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Fresenius Medical Care AGFMS +0.61%76 Debt-to-EBITDA is 3.61 as of Mar. 2026, which is 9% above its 10-year median of 3.30. GuruFocus rates FMS with a GF Score™ of 76/100 and a GF Value™ of $23.58 (Fairly Valued). The stock has 4 warning signs investors should review. Among 477 Healthcare Providers & Services companies, Fresenius Medical Care AG ranks worse than 62.47% on this metric.
Debt-to-EBITDA measures a company's ability to pay off its debt.
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt. According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
The historical rank and industry rank for Fresenius Medical Care AG's Debt-to-EBITDA or its related term are showing as below:
FMS'
s Debt-to-EBITDA Range Over the Past 10 Years
Min: 1.9 Med: 3.3 Max: 3.86
Current: 3.23
During the past 13 years, the highest Debt-to-EBITDA Ratio of Fresenius Medical Care AG was 3.86. The lowest was 1.90. And the median was 3.30.
FMS's Debt-to-EBITDA is ranked worse than 62.47% of 477
companies
in the Healthcare Providers & Services industry
Industry Median: 2.22
vs FMS: 3.23
Fresenius Medical Care AG (NYSE:FMS) Debt-to-EBITDA Explanation
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt.
According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
Fresenius Medical Care AG Debt-to-EBITDA Related Terms
Fresenius Medical Care AG Debt-to-EBITDA Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Medical Care Facilities subindustry, Fresenius Medical Care AG's Debt-to-EBITDA, along with its competitors' market caps and Debt-to-EBITDA data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Fresenius Medical Care AG Debt-to-EBITDA vs Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Fresenius Medical Care AG's Debt-to-EBITDA distribution charts can be found below:
* The bar in red indicates where Fresenius Medical Care AG's Debt-to-EBITDA falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In the calculation of annual Debt-to-EBITDA, the EBITDA of the last fiscal year is used. In calculating the annualized quarterly data,
the EBITDA data used here is four times the quarterly (Mar. 2026) EBITDA data.
Fresenius Medical Care AG (FMS) has a Debt-to-EBITDA of 3.61 as of Mar. 2026. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Fresenius Medical Care AG. This is near median its historical median of 3.30. Over the past decade, Fresenius Medical Care AG's Debt-to-EBITDA has ranged from 1.90 to 3.86. According to the industry distribution chart, Fresenius Medical Care AG ranks #298 out of 477 companies in the Healthcare Providers & Services industry, placing it in the top 62.5%.
Is Fresenius Medical Care AG's Debt-to-EBITDA too high?
Fresenius Medical Care AG's current Debt-to-EBITDA of 3.61 is near median its 10-year median of 3.30. Over the past 10 years, this metric has ranged from a low of 1.90 to a high of 3.86. The Healthcare Providers & Services industry median Debt-to-EBITDA is 2.22. Fresenius Medical Care AG's value of 3.61 is 62.6% above this industry median. Based on the distribution chart, Fresenius Medical Care AG ranks #298 out of 477 companies in the Healthcare Providers & Services industry, which is below the industry midpoint. Overall, Fresenius Medical Care AG has a GF Score™ of 76/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Fresenius Medical Care AG's Debt-to-EBITDA compare to HCA and THC?
According to the Healthcare Providers & Services industry distribution chart, Fresenius Medical Care AG ranks #298 out of 477 companies for Debt-to-EBITDA. This places Fresenius Medical Care AG in the lower half of its industry. The industry median Debt-to-EBITDA is 2.22. Fresenius Medical Care AG's value of 3.61 is 62.6% above this benchmark. Historically, Fresenius Medical Care AG's own Debt-to-EBITDA has ranged from 1.90 to 3.86 over the past decade. While the company's 10-year median is 3.30 vs. the industry median of 2.22, Fresenius Medical Care AG has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-EBITDA for a Healthcare Providers & Services company?
The median Debt-to-EBITDA among Healthcare Providers & Services companies is 2.22, based on 477 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Fresenius Medical Care AG's current Debt-to-EBITDA of 3.61 is 62.6% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-EBITDA mean?
A high Debt-to-EBITDA can signal that a stock is expensive relative to its fundamentals. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Fresenius Medical Care AG. For the Healthcare Providers & Services industry, the median Debt-to-EBITDA is 2.22 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Fresenius Medical Care AG's current Debt-to-EBITDA is 3.61, which is near median its own 10-year median of 3.30. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fresenius Medical Care AG stock overvalued right now?
Based on GuruFocus' analysis, Fresenius Medical Care AG (FMS) is currently considered Fairly Valued. The stock's GF Value™ is $23.58, compared to a current price of $24.59 — trading 4.3% above its estimated fair value. The current Debt-to-EBITDA is 3.61, which is near median its 10-year median of 3.30 and 62.6% above the Healthcare Providers & Services industry median of 2.22. Fresenius Medical Care AG's overall GF Score™ is 76/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-EBITDA calculated?
Debt-to-EBITDA is calculated from a company's financial statements. For Fresenius Medical Care AG (FMS), the current Debt-to-EBITDA is 3.61 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Fresenius Medical Care AG (FMS) Overvalued in 2026?
Based on GuruFocus' analysis, Fresenius Medical Care AG stock appears to be overvalued.
The current stock price of $24.59 is trading 4.3% above its estimated GF Value™ of $23.58.
GuruFocus considers Fresenius Medical Care AG to be Fairly Valued.
Key valuation signals for FMS:
Debt-to-EBITDA: 3.61 (near median its 10-year median of 3.30)
GF Value™: $23.58 vs. price of $24.59 (4.3% above fair value)
Industry Position: 62.6% above the Healthcare Providers & Services median (#298 of 477)
No single metric tells the full story. See the FMS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Fresenius Medical Care is the largest dialysis company in the world, treating nearly 300,000 patients from about 3,600 clinics worldwide as of December 2025. In addition to providing dialysis services, the firm is a leading supplier of dialysis products, including machines, dialyzers, and concentrates. Fresenius accounts for about 35% of the global dialysis products market, creating the world's only fully integrated dialysis business. Services account for about three-fourths of sales, while the balance is generated from medical technology products that enable dialysis treatments.
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