FMS (Fresenius Medical Care AG) Scaled Net Operating Assets: 0.75 (As of Mar. 2026)


FMS Fresenius Medical Care AG FMS
72 GF Score
Price $23.24
GF Value $24.15
Valuation Fairly Valued
! 4 Warning Signs
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What is Fresenius Medical Care AG Scaled Net Operating Assets?

Fresenius Medical Care AG FMS -2.56% 72 Scaled Net Operating Assets is 0.75 as of Mar. 2026. GuruFocus rates FMS with a GF Score™ of 72/100 and a GF Value™ of $24.15 (Fairly Valued). The stock has 4 warning signs investors should review.

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Fresenius Medical Care AG's operating assets for the quarter that ended in Mar. 2026 was $34,502 Mil. Fresenius Medical Care AG's operating liabilities for the quarter that ended in Mar. 2026 was $7,206 Mil. Fresenius Medical Care AG's Total Assets for the quarter that ended in Dec. 2025 was $36,302 Mil. Therefore, Fresenius Medical Care AG's scaled net operating assets (SNOA) for the quarter that ended in Mar. 2026 was 0.75.


Fresenius Medical Care AG Scaled Net Operating Assets Historical Data

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The historical data trend for Fresenius Medical Care AG's Scaled Net Operating Assets 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 Scaled Net Operating Assets Chart

Fresenius Medical Care AG Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Scaled Net Operating Assets
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.75 0.74 0.73 0.72 0.78

Fresenius Medical Care AG Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Scaled Net Operating Assets 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 0.76 0.76 0.73 0.75 0.75

FMS vs HCA, THC, DVA: Scaled Net Operating Assets Comparison

For the Medical Care Facilities subindustry, Fresenius Medical Care AG's Scaled Net Operating Assets, along with its competitors' market caps and Scaled Net Operating Assets 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 Scaled Net Operating Assets vs Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, Fresenius Medical Care AG's Scaled Net Operating Assets distribution charts can be found below:

* The bar in red indicates where Fresenius Medical Care AG's Scaled Net Operating Assets falls into.


FMS
72GF Score
Fresenius Medical Care AG FMS
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
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Fresenius Medical Care AG Scaled Net Operating Assets Calculation

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Fresenius Medical Care AG's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Dec. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(A: Dec. 2025 )
=(Operating Assets (A: Dec. 2025 )-Operating Liabilities (A: Dec. 2025 ))/Total Assets (A: Dec. 2024 )
=(34169.841-6936.674)/35148.25
=0.77

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=36302.498 - 2132.657
=34169.841

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=19577.897 - 10068.235 - 2572.988
=6936.674

Fresenius Medical Care AG's Scaled Net Operating Assets (SNOA) for the quarter that ended in Mar. 2026 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Mar. 2026 )
=(Operating Assets (Q: Mar. 2026 )-Operating Liabilities (Q: Mar. 2026 ))/Total Assets (Q: Dec. 2025 )
=(34502.025-7206.345)/36302.498
=0.75

where

Operating Assets(Q: Mar. 2026 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=36378.72 - 1876.695
=34502.025

Operating Liabilities(Q: Mar. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=19957.104 - 9989.134 - 2761.625
=7206.345

* 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.

What does a Scaled Net Operating Assets of 0.75 mean?
Fresenius Medical Care AG (FMS) has a Scaled Net Operating Assets of 0.75 as of Mar. 2026. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Fresenius Medical Care AG and its competitors.
Is Fresenius Medical Care AG's Scaled Net Operating Assets too high?
Fresenius Medical Care AG's current Scaled Net Operating Assets is 0.75. 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 Scaled Net Operating Assets compare to HCA and THC?
Fresenius Medical Care AG's Scaled Net Operating Assets of 0.75 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 Scaled Net Operating Assets for a Healthcare Providers & Services company?
A good Scaled Net Operating Assets depends on the Healthcare Providers & Services industry context. However, Scaled Net Operating Assets 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 Scaled Net Operating Assets mean?
A high Scaled Net Operating Assets can signal that a stock is expensive relative to its fundamentals. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Fresenius Medical Care AG and its competitors. Fresenius Medical Care AG's current Scaled Net Operating Assets is 0.75. 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 $24.15, compared to a current price of $23.24 — trading 3.8% below its estimated fair value. The current Scaled Net Operating Assets is 0.75. 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 Scaled Net Operating Assets calculated?
Scaled Net Operating Assets is calculated from a company's financial statements. For Fresenius Medical Care AG (FMS), the current Scaled Net Operating Assets is 0.75 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 3.8% below its estimated GF Value™ of $24.15. GuruFocus considers Fresenius Medical Care AG to be Fairly Valued.

Key valuation signals for FMS:

  • Scaled Net Operating Assets: 0.75
  • GF Value™: $24.15 vs. price of $23.24 (3.8% below fair value)
  • GF Score™: 72/100 with 4 warning signs

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 AG Business Description

Address Else-Kroner-Strasse 1, Bad Homburg, HE, DEU, 61352
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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Scaled Net Operating Assets is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$23.24
Price
$24.15
GF Value