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Side-by-side financial comparison of Athene Holding Ltd. (ATHS) and Fresenius Medical Care AG (FMS). Click either name above to swap in a different company.
Athene Holding Ltd. is the larger business by last-quarter revenue ($8.1B vs $5.5B, roughly 1.5× Fresenius Medical Care AG). Fresenius Medical Care AG runs the higher net margin — 7.9% vs 6.4%, a 1.5% gap on every dollar of revenue. On growth, Athene Holding Ltd. posted the faster year-over-year revenue change (115.1% vs -0.3%).
Athene Holding Ltd. is a leading US-focused retirement services provider. It offers fixed, indexed and variable annuity products plus tailored retirement savings solutions for individual consumers and institutional clients, aiming to help customers secure long-term financial stability for their retirement.
Fresenius Medical Care AG & Co. KGaA is a German healthcare company which provides kidney dialysis services through a network of 4,171 outpatient dialysis centers, serving 345,425 patients. The company primarily treats end-stage renal disease (ESRD), which requires patients to undergo dialysis 3 times per week for the rest of their lives.
ATHS vs FMS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $8.1B | $5.5B |
| Net Profit | $523.0M | $434.2M |
| Gross Margin | — | 27.4% |
| Operating Margin | 16.9% | 11.7% |
| Net Margin | 6.4% | 7.9% |
| Revenue YoY | 115.1% | -0.3% |
| Net Profit YoY | -48.5% | 240.4% |
| EPS (diluted) | — | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $8.1B | $5.5B | ||
| Q3 25 | $8.0B | — | ||
| Q2 25 | $5.4B | — | ||
| Q1 25 | $4.2B | — | ||
| Q4 24 | $3.8B | $5.5B | ||
| Q3 24 | $6.5B | — | ||
| Q2 24 | $4.7B | — | ||
| Q1 24 | $5.7B | — |
| Q4 25 | $523.0M | $434.2M | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $464.0M | — | ||
| Q1 25 | $465.0M | — | ||
| Q4 24 | $1.0B | $127.6M | ||
| Q3 24 | $625.0M | — | ||
| Q2 24 | $629.0M | — | ||
| Q1 24 | $1.2B | — |
| Q4 25 | — | 27.4% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 25.0% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 16.9% | 11.7% | ||
| Q3 25 | 26.8% | — | ||
| Q2 25 | 12.2% | — | ||
| Q1 25 | 22.3% | — | ||
| Q4 24 | 30.4% | 5.1% | ||
| Q3 24 | 25.7% | — | ||
| Q2 24 | 22.0% | — | ||
| Q1 24 | 31.1% | — |
| Q4 25 | 6.4% | 7.9% | ||
| Q3 25 | 15.7% | — | ||
| Q2 25 | 8.7% | — | ||
| Q1 25 | 11.1% | — | ||
| Q4 24 | 26.8% | 2.3% | ||
| Q3 24 | 9.6% | — | ||
| Q2 24 | 13.5% | — | ||
| Q1 24 | 20.8% | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $1.7B |
| Total DebtLower is stronger | $7.8B | — |
| Stockholders' EquityBook value | $20.5B | $15.4B |
| Total Assets | $442.2B | $33.5B |
| Debt / EquityLower = less leverage | 0.38× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $15.3B | — |
| Q4 25 | $7.8B | — | ||
| Q3 25 | $7.9B | — | ||
| Q2 25 | $7.9B | — | ||
| Q1 25 | $6.3B | — | ||
| Q4 24 | $6.3B | — | ||
| Q3 24 | $5.7B | — | ||
| Q2 24 | $5.7B | — | ||
| Q1 24 | $5.7B | — |
| Q4 25 | $20.5B | $15.4B | ||
| Q3 25 | $20.4B | — | ||
| Q2 25 | $18.1B | — | ||
| Q1 25 | $17.5B | — | ||
| Q4 24 | $16.4B | $17.0B | ||
| Q3 24 | $17.4B | — | ||
| Q2 24 | $15.0B | — | ||
| Q1 24 | $14.8B | — |
| Q4 25 | $442.2B | $33.5B | ||
| Q3 25 | $429.9B | — | ||
| Q2 25 | $405.3B | — | ||
| Q1 25 | $381.5B | — | ||
| Q4 24 | $363.3B | $36.3B | ||
| Q3 24 | $355.0B | — | ||
| Q2 24 | $332.6B | — | ||
| Q1 24 | $320.6B | — |
| Q4 25 | 0.38× | — | ||
| Q3 25 | 0.38× | — | ||
| Q2 25 | 0.43× | — | ||
| Q1 25 | 0.36× | — | ||
| Q4 24 | 0.39× | — | ||
| Q3 24 | 0.33× | — | ||
| Q2 24 | 0.38× | — | ||
| Q1 24 | 0.39× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $3.0B | $2.9B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 5.82× | 6.67× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.0B | $2.9B | ||
| Q3 25 | $636.0M | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $426.0M | — | ||
| Q4 24 | $386.0M | $2.6B | ||
| Q3 24 | $780.0M | — | ||
| Q2 24 | $525.0M | — | ||
| Q1 24 | $185.0M | — |
| Q4 25 | 5.82× | 6.67× | ||
| Q3 25 | 0.51× | — | ||
| Q2 25 | 2.28× | — | ||
| Q1 25 | 0.92× | — | ||
| Q4 24 | 0.38× | 20.20× | ||
| Q3 24 | 1.25× | — | ||
| Q2 24 | 0.83× | — | ||
| Q1 24 | 0.16× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
