Alcidion Group Limited (ALC) AI Stock Analysis

• Market Cap: AU$134.30M
• Dividend Yield: N/A
• Average Volume (3M): 796.98K
• Price to Earnings (P/E): 34.5
• Beta (1Y): 1.23
• Revenue Growth: 10.06%
• EPS Growth: N/A
• Country: AU
• Employees: 145
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Healthcare Information Services
• EPS (TTM): <0.01
• Shares Outstanding: 1,342,952,600
• 10 Day Avg. Volume: 536,053
• 30 Day Avg. Volume: 796,979
• PEG Ratio: -0.70
• Price to Book (P/B): 1.57
• Price to Sales (P/S): 3.38
• P/FCF Ratio: 24.47
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: AU$0.14
• Price Target Upside: 36.67% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): <0.01
• Revenue Forecast (FY): AU$44.77M

• Rating: 67 Neutral
• Price Target: AU$0.11 ▲(9.00% Upside)
• Action: Reiterated Date: 01/22/26
• Date: Action: Reiterated 01/22/26

The score is driven mainly by improving financial performance (strong revenue growth, very low leverage, and sharply better cash generation) and supportive technical trend signals (price above key moving averages with positive MACD). These positives are moderated by an expensive valuation (P/E 108.33) and still-weak operating profitability (negative EBIT margin and low net margin).

Positive Factors

High gross margin

An 88% gross margin reflects SaaS-like economics and low direct costs for Alcidion's clinical software. Persistently high gross margins provide durable operating leverage as revenue grows, enabling reinvestment in product and R&D while absorbing pricing pressure from customers.

Strong free cash flow growth

A dramatic improvement in free cash flow and a near 1.0 FCF-to-net-income ratio indicates the business is converting reported earnings into cash. Sustainable cash generation supports funding implementations, product development and reduces reliance on external financing over the medium term.

Very low leverage

Extremely low debt levels materially lower financial risk and interest burden for Alcidion. This balance sheet strength provides flexibility to invest in sales expansion and integrations, withstand contract timing variability, and pursue inorganic opportunities without pressing liquidity constraints.

Negative Factors

Negative EBIT margin

A negative EBIT margin shows core operating costs still exceed operating income, implying the company has not yet scaled fixed and SG&A costs effectively. If persistent, this undermines long-term operating sustainability and raises the need for structural cost control or higher margin product mix.

Low net profit margin

A low net margin despite very high gross margins suggests heavy operating or non-operating costs erode returns. This reduces retained earnings available to reinvest or distribute and signals the company must improve operating efficiency to reliably convert revenue growth into durable shareholder value.

Modest return on equity

An ROE under 2% indicates limited effectiveness in generating returns from shareholders' capital. Over the medium term, persistently low ROE can reflect suboptimal pricing, excessive costs, or slow deployment of capital, constraining the company's ability to create lasting shareholder value.

Alcidion Group Limited Business Overview & Revenue Model

Company Description

Alcidion Group Limited, together with its subsidiaries, engages in the development and licensing of healthcare software products in Australia, New Zealand, and the United Kingdom. The company offers Miya Precision, a consolidated fast healthcare interoperability resource (FHIR) based platform to deliver smart healthcare; Smartpage, a smartphone and web-based system for hospital communication and task management to address the requirements of clinical and non-clinical users; Patientrack, a real-time patient monitoring and risk screening solution; Silverlink, a patient administration system; and ExtraMed, a clinical and patient flow management software. It also provides product implementation, product support and maintenance, systems integration, and data analysis services. The company was formerly known as Alcidion Corporation Pty Ltd and changed its name to Alcidion Group Limited in December 2015. Alcidion Group Limited was founded in 2000 and is headquartered in South Yarra, Australia.

How the Company Makes Money

Alcidion Group Limited generates revenue primarily through the sale of software licenses, subscriptions, and related services to healthcare providers. The company offers a recurring revenue model through annual subscriptions for its cloud-based solutions, providing a steady income stream. Key revenue streams also include implementation services, training, and support services provided to clients post-sale. Additionally, Alcidion has formed strategic partnerships with various healthcare organizations and technology firms, which enhance its market presence and can lead to new business opportunities. Factors contributing to its earnings include the increasing demand for digital health solutions, particularly in response to the challenges faced by healthcare systems globally, and ongoing investments in product development to maintain competitiveness in the evolving health tech landscape.

Alcidion Group Limited Financial Statement Overview

Summary

Solid fundamentals supported by strong revenue growth (14.45%), very high gross margin (88.24%), and exceptionally improved free cash flow growth (3584.97%) with strong FCF-to-net income (0.98). Offsetting this, profitability remains thin (net margin 4.06%) and EBIT margin is negative, indicating ongoing operating challenges.

Income Statement

Alcidion Group Limited has shown a positive revenue growth rate of 14.45% in the latest year, indicating a strong upward trajectory. The gross profit margin is high at 88.24%, reflecting efficient cost management. However, the net profit margin is relatively low at 4.06%, suggesting limited profitability. The EBIT margin is negative, indicating operational challenges, but the EBITDA margin is positive, showing some improvement in operational efficiency.

Balance Sheet

The company maintains a very low debt-to-equity ratio of 0.016, indicating strong financial stability and low leverage risk. The return on equity is modest at 1.88%, suggesting limited profitability from shareholders' investments. The equity ratio is not provided, but the overall balance sheet reflects a stable financial position with low debt levels.

Cash Flow

Alcidion Group Limited has demonstrated a significant improvement in free cash flow growth, with a remarkable increase of 3584.97%. The operating cash flow to net income ratio is 0.28, indicating a healthy conversion of income into cash. The free cash flow to net income ratio is high at 0.98, showing strong cash generation relative to net income.

Breakdown	TTM	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	48.62M	40.79M	37.06M	40.40M	34.35M	25.88M
Gross Profit	25.73M	35.99M	31.92M	1.25M	3.29M	3.52M
EBITDA	7.27M	1.94M	-4.50M	-1.43M	-1.58M	-474.00K
Net Income	3.87M	1.65M	-8.42M	-3.62M	-4.41M	-2.24M
Balance Sheet
Total Assets	118.08M	115.63M	114.46M	120.68M	128.35M	58.38M
Cash, Cash Equivalents and Short-Term Investments	14.20M	17.70M	11.80M	14.64M	17.34M	25.03M
Total Debt	1.32M	1.41M	1.70M	2.15M	2.48M	181.00K
Total Liabilities	28.45M	27.82M	27.52M	30.52M	34.40M	13.16M
Stockholders Equity	89.64M	87.80M	86.94M	90.17M	93.95M	45.22M
Cash Flow
Free Cash Flow	7.17M	5.64M	-7.18M	-285.00K	685.00K	1.23M
Operating Cash Flow	7.32M	5.76M	-7.13M	169.00K	996.00K	1.54M
Investing Cash Flow	-147.00K	-125.00K	-53.00K	-3.14M	-59.74M	-9.84M
Financing Cash Flow	-789.00K	-764.00K	4.34M	-616.00K	51.33M	17.23M

Alcidion Group Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.10
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:ALC, the sentiment is Negative. The current price of 0.1 is below the 20-day moving average (MA) of 0.10, below the 50-day MA of 0.11, and below the 200-day MA of 0.10, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 44.70 is Neutral, neither overbought nor oversold. The STOCH value of 3.03 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:ALC.

Alcidion Group Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ALC	67 Neutral	AU$134.30M	34.48	1.89%	―	10.06%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
M7T	48 Neutral	AU$76.38M	-7.63	-12.35%	―	15.99%	22.05%
ONE	47 Neutral	AU$180.30M	-8.19	―	―	21.56%	-24.08%
PCK	45 Neutral	AU$35.53M	-3.57	-8647.54%	―	25.98%	22.10%
BMT	44 Neutral	AU$45.05M	-7.79	-13.83%	―	3.61%	-17.03%
SHG	43 Neutral	AU$80.50M	-10.45	―	―	―	―

Alcidion Group Limited Corporate Events

Alcidion frames H1 FY26 results with strong caveats on non‑IFRS data and investor reliance

Alcidion Group Limited has released its H1 FY26 results presentation, outlining financial information prepared in accordance with Australian accounting standards and noting that all figures are presented in Australian dollars. The company emphasises that some metrics, such as underlying NPAT and EBITDA, are non‑IFRS measures and may not be directly comparable with those of other companies, cautioning investors against placing undue reliance on these figures.

The presentation is framed by extensive disclaimers that limit the company’s liability for the accuracy or completeness of the information and stress that it should not be treated as investment advice or an offer of securities. Alcidion also highlights the uncertainty inherent in market data and projections, signalling to stakeholders that while the release provides insight into its financial performance and market context, any forward‑looking interpretations carry material risk and should be assessed with independent professional advice.

The most recent analyst rating on (AU:ALC) stock is a Hold with a A$0.11 price target. To see the full list of analyst forecasts on Alcidion Group Limited stock, see the AU:ALC Stock Forecast page.

Alcidion posts record H1 FY26 as recurring revenue and flagship contracts drive growth

Alcidion reported its strongest half-year performance for H1 FY26, with revenue rising 44% to $25.5 million and underlying EBITDA jumping 675% to $4.2 million, supported by balanced contributions from the UK and ANZ markets. Annual recurring revenue reached $31.1 million, aided by major deployment projects and an expanding customer base, including the Australian Defence Force via Leidos Australia.

The company’s contracted FY26 revenue stood at $43.1 million as of 31 December, up 40% year on year and excluding expected revenue from a pending Electronic Patient Record deal with University Hospitals Sussex NHS Foundation Trust, estimated at a total contract value of at least $35 million. Management reaffirmed guidance for FY26 revenue to exceed $50 million and EBITDA above $5 million, highlighting strong operating leverage, continued positive operating cash flow and a solid balance sheet with $14.2 million in cash and no debt.

The most recent analyst rating on (AU:ALC) stock is a Hold with a A$0.11 price target. To see the full list of analyst forecasts on Alcidion Group Limited stock, see the AU:ALC Stock Forecast page.

Alcidion swings to profit on 44% surge in half-year revenue

Alcidion Group Limited reported a sharp improvement in its half-year financial performance to 31 December 2025, driven by strong revenue growth from recent contract wins and previously signed deals reaching full run-rate. Revenue from ordinary activities rose 44% to $25.47 million, reflecting momentum from new NCIC Mizaic and Leidos expansion contracts, as well as full six-month contributions from the NCIC EPR and Hywel Dda Health Board agreements.

The company swung from a prior-year loss to a net profit after tax of $1.33 million attributable to members, supported by higher sales and stable operating costs over the period. No dividends were paid or proposed for the half year, while net tangible assets per security improved to $0.001 from negative $0.002 at 30 June 2025, underscoring a stronger balance sheet position alongside the operational and earnings turnaround.

The most recent analyst rating on (AU:ALC) stock is a Hold with a A$0.11 price target. To see the full list of analyst forecasts on Alcidion Group Limited stock, see the AU:ALC Stock Forecast page.

Alcidion Expands Contract Pipeline and Reaffirms Guidance on Strong Q2 Momentum

Alcidion reported solid momentum in the December quarter of FY26, highlighted by its selection as preferred supplier for a major Electronic Patient Record contract with University Hospitals Sussex NHS Foundation Trust, expected to carry a total contract value of at least $35 million and become its largest UK engagement once executed. Quarterly new total contract value reached $15.4 million, driven largely by a $12.3 million expansion of its Miya Precision deployment with Leidos for the Commonwealth of Australia and several renewals, lifting FY26 contracted revenue to $43.1 million as at 31 December—40% higher than a year earlier and already exceeding FY25 full-year revenue. Despite an operating cash outflow of $1.9 million in Q2, the company ended the period with $14.2 million in cash, no debt, a sizeable debtor ledger and strong January collections, and it reaffirmed guidance for positive EBITDA and operating cash flow at least in line with FY25, underscoring improving scale, disciplined cost management and growing recurring revenue for stakeholders.

The most recent analyst rating on (AU:ALC) stock is a Buy with a A$0.13 price target. To see the full list of analyst forecasts on Alcidion Group Limited stock, see the AU:ALC Stock Forecast page.

Alcidion Schedules Q2 FY26 Cash Flow Release and Investor Webcast

Alcidion Group Limited will release its Appendix 4C Quarterly Cash Flow Report for the quarter ended 31 December 2025 (Q2 FY26) on 15 January 2026 and will host a live investor webcast the same day, led by Group Managing Director and CEO Kate Quirke and CFO Matthew Gepp. The webcast will cover operational and commercial highlights for the quarter and include a Q&A session, signalling the company’s ongoing engagement with investors as it continues to scale its healthcare technology footprint across key markets.

The most recent analyst rating on (AU:ALC) stock is a Buy with a A$0.13 price target. To see the full list of analyst forecasts on Alcidion Group Limited stock, see the AU:ALC Stock Forecast page.

Alcidion Named Preferred EPR Supplier for Major UK NHS Trust

Alcidion Group has been selected as the preferred supplier of a new Electronic Patient Record (EPR) system for University Hospitals Sussex NHS Foundation Trust in the UK, following a competitive tender process. The trust, one of the country’s largest acute providers with seven hospitals and nearly 20,000 staff, already uses Alcidion’s Patientrack solution and will expand this relationship through deployment of the Miya Precision platform, including Miya Observations and Assessments, to deliver real-time access to patient records, streamline patient flow and enhance clinical decision-making. The total contract value is under negotiation but is expected to exceed A$35 million over at least seven years, with deployment targeted to commence in the fourth quarter of FY26, underscoring Alcidion’s strengthening foothold in the UK healthcare market and reinforcing its position as a key digital health partner for large NHS trusts.

The most recent analyst rating on (AU:ALC) stock is a Buy with a A$0.13 price target. To see the full list of analyst forecasts on Alcidion Group Limited stock, see the AU:ALC Stock Forecast page.