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Side-by-side financial comparison of Fresenius Medical Care AG (FMS) and Royal Caribbean Group (RCL). 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 $4.5B, roughly 1.2× Royal Caribbean Group). Royal Caribbean Group runs the higher net margin — 21.3% vs 7.9%, a 13.4% gap on every dollar of revenue. On growth, Royal Caribbean Group posted the faster year-over-year revenue change (11.3% 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.
Royal Caribbean Group, formerly known as Royal Caribbean Cruises Ltd., is a cruise holding company headquartered in Miami, Florida, United States and incorporated in Liberia. It is the world's second-largest cruise line operator, after Carnival Corporation & plc. As of September 2025, Royal Caribbean Group fully owns three cruise lines: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises. It also holds a 50% stake in TUI Cruises, which operates Mein Schiff and Hapag-Lloyd ...
FMS vs RCL — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $5.5B | $4.5B |
| Net Profit | $434.2M | $950.0M |
| Gross Margin | 27.4% | — |
| Operating Margin | 11.7% | 26.1% |
| Net Margin | 7.9% | 21.3% |
| Revenue YoY | -0.3% | 11.3% |
| Net Profit YoY | 240.4% | 29.1% |
| EPS (diluted) | — | $3.48 |
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.
| Q1 26 | — | $4.5B | ||
| Q4 25 | $5.5B | $4.3B | ||
| Q3 25 | — | $5.1B | ||
| Q2 25 | — | $4.5B | ||
| Q1 25 | — | $4.0B | ||
| Q4 24 | $5.5B | $3.8B | ||
| Q3 24 | — | $4.9B | ||
| Q2 24 | — | $4.1B |
| Q1 26 | — | $950.0M | ||
| Q4 25 | $434.2M | $753.0M | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $730.0M | ||
| Q4 24 | $127.6M | $552.0M | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $854.0M |
| Q1 26 | — | — | ||
| Q4 25 | 27.4% | 47.4% | ||
| Q3 25 | — | 51.8% | ||
| Q2 25 | — | 49.7% | ||
| Q1 25 | — | 48.0% | ||
| Q4 24 | 25.0% | 45.4% | ||
| Q3 24 | — | 51.1% | ||
| Q2 24 | — | 47.6% |
| Q1 26 | — | 26.1% | ||
| Q4 25 | 11.7% | 21.9% | ||
| Q3 25 | — | 33.1% | ||
| Q2 25 | — | 29.3% | ||
| Q1 25 | — | 23.6% | ||
| Q4 24 | 5.1% | 16.6% | ||
| Q3 24 | — | 33.4% | ||
| Q2 24 | — | 26.7% |
| Q1 26 | — | 21.3% | ||
| Q4 25 | 7.9% | 17.7% | ||
| Q3 25 | — | 30.6% | ||
| Q2 25 | — | 26.7% | ||
| Q1 25 | — | 18.3% | ||
| Q4 24 | 2.3% | 14.7% | ||
| Q3 24 | — | 22.7% | ||
| Q2 24 | — | 20.8% |
| Q1 26 | — | $3.48 | ||
| Q4 25 | — | $2.76 | ||
| Q3 25 | — | $5.74 | ||
| Q2 25 | — | $4.41 | ||
| Q1 25 | — | $2.70 | ||
| Q4 24 | — | $2.27 | ||
| Q3 24 | — | $4.21 | ||
| Q2 24 | — | $3.11 |
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 | $512.0M |
| Total DebtLower is stronger | — | $21.1B |
| Stockholders' EquityBook value | $15.4B | $10.0B |
| Total Assets | $33.5B | $42.0B |
| Debt / EquityLower = less leverage | — | 2.11× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $512.0M | ||
| Q4 25 | $1.7B | $825.0M | ||
| Q3 25 | — | $432.0M | ||
| Q2 25 | — | $735.0M | ||
| Q1 25 | — | $386.0M | ||
| Q4 24 | $1.3B | $388.0M | ||
| Q3 24 | — | $418.0M | ||
| Q2 24 | — | $391.0M |
| Q1 26 | — | $21.1B | ||
| Q4 25 | — | $18.2B | ||
| Q3 25 | — | $17.2B | ||
| Q2 25 | — | $17.6B | ||
| Q1 25 | — | $18.0B | ||
| Q4 24 | — | $18.5B | ||
| Q3 24 | — | $19.0B | ||
| Q2 24 | — | $19.8B |
| Q1 26 | — | $10.0B | ||
| Q4 25 | $15.4B | $10.0B | ||
| Q3 25 | — | $10.1B | ||
| Q2 25 | — | $9.2B | ||
| Q1 25 | — | $8.0B | ||
| Q4 24 | $17.0B | $7.6B | ||
| Q3 24 | — | $7.0B | ||
| Q2 24 | — | $6.0B |
| Q1 26 | — | $42.0B | ||
| Q4 25 | $33.5B | $41.6B | ||
| Q3 25 | — | $40.1B | ||
| Q2 25 | — | $38.5B | ||
| Q1 25 | — | $37.5B | ||
| Q4 24 | $36.3B | $37.1B | ||
| Q3 24 | — | $37.1B | ||
| Q2 24 | — | $37.0B |
| Q1 26 | — | 2.11× | ||
| Q4 25 | — | 1.81× | ||
| Q3 25 | — | 1.70× | ||
| Q2 25 | — | 1.92× | ||
| Q1 25 | — | 2.26× | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | — | 2.69× | ||
| Q2 24 | — | 3.29× |
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 | $1.8B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 6.67× | 1.93× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.8B | ||
| Q4 25 | $2.9B | $1.6B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | $2.6B | $1.5B | ||
| Q3 24 | — | $897.0M | ||
| Q2 24 | — | $1.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | $116.0M | ||
| Q3 25 | — | $-989.0M | ||
| Q2 25 | — | $910.0M | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $915.0M | ||
| Q3 24 | — | $563.0M | ||
| Q2 24 | — | $-567.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.7% | ||
| Q3 25 | — | -19.2% | ||
| Q2 25 | — | 20.1% | ||
| Q1 25 | — | 30.0% | ||
| Q4 24 | — | 24.3% | ||
| Q3 24 | — | 11.5% | ||
| Q2 24 | — | -13.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | 35.4% | ||
| Q3 25 | — | 47.8% | ||
| Q2 25 | — | 18.4% | ||
| Q1 25 | — | 10.7% | ||
| Q4 24 | — | 14.7% | ||
| Q3 24 | — | 6.8% | ||
| Q2 24 | — | 52.1% |
| Q1 26 | — | 1.93× | ||
| Q4 25 | 6.67× | 2.16× | ||
| Q3 25 | — | 0.93× | ||
| Q2 25 | — | 1.44× | ||
| Q1 25 | — | 2.23× | ||
| Q4 24 | 20.20× | 2.66× | ||
| Q3 24 | — | 0.81× | ||
| Q2 24 | — | 1.84× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FMS
Segment breakdown not available.
RCL
| Passenger ticket revenues | $3.0B | 68% |
| Onboard and other revenues | $1.4B | 32% |
