Loading…
Healthcare services provider operating clinics, diagnostics labs and hospitals across Central/Eastern Europe and Germany.
Healthcare services provider operating clinics, diagnostics labs and hospitals across Central/Eastern Europe and Germany.
Paid partly through prepaid subscription plans that employers buy for their staff, partly by fee per visit or test, and partly by public health insurers. Listed in Stockholm, but its clinics, hospitals and laboratories are in other European countries.
In one line: A CEE healthcare-services network like a smaller HCA Healthcare/LabCorp hybrid.
Moat: narrow (scale, brand, installed base). Largest private healthcare network in several CEE markets, benefiting from scale and brand trust in fragmented markets.
Headquarters: Stockholm, Sweden · Founded: 1995
Size Medicover (MCOV-B.ST) is a Sweden Health Care company (Medical/Nursing Services) with a market value of $4.14B, the 51st largest of 221 Sweden companies the cockpit tracks. Shares closed at SEK 267.00 on 6 Nov 2026.
Performance Over six months the shares gained 35.7%, against +30.6% for the median peer and +8.2% for the Sweden market (cap-weighted) — 9th highest of 20 in its peer set.
Growth Revenue grew 5.7% over the last twelve months (peer median +11.3%); the operating margin is 7.2% (peer median 8.7%).
Valuation It trades at 38.3× forward earnings against a peer median of 36.1× (10th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 21% a year for seven years (Req g). Recent delivered growth is +20%, so the hurdle is +1 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 2.1 points below its cost of capital (9.2% WACC).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | SEK 26.9B | SEK 26.3B | SEK 23.9B | SEK 20.0B | SEK 16.1B |
| Revenue growth | — | +10% | +19% | +25% | — |
| Gross profit | SEK 6.29B | SEK 6.10B | SEK 4.57B | SEK 3.58B | SEK 3.15B |
| EBITDA | SEK 4.33B | SEK 4.11B | SEK 3.29B | SEK 2.81B | SEK 2.39B |
| Net income | SEK 926M | SEK 858M | SEK 191M | SEK 202M | SEK 126M |
| Free cash flow | SEK 1.37B | SEK 1.43B | SEK 981M | SEK 597M | -SEK 10.6M |
| Capital expenditure | SEK 1.74B | SEK 1.75B | SEK 1.40B | SEK 1.27B | SEK 1.50B |
| Total debt | SEK 16.2B | SEK 15.6B | SEK 13.6B | SEK 11.0B | SEK 10.1B |
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 | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Medicover MCOV-B.ST | $4.14B | +36% | +6% | 7% | 38.3× | 20.8% |
| Fresenius SE & Co. KGaA FRE.DE | $32.8B | +34% | +6% | 10% | 14.5× | 8.0% |
| Sonic Healthcare SHL.AX | $6.87B | +6% | +14% | 9% | 16.8× | 8.6% |
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 | MCOV-B.ST | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.7% | +9.3% | 5th lowest of 21 |
| 6-month return | +35.7% | +30.6% | 9th highest of 20 |
| Distance from 52-week high | -6.2% | -14.4% | 5th highest of 21 |
| Revenue growth (TTM) | +5.7% | +11.3% | 10th lowest of 21 |
| Operating margin | 7.2% | 8.7% | 8th lowest of 21 |
| Forward P/E | 38.3× | 36.1× | 10th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 20.8% | 13.4% | 9th most demanding of 18 |
| Growth delivered (Del g) | +20.2% | +11.8% | 5th highest of 18 |
| Hurdle (Req g minus delivered) | +0.6 pp | +3.2 pp | 9th least demanding of 18 |
| ROIC minus cost of capital | -2.1 pp | +1.4 pp | 8th lowest of 20 |
| EV / EBITDA | 12.9× | 13.9× | 6th cheapest of 14 |
| Net debt / EBITDA | 3.5× | 2.8× | 8th most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Medicover MCOV-B.ST | Sweden | $4.14B | +36% | +6% | 7% | 38.3× | 20.8% | +20.2% |
| Option Care Health OPCH | United States | $4.74B | +54% | +4% | 6% | 15.6× | 1.5% | +13.2% |
| Dr. Lal PathLabs LALPATHLAB.NS | India | $3.50B | +26% | +17% | 24% | 51.5× | 32.2% | +11.8% |
| Acadia Healthcare ACHC | United States | $3.44B | +47% | +4% | 10% | 18.7× | n/a | n/a |
| Lifestance Health LFST | United States | $5.26B | +79% | +20% | 5% | 62.6× | 37.8% | +30.4% |
| Fameglow 3774.HK | Hong Kong | $3.19B | n/a | +36% | 11% | n/a | 48.8% | +48.4% |
| BillionToOne BLLN | United States | $5.38B | +54% | +90% | 11% | 144.4× | 26.8% | +90.1% |
| Concentra Group Holdings Parent CON | United States | $5.38B | +75% | +14% | 17% | 24.5× | 3.9% | +7.9% |
| Meinian Onehealth Healthcare 002044.SZ | China | $2.89B | -9% | -4% | 9% | 55.1× | 5.8% | +5.7% |
| Aveanna Healthcare AVAH | United States | $2.89B | +97% | +20% | 11% | 15.4× | 13.4% | +10.2% |
| RadNet RDNT | United States | $5.98B | +31% | +19% | 5% | 129.7× | 41.8% | +13.7% |
| Hims & Hers Health HIMS | United States | $6.07B | -8% | +28% | 0% | 128.9× | 54.9% | +73.6% |
| Sonic Healthcare SHL.AX | Australia | $6.87B | +6% | +14% | 9% | 16.8× | 8.6% | +3.5% |
| Pediatrix Medical MD | United States | $2.44B | +33% | +2% | 12% | 12.9× | -4.5% | +2.0% |
| Addus HomeCare ADUS | United States | $2.32B | +25% | +12% | 11% | 16.6× | 4.9% | +13.2% |
| AddLife ALIF-B.ST | Sweden | $2.29B | +25% | +2% | 8% | 40.5× | 21.6% | +14.6% |
| NeoGenomics NEO | United States | $2.18B | +88% | +11% | -6% | 58.9× | n/a | n/a |
| Guangzhou Kingmed Diagnostics 603882.SS | China | $1.99B | +5% | -3% | 7% | 31.7× | 6.7% | -6.1% |
| Dian Diagnostics 300244.SZ | China | $1.97B | +11% | -5% | 9% | 25.2× | 2.4% | -1.1% |
| Emeis EMEIS.PA | France | $1.94B | -30% | +4% | 3% | n/a | 21.3% | +8.5% |
| agilon health AGL | United States | $1.90B | +109% | 0% | -4% | 67.5× | n/a | n/a |