ENSG vs FMS: Ensign and Fresenius Medical Care compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Fresenius Medical Care is the larger company, worth $11.5B, close to Ensign's $10.1B.
- Ensign grew revenue faster over the last year (+17.3% vs -0.3%).
- Fresenius Medical Care keeps more of each dollar of revenue as operating profit (9.3% vs 8.6%).
- On earnings, Fresenius Medical Care is the cheaper stock (11.2x vs 28.1x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ENSG | FMS |
|---|---|---|
| Market cap | $10.1B | $11.5B |
| Share price | $171.80 | $21.06 |
| Revenue (last fiscal year) | $5.0B | $19.6B |
| Free cash flow (last fiscal year) | $371M | $2.7B |
| Revenue growth, last year | +17.3% | -0.3% |
| Revenue growth per year, last 5 fiscal years | +17.6% | +2.7% |
| Operating margin | 8.6% | 9.3% |
| Net margin | 6.9% | 5.0% |
| Return on equity | 15.5% | 7.3% |
| P/E (trailing) | 28.1x | 11.2x |
| Price / free cash flow | 27.1x | 6.81x |
| EV / EBITDA | 18.6x | 5.65x |
| FCF growth the price implies | 9.0% | — |
| Dividend yield | 0.15% | 3.8% |
| Debt / equity | 1.35x | 1.26x |
| Fundamental grade | C | C |
| Superinvestors holding it | 4 | 4 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Ensign
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.6B | $206M | 9.9% |
| 2022 | $3.0B | $185M | 9.8% |
| 2023 | $3.7B | $270M | 6.9% |
| 2024 | $4.2B | $189M | 8.5% |
| 2025 | $5.0B | $371M | 8.5% |
Fresenius Medical Care
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $17.6B | $2.5B | 10.5% |
| 2022 | $19.4B | $2.1B | 7.8% |
| 2023 | $19.5B | $2.6B | 7.0% |
| 2024 | $19.3B | $2.4B | 7.2% |
| 2025 | $19.6B | $2.7B | 9.3% |
Where the revenue comes from
Ensign · by segments, 2025
Skilled Services$4.8B97%
Standard Bearer$127M3%
Fresenius Medical Care · by segments, 2025
Care Delivery$13.2B67%
Care Enablement$4.1B21%
Value-Based Care$2.2B11%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ENSG in InvestinglyQuestions
Which is bigger, Ensign or Fresenius Medical Care?
Fresenius Medical Care (FMS), at $11.5B against $10.1B.
Is ENSG or FMS cheaper?
By trailing P/E, Fresenius Medical Care (11.2x) is cheaper than Ensign (28.1x). A lower multiple can also mean the market expects less growth.
Which grows faster, ENSG or FMS?
Ensign: revenue grew +17.3% over the last year, against -0.3%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.