Fresenius Medical Care AG (NYSE: FMS)

Fresenius Medical Care AG is a vertically integrated medical technology and healthcare service company providing products and services for individuals with kidney diseases. The company operates in the global dialysis market as a leading provider of dialysis services, medical devices, and renal pharmaceuticals. Fresenius Medical Care AG develops manufactures and distributes medical devices systems pharmaceuticals and products for kidney care to customers in more than 140 countries. As of December 31 2025 the company operates 3601 dialysis centers in more than 30 countries worldwide serving 291902 dialysis patients. The company manages the world's largest network of dialysis centers and has 35 production sites in 19 countries. The core business focuses on delivering high quality care to people living with kidney disease around the globe through its three operating segments.

Fresenius Medical Care AG generates revenue through the sale of dialysis products and services renal pharmaceuticals and healthcare products across its three operating segments. The company receives a substantial portion of its Care Delivery revenue from the U. S. Medicare program and other government sources. Revenue is derived from dialysis treatments medical devices dialyzers hemodialysis machines peritoneal dialysis products home hemodialysis systems critical care products and renal pharmaceuticals such as erythropoietin stimulating agents iron sucrose and phosphate binders. The company also earns revenue from value-based care programs through risk-based delivery models that lower care costs by enhancing treatment quality and patient well-being. Healthcare products accounted for 22% of consolidated total revenue in 2025 with hemodialysis products peritoneal dialysis products and other healthcare products contributing to the healthcare product revenue stream.

The company operates through the following segments: Care Delivery Value-Based Care and Care Enablement.

• Care Delivery encompasses the global network of dialysis clinics and includes services that address the complex healthcare needs and treatment choices for people living with kidney disease. This segment provides various forms of in-center kidney replacement therapies home dialysis therapies including peritoneal dialysis and home hemodialysis transplant referral coordination and additional services such as outpatient vascular care research sites renal pharmaceuticals practice support for nephrologists pharmacy services and renal-specific laboratory testing. In 2025 Fresenius Medical Care treated 70% of its patients in the U. S. and 30% internationally through this segment.

• Value-Based Care drives innovation on the basis of risk-based delivery models that lower care costs by enhancing treatment quality and patient well-being supporting planned dialysis starts and fewer all-cause hospitalizations than the national average in the U. S. This segment leverages the company's U. S. clinic network the largest nephrologist network in the U. S. with over 2200 physician partnerships and the most widely adopted nephrology-specific electronic health record system in the U. S. Value-Based Care achieves exceptional clinical outcomes with optimal start rates over twice as high as the U. S. national average and contributes significantly to gross savings in government programs such as the Kidney Care Choices program.

• Care Enablement is organized around three main therapy areas: in-center dialysis home dialysis and critical care. Each unit is responsible for the full product life cycle from ideation and creation to value generation supply chain management and service through to the end of the product's life. The segment provides medical devices for in-center hemodialysis and hemodiafiltration dialyzers concentrates for dialysate preparation solutions and granulates bloodlines water treatment systems home hemodialysis and peritoneal dialysis cyclers peritoneal dialysis solutions renal pharmaceuticals acute cardiopulmonary products apheresis products data processing and analysis systems and other medical devices. Care Enablement offers healthcare products for acute and chronic kidney organ support in more than 140 countries globally with a focus on hemodialysis and hemodiafiltration peritoneal dialysis and acute dialysis.

Fresenius Medical Care AG is a global leader in dialysis care providing treatment to about 7% of all dialysis patients worldwide and the global market leader for dialysis products with a market share of around 35% in 2025. In hemodialysis products alone the company holds over 40% of the global market share. The company produces approximately 38% of the worldwide sales volume of dialyzers for hemodialysis and around 50% of hemodialysis machines installed globally. Fresenius Medical Care holds the largest share of the home hemodialysis market with more than 75% of all patients performing home hemodialysis utilizing a dialysis machine from the company. The company's competitive advantages stem from its vertically integrated structure combining medical device engineering and manufacturing expertise with comprehensive patient care. Major competitors in the dialysis services industry include DaVita Inc. Diaverum AB B. Braun SE U. S. Renal Care Inc. and Nephrocare Health Services Limited. In the product market competitors include Nipro Corporation Toray Medical Co. Ltd. Baxter International Inc. and B. Braun SE among others.

The company serves dialysis patients hospitals and other specialized treatment clinics worldwide. Fresenius Medical Care provides dialysis services to patients in its treatment centers hospital settings and at home. The company sells most of its products to dialysis clinics hospitals and other specialized treatment clinics. Specific customer relationships include partnerships with over 2200 nephrologists in the U. S. through the Value-Based Care segment and collaborations with healthcare professionals for product distribution and service delivery. The company also serves patients undergoing acute kidney failure requiring continuous kidney replacement therapy and provides services to these patients at their bedside using portable dialysis equipment or at hospital dialysis sites.