FMS vs. PEN: Fresenius Medical Care vs. Penumbra Stock Comparison

November 11, 2026

How do Fresenius Medical Care (FMS) and Penumbra (PEN) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Fresenius Medical Care (FMS) and Penumbra (PEN) both fall under the Health Care Equipment & Services industry group, but FMS is classified in Health Care Providers & Services while PEN is classified in Health Care Equipment & Supplies.

Penumbra (PEN) trades as ordinary local shares, while Fresenius Medical Care (FMS) trades as an ADR — compare with FX exposure, depositary-program fees, and dividend-withholding-tax differences in mind.

Company profile comparison for Fresenius Medical Care (FMS) and Penumbra (PEN)
Profile Item	FMS	PEN
Name	Fresenius Medical Care AG - Depositary Receipt	Penumbra Inc.
Country/Region	Germany	United States
GICS Sector	Health Care	Health Care
GICS Industry Group	Health Care Equipment & Services	Health Care Equipment & Services
GICS Industry	Health Care Providers & Services	Health Care Equipment & Supplies
GICS Sub-Industry	Health Care Services	Health Care Equipment
Market Capitalization	12.15 billion USD	12.58 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	September 17, 1996	September 18, 2015
Security Type	ADR	Common Stock

Price Performance

Cumulative Growth

FMS

PEN

GSPC

Fresenius Medical Care (FMS) vs. Penumbra (PEN), with S&P 500 (GSPC) for reference: Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Fresenius Medical Care (FMS) and Penumbra (PEN). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Fresenius Medical Care (FMS) and Penumbra (PEN). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Fresenius Medical Care (FMS) and Penumbra (PEN)
Metric	FMS	PEN
Total Return (1Y)	-0.71%	20.52%
Total Return (3Y, Annualized)	13.88%	20.38%
Total Return (5Y, Annualized)	-4.69%	3.15%

Risk Profile

Drawdown History

FMS

PEN

GSPC

Fresenius Medical Care (FMS) vs. Penumbra (PEN), with S&P 500 (GSPC) for reference: Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Fresenius Medical Care (FMS) and Penumbra (PEN). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Fresenius Medical Care (FMS) and Penumbra (PEN)
Metric	FMS	PEN
Volatility (1Y, Annualized)	30.61%	19.78%
Beta (5Y)	0.77	0.68
Max Drawdown (5Y)	-62.33%	-59.60%
Avg. Volume (3M)	954.21K	348.64K

Risk-Adjusted Performance

Risk-Return Positioning

FMS and PEN are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Fresenius Medical Care (FMS) and Penumbra (PEN)
Metric	FMS	PEN
Sharpe Ratio (1Y)	-0.16	0.82
Sortino Ratio (1Y)	-0.21	1.56

Profitability

ROE (TTM)

Both Fresenius Medical Care (FMS) at 7.84% and Penumbra (PEN) at 10.67% land near their industries’ usual ROE ranges, so capital efficiency looks broadly in line with peers on both sides.

FMS

Health Care Equipment & Services industry group

7.84%

Max: 47.61%
Q3: 14.36%
FMS: 7.84%
Median: 5.45%
Q1: -10.67%
Min: -47.01%

PEN

Health Care Equipment & Services industry group

10.67%

Max: 47.61%
Q3: 14.36%
PEN: 10.67%
Median: 5.45%
Q1: -10.67%
Min: -47.01%

Fresenius Medical Care (FMS) vs. Penumbra (PEN): A comparison of their ROE against the Health Care Equipment & Services industry group benchmark.

Net Margin (TTM)

Penumbra (PEN) at 10.06% retains a top-quartile share of revenue as profit, ahead of Fresenius Medical Care (FMS) at 4.22%, which keeps about the industry-typical share.

FMS

Health Care Equipment & Services industry group

4.22%

Max: 29.35%
Q3: 9.33%
FMS: 4.22%
Median: 2.18%
Q1: -6.29%
Min: -28.46%

PEN

Health Care Equipment & Services industry group

10.06%

Max: 29.35%
PEN: 10.06%
Q3: 9.33%
Median: 2.18%
Q1: -6.29%
Min: -28.46%

Fresenius Medical Care (FMS) vs. Penumbra (PEN): A comparison of their net margin against the Health Care Equipment & Services industry group benchmark.

Operating Margin (TTM)

Both Fresenius Medical Care (FMS) at 9.63% and Penumbra (PEN) at 12.37% run core operations about as efficiently as their industries’ norm — neither stands out on operating profitability.

FMS

Health Care Equipment & Services industry group

9.63%

Max: 35.43%
Q3: 14.14%
FMS: 9.63%
Median: 6.81%
Q1: -0.28%
Min: -16.29%

PEN

Health Care Equipment & Services industry group

12.37%

Max: 35.43%
Q3: 14.14%
PEN: 12.37%
Median: 6.81%
Q1: -0.28%
Min: -16.29%

Fresenius Medical Care (FMS) vs. Penumbra (PEN): A comparison of their operating margin against the Health Care Equipment & Services industry group benchmark.

Profitability Metrics

Profitability metrics for Fresenius Medical Care (FMS) and Penumbra (PEN)
Metric	FMS	PEN
ROE (TTM)	7.84%	10.67%
ROA (TTM)	3.94%	6.28%
Net Margin (TTM)	4.22%	10.06%
Operating Margin (TTM)	9.63%	12.37%
Gross Margin (TTM)	26.46%	67.99%

Growth

Revenue Growth

Penumbra (PEN) at 17.50% is around its peer norm for revenue growth, while Fresenius Medical Care (FMS) at 1.51% drops into the bottom quartile, signaling weaker demand or pricing momentum.

Fresenius Medical Care (FMS) vs. Penumbra (PEN): A comparison of their Revenue Growth across different time periods.

EPS Growth

Both companies show strong earnings momentum, but Penumbra (PEN) at 1,155.56% is the standout with EPS growth above its industry range; Fresenius Medical Care (FMS) at 83.61% also sits in the top quartile.

Fresenius Medical Care (FMS) vs. Penumbra (PEN): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Fresenius Medical Care (FMS) and Penumbra (PEN)
Metric	FMS	PEN
Revenue Growth (YoY)	1.51%	17.50%
Revenue Growth (3Y CAGR)	0.39%	18.33%
EPS Growth (YoY)	83.61%	1,155.56%
EPS Growth (3Y CAGR)	13.47%	--

Financial Strength

Current Ratio (MRQ)

Penumbra (PEN) at 5.89 carries current ratio above its industry’s typical mid-range, while Fresenius Medical Care (FMS) at 0.99 runs in the tighter-liquidity quartile — different working-capital profiles, both worth examining.

FMS

Health Care Equipment & Services industry group

0.99

Max: 7.59
Q3: 4.00
Median: 1.98
Q1: 1.37
FMS: 0.99
Min: 0.30

PEN

Health Care Equipment & Services industry group

5.89

Max: 7.59
PEN: 5.89
Q3: 4.00
Median: 1.98
Q1: 1.37
Min: 0.30

Fresenius Medical Care (FMS) vs. Penumbra (PEN): A comparison of their current ratio against the Health Care Equipment & Services industry group benchmark.

Debt / Equity (MRQ)

Penumbra (PEN) at 0.13 keeps leverage in the lower industry quartile, while Fresenius Medical Care (FMS) at 0.79 runs a more typical debt-to-equity mix.

FMS

Health Care Equipment & Services industry group

0.79

Max: 1.88
Q3: 0.91
FMS: 0.79
Median: 0.58
Q1: 0.16
Min: 0.00

PEN

Health Care Equipment & Services industry group

0.13

Max: 1.88
Q3: 0.91
Median: 0.58
Q1: 0.16
PEN: 0.13
Min: 0.00

Fresenius Medical Care (FMS) vs. Penumbra (PEN): A comparison of their debt-to-equity ratio against the Health Care Equipment & Services industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Fresenius Medical Care (FMS) and Penumbra (PEN)
Metric	FMS	PEN
Current Ratio (MRQ)	0.99	5.89
Debt / Equity (MRQ)	0.79	0.13
Net Debt / EBITDA	3.63	-2.22

Dividends

Dividend Yield (TTM)

Penumbra (PEN) pays no dividend (yield 0.00%) — it may be reinvesting, using buybacks, or simply not returning cash through dividends. Meanwhile Fresenius Medical Care (FMS) reports a yield of 6.30%, ranking against industry peers normally.

FMS

Health Care Equipment & Services industry group

6.30%

FMS: 6.30%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

PEN

Health Care Equipment & Services industry group

0.00%

PEN: 0.00%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Fresenius Medical Care (FMS) vs. Penumbra (PEN): A comparison of their dividend yield against the Health Care Equipment & Services industry group benchmark.

Dividend Payout Ratio (TTM)

Penumbra (PEN) pays no dividend (payout 0.00%) — it may be reinvesting, using buybacks, or simply not returning cash through dividends. Meanwhile Fresenius Medical Care (FMS) reports a payout of 50.14%, ranking against industry peers normally.

FMS

Health Care Equipment & Services industry group

50.14%

FMS: 50.14%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

PEN

Health Care Equipment & Services industry group

0.00%

PEN: 0.00%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Fresenius Medical Care (FMS) vs. Penumbra (PEN): A comparison of their payout ratio against the Health Care Equipment & Services industry group benchmark.

Dividend Metrics

Dividend metrics for Fresenius Medical Care (FMS) and Penumbra (PEN)
Metric	FMS	PEN
Dividend Yield (TTM)	6.30%	0.00%
Dividend Payout Ratio (TTM)	50.14%	0.00%

Valuation

P/E Ratio (TTM)

Fresenius Medical Care (FMS) at 13.53 sits in the cheaper P/E ratio quartile, while Penumbra (PEN) at 80.41 sits in the richer quartile — a clear split in what investors pay for each dollar of trailing earnings.

FMS

Health Care Equipment & Services industry group

13.53

Max: 80.41
Q3: 47.62
Median: 29.93
Q1: 21.19
FMS: 13.53
Min: 4.21

PEN

Health Care Equipment & Services industry group

80.41

PEN: 80.41
Max: 80.41
Q3: 47.62
Median: 29.93
Q1: 21.19
Min: 4.21

Fresenius Medical Care (FMS) vs. Penumbra (PEN): A comparison of their P/E ratio against the Health Care Equipment & Services industry group benchmark.

P/S Ratio (TTM)

Fresenius Medical Care (FMS) at 0.62 looks cheap on sales in the lower P/S ratio quartile, while Penumbra (PEN) at 8.06 looks rich in the upper quartile — a clear gap in price per dollar of revenue.

FMS

Health Care Equipment & Services industry group

0.62

Max: 8.80
Q3: 4.32
Median: 2.13
Q1: 1.10
FMS: 0.62
Min: 0.03

PEN

Health Care Equipment & Services industry group

8.06

Max: 8.80
PEN: 8.06
Q3: 4.32
Median: 2.13
Q1: 1.10
Min: 0.03

Fresenius Medical Care (FMS) vs. Penumbra (PEN): A comparison of their P/S ratio against the Health Care Equipment & Services industry group benchmark.

P/B Ratio (MRQ)

Fresenius Medical Care (FMS) at 0.85 looks cheap against book in the lower P/B ratio quartile, while Penumbra (PEN) at 7.95 carries a premium in the upper quartile — a clear price-to-book gap.

FMS

Health Care Equipment & Services industry group

0.85

Max: 11.68
Q3: 6.12
Median: 3.00
Q1: 1.73
FMS: 0.85
Min: -1.31

PEN

Health Care Equipment & Services industry group

7.95

Max: 11.68
PEN: 7.95
Q3: 6.12
Median: 3.00
Q1: 1.73
Min: -1.31

Fresenius Medical Care (FMS) vs. Penumbra (PEN): A comparison of their P/B ratio against the Health Care Equipment & Services industry group benchmark.

Valuation Metrics

Valuation metrics for Fresenius Medical Care (FMS) and Penumbra (PEN)
Metric	FMS	PEN
P/E Ratio (TTM)	13.53	80.41
P/S Ratio (TTM)	0.62	8.06
P/B Ratio (MRQ)	0.85	7.95
Free Cash Flow Yield (TTM)	12.29%	1.32%