Fresenius Medical Care (ADR) (FMS)
Runs dialysis clinics and supplies machines, consumables, home therapies, and value-based kidney care.
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Operates dialysis clinics while supplying dialysis machines, consumables, and home therapies. Care Delivery is concentrated in the United States, while Care Enablement sells products globally and Value-Based Care coordinates treatment before and through dialysis.
Delivers kidney care through three reportable segments. Care Delivery operates dialysis clinics and related clinical services; Care Enablement develops and supplies dialysis machines, dialyzers, consumables, home therapies, and critical-care technology; Value-Based Care coordinates treatment for patients before and through dialysis.
Most treatment activity is concentrated in the United States, while the product business serves a global customer base. The model links recurring clinical care with manufacturing, research, supply chain, and commercial operations across hundreds of clinics and dozens of production sites.
Scale comes from coordinating treatment protocols, clinic operations, products, and home-care capability within one kidney-care platform. Operations remain shaped by healthcare regulation, product clearances, manufacturing quality, and compliance controls. Fresenius SE retains significant influence without controlling the company.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 6, 2026 | Bernstein | Reiterate | Rating: —Target: — | Target: $25.80 |
| Aug 5, 2026 | Truist Financial | Target | Target: $28 | Target: $25 |
| Jul 28, 2026 | BNP Paribas | Target | Target: — | Target: $19.90 |
| Jul 28, 2026 | Exane BNP Paribas | Downgrade | Rating: — | |
| Jul 16, 2026 | Bernstein | Initiate | Rating: — |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $1.66B · Total debt $12.56B · Total assets $35.84B · Shareholders' equity $14.38B
- Revenue
- $5.57B
- Operating income
- $533.5M
- Net income
- $250.1M
Reported in EUR, converted at the latest exchange rate
HistoryDividendAnnual yield
| Institutions | ≈ 7.90% | 42.45M ADS | |
|---|---|---|---|
| 242 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Other | ≈ 92.10% | 494.68M ADS | |
| remainder | |||
537.13M ADS as of Sep 1, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
The share count has not been confirmed by a second filing; stakes use it as it stands.
Some positions are filed in underlying shares, not receipts; the ratio is unknown, so no percentage.
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Pzena Investment Management LLCInstitution | 2.79% | 14.99M ADS | as of Jun 30, 2026 |
Morgan StanleyInstitution | 0.81% | 4.35M ADS | as of Jun 30, 2026 |
Dodge & CoxInstitution | 0.71% | 3.83M ADS | as of Jun 30, 2026 |
Fiduciary Management Inc /WI/Institution | 0.55% | 2.94M ADS | as of Jun 30, 2026 |
Brandes Investment Partners, LPInstitution | 0.36% | 1.92M ADS | as of Jun 30, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
- DaVita
Closest listed rival in dialysis services and value-based kidney care
- Outset Medical
Focused U.S. challenger in connected in-center, acute, and home dialysis
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Fresenius Medical Care (ADR) | $22.48 | +1.15% | $11.94B | 11.6 | 8.7 | 0.5 | −0.7% |
| DaVita | $184.67 | +1.28% | $11.71B | 16.0 | 11.8 | 0.8 | +5.2% |
| Outset Medical | $3.20 | +2.56% | $57.8M | — | — | 0.5 | +0.7% |
| Median | 16.0 | 11.8 | 0.7 | +2.9% |