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Side-by-side financial comparison of Fresenius Medical Care AG (FMS) and KKR & Co. (KKR). Click either name above to swap in a different company.
KKR & Co. is the larger business by last-quarter revenue ($5.7B vs $5.5B, roughly 1.0× Fresenius Medical Care AG). KKR & Co. runs the higher net margin — 20.0% vs 7.9%, a 12.0% gap on every dollar of revenue. On growth, KKR & Co. posted the faster year-over-year revenue change (76.1% vs -0.3%).
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.
KKR & Co. Inc., also known as Kohlberg Kravis Roberts & Co., is an American global private equity and investment company. As of December 31, 2024, the firm had completed 770 private-equity investments with approximately $790 billion of total enterprise value. Its assets under management (AUM) and fee paying assets under management (FPAUM) were $553 billion and $446 billion, respectively.
FMS vs KKR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.5B | $5.7B |
| Net Profit | $434.2M | $1.1B |
| Gross Margin | 27.4% | — |
| Operating Margin | 11.7% | 45.3% |
| Net Margin | 7.9% | 20.0% |
| Revenue YoY | -0.3% | 76.1% |
| Net Profit YoY | 240.4% | 1.8% |
| 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 | $5.5B | $5.7B | ||
| Q3 25 | — | $5.5B | ||
| Q2 25 | — | $5.1B | ||
| Q1 25 | — | $3.1B | ||
| Q4 24 | $5.5B | $3.3B | ||
| Q3 24 | — | $4.8B | ||
| Q2 24 | — | $4.2B | ||
| Q1 24 | — | $9.7B |
| Q4 25 | $434.2M | $1.1B | ||
| Q3 25 | — | $900.4M | ||
| Q2 25 | — | $510.1M | ||
| Q1 25 | — | $-185.9M | ||
| Q4 24 | $127.6M | $1.1B | ||
| Q3 24 | — | $600.5M | ||
| Q2 24 | — | $667.9M | ||
| Q1 24 | — | $682.2M |
| Q4 25 | 27.4% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 25.0% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 11.7% | 45.3% | ||
| Q3 25 | — | 39.8% | ||
| Q2 25 | — | 30.0% | ||
| Q1 25 | — | 24.8% | ||
| Q4 24 | 5.1% | 50.4% | ||
| Q3 24 | — | 34.3% | ||
| Q2 24 | — | 29.0% | ||
| Q1 24 | — | 14.1% |
| Q4 25 | 7.9% | 20.0% | ||
| Q3 25 | — | 16.3% | ||
| Q2 25 | — | 10.0% | ||
| Q1 25 | — | -6.0% | ||
| Q4 24 | 2.3% | 34.5% | ||
| Q3 24 | — | 12.5% | ||
| Q2 24 | — | 16.0% | ||
| Q1 24 | — | 7.1% |
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 | — | — |
| Stockholders' EquityBook value | $15.4B | $30.9B |
| Total Assets | $33.5B | $410.1B |
| Debt / EquityLower = less leverage | — | — |
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 | — | — |
| Q4 25 | $15.4B | $30.9B | ||
| Q3 25 | — | $29.7B | ||
| Q2 25 | — | $28.2B | ||
| Q1 25 | — | $27.5B | ||
| Q4 24 | $17.0B | $23.7B | ||
| Q3 24 | — | $24.1B | ||
| Q2 24 | — | $21.7B | ||
| Q1 24 | — | $21.4B |
| Q4 25 | $33.5B | $410.1B | ||
| Q3 25 | — | $398.5B | ||
| Q2 25 | — | $380.9B | ||
| Q1 25 | — | $372.4B | ||
| Q4 24 | $36.3B | $360.1B | ||
| Q3 24 | — | $360.7B | ||
| Q2 24 | — | $348.5B | ||
| Q1 24 | — | $339.8B |
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 | $2.9B | $-4.9B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 6.67× | -4.28× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.9B | $-4.9B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | — | $438.8M | ||
| Q1 25 | — | $2.5B | ||
| Q4 24 | $2.6B | $-111.7M | ||
| Q3 24 | — | $1.9B | ||
| Q2 24 | — | $3.4B | ||
| Q1 24 | — | $1.5B |
| Q4 25 | 6.67× | -4.28× | ||
| Q3 25 | — | 2.65× | ||
| Q2 25 | — | 0.86× | ||
| Q1 25 | — | — | ||
| Q4 24 | 20.20× | -0.10× | ||
| Q3 24 | — | 3.12× | ||
| Q2 24 | — | 5.03× | ||
| Q1 24 | — | 2.24× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FMS
Segment breakdown not available.
KKR
| Insurance Segment | $3.5B | 61% |
| Asset Management1 | $703.7M | 12% |
| Transaction Fee | $512.0M | 9% |
| Transaction And Monitoring Fees | $268.7M | 5% |
| Fee Credit | $230.1M | 4% |
| Other | $201.5M | 4% |
| Fixed Annuity | $77.0M | 1% |
| Asset Management Segment | $56.9M | 1% |
| Monitoring Fee | $53.5M | 1% |
| Investment Advice | $40.6M | 1% |
| Fee Related Performance | $33.6M | 1% |
| Interest Sensitive Life | $21.7M | 0% |
| Incentive Fee | $11.0M | 0% |
