Fresenius Medical Care AG (FMS) intrinsic value & 10-year financials
Fresenius Medical Care AG (FMS) has a Graham intrinsic value of €71.02 per share. Over the last 10 fiscal years revenue grew 1.9% a year to €19.6B, with an average return on invested capital of 7.2%.
- Graham intrinsic value
- €71.02
- Revenue (FY2025)
- €19.6B
- Revenue growth (10-yr CAGR)
- 1.9%
- ROIC (10-yr avg)
- 7.2%
- Free cash flow (FY2025)
- —
FMS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | €19.6B | €1.2B | €3.36 | — | 9.3% | 5.9% |
| FY2024 | €19.3B | €740.9M | €1.83 | — | 7.2% | 3.8% |
| FY2023 | €19.5B | €732.5M | €1.70 | — | 7.0% | 3.7% |
| FY2022 | €19.4B | €894.3M | €2.30 | — | 7.8% | 4.2% |
| FY2021 | €17.6B | €1.2B | €3.31 | — | 10.5% | 5.8% |
| FY2020 | €17.9B | €1.4B | €3.96 | — | 12.9% | 6.9% |
| FY2019 | €17.5B | €1.4B | €3.96 | €1.4B | 13.0% | 8.0% |
| FY2018 | €16.5B | €2.2B | €6.45 | €1.0B | 18.4% | 14.2% |
| FY2017 | €17.8B | €1.6B | €0.00 | €1.2B | 13.3% | 10.6% |
| FY2016 | €16.6B | €1.2B | €0.00 | €1.1B | 15.9% | 9.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in EUR.
Executive summary
Fresenius Medical Care AG has demonstrated mature, steady growth, with revenue compounding at 1.9% annually over the past decade.
Fresenius Medical Care AG has historically struggled to out-earn its cost of capital, averaging just 7.2% ROIC.
Over the decade, Fresenius Medical Care AG shows that management has aggressively returned capital to shareholders by retiring 99.9% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Fresenius Medical Care AG is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $71.02 per share.