Company Valuation: Fresenius Medical Care AG

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 16,742 8,970 11,138 12,957 11,389 10,009 - -
Change - -46.42% 24.17% 16.33% -12.1% -12.12% - -
Enterprise Value (EV) 1 28,580 20,909 21,898 22,760 20,585 18,820 18,275 18,082
Change - -26.84% 4.73% 3.94% -9.56% -8.58% -2.89% -1.06%
P/E ratio 17.3x 13.3x 22.3x 24.1x 12.1x 12.5x 9.29x 8.15x
PBR 1.32x 0.64x 0.75x 0.82x 0.83x 0.77x 0.72x 0.7x
PEG - -0.4x -0.9x 3.15x 0.1x -1.1x 0.3x 0.6x
Capitalization / Revenue 0.95x 0.46x 0.57x 0.67x 0.58x 0.51x 0.5x 0.48x
EV / Revenue 1.62x 1.08x 1.13x 1.18x 1.05x 0.97x 0.9x 0.86x
EV / EBITDA 8.22x 6.24x 7.02x 7.26x 6.19x 5.4x 4.86x 4.64x
EV / EBIT 15.4x 13.8x 16x 16.4x 11.3x 9.57x 8.32x 7.63x
EV / FCF 17.2x 14.1x 11.2x 13.4x 11.6x 9.95x 10.8x 10.6x
FCF Yield 5.81% 7.08% 8.95% 7.47% 8.66% 10.1% 9.29% 9.46%
Dividend per Share 2 1.35 1.12 1.19 - 1.49 1.426 1.545 1.733
Rate of return 2.36% 3.66% 3.13% - 3.66% 3.83% 4.15% 4.65%
EPS 2 3.31 2.3 1.7 1.83 3.36 2.987 4.014 4.571
Distribution rate 40.8% 48.7% 70% - 44.3% 47.8% 38.5% 37.9%
Net sales 1 17,619 19,398 19,454 19,336 19,628 19,456 20,208 20,910
EBITDA 1 3,476 3,350 3,121 3,135 3,327 3,487 3,760 3,897
EBIT 1 1,852 1,512 1,369 1,392 1,827 1,967 2,197 2,370
Net income 1 969.3 673.4 499 538 978 836 1,103 1,244
Net Debt 1 11,838 11,939 10,760 9,803 9,196 8,810 8,266 8,073
Reference price 2 57.14 30.57 37.96 44.16 40.76 37.27 37.27 37.27
Nbr of stocks (in thousands) 292,994 293,413 293,413 293,413 279,424 268,565 - -
Announcement Date 22/02/22 21/02/23 20/02/24 25/02/25 24/02/26 - - -
1EUR in Million2EUR
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.5x0.97x5.4x3.82% 11.8B
14.81x0.42x9.29x2.92% 116B
14.36x1.83x9x0.72% 96.54B
12.21x1.41x8.7x2.8% 27.15B
30.42x5.69x23.32x2.39% 21.28B
18.24x1.73x9.97x1.15% 20.84B
19.45x2.17x10.94x1.71% 20.74B
16.56x1.55x8.04x5.14% 17.2B
7.56x1.2x5.68x-.--% 16.4B
13.55x1.68x8.05x0.84% 12.75B
Average 15.97x 1.86x 9.84x 2.15% 36.03B
Weighted average by Cap. 15.52x 1.51x 9.74x 2.05%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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