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UK private hospital operator providing elective surgery, diagnostics and outpatient care.
UK private hospital operator providing elective surgery, diagnostics and outpatient care.
Private medical insurers are the largest payer, followed by NHS referrals and patients paying themselves. Consultants, mostly self-employed, admit their own patients, so Spire earns by providing theatres, beds, nursing and diagnostics around them. Its hospitals are spread across the UK and carry heavy fixed costs, so patient volumes matter.
In one line: A UK HCA Healthcare (private hospital) peer.
Moat: narrow (scale, regulatory licence, installed base). National private-hospital network with consultant relationships built over years.
Headquarters: London, UK · Founded: 2007 · Employees: 11,158
Size Spire Healthcare (SPI.L) is a United Kingdom Health Care company (Hospital/Nursing Management) with a market value of $1.34B, the 197th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £248.00 on 6 Nov 2026.
Performance Over six months the shares gained 67.8%, against -3.7% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 2nd highest of 20 in its peer set.
Growth Revenue grew 2.0% over the last twelve months (peer median +12.3%); the operating margin is 7.7% (peer median 9.9%).
Valuation It trades at 19.5× forward earnings against a peer median of 33.2× (5th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 10% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.8 points below its cost of capital (8.3% WACC).
Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £1.58B | £1.58B | £1.51B | £1.36B | £1.20B |
| Revenue growth | — | +5% | +11% | +13% | — |
| Gross profit | £591M | £599M | £574M | £521M | £440M |
| EBITDA | £244M | £266M | £254M | £230M | £202M |
| Net income | -£1.90M | £16.4M | £25.4M | £27.3M | £8.60M |
| Free cash flow | £155M | £142M | £105M | £116M | £72.8M |
| Capital expenditure | £64.2M | £78.5M | £112M | £84.4M | £87.7M |
| Total debt | n/a | £1.32B | £1.28B | £1.26B | £1.19B |
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 |
|---|---|---|---|---|---|---|
| Spire Healthcare SPI.L | $1.34B | +68% | +2% | 8% | 19.5× | 9.8% |
| HCA Healthcare HCA | $103B | +14% | +6% | 15% | 16.2× | 3.3% |
| Ramsay Health Care RHC.AX | $8.87B | +52% | +4% | 5% | 32.4× | 14.3% |
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 | SPI.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.6% | -0.6% | 9th highest of 20 |
| 6-month return | +67.8% | -3.7% | 2nd highest of 20 |
| Distance from 52-week high | -0.6% | -21.8% | highest of 20 |
| Revenue growth (TTM) | +2.0% | +12.3% | 4th lowest of 21 |
| Operating margin | 7.7% | 9.9% | 8th lowest of 20 |
| Forward P/E | 19.5× | 33.2× | 5th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 9.8% | 13.6% | 6th least demanding of 15 |
| Growth delivered (Del g) | +11.4% | +9.5% | 5th highest of 15 |
| Hurdle (Req g minus delivered) | -1.6 pp | +4.7 pp | 6th least demanding of 15 |
| ROIC minus cost of capital | -3.8 pp | -2.1 pp | 4th lowest of 20 |
| EV / EBITDA | 9.3× | 15.4× | 5th cheapest of 16 |
| Net debt / EBITDA | 5.2× | 2.5× | 6th most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Spire Healthcare SPI.L | United Kingdom | $1.34B | +68% | +2% | 8% | 19.5× | 9.8% | +11.4% |
| Rainbow Childrens Medicare RAINBOW.NS | India | $1.34B | -4% | +23% | 22% | 39.4× | 30.2% | +21.2% |
| Raffles Medical BSL.SI | Singapore | $1.25B | -15% | -3% | 11% | 27.3× | -2.4% | +6.1% |
| CVS CVSG.L | United Kingdom | $1.23B | +20% | +6% | 11% | 14.3× | 13.7% | +6.9% |
| Sanbo Hospital Management 301293.SZ | China | $1.48B | -21% | +17% | 6% | 148.9× | n/a | n/a |
| Aevis Victoria AEVS.SW | Switzerland | $1.49B | +9% | +15% | -6% | 107.9× | 26.6% | +10.2% |
| Xi'an International Medical Investment 000516.SZ | China | $1.54B | 0% | -1% | -2% | n/a | 13.6% | +20.6% |
| Park Medi World PARKHOSPS.NS | India | $1.15B | +2% | +21% | n/a | 28.3× | 30.5% | +10.2% |
| Sienna Senior Living SIA.TO | Canada | $1.63B | -11% | +16% | 10% | 38.1× | 19.6% | +8.6% |
| Ramsay Generale de Sante GDS.PA | France | $1.09B | -15% | +3% | 4% | n/a | 6.3% | +6.0% |
| Rhon-klinikum RHK.DE | Germany | $1.08B | +14% | +5% | 3% | 22.5× | n/a | n/a |
| Yatharth Hospital and Trauma Care Services YATHARTH.NS | India | $1.05B | +25% | +50% | 16% | 41.0× | n/a | n/a |
| Jupiter Life Line Hospitals JLHL.NS | India | $1,000M | +14% | +17% | 16% | 48.5× | n/a | n/a |
| Extendicare EXE.TO | Canada | $1.87B | -9% | +31% | 9% | 19.4× | 11.2% | +8.5% |
| Thomson Medical A50.SI | Singapore | $953M | -21% | +6% | 10% | n/a | 20.9% | +11.8% |
| HealthCare Global Enterprises HCG.NS | India | $950M | -2% | +14% | 8% | 67.3× | n/a | n/a |
| Clinica Baviera CBAV.MC | Spain | $940M | -7% | +11% | 20% | 18.2× | 0.7% | +19.7% |
| Huaxia Eye Hospital 301267.SZ | China | $1.92B | -16% | +2% | 15% | 24.7× | 3.8% | +10.4% |
| Paras Healthcare PARASHLTH.NS | India | $844M | n/a | +24% | 11% | n/a | n/a | n/a |
| Brookdale Senior Living BKD | United States | $2.15B | -31% | -4% | 5% | 127.7× | 22.4% | -1.4% |
| Ardent Health ARDT | United States | $2.44B | +71% | +3% | 4% | 14.5× | 4.0% | +8.7% |