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Side-by-side financial comparison of Fresenius Medical Care AG (FMS) and Lam Research (LRCX). 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 $5.3B, roughly 1.0× Lam Research). Lam Research runs the higher net margin — 29.8% vs 7.9%, a 21.9% gap on every dollar of revenue. On growth, Lam Research posted the faster year-over-year revenue change (22.1% 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.
Lam Research Corporation is an American supplier of wafer-fabrication equipment and related services to the semiconductor industry. Its products are used primarily in front-end wafer processing, which involves the steps that create the active components of semiconductor devices and their wiring (interconnects). The company also builds equipment for back-end wafer-level packaging (WLP) and for related manufacturing markets such as for microelectromechanical systems (MEMS).
FMS vs LRCX — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $5.5B | $5.3B |
| Net Profit | $434.2M | $1.6B |
| Gross Margin | 27.4% | 49.6% |
| Operating Margin | 11.7% | 33.9% |
| Net Margin | 7.9% | 29.8% |
| Revenue YoY | -0.3% | 22.1% |
| Net Profit YoY | 240.4% | 33.8% |
| EPS (diluted) | — | $1.26 |
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 | $5.3B | ||
| Q3 25 | — | $5.3B | ||
| Q2 25 | — | $5.2B | ||
| Q1 25 | — | $4.7B | ||
| Q4 24 | $5.5B | $4.4B | ||
| Q3 24 | — | $4.2B | ||
| Q2 24 | — | $3.9B | ||
| Q1 24 | — | $3.8B |
| Q4 25 | $434.2M | $1.6B | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | $127.6M | $1.2B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.0B | ||
| Q1 24 | — | $965.8M |
| Q4 25 | 27.4% | 49.6% | ||
| Q3 25 | — | 50.4% | ||
| Q2 25 | — | 50.1% | ||
| Q1 25 | — | 49.0% | ||
| Q4 24 | 25.0% | 47.4% | ||
| Q3 24 | — | 48.0% | ||
| Q2 24 | — | 47.5% | ||
| Q1 24 | — | 47.5% |
| Q4 25 | 11.7% | 33.9% | ||
| Q3 25 | — | 34.4% | ||
| Q2 25 | — | 33.7% | ||
| Q1 25 | — | 33.1% | ||
| Q4 24 | 5.1% | 30.5% | ||
| Q3 24 | — | 30.3% | ||
| Q2 24 | — | 29.1% | ||
| Q1 24 | — | 27.9% |
| Q4 25 | 7.9% | 29.8% | ||
| Q3 25 | — | 29.5% | ||
| Q2 25 | — | 33.3% | ||
| Q1 25 | — | 28.2% | ||
| Q4 24 | 2.3% | 27.2% | ||
| Q3 24 | — | 26.8% | ||
| Q2 24 | — | 26.4% | ||
| Q1 24 | — | 25.5% |
| Q4 25 | — | $1.26 | ||
| Q3 25 | — | $1.24 | ||
| Q2 25 | — | $1.34 | ||
| Q1 25 | — | $1.03 | ||
| Q4 24 | — | $0.92 | ||
| Q3 24 | — | $0.86 | ||
| Q2 24 | — | $7.78 | ||
| Q1 24 | — | $7.34 |
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 | $6.2B |
| Total DebtLower is stronger | — | $3.7B |
| Stockholders' EquityBook value | $15.4B | $10.1B |
| Total Assets | $33.5B | $21.4B |
| Debt / EquityLower = less leverage | — | 0.37× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.7B | $6.2B | ||
| Q3 25 | — | $6.7B | ||
| Q2 25 | — | $6.4B | ||
| Q1 25 | — | $5.5B | ||
| Q4 24 | $1.3B | $5.7B | ||
| Q3 24 | — | $6.1B | ||
| Q2 24 | — | $5.8B | ||
| Q1 24 | — | $5.7B |
| Q4 25 | — | $3.7B | ||
| Q3 25 | — | $3.7B | ||
| Q2 25 | — | $3.7B | ||
| Q1 25 | — | $3.7B | ||
| Q4 24 | — | $4.5B | ||
| Q3 24 | — | $4.5B | ||
| Q2 24 | — | $4.5B | ||
| Q1 24 | — | $4.5B |
| Q4 25 | $15.4B | $10.1B | ||
| Q3 25 | — | $10.2B | ||
| Q2 25 | — | $9.9B | ||
| Q1 25 | — | $9.5B | ||
| Q4 24 | $17.0B | $8.8B | ||
| Q3 24 | — | $8.5B | ||
| Q2 24 | — | $8.5B | ||
| Q1 24 | — | $8.0B |
| Q4 25 | $33.5B | $21.4B | ||
| Q3 25 | — | $21.9B | ||
| Q2 25 | — | $21.3B | ||
| Q1 25 | — | $20.0B | ||
| Q4 24 | $36.3B | $19.8B | ||
| Q3 24 | — | $19.5B | ||
| Q2 24 | — | $18.7B | ||
| Q1 24 | — | $18.3B |
| Q4 25 | — | 0.37× | ||
| Q3 25 | — | 0.37× | ||
| Q2 25 | — | 0.38× | ||
| Q1 25 | — | 0.39× | ||
| Q4 24 | — | 0.51× | ||
| Q3 24 | — | 0.53× | ||
| Q2 24 | — | 0.52× | ||
| Q1 24 | — | 0.56× |
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 | $1.5B |
| Free Cash FlowOCF − Capex | — | $1.2B |
| FCF MarginFCF / Revenue | — | 22.8% |
| Capex IntensityCapex / Revenue | — | 4.9% |
| Cash ConversionOCF / Net Profit | 6.67× | 0.93× |
| TTM Free Cash FlowTrailing 4 quarters | — | $6.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.9B | $1.5B | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | $2.6B | $741.9M | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $862.4M | ||
| Q1 24 | — | $1.4B |
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $2.4B | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | — | $553.6M | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $761.7M | ||
| Q1 24 | — | $1.3B |
| Q4 25 | — | 22.8% | ||
| Q3 25 | — | 29.9% | ||
| Q2 25 | — | 46.1% | ||
| Q1 25 | — | 21.6% | ||
| Q4 24 | — | 12.7% | ||
| Q3 24 | — | 35.0% | ||
| Q2 24 | — | 19.7% | ||
| Q1 24 | — | 33.8% |
| Q4 25 | — | 4.9% | ||
| Q3 25 | — | 3.5% | ||
| Q2 25 | — | 3.3% | ||
| Q1 25 | — | 6.1% | ||
| Q4 24 | — | 4.3% | ||
| Q3 24 | — | 2.7% | ||
| Q2 24 | — | 2.6% | ||
| Q1 24 | — | 2.7% |
| Q4 25 | 6.67× | 0.93× | ||
| Q3 25 | — | 1.13× | ||
| Q2 25 | — | 1.48× | ||
| Q1 25 | — | 0.98× | ||
| Q4 24 | 20.20× | 0.62× | ||
| Q3 24 | — | 1.40× | ||
| Q2 24 | — | 0.85× | ||
| Q1 24 | — | 1.43× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FMS
Segment breakdown not available.
LRCX
| System | $3.4B | 63% |
| Customer Supportand Other | $2.0B | 37% |
