Ramsay Health Care Limited RMYHY

Health CareHealthcare Providers & ServicesAustralia

Last close 9.41 USD on Nov 1, 2026, +68.7% year to date

Quant rating

Quant rating B Rank 68 of 211 in Health Care

Growth B 37 of 211
Valuation C 88 of 211
Quality D 186 of 211
Revisions A 19 of 211
Momentum A 31 of 211

Wall Street consensus Hold (2.87)Average target 36.18 USD +284.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 9.0B
Enterprise value: 16.9B
52-week range: 5.17 – 9.91
3-year range: 4.31 – 9.91
Dividend yield: 1.68%
Beta (5 years): 0.28
Shares outstanding: 231M
Next earnings: Feb 23, 2027

About the company

Ramsay Health Care Limited is a provider of hospital and healthcare services in Australia, Europe and the United Kingdom. Its segments include Australia, the UK, France and the Nordics. Its businesses include Ramsay Australia, Ramsay Sante, Ramsay UK, and Elysium Healthcare. Ramsay Health Care is Australia’s private hospital operator, with more than 70 modern hospitals, clinics and surgical centers in cities and towns across the country. Ramsay Sante is a private care provider in Europe with hundreds of modern hospitals, clinics, primary care and imaging centers across France, Sweden, Norway, Denmark and Italy. Ramsay UK has a network of hospitals and day surgeries across the UK providing a range of clinical specialties to private and self-insured patients. Elysium Healthcare is an independent provider of specialist health and care services. Elysium's four core service streams are mental health and wellbeing, learning disabilities and autism, neurological, and children and education.

Growth and profitability fiscal year ends June 30

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	11,718	11,112	10,000	9,116	9,329	–
Revenue growth	5.5%	11.1%	9.7%	−2.3%	12.8%	7.2%
EPS (basic, normalized)	1.09	0.87	0.89	0.96	1.01	–
EPS growth	25.0%	−2.0%	−7.2%	−5.3%	–	–
Gross margin	74.0%	74.1%	74.0%	72.6%	72.2%	73.4%
Net margin	0.0%	1.5%	1.8%	1.9%	3.3%	1.7%
ROE	0.5%	6.0%	6.9%	6.5%	10.8%	6.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	11,718	+5.5%	1.4x	1,661	+19.0%	10.2x	1.09	+25.0%	8.7x
2027	12,639	+7.9%	1.3x	1,715	+3.2%	9.8x	1.25	+15.1%	7.5x
2028	13,209	+4.5%	1.3x	1,826	+6.5%	9.2x	1.46	+16.5%	6.5x
2029	13,722	+3.9%	1.2x	1,903	+4.2%	8.9x	1.67	+14.4%	5.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	12,639	−6.3%	−7.0%	−7.6%	1.25	+0.7%	+10.4%	+8.1%
2028	13,209	−6.3%	−7.0%	−7.3%	1.46	+0.3%	+6.2%	+5.5%
2029	13,722	−6.7%	−6.8%	−8.3%	1.67	0.0%	+0.8%	+1.5%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Healthcare Providers & Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
RMYHY Ramsay Health Care Limited	9.0B	–	0.0%	2.58x	7.5x	6.5x	9.8x	9.2x
MOH Molina Healthcare Inc	10.7B	−4.49x	1.0%	2.56x	38.8x	20.8x	8.4x	6.0x
ENSG The Ensign Group, Inc.	10.6B	−0.31x	6.8%	4.14x	22.9x	20.9x	14.0x	12.6x
UHS Universal Health Services, Inc.	10.4B	2.19x	8.6%	1.37x	7.8x	7.6x	6.1x	6.0x
BDUUY Bangkok Dusit Medical Services PCL	9.2B	0.64x	14.2%	3.02x	768.5x	725.1x	12.0x	11.4x
PACS PACS Group, Inc.	7.6B	0.48x	3.6%	6.82x	19.5x	17.5x	11.9x	10.9x
Mean		−0.30x	5.7%	3.41x	144.2x	133.1x	10.4x	9.4x
Median		0.48x	5.2%	2.80x	21.2x	19.2x	10.9x	10.1x

Technical analysis

1M−3.1%
3M+31.0%
1Y+87.0%
3Y+27.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Ramsay Health Care Limited, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	11,718	11,112	10,000	9,116	9,329	8,271
Cost of revenue	3,051	2,882	2,597	2,495	2,598	2,102
Gross profit	8,667	8,230	7,403	6,621	6,731	6,169
Selling, general & administrative expenses	7,264	6,883	6,287	5,734	5,862	5,226
Research & development	–	–	–	–	–	–
Depreciation/amortization	741	721	659	640	674	616
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	215	−35.7	−187	−365	−626	−267
Other operating expenses	−19.2	0	0	0	0	0
Operating income	466	662	644	612	822	594
Net interest income (expense)	−409	−413	−343	−268	−290	−281
Gain (loss) on sale of assets	10.5	8.2	50.1	17.7	24.5	9.2
Other non-operating income (expense)	0	0	0	0	0	−0.3
Net income before taxes	67.0	256	351	361	556	322
Provision for taxes	36.5	80.9	121	110	193	110
Minority interest	−14.7	4.9	−44.9	−72.6	−46.9	−17.4
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	15.8	180	185	179	316	194
Extraordinary items	0	412	13.3	10.6	20.8	1.8
Net income	15.8	592	199	189	337	196
EBIT, normalized	685	626	454	255	205	356
EBITDA, normalized	1,426	1,347	1,113	895	879	972
Basic EPS, normalized	1.09	0.87	0.89	0.96	1.01	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Ramsay Health Care Limited, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	516	442	437	217	753	1,038
Receivables	1,658	1,682	1,544	1,637	1,360	1,333
Total inventory	266	253	259	260	307	284
Prepaid expenses	186	156	128	129	99.7	121
Other current assets	32.9	49.5	229	24.7	1,492	27.1
Total current assets	2,659	2,582	2,597	2,267	4,012	2,803
Property, plant & equipment	7,339	6,773	6,791	6,512	6,673	6,160
Goodwill	3,952	3,830	3,837	3,717	2,824	2,611
Intangibles	280	263	272	300	350	319
Long-term investments	72.9	62.7	55.7	234	225	227
Note receivable	80.8	75.2	84.6	54.5	52.9	53.9
Other long-term assets	406	344	382	383	351	318
Total assets	14,789	13,930	14,019	13,467	14,490	12,492
Liabilities
Accounts payable	1,137	1,101	989	1,024	873	793
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,205	1,132	1,097	1,056	796	686
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	452	404	325	274	315	262
Other current liabilities	144	150	129	233	803	863
Total current liabilities	2,938	2,787	2,540	2,586	2,787	2,604
Long-term debt	7,523	6,889	7,599	7,109	7,597	6,306
Minority interest	451	420	446	409	388	334
Other liabilities	571	569	665	648	693	658
Total liabilities	11,483	10,665	11,249	10,752	11,466	9,902
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1,504	1,498	1,477	1,517	1,648	1,517
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	1,672	1,641	1,169	1,074	1,244	953
Treasury stock	−36.7	−42.0	−45.2	−50.0	−57.5	−54.0
Other equity	166	168	168	174	189	174
Total equity	3,306	3,265	2,770	2,714	3,024	2,590
Total liabilities & shareholders' equity	14,789	13,930	14,019	13,467	14,490	12,492

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Ramsay Health Care Limited, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	–	–	–	–	–	–
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	–	–	–	–	–	–
Changes in working capital	–	39.1	260	2.9	229	162
Cash from operations	974	862	853	494	1,111	1,160
Investing activities
Capital expenditures	−511	−503	−481	−489	−472	−470
Other investing cash flows	7.4	609	4.7	510	−1,406	17.0
Cash from investing	−504	106	−476	20.7	−1,878	−453
Financing activities
Financing cash flow items	−35.5	−26.2	−13.4	−14.6	−27.4	−8.7
Cash dividends paid	−106	−89.9	−146	−243	−86.5	−223
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−273	−851	−2.4	−716	552	71.2
Cash from financing	−415	−967	−162	−974	438	−160
Foreign exchange effects	24.9	2.5	12.3	−17.4	−44.9	−23.9
Net change in cash	80.3	4.1	228	−477	−374	523
Free cash flow	463	359	372	4.8	639	690

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.