RAMSAY HEALTH CARE LIMITED (RHC)
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RHC

RHC - RAMSAY HEALTH CARE LIMITED

FNArena Sector : Healthcare services
Year End: June
GICS Industry Group : Health Care Equipment & Services
Debt/EBITDA: 5.71
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

Founded in Sydney in 1964, Ramsay Health Care is the largest provider of private healthcare in Australia, with operations in the UK, France, Indonesia and Malaysia. The company specialises in surgery, rehabilitation and psychiatric care. It was first listed in 1997.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$42.76

04 Mar
2026

0.170

OPEN

$42.04

0.40%

HIGH

$42.76

1,119,095

LOW

$41.68

TARGET
$39.553 -7.5% downside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
ACL . ALC . BMT . DOC . EBO . HLS . IDX . M7T . MPL . MVF . NHF . SHL .
FNARENA'S MARKET CONSENSUS FORECASTS
RHC: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 3.0 136.3 xxx
DPS (cps) xxx 80.0 83.5 xxx
EPS Growth xxx - 99.2% 100.0% xxx
DPS Growth xxx 0.0% 4.4% xxx
PE Ratio xxx N/A 32.3 xxx
Dividend Yield xxx N/A 1.9% xxx
Div Pay Ratio(%) xxx 2702.7% 61.3% xxx

Dividend yield today if purchased 3 years ago: 1.20%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.82

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 03/09 - ex-div 40.00c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic 131.0193.2116.3125.1381.63.0
DPS All 62.5151.597.075.080.080.0
Sales/Revenue 11,972.8 M12,455.9 M13,175.8 M14,977.1 M16,665.4 M17,801.7 M
Book Value Per Share 1,537.21,659.61,616.01,710.22,030.32,075.4
Net Operating Cash Flow 1,728.0 M1,516.1 M719.9 M1,299.5 M1,302.0 M1,497.3 M
Net Profit Margin 2.37 %3.60 %2.08 %1.86 %1.62 %0.13 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed 9.42 %12.08 %7.10 %6.99 %5.94 %0.14 %
Return on Invested Capital 2.72 %3.32 %1.93 %1.87 %1.76 %0.15 %
Return on Assets 1.85 %2.39 %1.41 %1.37 %1.27 %0.11 %
Return on Equity 9.02 %11.53 %6.88 %6.88 %5.98 %0.48 %
Return on Total Capital 4.42 %1.90 %2.13 %4.14 %5.65 %5.82 %
Free Cash Flow ex dividends 724.9 M771.9 M-340.5 M359.9 M413.3 M559.1 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt 380 M420 M398 M487 M606 M686 M
Long Term Debt 9,137 M10,132 M10,301 M11,400 M10,332 M11,434 M
Total Debt 9,517 M10,552 M10,699 M11,886 M10,938 M12,120 M
Goodwill - Gross 3,783 M3,766 M5,364 M5,756 M5,745 M6,264 M
Cash & Equivalents - Generic 1,504 M2,963 M314 M656 M662 M784 M
Price To Book Value 4.333.794.533.292.341.77

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex 680.6 M628.9 M708.5 M720.9 M753.8 M776.6 M
Capex % of Sales 5.68 %5.05 %5.38 %4.81 %4.52 %4.36 %
Cost of Goods Sold 10,927 M11,623 M12,275 M13,705 M15,055 M16,075 M
Selling, General & Admin. Exp & Other 551 M559 M578 M611 M674 M729 M
Research & Development ------
Investments - Total 328 M300 M385 M147 M112 M111 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.0

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Morgans

27/02/2026

3

Hold

$40.77

-4.65%

Morgans explains Ramsay Health Care delivered a stronger than expected 1HFY26 result, with underlying NPAT of $172m up 8% and ahead of consensus, assisted by lower finance costs and favourable non controlling interest movements.

Underlying EBIT rose 7%, driven by improving Australian activity and stable EU performance, while UK Acute held steady and Elysium remained soft but continues its restructuring.

Australian margins improved excluding funding changes at Joondalup, though ongoing wage pressures, insurer negotiations and cost headwinds temper confidence in the sustainability of earnings growth.

FY26 guidance remains qualitative, with management expecting activity growth across regions, while capex and digital spend appear to be moderating to manage cost pressures.

No change to Hold rating. Target lifts to $40.77 from $35.22.

FORECAST
Morgans forecasts a full year FY26 dividend of 85.00 cents and EPS of 146.00 cents.
Morgans forecasts a full year FY27 dividend of 102.00 cents and EPS of 179.00 cents.

Citi

xx/xx/xxxx

3

xxxxxxx

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xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

03/03/2026

2

Overweight

$40.60

-5.05%

Ramsay Health Care has finalised its strategic review with a proposal to undertake an in-specie distribution of its 52.79% stake in Ramsay Sante, following limited buyer interest for an outright or partial sale.

The separation is expected by Jarden to be operationally clean, with Ramsay Sante operating a ring-fenced balance sheet and standalone debt facilities, and minimal shared services between the businesses.

The rationale is to simplify the group structure, de-gear the balance sheet and allow management to focus on an operational turnaround in Australia, where improving PHI indexation negotiations may support margin recovery.

The de-merger is targeted for implementation in December 2026, subject to shareholder and court approvals. Overweight retained, with an unchanged $40.60 target price.

FORECAST
Jarden forecasts a full year FY26 dividend of 80.00 cents and EPS of 125.00 cents.
Jarden forecasts a full year FY27 dividend of 97.30 cents and EPS of 149.40 cents.
Access Extra Coverage Research History >

RHC STOCK CHART

FNArena News on RHC

1
Rudi’s View: A Season Of Large Cap Winners

Mar 04 2026 - Rudi's View
2
Australian Broker Call *Extra* Edition – Mar 03, 2026

Mar 03 2026 - Daily Market Reports
3
FNArena Corporate Results Monitor – 27-02-2026

Feb 27 2026 - Australia
4
Next Week At A Glance – 27 Feb – 6 March 2026

Feb 27 2026 - Weekly Reports
5
In Case You Missed It – BC Extra Upgrades & Downgrades – 27-02-26

Feb 27 2026 - Weekly Reports

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