FRESENIUS MEDICAL CARE AG vs TENET HEALTHCARE CORP, two Medical Care stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Tenet earns 39.5% on equity with 1.97 turns of leverage; Fresenius Medical earns 8.3% with none, and returns on assets, 8.5% against 3.8%, keep Tenet ahead even after deflating the gearing. Hospital economics currently beat dialysis economics everywhere on the page: operating margins of 24.1% against 11.7%, net of 12.4% against 6.1%. The multiples barely separate them, 9.8 and 12.7 times, two cheap prices carrying different suspicions, that Tenet's margins are cyclical, that Fresenius' reimbursement is political. Both throw off enormous cash relative to price, 20.4% and 21.5%. Two of the sector's cheapest large names; the buyer chooses which mean reversion to fear.
Comparison updated 2026-07-10.
| Metric | FMS | THC |
|---|---|---|
| Price | $23.25 | $187.50 |
| Market cap | $13.6B | $16.4B |
| Sector | Medical Care | Medical Care |
| Stage | Mature | Mature |
| P/E | 12.7 | 9.8 |
| P/B | 0.87 | 2.45 |
| P/S | 0.64 | 0.77 |
| EV/EBITDA | 3.3 | 5.6 |
| Revenue growth | +1.5% | +4.5% |
| Operating margin | 11.7% | 24.1% |
| Net margin | 6.1% | 12.4% |
| Return on equity | 8.3% | 39.5% |
| Return on assets | 3.8% | 8.5% |
| Return on invested capital | 10.1% | 15.5% |
| FCF yield | 21.4% | 20.4% |
| Dividend yield | 1.7% | — |
| Debt / equity | 0.00 | 1.97 |
| Current ratio | 1.26 | 1.36 |
| Altman Z (solvency) | 1.76 | 1.58 |
| Piotroski F (quality) | 8 / 9 | 7 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.