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Fresenius Medical Care AG (FMS) Annual Reports

Q: Where can I read Fresenius Medical Care AG (FMS) annual reports?

Every year on this page links straight to the full text on SEC EDGAR. US annual reports are web pages (HTML) rather than PDFs, so you can read and search them in the browser. 3 filings are currently indexed.

Q: What is the difference between a 10-K and a 20-F?

A 10-K is the annual report of a US domestic issuer; a 20-F is filed by foreign private issuers (Taiwanese companies with US ADRs, such as TSMC, file 20-F). A 40-F applies to Canadian issuers under the MJDS.

Fresenius Medical Care AG is listed on NYSE, classified by the SEC under Services-Misc Health & Allied Services, NEC (SIC 8090). This page indexes 3 annual reports, each linking to the full text on the SEC's EDGAR system.

Company profile

Exchange： NYSE
SEC CIK： 1333141 →

Website：Official site ↗

Financial Highlights

FY2025 Q3 (quarterly, ended 2025-09-30)
	Current	Prior year	YoY
Revenue	43億 EUR	43億 EUR	-0.4%
Operating income	5億 EUR	5億 EUR	+3.0%
Net income	3億 EUR	2億 EUR	+29.0%
EPS (diluted)	0.94 EUR	0.73 EUR	+28.8%

Amounts in EUR.

Source: SEC EDGAR (XBRL company facts)

Financial history

Revenue & profit

Quarterly · In bn (HKD)

Revenue 4.49 bn Net income 0.33 bn

Show table：Income statement

Item	2009Q1	2009Q2	2009Q3	2009Q4	2010Q1	2010Q2	2010Q3	2010Q4	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4
Revenue	—	—	2.89	—	—	—	3.06	—	—	—	—	—	—	—	—	—	—	—	—	4.97	—	—	—	5.27	—	4.20	4.23	3.06	4.21	4.42	4.60	3.35	4.55	4.47	4.34	4.43	3.98	4.21	4.06	4.30	4.13	4.35	4.42	4.58	4.49	4.56	4.41	4.40	4.21	4.32	4.44	3.83	4.40	4.59	4.96	4.49	4.55	4.66	4.77	4.17	4.32	4.35	4.31	4.67	4.36	4.28	4.30	4.49
Gross profit	0.86	0.93	0.98	1.06	0.96	1.01	1.05	1.11	1.04	1.12	1.15	1.21	1.07	1.13	1.11	1.29	1.11	1.16	1.17	1.30	1.08	1.21	1.29	1.41	1.18	1.30	1.38	1.31	1.32	1.40	1.47	1.43	1.59	1.50	1.42	1.49	1.20	1.30	1.27	1.38	1.27	1.33	1.35	1.45	1.41	1.44	1.37	1.35	1.21	1.28	1.27	1.32	1.26	1.35	1.36	1.35	—	—	—	—	—	—	—	—	—	—	—	—
Operating income	0.4	0.42	0.45	0.49	0.42	0.46	0.49	0.54	0.45	0.51	0.53	0.59	0.5	0.59	0.57	0.56	0.49	0.54	0.56	0.66	0.44	0.56	0.59	0.66	0.5	0.55	0.61	0.46	0.54	0.64	0.67	0.56	0.65	0.58	0.61	0.52	0.5	1.40	0.53	0.61	0.54	0.52	0.6	0.62	0.56	0.66	0.63	0.46	0.47	0.42	0.5	0.45	0.35	0.34	0.47	0.35	0.26	0.36	0.32	0.43	0.25	0.42	0.46	0.26	0.33	0.43	0.48	0.59
Net income	0.2	0.22	0.23	0.25	0.21	0.25	0.25	0.27	0.22	0.26	0.28	0.31	0.37	0.29	0.27	0.26	0.23	0.26	0.27	0.35	0.21	0.23	0.27	0.34	0.21	0.24	0.26	0.24	0.23	0.29	0.33	0.29	0.31	0.27	0.31	0.39	0.28	0.99	0.28	0.42	0.27	0.25	0.33	0.34	0.28	0.35	0.35	0.18	0.25	0.22	0.27	0.23	0.16	0.15	0.23	0.14	0.09	0.14	0.08	0.19	0.07	0.19	0.21	0.07	0.15	0.23	0.27	0.33

Balance sheet

Quarterly · In bn (HKD)

Total assets 31.0 bn Total liabilities 16.7 bn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Show table：Balance sheet

Item	2009Q1	2009Q2	2009Q3	2009Q4	2010Q1	2010Q2	2010Q3	2010Q4	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4
Current assets	—	4.49	4.73	4.73	4.79	4.95	5.35	5.15	5.72	5.82	5.59	5.70	6.09	6.06	5.94	6.13	6.00	6.15	6.04	6.29	6.50	6.81	6.46	6.72	6.60	6.70	6.76	6.98	7.15	7.28	7.22	6.88	—	—	—	6.37	6.84	7.51	7.53	7.85	7.50	7.17	7.23	7.17	7.86	8.18	7.82	7.28	7.79	7.81	8.00	7.97	8.04	8.10	8.51	8.20	8.56	8.35	9.05	8.70	9.28	8.69	8.09	7.92	7.96	8.14	7.82	7.90
Total assets	—	15.3	15.7	15.8	15.9	16.0	16.7	17.1	18.1	19.1	18.6	19.5	22.0	21.7	21.9	22.3	22.1	22.3	22.5	23.1	23.4	24.1	24.3	25.4	25.1	25.4	25.4	25.5	26.1	26.6	26.7	25.5	25.8	24.7	24.3	24.0	24.2	25.0	25.6	26.2	32.4	32.0	33.2	32.9	34.1	34.2	33.0	31.7	33.2	33.0	33.8	34.4	34.7	36.1	38.4	35.8	35.5	35.0	35.6	33.9	34.3	33.9	32.5	33.6	32.7	31.3	30.9	31.0
Current liabilities	—	2.81	2.64	2.61	4.02	5.05	3.77	3.79	3.47	3.62	3.69	4.26	5.89	5.87	3.35	3.17	3.30	3.41	3.39	3.55	3.45	3.69	4.30	3.48	3.55	3.62	3.93	4.19	4.45	4.92	5.25	5.30	—	—	—	5.30	5.43	5.50	6.05	6.27	7.36	7.22	7.38	7.01	8.60	8.06	7.04	6.16	7.24	7.42	7.49	7.26	6.38	6.88	6.36	6.47	6.49	6.62	6.62	6.11	6.20	5.94	5.89	5.66	5.45	5.66	5.76	6.25
Total liabilities	—	8.95	8.98	8.79	8.75	9.07	9.23	9.29	9.95	10.8	10.4	11.1	12.8	12.7	12.4	12.6	12.2	12.7	12.8	13.0	13.1	13.8	13.7	14.6	14.1	14.4	14.2	14.0	14.2	14.5	14.2	14.4	—	—	—	13.2	13.3	13.1	13.2	13.3	19.1	19.2	19.6	19.7	20.8	20.9	20.4	19.4	20.0	20.2	20.4	20.4	20.2	20.6	21.7	20.3	20.3	20.0	20.2	19.1	19.2	18.7	17.7	17.8	17.2	17.0	17.0	16.7
Equity	—	6.22	6.53	6.82	6.92	6.73	7.25	7.38	7.72	7.77	7.75	7.90	8.35	8.23	8.64	8.94	9.09	8.84	8.85	9.23	9.42	9.38	9.49	8.39	9.55	9.57	9.63	9.81	10.2	10.2	10.6	9.98	11.3	10.7	10.7	9.82	9.93	10.9	11.2	11.8	12.1	11.6	12.3	12.0	12.0	12.1	11.5	11.2	12.0	11.6	12.2	12.7	13.2	14.1	15.1	14.0	13.8	13.5	14.0	13.6	13.9	13.9	13.6	14.6	14.4	13.3	12.9	13.3

Cash flow

Quarterly · In bn (HKD)

Operating 1.00 bn Investing -0.42 bn Financing -0.21 bn

Positive = cash in, negative = cash out.

Show table：Cash flow statement

Item	2009Q1	2009Q2	2009Q3	2009Q4	2010Q1	2010Q2	2010Q3	2010Q4	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4
Operating	0.16	0.28	0.44	0.46	0.35	0.29	0.38	0.34	0.18	0.31	0.46	0.5	0.48	0.45	0.54	0.57	0.32	0.53	0.61	0.59	0.11	0.45	0.71	0.59	0.45	0.39	0.58	0.35	0.18	0.68	0.44	0.64	0.17	0.88	0.61	0.53	-0.04	0.66	0.61	0.84	0.08	0.85	0.87	0.77	0.58	2.32	0.75	0.58	0.21	0.92	0.69	0.67	0.16	0.75	0.66	0.6	0.14	1.01	0.76	0.72	0.13	0.44	0.98	0.83	0.16	0.77	0.74	1.00
Investing	-0.15	-0.13	-0.17	-0.25	-0.18	-0.32	-0.21	-0.42	-0.45	-0.9	-0.2	-0.79	-1.65	-0.15	-0.2	-0.29	-0.22	-0.19	-0.37	-0.43	-0.33	-0.51	-0.84	-1.01	-0.21	-0.27	-0.28	-0.14	-0.34	-0.32	-0.27	-0.32	-0.35	-0.37	-0.28	0.02	-0.4	1.27	-0.57	-0.55	-2.02	-0.38	-0.35	-0.54	-0.31	-0.28	-0.29	-0.45	-0.22	-0.25	-0.3	-0.42	-0.21	-0.2	-0.1	-0.22	-0.16	-0.13	-0.15	-0.1	-0.07	0.32	-0.22	-0.12	-0.11	-0.14	-0.05	-0.42
Financing	-0.02	-0.13	-0.28	-0.12	-0.2	0.37	-0.22	0.04	0.36	0.39	-0.3	0.35	1.28	-0.19	-0.4	-0.22	-0.25	-0.28	-0.22	-0.07	0.12	0.13	0.06	0.5	-0.24	-0.16	-0.24	-0.27	0.11	-0.17	-0.27	-0.2	0.15	-0.39	-0.31	-0.24	0.34	-1.12	0.05	0.05	0.72	-0.5	-0.52	-0.16	0.12	-1.52	-0.69	-0.57	-0.04	-0.34	-0.29	-0.36	-0.27	-0.73	-0.5	-0.12	0	-0.7	-0.41	-0.75	-0.29	-0.84	-0.48	-0.97	-0.14	0.08	-1.14	-0.21
Cash at period end	0.2	0.23	0.22	0.3	0.26	0.57	0.57	0.52	0.62	0.45	0.4	0.46	0.58	0.68	0.62	0.69	0.53	0.59	0.6	0.68	0.57	0.64	0.59	0.52	0.62	0.58	0.62	0.5	0.52	0.72	0.63	0.71	0.67	0.72	0.73	0.98	0.85	1.66	1.75	2.15	0.96	0.92	0.97	1.01	1.41	1.89	1.60	1.08	1.07	1.41	1.56	1.48	1.17	1.02	1.11	1.27	1.22	1.36	1.55	1.40	1.15	1.09	1.37	1.18	1.07	1.72	1.26	1.60

Profitability

Quarterly · %

Gross margin 30.0% Operating margin 13.2% Net margin 7.3%

Gross, operating and net margin = the respective profit ÷ revenue.

Show table：Profitability

Item	2009Q1	2009Q2	2009Q3	2009Q4	2010Q1	2010Q2	2010Q3	2010Q4	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4
Gross margin	—	—	33.9%	—	—	—	34.5%	—	—	—	—	—	—	—	—	—	—	—	—	26.2%	—	—	—	26.9%	—	30.9%	32.7%	42.9%	31.3%	31.6%	32.0%	42.7%	35.0%	33.4%	32.9%	33.7%	30.3%	30.9%	31.2%	32.1%	30.6%	30.6%	30.5%	31.7%	31.4%	31.5%	31.0%	30.6%	28.7%	29.7%	28.5%	34.5%	28.6%	29.3%	27.4%	30.0%	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	15.6%	—	—	—	16.1%	—	—	—	—	—	—	—	—	—	—	—	—	13.3%	—	—	—	12.6%	—	13.0%	14.5%	15.1%	12.8%	14.5%	14.6%	16.7%	14.3%	13.1%	14.0%	11.7%	12.5%	33.3%	13.0%	14.3%	13.0%	12.0%	13.5%	13.5%	12.4%	14.4%	14.3%	10.5%	11.3%	9.8%	11.4%	11.7%	7.9%	7.4%	9.5%	7.8%	5.7%	7.7%	6.8%	10.3%	5.7%	9.8%	10.7%	5.5%	7.6%	9.9%	11.1%	13.2%
Net margin	—	—	7.8%	—	—	—	8.1%	—	—	—	—	—	—	—	—	—	—	—	—	7.0%	—	—	—	6.4%	—	5.7%	6.2%	7.9%	5.4%	6.7%	7.3%	8.6%	6.8%	6.0%	7.1%	8.9%	7.0%	23.6%	7.0%	9.9%	6.5%	5.8%	7.5%	7.5%	6.3%	7.7%	8.0%	4.0%	5.9%	5.1%	6.2%	6.0%	3.6%	3.2%	4.6%	3.1%	1.9%	3.0%	1.8%	4.5%	1.6%	4.3%	4.9%	1.4%	3.5%	5.3%	6.4%	7.3%

Returns & leverage

Quarterly · %

ROE 7.0% ROA 3.0% Debt ratio 53.9%

ROE / ROA = trailing four-quarter net income ÷ average equity / total assets (annual mode: the year’s net income ÷ average of opening and closing). Not computed when the denominator is zero or negative.

Show table：Returns & leverage

Item	2009Q1	2009Q2	2009Q3	2009Q4	2010Q1	2010Q2	2010Q3	2010Q4	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4
ROE	—	—	—	13.1%	13.1%	14.4%	13.8%	13.8%	13.5%	13.8%	13.8%	14.0%	15.2%	15.6%	15.1%	14.1%	11.9%	11.9%	11.6%	12.2%	11.8%	11.6%	11.6%	11.9%	11.1%	11.2%	11.0%	10.5%	9.9%	10.4%	10.8%	11.6%	11.4%	11.5%	11.1%	12.9%	11.8%	18.3%	17.8%	18.4%	18.0%	11.0%	10.9%	10.1%	10.1%	11.0%	11.2%	10.1%	9.4%	8.4%	7.7%	8.1%	7.0%	6.3%	5.6%	5.0%	4.5%	4.3%	3.1%	3.6%	3.5%	3.9%	4.8%	3.8%	4.4%	4.8%	5.4%	7.0%
ROA	—	—	—	5.6%	5.7%	5.9%	5.9%	6.0%	5.8%	5.7%	5.8%	5.8%	6.1%	6.1%	6.1%	5.7%	4.7%	4.6%	4.6%	4.9%	4.8%	4.6%	4.5%	4.3%	4.3%	4.3%	4.2%	3.8%	3.8%	4.0%	4.2%	4.5%	4.7%	4.7%	4.6%	5.2%	5.0%	7.9%	7.8%	7.9%	7.0%	4.3%	4.4%	4.0%	3.6%	4.0%	4.0%	3.6%	3.4%	3.0%	2.7%	2.9%	2.6%	2.3%	2.1%	1.9%	1.7%	1.7%	1.2%	1.4%	1.4%	1.5%	1.9%	1.6%	1.8%	2.0%	2.3%	3.0%
Debt ratio	—	58.3%	57.2%	55.6%	55.1%	56.7%	55.3%	54.4%	54.9%	56.8%	55.9%	56.6%	58.4%	58.5%	56.8%	56.4%	55.3%	56.8%	56.8%	56.2%	56.0%	57.3%	56.6%	57.4%	56.3%	56.5%	55.9%	54.9%	54.4%	54.6%	53.3%	56.7%	—	—	—	54.9%	54.8%	52.2%	51.8%	50.8%	59.1%	59.9%	59.2%	59.8%	61.0%	61.0%	61.7%	61.1%	60.2%	61.2%	60.3%	59.3%	58.1%	57.2%	56.4%	56.8%	57.1%	57.3%	56.7%	56.3%	55.9%	55.2%	54.5%	53.0%	52.6%	54.2%	55.0%	53.9%

EPS

Quarterly ·

EPS 1.14

Show table：EPS

Item	2009Q1	2009Q2	2009Q3	2009Q4	2010Q1	2010Q2	2010Q3	2010Q4	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4
EPS（）	0.66	0.74	0.76	0.83	0.70	0.82	0.82	0.89	0.73	0.86	0.92	1.01	1.21	0.94	0.88	0.84	—	—	—	3.65	—	—	0.89	1.10	0.69	—	0.86	0.79	0.75	—	—	2.98	1.00	0.87	1.01	1.27	0.91	3.23	0.93	1.38	0.88	0.84	1.10	1.14	0.95	1.20	1.21	0.61	0.85	0.75	0.93	0.78	0.54	0.50	0.78	0.48	0.29	0.48	0.29	0.64	0.24	0.64	0.73	0.22	0.52	0.77	0.94	1.14

Revenue & profit

Year-to-date · In bn (HKD)

Revenue 17.4 bn Net income 0.98 bn

Year-to-date = summed from the first quarter of the fiscal year; balance-sheet items are period-end balances.

Balance sheet

Year-to-date · In bn (HKD)

Total assets 31.0 bn Total liabilities 16.7 bn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Cash flow

Year-to-date · In bn (HKD)

Operating 2.68 bn Investing -0.72 bn Financing -1.40 bn

Positive = cash in, negative = cash out.

Profitability

Year-to-date · %

Gross margin 28.8% Operating margin 10.5% Net margin 5.6%

Gross, operating and net margin = the respective profit ÷ revenue.

Returns & leverage

Year-to-date · %

ROE 7.0% ROA 3.0% Debt ratio 53.9%

EPS

Year-to-date ·

EPS 3.37

Revenue & profit

Annual · In bn (HKD)

Revenue 17.4 bn Net income 0.98 bn

Annual = sum of four quarters of a complete fiscal year (incomplete years are omitted); balance-sheet items are year-end balances.

Show table：Income statement

Item	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	—	—	—	—	—	—	—	16.6	17.8	16.6	17.5	17.9	16.8	18.4	18.1	17.7	17.4
Gross profit	3.83	4.14	4.52	4.60	4.74	5.00	5.18	5.62	6.00	5.15	5.40	5.56	5.08	5.31	—	—	—
Operating income	1.76	1.92	2.07	2.22	2.26	2.25	2.13	2.41	2.36	3.04	2.27	2.30	1.85	1.51	1.37	1.39	1.83
Net income	0.89	0.98	1.07	1.19	1.11	1.05	0.95	1.14	1.28	1.98	1.20	1.16	0.97	0.67	0.5	0.54	0.98

Balance sheet

Annual · In bn (HKD)

Total assets 31.0 bn Total liabilities 16.7 bn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Show table：Balance sheet

Item	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Current assets	4.73	5.15	5.70	6.13	6.29	6.72	6.98	6.88	6.37	7.85	7.17	7.28	7.97	8.20	8.70	7.92	7.90
Total assets	15.8	17.1	19.5	22.3	23.1	25.4	25.5	25.5	24.0	26.2	32.9	31.7	34.4	35.8	33.9	33.6	31.0
Current liabilities	2.61	3.79	4.26	3.17	3.55	3.48	4.19	5.30	5.30	6.27	7.01	6.16	7.26	6.47	6.11	5.66	6.25
Total liabilities	8.79	9.29	11.1	12.6	13.0	14.6	14.0	14.4	13.2	13.3	19.7	19.4	20.4	20.3	19.1	17.8	16.7
Equity	6.82	7.38	7.90	8.94	9.23	8.39	9.81	9.98	9.82	11.8	12.0	11.2	12.7	14.0	13.6	14.6	13.3

Cash flow

Annual · In bn (HKD)

Operating 2.68 bn Investing -0.72 bn Financing -1.40 bn

Positive = cash in, negative = cash out.

Show table：Cash flow statement

Item	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Operating	1.34	1.37	1.45	2.04	2.03	1.86	1.77	1.93	2.19	2.06	2.57	4.23	2.49	2.17	2.63	2.39	2.68
Investing	-0.7	-1.13	-2.35	-2.28	-1.21	-2.69	-0.9	-1.25	-0.99	-0.25	-3.29	-1.33	-1.20	-0.73	-0.54	-0.08	-0.72
Financing	-0.56	-0.01	0.79	0.47	-0.81	0.81	-0.91	-0.52	-0.8	-0.68	-0.47	-2.66	-1.02	-1.62	-1.86	-2.57	-1.40
Cash at period end	0.3	0.52	0.46	0.69	0.68	0.52	0.5	0.71	0.98	2.15	1.01	1.08	1.48	1.27	1.40	1.18	1.60

Profitability

Annual · %

Gross margin 28.8% Operating margin 10.5% Net margin 5.6%

Gross, operating and net margin = the respective profit ÷ revenue.

Show table：Profitability

Item	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Gross margin	—	—	—	—	—	—	—	33.9%	33.8%	31.1%	30.9%	31.1%	30.2%	28.8%	—	—	—
Operating margin	—	—	—	—	—	—	—	14.5%	13.3%	18.4%	13.0%	12.9%	11.0%	8.2%	7.5%	7.9%	10.5%
Net margin	—	—	—	—	—	—	—	6.9%	7.2%	12.0%	6.9%	6.5%	5.8%	3.6%	2.8%	3.0%	5.6%

Returns & leverage

Annual · %

ROE 7.0% ROA 3.0% Debt ratio 53.9%

Show table：Returns & leverage

Item	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
ROE	13.1%	13.8%	14.0%	14.1%	12.2%	11.9%	10.5%	11.6%	12.9%	18.4%	10.1%	10.1%	8.1%	5.0%	3.6%	3.8%	7.0%
ROA	5.6%	6.0%	5.8%	5.7%	4.9%	4.3%	3.8%	4.5%	5.2%	7.9%	4.0%	3.6%	2.9%	1.9%	1.4%	1.6%	3.0%
Debt ratio	55.6%	54.4%	56.6%	56.4%	56.2%	57.4%	54.9%	56.7%	54.9%	50.8%	59.8%	61.1%	59.3%	56.8%	56.3%	53.0%	53.9%

EPS

Annual ·

EPS 3.37

Show table：EPS

Item	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
EPS（）	2.99	3.23	3.52	3.87	—	—	—	—	4.15	6.45	3.96	3.97	3.31	2.30	1.70	1.83	3.37

Source: SEC EDGAR (XBRL company facts)

Annual reports by year

	20-F
2025	Open full text →
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2023	Open full text →

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FAQ

Where can I read Fresenius Medical Care AG (FMS) annual reports?

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