Atrys Health SA (ES:ATRY)
BME:ATRY
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Atrys Health SA
(BME:ATRY)
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Rating:43Neutral
Price Target:
€3.00
▼(-0.33% Downside)
Action:ReiteratedDate:04/09/26
The score is primarily constrained by weak financial performance, driven by persistent operating losses, worsening 2025 results, and recurring negative free cash flow. Technical signals add a modest headwind with price below key moving averages and slightly negative MACD, while valuation remains challenged due to negative earnings and no indicated dividend support.
Positive Factors
Recurring contract-based revenue
Atrys' business benefits from multi-year service agreements with hospitals and health systems, providing recurring revenue and predictable clinical volume streams. This durable contract structure supports revenue visibility, client retention and phased capital allocation across diagnostic and radiotherapy assets over months.
Negative Factors
Sharp revenue contraction in 2025
A material revenue decline in 2025 reduces operational scale and impairs fixed-cost absorption across capital-intensive radiotherapy and imaging services. Sustained lower volumes would weaken unit economics, pressure margins and complicate recovery planning over the next several months.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring contract-based revenue
Atrys' business benefits from multi-year service agreements with hospitals and health systems, providing recurring revenue and predictable clinical volume streams. This durable contract structure supports revenue visibility, client retention and phased capital allocation across diagnostic and radiotherapy assets over months.
Read all positive factors
Atrys Health SA (ATRY) vs. iShares MSCI Spain ETF (EWP)
Market Cap
€227.56M
Dividend YieldN/A
Average Volume (3M)83.73K
Price to Earnings (P/E)―
Beta (1Y)0.54
Revenue Growth15.90%
EPS Growth37.03%
CountryES
Employees1,637
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.20
Shares Outstanding76,014,190
10 Day Avg. Volume190,561
30 Day Avg. Volume83,732
Financial Highlights & Ratios
PEG Ratio-0.01
Price to Book (P/B)1.47
Price to Sales (P/S)1.58
P/FCF Ratio-15.85
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€5.00Price Target Upside66.11% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.09
Revenue Forecast (FY)€182.45M
Atrys Health SA Business Overview & Revenue Model
Company Description
Atrys Health, S.A., a biomedical company, provides diagnostic services and medical treatments. The company offers diagnostic services in the fields of pathology, hematology, molecular pathology, and genetics; and diagnostic second opinion, test di...
How the Company Makes Money
Atrys Health makes money by providing healthcare services to hospitals, clinics, insurers, and public health systems, generating revenue mainly from service fees tied to the delivery of clinical and diagnostic activity. Its key revenue streams inc...
Atrys Health SA Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
52
Neutral
Cash Flow
29
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 141.01M | 212.74M | 201.57M | 158.37M | 121.01M |
| Gross Profit | 61.35M | 145.38M | 141.77M | 24.20M | 100.89M |
| EBITDA | -9.96M | 19.07M | 31.91M | 16.63M | 5.87M |
| Net Income | -100.30M | -31.77M | -45.59M | -23.15M | -23.20M |
Balance Sheet | |||||
| Total Assets | 494.04M | 584.19M | 629.00M | 705.28M | 565.63M |
| Cash, Cash Equivalents and Short-Term Investments | 17.76M | 29.29M | 42.18M | 35.84M | 41.70M |
| Total Debt | 157.26M | 166.13M | 254.00M | 241.22M | 154.95M |
| Total Liabilities | 342.08M | 330.95M | 339.12M | 367.71M | 291.65M |
| Stockholders Equity | 151.86M | 253.10M | 289.87M | 337.63M | 274.03M |
Cash Flow | |||||
| Free Cash Flow | -14.08M | -10.14M | -547.00K | -30.59M | -3.87M |
| Operating Cash Flow | -1.56M | 3.00M | 5.70M | -15.43M | 4.69M |
| Investing Cash Flow | -12.59M | -12.95M | 395.00K | -80.59M | -2.45M |
| Financing Cash Flow | 11.28M | -11.51M | 8.19M | 94.77M | 14.08M |
Atrys Health SA Technical Analysis
Positive
3.01
Price Trends
2.90
Positive
2.88
Positive
2.91
Positive
Market Momentum
0.04
Negative
58.93
Neutral
70.24
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:ATRY, the sentiment is Positive. The current price of 3.01 is above the 20-day moving average (MA) of 2.85, above the 50-day MA of 2.90, and above the 200-day MA of 2.91, indicating a bullish trend. The MACD of 0.04 indicates Negative momentum. The RSI at 58.93 is Neutral, neither overbought nor oversold. The STOCH value of 70.24 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ES:ATRY.
Atrys Health SA Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | €224.57M | 1,346.06 | ― | 3.37% | ― | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | €221.33M | 41.66 | 2.03% | 1.91% | -1.19% | -54.66% | |
46 Neutral | €227.10M | -88.77 | -2.58% | ― | ― | 36.23% | |
43 Neutral | €227.56M | -2.22 | -9.43% | ― | 15.90% | 37.03% |
* Healthcare Sector Average
ES:ATRY
Atrys Health SA
3.01
0.14
4.88%
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ES:ORY
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ES:PRM
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ES:LAB
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70.60%
Atrys Health SA Corporate Events
Atrys Health files second semi-annual 2025 report affirming true and fair view of results
Apr 2, 2026
Atrys Health, S.A. has filed its second semi-annual financial report for 2025, covering the period ended 31 December 2025, with the Spanish securities regulator in Madrid. The company states that the summarized annual accounts have been prepared u...
Atrys Health Schedules Webcast to Present 2025 Annual Results
Mar 19, 2026
Atrys Health has announced it will present its 2025 annual results in a webcast for analysts and investors on 31 March 2026, led by Chief Executive Officer María Antonia Isach and Chief Financial Officer Luis de Gregorio. The event, which wil...
Atrys Health Reports Treasury Share Transactions Under Liquidity Contract
Feb 25, 2026
Atrys Health has disclosed the activity carried out under its liquidity contract with GVC Gaesco Valores between November 1, 2025 and January 31, 2026, in compliance with Spanish and EU market rules. Over the period, the company executed purchases...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.