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Side-by-side financial comparison of BrightSpring Health Services, Inc. (BTSGU) and Fresenius Medical Care AG (FMS), based on the latest 10-Q / 10-K filings. 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 $3.6B, roughly 1.5× BrightSpring Health Services, Inc.). Fresenius Medical Care AG runs the higher net margin — 2.2% vs 7.9%, a 5.8% gap on every dollar of revenue. On growth, BrightSpring Health Services, Inc. posted the faster year-over-year revenue change (29.3% vs -0.3%).
Cardinal Health, Inc. is an American multinational health care services company, and the 15th highest revenue generating company in the United States. Headquartered in Dublin, Ohio, the company specializes in the distribution of pharmaceuticals and medical products, serving more than 100,000 locations. The company also manufactures medical and surgical product, including gloves, surgical apparel, and fluid management products. In addition, it operates one of the largest networks of radiopharm...
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.
BTSGU vs FMS — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $3.6B | $5.5B |
| Net Profit | $77.3M | $434.2M |
| Gross Margin | 11.6% | 27.4% |
| Operating Margin | 3.0% | 11.7% |
| Net Margin | 2.2% | 7.9% |
| Revenue YoY | 29.3% | -0.3% |
| Net Profit YoY | 401.9% | 240.4% |
| EPS (diluted) | $0.34 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $3.6B | $5.5B | ||
| Q3 25 | $3.3B | — | ||
| Q2 25 | $3.1B | — | ||
| Q1 25 | $2.9B | — | ||
| Q4 24 | $2.7B | $5.5B | ||
| Q3 24 | $2.6B | — | ||
| Q2 24 | $2.4B | — | ||
| Q1 24 | $2.3B | — |
| Q4 25 | $77.3M | $434.2M | ||
| Q3 25 | $55.8M | — | ||
| Q2 25 | $28.2M | — | ||
| Q1 25 | $29.5M | — | ||
| Q4 24 | $15.4M | $127.6M | ||
| Q3 24 | $-8.2M | — | ||
| Q2 24 | $19.9M | — | ||
| Q1 24 | $-45.8M | — |
| Q4 25 | 11.6% | 27.4% | ||
| Q3 25 | 11.8% | — | ||
| Q2 25 | 11.9% | — | ||
| Q1 25 | 11.8% | — | ||
| Q4 24 | 12.3% | 25.0% | ||
| Q3 24 | 12.4% | — | ||
| Q2 24 | 12.8% | — | ||
| Q1 24 | 12.8% | — |
| Q4 25 | 3.0% | 11.7% | ||
| Q3 25 | 2.6% | — | ||
| Q2 25 | 1.5% | — | ||
| Q1 25 | 1.8% | — | ||
| Q4 24 | 2.0% | 5.1% | ||
| Q3 24 | 1.1% | — | ||
| Q2 24 | 1.6% | — | ||
| Q1 24 | -0.7% | — |
| Q4 25 | 2.2% | 7.9% | ||
| Q3 25 | 1.7% | — | ||
| Q2 25 | 0.9% | — | ||
| Q1 25 | 1.0% | — | ||
| Q4 24 | 0.6% | 2.3% | ||
| Q3 24 | -0.3% | — | ||
| Q2 24 | 0.8% | — | ||
| Q1 24 | -2.0% | — |
| Q4 25 | $0.34 | — | ||
| Q3 25 | $0.26 | — | ||
| Q2 25 | $0.13 | — | ||
| Q1 25 | $0.14 | — | ||
| Q4 24 | $0.11 | — | ||
| Q3 24 | $-0.04 | — | ||
| Q2 24 | $0.10 | — | ||
| Q1 24 | $-0.26 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $88.4M | $1.7B |
| Total DebtLower is stronger | $2.5B | — |
| Stockholders' EquityBook value | $1.9B | $15.4B |
| Total Assets | $6.4B | $33.5B |
| Debt / EquityLower = less leverage | 1.34× | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $88.4M | $1.7B | ||
| Q3 25 | $140.3M | — | ||
| Q2 25 | $70.1M | — | ||
| Q1 25 | $52.3M | — | ||
| Q4 24 | $61.0M | $1.3B | ||
| Q3 24 | $36.0M | — | ||
| Q2 24 | $25.0M | — | ||
| Q1 24 | $58.0M | — |
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.5B | — | ||
| Q2 25 | $2.5B | — | ||
| Q1 25 | $2.5B | — | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.7B | — | ||
| Q2 24 | $2.6B | — | ||
| Q1 24 | $2.6B | — |
| Q4 25 | $1.9B | $15.4B | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.6B | $17.0B | ||
| Q3 24 | $1.6B | — | ||
| Q2 24 | $1.6B | — | ||
| Q1 24 | $1.6B | — |
| Q4 25 | $6.4B | $33.5B | ||
| Q3 25 | $6.0B | — | ||
| Q2 25 | $5.9B | — | ||
| Q1 25 | $5.8B | — | ||
| Q4 24 | $5.9B | $36.3B | ||
| Q3 24 | $5.8B | — | ||
| Q2 24 | $5.6B | — | ||
| Q1 24 | $5.7B | — |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 1.38× | — | ||
| Q2 25 | 1.45× | — | ||
| Q1 25 | 1.50× | — | ||
| Q4 24 | 1.58× | — | ||
| Q3 24 | 1.65× | — | ||
| Q2 24 | 1.63× | — | ||
| Q1 24 | 1.64× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $231.6M | $2.9B |
| Free Cash FlowOCF − Capex | $193.9M | — |
| FCF MarginFCF / Revenue | 5.5% | — |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 1.1% | — |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 2.99× | 6.67× |
| TTM Free Cash FlowTrailing 4 quarters | $394.7M | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $231.6M | $2.9B | ||
| Q3 25 | $107.9M | — | ||
| Q2 25 | $49.1M | — | ||
| Q1 25 | $101.6M | — | ||
| Q4 24 | $90.6M | $2.6B | ||
| Q3 24 | $27.2M | — | ||
| Q2 24 | $-15.2M | — | ||
| Q1 24 | $-78.9M | — |
| Q4 25 | $193.9M | — | ||
| Q3 25 | $92.2M | — | ||
| Q2 25 | $24.7M | — | ||
| Q1 25 | $84.0M | — | ||
| Q4 24 | $75.3M | — | ||
| Q3 24 | $7.2M | — | ||
| Q2 24 | $-39.0M | — | ||
| Q1 24 | $-100.7M | — |
| Q4 25 | 5.5% | — | ||
| Q3 25 | 2.8% | — | ||
| Q2 25 | 0.8% | — | ||
| Q1 25 | 2.9% | — | ||
| Q4 24 | 2.7% | — | ||
| Q3 24 | 0.3% | — | ||
| Q2 24 | -1.6% | — | ||
| Q1 24 | -4.4% | — |
| Q4 25 | 1.1% | — | ||
| Q3 25 | 0.5% | — | ||
| Q2 25 | 0.8% | — | ||
| Q1 25 | 0.6% | — | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 0.8% | — | ||
| Q2 24 | 1.0% | — | ||
| Q1 24 | 1.0% | — |
| Q4 25 | 2.99× | 6.67× | ||
| Q3 25 | 1.93× | — | ||
| Q2 25 | 1.74× | — | ||
| Q1 25 | 3.44× | — | ||
| Q4 24 | 5.88× | 20.20× | ||
| Q3 24 | — | — | ||
| Q2 24 | -0.76× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
BTSGU
| Medicare D | $1.1B | 32% |
| Commercial Insurance | $879.8M | 25% |
| Medicare C | $641.2M | 18% |
| Provider Services | $394.2M | 11% |
| Medicaid | $301.4M | 8% |
| Medicare A | $150.5M | 4% |
| Private And Other | $44.0M | 1% |
| Medicare B | $19.5M | 1% |
| Pharmacy Solutions And Provider Services Segments | $19.0M | 1% |
FMS
Segment breakdown not available.
