Fresenius Medical Care AG ADR (FMS) is undervalued and PACS Group Inc (PACS) is slightly overvalued.
Against our estimates of intrinsic value, FMS trades at the wider discount: a margin of safety of +48%, against -18% for PACS.
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 11.7% (average of 3 methods) values the shares at $35.24; the price of $41.53 is 18% above that value, and 69% of that value comes from beyond year five.
Leak Score 14/100 on 3 of 12 signals
| Metric | FMS | PACS |
|---|---|---|
| Verdict | Undervalued | Slightly overvalued |
| Price | $22.50 | $41.53 |
| Intrinsic value | $42.92 | $35.24 |
| Margin of safety | +48% | -18% |
| Leak Score | 54/100 (3/12) | 14/100 (3/12) |
| Market cap | $12.0B | $6.6B |
| Revenue growth, 5 years | 1.7% | 45.9% |
| Operating margin | 10.9% | 7.4% |
| Net margin | 4.8% | 4.8% |
| Return on equity | 7.3% | 28.1% |
| Debt to equity | 0.87 | 3.07 |
| P/E | 11.6x | 24.9x |
| Forward P/E | 9.2x | 15.9x |
| P/B | 0.8x | 5.9x |
| Dividend yield | 3.7% | — |