FMS financial statements
The full income statement, balance sheet, and cash-flow statement for Fresenius Medical Care AG American Depositary Shares (Each representing 1/2 of an Ordinary Share) (FMS), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 22.2B+6.2% | 20.9B-0.6% | 21.0B+3.1% | 20.4B-2.1% | 20.8B+2.3% | |
| — | — | — | 5.59B-7.0% | 6.00B-4.9% | ||
| Cost of revenue | 16.5B+4.7% | 15.8B+0.4% | 15.7B+3.0% | 15.3B+0.4% | 15.2B+8.2% | |
| Research & development | 179M-9.9% | 198M-20.9% | 251M+4.3% | 241M-7.9% | 261M+18.2% | |
| Operating income | 2.07B+37.3% | 1.51B+1.7% | 1.48B-6.9% | 1.59B-27.4% | 2.19B-16.6% | |
| Interest expense | 435M-1.2% | 440M-4.1% | 459M+21.2% | 379M-9.4% | 418M-10.5% | |
| Pre-tax income | 1.71B+49.7% | 1.14B+2.3% | 1.12B-12.9% | 1.28B-31.0% | 1.86B-15.8% | |
| Income tax | 363M+6.2% | 342M+5.2% | 325M-4.9% | 342M-18.1% | 417M-26.9% | |
| 1.35B+68.2% | 801M+1.2% | 792M-15.8% | 941M-34.7% | 1.44B-11.9% | ||
| Net income to common | 1.11B+90.3% | 582M+7.8% | 540M-23.8% | 708M-38.2% | 1.15B-13.6% | |
| $3.80+92.1% | $1.98+7.7% | $1.84-24.0% | $2.42-38.2% | $3.91-13.3% | ||
| EPS (basic) | $3.80+92.1% | $1.98+7.7% | $1.84-24.0% | $2.42-38.2% | $3.91-13.3% | |
| Weighted-avg shares (basic) | 291M-0.8% | 293M+0.0% | 293M+0.1% | 293M+0.1% | 293M-0.4% | |
| Dividends per share | $1.71+33.0% | $1.29+6.3% | $1.21-14.6% | $1.42-10.5% | $1.58+15.9% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 9.29B+12.8% | 8.23B-14.3% | 9.61B+9.4% | 8.78B-2.7% | 9.02B+0.8% | ||
| Cash & equivalents | 1.88B+53.3% | 1.23B-20.8% | 1.55B+13.7% | 1.36B-18.8% | 1.68B+26.1% | |
| Inventory | 2.52B+17.1% | 2.15B-10.7% | 2.41B-2.1% | 2.46B+6.4% | 2.31B-1.0% | |
| 36.4B+4.5% | 34.9B-6.9% | 37.5B-2.1% | 38.3B-1.7% | 38.9B-0.1% | ||
| Property, plant & equipment | 4.10B+8.2% | 3.79B-9.3% | 4.18B-6.0% | 4.44B-7.4% | 4.80B-3.9% | |
| Goodwill | 16.0B+1.2% | 15.8B-2.5% | 16.2B-4.3% | 16.9B+3.9% | 16.3B+2.0% | |
| Total non-current assets | 27.2B+1.9% | 26.7B-4.3% | 27.9B-5.5% | 29.5B-1.4% | 29.9B-0.4% | |
| 7.34B+24.8% | 5.88B-12.8% | 6.75B-2.5% | 6.92B-15.8% | 8.22B+10.3% | ||
| Short-term & current debt | 1.88B+213.8% | 598M+11.1% | 538M-27.5% | 743M-1.8% | 756M-39.0% | |
| 19.7B+6.3% | 18.5B-12.3% | 21.1B-2.9% | 21.7B-5.9% | 23.1B-3.0% | ||
| Long-term debt | 6.69B+2.8% | 6.51B-15.3% | 7.68B+0.1% | 7.67B+1.9% | 7.53B-10.0% | |
| 15.6B+3.3% | 15.2B+0.8% | 15.0B+0.5% | 15.0B+4.1% | 14.4B+4.3% | ||
| Total equity incl. non-controlling | 16.8B+2.5% | 16.4B+0.1% | 16.4B-1.0% | 16.5B+4.4% | 15.8B+4.4% | |
| Common shares issued | 293M+0.0% | 293M+0.0% | 293M+0.0% | 293M+0.1% | 293M+0.0% | |
| Common shares outstanding | 279M-4.8% | 293M+0.0% | 293M+0.0% | 293M+0.1% | 293M+0.0% | |
| Shares outstanding (cover) | 279M-4.8% | 293M+0.0% | 293M+0.0% | 293M+0.1% | 293M+0.0% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 3.03B+17.5% | 2.58B-9.2% | 2.84B+24.7% | 2.28B-22.6% | 2.94B-39.0% | ||
| Depreciation & amortization | 1.66B-0.3% | 1.66B-4.8% | 1.74B-3.5% | 1.81B-3.6% | 1.88B+3.6% | |
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Long-term debt issued | 1.84B+2659.3% | 66.5M-85.3% | 452M-56.5% | 1.04B-29.4% | 1.47B-39.1% | |
| Long-term debt repaid | 950M+5.3% | 903M+19.1% | 758M-3.3% | 783M-68.2% | 2.46B+36.2% | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 663M | 0.00 | 0.00 | 0.00 | 0.00-100.0% | |
| Dividends paid | 478M+26.6% | 378M+6.3% | 355M-14.6% | 416M-10.3% | 464M+15.9% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 6.65B+0.1% | 6.64B+8.7% | 6.11B+27.7% | 4.79B-49.7% | 9.51B-21.9% | |
| P/E | 4.9×-40.5% | 8.3×+27.6% | 6.5×+95.6% | 3.3×-49.7% | 6.6×-11.3% | |
| P/S | 0.3×-5.7% | 0.3×+6.0% | 0.3×+30.4% | 0.2×-49.7% | 0.5×-23.7% | |
| P/B | 0.4×-3.0% | 0.4×+7.4% | 0.4×+22.7% | 0.3×-49.7% | 0.7×-25.1% | |
| P/FCF | 4.1×+0.1% | 4.1×+8.7% | 3.8×+27.7% | 3.0×-49.7% | 5.9×-21.9% | |
| Earnings yield | 20.3%+68.0% | 12.1%-21.6% | 15.4%-48.9% | 30.1%+98.7% | 15.2%+12.7% | |
| FCF yield | 24.3%-0.1% | 24.3%-8.0% | 26.4%-21.7% | 33.7%+98.7% | 17.0%+28.0% | |
| Dividend yield | 7.2%+26.4% | 5.7%-2.2% | 5.8%-33.0% | 8.7%+77.8% | 4.9%+48.4% | |
| Source filing | 20-F | 20-F | 20-F | 20-F | 20-F |
About this data
Source: FMS’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all FMS filings on SEC EDGAR → Not investment advice.