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German healthcare conglomerate running Helios hospitals, Kabi generic IV drugs/infusion products, and holding a majority stake in dialysis leader Fresenius Medical Care.
German healthcare conglomerate running Helios hospitals, Kabi generic IV drugs/infusion products, and holding a majority stake in dialysis leader Fresenius Medical Care.
Helios hospitals are paid mainly by public health insurers, while Kabi sells injectable generics and nutrition products to hospitals, so earnings depend on patient volumes and procurement prices. Since 2023 its holding in Fresenius Medical Care is accounted for as an investment rather than consolidated. The Else Kroener-Fresenius foundation is the largest shareholder.
In one line: Germany's HCA Healthcare + Baxter International combined.
Moat: narrow (scale, installed base, regulatory licence). Large hospital network and generic injectable manufacturing scale, but competitive, low-margin segments.
Headquarters: Bad Homburg, Germany · Founded: 1912 · Employees: 178,394
Size Fresenius SE & Co. KGaA (FRE.DE) is a Germany Health Care company (Hospital/Nursing Management) with a market value of $32.8B, the 29th largest of 205 Germany companies the cockpit tracks. Shares closed at €52.48 on 6 Nov 2026.
Performance Over six months the shares gained 34.3%, against +14.6% for the median peer and +2.6% for the Germany market (cap-weighted) — 3rd highest of 7 in its peer set.
Growth Revenue grew 6.2% over the last twelve months (peer median +8.0%); the operating margin is 10.2% (peer median 15.3%).
Valuation It trades at 14.5× forward earnings against a peer median of 32.4× (3rd cheapest of 8).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is -9%, so the hurdle is +17 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 12.9 points below its cost of capital (6.3% WACC).
Credit Fresenius SE & Co. KGaA has 16 bonds outstanding ($9.86B), rated BBB by the agencies and trading like A+ at a weighted spread of 82 bp.
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €23.7B | €22.9B | €22.0B | €21.1B | €21.3B |
| Revenue growth | — | +4% | +4% | -1% | — |
| Gross profit | €6.06B | €5.69B | €5.64B | €4.97B | €5.20B |
| EBITDA | -€1.80B | €3.30B | €3.37B | €2.74B | €2.65B |
| Net income | €1.58B | €1.26B | €471M | -€594M | €1.37B |
| Free cash flow | €1.46B | €1.20B | €1.50B | €3.28B | €2.32B |
| Capital expenditure | €1.38B | €1.50B | €1.06B | €1.29B | €2.00B |
| Total debt | €11.8B | €11.9B | €13.6B | €15.8B | €27.8B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Fresenius SE & Co. KGaA FRE.DE | $32.8B | +34% | +6% | 10% | 14.5× | 8.0% |
| Baxter International BAX | $13.3B | +43% | +5% | 6% | 12.6× | 12.7% |
| HCA Healthcare HCA | $103B | +14% | +6% | 15% | 16.2× | 3.3% |
| DaVita DVA | $12.0B | -4% | +6% | 15% | 11.9× | -1.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FRE.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +26.2% | +6.7% | highest of 8 |
| 6-month return | +34.3% | +14.6% | 3rd highest of 7 |
| Distance from 52-week high | -0.9% | -10.8% | highest of 8 |
| Revenue growth (TTM) | +6.2% | +8.0% | 3rd lowest of 8 |
| Operating margin | 10.2% | 15.3% | 2nd lowest of 8 |
| Forward P/E | 14.5× | 32.4× | 3rd cheapest of 8 |
| Growth the price implies (Req g, 7 yrs) | 8.0% | 14.3% | 4th least demanding of 8 |
| Growth delivered (Del g) | -8.8% | +8.5% | lowest of 8 |
| Hurdle (Req g minus delivered) | +16.8 pp | +1.0 pp | most demanding of 8 |
| ROIC minus cost of capital | -12.9 pp | +2.7 pp | lowest of 8 |
| Bond spread | 82 bp | 115 bp | tightest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Fresenius SE & Co. KGaA FRE.DE | Germany | $32.8B | +34% | +6% | 10% | 14.5× | 8.0% | -8.8% |
| Tenet Healthcare THC | United States | $22.5B | +49% | +6% | 17% | 14.0× | -1.2% | +3.9% |
| Apollo Hospitals Enterprise APOLLOHOSP.NS | India | $12.8B | +8% | +19% | 12% | 49.3× | 32.2% | +19.0% |
| Universal Health Services UHS | United States | $11.5B | +15% | +8% | 11% | 8.7× | -1.2% | +8.5% |
| HCA Healthcare HCA | United States | $103B | +14% | +6% | 15% | 16.2× | 3.3% | +8.0% |
| Max Healthcare Institute MAXHEALTH.NS | India | $9.61B | -8% | +15% | 21% | 49.7× | 43.2% | +27.2% |
| Manipal Health Enterprises MANIPALHOS.NS | India | $9.01B | n/a | +25% | 19% | 63.1× | 29.7% | +28.8% |
| Ramsay Health Care RHC.AX | Australia | $8.87B | +52% | +4% | 5% | 32.4× | 14.3% | +8.3% |
Fresenius SE & Co. KGaA has 16 bonds outstanding with $9.86B face value. The agencies rate it BBB; its bonds trade like A+. Weighted yield 3.83%, a spread of 82 bp over government bonds.