Fresenius Medical Care (FMS) Company Report

Analyst Coverage

Research analysts who have asked questions during Fresenius Medical Care earnings calls.

David Adlington

JPMorgan Chase & Co.

4 questions for FMS

Also covers: ALC, PHG, SNN

Falko Friedrichs

Deutsche Bank

4 questions for FMS

Also covers: EVO, PHG, SHTPY +1 more

Graham Doyle

UBS Group

4 questions for FMS

Also covers: ALC, PHG, SNN

Hugo Solvet

BNP Paribas

4 questions for FMS

Also covers: GNNDY, PHG, QGEN

James Vane-Tempest

Jefferies Financial Group Inc.

4 questions for FMS

Also covers: AUPH, SGMO, SHTPY +1 more

Hassan Al-Wakeel

Barclays Investment Bank

3 questions for FMS

Also covers: PHG, SNN

Marianne Bulot

Bank of America Corporation

3 questions for FMS

Also covers: SHTPY

Oliver Metzger

ODDO BHF

3 questions for FMS

Also covers: GNNDY

Richard Felton

Goldman Sachs

3 questions for FMS

Also covers: ALC, PHG, SNN

Robert Davies

Morgan Stanley

3 questions for FMS

Also covers: GNNDY, PHG, SNN

Veronika Dubajova

Citigroup

3 questions for FMS

Also covers: ALC, GNNDY, PHG +1 more

Victoria Lambert

Berenberg

3 questions for FMS

Also covers: SHTPY

Giang Nguyen

Citigroup Inc.

1 question for FMS

Also covers: PHG, SHTPY

Lisa Clive

Sanford C. Bernstein & Co., LLC

1 question for FMS

Also covers: DVA, PHG, SNN

Latest news

Recent press releases and 8-K filings for FMS.

Fresenius Medical Care Discusses Strategy, Financial Performance, and 2026 Transition at J.P. Morgan Conference

FMS

Guidance Update

Share Buyback

Product Launch

Fresenius Medical Care (FMS) reported a significant improvement in operating performance, with its operating margin increasing from 7.9% at the end of 2022 to 10.3% through the first nine months of 2025. The company expects to be at the very top end of its revenue growth range for 2025 and confirmed operating income guidance of high teens to high twenties% growth.
The FME25+ transformation program's sustainable savings target was increased to €1 billion and €50 million through 2027, having already delivered €790 million in 2025.
A €1 billion share buyback program was initiated in June 2025, with €585 million already used to repurchase 4.8% of total share capital by December 2025, and full completion expected by May 2026.
2026 is designated as a transition year due to the large-scale 5008X rollout in the U.S., which will incur mid- to high double-digit million EUR in OpEx headwinds. The company plans to convert around 20% of its clinics' machines in 2026.

Jan 13, 2026, 7:15 PM

Transcript

Fresenius Medical Care Highlights Strong Performance and Strategic Initiatives at J.P. Morgan Conference

FMS

Guidance Update

Product Launch

Share Buyback

Fresenius Medical Care (FMS) demonstrated meaningful improvement in operating performance, with its operating margin increasing from 7.9% at the end of 2022 to 10.3% through the first nine months of 2025. The FME25+ transformation program is on track to deliver €790 million in sustainable savings in 2025, with a new target of €1 billion and €50 million through 2027.
The company is actively returning capital to shareholders, having completed the first tranche of a €1 billion share buyback program by the end of December 2025, repurchasing 4.8% of total share capital for €585 million. The full €1 billion buyback is expected to be completed by May 2026.
FMS launched its FME Reignite strategy, highlighted by the 5008S rollout in the United States to establish high-volume HDF therapy as a new standard of care. This initiative designates 2026 as a transition year with an OpEx headwind of mid- to high double-digit million EUR , but aims for 100% conversion of machines in its own clinics by 2030 and an aspiration of mid-teen margins by 2030.
For 2025, FMS expects to achieve the very top end of its revenue growth range and projects high teens to high twenties% operating income growth, having already reached 18% earnings growth through the first nine months. The company anticipates generating operating cash flow above €2.5 billion annually through 2030.

Jan 13, 2026, 7:15 PM

Transcript

Fresenius Medical Care Details Strong Performance, Accelerated Share Buyback, and 2026 Transition Year

FMS

Share Buyback

New Projects/Investments

Guidance Update

Fresenius Medical Care (FMS) demonstrated a meaningful improvement in operating performance, with its operating margin increasing from 7.9% at the end of 2022 to 10.3% through the first nine months of 2025. The FME25+ transformation program has been accelerated, now targeting €790 million in sustainable savings by the end of 2025 and €1 billion and €50 million through 2027.
The company is accelerating shareholder returns, having completed the first tranche of its EUR 1 billion share buyback program by repurchasing 4.8% of total share capital for EUR 585 million by the end of December 2025, with the full program expected to be completed by May 2026. A new dividend policy targets a 30%-40% payout ratio.
2026 is designated as a transition year due to the large-scale rollout of the 5008X high-volume HDF therapy in the United States, which will involve an OpEx headwind of mid- to high double-digit million EUR. The company aims to convert 20% of its machines in its own clinics in 2026, with a goal of 100% by 2030.
For 2025, FMS expects to be at the very top end of its revenue growth range and confirmed operating income guidance of high teens to high twenties% growth. Looking to 2026, the company anticipates a €50 million headwind from the expiration of ACA enhanced tax subsidies and a non-recurrence of an €80 million phosphate binder benefit from 2025.

Jan 13, 2026, 7:15 PM

Transcript

Fresenius Medical Care AG Accelerates Share Buyback Program

FMS

Share Buyback

Guidance Update

Fresenius Medical Care AG is continuing its EUR 1 billion share buyback program with a second tranche.
The first tranche of the program was completed ahead of schedule on December 29, 2025.
The second tranche will repurchase approximately EUR 415 million in shares from January 12, 2026, to May 8, 2026.
The company expects the entire share buyback program to be completed significantly earlier than originally planned, in less than a year.

Jan 12, 2026, 11:02 AM

6-K

Fresenius Medical Care Accelerates Share Buyback Program

FMS

Share Buyback

Fresenius Medical Care (FME) is accelerating its EUR 1 billion share buyback program, which is now expected to be completed in less than a year, significantly earlier than originally planned.
The second tranche of the program will involve repurchasing approximately EUR 415 million of shares between January 12 and May 8, 2026.
The first tranche of the share buyback program was completed ahead of schedule on December 29, 2025.
The acceleration is supported by the company's strong financial performance and cash-flow generation.

Jan 9, 2026, 12:00 PM

Press Release

Fresenius Medical Care AG Places €500 Million Bond

FMS

Debt Issuance

Fresenius Medical Care (FME) successfully placed a bond with a volume of €500 million on November 17, 2025.
The bond matures in November 2030 and has a coupon of 3.250%, issued at a price of 99.619%, resulting in a yield of 3.334%.
The proceeds from this bond will be used for general corporate purposes, including the refinancing of existing financial liabilities.

Nov 17, 2025, 6:31 PM

6-K

Fresenius Medical Care reports strong Q3 2025 results and reiterates full-year guidance

FMS

Earnings

Guidance Update

Share Buyback

Fresenius Medical Care (FMS) reported strong Q3 2025 organic revenue growth of 10%, with operating income increasing by 28% and the operating income margin expanding to 11.7%.
The FME25+ program generated EUR 47 million in sustainable savings during Q3, contributing to EUR 174 million in savings for 2025, and the full-year benefit from phosphate binders is now estimated at EUR 180 million.
The company commenced a EUR 1 billion share buyback program, repurchasing 3.6 million shares for EUR 151 million by September 30th, and 4.35 million shares for EUR 188 million by October 31st, achieving a net leverage ratio of 2.6 times.
FMS reiterated its full-year 2025 outlook, expecting to be at the very top end of its low single-digit % revenue growth range and confirming its operating income guidance.
The company is progressing with the rollout of high volume HDF treatments in select U.S. clinics, with a large-scale launch anticipated in 2026.

Nov 4, 2025, 1:00 PM

Transcript

Fresenius Medical Care Reports Strong Q3 2025 Results and Updates Full-Year Guidance

FMS

Earnings

Guidance Update

Share Buyback

Fresenius Medical Care (FMS) reported strong Q3 2025 organic revenue growth of 10% and an accelerated operating income growth of 28%, with the operating income margin expanding to 11.7%.
The company initiated a EUR 1 billion share buyback program, repurchasing 4.35 million shares for EUR 188 million by October 31.
FMS updated its full-year 2025 outlook, expecting EUR 220 million in savings from FME25 plus and EUR 180 million in contributions from phosphate binders, and reiterated its full operating income guidance range.
Strategic initiatives are progressing, including the early rollout of high volume HDF treatments in select U.S. clinics and an increased ownership stake in intoWell Health for value-based care.

Nov 4, 2025, 1:00 PM

Transcript

Fresenius Medical Care Reports Strong Q3 2025 Organic Revenue and Earnings Growth

FMS

Earnings

Revenue Acceleration/Inflection

Share Buyback

Fresenius Medical Care achieved strong organic revenue growth of 10% and accelerated operating income growth of 28% (at constant currency, excluding special items) in Q3 2025, leading to an operating income margin of 11.7%.
For Q3 2025, reported revenue increased by 3% to EUR 4,885 million, and basic earnings per share (excluding special items) rose by 37% to EUR 1.10.
The company's net leverage ratio improved to 2.6x in Q3 2025, and it commenced an initial share buyback program of EUR 1.0 billion, with EUR 151 million invested as of September 30, 2025.
Fresenius Medical Care confirmed its outlook for fiscal year 2025, expecting positive to low-single-digit percent revenue growth and high-teens to high-twenties percent operating income growth (excluding special items).

Nov 4, 2025, 12:00 PM

Press Release

Fresenius Medical Care AG Reports Q3 2025 Financial Results

FMS

Earnings

Management Change

Fresenius Medical Care AG reported Q3 2025 revenue of €4,885 million, an increase of 3% (or 8% at constant currency) compared to Q3 2024, with net income attributable to shareholders rising 29% to €275 million (or 34% at constant currency).
For the nine months ended September 30, 2025, total revenue grew 2% to €14,558 million (or 5% at constant currency), and basic earnings per share increased to €2.22 from €1.61 in the same period of 2024.
The Value-Based Care segment demonstrated strong performance, with Q3 2025 revenue increasing 34% (or 42% at constant currency) to €576 million, primarily due to organic growth from contract expansion and increased Member Months.
Joseph E. (Joe) Turk was appointed to the Management Board, effective January 1, 2026.