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: 5.01
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

Ramsay Health Care is a private hospital and healthcare services group with operations in Australia, Europe and the UK. It sold its Ramsay Sime Darby Asia joint venture in 2023.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$55.13

17 Sep
2026

0.280

OPEN

$55.98

0.51%

HIGH

$55.98

1,558,960

LOW

$54.70

TARGET
$49.682 -9.9% 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 FY25
Actual		 FY26
Actual		 FY27
Forecast		 FY28
Forecast
EPS (cps) xxx 136.2 174.4 xxx
DPS (cps) xxx 91.0 103.0 xxx
EPS Growth xxx 100.0% 28.0% xxx
DPS Growth xxx 13.8% 13.2% xxx
PE Ratio xxx N/A 31.8 xxx
Dividend Yield xxx N/A 1.9% xxx
Div Pay Ratio(%) xxx 66.8% 59.1% xxx

Dividend yield today if purchased 3 years ago: 1.78%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.64

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 48.50c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202120222023202420252026
EPS Basic xxxxxxxxxxxxxxx136.2
DPS All xxxxxxxxxxxxxxx91.0
Sales/Revenue xxxxxxxxxxxxxxx18,577.8 M
Book Value Per Share xxxxxxxxxxxxxxx2,043.4
Net Operating Cash Flow xxxxxxxxxxxxxxx1,442.1 M
Net Profit Margin xxxxxxxxxxxxxxx1.77 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202120222023202420252026
Return on Capital Employed xxxxxxxxxxxxxxx6.62 %
Return on Invested Capital xxxxxxxxxxxxxxx2.07 %
Return on Assets xxxxxxxxxxxxxxx1.49 %
Return on Equity xxxxxxxxxxxxxxx6.60 %
Return on Total Capital xxxxxxxxxxxxxxx5.90 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx502.2 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 202120222023202420252026
Short-Term Debt xxxxxxxxxxxxxxx628 M
Long Term Debt xxxxxxxxxxxxxxx10,370 M
Total Debt xxxxxxxxxxxxxxx10,999 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx730 M
Price To Book Value xxxxxxxxxxxxxxx2.15

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202120222023202420252026
Capex xxxxxxxxxxxxxxx734.2 M
Capex % of Sales xxxxxxxxxxxxxxx3.95 %
Cost of Goods Sold xxxxxxxxxxxxxxx16,805 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx758 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx131 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

-0.1

No. Of Recommendations

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

Citi

xx/xx/xxxx

3

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xx/xx/xxxx

4

xxxxxxx

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xx.xx%

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xx/xx/xxxx

3

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(xx/xx/xxxx)

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Morgan Stanley

28/08/2026

5

Underweight

$41.90

(03/09/2026)

-24.00%

Ramsay Health Care's stronger-than-expected FY26 result prompted Morgan Stanley to materially upgrade its earnings outlook, although the broker remains cautious on the medium-term investment case.

Group EBIT beat consensus by 6.7%, driven largely by the UK and Europe, while Australian 2H26 EBIT margins improved 67bps y/y as cost growth moderated.

FY27 and FY28 EPS forecasts are raised by 18% and 17%, respectively, largely reflecting improved margin assumptions in Australia and the UK.

Despite the earnings upgrades, Morgan Stanley remains concerned about wage inflation, private health insurance funding and the potential impact of higher premiums on volumes.

Underweight is retained, but the target price is raised to $40.90 from $34.60.

FORECAST
Morgan Stanley forecasts a full year FY27 dividend of 109.00 cents and EPS of 177.70 cents.
Morgan Stanley forecasts a full year FY28 dividend of 123.00 cents and EPS of 197.50 cents.

Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

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

01/09/2026

2

Overweight

$53.00

-3.86%

Jarden maintains an Overweight rating for Ramsay Health Care with its target price increased to $53.00 from $47.60 following an "impressive" FY26 result showcasing the hallmarks of a convincing turnaround story.

Margins beat expectations across the group, underpinned by an improved acuity mix, better theatre utilisation, and pricing indexation covering cost inflation.

The analyst highlights effective cost management, including reductions in agency staffing alongside portfolio rationalisation.

Underlying earnings per share forecasts are lifted by 12% and 12% for FY27 and FY28, respectively.

The revised discounted cash flow valuation incorporates these earnings upgrades and reduced capital expenditure assumptions.
Access Extra Coverage Research History >

RHC STOCK CHART

FNArena News on RHC

1
Treasure Chest: Healthcare Upgrades

Sep 17 2026 - Treasure Chest
2
Rudi’s View: Australia Remains Outside The AI Party

Sep 09 2026 - Rudi's View
3
August 2026 Results – The Wrap

Sep 08 2026 - Feature Stories
4
Rudi’s View: Resources, Healthcare & Best Buys

Sep 03 2026 - Rudi's View
5
Rudi’s View: Resilient, But August Fails To Excite

Sep 02 2026 - Rudi's View

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