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Side-by-side financial comparison of Fresenius Medical Care AG (FMS) and Ulta Beauty (ULTA). 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 $2.9B, roughly 1.9× Ulta Beauty). Ulta Beauty runs the higher net margin — 8.1% vs 7.9%, a 0.1% gap on every dollar of revenue. On growth, Ulta Beauty posted the faster year-over-year revenue change (12.9% 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.
Ulta Beauty, Inc., formerly known as Ulta Salon, Cosmetics & Fragrance Inc. and before 2000 as Ulta3, is an American chain of cosmetic stores headquartered in Bolingbrook, Illinois. Ulta Beauty carries both high- and low-end cosmetics, fragrances, nail products, bath and body products, beauty tools and haircare products. Each location has a beauty salon available to the public.
FMS vs ULTA — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $5.5B | $2.9B |
| Net Profit | $434.2M | $230.9M |
| Gross Margin | 27.4% | 40.4% |
| Operating Margin | 11.7% | 10.8% |
| Net Margin | 7.9% | 8.1% |
| Revenue YoY | -0.3% | 12.9% |
| Net Profit YoY | 240.4% | -4.7% |
| EPS (diluted) | — | $5.14 |
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 | $2.9B | ||
| Q3 25 | — | $2.8B | ||
| Q2 25 | — | $2.8B | ||
| Q4 24 | $5.5B | $2.5B | ||
| Q3 24 | — | $2.6B | ||
| Q2 24 | — | $2.7B | ||
| Q1 24 | — | $3.6B | ||
| Q4 23 | — | $2.5B |
| Q4 25 | $434.2M | $230.9M | ||
| Q3 25 | — | $260.9M | ||
| Q2 25 | — | $305.1M | ||
| Q4 24 | $127.6M | $242.2M | ||
| Q3 24 | — | $252.6M | ||
| Q2 24 | — | $313.1M | ||
| Q1 24 | — | $394.4M | ||
| Q4 23 | — | $249.5M |
| Q4 25 | 27.4% | 40.4% | ||
| Q3 25 | — | 39.2% | ||
| Q2 25 | — | 39.1% | ||
| Q4 24 | 25.0% | 39.7% | ||
| Q3 24 | — | 38.3% | ||
| Q2 24 | — | 39.2% | ||
| Q1 24 | — | 37.7% | ||
| Q4 23 | — | 39.9% |
| Q4 25 | 11.7% | 10.8% | ||
| Q3 25 | — | 12.4% | ||
| Q2 25 | — | 14.1% | ||
| Q4 24 | 5.1% | 12.6% | ||
| Q3 24 | — | 12.9% | ||
| Q2 24 | — | 14.7% | ||
| Q1 24 | — | 14.5% | ||
| Q4 23 | — | 13.1% |
| Q4 25 | 7.9% | 8.1% | ||
| Q3 25 | — | 9.4% | ||
| Q2 25 | — | 10.7% | ||
| Q4 24 | 2.3% | 9.6% | ||
| Q3 24 | — | 9.9% | ||
| Q2 24 | — | 11.5% | ||
| Q1 24 | — | 11.1% | ||
| Q4 23 | — | 10.0% |
| Q4 25 | — | $5.14 | ||
| Q3 25 | — | $5.78 | ||
| Q2 25 | — | $6.70 | ||
| Q4 24 | — | $5.14 | ||
| Q3 24 | — | $5.30 | ||
| Q2 24 | — | $6.47 | ||
| Q1 24 | — | $8.06 | ||
| Q4 23 | — | $5.07 |
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 | $204.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $15.4B | $2.6B |
| Total Assets | $33.5B | $7.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.7B | $204.9M | ||
| Q3 25 | — | $242.7M | ||
| Q2 25 | — | $454.6M | ||
| Q4 24 | $1.3B | $177.8M | ||
| Q3 24 | — | $414.0M | ||
| Q2 24 | — | $524.6M | ||
| Q1 24 | — | $766.6M | ||
| Q4 23 | — | $121.8M |
| Q4 25 | $15.4B | $2.6B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.4B | ||
| Q4 24 | $17.0B | $2.3B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.3B | ||
| Q1 24 | — | $2.3B | ||
| Q4 23 | — | $2.0B |
| Q4 25 | $33.5B | $7.0B | ||
| Q3 25 | — | $6.6B | ||
| Q2 25 | — | $6.0B | ||
| Q4 24 | $36.3B | $6.0B | ||
| Q3 24 | — | $5.7B | ||
| Q2 24 | — | $5.6B | ||
| Q1 24 | — | $5.7B | ||
| Q4 23 | — | $5.6B |
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 | $5.6M |
| Free Cash FlowOCF − Capex | — | $-81.6M |
| FCF MarginFCF / Revenue | — | -2.9% |
| Capex IntensityCapex / Revenue | — | 3.1% |
| Cash ConversionOCF / Net Profit | 6.67× | 0.02× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-92.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.9B | $5.6M | ||
| Q3 25 | — | $96.5M | ||
| Q2 25 | — | $220.0M | ||
| Q4 24 | $2.6B | $-56.8M | ||
| Q3 24 | — | $199.5M | ||
| Q2 24 | — | $159.3M | ||
| Q1 24 | — | $1.1B | ||
| Q4 23 | — | $-70.8M |
| Q4 25 | — | $-81.6M | ||
| Q3 25 | — | $19.6M | ||
| Q2 25 | — | $141.0M | ||
| Q4 24 | — | $-171.1M | ||
| Q3 24 | — | $104.3M | ||
| Q2 24 | — | $68.3M | ||
| Q1 24 | — | $994.0M | ||
| Q4 23 | — | $-177.1M |
| Q4 25 | — | -2.9% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 4.9% | ||
| Q4 24 | — | -6.8% | ||
| Q3 24 | — | 4.1% | ||
| Q2 24 | — | 2.5% | ||
| Q1 24 | — | 28.0% | ||
| Q4 23 | — | -7.1% |
| Q4 25 | — | 3.1% | ||
| Q3 25 | — | 2.8% | ||
| Q2 25 | — | 2.8% | ||
| Q4 24 | — | 4.5% | ||
| Q3 24 | — | 3.7% | ||
| Q2 24 | — | 3.3% | ||
| Q1 24 | — | 3.5% | ||
| Q4 23 | — | 4.3% |
| Q4 25 | 6.67× | 0.02× | ||
| Q3 25 | — | 0.37× | ||
| Q2 25 | — | 0.72× | ||
| Q4 24 | 20.20× | -0.23× | ||
| Q3 24 | — | 0.79× | ||
| Q2 24 | — | 0.51× | ||
| Q1 24 | — | 2.84× | ||
| Q4 23 | — | -0.28× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
