Spire Healthcare Group PLC (GB:SPI)
LSE:SPI
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Spire Healthcare
(LSE:SPI)
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Rating:62Neutral
Price Target:
238.00 p
▲(40.83% Upside)
Action:Reiterated
Date:05/15/26
The score is primarily supported by steady operating performance and reliable cash generation, but held back by high leverage and very thin net margins. Technicals are positive due to a strong uptrend, though the very high RSI suggests the move may be overextended. Valuation appears fair with a modest dividend yield.
Positive Factors
Revenue growth & demand recovery
Material top-line recovery from £0.92bn to £1.58bn since 2020 indicates durable demand for elective and diagnostic services. Higher volumes and scale across hospitals support utilization, referral networks and pricing negotiating leverage with insurers and the NHS over the medium term.
Negative Factors
High leverage
Debt materially exceeds equity, leaving limited balance-sheet cushion. Elevated leverage increases refinancing and interest-rate sensitivity, restricts strategic optionality for M&A or capex, and magnifies downside risk if operating cash flow weakens over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth & demand recovery
Material top-line recovery from £0.92bn to £1.58bn since 2020 indicates durable demand for elective and diagnostic services. Higher volumes and scale across hospitals support utilization, referral networks and pricing negotiating leverage with insurers and the NHS over the medium term.
Read all positive factors
Spire Healthcare (SPI) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£893.26M
Dividend Yield1.37%
Average Volume (3M)1.66M
Price to Earnings (P/E)16.9
Beta (1Y)0.69
Revenue Growth4.54%
EPS Growth-34.92%
CountryUK
Employees15,703
SectorHealthcare
Sector Strength45
IndustryMedical - Care Facilities
Share Statistics
EPS (TTM)0.04
Shares Outstanding402,759,600
10 Day Avg. Volume559,423
30 Day Avg. Volume1,661,785
Financial Highlights & Ratios
PEG Ratio-1.17
Price to Book (P/B)0.90
Price to Sales (P/S)0.42
P/FCF Ratio4.68
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£260.00Price Target Upside53.85% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.08
Revenue Forecast (FY)£1.61B
Spire Healthcare Business Overview & Revenue Model
Company Description
Spire Healthcare Group plc, together with its subsidiaries, owns and operates private hospitals and clinics. It offers various treatments in the areas of allergy and infectious diseases, blood tests, bones and joints, bowel treatments, breast scre...
How the Company Makes Money
Spire Healthcare primarily makes money by delivering healthcare services and charging for patient episodes of care across its hospitals and clinics. Key revenue streams include: (1) Private medical insurance-funded care, where insurers pay Spire f...
Spire Healthcare Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
54
Neutral
Cash Flow
70
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.58B | 1.51B | 1.36B | 1.20B | 1.11B |
| Gross Profit | 599.10M | 683.60M | 520.60M | 440.50M | 394.10M |
| EBITDA | 262.50M | 250.40M | 231.20M | 193.30M | 182.20M |
| Net Income | 16.40M | 25.40M | 27.30M | 8.60M | -9.70M |
Balance Sheet | |||||
| Total Assets | 2.38B | 2.34B | 2.29B | 2.16B | 2.24B |
| Cash, Cash Equivalents and Short-Term Investments | 34.70M | 43.70M | 49.60M | 74.20M | 202.60M |
| Total Debt | 1.32B | 1.28B | 1.26B | 1.19B | 1.27B |
| Total Liabilities | 1.63B | 1.60B | 1.55B | 1.43B | 1.53B |
| Stockholders Equity | 742.80M | 748.40M | 739.90M | 731.00M | 709.60M |
Cash Flow | |||||
| Free Cash Flow | 143.00M | 123.60M | 115.50M | 72.80M | 101.30M |
| Operating Cash Flow | 219.30M | 235.70M | 199.90M | 160.50M | 170.60M |
| Investing Cash Flow | -90.40M | -99.00M | -157.20M | -98.00M | -48.30M |
| Financing Cash Flow | -135.40M | -145.10M | -82.90M | -190.90M | -26.00M |
Spire Healthcare Technical Analysis
Positive
169.00
Price Trends
166.98
Positive
178.43
Positive
198.91
Positive
Market Momentum
12.53
Negative
73.94
Negative
92.66
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:SPI, the sentiment is Positive. The current price of 169 is below the 20-day moving average (MA) of 171.91, above the 50-day MA of 166.98, and below the 200-day MA of 198.91, indicating a bullish trend. The MACD of 12.53 indicates Negative momentum. The RSI at 73.94 is Negative, neither overbought nor oversold. The STOCH value of 92.66 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:SPI.
Spire Healthcare Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | £252.42M | 63.85 | 10.14% | 3.40% | 16.51% | 97.67% | |
63 Neutral | £478.34M | 22.56 | 6.65% | 1.66% | 3.46% | 46.25% | |
62 Neutral | £893.26M | 16.90 | 2.22% | 1.37% | 4.54% | -34.92% | |
53 Neutral | £321.80M | -1.55 | -31.83% | ― | -5.89% | -310.69% | |
53 Neutral | £205.04M | 41.48 | 2.09% | ― | 8.46% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
45 Neutral | £601.59M | -7.21 | 409.00% | ― | 2.94% | -32.00% |
* Healthcare Sector Average
GB:SPI
Spire Healthcare
219.00
24.10
12.37%
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Spire Healthcare Corporate Events
Business Operations and StrategyShareholder Meetings
Spire Healthcare Wins Strong Shareholder Backing at 2026 AGM
Positive
May 14, 2026
Spire Healthcare Group plc reported that shareholders approved all resolutions at its twelfth annual general meeting held in London on 14 May 2026, with each motion passed by a clear majority on a poll. Around 81% of the company’s issued sha...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Spire Healthcare Confirms Toscafund’s 250p Possible Takeover Approach
Positive
May 14, 2026
Spire Healthcare has confirmed it has received a non-binding proposal from Toscafund, its second-largest shareholder, for a possible 250p-per-share cash offer for the entire company, with an option for shareholders to elect an unlisted rollover eq...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Spire Healthcare Reaffirms 2026 Profit Outlook as Trading Meets Expectations
Positive
May 14, 2026
Spire Healthcare reported that trading for the first four months of 2026 was in line with expectations, with strong growth in private patient revenue, particularly self-pay, and NHS revenue performing as planned. The group said its primary care op...
Dividends
Spire Healthcare Declares Final Cash Dividend for 2026
Positive
Apr 14, 2026
Spire Healthcare Group plc has declared a final dividend of 1.5 pence per ordinary share, payable in sterling to shareholders on 19 June 2026. The dividend will be paid on ordinary shares of 1 pence each, with an ex-dividend date of 21 May 2026 an...
Financial DisclosuresRegulatory Filings and ComplianceShareholder Meetings
Spire Healthcare Publishes 2025 Annual Report and Sets Date for 2026 AGM
Neutral
Apr 9, 2026
Spire Healthcare has published its 2025 Annual Report and Accounts, together with the notice of its 2026 Annual General Meeting, following the release of its preliminary 2025 results in early March. The documents are available on the company’...
Business Operations and StrategyM&A Transactions
Spire Healthcare Ends Talks With Two Suitors but Keeps Sale Options Open
Neutral
Mar 23, 2026
Spire Healthcare has confirmed that talks with Bridgepoint and Triton over a possible takeover have ended, narrowing the field of potential buyers in its ongoing strategic review. The company remains in discussions with other parties over a potent...
Executive/Board Changes
Spire Healthcare Grants New LTIP Awards to Top Executives
Neutral
Mar 18, 2026
Spire Healthcare has granted new long-term incentive plan awards to chief executive Justin Ash and chief financial officer Harbant Samra in the form of nil-cost options over 736,733 and 451,653 ordinary shares respectively, representing 200% of th...
Business Operations and StrategyDividendsFinancial Disclosures
Spire Healthcare Delivers Resilient 2025 Results but Warns on NHS Revenue Hit in 2026
Neutral
Mar 5, 2026
Spire Healthcare reported a resilient 2025 performance, with revenue up 4.5% to £1.58bn and adjusted EBITDA rising 3.2%, as £30m of transformation-driven cost savings and tight capex control lifted adjusted free cash flow by nearly 65%. ...
Business Operations and StrategyM&A Transactions
Spire Healthcare Wins Deadline Extension for Potential Takeover Bids
Neutral
Feb 18, 2026
Spire Healthcare has secured an extension to the deadline for potential bidders Bridgepoint Advisers and Triton Investment Advisers to decide whether to make a takeover offer, pushing the cut-off from 21 February to 21 March 2026. The move follows...
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.