Physitrack Limited (PTRK) AI Stock Analysis

• Market Cap: kr154.80M
• Dividend Yield: N/A
• Average Volume (3M): 49.62K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.77
• Revenue Growth: -8.33%
• EPS Growth: -329.50%
• Country: SE
• Employees: 81
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Healthcare Information Services
• EPS (TTM): 0.00
• Shares Outstanding: 16,260,765
• 10 Day Avg. Volume: 41,844
• 30 Day Avg. Volume: 49,617
• PEG Ratio: -0.58
• Price to Book (P/B): 1.97
• Price to Sales (P/S): 1.42
• P/FCF Ratio: 5.09
• 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): 0.1
• Revenue Forecast (FY): kr15.30M

• Rating: 49 Neutral
• Price Target: kr9.00 ▼(-31.56% Downside)
• Action: Reiterated Date: 03/01/26
• Date: Action: Reiterated 03/01/26

Overall score is held back primarily by weak profitability and a declining TTM revenue base, alongside bearish longer-term technical trends (below key moving averages and negative MACD). Offsetting factors include improved cash generation (positive TTM free cash flow) and manageable leverage on the balance sheet.

Positive Factors

Recurring subscription business model

A subscription SaaS model creates predictable, recurring revenue and high scalability across clinicians and health systems. Over months this supports steady ARR growth potential, customer retention focus, and more efficient incremental margins versus one-time sales, improving long-term cash visibility.

Improved cash generation

Transitioning to positive free cash flow materially improves the firm's runway and reduces dependency on external funding. Sustainable FCF supports reinvestment in product, content licensing and sales, and cushions the business while profitability recovers, enhancing long-term financial flexibility.

Manageable leverage

Low debt relative to equity preserves balance sheet optionality for investment or M&A and lowers solvency risk. With modest leverage the company can prioritize growth and product development, absorb revenue volatility, and avoid aggressive deleveraging that could hurt long-term market positioning.

Negative Factors

Declining revenue trend

A sustained falling revenue base undermines unit economics and weakens scale benefits of a SaaS model. Continued top-line contraction compresses operating leverage, makes margin recovery harder, and limits resources for sales and content investments needed to regain market share over the coming 2–6 months.

Large net losses

Deep current losses signal that core operations are not yet self-sustaining. Persistent negative margins reduce retained earnings, pressure ROIC, and can force either cost cutting that harms growth or further capital raises, both of which are structural constraints on rebuilding profitable scale.

Deeply negative returns on equity

Negative ROE indicates the business is destroying shareholder capital rather than creating it, which harms investor confidence and raises the cost of future capital. Over months this makes scaling via equity dilution more painful and constrains strategic options for expansion or M&A.

Physitrack Limited Business Overview & Revenue Model

Company Description

Physitrack PLC, together with its subsidiaries, operates as a digital healthcare provider worldwide. It offers SaaS platform, a cloud-based software platform used by single practitioners and large healthcare organizations, which enables the digitalization of the patient journey, from initial contact to patient interactions and outcomes tracking. The company also delivers virtual care in three distinct but related patient and insurance plan member need areas, such as prevention and wellness care, acute and chronic care, and surgical care. It offers its virtual care solutions to healthcare companies, including private and public hospitals, clinics, and other business owners. The company was formerly known as Physitrack Limited and changed its name to Physitrack PLC in May 2021. Physitrack PLC was incorporated in 2012 and is based in London, the United Kingdom.

How the Company Makes Money

Physitrack generates revenue through a subscription-based model, where healthcare providers pay for access to its platform and services. Key revenue streams include subscription fees from clinics and individual practitioners, as well as fees for additional features and services such as telehealth consultations and custom exercise program creation. The company may also generate revenue through partnerships with healthcare organizations, insurance companies, and educational institutions that integrate its solutions into their operations. Significant factors contributing to its earnings include the growing demand for digital health solutions and the increasing emphasis on remote patient management in the physiotherapy sector.

Physitrack Limited Financial Statement Overview

Summary

Financials are mixed: the income statement is weak with TTM revenue down (-6.09%) and a large net loss (net margin ~-44%) after a sharp deterioration from 2023 profitability, but the balance sheet leverage is manageable (debt-to-equity ~0.23) and cash flow improved with positive TTM free cash flow (~2.0M).

Income Statement

TTM (Trailing-Twelve-Months) revenue declined (-6.09%) and profitability remains weak, with a large net loss (net margin ~-44%) and negative operating profit. The company has shown it can be profitable (2023 delivered positive net income and strong operating profitability), but results deteriorated sharply in 2024 and stayed loss-making in TTM, indicating elevated volatility and an unfinished turnaround.

Balance Sheet

Leverage looks manageable: debt is low relative to equity (debt-to-equity ~0.23 in TTM and ~0.25 in 2024), and the balance sheet still shows a meaningful equity base. The key weakness is returns to shareholders—return on equity is deeply negative in TTM and 2024—suggesting the current earnings profile is not covering the capital base despite moderate leverage.

Cash Flow

Cash generation improved materially: TTM (Trailing-Twelve-Months) operating cash flow is solid and free cash flow is positive (~2.0M) with strong growth versus the prior period. This is a notable shift from 2024 and 2023 when free cash flow was negative, but the main risk is that cash flow quality is still somewhat uneven versus reported losses (TTM is profitable in cash terms while net income remains deeply negative).

Breakdown	Dec 2025	Dec 2024	Dec 2023	Nov 2022	Nov 2021
Income Statement
Total Revenue	13.77M	16.18M	15.18M	12.51M	7.81M
Gross Profit	518.13K	16.18M	3.87M	12.37M	7.81M
EBITDA	518.13K	-2.09M	7.09M	2.57M	1.07M
Net Income	-6.92M	-6.45M	3.20M	92.32K	-815.03K
Balance Sheet
Total Assets	19.15M	30.51M	38.70M	41.31M	32.28M
Cash, Cash Equivalents and Short-Term Investments	654.30K	723.39K	536.03K	577.74K	13.32M
Total Debt	3.93M	4.81M	3.58M	831.66K	1.31K
Total Liabilities	9.16M	11.34M	13.13M	18.94M	3.63M
Stockholders Equity	9.95M	19.17M	25.57M	22.37M	23.29M
Cash Flow
Free Cash Flow	3.85M	-363.54K	-773.78K	-3.04M	654.05K
Operating Cash Flow	3.88M	3.13M	2.65M	1.45M	659.81K
Investing Cash Flow	-3.21M	-3.49M	-5.04M	-14.78M	-4.54M
Financing Cash Flow	-726.55K	537.79K	2.34M	795.50K	14.85M

Physitrack Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 13.15
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:PTRK, the sentiment is Negative. The current price of 13.15 is above the 20-day moving average (MA) of 9.83, above the 50-day MA of 10.92, and below the 200-day MA of 14.55, indicating a bearish trend. The MACD of -0.40 indicates Negative momentum. The RSI at 45.38 is Neutral, neither overbought nor oversold. The STOCH value of 59.27 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:PTRK.

Physitrack Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KONT	52 Neutral	kr56.30M	-30.25	-4.02%	―	-3.31%	-240.00%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
PTRK	49 Neutral	kr154.80M	-2.83	―	―	-8.33%	-329.50%
ISOFOL	49 Neutral	kr191.15M	-2.92	-51.35%	―	―	-34.02%
ACTI	45 Neutral	kr108.87M	-1.66	-1291.15%	―	―	28.54%
QLINEA	42 Neutral	kr419.52M	-0.91	-108.15%	―	270.64%	62.29%
AINO	41 Neutral	kr30.89M	-5.72	209.66%	―	10.03%	66.78%