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The Management Board makes operational and strategic management decisions based on our Group-wide performance indicators for growth, profitability, liquidity, capital efficiency, and capital management. The most important financial performance indicators for us are explained below:


In line with our growth strategy, sales growth (in constant currency) of the Group and, in our business segments, organic sales growth in particular are of central importance. 

Fresenius has set itself medium-term growth targets. The targets announced in February 2019 stated that based on the key financial figures for 2019, average annual organic sales growth (CAGR) for the period 2020 to 2023 is expected in the range of 4% to 7%. We had expected small and mid-sized acquisitions to additionally increase the CAGR by approximately 1% point. 

In February 2019, when we originally communicated our medium-term targets, no one has foreseen a global pandemic and the related knock-on effects such as increased inflationary pressure. 

Hence, we have to refine our expectations based on the financial results for fiscal years 2020 and 2021: we now expect to achieve a sales CAGR at the bottom to middle of the range. Furthermore, we now expect that small and midsized acquisitions will add less than 1% point to the sales CAGR.


We use earnings before interest and taxes (EBIT) and EBIT growth (in constant currency) to measure the profitability of the business segments. At Group level, we primarily use net income and its currency-adjusted growth. To facilitate comparison of operating performance across several periods, we adjust the earnings figures for special items where appropriate. Fresenius has set itself medium-term growth targets. The targets announced in February 2019 stated that based on the key financial figures for 2019, net income1,2 is expected to grow organically at a CAGR in a range of 5% to 9% in the period 2020 to 2023. We had expected small and mid-sized acquisitions to additionally increase the CAGR by approximately 1% point.

In February 2019, when we originally communicated our medium-term targets, no one has foreseen a global pandemic and the related knock-on effects such as increased inflationary pressure. Hence, we have to refine our expectations based on the financial results for fiscal years 2020 and 2021: we now expect to achieve the bottom of the range for the net income CAGR. Furthermore, we now expect that small and mid-sized acquisitions will add less than 1% point to the net income CAGR.


Within the Group, cash flow margin is used as the main liquidity indicator. In order to further optimize the contributions of our business segments to operating cash flow, we also use the additional performance indicators DSO1 (days sales outstanding) and SOI1 (scope of inventory). These show the amount of receivables and inventories in relation to the sales and costs of the services rendered during the past reporting period.

Capital efficiency

We work as profitably and efficiently as possible with the capital provided to us by shareholders and lenders. In order to manage this, we primarily calculate the return on invested capital (ROIC)2 and the return on operating assets (ROOA)2.

Capital management

We use the ratio of net debt and EBITDA as the key parameter for managing the capital structure. This measure indicates the degree to which a company is able to meet its payment obligations. Our business segments usually hold leading positions in growing and mostly non-cyclical markets. Since the majority of our customers are of high credit quality, they generate mainly stable, predictable cash flows. According to the management assessment, the Group is therefore able to use debt to finance its growth to a greater extent than companies in other industries. Our self-imposed target corridor for the leverage ratio is 3.0× to 3.5×.

You can also find more details on our key performance indicators in our interactive tool at


1 Net income attributable to the shareholders of Fresenius SE & Co. KGaA
2 Before special items
3 Does not reflect a core performance indicator


Markus Georgi

Senior Vice President Investor Relations & Sustainability
T: +49 (0) 6172 608-2485

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