Fresenius Medical Care AG financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Fresenius Medical Care AG files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2007	FY2009	FY2009	FY2010	FY2011	FY2012	FY2013	FY2014	FY2015	FY2016
Revenue							4,970	5,265
Cost of revenue	6,365	6,983	7,416	8,009	8,418	9,199	9,871	10,836	11,406	12,131
Gross profit	3,356	3,629	3,832	3,835	4,152	4,601	4,738	4,996	5,331	5,780
Research and development	66.5	80.2	93.8	96.5	111	112	126	122	140	162
Selling, general and administrative	1,709	1,876	1,987	1,824	2,002	2,225	2,383	2,644	2,896	3,045
Operating income	1,580	1,672	1,756	1,924	2,075	2,219	2,256	2,255	2,327	2,638
Interest expense	400	362	321	305	356	471	448	495	508	452
Interest income	28.6	24.8	21.4	25.4	59.8	44.5	38.9	84.2	117	46.6
Other non-operating income			0	0	0
Pre-tax income	1,209	1,336	1,456	1,644	1,778	1,932	1,848	1,843	1,935	2,232
Income tax	454	476	490	578	601	605	592	584	622	683
Net income to minority interests	38.2	42.4	74.1	86.9	106	140	146	215	284	306
Net income	717	818	891	979	1,071	1,187	1,110	1,045	1,029	1,243
EBITDA	1,943	2,088	2,213	2,427	2,632	2,821	2,904	2,954	3,044	3,413
EPS, basic	2.43	2.75	2.99	3.25	3.54	3.89	3.65	3.46	3.38	4.07
EPS, diluted	2.42	2.74	2.99	3.24	3.51	3.87	3.65	3.45	3.38	4.06
Shares, basic (weighted)		293	294	297	299	301	302	302	304	306
Shares, diluted (weighted)		294	294	298	301	303	303	303	305	306
Dividend per share								0.77	0.78	0.80

Balance sheet

	FY2007	FY2009	FY2009	FY2010	FY2011	FY2012	FY2013	FY2014	FY2015	FY2016
Cash and equivalents	245	222	301	523	457	688	683	634	550	747
Receivables		2,176	2,286	2,573	2,798	3,019	3,037	3,204	3,285	3,524
Inventory		707	822	809	967	1,037	1,097	1,116	1,341	1,410
Other current assets		607	729	368	415	389	352	1,327	1,375	1,412
Total current assets		4,212	4,728	5,153	5,695	6,127	6,287	6,718	6,768	7,314
Property, plant and equipment		2,236	2,420	2,527	2,630	2,941	3,092	3,290	3,426	3,773
Goodwill		7,310	7,511	160	9,187	11,422	11,658	13,082	13,033	13,666
Intangible assets		846	859	693	687	710	758	869	830	847
Other non-current assets		222	233	238	555	399	557	603	474	451
Total assets		14,920	15,821	17,095	19,533	22,326	23,120	25,381	25,365	26,934
Accounts payable		366	362	421	541	622	543	573	628	607
Accrued liabilities		1,288	1,336	1,537	1,704	1,787	2,013	2,197	2,503	2,653
Short-term debt		455	327	680	127	122	159	138	128	606
Total current liabilities		3,144	2,610	3,790	4,263	3,170	3,554	3,477	4,149	5,037
Long-term debt		3,957	4,428	4,310	5,495	7,786	7,747	9,014	7,853	7,203
Other non-current liabilities		320	307	294	237	260	330	412	466	659
Total liabilities		8,797	8,792	9,291	11,061	12,595	12,987	14,528	13,841	14,236
Total debt		4,412	4,270	4,046	5,495	7,786	7,747	9,014	7,853	7,203
Paid-in capital		3,294	3,243	3,340	3,363	3,492	3,530	3,546	3,470	2,978
Retained earnings		2,452	3,112	3,858	4,649	5,564	6,377	7,105	7,871	8,837
Other comprehensive income		-151	-47.9	-194	-483	-492	-551	-1,088	-1,336	-1,319
Shareholders' equity		5,962	6,675	7,377	7,902	8,943	9,235	9,443	9,887	10,809
Minority interests		161	123	147	159	265	250	585	609	648
Total equity	5,567	5,961	6,798	7,524	8,061	9,207	9,485	10,028	10,496	11,457
Total liabilities and equity		14,920	15,821	17,095	19,533	22,326	23,120	25,381	25,365	26,934
Shares outstanding			296	298	300	300	301	301	305	306

Cash flow statement

	FY2007	FY2009	FY2009	FY2010	FY2011	FY2012	FY2013	FY2014	FY2015	FY2016
Net income	755	860	965	1,065	1,177	1,327	1,256	1,260	1,313	1,549
Depreciation and amortization	363	416	457	503	557	603	648	699	717	776
Stock-based compensation		2.19	1.54	2.6	2.6	2.31	13.6	6.31	6.58	25.7
Deferred income tax	1.18	137	22.1	20.8	149	70.9	7.69	99	-47.5	-18
Change in receivables	-62.7	-242	-42	-300	-253	-43.3	41.3	157	331	242
Change in inventory	-72.8	-94.1	-88.9	18.3	-152	-48.3	54.9	85.8	301	66.7
Change in payables	114	-17	71.1	124	132	226	215	121	549	45.7
Cash from operations	1,200	1,016	1,339	1,368	1,446	2,039	2,035	1,861	1,960	2,140
Capital expenditures	-573	-687	-574	-524	-598	-675	-748	-932	-953	-1,030
Acquisitions	-263	-276	-188	-764	-1,785	-1,879	496	1,779	317	578
Cash from investing	-777	-891	-698	-1,125	-2,346	-2,281	-1,206	-2,691	-1,001	-1,379
Stock issued	46.9	43.9	72.4	110	94.9	121	111	107	94.2	49.1
Dividends paid	-188	-252	-232	-232	-281	-272	296	318	263	277
Cash from financing	-341	-156	-558	-14.7	793	468	-808	805	-1,008	-585
Exchange rate effect	3.73	7.96	-2.83	-6.74	40.7	4.59	-26.5	-24.6	-36.2	21.9
Net change in cash	85.7	-23.1	79.6	222	-65.6	231	-5.26	-48.9	-84.4	198
Free cash flow	627	329	765	844	849	1,364	1,287	930	1,007	1,110
Interest paid		357	333	265	260	349	375	380	381	387
Income taxes paid		343	426	521	456	553	543	690	547	599

Key metrics

Worked out from the statements above. Latest values use fiscal 2016. Valuation uses the share price of $22.95 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	30.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	12.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.8%	Net income / average total assets.
Return on invested capital (ROIC)	10.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.

Growth

Metric	Value	How it is calculated
Gross profit growth, 1y	8.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	6.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	6.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	13.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	5.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	4.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	12.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	5.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	5.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	20.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	3.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	3.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	20.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	3.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	3.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	9.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	1.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	8.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	10.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-4.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	5.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	2.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	9.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	6.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.45x	Current assets / current liabilities.
Quick ratio	0.85x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.15x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.67x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	26.7%	Total debt / total assets.
Liabilities / assets	52.9%	Total liabilities / total assets.
Net debt	$6.46B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.89x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	5.83x	Operating income / interest expense.
Working capital	$2.28B	Current assets - current liabilities.
Goodwill and intangibles / assets	53.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$3.70B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Inventory turnover	8.82x	Cost of revenue / average inventory.
Days inventory	41 days	365 x average inventory / cost of revenue.
Days payables	19 days	365 x average accounts payable / cost of revenue.
FCF conversion	89.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	48.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.06	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$4.07	Net income per basic share, as reported (split-adjusted).
FCF per share	$3.62	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.99	Cash from operations / diluted weighted shares.
Book value per share	$35.30	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$12.10	Tangible book value / shares outstanding.
Cash per share	$2.44	(Cash + short-term investments) / shares outstanding.
Dividend per share	$0.80	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	22.3%	Dividends paid / net income, when net income is positive.
Dividends / FCF	25.0%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$12.82B	Share price x shares outstanding.
Enterprise value	$19.27B	Market cap + total debt - cash - short-term investments.
P/E	10.3x	Market cap / net income. Only when net income is positive.
P/B	1.19x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	11.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.99x	Market cap / cash from operations, when positive.
EV/EBIT	7.31x	Enterprise value / operating income, when both are positive.
EV/EBITDA	5.65x	Enterprise value / EBITDA, when both are positive.
EV/FCF	17.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.7%	Free cash flow / market cap.
Earnings yield	9.7%	Net income / market cap (the inverse of P/E).
Dividend yield	2.2%	Dividends paid over the period / market cap.
Shareholder yield	2.2%	(Dividends paid + share buybacks) / market cap.
PEG	2.85x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

Was Fresenius Medical Care AG profitable in fiscal 2016?

Yes. Net income was $1.24B, a net margin of -.

How much free cash flow did Fresenius Medical Care AG generate in fiscal 2016?

Cash from operations of $2.14B minus capital expenditures of $1.03B left free cash flow of $1.11B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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