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Fresenius SE & Co (FSNUY)
OTHER OTC:FSNUY
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Fresenius SE & Co
(OTC:FSNUY)
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Rating:70Outperform
Price Target:
$15.50
▲(10.40% Upside)
Action:UpgradedDate:12/18/25
Fresenius SE & Co's overall stock score is driven by strong financial performance and a positive earnings call, which highlighted significant growth and strategic execution. Technical indicators suggest positive momentum, although valuation metrics indicate the stock is fairly valued. The company faces some macroeconomic challenges, but its strategic focus and operational execution provide a solid foundation for future growth.
Positive Factors
Revenue Growth
Consistent revenue growth indicates strong market demand and effective business strategies, supporting long-term expansion and stability.
Operational Execution
Effective cost management and operational execution enhance profitability, providing a solid foundation for sustainable growth.
Cash Flow Generation
Strong cash flow generation enhances financial flexibility, enabling strategic investments and debt reduction, bolstering long-term resilience.
Negative Factors
Macroeconomic Challenges
Persistent macroeconomic and geopolitical challenges can impact operational costs and revenue, posing risks to sustained growth.
DRG Inflator in Germany
Lower DRG inflator projections may reduce revenue growth in Germany, affecting the profitability of the hospital management segment.
Impact of U.S. Tariffs
U.S. tariffs increase costs for Kabi, particularly in MedTech, potentially squeezing margins and impacting competitive positioning.
Fresenius SE & Co (FSNUY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$31.24B
Dividend Yield1.97%
Average Volume (3M)1.96K
Price to Earnings (P/E)78.6
Beta (1Y)0.26
Revenue Growth2.59%
EPS GrowthN/A
CountryUS
Employees175,202
SectorHealthcare
Sector Strength45
IndustryMedical - Care Facilities
Share Statistics
EPS (TTM)0.26
Shares Outstanding2,252,949,200
10 Day Avg. Volume0
30 Day Avg. Volume1,958
Financial Highlights & Ratios
PEG Ratio-0.89
Price to Book (P/B)3.90
Price to Sales (P/S)3.49
P/FCF Ratio49.97
Enterprise Value/Market Cap1.23
Enterprise Value/Revenue1.72
Enterprise Value/Gross Profit6.86
Enterprise Value/Ebitda10.97
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.09
Revenue Forecast (FY)$28.00B
Fresenius SE & Co Business Overview & Revenue Model
Company DescriptionFresenius SE & Co. KGaA, a health care company, provides products and services for dialysis, hospitals, and outpatient medical care. It operates through four segments: Fresenius Medical Care, Fresenius Kabi, Fresenius Helios, and Fresenius Vamed. The Fresenius Medical Care segment offers products and services for patients with chronic kidney failure. This segment provides dialyzers, hemodialysis machines, and related disposable products, as well as dialysis-related services. The Fresenius Kabi segment engages in the therapy and care of therapy and care ill patients. This segment offers IV drugs, including intravenously administered generic drugs for oncology, anesthetics, analgesics, anti-infectives, and critical care; parenteral and enteral nutrition products; infusion solutions and blood volume substitutes for infusion therapy; biosimilars, a biological medicine for autoimmune and oncology diseases; medical devices and disposal used to administer IV generic drugs, infusion therapies, and clinical nutrition products; and transfusion products for collection of blood components and corporeal therapies. The Fresenius Helios segment operates 90 hospitals, approximately 130 outpatient clinics, and 6 prevention centers in Germany; and 49 hospitals, 88 outpatient clinics, and approximately 300 risk prevention centers in Spain. This segment also provides services in the field of fertility treatments through 33 clinics and additional 39 sites across 10 countries on 3 continents. The Fresenius Vamed segment manages projects and offers services for hospitals and other health care facilities. This segment provides project development, planning, and turnkey construction services, as well as maintenance, technical management, and operational management services. The company was formerly known as Fresenius SE and changed its name to Fresenius SE & Co. KGaA in January 2011. Fresenius SE & Co. KGaA was founded in 1912 and is headquartered in Bad Homburg vor der Höhe, Germany.
How the Company Makes MoneyFresenius generates revenue through multiple streams primarily from its three divisions: Fresenius Medical Care, Fresenius Kabi, and Fresenius Helios. Fresenius Medical Care makes money by providing dialysis services and selling dialysis products, including machines and consumables to healthcare facilities and home patients. Fresenius Kabi earns revenue from its portfolio of generic injectable drugs, infusion therapies, and clinical nutrition products, often selling to hospitals and healthcare providers. Fresenius Helios contributes by operating hospitals and outpatient facilities, generating revenue from patient care services. Additionally, strategic partnerships with healthcare organizations and a focus on expanding their product offerings in emerging markets further enhance their revenue potential.
Fresenius SE & Co Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive operational and financial picture: strong organic growth, double-digit core EPS expansion, substantial cash generation, and meaningful deleveraging. Kabi and Biopharma are clear growth engines with upgraded margin ambitions and tangible commercial wins. Helios showed quarterly improvement but requires further structural work to sustain gains once temporary measures (surcharge, year‑end effects) normalize. Key risks include macro/regulatory uncertainty (tariffs, PBM reforms), ongoing price pressure in pharma, competitive dynamics in biosimilars, and near‑term corporate cost increases. On balance, the company demonstrated momentum and strengthened financial flexibility that offset the identified execution and external risks.Q4-2025 Updates
Positive Updates
Full-Year Organic Revenue and EBIT Achievement
Delivered upgraded FY2025 guidance: 7% organic revenue growth and 6% EBIT growth at constant currency, closing the year on a strong note.
Double-Digit Core EPS Growth and Improved EPS Guidance
Core EPS grew 12% for FY2025 (double-digit for the second consecutive year). Company guides Core EPS growth of 5%–10% for 2026.
Strong Cash Generation and Deleveraging
Operating cash flow exceeded EUR 1.3bn in Q4; full‑year cash conversion rate of 1.1 (Helios 1.2; Kabi 1.0). Net debt reduced by ~EUR 3bn over two years; net debt-to-EBITDA now 2.7x (inside 2.5–3x target corridor).
Shareholder Return
Proposing a 5% dividend increase to EUR 1.05 per share for FY2025, reflecting stronger financial position.
Kabi: Strong Operational Momentum and Margin Upgrade
Kabi delivered Q4 organic growth of 10% (strongest absolute revenue quarter), growth vectors up 16% in Q4, Biopharma grew 97% in Q4; Kabi growth vectors expanded margin by 130 bps in 2025. Structural EBIT margin ambition raised to 17%–19% with 2026 EBIT margin guidance of 16.5%–17%.
Biopharma Commercial Success and Market Share Gains
Tyenne (tocilizumab biosimilar) fastest-growing in class; market share ~37% in EU4+UK and ~17% in U.S. Over 100 U.S. contracts signed for denosumab biosimilar; Otulfi uptake supported by new 45 mg vial and positive EMA opinion for auto-injector.
Helios Operational Performance
Helios Q4 organic growth 8%; Helios Germany +6% organic, Helios Spain +11% organic. Helios Q4 EBIT margin 11.7% and Spain margin ~15%; performance program and temporary 3.25% surcharge contributed.
Product and Platform Rollouts
MedTech momentum with Ivenix rollout expected to be a meaningful growth driver in 2026; Nutrition and MedTech delivered mid-single-digit organic growth (Nutrition +5%, MedTech +5% in Q4).
Negative Updates
Macroeconomic and Regulatory Uncertainty
Persistent geopolitical and macro volatility noted (recent U.S. Supreme Court ruling on tariffs, evolving PBM reforms). Management acknowledged guidance cannot fully reflect tariff/regulatory uncertainty; FX spot rates could reduce reported metrics by ~1% if unchanged.
Helios Needs Further Operational Improvement
Management admitted Helios—particularly Helios Germany—is not yet delivering fully to expectations and must 'step up' on structural efficiency despite Q4 improvement; ongoing performance program required to sustain results once temporary surcharge effects roll off.
Price Pressure in Pharma
Continued price pressure in pharma expected (described as single-digit to mid‑single-digit), with Q4 having been more pronounced; price pressures may persist through 2026, requiring volume and supply reliability to offset.
China Nutrition Headwind
Nutrition growth was offset by Keto volume-based procurement in China, representing a regional headwind to be managed while pursuing growth outside the VBP tender business.
Competitive Pressure in Biosimilars
High 2025 growth (e.g., Biopharma +97% in Q4) faces intensifying competition as new entrants arrive; management warns growth rates may moderate and stressed that defending share and managing price dynamics will be important.
Corporate Cost Increase
Analysts flagged a rising corporate cost line that erodes some group margin expansion; management indicated corporate projects and ramped investments will increase costs in the near term, pressuring reported group margin at the midpoint.
Tax & Timing Effects
Sequential tax rate increase in Q4 due to provisions in income tax liabilities; some timing/year-end effects (payer settlements, surcharge treatment under other income) impacted quarter phasing.
Company Guidance
Fresenius guided 2026 group organic revenue growth of 4–7% and Core EPS growth at constant currency of 5–10% (Core EPS defined before special items and excluding FMC), targeting a group EBIT margin of around 11.5%. Segment indications are Kabi mid‑to‑high single‑digit organic growth with an EBIT margin of 16.5–17% (longer‑term structural ambition 17–19%; pharma margin ~20%), and Helios mid‑single‑digit organic growth with an EBIT margin of 10–10.5% (including the 3.25% surcharge for publicly insured patients through end‑Oct 2026 and with a 2.98% DRG inflator in 2026 versus 5.9% in 2025). Financial assumptions include CapEx ~5.5% of revenues (up from 4.4%), a tax rate of 24–25%, interest expense broadly in line with the prior year, an FX headwind of ~‑1% on reported revenue/EBIT/Core EPS at Dec‑31 spot rates, and a commitment to stay within a net debt/EBITDA target corridor of 2.5–3x (net debt/EBITDA at 2.7x).Fresenius SE & Co Financial Statement Overview
Summary
Fresenius SE & Co has shown solid revenue growth and improved profitability, with a healthy gross profit margin of 25.4% and a net profit margin of 5.06%. The balance sheet is stable with a debt-to-equity ratio of 0.70, but past high leverage levels pose risks. Cash flow generation is robust, though historical volatility suggests potential challenges.Income Statement
Fresenius SE & Co has shown a solid revenue growth rate of 4.69% in the TTM, recovering from previous declines. The gross profit margin is healthy at 25.4%, and the net profit margin has improved to 5.06%, indicating better profitability. However, historical fluctuations in revenue growth and net income suggest some volatility.75
Positive
Balance Sheet
The company's debt-to-equity ratio has improved to 0.70, indicating a more balanced leverage compared to previous years. Return on equity is modest at 5.92%, reflecting moderate profitability. The equity ratio stands at 43.8%, showing a stable financial structure. However, past high leverage levels pose potential risks.70
Positive
Cash Flow
Operating cash flow is strong, with a positive operating cash flow to net income ratio of 0.27. Free cash flow growth is positive at 2.94%, recovering from previous declines. The free cash flow to net income ratio of 0.56 indicates efficient cash generation. However, historical volatility in cash flow growth rates suggests potential instability.68
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 22.33B | 21.83B | 22.30B | 40.84B | 37.52B | 36.28B |
| Gross Profit | 5.58B | 5.38B | 5.06B | 10.72B | 10.31B | 10.32B |
| EBITDA | 3.49B | 3.14B | 2.73B | 3.09B | 6.84B | 7.19B |
| Net Income | 1.14B | 471.00M | -594.00M | 1.37B | 1.82B | 1.71B |
Balance Sheet | ||||||
| Total Assets | 42.60B | 43.55B | 45.28B | 76.42B | 71.96B | 66.65B |
| Cash, Cash Equivalents and Short-Term Investments | 2.37B | 2.05B | 2.56B | 2.35B | 2.75B | 2.00B |
| Total Debt | 13.58B | 13.58B | 15.83B | 27.76B | 27.16B | 25.91B |
| Total Liabilities | 23.27B | 23.26B | 25.63B | 44.20B | 42.67B | 40.62B |
| Stockholders Equity | 18.68B | 19.54B | 19.00B | 20.41B | 19.00B | 16.95B |
Cash Flow | ||||||
| Free Cash Flow | 1.20B | 1.52B | 3.32B | 2.28B | 3.03B | 4.14B |
| Operating Cash Flow | 2.18B | 2.45B | 4.46B | 4.20B | 5.08B | 6.55B |
| Investing Cash Flow | -722.00M | -510.00M | -3.19B | -2.61B | -2.82B | -3.01B |
| Financing Cash Flow | -631.26M | -2.18B | -1.38B | -1.60B | -1.45B | -3.12B |
Fresenius SE & Co Technical Analysis
Negative
14.04
Price Trends
14.55
Negative
14.26
Negative
13.55
Positive
Market Momentum
0.06
Positive
35.45
Neutral
11.50
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FSNUY, the sentiment is Negative. The current price of 14.04 is below the 20-day moving average (MA) of 14.91, below the 50-day MA of 14.55, and above the 200-day MA of 13.55, indicating a neutral trend. The MACD of 0.06 indicates Positive momentum. The RSI at 35.45 is Neutral, neither overbought nor oversold. The STOCH value of 11.50 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FSNUY.
Fresenius SE & Co Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $121.16B | 15.88 | ― | 0.61% | 6.82% | 15.82% | |
74 Outperform | $12.51B | 9.31 | 21.36% | 0.35% | 10.21% | 39.58% | |
70 Outperform | $31.24B | 78.58 | 7.22% | 1.97% | 2.59% | ― | |
69 Neutral | $21.29B | 12.83 | 33.54% | ― | -0.56% | -53.50% | |
63 Neutral | $10.34B | 10.44 | ― | ― | 5.14% | 4.37% | |
60 Neutral | $13.35B | 12.07 | 7.27% | 3.29% | 4.09% | 13.17% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
FSNUY
Fresenius SE & Co
14.02
3.19
29.47%
DVA
DaVita
154.79
14.43
10.28%
FMS
Fresenius Medical Care
23.03
-0.09
-0.39%
HCA
HCA Healthcare
544.41
225.06
70.47%
THC
Tenet Healthcare
244.80
119.36
95.15%
UHS
Universal Health
202.31
27.58
15.79%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.