Fresenius Medical Care (ADR)
Runs dialysis clinics and supplies machines, consumables, home therapies, and value-based kidney care.
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Profile
Operates dialysis clinics while supplying dialysis machines, consumables, and home therapies. Care Delivery is concentrated in the United States, while Care Enablement sells products globally and Value-Based Care coordinates treatment before and through dialysis.
Delivers kidney care through three reportable segments. Care Delivery operates dialysis clinics and related clinical services; Care Enablement develops and supplies dialysis machines, dialyzers, consumables, home therapies, and critical-care technology; Value-Based Care coordinates treatment for patients before and through dialysis.
Most treatment activity is concentrated in the United States, while the product business serves a global customer base. The model links recurring clinical care with manufacturing, research, supply chain, and commercial operations across hundreds of clinics and dozens of production sites.
Scale comes from coordinating treatment protocols, clinic operations, products, and home-care capability within one kidney-care platform. Operations remain shaped by healthcare regulation, product clearances, manufacturing quality, and compliance controls. Fresenius SE retains significant influence without controlling the company.
Company facts
Key statistics
Year to date −1.9% · Average volume (30d) 747.4K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 6, 2026 | Bernstein | Reiterate | Market Perform | $25.80 | ||
| Aug 5, 2026 | Truist Financial | Target | $28 | $25 | ||
| Jul 28, 2026 | BNP Paribas | Target | $19.90 | |||
| Jul 28, 2026 | Exane BNP Paribas | Downgrade | Underperform | |||
| Jul 16, 2026 | Bernstein | Initiate | Market Perform |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 4, 2026Q2 FY26 | $0.62 | $0.66 | +7.3% | $5.47B | $5.55B | +1.4% | −0.50% |
| Aug 3, 2026Q2 FY26 | $0.62 | $0.66 | +7.1% | $5.48B | $5.60B | +2.2% | −1.56% |
| May 5, 2026Q1 FY26 | $0.59 | $0.53 | −10.2% | $5.41B | $5.40B | −0.1% | +4.06% |
| Feb 24, 2026Q4 FY25 | $0.65 | $0.83 | +28.3% | $5.67B | $5.97B | +5.3% | −0.04% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $5.66B | $5.55B | $5.66B | $5.87B | $5.34B | $5.63B | |
| Gross profit | $1.37B | $1.41B | $1.44B | $1.61B | $1.37B | $1.52B | |
| Operating income | $442.3M | $457.0M | $581.3M | $636.1M | $435.1M | $539.8M | |
| Net income | $175.2M | $261.0M | $318.4M | $379.0M | $136.2M | $253.0M | |
| Diluted EPS | $0.30 | $0.45 | $0.54 | $0.66 | $0.25 | $0.48 | |
| Gross margin | 24.3% | 25.3% | 25.4% | 27.4% | 25.6% | 27.0% | |
| Operating margin | 7.8% | 8.2% | 10.3% | 10.8% | 8.1% | 9.6% |
Fiscal years (4-quarter sums)FY21 $20.41B · FY22 $22.48B · FY23 $22.54B · FY24 $22.40B · FY25 $22.74B
Revenue by product · FY25
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $1.68B · Total debt $12.70B · Total assets $36.26B · Shareholders' equity $14.55B
Dividends
Raised for 2 straight years — most recently to $0.8644 from $0.815 in May 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| May 22, 2026 | May 22 | Jun 8 | $0.8644 | raised from $0.815 |
| May 23, 2025 | May 23 | Jun 6 | $0.815 | raised from $0.6342 |
| May 17, 2024 | May 20 | Jun 3 | $0.6342 | raised from $0.6181 |
| May 17, 2023 | May 18 | Jun 1 | $0.6181 | cut from $0.7093 |
| May 13, 2022 | May 16 | May 27 | $0.7093 |
Ownership
Shares outstanding 537.13M · Float 532.21M · 99.1% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Fresenius SE & Co. KGaA | 67.18M | 25.60% | 13D | Aug 24, 2026 |
| Pzena Investment Management LLC | 14.99M | 2.79% | 13F | Aug 7, 2026 |
| Morgan Stanley | 4.35M | 0.81% | 13F | Aug 13, 2026 |
| Dodge & Cox | 3.83M | 0.71% | 13F | Aug 13, 2026 |
| Fiduciary Management Inc /WI/ | 2.94M | 0.55% | 13F | Aug 13, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
View detailsPeers
- DaVita
Closest listed rival in dialysis services and value-based kidney care
- Outset Medical
Focused U.S. challenger in connected in-center, acute, and home dialysis
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Fresenius Medical Care (ADR) | $23.10 | +0.13% | $12.41B | 11.9 | 16.7 | 0.5 | −0.7% |
| DaVita | $181.97 | +0.69% | $11.60B | 15.9 | 11.4 | 0.8 | +5.2% |
| Outset Medical | $3.91 | −0.87% | $73.0M | — | — | 0.6 | +0.7% |
| Median | 15.9 | 11.4 | 0.7 | +2.9% |