Clinica Baviera (CBAV) AI Stock Analysis

• Market Cap: €831.48M
• Dividend Yield: 3.31%
• Average Volume (3M): 2.20K
• Price to Earnings (P/E): 19.3
• Beta (1Y): 0.51
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: ES
• Employees: 1,706
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Diagnostics & Research
• EPS (TTM): 0.81
• Shares Outstanding: 16,307,580
• 10 Day Avg. Volume: 2,444
• 30 Day Avg. Volume: 2,202
• PEG Ratio: 4.33
• Price to Book (P/B): 7.52
• Price to Sales (P/S): 2.74
• P/FCF Ratio: 17.80
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 2.86
• Revenue Forecast (FY): €323.25M

• Rating: 67 Neutral
• Price Target: €55.00 ▲(16.28% Upside)
• Action: Downgraded Date: 03/07/26
• Date: Action: Downgraded 03/07/26

The score is primarily supported by strong underlying fundamentals (steady growth, solid profitability, and positive operating cash flow). It is held back by weaker near-term technical momentum and a relatively high P/E, while the dividend yield offers partial valuation support.

Positive Factors

Specialized clinic network

Clinica Baviera's focused network model centers on elective refractive and broader ophthalmic services, producing fee-based revenues across diagnosis, surgery and follow-up care. That patient-pathway capture supports durable per-patient revenue, cross-selling and stable clinic utilization over time.

Consistent multi-year growth

Sustained revenue and earnings expansion over multiple years (2021–2025) demonstrates persistent market demand and operational scalability. This trend supports reinvestment in capacity and services and provides a stronger baseline for forecasting medium-term cash flows and margin sustainability.

Solid operating cash generation

Consistently positive operating cash flow—often above reported net income—indicates high earnings quality and reliable internal funding. Persistent cash generation underpins capacity to fund capex, service debt, and support dividends or share buybacks without immediate external financing in normal conditions.

Negative Factors

Rising debt trend

An uptick in leverage into 2024–2025 reduces financial flexibility and raises sensitivity to slower growth or higher rates. Higher debt servicing obligations can limit discretionary investment, increase refinancing risk, and constrain strategic options if operating performance weakens over the next several quarters.

Free cash flow volatility

Volatile free cash flow and a sharp 2025 drop—despite solid operating cash flow—suggest rising capex or working-capital needs. That variability can strain payout capacity and may force external funding for growth or operations, increasing financing cost risk and limiting stable shareholder returns.

Slower growth and margin anomaly

A slowdown in 2025 growth combined with an anomalous 2024 gross-profit spike raises questions on sustainability of margins. If part of prior margin strength was one-off, forward earnings and margin forecasts become less reliable, increasing execution risk for medium-term profitability targets.

Clinica Baviera Business Overview & Revenue Model

Company Description

Clinica Baviera (CBAV) is a leading provider of ophthalmological services in Spain and several other countries, specializing in vision correction procedures such as LASIK and cataract surgery. The clinic operates a network of medical centers equipped with advanced technology and staffed by highly trained professionals to deliver quality eye care. In addition to surgical interventions, Clinica Baviera offers comprehensive eye examinations, diagnostic services, and post-operative care, focusing on improving patients' quality of life through enhanced vision.

How the Company Makes Money

Clinica Baviera generates revenue primarily through its core services, including laser eye surgeries, cataract surgeries, and other ophthalmological treatments. The company charges patients for these procedures, which often involve significant fees due to the advanced technology and expertise required. Additional revenue streams include consultations, eye examinations, and the sale of vision correction products such as contact lenses and glasses. CBAV has established partnerships with insurance companies, allowing patients to access services through their health plans, which can increase patient volume and overall revenue. Moreover, the company invests in marketing strategies to attract new clients and enhance brand visibility, contributing to its financial performance.

Clinica Baviera Financial Statement Overview

Summary

Strong multi-year revenue and earnings growth with solid profitability and consistently positive operating cash flow. Key offsets are the sharp free-cash-flow drop in 2025 and rising debt into 2024–2025, which could reduce flexibility if growth remains slower.

Income Statement

Revenue has grown consistently over the last several years (2021–2025), though growth slowed in 2025 versus the strong 2024 pace. Profitability is solid, with healthy operating and net margins in 2021–2024 and net income rising from 2020 through 2025. A key watch-out is that 2025 margin detail is not provided, and 2024 shows an unusually high gross profit versus revenue, which may indicate one-off accounting classification or data quality noise; still, underlying earnings growth remains constructive.

Balance Sheet

The balance sheet looks generally sound: equity has increased meaningfully from 2020 to 2025, and leverage improved from elevated levels in 2020–2021 to more moderate levels by 2023–2024. Returns on shareholders’ capital are strong (2021–2024), supporting the quality of the earnings profile. The main risk is that debt has been trending up again into 2024–2025, which could pressure flexibility if growth stays slower.

Cash Flow

Cash generation is a clear strength: operating cash flow is consistently positive and generally exceeds net income (where provided), indicating good earnings quality. Free cash flow is also consistently positive, but it is more volatile—declining in 2023 and again sharply in 2025 (despite higher operating cash flow), suggesting higher investment needs or working-capital swings. Overall, cash flow remains healthy, but the recent free-cash-flow drop is the key near-term concern.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	301.78M	262.65M	224.92M	198.45M	172.73M
Gross Profit	60.54M	232.08M	197.85M	172.95M	151.25M
EBITDA	84.53M	78.11M	67.22M	56.15M	53.49M
Net Income	42.94M	40.20M	35.97M	29.52M	27.39M
Balance Sheet
Total Assets	247.51M	211.95M	178.64M	150.10M	133.81M
Cash, Cash Equivalents and Short-Term Investments	50.32M	38.58M	51.24M	38.99M	32.27M
Total Debt	69.16M	63.47M	47.41M	47.81M	51.56M
Total Liabilities	136.55M	113.59M	86.37M	81.74M	78.42M
Stockholders Equity	109.99M	96.92M	91.00M	67.34M	54.60M
Cash Flow
Free Cash Flow	46.47M	36.25M	35.13M	39.35M	36.28M
Operating Cash Flow	76.48M	62.76M	57.81M	53.38M	46.86M
Investing Cash Flow	-27.88M	-20.90M	-44.31M	-12.56M	-17.08M
Financing Cash Flow	-36.10M	-39.91M	-24.37M	-31.45M	-30.80M

Clinica Baviera Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 47.30
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:CBAV, the sentiment is Positive. The current price of 47.3 is below the 20-day moving average (MA) of 51.59, below the 50-day MA of 51.77, and above the 200-day MA of 45.49, indicating a neutral trend. The MACD of -0.38 indicates Positive momentum. The RSI at 48.20 is Neutral, neither overbought nor oversold. The STOCH value of 65.84 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ES:CBAV.

Clinica Baviera Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NTH	73 Outperform	€154.07M	9.45	38.28%	11.15%	-4.18%	4.98%
PRM	73 Outperform	€211.01M	9.43	―	3.37%	―	―
CBAV	67 Neutral	€831.48M	19.26	45.95%	3.31%	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
FAE	51 Neutral	€1.42B	20.17	18.13%	3.51%	11.04%	8.29%
RJF	46 Neutral	€191.11M	41.66	2.03%	1.91%	-1.19%	-54.66%
ATRY	42 Neutral	€211.22M	-5.25	-9.43%	―	15.90%	37.03%