Ensign Group Inc (ENSG) is overvalued and Fresenius Medical Care AG ADR (FMS) is undervalued.
Against our estimates of intrinsic value, FMS trades at the wider discount: a margin of safety of +48%, against -25% for ENSG.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.2% (average of 3 methods) values the shares at $141.03; the price of $176.32 is 25% above that value, and 80% of that value comes from beyond year five.
Leak Score 43/100 on 3 of 12 signals
Discounting its cash flows at 7.1% (average of 3 methods) values the shares at $42.92; the price of $22.50 is 48% below that value, and 83% of that value comes from beyond year five.
Leak Score 54/100 on 3 of 12 signals
| Metric | ENSG | FMS |
|---|---|---|
| Verdict | Overvalued | Undervalued |
| Price | $176.32 | $22.50 |
| Intrinsic value | $141.03 | $42.92 |
| Margin of safety | -25% | +48% |
| Leak Score | 43/100 (3/12) | 54/100 (3/12) |
| Market cap | $10.3B | $12.0B |
| Revenue growth, 5 years | 16.5% | 1.7% |
| Operating margin | 8.8% | 10.9% |
| Net margin | 6.9% | 4.8% |
| Return on equity | 17.0% | 7.3% |
| Debt to equity | 0.92 | 0.87 |
| P/E | 27.6x | 11.6x |
| Forward P/E | 20.6x | 9.2x |
| P/B | 4.2x | 0.8x |
| Dividend yield | 0.1% | 3.7% |