Fresenius SE KGaA (XSWX:FRE) Operating Income: CHF1,945 Mil (TTM As of Mar. 2026)


XSWX:FRE Fresenius SE & Co KGaA XSWX:FRE
71 GF Score
Price CHF36.15
GF Value CHF33.18
Valuation Fairly Valued
! 5 Warning Signs
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What is Fresenius SE KGaA Operating Income?

Fresenius SE KGaA XSWX:FRE 71 Operating Income is CHF1,945 Mil as of Mar. 2026. GuruFocus rates XSWX:FRE with a GF Score™ of 71/100 and a GF Value™ of CHF33.18 (Fairly Valued). The stock has 5 warning signs investors should review.

Fresenius SE KGaA's Operating Income for the three months ended in Mar. 2026 was CHF547 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was CHF1,945 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Fresenius SE KGaA's Operating Income for the three months ended in Mar. 2026 was CHF547 Mil. Fresenius SE KGaA's Revenue for the three months ended in Mar. 2026 was CHF5,295 Mil. Therefore, Fresenius SE KGaA's Operating Margin % for the quarter that ended in Mar. 2026 was 10.33%.

Warning Sign:

Fresenius SE & Co KGaA operating margin has been in a 5-year decline. The average rate of decline per year is -5.7%.

Fresenius SE KGaA's 5-Year average Growth Rate for Operating Margin % was -5.70% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Fresenius SE KGaA's annualized ROC % for the quarter that ended in Mar. 2026 was 4.82%. Fresenius SE KGaA's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 22.28%.

Fresenius SE KGaA  (XSWX:FRE) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Fresenius SE KGaA's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=2188.056 * ( 1 - 22.88% )/( (35078.53 + 34962.491)/ 2 )
=1687.4287872/35020.5105
=4.82 %

where

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=38627.255 - 2329.113 - ( 1219.612 - max(0, 7822.497 - 10289.715+1219.612))
=35078.53

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=38564.047 - 1297.907 - ( 3594.275 - max(0, 8680.324 - 10983.973+3594.275))
=34962.491

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Fresenius SE KGaA's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=2188.056/( ( (9069.17 + max(857.554, 0)) + (8855.077 + max(863.754, 0)) )/ 2 )
=2188.056/( ( 9926.724 + 9718.831 )/ 2 )
=2188.056/9822.7775
=22.28 %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(3320.106 + 2436.424 + 1550.875) - (2329.113 + 0 + 4120.738)
=857.554

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(3606.107 + 2484.773 + 1298.818) - (1297.907 + 0 + 5228.037)
=863.754

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Fresenius SE KGaA's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=547.014/5295.389
=10.33 %

* 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.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Fresenius SE KGaA Operating Income Related Terms

Fresenius SE KGaA Operating Income Historical Data

* Premium members only.

The historical data trend for Fresenius SE KGaA's Operating Income can be seen below:

* 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.

Fresenius SE KGaA Operating Income Chart

Fresenius SE KGaA Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 4,327.14 1,788.20 1,115.66 1,935.38 2,035.55

Fresenius SE KGaA Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 658.16 525.25 435.43 437.08 547.01
XSWX:FRE
71GF Score
Fresenius SE & Co KGaA XSWX:FRE
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Fresenius SE KGaA Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was CHF1,945 Mil.

* 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.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of CHF1,945 Mil mean?
Fresenius SE KGaA (XSWX:FRE) has a Operating Income of CHF1,945 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Fresenius SE KGaA and its competitors.
Is Fresenius SE KGaA's Operating Income too high?
Fresenius SE KGaA's current Operating Income is CHF1,945 Mil. Overall, Fresenius SE KGaA has a GF Score™ of 71/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Fresenius SE KGaA's Operating Income compare to HCA and THC?
Fresenius SE KGaA's Operating Income of CHF1,945 Mil can be compared against companies in the Healthcare Providers & Services industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Healthcare Providers & Services company?
A good Operating Income depends on the Healthcare Providers & Services industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Fresenius SE KGaA and its competitors. Fresenius SE KGaA's current Operating Income is CHF1,945 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fresenius SE KGaA stock overvalued right now?
Based on GuruFocus' analysis, Fresenius SE KGaA (XSWX:FRE) is currently considered Fairly Valued. The stock's GF Value™ is CHF33.18, compared to a current price of CHF36.15 — trading 9% above its estimated fair value. The current Operating Income is CHF1,945 Mil. Fresenius SE KGaA's overall GF Score™ is 71/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Fresenius SE KGaA (XSWX:FRE), the current Operating Income is CHF1,945 Mil 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 SE KGaA (XSWX:FRE) Overvalued in 2026?

Based on GuruFocus' analysis, Fresenius SE KGaA stock appears to be overvalued. The current stock price of CHF36.15 is trading 9% above its estimated GF Value™ of CHF33.18. GuruFocus considers Fresenius SE KGaA to be Fairly Valued.

Key valuation signals for XSWX:FRE:

  • Operating Income: CHF1,945 Mil
  • GF Value™: CHF33.18 vs. price of CHF36.15 (9% above fair value)
  • GF Score™: 71/100 with 5 warning signs

No single metric tells the full story. See the XSWX:FRE stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Fresenius SE KGaA Business Description

Address Else-Kroener-Strasse 1, Bad Homburg, HE, DEU, 61352
Fresenius is a healthcare holding company based in Germany. The company owns a minority stake in dialysis service provider and equipment manufacturer Fresenius Medical Care. The Kabi segment manufactures intravenous drugs, nutrition products, infusion and transfusion therapies, and related pumps. The Helios segment operates private hospitals primarily in Germany and Spain.
71GF Score

Get the complete analysis for XSWX:FRE

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

CHF36.15
Price
CHF33.18
GF Value