Optima Health PLC (OPT) AI Stock Analysis

• Market Cap: £161.13M
• Dividend Yield: N/A
• Average Volume (3M): 135.53K
• Price to Earnings (P/E): 41.5
• Beta (1Y): -0.33
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: UK
• Employees: N/A
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Care Facilities
• EPS (TTM): 0.00
• Shares Outstanding: 88,776,220
• 10 Day Avg. Volume: 155,484
• 30 Day Avg. Volume: 135,525
• PEG Ratio: -0.14
• Price to Book (P/B): 0.52
• Price to Sales (P/S): 0.84
• P/FCF Ratio: -82.58
• 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: £240.00
• Price Target Upside: 32.23% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 0.12
• Revenue Forecast (FY): £123.07M

• Rating: 53 Neutral
• Price Target: 181.00 p ▼(-0.28% Downside)
• Action: N/A Date: 01/04/26
• Date: Action: N/A 01/04/26

The score is held back primarily by weakened cash generation (negative free cash flow in 2025) and a high valuation (P/E ~50) despite only thin margins. Financial performance shows improvement with a return to profitability and modest leverage, but volatility reduces confidence. Technical signals are mixed with neutral momentum and the price below longer-term averages.

Positive Factors

Return to profitability and revenue expansion

The company generated operating profit and net income in 2025 as revenue stepped up to ~£105m, indicating the core occupational-health model can scale and deliver earnings when contracts ramp. This recovery supports durable service delivery, contract execution, and capacity to reinvest in programs over months.

Low leverage and large equity base

A low debt-to-equity ratio (~0.13) and sizeable equity base provide financial flexibility and lower refinancing risk. This capital structure supports absorbing revenue volatility, funding service delivery and working-capital needs, and enables strategic investments without immediate external funding pressure.

Contracted, recurring employer revenue model

Revenue is driven largely by contracted occupational-health services sold to employers, creating recurring fee streams tied to HR and compliance needs. That business model supports predictable volumes, sticky client relationships, and steady demand that underpin medium-term cash flow durability and operational planning.

Negative Factors

Weak cash generation and negative free cash flow

Despite accounting profits, free cash flow swung negative in 2025, reducing internal funds for working-capital and investment. Persistent or recurrent negative FCF heightens reliance on external finance, increases funding risk, and can constrain execution on contracts and service expansion over the next several months.

Thin net margins (~1.6%)

A net margin near 1.6% provides little buffer against cost inflation or pricing pressure from clients. Thin profitability limits reinvestment capacity, makes outcomes highly sensitive to small revenue swings, and increases the likelihood that temporary contract or cost setbacks materially impair earnings sustainability.

Earnings volatility and prior losses

The history of multi-year volatility and intermittent losses reduces forecasting reliability and weakens confidence in consistent performance. This unpredictability complicates long-term planning, may limit negotiating leverage on renewals, and elevates execution risk for multi-year service contracts.

Optima Health PLC Business Overview & Revenue Model

Company Description

Optima Health Plc provides occupational health and wellbeing services. It offers Engagement and Wellbeing, mental health and musculoskeletal services. The company was founded in 1947 and is headquartered in Sheffield, the United Kingdom.

How the Company Makes Money

Optima Health PLC makes money primarily by selling occupational health and wellbeing services to organizations (typically employers) under contracted arrangements. Revenue is generated through fees for delivering services such as occupational health referrals/assessments, management referrals, health surveillance and screening, workplace wellbeing and mental health support programs, and associated clinical and advisory work. The company’s earnings are influenced by contract wins and renewals with employer clients, the volume of employee referrals and screening activity delivered under those contracts, and the pricing structure of service agreements (e.g., fixed-fee or activity-based billing). Specific details on material partnerships, customer concentration, or segment-level revenue breakdown are null.

Optima Health PLC Financial Statement Overview

Summary

Profitability improved in 2025 with positive operating profit and net income, and leverage looks modest in the latest year. However, earnings have been volatile (losses in 2022 and 2024), net margin remains thin (~1.6% in 2025), and cash flow deteriorated with negative free cash flow in 2025, raising durability and funding-risk concerns.

Income Statement

Revenue expanded sharply in 2025 (to ~£105.0m) after a very large step-up from 2022 to 2023, but growth has not been steady (slight decline in 2024). Profitability improved in 2025 with positive operating profit and net income, and EBITDA margin strengthened versus 2024; however, net margin remains thin (~1.6% in 2025) and results have been volatile with losses in 2022 and 2024, which limits confidence in durability.

Balance Sheet

Leverage appears manageable in the latest year with low debt relative to equity (debt-to-equity ~0.13 in 2025) and a large equity base versus total assets. That said, the capital structure picture is clouded by 2024 showing equity at zero (making year-over-year comparability and leverage signals less reliable), and returns on equity remain low (~1.0% in 2025), indicating the balance sheet is not yet translating into strong shareholder returns.

Cash Flow

Cash generation weakened materially in 2025: operating cash flow fell to ~£2.7m and free cash flow turned negative (~-£1.1m) despite positive earnings, implying cash conversion issues and/or elevated investment/working-capital needs. Prior years show better cash support (notably 2024 with strong positive operating and free cash flow), but the sharp swing back to negative free cash flow introduces higher near-term funding and execution risk.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	113.75M	105.05M	110.89M	115.35M	22.39M
Gross Profit	24.41M	33.04M	36.47M	36.94M	8.04M
EBITDA	16.42M	13.65M	10.06M	11.06M	1.74M
Net Income	3.53M	1.65M	-1.08M	1.59M	-246.00K
Balance Sheet
Total Assets	221.43M	218.14M	210.39M	225.27M	192.56M
Cash, Cash Equivalents and Short-Term Investments	8.27M	14.80M	8.22M	12.73M	6.90M
Total Debt	19.40M	21.68M	12.45M	57.87M	34.06M
Total Liabilities	51.97M	50.02M	48.11M	97.24M	66.25M
Stockholders Equity	169.45M	168.12M	0.00	128.03M	126.31M
Cash Flow
Free Cash Flow	7.93M	-1.06M	10.00M	2.40M	-1.63M
Operating Cash Flow	9.76M	2.69M	12.85M	6.59M	-836.00K
Investing Cash Flow	-11.76M	-5.65M	-2.85M	843.00K	7.77M
Financing Cash Flow	880.00K	-3.33M	-1.63M	-1.61M	-205.00K

Optima Health PLC Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CTEC	67 Neutral	£4.27B	37.08	10.53%	2.11%	4.18%	37.65%
CVSG	66 Neutral	£811.01M	29.48	5.35%	0.67%	4.00%	-6.98%
CRW	61 Neutral	£471.06M	22.56	6.65%	1.66%	5.74%	63.23%
AMS	56 Neutral	£419.80M	47.21	3.69%	1.25%	68.03%	-18.27%
SPI	54 Neutral	£764.51M	40.77	2.22%	1.37%	6.95%	-34.38%
OPT	53 Neutral	£161.13M	41.48	1.70%	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Optima Health PLC Corporate Events

Optima Health Strikes Perkbox Partnership to Expand Wellbeing Reach

Optima Health has entered a strategic partnership with global employee benefits platform Perkbox to deliver a full suite of employee assistance and mental health services to Perkbox’s client base. Under the five-year agreement, Optima will transfer clinical and administrative staff to support delivery of its technology-driven solutions, creating a new revenue stream estimated at about £6.5 million per year and expanding its reach through a major channel partner.

The deal forms part of previously announced annualised new business and underscores Optima’s ambition to deepen its role in workplace wellbeing as employers increasingly seek integrated digital health and benefits offerings. For Perkbox, which serves around 7,500 organisations and nearly 4 million employees worldwide, the tie-up enhances its wellbeing proposition by aligning with a large-scale provider known for clinical standards, potentially strengthening its competitive position in the employee experience market.

The most recent analyst rating on (GB:OPT) stock is a Hold with a £183.00 price target. To see the full list of analyst forecasts on Optima Health PLC stock, see the GB:OPT Stock Forecast page.

Optima Health Chair Julia Robertson Buys Shares, Signalling Confidence in Growth

Optima Health plc has disclosed that its chairman, Julia Robertson, has purchased 21,500 ordinary shares in the company at a price of 185 pence per share. The transaction, completed on 23 February 2026 on the London Stock Exchange’s AIM market, gives Robertson a 0.02% stake in the group’s issued share capital.

The share purchase signals increased board-level alignment with shareholders at a time when Optima Health continues to expand its technology-enabled occupational health and wellbeing services across the UK and Ireland. Such insider buying is often read by investors as a sign of confidence in the company’s prospects and its positioning in the growing corporate health and wellbeing market.

The most recent analyst rating on (GB:OPT) stock is a Buy with a £240.00 price target. To see the full list of analyst forecasts on Optima Health PLC stock, see the GB:OPT Stock Forecast page.

Optima Health to Buy PAM Healthcare in £100m Deal, Cementing UK Occupational Health Lead

Optima Health has agreed to acquire PAM Healthcare Limited, a leading occupational health and wellbeing provider in the UK and Ireland, for about £100 million in cash, subject only to Irish foreign investment clearance. The deal will be funded through £70 million of new secured debt from HSBC and Barclays and a £30 million related-party bridge facility, to be repaid via a planned £35 million underwritten open offer to existing shareholders.

The acquisition will create the clear market leader in UK occupational health, giving Optima a pro forma 15% market share, combined underlying adjusted EBITDA of more than £26 million before synergies, and expected annual synergies exceeding £5 million by year three. Optima expects the transaction to be materially accretive to adjusted earnings per share, to enable rapid deleveraging to below 1x net debt to EBITDA within three years, and to strengthen its position in a growing but fragmented market where it sees significant scope for consolidation and technology-led service expansion.

The most recent analyst rating on (GB:OPT) stock is a Hold with a £228.00 price target. To see the full list of analyst forecasts on Optima Health PLC stock, see the GB:OPT Stock Forecast page.

Optima Health Appoints Cavendish as Joint Broker to Support Growth

Optima Health plc, a UK-based specialist in technology-enabled occupational health and wellbeing services, supports millions of employees via a nationwide network of clinics and an extensive clinical workforce. The company also extends its occupational health offering into Ireland under the Optima Health Ireland brand.

The group has appointed Cavendish Capital Markets Limited as joint broker with immediate effect, working alongside existing nominated adviser and corporate broker Panmure Liberum. The move is expected to broaden Optima’s capital markets support and may enhance its access to investors as it continues to develop its position in the corporate health and wellbeing sector.

The most recent analyst rating on (GB:OPT) stock is a Hold with a £228.00 price target. To see the full list of analyst forecasts on Optima Health PLC stock, see the GB:OPT Stock Forecast page.