FMS vs. UNH: Fresenius Medical Care vs. UnitedHealth Stock Comparison

November 11, 2026

How do Fresenius Medical Care (FMS) and UnitedHealth (UNH) 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 UnitedHealth (UNH) both belong to the Health Care Providers & Services industry, though FMS is classified under Health Care Services while UNH falls under Managed Health Care.

UnitedHealth (UNH) 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 UnitedHealth (UNH)
Profile Item	FMS	UNH
Name	Fresenius Medical Care AG - Depositary Receipt	UnitedHealth Group 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 Providers & Services
GICS Sub-Industry	Health Care Services	Managed Health Care
Market Capitalization	12.15 billion USD	353.17 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	September 17, 1996	October 17, 1984
Security Type	ADR	Common Stock

Price Performance

Cumulative Growth

FMS

UNH

GSPC

Fresenius Medical Care (FMS) vs. UnitedHealth (UNH), 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

Loading price history…

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

Calendar-Year Returns

Loading price history…

Calendar-year total returns for Fresenius Medical Care (FMS) and UnitedHealth (UNH). 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 UnitedHealth (UNH)
Metric	FMS	UNH
Total Return (1Y)	-0.71%	26.08%
Total Return (3Y, Annualized)	13.88%	-7.69%
Total Return (5Y, Annualized)	-4.69%	-1.26%

Risk Profile

Drawdown History

FMS

UNH

GSPC

Fresenius Medical Care (FMS) vs. UnitedHealth (UNH), 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

Loading price history…

Distribution of monthly total returns for Fresenius Medical Care (FMS) and UnitedHealth (UNH). 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 UnitedHealth (UNH)
Metric	FMS	UNH
Volatility (1Y, Annualized)	30.61%	34.76%
Beta (5Y)	0.77	0.52
Max Drawdown (5Y)	-62.33%	-61.39%
Avg. Volume (3M)	954.21K	5.13M

Risk-Adjusted Performance

Risk-Return Positioning

FMS and UNH 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 UnitedHealth (UNH)
Metric	FMS	UNH
Sharpe Ratio (1Y)	-0.16	0.63
Sortino Ratio (1Y)	-0.21	0.86

Profitability

ROE (TTM)

UnitedHealth (UNH) at 15.77% sits in the top ROE quartile, while Fresenius Medical Care (FMS) at 7.84% is closer to the peer norm — stronger capital efficiency for UNH.

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%

UNH

Health Care Equipment & Services industry group

15.77%

Max: 47.61%
UNH: 15.77%
Q3: 14.36%
Median: 5.45%
Q1: -10.67%
Min: -47.01%

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

Net Margin (TTM)

Both Fresenius Medical Care (FMS) at 4.22% and UnitedHealth (UNH) at 3.53% keep about the typical share of revenue as profit for their industries — neither bottom line stands out from peers.

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%

UNH

Health Care Equipment & Services industry group

3.53%

Max: 29.35%
Q3: 9.33%
UNH: 3.53%
Median: 2.18%
Q1: -6.29%
Min: -28.46%

Fresenius Medical Care (FMS) vs. UnitedHealth (UNH): 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 UnitedHealth (UNH) at 5.82% 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%

UNH

Health Care Equipment & Services industry group

5.82%

Max: 35.43%
Q3: 14.14%
Median: 6.81%
UNH: 5.82%
Q1: -0.28%
Min: -16.29%

Fresenius Medical Care (FMS) vs. UnitedHealth (UNH): 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 UnitedHealth (UNH)
Metric	FMS	UNH
ROE (TTM)	7.84%	15.77%
ROA (TTM)	3.94%	5.24%
Net Margin (TTM)	4.22%	3.53%
Operating Margin (TTM)	9.63%	5.82%
Gross Margin (TTM)	26.46%	20.05%

Growth

Revenue Growth

UnitedHealth (UNH) at 11.81% 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. UnitedHealth (UNH): A comparison of their Revenue Growth across different time periods.

EPS Growth

Fresenius Medical Care (FMS) at 83.61% sits in the top EPS growth quartile, while UnitedHealth (UNH) at -14.70% is closer to the peer norm — faster per-share earnings growth for FMS.

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

Growth Metrics

Growth metrics for Fresenius Medical Care (FMS) and UnitedHealth (UNH)
Metric	FMS	UNH
Revenue Growth (YoY)	1.51%	11.81%
Revenue Growth (3Y CAGR)	0.39%	11.35%
EPS Growth (YoY)	83.61%	-14.70%
EPS Growth (3Y CAGR)	13.47%	-14.52%

Financial Strength

Current Ratio (MRQ)

Both Fresenius Medical Care (FMS) at 0.99 and UnitedHealth (UNH) at 0.74 run current ratio in the tighter-liquidity quartile of industry peers, leaving thinner cushions against current liabilities than typical competitors.

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

UNH

Health Care Equipment & Services industry group

0.74

Max: 7.59
Q3: 4.00
Median: 1.98
Q1: 1.37
UNH: 0.74
Min: 0.30

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

Debt / Equity (MRQ)

Both Fresenius Medical Care (FMS) at 0.79 and UnitedHealth (UNH) at 0.70 fund their balance sheets with roughly industry-typical debt-to-equity mixes.

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

UNH

Health Care Equipment & Services industry group

0.70

Max: 1.88
Q3: 0.91
UNH: 0.70
Median: 0.58
Q1: 0.16
Min: 0.00

Fresenius Medical Care (FMS) vs. UnitedHealth (UNH): 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 UnitedHealth (UNH)
Metric	FMS	UNH
Current Ratio (MRQ)	0.99	0.74
Debt / Equity (MRQ)	0.79	0.70
Net Debt / EBITDA	3.63	1.58

Dividends

Dividend Yield (TTM)

Both Fresenius Medical Care (FMS) at 6.30% and UnitedHealth (UNH) at 2.29% yield above their industries’ entire benchmark ranges — high enough that dividend safety, not income, becomes the first question.

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%

UNH

Health Care Equipment & Services industry group

2.29%

UNH: 2.29%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

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

Dividend Payout Ratio (TTM)

Both Fresenius Medical Care (FMS) at 50.14% and UnitedHealth (UNH) at 51.71% pay out more of their earnings than any of their industry peers — the thinnest cover in their groups, so dividend headroom deserves attention.

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%

UNH

Health Care Equipment & Services industry group

51.71%

UNH: 51.71%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Fresenius Medical Care (FMS) vs. UnitedHealth (UNH): 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 UnitedHealth (UNH)
Metric	FMS	UNH
Dividend Yield (TTM)	6.30%	2.29%
Dividend Payout Ratio (TTM)	50.14%	51.71%

Valuation

P/E Ratio (TTM)

Fresenius Medical Care (FMS) at 13.53 sits in the cheaper P/E ratio quartile, while UnitedHealth (UNH) at 22.50 is closer to its industry’s usual earnings multiple — a discount for FMS, though growth and earnings durability still matter.

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

UNH

Health Care Equipment & Services industry group

22.50

Max: 80.41
Q3: 47.62
Median: 29.93
UNH: 22.50
Q1: 21.19
Min: 4.21

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

P/S Ratio (TTM)

Both Fresenius Medical Care (FMS) at 0.62 and UnitedHealth (UNH) at 0.78 fetch a relatively low price per dollar of sales, landing in the cheaper P/S ratio quartile of their industries.

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

UNH

Health Care Equipment & Services industry group

0.78

Max: 8.80
Q3: 4.32
Median: 2.13
Q1: 1.10
UNH: 0.78
Min: 0.03

Fresenius Medical Care (FMS) vs. UnitedHealth (UNH): 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 sits in the lower P/B ratio quartile against book while UnitedHealth (UNH) at 3.60 is valued near its industry’s middle — FMS is cheaper on assets, though weigh it against ROE and asset quality.

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

UNH

Health Care Equipment & Services industry group

3.60

Max: 11.68
Q3: 6.12
UNH: 3.60
Median: 3.00
Q1: 1.73
Min: -1.31

Fresenius Medical Care (FMS) vs. UnitedHealth (UNH): 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 UnitedHealth (UNH)
Metric	FMS	UNH
P/E Ratio (TTM)	13.53	22.50
P/S Ratio (TTM)	0.62	0.78
P/B Ratio (MRQ)	0.85	3.60
Free Cash Flow Yield (TTM)	12.29%	7.50%