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Global private-hospital operator with major networks in Australia, the UK and France, providing acute and surgical care.
Global private-hospital operator with major networks in Australia, the UK and France, providing acute and surgical care.
Hospitals are paid per patient episode by private health insurers and, in the UK and France, by government health systems that contract out surgery and care, so volumes depend on insurer funding and waiting lists. Europe runs through its subsidiary Ramsay Sante, which is itself listed in Paris, and carries a large share of activity alongside Australia.
In one line: Australia's HCA Healthcare.
Moat: narrow (scale, installed base, regulatory licence). Large multi-country network of licensed hospitals with doctor relationships that are slow to replicate.
Headquarters: Sydney, Australia · Founded: 1964 · Employees: 92,400
Size Ramsay Health Care (RHC.AX) is an Australia Health Care company (Hospital/Nursing Management) with a market value of $8.87B, the 39th largest of 316 Australia companies the cockpit tracks. Shares closed at A$55.75 on 6 Nov 2026.
Performance Over six months the shares gained 52.0%, against +12.8% for the median peer and +4.1% for the Australia market (cap-weighted) — 3rd highest of 17 in its peer set.
Growth Revenue grew 4.4% over the last twelve months (peer median +11.0%); the operating margin is 5.5% (peer median 13.6%).
Valuation It trades at 32.4× forward earnings against a peer median of 40.8× (8th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is +6 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 3.0 points below its cost of capital (7.3% WACC).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$18.6B | A$18.6B | A$17.7B | A$16.7B | A$15.0B |
| Revenue growth | — | +5% | +6% | +11% | — |
| Gross profit | A$1.77B | A$1.77B | A$1.66B | A$1.61B | A$1.27B |
| EBITDA | A$2.20B | A$2.20B | A$2.05B | A$2.02B | A$1.65B |
| Net income | A$329M | A$329M | A$24.0M | A$889M | A$298M |
| Free cash flow | A$708M | A$708M | A$721M | A$548M | A$579M |
| Capital expenditure | A$734M | A$734M | A$777M | A$754M | A$721M |
| Total debt | n/a | A$11.0B | A$12.1B | A$10.9B | A$11.9B |
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 |
|---|---|---|---|---|---|---|
| Ramsay Health Care RHC.AX | $8.87B | +52% | +4% | 5% | 32.4× | 14.3% |
| HCA Healthcare HCA | $103B | +14% | +6% | 15% | 16.2× | 3.3% |
| Spire Healthcare SPI.L | $1.34B | +68% | +2% | 8% | 19.5× | 9.8% |
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 | RHC.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.2% | +7.2% | 4th lowest of 18 |
| 6-month return | +52.0% | +12.8% | 3rd highest of 17 |
| Distance from 52-week high | -1.3% | -10.1% | 3rd highest of 18 |
| Revenue growth (TTM) | +4.4% | +11.0% | 3rd lowest of 18 |
| Operating margin | 5.5% | 13.6% | 3rd lowest of 18 |
| Forward P/E | 32.4× | 40.8× | 8th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 14.3% | 13.6% | 7th most demanding of 16 |
| Growth delivered (Del g) | +8.3% | +9.7% | 6th lowest of 16 |
| Hurdle (Req g minus delivered) | +6.0 pp | +1.6 pp | 8th most demanding of 16 |
| ROIC minus cost of capital | -3.0 pp | -0.3 pp | 7th lowest of 18 |
| EV / EBITDA | 10.9× | 24.7× | 4th cheapest of 15 |
| Net debt / EBITDA | 4.7× | 1.9× | 4th most indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ramsay Health Care RHC.AX | Australia | $8.87B | +52% | +4% | 5% | 32.4× | 14.3% | +8.3% |
| Manipal Health Enterprises MANIPALHOS.NS | India | $9.01B | n/a | +25% | 19% | 63.1× | 29.7% | +28.8% |
| Max Healthcare Institute MAXHEALTH.NS | India | $9.61B | -8% | +15% | 21% | 49.7× | 43.2% | +27.2% |
| PACS PACS | United States | $7.87B | +48% | +11% | 8% | 19.2× | 7.6% | +29.7% |
| Chemed CHE | United States | $6.87B | +24% | +5% | 14% | 19.5× | 2.4% | +4.0% |
| Universal Health Services UHS | United States | $11.5B | +15% | +8% | 11% | 8.7× | -1.2% | +8.5% |
| Aster DM Quality Care ASTERDM.NS | India | $6.57B | -3% | +16% | 14% | 49.6× | 55.3% | -11.6% |
| Apollo Hospitals Enterprise APOLLOHOSP.NS | India | $12.8B | +8% | +19% | 12% | 49.3× | 32.2% | +19.0% |
| Fortis Healthcare FORTIS.NS | India | $6.13B | -19% | +18% | 17% | 45.0× | 41.0% | +17.9% |
| Narayana Hrudayalaya NH.NS | India | $4.11B | +3% | +71% | 13% | 36.5× | 31.1% | +25.0% |
| Global Health MEDANTA.NS | India | $3.95B | +15% | +26% | 17% | 51.1× | n/a | n/a |
| Tenet Healthcare THC | United States | $22.5B | +49% | +6% | 17% | 14.0× | -1.2% | +3.9% |
| National HealthCare NHC | United States | $3.27B | +11% | +7% | -8% | n/a | 7.9% | +9.7% |
| Krishna Institute of Medical Sciences KIMS.NS | India | $3.21B | +2% | +31% | 12% | 70.0× | n/a | n/a |
| Surgery Partners SGRY | United States | $2.99B | +61% | +4% | 14% | 62.5× | 13.8% | +12.2% |
| Topchoice Medical 600763.SS | China | $2.51B | -11% | +7% | 26% | 26.7× | 13.6% | +6.9% |
| Ardent Health ARDT | United States | $2.44B | +71% | +3% | 4% | 14.5× | 4.0% | +8.7% |
| Fresenius SE & Co. KGaA FRE.DE | Germany | $32.8B | +34% | +6% | 10% | 14.5× | 8.0% | -8.8% |