominik Heger

TITLE
Senior VP

Borries Muller

TITLE
Senior Vice President of Global Human Resources Employee Communications
AGE
57

Joachim Weith

TITLE
Senior Vice President of Corporate Communications & Governmental Affairs
Board of Directors Tenure

Average tenure and age of the Fresenius Medical Care KGaA board of directors in years:

1.8
Average Tenure
69
Average Age
  • The average tenure for the Fresenius Medical Care KGaA board of directors is less than 3 years, this suggests a new board.
Board of Directors

Dieter Schenk

TITLE
Chairman of Supervisory Board
COMPENSATION
€283K
AGE
65
TENURE
0.9 yrs

Rolf Classon

TITLE
Vice Chairman of Supervisory Board
COMPENSATION
€314K
AGE
73
TENURE
0.4 yrs

Ben Lipps

TITLE
Honorary Chairman of Supervisory Board
AGE
78
TENURE
2.8 yrs

William Johnston

TITLE
Member of Supervisory Board
COMPENSATION
€313K
AGE
73
TENURE
12.9 yrs

Pascale Witz

TITLE
Member of Supervisory Board
COMPENSATION
€149K
AGE
51
TENURE
2.9 yrs

Gregor Zünd

TITLE
Member of Supervisory Board
AGE
58
TENURE
0.5 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess Fresenius Medical Care KGaA's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Fresenius Medical Care KGaA has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

FMS News

Simply Wall St News

FMS Company Info

Description

Fresenius Medical Care AG & Co. KGaA, a kidney dialysis company, provides dialysis care and related services, and other health care services in Germany, the United States, and internationally. It 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 also develops, manufactures, and distributes dialysis products, including hemodialysis machines, peritoneal cyclers, dialyzers, peritoneal solutions, hemodialysis concentrates, solutions and granulates, bloodlines, renal pharmaceuticals, and water treatment systems for the treatment of ESRD; and non-dialysis products, such as acute cardiopulmonary and apheresis products. In addition, it develops, acquires, and in-licenses renal pharmaceuticals; offers renal medications and supplies to patients at homes or to dialysis clinics; and provides vascular, cardiovascular, endovascular specialty, hospitalist, emergency, intensivist, medical cost management, ambulatory surgery center, health plan, urgent care, physician nephrology and cardiology, and ambulant treatment services. The company sells its products to clinics, hospitals, and specialized treatment clinics directly, as well as through local sales forces, independent distributors, dealers, and sales agents. As of December 31, 2018, it operated 3,928 outpatient dialysis clinics in approximately 150 countries. Fresenius Medical Care AG & Co. KGaA was incorporated in 1996 and is headquartered in Bad Homburg, Germany.

Details
Name: Fresenius Medical Care AG & Co. KGaA
FMS
Exchange: NYSE
Founded: 1996
€24,027,844,337
304,663,203
Website: http://www.freseniusmedicalcare.com
Address: Fresenius Medical Care AG & Co. KGaA
Else-Kröner Strasse 1,
Bad Homburg,
Hessen, 61352,
Germany
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
XTRA FME Ordinary Shares XETRA Trading Platform DE EUR 03. Oct 1996
OTCPK FMCQ.F Ordinary Shares Pink Sheets LLC US USD 03. Oct 1996
DB FME Ordinary Shares Deutsche Boerse AG DE EUR 03. Oct 1996
LSE 0H9X Ordinary Shares London Stock Exchange GB EUR 03. Oct 1996
SWX FME Ordinary Shares SIX Swiss Exchange CH CHF 03. Oct 1996
BIT FME Ordinary Shares Borsa Italiana IT EUR 03. Oct 1996
WBAG FME Ordinary Shares Wiener Boerse AG AT EUR 03. Oct 1996
BMV FME N Ordinary Shares Bolsa Mexicana de Valores MX MXN 03. Oct 1996
BATS-CHIXE FMED Ordinary Shares BATS 'Chi-X Europe' GB EUR 03. Oct 1996
NYSE FMS SPONSORED ADR New York Stock Exchange US USD 17. Sep 1996
DB FMEN NEW SHS (NPV) Deutsche Boerse AG DE EUR 21. Feb 2019
DB FMEA SPONSORED ADR Deutsche Boerse AG DE EUR 17. Sep 1996
XTRA FMEN NPV (NEW) XETRA Trading Platform DE EUR 28. Feb 2018
Number of employees
Current staff
Staff numbers
112,658
Fresenius Medical Care KGaA employees.
Industry
Health Care Services
Healthcare
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/18 23:35
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/04/17
Last earnings filing: 2019/02/20
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.