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French private hospital group operating surgical, oncology, mental-health and rehabilitation clinics, majority-owned by Ramsay Health Care.
French private hospital group operating surgical, oncology, mental-health and rehabilitation clinics, majority-owned by Ramsay Health Care.
Gets most of its income from French national health insurance, which pays clinics at annual tariffs set by the government, so the volume of procedures matters more than price. Surgeons and physicians mostly work in the clinics as independent professionals who pay the group fees for facilities and staff.
In one line: A French HCA Healthcare.
Moat: narrow (regulatory licence, scale, installed base). Licensed clinic network and scale in a regulated market, but reimbursement rates are government-set.
Headquarters: Paris, France · Founded: 1987 · Employees: 40,388
Size Ramsay Generale de Sante (GDS.PA) is a France Health Care company (Hospital/Nursing Management) with a market value of $1.09B, the 135th largest of 206 France companies the cockpit tracks. Shares closed at €8.84 on 6 Nov 2026.
Performance Over six months the shares fell 15.0%, against -2.2% for the median peer and -0.4% for the France market (cap-weighted) — 5th lowest of 20 in its peer set.
Growth Revenue grew 2.6% over the last twelve months (peer median +14.3%); the operating margin is 3.7% (peer median 10.3%).
Valuation It trades at 0.9× enterprise value to sales against a peer median of 3.2× (2nd cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is +0 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.3 points below its cost of capital (5.3% WACC).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | €5.38B | €5.38B | €5.21B | €5.01B | €4.70B |
| Revenue growth | — | +3% | +4% | +6% | — |
| Gross profit | €1.05B | €1.05B | €994M | €945M | €821M |
| EBITDA | €640M | €640M | €620M | €606M | €621M |
| Net income | -€48.3M | -€48.3M | -€54.1M | -€53.9M | €49.4M |
| Free cash flow | €279M | €279M | €446M | €327M | €350M |
| Capital expenditure | €144M | €144M | €143M | €168M | €172M |
| Total debt | n/a | €4.05B | €4.08B | €4.06B | €4.15B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Ramsay Generale de Sante GDS.PA | $1.09B | -15% | +3% | 4% | 0.9× | 6.3% |
| Clariane CLARI.PA | $1.40B | -20% | +1% | 6% | 1.6× | 6.7% |
| Emeis EMEIS.PA | $1.94B | -30% | +4% | 3% | 1.6× | 21.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | GDS.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.2% | 0.0% | 2nd lowest of 20 |
| 6-month return | -15.0% | -2.2% | 5th lowest of 20 |
| Distance from 52-week high | -23.5% | -17.6% | 7th lowest of 20 |
| Revenue growth (TTM) | +2.6% | +14.3% | 6th lowest of 21 |
| Operating margin | 3.7% | 10.3% | 4th lowest of 20 |
| EV / Sales | 0.9× | 3.2× | 2nd cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 6.3% | 15.0% | 4th least demanding of 15 |
| Growth delivered (Del g) | +6.0% | +10.3% | 2nd lowest of 15 |
| Hurdle (Req g minus delivered) | +0.3 pp | +4.7 pp | 7th least demanding of 15 |
| ROIC minus cost of capital | -2.3 pp | -2.1 pp | 10th lowest of 20 |
| EV / EBITDA | 7.4× | 15.4× | cheapest of 16 |
| Net debt / EBITDA | 5.8× | 2.3× | 5th most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ramsay Generale de Sante GDS.PA | France | $1.09B | -15% | +3% | 4% | 0.9× | 6.3% | +6.0% |
| Rhon-klinikum RHK.DE | Germany | $1.08B | +14% | +5% | 3% | 0.6× | n/a | n/a |
| Yatharth Hospital and Trauma Care Services YATHARTH.NS | India | $1.05B | +25% | +50% | 16% | 6.8× | n/a | n/a |
| Park Medi World PARKHOSPS.NS | India | $1.15B | +2% | +21% | n/a | 8.1× | 30.5% | +10.2% |
| Jupiter Life Line Hospitals JLHL.NS | India | $1,000M | +14% | +17% | 16% | 6.0× | n/a | n/a |
| CVS CVSG.L | United Kingdom | $1.23B | +20% | +6% | 11% | 1.7× | 13.7% | +6.9% |
| Raffles Medical BSL.SI | Singapore | $1.25B | -15% | -3% | 11% | 1.8× | -2.4% | +6.1% |
| Thomson Medical A50.SI | Singapore | $953M | -21% | +6% | 10% | 5.5× | 20.9% | +11.8% |
| HealthCare Global Enterprises HCG.NS | India | $950M | -2% | +14% | 8% | 3.4× | n/a | n/a |
| Clinica Baviera CBAV.MC | Spain | $940M | -7% | +11% | 20% | 2.5× | 0.7% | +19.7% |
| Rainbow Childrens Medicare RAINBOW.NS | India | $1.34B | -4% | +23% | 22% | 6.9× | 30.2% | +21.2% |
| Spire Healthcare SPI.L | United Kingdom | $1.34B | +68% | +2% | 8% | 1.4× | 9.8% | +11.4% |
| Paras Healthcare PARASHLTH.NS | India | $844M | n/a | +24% | 11% | 5.6× | n/a | n/a |
| Sanbo Hospital Management 301293.SZ | China | $1.48B | -21% | +17% | 6% | 5.4× | n/a | n/a |
| Aevis Victoria AEVS.SW | Switzerland | $1.49B | +9% | +15% | -6% | 1.8× | 26.6% | +10.2% |
| Xi'an International Medical Investment 000516.SZ | China | $1.54B | 0% | -1% | -2% | 3.2× | 13.6% | +20.6% |
| Sienna Senior Living SIA.TO | Canada | $1.63B | -11% | +16% | 10% | 3.2× | 19.6% | +8.6% |
| Kovai Medical Center & Hospital KOVAI.NS | India | $689M | +4% | +15% | 21% | 4.0× | 16.3% | +18.1% |
| Extendicare EXE.TO | Canada | $1.87B | -9% | +31% | 9% | 1.6× | 11.2% | +8.5% |
| Huaxia Eye Hospital 301267.SZ | China | $1.92B | -16% | +2% | 15% | 2.4× | 3.8% | +10.4% |
| Brookdale Senior Living BKD | United States | $2.15B | -31% | -4% | 5% | 2.4× | 22.4% | -1.4% |