Fresenius Medical Care AG ADR (FMS) is undervalued and HCA Healthcare Inc (HCA) is undervalued.
Against our estimates of intrinsic value, FMS trades at the wider discount: a margin of safety of +48%, against +35% for HCA.
Values as of the 22 Sept 2026 close.
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
Discounting its cash flows at 8.7% (average of 3 methods) values the shares at $669.90; the price of $438.12 is 35% below that value, and 77% of that value comes from beyond year five.
Leak Score 100/100 on 7 of 12 signals
| Metric | FMS | HCA |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $22.50 | $438.12 |
| Intrinsic value | $42.92 | $669.90 |
| Margin of safety | +48% | +35% |
| Leak Score | 54/100 (3/12) | 100/100 (7/12) |
| Market cap | $12.0B | $94.9B |
| Revenue growth, 5 years | 1.7% | 8.0% |
| Operating margin | 10.9% | 15.5% |
| Net margin | 4.8% | 8.8% |
| Return on equity | 7.3% | — |
| Debt to equity | 0.87 | — |
| P/E | 11.6x | 14.7x |
| Forward P/E | 9.2x | 13.7x |
| P/B | 0.8x | — |
| Dividend yield | 3.7% | 0.6% |