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ZYBERNO

Stock Report

Updated Sep 2, 2026

FRESENIUS MEDICAL CARE AG (FMCQF)

Healthcare • OTC

$51.44

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

37.0/100

WEAK BUSINESS

FRESENIUS MEDICAL CARE AG (FMCQF) scores 37/100 — weak fundamentals with mixed indicators requiring careful analysis before acting.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full FMCQF quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

Margin of Safety unavailable — insufficient data for the owner-earnings DCF.

BRINA GAP ↗

Is the market underestimating or overestimating what this business is capable of going forward?

+1.7%

Fairly Priced

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full FMCQF valuation analysis · → View full FMCQF Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):POOR (8.3%)

Debt-to-Equity (Solvency Risk):GOOD (0.40x)

Operating Margin (Operational Efficiency):AVERAGE (9.3%)

Return on Capital (Capital Efficiency):POOR (7.5%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

FRESENIUS MEDICAL CARE AG (FMCQF) stock report — Zyberno Score 37/100 (WEAK BUSINESS). Full financial analysis on Zyberno.

According to Zyberno's DCF model, FRESENIUS MEDICAL CARE AG (FMCQF) shows a Brina Gap of +1.7%, which strengthens the case: based on the company's ROIC (7.5%) and reinvestment rate (29.2%), the business can fundamentally grow at 2.2% — but the current enterprise value implies the market expects 0.5%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:51.44

Market Cap:$14.37B

Valuation Multiples (4)

P/E Ratio:

15.31x

📊 Click to view full FMCQF P/E analysis →

P/B Ratio:0.87x

P/S Ratio:0.63x

Peg Ratio:0.18x

Enterprise Metrics (3)

Enterprise Value:$19.10B

Ev Ebitda Ratio:6.48x

Pfcf Ratio:7.99x

Price Action & Momentum (3)

12-1 Momentum:

-2.0% (21th pctile)

📈 Click to view full FMCQF Momentum analysis →

Momentum Percentile:21 / 100

% of 52-Week High:107.5%

B. Profitability Assessment

Return Metrics (7)

ROE:

8.3%

📊 Click to view full FMCQF ROE analysis →

ROA:3.8%

Roic:

7.5%

📊 Click to view full FMCQF ROIC analysis →

Reinvestment Rate:29.2%

Fundamental Growth Rate (g):2.2%

Market-Implied Growth Rate:0.5%

Brina Gap:

1.7%

☷ Click to view full FMCQF Brina Gap analysis →

Margin Analysis (3)

Operating Margin Ttm:9.3%

Net Margin Ttm:6.1%

Ebitda Margin:13.0%

TTM Performance (3)

Gross Margin Ttm:25.6%

Operating Margin Ttm:9.3%

Net Margin Ttm:6.1%

Yield Metrics (2)

Earnings Yield:$6.53

Dividend Yield:3.4%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

+3.57

📊 Click to view full FMCQF Earnings Surprise analysis →

EPS Surprise vs Expected:536.6%

Latest Earnings Filed:2026-02-24

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):0.8%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):10.1%

Cash Flow Growth (Linear) (1)

Operating Cash Flow Growth Rate (Linear):-3.9%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):7.5%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:1.26x

Quick Ratio:0.92x

Cash Ratio:0.26x

Leverage Analysis (3)

Debt To Equity Ttm:0.40x

Debt-to-Equity Ratio:0.40x

Debt To Ebitda:2.23x

Coverage Ratios (2)

Interest Coverage Ratio:4.75x

Times Interest Earned:4.75

Capital Structure (4)

Working Capital:1,910,219,353.80

Cash And Cash Equivalents:1,847,615,160.20

Long Term Debt:$6.58B

Net Debt:$4.73B

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $22.68B

Linear Growth: 83.0%

📊 Click to view full FMCQF Revenue analysis & methodology →

Cost Of Revenue Ttm:$16.87B

Profitability Breakdown (2)

Gross profit TTM: $5.81B

Linear Growth: -1.0%

📊 Click to view full FMCQF Gross Profit analysis & methodology →

Operating income TTM: $2.11B

Linear Growth: 7.5%

📊 Click to view full FMCQF Operating Income analysis & methodology →

Bottom Line Performance (3)

Net income TTM: $1.38B

Linear Growth: 10.1%

📊 Click to view full FMCQF Net Income analysis & methodology →

Income Before Tax:$0.00

Ebitda Ttm:2,948,445,618.20

Operating Expenses (5)

Operating Expenses:0.00

R And D Expense:0.00

Sga Expense:0.00

Income Tax Expense:$370.85M

Interest Expense:444,146,158.60

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:0.0%

Ebitda Margin:13.0%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$35.82B

Current Assets:$9.13B

Ppe Net:4,028,062,932.20

Goodwill:15,680,388,627.60

Intangible Assets:$1.45B

Liability Structure (4)

Total Liabilities:19,317,738,029.60

Current Liabilities:7,215,592,006.20

Long Term Debt:$6.58B

Short Term Debt:$2.43M

Equity & Capital (3)

Equity:$16.50B

Retained Earnings:$0.00

Common Stock:0.00

Working Capital Items (3)

Accounts Receivable:3,757,194,422.40

Inventory:2,473,446,813.40

Accounts Payable:827,874,140.40

Special Items (2)

Contract Liabilities:0.00

Stock Based Compensation:0.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $3.10B

Linear Growth: -3.9%

$1.80B

Investment Activities (1)

Investing Cash Flow:-$125.06M

Financing Activities (3)

Financing Cash Flow:-$160.36M

Dividends Paid Ttm:488,173,831.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):3.36

Eps diluted TTM: $3.36

Linear Growth: 13.4%

📊 Click to view full FMCQF EPS analysis & methodology →

Earnings Per Share Ttm:$4.93

Revenue & Cash Per Share (2)

Sales Per Share Ttm:81.20

Operating Cash Flow Per Share:$11.09

Book Value & Capital (2)

Book Value Per Share:$59.09

Cash Per Share:6.62

Dividend Policy (1)

Dividend Payout Ratio:35.47x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.63x

Working Capital Turnover Ttm:11.87x

Receivables Management (2)

Receivables Turnover Ttm:6.04x

Days Sales Outstanding Ttm:60.47

Inventory Management (2)

Inventory Turnover Ttm:6.82x

Days Inventory Outstanding Ttm:53.52

Payables & Cash Cycle (2)

Days Payable Outstanding:17.91

Cash Conversion Cycle:96.08

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:60.00

Quality Score:90.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Damodaran Growth Analysis (4)

Reinvestment Rate:29.2%

Fundamental Growth Rate (g):2.2%

Market-Implied Growth Rate:0.5%

Brina Gap:

1.7%

☷ Click to view full FMCQF Brina Gap analysis →

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):0.8%

Net Income Growth Rate (Linear):10.1%

Operating Income Growth Rate (Linear):7.5%

Cash Flow Growth Rates (1)

Operating Cash Flow Growth Rate (Linear):-3.9%

Other Growth Rates (1)

Gross Profit Growth Rate (Linear):-1.0%

C. Company Profile & Context

Corporate Information (6)

Symbol:FMCQF

Company Name:FRESENIUS MEDICAL CARE AG

Sector:Healthcare

Industry:Services-Misc Health & Allied Services, NEC

Exchange:OTC

Country:Germany

Market Classification (3)

Market Cap Category:N/A

Price Category:high

Volume Category:N/A

Share Structure (3)

Shares Outstanding:279.29M

Shares Outstanding Basic:0

Shares Outstanding Diluted:0

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-09-02 01:58:59 UTC

Data Timestamp:2026-08-24T00:32:05.551863