Primary Health Properties

PHP.L

REIT - Healthcare Facilities · Real Estate

Also trades as: PHPRF

Price

96.35 GBp

+1.00 (+1.05%)

Market Cap

£1.29B

Exchange

London Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Strong

Stability

Mixed

Valuation

Strong

Dividends

Good

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Share count rising — dilution

+24.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 1.44B (2021) → 1.79B (2025)

Winston Score History

The full picture

Primary Health Properties (PHP) owns and rents out buildings where doctors, nurses, and other healthcare workers see patients. These are mostly GP surgeries, health centres, and primary care clinics across the United Kingdom and Ireland. PHP is one of the largest dedicated owners of primary healthcare real estate in the UK, with a portfolio of over 500 properties leased mainly to NHS-backed tenants.

The company makes money by collecting rent from long-term leases, most of which are backed directly or indirectly by the NHS, giving it very stable and predictable income. It operates almost entirely in the UK and Ireland, with a portfolio valued at roughly £2.7 billion. That NHS backing is PHP's main competitive strength, since government-supported rent reduces the risk of tenants missing payments. The key risk is rising interest rates, which increase borrowing costs and can pressure the dividend that income-focused investors rely on.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+119.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-14.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

£0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

1.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£6.0B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Primary Health Properties grew revenue 120% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

89.3%

Premium pricing power — 89.3% gross margin

Profit after running costs

Operating Margin

82.7%

Excellent — 82.7% operating margin

Return on the money invested

ROCE

5.1%

Weak — 5.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+104.1%

Fast-growing sales (+104.1% YoY)

Profit growth

EPS YoY

-15.8%

Earnings shrinking (-15.8% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

90%

Modest — 90% of profit becomes cash

Spare cash per sale

FCF Margin

38.9%

Converts sales into free cash efficiently (38.9%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

1.31

Elevated debt (1.31)

Covers its interest

Interest Cover

2.39x

Tight — interest eats into profit (2.4x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

15.7x

Fair value — P/E 15.7

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+3.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (15.7 → 12.3)

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Dividends

Dividend

Dividend Yield

7.57%

Healthy income — 7.57% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+2.8%

Dividend flat

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