FMS

Key Takeaways

The counterintuitive fact about Fresenius Medical Care is that the world's largest dialysis provider, a business with recurring, medically necessary demand, trades at about 10 times operating income and below its book value of roughly $26.57 a share. The market is pricing a defensive healthcare leader as if it were in decline. The cash generation does not match that pessimism. The business produces roughly $2.9 billion of free cash flow on a trailing basis, and management just completed a $1 bi

Institutional ownership

216 institutional managers reported holding FMS in 13F filings for the quarter ended 2026-03-31. Together they hold about 7% of the company; the top 10 hold 6%. 39 opened new positions that quarter. Held by Pzena Investment Management, Dodge & Cox, Morgan Stanley, among others. On the short side, 2.8M shares were sold short as of the 2026-06-15 count, about 0.5% of shares outstanding (3.6 days of typical volume to cover).

Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.

Capital returns

FMS's share count is about flat over the past five years. It pays a dividend, and has for 7 years running, raised 2 years straight; the current rate is $0.40 a share annually. Cash returned over the past three years: $838.78M in dividends.

Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.

Compare FMS

BTSG vs FMSCHE vs FMSCON vs FMSEHC vs FMSENSG vs FMSFMS vs NHC