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← CockpitCompetitor Analysis › PHP.L Primary Health Properties PLCOpen in the cockpit ↗

Primary Health Properties PLCPHP.LCompetitor analysis, valuation and peers

United Kingdom · GBP·Real Estate›Real Estate Investment Trusts

UK REIT owning primary healthcare properties — GP surgeries and medical centers — leased mainly to NHS tenants.

≈ A UK healthcare REIT, akin to Physicians Realty TrustMomentum neutral 56
Competitor Analysis ▸ ChartsOpen in the cockpit
Mkt cap
$3.41B
US dollars, full cap
Free float
95%
of shares outstanding
$/day
$12.7M
20-day average traded
Fwd P/E
13.1×
forward earnings
ROIC−WACC
n/a
WACC 7.8%
Hurdle
n/a
no reverse DCF
Next earnings
104 days
18 Feb 2027
Close · GBP£97.65
1D+0.8%
1W+3.4%
1M+9.4%
3M+2.1%
6M+6.1%
YTD-0.3%
1Y+0.2%
ATR %1.6%
52w lowhigh10.9% off high

What Primary Health Properties does

UK REIT owning primary healthcare properties — GP surgeries and medical centers — leased mainly to NHS tenants.

Rent is paid by GPs and other healthcare tenants whose rent is largely reimbursed by the health service, so tenants rarely default; leases are long and rents rise at reviews, many linked to inflation. It also owns clinics in Ireland, where the state health service is the main funder.

In one line: A UK healthcare REIT, akin to Physicians Realty Trust.

Products and services

  • GP surgery/medical center properties
  • Pharmacy/ancillary healthcare space

Customers

  • NHS-backed GP practices
  • Pharmacies & healthcare providers

Where it sits in the supply chain

  • Real Estate
  • Healthcare REIT
  • Primary care property ownership…

What could go right

  • NHS primary care infrastructure investment
  • Portfolio acquisition growth

What could go wrong

  • Interest rate sensitivity (REIT valuations)
  • UK government healthcare funding policy risk

Moat: narrow (regulatory licence, installed base, scale). Long, government-backed leases to essential healthcare tenants provide highly secure income.

Headquarters: London, UK · Founded: 1996 · Employees: 129

Named competitors

  • Assura plc private or unlisted
  • Target Healthcare REIT private or unlisted
  • Impact Healthcare REIT private or unlisted

Primary Health Properties at a glance

Size Primary Health Properties (PHP.L) is a United Kingdom Real Estate company (Real Estate Investment Trusts) with a market value of $3.41B, the 122nd largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £97.65 on 6 Nov 2026.

Performance Over six months the shares gained 6.1%, against -5.1% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 4th highest of 21 in its peer set.

Growth Revenue grew 104.1% over the last twelve months (peer median +4.1%); the operating margin is 81.5% (peer median 48.1%).

Valuation It trades at 13.1× forward earnings against a peer median of 19.4× (4th cheapest of 20).

Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).

Relative performance

909510010511 May 202611 Aug 20266 Nov 2026PHP.L 106Peer median 95
Six months, rebased to 100: Primary Health Properties against the median of its 20 peers (local-currency closes).

Primary Health Properties financials

Reported figures in GBP; fiscal year ends 2025-12-31. TTM = trailing twelve months.
TTMFY2025FY2024FY2023FY2022
Revenue£366M£259M£182M£170M£154M
Revenue growth—+42%+7%+10%—
Gross profit£328M£231M£155M£150M£142M
EBITDA£299M£203M£136M£130M£163M
Net income£159M£119M£41.0M£27.3M£56.3M
Free cash flow£143M£104M£90.0M£86.6M£79.3M
Capital expenditure£0£0£0£0£0
Total debtn/a£3.31B£1.34B£1.33B£1.30B

Quarterly statements and history in the cockpit →

Primary Health Properties competitor charts

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.

Performance: 6-month against 1-month return

-10%0%+10%+20%-5%0%+5%+10%J69UCAR-UNSRU-UNBNL8972HIWNHIFCR-UNK71UCURBCOLCOVHIRTT82U3462PK89848985CRT-UN8954PHP.L6-month return →1-month return →
Up and to the right = strong over both horizons. Primary Health Properties is the large dot.

Fundamentals: revenue growth against valuation

0%+50%+100%20×40×60×J69USRU-UNBNL8972HIWNHIFCR-UNCURBCOLCOVHIRTT82U3462PK89858954PHP.LRevenue growth (TTM) →Forward P/E →
Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Primary Health Properties is the large dot.

Primary Health Properties competitors and peer comparison

How Primary Health Properties compares with its peers

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.

Primary Health Properties against its 20 peers (data as of 6 Nov 2026)
MeasurePHP.LPeer medianRank in peer set
1-month return+9.4%+2.9%2nd highest of 21
6-month return+6.1%-5.1%4th highest of 21
Distance from 52-week high-10.9%-14.5%9th highest of 21
Revenue growth (TTM)+104.1%+4.1%highest of 21
Operating margin81.5%48.1%highest of 21
Forward P/E13.1×19.4×4th cheapest of 20

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
CompanyMarketMarket cap6M returnRevenue growthOp. marginForward P/EReq gDelivered g
Primary Health Properties PHP.LUnited Kingdom$3.41B+6%+104%81%13.1×n/an/a
Frasers Centrepoint Trust J69U.SISingapore$3.43B-5%+16%62%17.1×n/an/a
Canadian Apartment Properties Real Estate Investment Trust CAR-UN.TOCanada$3.45B-14%-7%61%n/an/an/a
SmartCentres Real Estate Investment Trust SRU-UN.TOCanada$3.37B-3%-1%52%32.6×n/an/a
Broadstone Net Lease BNLUnited States$3.36B-12%+8%48%26.1×n/an/a
KDX Realty Investment 8972.TJapan$3.47B-16%+3%39%16.3×n/an/a
Highwoods Properties HIWUnited States$3.47B+24%+6%26%44.5×n/an/a
National Health Investors NHIUnited States$3.50B-5%+24%45%20.6×n/an/a
First Capital Real Estate Investment Trust FCR-UN.TOCanada$3.55B0%+3%49%18.3×n/an/a
Keppel REIT K71U.SISingapore$3.27B-5%+5%49%19.2×n/an/a
Curbline Properties CURBUnited States$3.57B+5%+51%18%69.2×n/an/a
Colonial SFL SOCIMI COL.MCSpain$3.58B-2%+4%76%14.9×n/an/a
Covivio Hotels SCA COVH.PAFrance$3.61B-9%+5%41%12.1×n/an/a
Independence Realty Trust IRTUnited States$3.63B-9%+3%17%65.8×n/an/a
Suntec Real Estate Investment Trust T82U.SISingapore$3.18B-7%+1%56%19.4×n/an/a
Nomura Real Estate Master Fund 3462.TJapan$3.66B-23%-18%36%20.5×n/an/a
Park Hotels & Resorts PKUnited States$3.17B+39%-1%12%29.1×n/an/a
Daiwa House REIT Investment 8984.TJapan$3.15B-13%-9%40%20.5×n/an/a
Japan Hotel Reit Investment 8985.TJapan$3.14B+7%+15%67%9.4×n/an/a
CT Real Estate Investment Trust CRT-UN.TOCanada$3.11B+3%+5%75%12.0×n/an/a
ORIX JREIT 8954.TJapan$3.06B-12%+35%51%18.1×n/an/a

Questions

Who are Primary Health Properties's main competitors?
Named competitors: Assura plc (private or unlisted), Target Healthcare REIT (private or unlisted), Impact Healthcare REIT (private or unlisted). The cockpit's measured peer set (industry) also includes Frasers Centrepoint Trust (J69U.SI), Canadian Apartment Properties Real Estate Investment Trust (CAR-UN.TO), SmartCentres Real Estate Investment Trust (SRU-UN.TO), Broadstone Net Lease (BNL), KDX Realty Investment (8972.T), Highwoods Properties (HIW).
Is Primary Health Properties expensive compared with its peers?
On forward p/e it trades at 13.1× against a peer median of 19.4×, 4th cheapest of 20 in its peer set.
How has Primary Health Properties stock performed?
Over six months to 6 Nov 2026 the shares returned +6.1% against -5.1% for the median peer; over one year +0.2%.

How these numbers are made. Returns are close-to-close in local currency. Revenue growth and margins are trailing twelve months. Req g is the revenue growth that today's enterprise value requires for seven years at the company's own cost of capital; Delivered g is what it actually grew; the gap is the hurdle (honest precision about ±8 points, so read the ranking more than the decimal). No fair values, price targets or analyst ratings are shown, by design. Method and validation.