FME.DE · GER DAX

Fresenius Medical Care AG

Healthcare · Dialysis services and equipment

€40.75 +€0.03 (+0.07%) today

Today's session · updated Nov 11, 2026, 13:55 · Source: Yahoo Finance

Consensus of 17 analysts

Hold

Median price target €38.00 −6.7%

Open: €40.96
Day range: 40.54 – €41.22
52-week range: 34.57 – €45.90
Volume: 162,432
Market cap: €10,575M
P/E (TTM): 13.7x
EPS (TTM): €2.98
EPS est. 2026: €4.05
P/E est. 2026: 10.1x
Dividend yield: 3.7%
Beta: 0.79
Payout: 50%

Analyst summary

Generated with AI · Nov 11, 2026, 16:17

Fresenius Medical Care provides dialysis services and related products across Germany, the United States and international markets. Q3 2026 revenue grew modestly, but net income and the net margin fell sharply year on year, signalling pressure on profitability despite positive free cash flow. The shares trade at a trailing P/E of 13.7x, while analyst consensus is Hold and the median target implies −6.7% downside. A 3.7% dividend yield adds income, though earnings estimates point to a softer 2027.

1Q3 2026 revenue rose 1.1% to €4,937M, while net income fell 41.9% to €160M.
2The current P/E is 13.7x, against consensus forward P/Es of 10.1x for 2026 and 10.6x for 2027.
3The 3.7% dividend yield accompanies a Hold consensus and a €38.00 median target.

Fresenius Medical Care financials

Q3 2026 results, quarter ended Sep 30, 2026

Metric	Q3 2026	1-year change
Total revenue	€4,937M	+1.1%
Net income	€160M	−41.9%
Earnings per share	€0.61	−42.4%
Net margin	3.2%	−2.4 pp
Free cash flow	€560M	+1.9%
Debt / equity	0.85	+5.2%

Revenue and net income (€M)

Total revenueNet income

Quarter	Total revenue	Net income
Q2 2025	€4,792M	€225M
Q3 2025	€4,885M	€275M
Q4 2025	€5,070M	€327M
Q1 2026	€4,612M	€118M
Q3 2026	€4,937M	€160M

Q3 2026 revenue increased 1.1% year on year to €4,937M, but net income declined 41.9% to €160M and the net margin contracted by 2.4 pp to 3.2%. Free cash flow was €560M, up 1.9%, while debt/equity stood at 0.85, 5.2% higher year on year. The quarterly series shows net income recovering from €118M in Q1 2026 to €160M in Q3, but remaining below the €275M recorded in Q3 2025.

EPS data for Q3 conflict: the latest-quarter indicators give €0.61, down 42.4%, while the EPS trend reports €1.110, up 4.8% year on year and 7.5% below its estimate of €1.201. The trend shows Q4 2025 beating estimates by 33.4%, Q1 2026 missing by 12.9%, Q2 beating by 5.8% and Q3 missing by 7.5%. Consensus EPS is €4.049 for 2026, up 20.5%, then €3.859 for 2027, down 4.7%. At €40.75, the trailing P/E is 13.7x versus forward P/Es of 10.1x and 10.6x, respectively.

Written by AI · Nov 11, 2026, 16:17

Fresenius Medical Care earnings per share (EPS)

Consensus estimates

Period	EPS est.	1-year change
Current quarterQ4 2026 · Analysts: 3	€0.8690.74 – 1.00	−39.7%€1.440
Next quarterQ1 2027 · Analysts: 1	€0.7740.77 – 0.77	−15.0%€0.910
Current year2026 · Analysts: 15	€4.0493.82 – 4.29	−5.4%€4.280
Next year2027 · Analysts: 15	€3.8593.34 – 4.56	−4.7%€4.049

Forward P/E: 10.1x (2026) and 10.6x (2027) at the current price.

Actual and estimated EPS (€)

Actual EPSEstimated EPS

Quarter	Actual EPS	Estimated EPS
Q2 2025	€0.770	—
Q3 2025	€1.059	—
Q4 2025	€1.440	€1.079
Q1 2026	€0.910	€1.045
Q2 2026	€1.130	€1.068
Q3 2026	€1.110	€1.201
Q4 2026	—	€0.869
Q1 2027	—	€0.774

Year	Actual EPS	Estimated EPS
2022	€2.300	—
2023	€1.700	—
2024	€1.830	—
2025	€3.360	—
2026	—	€4.049
2027	—	€3.859

EPS trend

Quarter	EPS	YoY change
Q1 2027Estimated	€0.774	−15.0%
Q4 2026Estimated	€0.869	−39.7%
Q3 2026	€1.110est. €1.201 · surprise −7.5%	+4.8%
Q2 2026	€1.130est. €1.068 · surprise +5.8%	+46.8%
Q1 2026	€0.910est. €1.045 · surprise −12.9%	n/a
Q4 2025	€1.440est. €1.079 · surprise +33.4%	n/a
Q3 2025	€1.059	n/a
Q2 2025	€0.770	n/a

Year	EPS	Annual change
2027Estimated	€3.859	−4.7%
2026Estimated	€4.049	+20.5%
2025	€3.360	+83.6%
2024	€1.830	+7.6%
2023	€1.700	−26.1%
2022	€2.300	n/a

Normalised EPS according to the analyst consensus collected by Yahoo Finance; it may differ from the reported EPS in the results table.

Fresenius Medical Care dividend

Yield and payments

Dividend yield (TTM)	3.7%
Forward yield (next 12m)	3.7%
Dividend per share (TTM)	€1.49
Forward dividend (next 12m)	€1.49
Payout (TTM)	50%
Last dividend	€1.49May 22, 2026
Next ex-dividend date	n/a

Dividend per share by year (€)

PaidEstimated

Year	Dividend per share
2019	€1.17
2020	€1.20
2021	€1.34
2022	€1.35
2023	€1.12
2024	€1.19
2025	€1.44
est. 12m	€1.49

The trailing dividend yield is 3.7%, with a dividend per share of €1.49; the estimated forward yield and dividend are also 3.7% and €1.49. The payout ratio is 50%, suggesting the distribution is meaningful relative to earnings while leaving part of earnings retained. The latest dividend was €1.49, with an ex-date of May 22, 2026.

Distributions rose from €1.17 in 2019 to €1.35 in 2022, fell to €1.12 in 2023, then increased to €1.19 in 2024 and €1.44 in 2025. The estimated 12-month amount of €1.49 would extend that recovery. The next ex-date is n/d.

Written by AI · Nov 11, 2026, 16:17

Fresenius Medical Care forecasts

17 analyst ratings

Buy24% Hold35% Sell41%

Consensus: Hold · 4 buy, 6 hold, 7 sell

1-year price forecast

Share price Price target (high, median, low)

12-month price targets
Target	Price	Upside
High	€62.00	+52.1%
Median	€38.00	−6.7%
Low	€29.00	−28.8%

Monthly close (last 12 months)
Date	Close
Nov 28, 2025	€41.25
Dec 30, 2025	€40.76
Jan 30, 2026	€37.91
Feb 27, 2026	€39.45
Mar 31, 2026	€38.57
Apr 30, 2026	€38.61
May 29, 2026	€37.19
Jun 30, 2026	€39.60
Jul 31, 2026	€44.45
Aug 31, 2026	€39.45
Sep 30, 2026	€39.57
Oct 30, 2026	€40.40
Nov 11, 2026	€40.75

Analyst opinion is cautious but not one-sided: of 17 analysts, 4 (24%) rate the shares Buy, 6 (35%) Hold and 7 (41%) Sell. The resulting consensus is Hold, with Sell the largest single rating group. That balance reflects a more guarded view than the positive dividend yield alone might suggest.

The median price target is €38.00, implying −6.7% potential from the quoted share price. Targets range from €29.00 (−28.8%) to €62.00 (+52.1%), a wide spread that indicates substantial disagreement over the outlook. EPS consensus forecasts a decline of 4.7% in 2027 after estimated growth of 20.5% in 2026.

Written by AI · Nov 11, 2026, 16:17

Fresenius Medical Care peers

Ticker	Company	Market cap (€M)	P/E	Price (€)	1-day change	52-week range
FME.DE	Fresenius Medical Care	10,575	13.7x	40.75	+0.07%	34.5745.90
FRE.DE	Fresenius	29,846	18.8x	52.99	−0.90%	35.1153.93
HCA	HCA Healthcare	105,370	16.7x	504.42 $	−0.09%	353.99556.52
DVA	DaVita	11,277	13.6x	179.28 $	−3.37%	101.00247.49
UHS	Universal Health Services	11,132	8.1x	193.10 $	−1.18%	140.08246.33
SAN.PA	Sanofi	102,686	24.8x	85.71	−0.28%	69.7590.79

Stocks quoted in another currency are shown in their trading currency.

Fresenius Medical Care has a market capitalisation of €10,575M and a P/E of 13.7x. Among the listed peers, Fresenius is larger at €29,846M and trades at 18.8x, while DaVita is valued at $11,277M with a 13.6x P/E. Universal Health Services has a similar reported market capitalisation of $11,266M but a lower 8.2x P/E.

HCA Healthcare is valued at $105,370M and 16.7x earnings, while Sanofi stands at €102,686M and 24.8x. These peers span different healthcare activities, so their valuations provide context rather than a like-for-like comparison.

Written by AI · Nov 11, 2026, 16:17

Risks, catalysts and conclusion

Generated with AI · Nov 11, 2026, 16:17

Risks

Further deterioration in treatment profitability could weigh on earnings despite modest revenue growth.
The projected 2027 EPS decline could challenge the valuation if earnings fail to stabilise.
A 50% payout leaves the dividend exposed if weaker profits persist or cash generation falls.

Catalysts

A return to stronger net income growth could improve confidence in the earnings outlook.
Sustained free cash flow generation could support the dividend and strengthen financial flexibility.
Growth in dialysis services and related offerings could help lift revenue across the company's markets.

Conclusion

Fresenius Medical Care’s broad dialysis services and products provide a substantial operating base, and Q3 free cash flow remained positive. However, the sharp year-on-year decline in net income and margin, alongside mixed quarterly EPS outcomes and a projected 2027 EPS fall, tempers that support. The 3.7% yield is notable, but the Hold consensus and median target below the share price point to a balanced, cautious outlook.

Analysis written automatically by AI from Yahoo Finance market data on Nov 11, 2026, 16:17.

This content is for information only and is not financial advice or a recommendation to buy or sell securities. Ratings and price targets come from third-party analysts. Investing in the stock market involves the risk of losing capital.

Fresenius Medical Care AG

Analyst summary

Fresenius Medical Care financials

Q3 2026 results, quarter ended Sep 30, 2026

Revenue and net income (€M)

Fresenius Medical Care earnings per share (EPS)

Consensus estimates

Actual and estimated EPS (€)

EPS trend

Fresenius Medical Care dividend

Yield and payments

Dividend per share by year (€)

Fresenius Medical Care forecasts

17 analyst ratings

1-year price forecast

Fresenius Medical Care peers

Risks, catalysts and conclusion

Risks

Catalysts

Conclusion

What the AI agents think about Fresenius Medical Care

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