Over the past year, Fresenius Medical Care shares have declined by over 25%, despite 38% growth in 2025 adjusted earnings per share and a roughly stable profit outlook for 2026 from management.
Diversified by geography and business mix, Fresenius should be able to benefit from ongoing growth in treating ESRD patients worldwide in the long run.
Bears
With virtually all of its US service profits coming from commercial insurance, Fresenius' profits could contract in some negative policy scenarios.
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.