Fresenius Medical Care AGFMS -0.04%72 Return-on-Tangible-Equity is Negative Tangible Equity% as of Mar. 2026. GuruFocus rates FMS with a GF Score™ of 72/100 and a GF Value™ of $23.50 (Fairly Valued). The stock has 4 warning signs investors should review. Among 581 Healthcare Providers & Services companies, Fresenius Medical Care AG ranks better than 99.83% on this metric.
Return-on-Tangible-Equity is calculated as Net Income divided by its average total shareholder tangible equity. Total shareholder tangible equity equals to Total Stockholders Equity minus Intangible Assets. Fresenius Medical Care AG's annualized net income for the quarter that ended in Mar. 2026 was $543 Mil. Fresenius Medical Care AG's average shareholder tangible equity for the quarter that ended in Mar. 2026 was $-1,964 Mil. Therefore, Fresenius Medical Care AG's annualized Return-on-Tangible-Equity for the quarter that ended in Mar. 2026 was Negative Tangible Equity%.
The historical rank and industry rank for Fresenius Medical Care AG's Return-on-Tangible-Equity or its related term are showing as below:
FMS'
s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: 0 Med: 0 Max: 0
Current: Negative Tangible Equity
FMS's Return-on-Tangible-Equity is ranked better than 99.83% of 581
companies
in the Healthcare Providers & Services industry
Industry Median: 9.93
vs FMS: Negative Tangible Equity
Fresenius Medical Care AG (NYSE:FMS) Return-on-Tangible-Equity Explanation
Return-on-Tangible-Equity measures the rate of return on the ownership interest (shareholder's tangible equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' tangible equity (shareholders equity minus intangibles). Return-on-Tangible-Equity shows how well a company uses investment funds to generate earnings growth. Return-on-Tangible-Equitys between 15% and 20% are considered desirable.
Be Aware
Net Income is used.
Because a company can increase its Return-on-Tangible-Equity by having more financial leverage, it is important to watch the leverage ratio when investing in high Return-on-Tangible-Equity companies. Like Return-on-Tangible-Asset, Return-on-Tangible-Equity is calculated with only 12 months data. Fluctuations in company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Asset light businesses require very few assets to generate very high earnings. Their Return-on-Tangible-Equitys can be extremely high.
Fresenius Medical Care AG Return-on-Tangible-Equity Related Terms
Fresenius Medical Care AG Return-on-Tangible-Equity Historical Data
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The historical data trend for Fresenius Medical Care AG's Return-on-Tangible-Equity 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 Medical Care AG Return-on-Tangible-Equity Chart
FMS vs HCA, THC, DVA: Return-on-Tangible-Equity Comparison
For the Medical Care Facilities subindustry, Fresenius Medical Care AG's Return-on-Tangible-Equity, along with its competitors' market caps and Return-on-Tangible-Equity 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 Return-on-Tangible-Equity vs Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Fresenius Medical Care AG's Return-on-Tangible-Equity distribution charts can be found below:
* The bar in red indicates where Fresenius Medical Care AG's Return-on-Tangible-Equity 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 Return-on-Tangible-Equity, the net income of the last fiscal year and the average total shareholder tangible equity over the fiscal year are used. In calculating the quarterly data,
the net income data used here is four times the quarterly (Mar. 2026) net income data.
Return-on-Tangible-Equity is displayed in the 10-year financial page.
What does a Return-on-Tangible-Equity of Negative Tangible Equity% mean?
Fresenius Medical Care AG (FMS) has a Return-on-Tangible-Equity of Negative Tangible Equity% as of Mar. 2026. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on Fresenius Medical Care AG and its competitors. According to the industry distribution chart, Fresenius Medical Care AG ranks #1 out of 581 companies in the Healthcare Providers & Services industry, placing it in the top 0.2%.
Is Fresenius Medical Care AG's Return-on-Tangible-Equity too high?
Fresenius Medical Care AG's current Return-on-Tangible-Equity is Negative Tangible Equity%. Based on the distribution chart, Fresenius Medical Care AG ranks #1 out of 581 companies in the Healthcare Providers & Services industry, which is in the top quartile — a strong position relative to peers. Overall, Fresenius Medical Care AG has a GF Score™ of 72/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Fresenius Medical Care AG's Return-on-Tangible-Equity compare to HCA and THC?
According to the Healthcare Providers & Services industry distribution chart, Fresenius Medical Care AG ranks #1 out of 581 companies for Return-on-Tangible-Equity. This places Fresenius Medical Care AG in the top 0% of its industry — outperforming the majority of peers. The industry median Return-on-Tangible-Equity is 9.93. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Return-on-Tangible-Equity for a Healthcare Providers & Services company?
The median Return-on-Tangible-Equity among Healthcare Providers & Services companies is 9.93, based on 581 companies in the industry. Companies in the top quartile (top 25%) have a Return-on-Tangible-Equity significantly above this median, while those in the bottom quartile fall well below. However, Return-on-Tangible-Equity 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 Return-on-Tangible-Equity mean?
A high Return-on-Tangible-Equity can signal that a stock is expensive relative to its fundamentals. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on Fresenius Medical Care AG and its competitors. For the Healthcare Providers & Services industry, the median Return-on-Tangible-Equity is 9.93 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Fresenius Medical Care AG's current Return-on-Tangible-Equity is Negative Tangible Equity%. 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 $23.50, compared to a current price of $23.24 — trading 1.1% below its estimated fair value. The current Return-on-Tangible-Equity is Negative Tangible Equity%. Fresenius Medical Care AG's overall GF Score™ is 72/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Return-on-Tangible-Equity calculated?
Return-on-Tangible-Equity is calculated from a company's financial statements. For Fresenius Medical Care AG (FMS), the current Return-on-Tangible-Equity is Negative Tangible Equity% 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 undervalued.
The current stock price of $23.24 is trading 1.1% below its estimated GF Value™ of $23.50.
GuruFocus considers Fresenius Medical Care AG to be Fairly Valued.
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.
72GF Score
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