# Fresenius SE & Co. KGaA (FRE.XETRA)

Canonical: https://gigainvestors.com/s/FRE.XETRA

Analysis as of: 2026-10-16T07:34:26.254Z. Financial observations: FY2002–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 43.86 per share; close as of 2026-10-15.

Estimated value: low EUR 10.84 per share, central EUR 12.14 per share, high EUR 13.87 per share. Buy at or below the central value EUR 12.14 per share. Valuation as of 2026-10-16T07:34:26.254Z; scenarios are not confidence intervals.

Expected annual return: 4.7% at the stated quote. About 4.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DE 10-year bond 3.4% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 0.26×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.15×

- FY2017: 0.14×

- FY2018: 0.13×

- FY2019: 0.13×

- FY2020: 0.12×

- FY2021: 0.10×

- FY2022: 0.07×

- FY2023: 0.06×

- FY2024: 0.08×

- FY2025: 0.10×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 21.3%

- ROIC, second-lowest year: 7.5%

- Typical minus recent gross margin: 2.8 pp

- Typical gross margin (annual median): 27.4%

- Recent gross margin (lower of latest and 3-year median): 24.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.6%

- ROIC including acquisitions, ten-year median: 1.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: >100%

- FY2017: 61.2%

- FY2018: 58.7%

- FY2019: 24.7%

- FY2020: 23.3%

- FY2021: 19.2%

- FY2022: 8.0%

- FY2023: 5.1%

- FY2024: 7.5%

- FY2025: 10.7%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.42×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.8B

- Net income, five-year total: EUR 4.3B

- Return on incremental invested capital: -14.7%

- Working capital / revenue, annual change: 0.8 pp

- Working capital / revenue, change between three-year averages: 2.5 pp

- Working capital / revenue, final three-year average: 30.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.61×

- FY2022: 0.02×

- FY2023: 1.22×

- FY2024: 0.96×

- FY2025: 0.78×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 61.2% vs 7.5%

- Per-share earnings: 2.91 to 0.84 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.4%

- Ordinary dilution, 5-year annual growth: 0.3%

- Market cap gain: EUR -13B

- Cumulative retained earnings: EUR 14B

- Diluted shares, 10-year annual growth: 0.4%

- Diluted shares, 5-year annual growth: 0.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -14.4%

- Per-share value change: EUR -2.08

- Per-share value, starting three-year median: EUR 2.91

- Per-share value, ending three-year median: EUR 0.84

- Buybacks concentrated in cheaper years (correlation): -0.40

- Average buyback yield: 1.1%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 14B

- Cumulative net income, 10 years: EUR 13B

- ROIC, first three-year median: 61.2%

- ROIC, last three-year median: 7.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 2.91

- FY2017: EUR 3.25

- FY2018: EUR 3.63

- FY2019: EUR 3.39

- FY2020: EUR 3.08

- FY2021: EUR 3.26

- FY2022: EUR 2.46

- FY2023: EUR -1.05

- FY2024: EUR 0.84

- FY2025: EUR 2.24

### accounting: pass

- Sloan accruals: -3.5%

- Receivables to sales index (DSRI): 1.07×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.13×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.88×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.3%

- FY2017: -4.0%

- FY2018: -3.0%

- FY2019: -3.6%

- FY2020: -7.3%

- FY2021: -4.5%

- FY2022: -3.7%

- FY2023: -11.2%

- FY2024: -4.5%

- FY2025: -3.5%

## Holders

## Price story

Price needs cash profits to grow 18.4% a year for ten years · "Biopharma Organic Growth: 40% driven by Tien's success." (finance.yahoo.com, May 2025) · sales +4.8%

Story as of 2026-10-16T10:00:00.591Z; price observation 2026-10-15.

Price needs cash profits to grow 18.4% a year for ten years

- 2026-06-25: Fresenius Medical Care dips after US proposes lower dialysis reimbursement rate ([finance.yahoo.com](https://finance.yahoo.com/healthcare/articles/fresenius-medical-care-dips-us-092057534.html))

### Sales · FY2024–2025

sales +4.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 29B 

- FY2017: EUR 34B 

- FY2018: EUR 34B 

- FY2019: EUR 35B 

- FY2020: EUR 36B 

- FY2021: EUR 37B 

- FY2022: EUR 21B 

- FY2023: EUR 21B 

- FY2024: EUR 22B 

- FY2025: EUR 23B 

### Gross margin · FY2025

gross margin 24.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 31.4% 

- FY2017: 30.9% 

- FY2018: 29.3% 

- FY2019: 29.2% 

- FY2020: 28.4% 

- FY2021: 26.5% 

- FY2022: 24.4% 

- FY2023: 23.6% 

- FY2024: 24.6% 

- FY2025: 24.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in medical care facilities; annual sales are EUR 22.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:26.254Z); FY2025: revenue 22873000000; grossProfit 5693000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 23.6% to 24.9% during 2023–25; it earns 21.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:26.254Z); FY2023: grossProfit / revenue = 23.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:26.254Z); FY2024: grossProfit / revenue = 24.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:26.254Z); FY2025: grossProfit / revenue = 24.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:26.254Z); 10-year return on capital observations [[2016,1.0300023238573557],[2017,0.6122280150931153],[2018,0.5872851895065485],[2019,0.24708588604762322],[2020,0.2328980483859406],[2021,0.19212257315666528],[2022,0.0796081400976264],[2023,0.05059087204563977],[2024,0.07464348261195897],[2025,0.10711289537265854]]; median 0.21251031077130295. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 38.4% of cash earnings on expansion; paid dividends in 9 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:26.254Z); FY2016: growth capex 392017521.9306097; upkeep 1235982478.0693903; owner earnings 1572017521.9306097. Growth capex / owner earnings = 0.2493722343814395.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:26.254Z); FY2018: growth capex 0; upkeep 3219000000; owner earnings 303000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:26.254Z); FY2019: growth capex 46000000; upkeep 2413000000; owner earnings 595200000. Growth capex / owner earnings = 0.07728494623655914.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:26.254Z); FY2020: growth capex 0; upkeep 2406000000; owner earnings 776400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:26.254Z); FY2021: growth capex 0; upkeep 2047000000; owner earnings 1102000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:26.254Z); FY2022: growth capex 0; upkeep 1917000000; owner earnings 25016154.93623042. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:26.254Z); FY2024: growth capex 0; upkeep 923000000; owner earnings 452000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:26.254Z); FY2025: growth capex 377000000; upkeep 1120000000; owner earnings 981800000. Growth capex / owner earnings = 0.3839885923813404.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:26.254Z); Dividend observations: [[2016,300000000],[2017,342000000],[2018,416000000],[2019,952000000],[2020,1060000000],[2021,1068000000],[2022,890000000],[2023,550000000],[2024,0],[2025,684000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 27% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FRE.XETRA SharesStats.PercentInsiders = 27 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 18.4% yearly over ten years; actual decline was 3.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:26.254Z); Ten-year compound average after fade. Initial solved rate 0.2544613614190171. Price 43.855; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.510588193099358 → FY2025 1.7431373951973705. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 67.24 per share

- 2016-11: EUR 67.75 per share

- 2016-12: EUR 74.26 per share

- 2017-01: EUR 72.93 per share

- 2017-02: EUR 75.02 per share

- 2017-03: EUR 75.33 per share

- 2017-04: EUR 74.41 per share

- 2017-05: EUR 76.21 per share

- 2017-06: EUR 75.06 per share

- 2017-07: EUR 71.43 per share

- 2017-08: EUR 71.09 per share

- 2017-09: EUR 68.25 per share

- 2017-10: EUR 71.71 per share

- 2017-11: EUR 60.61 per share

- 2017-12: EUR 65.07 per share

- 2018-01: EUR 70.48 per share

- 2018-02: EUR 67.10 per share

- 2018-03: EUR 62.06 per share

- 2018-04: EUR 63.34 per share

- 2018-05: EUR 65.76 per share

- 2018-06: EUR 68.80 per share

- 2018-07: EUR 66.02 per share

- 2018-08: EUR 65.78 per share

- 2018-09: EUR 63.24 per share

- 2018-10: EUR 56.28 per share

- 2018-11: EUR 50.12 per share

- 2018-12: EUR 42.38 per share

- 2019-01: EUR 45.30 per share

- 2019-02: EUR 49.43 per share

- 2019-03: EUR 49.76 per share

- 2019-04: EUR 50.58 per share

- 2019-05: EUR 45.41 per share

- 2019-06: EUR 47.68 per share

- 2019-07: EUR 45.54 per share

- 2019-08: EUR 44.16 per share

- 2019-09: EUR 42.90 per share

- 2019-10: EUR 47.13 per share

- 2019-11: EUR 49.64 per share

- 2019-12: EUR 50.18 per share

- 2020-01: EUR 46.13 per share

- 2020-02: EUR 42.42 per share

- 2020-03: EUR 33.93 per share

- 2020-04: EUR 39.63 per share

- 2020-05: EUR 43.20 per share

- 2020-06: EUR 44.12 per share

- 2020-07: EUR 42.27 per share

- 2020-08: EUR 38.80 per share

- 2020-09: EUR 38.83 per share

- 2020-10: EUR 31.84 per share

- 2020-11: EUR 37.50 per share

- 2020-12: EUR 37.84 per share

- 2021-01: EUR 36.77 per share

- 2021-02: EUR 35.44 per share

- 2021-03: EUR 37.98 per share

- 2021-04: EUR 40.88 per share

- 2021-05: EUR 44.15 per share

- 2021-06: EUR 44.00 per share

- 2021-07: EUR 44.32 per share

- 2021-08: EUR 44.05 per share

- 2021-09: EUR 41.54 per share

- 2021-10: EUR 39.27 per share

- 2021-11: EUR 33.50 per share

- 2021-12: EUR 35.40 per share

- 2022-01: EUR 36.56 per share

- 2022-02: EUR 31.27 per share

- 2022-03: EUR 33.35 per share

- 2022-04: EUR 33.80 per share

- 2022-05: EUR 31.88 per share

- 2022-06: EUR 28.90 per share

- 2022-07: EUR 24.95 per share

- 2022-08: EUR 24.66 per share

- 2022-09: EUR 21.95 per share

- 2022-10: EUR 23.30 per share

- 2022-11: EUR 26.56 per share

- 2022-12: EUR 26.25 per share

- 2023-01: EUR 26.53 per share

- 2023-02: EUR 26.03 per share

- 2023-03: EUR 24.85 per share

- 2023-04: EUR 26.22 per share

- 2023-05: EUR 25.59 per share

- 2023-06: EUR 25.37 per share

- 2023-07: EUR 28.53 per share

- 2023-08: EUR 29.61 per share

- 2023-09: EUR 29.46 per share

- 2023-10: EUR 24.24 per share

- 2023-11: EUR 29.09 per share

- 2023-12: EUR 28.07 per share

- 2024-01: EUR 26.12 per share

- 2024-02: EUR 25.88 per share

- 2024-03: EUR 25.00 per share

- 2024-04: EUR 27.97 per share

- 2024-05: EUR 29.28 per share

- 2024-06: EUR 27.88 per share

- 2024-07: EUR 33.19 per share

- 2024-08: EUR 33.37 per share

- 2024-09: EUR 34.23 per share

- 2024-10: EUR 33.52 per share

- 2024-11: EUR 33.27 per share

- 2024-12: EUR 33.54 per share

- 2025-01: EUR 36.97 per share

- 2025-02: EUR 38.46 per share

- 2025-03: EUR 39.37 per share

- 2025-04: EUR 41.80 per share

- 2025-05: EUR 43.18 per share

- 2025-06: EUR 42.68 per share

- 2025-07: EUR 41.98 per share

- 2025-08: EUR 46.41 per share

- 2025-09: EUR 47.40 per share

- 2025-10: EUR 50.02 per share

- 2025-11: EUR 47.33 per share

- 2025-12: EUR 48.98 per share

- 2026-01: EUR 47.21 per share

- 2026-02: EUR 50.90 per share

- 2026-03: EUR 44.32 per share

- 2026-04: EUR 41.25 per share

- 2026-05: EUR 36.27 per share

- 2026-06: EUR 39.97 per share

- 2026-07: EUR 44.52 per share

- 2026-08: EUR 45.25 per share

- 2026-09: EUR 44.75 per share

- 2026-10: EUR 42.80 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 30.47 per share, central EUR 34.41 per share, high EUR 39.66 per share

- FY2017: low EUR 34.85 per share, central EUR 40.00 per share, high EUR 46.20 per share

- FY2018: low EUR 33.96 per share, central EUR 38.11 per share, high EUR 43.64 per share

- FY2019: low EUR 13.67 per share, central EUR 15.28 per share, high EUR 17.43 per share

- FY2020: low EUR 14.31 per share, central EUR 15.97 per share, high EUR 18.18 per share

- FY2021: low EUR 15.80 per share, central EUR 17.48 per share, high EUR 19.72 per share

- FY2022: low EUR 9.26 per share, central EUR 10.23 per share, high EUR 11.52 per share

- FY2023: low EUR 10.67 per share, central EUR 11.62 per share, high EUR 12.88 per share

- FY2024: low EUR 11.63 per share, central EUR 12.84 per share, high EUR 14.45 per share

- FY2025: low EUR 11.19 per share, central EUR 12.46 per share, high EUR 14.14 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:12.582Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations