Metric	FY2015 Dec 2015	FY2016 Dec 2016	FY2017 Dec 2017	FY2018 Dec 2018	FY2019 Dec 2019	FY2020 Dec 2020	FY2021 Dec 2021	FY2022 Dec 2022	FY2023 Dec 2023	FY2024 Dec 2024
Cash & Cash Equivalents	987m	1.5B	1.5B	2.6B	1.5B	1.7B	931m	574m	—	—
Cash	935m	1.2B	956m	1.2B	1B	1.1B	—	—	—	—
Cash Equivalents	52m	303m	497m	1.4B	496m	645m	931m	574m	—	—
Short-Term Investments	263m	251m	9m	—	—	—	—	—	—	—
Total Receivables	5.6B	6.1B	7.2B	7.8B	9B	8.7B	9.3B	9.1B	6B	3.5B
Accounts Receivables	4.7B	5.3B	6.3B	6.6B	7.9B	7.4B	7.5B	7.6B	—	—
Other Receivables	875m	740m	918m	1.1B	1.1B	1.3B	1.8B	1.5B	—	—
Inventory	2.9B	3.2B	3.3B	3.2B	3.6B	3.9B	4.2B	4.8B	2.5B	2.6B
Other Current Assets	772m	735m	684m	1.2B	1.1B	1.4B	3B	3.7B	3.9B	3.1B
Total Current Assets	10.4B	11.7B	12.6B	14.8B	15.3B	15.8B	17.5B	18.3B	12.5B	11.4B
PP&E Net	7.4B	8.1B	9.6B	10.4B	17.3B	17.6B	18.6B	18.8B	10.8B	9.9B
PP&E Gross	7.4B	8.1B	9.6B	10.4B	17.3B	17.6B	18.6B	18.8B	—	—
Accumulated Depreciation	(6.4B)	(7.3B)	(7.6B)	(8.5B)	(10.3B)	(11.6B)	(13.7B)	(15.8B)	—	—
Intangible Assets	1.7B	1.8B	3.2B	3.1B	3.9B	3.7B	3.8B	4.3B	2.5B	2.4B
Goodwill	21.6B	22.9B	25.3B	25.7B	27.7B	26.6B	28.9B	31.5B	15.1B	15.1B
Note Receivable	487m	460m	555m	723m	220m	132m	—	—	—	—
Long-Term Investments	339m	256m	19m	—	—	—	—	0	3.5B	4.3B
Other Long-Term Assets	1.2B	1.4B	1.9B	2B	2.7B	2.8B	3.1B	3.5B	502m	—
Other Assets	21.6B	22.9B	25.3B	25.7B	27.7B	26.6B	28.9B	31.5B	15.1B	15.1B
Total Assets	43.2B	46.7B	53.1B	56.7B	67B	66.6B	72B	76.4B	45.3B	43.6B
Accounts Payable	1.3B	1.3B	1.7B	1.8B	1.9B	1.8B	2B	2.2B	1.5B	1.4B
Accrued Liabilities	2.9B	3B	2.9B	3.3B	1.1B	915m	1.2B	1.5B	388m	—
Short-Term Debt	0	0	0	0	2.5B	245m	2.8B	867m	569m	—
Current Portion of Long-Term Debt	1.3B	2.1B	3B	5.1B	3B	3.4B	1.9B	2.2B	2B	—
Other Current Liabilities	2.2B	2.7B	3B	3.1B	5.4B	6.8B	7.1B	7B	4.9B	4.7B
Deferred Revenue	109m	118m	122m	36m	137m	733m	646m	259m	272m	236m
Total Current Liabilities	7.7B	9.1B	10.7B	13.3B	13.9B	13.2B	15.1B	13.7B	9.3B	6.1B
Long-Term Debt	13.6B	12.8B	16.1B	14B	21.8B	22.2B	22.4B	24.7B	13.2B	13.3B
Deferred Income Tax	876m	935m	1.1B	1.3B	1.4B	1.4B	1.5B	1.7B	531m	627m
Minority Interest	7.3B	8.2B	8.1B	9.6B	9.8B	9.1B	10.3B	11.8B	652m	748m
Other Liabilities	2.6B	3B	3.5B	3.1B	3.4B	3.8B	3.7B	4.1B	2.5B	3.3B
Total Liabilities	32.1B	34B	39.5B	41.3B	50.2B	49.7B	53B	56B	26.3B	24B
Common Stock	546m	547m	555m	556m	557m	557m	558m	563m	563m	—
Retained Earnings	10.3B	11.5B	13.5B	15.2B	16.4B	17.5B	18.9B	19.4B	18.4B	—
Unrealized Security Profit/Loss	—	—	—	—	—	—	—	(41m)	(74m)	—
Other Equity	334m	573m	(398m)	(330m)	(190m)	(1.1B)	(446m)	448m	92m	19.5B
Total Equity	11.2B	12.7B	13.7B	15.4B	16.8B	16.9B	19B	20.4B	19B	19.5B
Total Liabilities & Equity	43.2B	46.7B	53.1B	56.7B	67B	66.6B	72B	76.4B	45.3B	43.6B
Common Shares Outstanding	545.7m	547.2m	554.7m	556.2m	557.4m	551.9m	558.5m	563.2m	563m	563m

Fresenius SE & Co KGaA XMUN:FRE

A scaled laboratory-services business rebuilding profitability while sustaining free-cash-flow generation

A scaled testing business pairing operating leverage with recurring cash generation

Steady-scale healthcare revenue with variable margins and recurring investment needs

Fast-growing diagnostics revenue remains far from self-funding

Continue FRE Research

Fresenius SE & Co KGaA
XMUN:FRE