EuroEyes International Eye Clinic Limited (1846) AI Stock Analysis

• Market Cap: HK$879.38M
• Dividend Yield: 1.99%
• Average Volume (3M): 156.72K
• Price to Earnings (P/E): 11.6
• Beta (1Y): 0.23
• Revenue Growth: -1.61%
• EPS Growth: -27.39%
• Country: HK
• Employees: 322
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Care Facilities
• EPS (TTM): 0.12
• Shares Outstanding: 320,706,000
• 10 Day Avg. Volume: 164,000
• 30 Day Avg. Volume: 156,720
• PEG Ratio: -0.42
• Price to Book (P/B): 1.19
• Price to Sales (P/S): 1.82
• P/FCF Ratio: 11.11
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 69 Neutral
• Price Target: HK$3.00 ▲(0.00% Upside)

The overall stock score reflects strong financial stability and reasonable valuation, offset by concerns about declining profit margins and missing cash flow data. Technical indicators suggest neutral market momentum, neither strongly positive nor negative.

Positive Factors

Low leverage / strong equity

A high equity ratio and low debt-to-equity provide durable financial flexibility, reducing refinancing and interest-rate risk. This balance sheet strength supports continued investment in clinics and technology, cushions downturns, and enables strategic expansion without pressuring cash flows.

Sustained revenue expansion

Multi-year revenue growth signals persistent demand for vision-correction services and effective capacity expansion. Predictable procedure-based revenue and recurring post-operative care create durable top-line stability and support longer-term planning for clinic rollouts and capital allocation.

Specialized, scalable care model

A focused specialty clinic model with advanced tech and experienced clinicians creates competitive differentiation. High-skill procedures, referral networks and insurer partnerships raise barriers to entry, enabling pricing power and scalable replication of clinics across markets over multiple years.

Negative Factors

Declining profit margins

Sustained margin compression erodes free cash generation and limits reinvestment capacity. If driven by rising costs or pricing pressure, lower gross and net margins reduce resilience to competition and slow funding for new clinics, equipment upgrades, or marketing needed to sustain growth.

Missing 2024 cash flow data

Absent 2024 operating and free cash flow figures raises durable concerns about cash conversion and working-capital trends. Without clear cash-generation visibility, forecasting capex capacity, dividend support or debt-servicing ability is impaired, increasing execution risk for growth plans.

Earnings pressure and equity dip

Sharp EPS contraction alongside shrinking equity signals underlying profitability stress. Persistent earnings weakness can limit internal funding for expansion and reduce strategic optionality, forcing reliance on external capital or slower organic growth until margins and returns stabilize.

EuroEyes International Eye Clinic Limited Business Overview & Revenue Model

Company Description

EuroEyes International Eye Clinic Limited provides vision correction services in Germany, Denmark, and the People's Republic of China. The company offers refractive laser surgery, which include ReLEx SMILE and FemtoLASIK; phakic lens (ICL) surgery; lens exchange surgery comprising the monofocal and trifocal lens exchange surgery; and PRK/LASEK and ICRS implantation services. Its correction services are used for the treatment of myopia, high myopia, presbyopia, and cataract. The company serves mid-to-high income level customers, who primarily seek surgery to treat their myopia; and above 45 years of age, who primarily seek surgery to treat their presbyopia or cataract. It operates consultation centers and clinics for eye treatment and LASIK centers; and sells pharmaceutical products. The company is also involved in the trading of eye clinic equipment and lenses; and ophthalmic equipment renting and spaces operating activities. EuroEyes International Eye Clinic Limited was founded in 1993 and is headquartered in Hamburg, Germany.

How the Company Makes Money

EuroEyes generates revenue primarily through the provision of surgical procedures, including LASIK, cataract surgery, and other corrective eye treatments. The company charges patients for these services, which typically include pre-operative consultations, the surgical procedure itself, and post-operative care. Key revenue streams also come from selling vision-related products, such as prescription glasses and contact lenses, as well as offering premium services that might include personalized patient care packages. Additionally, EuroEyes may engage in partnerships with insurance providers to facilitate patient access to their services, further enhancing their revenue potential. The company may also benefit from referrals and collaborations with other healthcare providers, which can lead to increased patient volume and service uptake.

EuroEyes International Eye Clinic Limited Financial Statement Overview

Summary

EuroEyes International Eye Clinic Limited shows strong revenue growth and low leverage, indicating financial stability. However, declining profit margins and missing cash flow data for 2024 raise concerns about cost management and cash generation capabilities.

Income Statement

The company shows a consistent revenue growth trajectory, with revenue increasing from HK$427.2M in 2019 to HK$715.7M in 2024, indicating strong demand for its services. The Gross Profit Margin has slightly decreased from 47.8% in 2023 to 40.1% in 2024, suggesting some pressure on cost management. The Net Profit Margin also decreased from 18.4% to 11.5%. Despite these declines, EBIT and EBITDA margins remained reasonably robust, reflecting effective operational management.

Balance Sheet

The company maintains a strong equity position with an Equity Ratio of roughly 68.3% in 2024, indicating financial stability. The Debt-to-Equity Ratio is relatively low at 0.29, suggesting low leverage and reduced financial risk. However, a slight decline in Stockholders' Equity from 2023 to 2024 could be a potential concern if it continues.

Cash Flow

The lack of reported Operating Cash Flow and Free Cash Flow in 2024 raises concerns about the company's cash generation capabilities. In prior years, there was positive Free Cash Flow, indicating previously healthy operations. The absence of cash flow data for 2024 could signal potential operational or financial challenges.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	724.43M	715.68M	714.29M	610.29M	632.93M	473.82M
Gross Profit	295.40M	286.59M	335.52M	270.84M	312.55M	214.10M
EBITDA	149.21M	141.89M	292.10M	220.44M	278.80M	173.62M
Net Income	76.53M	82.28M	131.24M	89.47M	133.56M	65.58M
Balance Sheet
Total Assets	1.81B	1.60B	1.75B	1.54B	1.37B	1.31B
Cash, Cash Equivalents and Short-Term Investments	769.46M	653.23M	720.38M	779.57M	861.58M	761.89M
Total Debt	345.45M	319.29M	384.26M	290.41M	221.48M	239.55M
Total Liabilities	512.51M	473.72M	588.09M	497.95M	328.55M	324.57M
Stockholders Equity	1.26B	1.09B	1.13B	1.01B	1.01B	953.29M
Cash Flow
Free Cash Flow	131.44M	117.41M	102.30M	152.46M	228.71M	40.12M
Operating Cash Flow	196.36M	197.75M	191.85M	208.76M	273.26M	78.46M
Investing Cash Flow	-65.24M	-83.83M	-180.28M	-131.81M	-59.90M	-38.13M
Financing Cash Flow	-144.70M	-136.82M	-102.76M	-102.22M	-69.18M	-116.37M

EuroEyes International Eye Clinic Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3.00
• 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 HK:1846, the sentiment is Negative. The current price of 3 is above the 20-day moving average (MA) of 2.88, below the 50-day MA of 3.02, and below the 200-day MA of 3.03, indicating a bearish trend. The MACD of -0.07 indicates Positive momentum. The RSI at 30.26 is Neutral, neither overbought nor oversold. The STOCH value of 13.04 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:1846.

EuroEyes International Eye Clinic Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
3689	71 Outperform	HK$568.47M	6.89	5.33%	9.14%	0.47%	50.46%
1846	69 Neutral	HK$879.38M	11.64	6.35%	1.99%	-1.61%	-27.39%
2219	68 Neutral	HK$1.86B	9.79	7.31%	9.29%	-3.19%	-20.30%
3869	56 Neutral	HK$710.32M	4.89	30.40%	―	2.30%	―
6639	52 Neutral	HK$1.03B	39.67	1.27%	―	-4.30%	13.83%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
3309	47 Neutral	HK$1.80B	-14.98	-6.41%	1.20%	2.05%	-285.88%

EuroEyes International Eye Clinic Limited Corporate Events

EuroEyes Clarifies Swiss and UK Asset Acquisitions and Post-Deal Shareholding Structure

EuroEyes International Eye Clinic Limited has issued a clarification and completion announcement regarding its previously disclosed acquisitions of ophthalmic assets in Switzerland and the United Kingdom via its subsidiaries. The company detailed the shareholder structure and ownership of Betterview Swiss and its UK subsidiary, confirming that Betterview Swiss has 44 shareholders with no single shareholder controlling more than one-third of its equity. It also clarified that the Swiss consideration shares to be issued as part of the transaction will be distributed to these 44 shareholders in proportion to their holdings, and that EuroEyes Swiss will grant 4.5% equity stakes each to managers David Holenstein and Ulrich Harmuth as compensation to secure their continued leadership of the Swiss operations. The post-completion shareholding structure of EuroEyes Swiss will see the listed parent own 79% of the ordinary shares, while minority shareholders, including key managers, will hold both ordinary and non-voting shares, aligning management incentives with the performance of the acquired Swiss assets. The company also corrected a typographical error in the description of its Swiss asset base, noting that one of the refractive surgery clinics is located in Basel rather than Lucerne, thereby providing investors with more accurate information about the geographic composition of its Swiss clinic network.

The most recent analyst rating on (HK:1846) stock is a Hold with a HK$3.00 price target. To see the full list of analyst forecasts on EuroEyes International Eye Clinic Limited stock, see the HK:1846 Stock Forecast page.

EuroEyes Reports Growth in Eye Surgeries for Q3 2025

EuroEyes International Eye Clinic Limited reported a 5.6% increase in the total number of eye surgeries for the third quarter of 2025 compared to the same period in 2024, driven by a rise in lens exchange surgeries and a recovery in laser surgery volume. This growth indicates a positive trend in patient demand, enhancing the company’s performance and providing stakeholders with more comprehensive insights into its operational success.

The most recent analyst rating on (HK:1846) stock is a Hold with a HK$3.50 price target. To see the full list of analyst forecasts on EuroEyes International Eye Clinic Limited stock, see the HK:1846 Stock Forecast page.