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Side-by-side financial comparison of Fresenius Medical Care AG (FMS) and Viking Holdings Ltd (VIK). 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 $4.0B, roughly 1.4× Viking Holdings Ltd). Viking Holdings Ltd runs the higher net margin — 12.9% vs 7.9%, a 5.0% gap on every dollar of revenue.
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.
Norwegian Cruise Line Holdings (NCLH) is a holding company that is based in the United States and domiciled in Bermuda. It operates three cruise lines as wholly owned subsidiaries: Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises. With its subsidiaries combined, it is the third-largest cruise operator in the world. It is a publicly traded company listed on the New York Stock Exchange.
FMS vs VIK — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.5B | $4.0B |
| Net Profit | $434.2M | $514.0M |
| Gross Margin | 27.4% | 73.4% |
| Operating Margin | 11.7% | 15.2% |
| Net Margin | 7.9% | 12.9% |
| Revenue YoY | -0.3% | — |
| Net Profit YoY | 240.4% | 35.4% |
| EPS (diluted) | — | $1.15 |
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 | — | ||
| Q3 25 | — | $4.0B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | — | $718.2M | ||
| Q4 24 | $5.5B | — | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | — | $2.1B |
| Q4 25 | $434.2M | — | ||
| Q3 25 | — | $514.0M | ||
| Q2 25 | — | $439.2M | ||
| Q1 25 | — | $-105.5M | ||
| Q4 24 | $127.6M | — | ||
| Q3 24 | — | $379.7M | ||
| Q2 24 | — | $159.8M |
| Q4 25 | 27.4% | — | ||
| Q3 25 | — | 73.4% | ||
| Q2 25 | — | 55.7% | ||
| Q1 25 | — | 17.3% | ||
| Q4 24 | 25.0% | — | ||
| Q3 24 | — | 74.7% | ||
| Q2 24 | — | 57.8% |
| Q4 25 | 11.7% | — | ||
| Q3 25 | — | 15.2% | ||
| Q2 25 | — | 23.7% | ||
| Q1 25 | — | -1.3% | ||
| Q4 24 | 5.1% | — | ||
| Q3 24 | — | 13.6% | ||
| Q2 24 | — | 20.5% |
| Q4 25 | 7.9% | — | ||
| Q3 25 | — | 12.9% | ||
| Q2 25 | — | 19.1% | ||
| Q1 25 | — | -14.7% | ||
| Q4 24 | 2.3% | — | ||
| Q3 24 | — | 10.6% | ||
| Q2 24 | — | 7.7% |
| Q4 25 | — | — | ||
| Q3 25 | — | $1.15 | ||
| Q2 25 | — | $0.99 | ||
| Q1 25 | — | $-0.24 | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $0.87 | ||
| Q2 24 | — | $0.38 |
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 | $3.0B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $15.4B | $803.5M |
| Total Assets | $33.5B | $11.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.7B | — | ||
| Q3 25 | — | $3.0B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | — | $2.4B | ||
| Q2 24 | — | $1.8B |
| Q4 25 | $15.4B | — | ||
| Q3 25 | — | $803.5M | ||
| Q2 25 | — | $278.3M | ||
| Q1 25 | — | $-267.5M | ||
| Q4 24 | $17.0B | — | ||
| Q3 24 | — | $-688.9M | ||
| Q2 24 | — | $-1.1B |
| Q4 25 | $33.5B | — | ||
| Q3 25 | — | $11.5B | ||
| Q2 25 | — | $11.1B | ||
| Q1 25 | — | $10.7B | ||
| Q4 24 | $36.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $663.9M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 6.67× | 1.29× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.9B | — | ||
| Q3 25 | — | $663.9M | ||
| Q2 25 | — | $470.7M | ||
| Q1 25 | — | $587.9M | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | — | $828.7M | ||
| Q2 24 | — | $419.8M |
| Q4 25 | 6.67× | — | ||
| Q3 25 | — | 1.29× | ||
| Q2 25 | — | 1.07× | ||
| Q1 25 | — | — | ||
| Q4 24 | 20.20× | — | ||
| Q3 24 | — | 2.18× | ||
| Q2 24 | — | 2.63× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
