Fresenius SE & Co. KGaA (FSNUF) Stock Analysis & Winston Score

§Winston Score History

Fresenius is a large German healthcare company that runs hospitals and provides medical products and services. Its main businesses include Fresenius Kabi, which makes IV drugs, nutrition products, and medical devices used in hospitals, and Fresenius Helios, which operates one of Europe's biggest private hospital networks across Germany and Spain. The company also has a significant stake in Fresenius Medical Care, a global leader in kidney dialysis.

Fresenius earns revenue through hospital patient services, selling pharmaceutical and nutrition products to healthcare providers, and dialysis treatments. It operates primarily in Europe but has a global presence across more than 60 countries, with a market cap around $30.6 billion. Its scale and vertical integration across hospitals, drugs, and devices give it a cost advantage that smaller competitors struggle to match. A key growth driver is its ongoing simplification strategy to improve margins, though regulatory pressures on hospital reimbursement rates across Europe remain a meaningful risk.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+6.4% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+15.5% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

€633M/ year

→ Flat (-1% vs prior year)

2.8% of revenue

Below sector average (18%)

Steady R&D investment year-over-year

Insider Activity

27.1%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

€4.2B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Fresenius SE & Co. KGaA is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.9% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 558.2M (2021) → 563.2M (2025)

Score breakdown

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Quality

Profit per sale

Gross Margin

26.1%

Modest — 26.1% gross margin

Profit after running costs

Operating Margin

10.5%

Modest — 10.5% operating margin

Return on the money invested

ROCE

7.5%

Weak — 7.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+5.4%

Slow sales growth (+5.4% YoY)

Profit growth

EPS YoY

+34.5%

Earnings growing fast (+34.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

195%

Turns 195% of profit into real cash

Spare cash per sale

FCF Margin

6.2%

Modest free cash flow (6.2%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.52

Conservative — low debt load (0.52)

Covers its interest

Interest Cover

7.39x

Adequate interest coverage (7.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

20.2x

Growth-priced — P/E 20.2

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+10.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (20.2 → 10.1)

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Dividends

Dividend

Dividend Yield

2.24%

Moderate income — 2.24% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+11.6%

Dividend growing fast (11.6% YoY)

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Fresenius SE & Co. KGaA

§How the score breaks down

§Winston Score History

Growth Profile

Share count broadly stable

Every number that matters to educated investors.

Quality

Growth

Cash Flow

Stability

Valuation

Dividends