Ramsay Health Care Ltd RHC

Stock XASX Rating as of Oct 23, 2026

A$54.79 −0.11 (0.20%)

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As of Oct 23, 2026, 5:10:27 AM Delayed Price Closed

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Ramsay: We Cut our Fair Value by 3% on Revised Ramsay Santé Assumptions

Esther Holloway, Leo Wang Oct 12, 2026

We take a fresh look at Ramsay's moat, capital allocation, and uncertainty ratings, in addition to its key growth drivers, ahead of its potential Ramsay Santé demerger in December 2026. Critically, we reassess what this means for our long-term earnings assumptions and thesis.

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Price vs Fair Value

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RHC is trading at a LOCK|xF?@@$# premium.

Price

A$54.79

Oct 23, 2026

Fair Value

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Oct 12, 2026

Uncertainty

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1-Star Price: LOCK|.!P
5-Star Price: LOCK|.&@@
Economic Moat: LOCK|<>?!W
Capital Allocation: LOCK|D&<<cMF

Bulls Say, Bears Say

Bulls

Ramsay is the market share leader in Australia, which contributes the bulk of group earnings and remains an attractive market, given relatively stable participation in private health insurance.

Bears

Private health insurance downgrades to lower-tier policies could restrict coverage for specialty services like mental health and maternity, causing some patients to defer treatment or shift to public hospitals.

Trading Information

Previous Close Price: A$54.90
Day Range: A$54.53–55.21
52-Week Range: A$30.39–55.98
Bid/Ask: A$54.00 / A$54.99
Shares Outstanding: 230.83M
Market Cap: A$12.65B
Volume/Avg: 573,932 / 843,986

Key Statistics

Price/Earnings (Normalized): 34.39
Price/Sales: 0.72
Dividend Yield (Trailing): 1.66%
Dividend Yield (Forward): 1.77%
Dividend Payment Schedule: Mar, Sep
Total Yield: 1.66%

Company Profile

Ramsay Health Care is Australia's largest private hospital operator by benefits and admissions. Its operations also span acute and mental health hospitals in the UK and a 53% stake in Paris-listed European healthcare operator Ramsay Santé. Having divested its Ramsay Sime Darby Asian joint venture in 2023, the company has scaled back its global ambitions in favor of capital discipline and its core Australian business. It now proposes to spin off its Ramsay Santé stake to shareholders in 2026. We estimate Australia would account for around 80% of pro forma group EBIT should the demerger complete, with its UK operations making up the remainder. Ramsay treats both privately insured and publicly funded patients across its markets.

Sector: Healthcare
Industry: Medical Care Facilities
Stock Style Box: Mid Core
Total Number of Employees: 88,000
Website: https://www.ramsayhealth.com

Competitors

Valuation

Metric	RHC	SHL	THC
Price/Earnings (Normalized)	34.39	14.55	13.88
Price/Book Value	2.69	1.12	4.64
Price/Sales	0.72	0.86	1.03
Price/Cash Flow	9.28	6.65	5.46

Price/Earnings

RHC

SHL

THC

Financial Strength

Metric	RHC	SHL	THC
Quick Ratio	0.74	0.84	1.22
Current Ratio	0.91	0.99	1.41
Interest Coverage	0.83	4.98	5.71

Quick Ratio

RHC

SHL

THC

Profitability

Metric	RHC	SHL	THC
Return on Assets (Normalized)	1.68%	3.74%	5.60%
Return on Equity (Normalized)	7.52%	7.39%	39.08%
Return on Invested Capital (Normalized)	2.06%	5.35%	10.73%

Return on Assets

RHC

SHL

THC

Medical Care Facilities Industry Comparables

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Encompass Health Corp EHC	—	LOCK\|Bmcm	$12B
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Fresenius Medical Care AG ADR FMS	LOCK\|?<%TDj	LOCK\|M>^>?	$12B
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