Fresenius Medical Care

FMS

Market cap $13.9B

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Fresenius Medical Care (FMS) is rated a 'Buy,' citing strong fundamentals. FMS demonstrates robust revenue growth, margin expansion, and dividend safety, with a new HVHDF product rollout expected to drive future upside. Despite market concerns over GLP-1 drugs and recent share declines, FMS is positioned for double-digit EPS growth and offers a well-covered 3-4% yield.

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Fresenius Medical Care's Q3 earnings and revenues beat estimates, fueled by margin gains and solid organic growth across segments.

Fresenius Medical Care AG ( FMS ) Q3 2025 Earnings Call November 4, 2025 8:00 AM EST Company Participants Dominik Heger - Executive VP and Head of Investor Relations, Strategic Development & Communications Helen Giza - Chair of Management Board & CEO Martin Fischer - CFO & Member of the Management Board Conference Call Participants Oliver Metzger - ODDO BHF Corporate & Markets, Research Division Veronika Dubajova - Citigroup Inc., Research Division Hassan Al-Wakeel - Barclays Bank PLC, Research Division Hugo Solvet - BNP Paribas, Research Division Graham Doyle - UBS Investment Bank, Research Division David Adlington - JPMorgan Chase & Co, Research Division Anna Ractliffe - BofA Securities, Research Division Presentation Operator Ladies and gentlemen, welcome to the report on the Third Quarter 2025 Conference Call. I am Sandra, the Chorus Call operator.

Strong organic revenue growth1 of 10% driven by all operating segments Positive U.S. same market treatment growth of 0.1 % in line with expectations Accelerated operating income2 growth of 28% at constant currency, leading to a step-change in margin expansion to 11.7% Reported operating income grew by 3%, reported net income3 by 29% Net leverage ratio further improved to 2.6x, in parallel to share buyback and Value-Based Care investments FY 2025 outlook confirmed BAD HOMBURG, Germany, Nov. 4, 2025 /PRNewswire/ -- "In Q3 of 2025, we continued the momentum and further accelerated revenue growth. Conversion into operating income2 growth increased as planned for the third consecutive quarter, underlining our continued operational and financial progress.

Fresenius Medical Care reported a third-quarter operating income that exceeded analysts' expectations on Tuesday, in a sign that the dialysis specialist's cost-cutting measures were beginning to take hold.

Fresenius Medical Care researchers will present multiple abstracts that demonstrate proven, real-world benefits of hemodiafiltration (HDF), with one accepted as an oral presentation. Oral presentation highlights the association between HDF and reduced risk of cardiovascular and fluid-related hospitalization outcomes.

CVS outpaces FMS in share gains and valuation appeal, with stronger earnings momentum and expanding health services driving its edge.

FMS acquisitions, partnerships and global reach fuel growth, though rising costs weigh on near-term prospects.