Ramsay Health Care Limited

RHC.AX

Medical - Care Facilities · Healthcare

Price

A$45.00

+0.35 (+0.78%)

Market Cap

A$10.35B

Exchange

Australian Securities Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Weak

Growth

Good

Cash Flow

Strong

Stability

Mixed

Valuation

Good

Dividends

Weak

Track this stock — start free trial

Winston Score History

The full picture

Ramsay Health Care is one of the largest private hospital operators in the world. It owns and runs private hospitals and day surgery centers where patients go for planned operations, mental health treatment, and rehabilitation. The company serves patients, private health insurers, and government health programs across multiple countries.

Ramsay makes money by charging fees for hospital stays, surgical procedures, and other medical services, with payments coming from private insurers and public health systems. It operates roughly 500 facilities across Australia, France, the United Kingdom, Scandinavia, and parts of Asia, making it a genuinely global healthcare provider. Its scale and long-term contracts with insurers and governments give it a degree of pricing stability, but the business faces ongoing pressure from rising labor costs and staff shortages, which are the main risks squeezing its already thin margins.

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

+9.3% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+232.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

A$0/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Insider Activity

19.6%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Runway

~3 years

A$735M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

A$735M cash & investments at current burn rate

Growth context

Ramsay Health Care Limited is growing revenue at 9% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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.

Share count broadly stable

+0.7% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 228.4M (2021) → 230.0M (2025)

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

9.3%

Thin — 9.3% gross margin

Profit after running costs

Operating Margin

5.2%

Thin — 5.2% operating margin

Return on the money invested

ROCE

9.4%

Below par — 9.4% return on capital

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth

Sales YoY

+8.6%

Steady sales growth (+8.6% YoY)

Profit growth

EPS YoY

>+1,000%

Earnings growing fast (>+1,000% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash

Cash Conversion

531%

Turns 531% of profit into real cash

Spare cash per sale

FCF Margin

3.9%

Thin free cash flow (3.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns

Debt / Equity

2.35

Heavy debt load (2.35)

Covers its interest

Interest Cover

2.57x

Tight — interest eats into profit (2.6x)

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit

P/E Ratio (TTM)

38.1x

Pricey — P/E 38.1

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+12.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (38.1 → 25.3)

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Dividend

Dividend Yield

1.89%

Small dividend — 1.89% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-0.6%

Dividend cut (-0.6% YoY) — warning sign

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial