FMS vs UHS: Fresenius Medical Care and Universal Health Services 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 Universal Health Services's $10.4B.
- Universal Health Services grew revenue faster over the last year (+8.3% vs -0.3%).
- Universal Health Services keeps more of each dollar of revenue as operating profit (11.4% vs 9.3%).
- On earnings, Universal Health Services is the cheaper stock (7.2x vs 11.2x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | FMS | UHS |
|---|---|---|
| Market cap | $11.5B | $10.4B |
| Share price | $21.06 | $177.35 |
| Revenue (last fiscal year) | $19.6B | $17.4B |
| Free cash flow (last fiscal year) | $2.7B | $849M |
| Revenue growth, last year | -0.3% | +8.3% |
| Revenue growth per year, last 5 fiscal years | +2.7% | +8.3% |
| Operating margin | 9.3% | 11.4% |
| Net margin | 5.0% | 8.4% |
| Return on equity | 7.3% | 20.3% |
| P/E (trailing) | 11.2x | 7.21x |
| Price / free cash flow | 6.81x | 12.3x |
| EV / EBITDA | 5.65x | 5.52x |
| FCF growth the price implies | — | -1.4% |
| Dividend yield | 3.8% | 0.45% |
| Debt / equity | 1.26x | 1.11x |
| Fundamental grade | C | C |
| Superinvestors holding it | 4 | 6 |
| Insider purchases, last 12 months | 0 | 4 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
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% |
Universal Health Services
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $12.6B | $28M | 10.8% |
| 2022 | $13.4B | $262M | 7.5% |
| 2023 | $14.3B | $525M | 8.2% |
| 2024 | $15.8B | $1.1B | 10.6% |
| 2025 | $17.4B | $849M | 11.5% |
Where the revenue comes from
Fresenius Medical Care · by segments, 2025
Care Delivery$13.2B67%
Care Enablement$4.1B21%
Value-Based Care$2.2B11%
Universal Health Services · by segments, 2025
Acute Care Hospital Services$9.9B57%
Behavioral Health Services$7.4B43%
Other$13M0%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open FMS in InvestinglyQuestions
Which is bigger, Fresenius Medical Care or Universal Health Services?
Fresenius Medical Care (FMS), at $11.5B against $10.4B.
Is FMS or UHS cheaper?
By trailing P/E, Universal Health Services (7.21x) is cheaper than Fresenius Medical Care (11.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, FMS or UHS?
Universal Health Services: revenue grew +8.3% 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.