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Side-by-side financial comparison of Fresenius Medical Care AG (FMS) and LINCOLN NATIONAL CORP (LNC). Click either name above to swap in a different company.
Fresenius Medical Care AG is the larger business by last-quarter revenue ($5.5B vs $4.9B, roughly 1.1× LINCOLN NATIONAL CORP). LINCOLN NATIONAL CORP runs the higher net margin — 15.3% vs 7.9%, a 7.4% gap on every dollar of revenue. On growth, Fresenius Medical Care AG posted the faster year-over-year revenue change (-0.3% vs -2.8%).
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.
Lincoln National Corporation is a Fortune 200 American holding company, which operates multiple insurance and investment management businesses through subsidiary companies. Lincoln Financial Group is the marketing name for LNC and its subsidiary companies.
FMS vs LNC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.5B | $4.9B |
| Net Profit | $434.2M | $755.0M |
| Gross Margin | 27.4% | — |
| Operating Margin | 11.7% | 18.6% |
| Net Margin | 7.9% | 15.3% |
| Revenue YoY | -0.3% | -2.8% |
| Net Profit YoY | 240.4% | -55.2% |
| EPS (diluted) | — | $4.32 |
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 | $4.9B | ||
| Q3 25 | — | $4.6B | ||
| Q2 25 | — | $4.0B | ||
| Q1 25 | — | $4.7B | ||
| Q4 24 | $5.5B | $5.1B | ||
| Q3 24 | — | $4.1B | ||
| Q2 24 | — | $5.2B | ||
| Q1 24 | — | $4.1B |
| Q4 25 | $434.2M | $755.0M | ||
| Q3 25 | — | $445.0M | ||
| Q2 25 | — | $699.0M | ||
| Q1 25 | — | $-722.0M | ||
| Q4 24 | $127.6M | $1.7B | ||
| Q3 24 | — | $-528.0M | ||
| Q2 24 | — | $895.0M | ||
| 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 | 11.7% | 18.6% | ||
| Q3 25 | — | 11.5% | ||
| Q2 25 | — | 21.0% | ||
| Q1 25 | — | -20.2% | ||
| Q4 24 | 5.1% | 41.5% | ||
| Q3 24 | — | -17.1% | ||
| Q2 24 | — | 21.3% | ||
| Q1 24 | — | 37.1% |
| Q4 25 | 7.9% | 15.3% | ||
| Q3 25 | — | 9.8% | ||
| Q2 25 | — | 17.3% | ||
| Q1 25 | — | -15.4% | ||
| Q4 24 | 2.3% | 33.3% | ||
| Q3 24 | — | -12.8% | ||
| Q2 24 | — | 17.4% | ||
| Q1 24 | — | 29.7% |
| Q4 25 | — | $4.32 | ||
| Q3 25 | — | $2.12 | ||
| Q2 25 | — | $3.80 | ||
| Q1 25 | — | $-4.41 | ||
| Q4 24 | — | $9.66 | ||
| Q3 24 | — | $-3.29 | ||
| Q2 24 | — | $5.11 | ||
| Q1 24 | — | $6.93 |
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 | — | $6.3B |
| Stockholders' EquityBook value | $15.4B | $10.9B |
| Total Assets | $33.5B | $417.2B |
| Debt / EquityLower = less leverage | — | 0.57× |
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 | — | $6.3B | ||
| Q3 25 | — | $5.8B | ||
| Q2 25 | — | $5.8B | ||
| Q1 25 | — | $5.9B | ||
| Q4 24 | — | $6.1B | ||
| Q3 24 | — | $5.9B | ||
| Q2 24 | — | $5.7B | ||
| Q1 24 | — | $5.7B |
| Q4 25 | $15.4B | $10.9B | ||
| Q3 25 | — | $10.5B | ||
| Q2 25 | — | $9.5B | ||
| Q1 25 | — | $8.2B | ||
| Q4 24 | $17.0B | $8.3B | ||
| Q3 24 | — | $9.0B | ||
| Q2 24 | — | $7.9B | ||
| Q1 24 | — | $7.5B |
| Q4 25 | $33.5B | $417.2B | ||
| Q3 25 | — | $415.3B | ||
| Q2 25 | — | $399.1B | ||
| Q1 25 | — | $382.9B | ||
| Q4 24 | $36.3B | $390.8B | ||
| Q3 24 | — | $396.8B | ||
| Q2 24 | — | $384.5B | ||
| Q1 24 | — | $383.4B |
| Q4 25 | — | 0.57× | ||
| Q3 25 | — | 0.55× | ||
| Q2 25 | — | 0.60× | ||
| Q1 25 | — | 0.72× | ||
| Q4 24 | — | 0.74× | ||
| Q3 24 | — | 0.65× | ||
| Q2 24 | — | 0.72× | ||
| Q1 24 | — | 0.76× |
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 | $233.0M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 6.67× | 0.31× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.9B | $233.0M | ||
| Q3 25 | — | $-1.1B | ||
| Q2 25 | — | $1.0B | ||
| Q1 25 | — | $-272.0M | ||
| Q4 24 | $2.6B | $222.0M | ||
| Q3 24 | — | $-27.0M | ||
| Q2 24 | — | $-859.0M | ||
| Q1 24 | — | $-1.3B |
| Q4 25 | 6.67× | 0.31× | ||
| Q3 25 | — | -2.56× | ||
| Q2 25 | — | 1.45× | ||
| Q1 25 | — | — | ||
| Q4 24 | 20.20× | 0.13× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -0.96× | ||
| Q1 24 | — | -1.10× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FMS
Segment breakdown not available.
LNC
| Life Segment | $1.6B | 33% |
| Group Protection Segment | $1.5B | 31% |
| Annuities Segment | $1.3B | 27% |
| Other | $435.0M | 9% |
