Fresenius Medical Care AG & Co. KGaA (NYSE:FMS) Issues Earnings Results

Fresenius Medical Care AG & Co. KGaA (NYSE:FMS) issued its quarterly earnings data on Tuesday. The company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.16, Zacks reports. The business had revenue of $5.95 billion for the quarter, compared to analysts’ expectations of $4.80 billion. Fresenius Medical Care AG & Co. KGaA had a return on equity of 8.71% and a net margin of 5.03%.

Here are the key takeaways from Fresenius Medical Care AG & Co. KGaA’s conference call:

• Fresenius Medical Care reported an exceptional Q4 and full-year 2025, with Q4 organic revenue growth of 8%, adjusted operating income up 53%, Q4 margin of 13.9% and EPS growth of 68%, hitting the upper end of its 2025 outlook.
• The company generated strong cash flow (EUR 2.7bn in 2025), accelerated its EUR 1bn share buyback (repurchasing ~EUR 586m in 2025 plus additional tranches), raised the dividend and reduced net leverage to 2.5x.
• Under the new FME Reignite strategy Fresenius carved out Value Based Care and began a large-scale U.S. rollout of the 5008X machine (targeting ~20% of owned clinics in 2026, training >7,200 staff and transitioning ~36,000 patients); management calls this a long?term growth and outcome driver but expects rollout-related OpEx headwinds in 2026.
• Value Based Care is now a separate segment that generated >EUR 2bn revenue in 2025 and reached break?even for the year (Q4 operating income of EUR 29m), a material improvement from prior loss-making years.
• Management warned of near-term regulatory and phasing headwinds into 2026: strong 2025 tailwinds from TDAPA/phosphate binder and catheter-related payments (around EUR 220m + ~EUR 90m) will partly phase out, and China procurement/regulatory pressures imply a EUR 150–200m regulatory headwind for 2026 and a group margin outlook of 10.5%–12%.

Fresenius Medical Care AG & Co. KGaA Trading Up 2.2%

Shares of Fresenius Medical Care AG & Co. KGaA stock traded up $0.50 on Thursday, hitting $23.15. 188,716 shares of the company traded hands, compared to its average volume of 678,299. The company has a current ratio of 1.36, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. The company has a market cap of $13.42 billion, a PE ratio of 12.15, a PEG ratio of 0.72 and a beta of 0.90. The stock’s 50 day moving average price is $23.30 and its 200-day moving average price is $24.46. Fresenius Medical Care AG & Co. KGaA has a 52 week low of $20.94 and a 52 week high of $30.46.

Analyst Ratings Changes

Several equities analysts have commented on FMS shares. Truist Financial set a $28.00 price objective on shares of Fresenius Medical Care AG & Co. KGaA in a research report on Monday, January 5th. Jefferies Financial Group lowered Fresenius Medical Care AG & Co. KGaA from a “moderate sell” rating to a “strong sell” rating in a research report on Tuesday. Erste Group Bank cut Fresenius Medical Care AG & Co. KGaA from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 5th. Weiss Ratings downgraded Fresenius Medical Care AG & Co. KGaA from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, January 5th. Finally, Zacks Research downgraded Fresenius Medical Care AG & Co. KGaA from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 4th. Five analysts have rated the stock with a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $28.00.

Hedge Funds Weigh In On Fresenius Medical Care AG & Co. KGaA

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. XTX Topco Ltd lifted its stake in Fresenius Medical Care AG & Co. KGaA by 743.3% in the fourth quarter. XTX Topco Ltd now owns 94,093 shares of the company’s stock worth $2,241,000 after acquiring an additional 82,935 shares during the period. OLD Mission Capital LLC bought a new stake in shares of Fresenius Medical Care AG & Co. KGaA in the 4th quarter valued at about $276,000. Engineers Gate Manager LP lifted its position in shares of Fresenius Medical Care AG & Co. KGaA by 217.6% in the 4th quarter. Engineers Gate Manager LP now owns 33,854 shares of the company’s stock worth $806,000 after purchasing an additional 23,194 shares during the period. Balyasny Asset Management L.P. purchased a new stake in shares of Fresenius Medical Care AG & Co. KGaA in the 4th quarter worth approximately $1,799,000. Finally, AQR Capital Management LLC boosted its stake in shares of Fresenius Medical Care AG & Co. KGaA by 15.0% during the fourth quarter. AQR Capital Management LLC now owns 37,315 shares of the company’s stock valued at $889,000 after purchasing an additional 4,876 shares in the last quarter. Institutional investors own 8.37% of the company’s stock.

About Fresenius Medical Care AG & Co. KGaA

Fresenius Medical Care AG & Co KGaA is the world’s largest integrated provider of products and services for individuals with renal diseases. The company’s primary business activities encompass the operation of dialysis clinics and the manufacture and distribution of dialysis equipment, dialysis machines, dialyzers, consumables and related therapies. Through its global network of clinics, Fresenius Medical Care delivers comprehensive kidney care, including hemodialysis and peritoneal dialysis treatments, patient education and support services.

In its products segment, the company designs and produces dialysis machines, water treatment systems and disposables such as high?flux dialyzers and bloodlines.