olivLaw · European equity research
Spire Healthcare Group plc SPI.L
United Kingdom · London Stock Exchange · ISIN GB00BNLPYF73 · Vertical: Listed companies from United Kingdom
Spire Healthcare Group plc is a British provider of private healthcare services, operating hospitals and a network of small high-street clinics. In 2025 the company extended its community model with multi-specialty clinics combining private GP care, physiotherapy, dermatology and occupational health. The offer matters now for patients and employers seeking fast access to care, and clinical quality remains central to the strategy.
At the close of 05 Nov 2026, Spire Healthcare Group plc (SPI.L) stock was 2.49 GBP (+0.00% on the day), with market capitalisation 994.0 m GBP, P/E 62.1 on diluted EPS of 0.04 GBP over the last 12 months, beta 0.35, 52-week range 1.43–2.49 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 64.7
- strong (55–70)
- Bollinger (20, 2)
- 2.47 – 2.49
- in the upper half of the band · %B 0.76 · band width 1.1%
- SMA 50 / 200
- 2.43 / 2.06
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.02 / 0.02
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.6% | −0.6% | +1.3 pp | — |
| 3 months | +5.7% | −4.2% | +9.9 pp | — |
| 6 months | +57.3% | +4.3% | +52.9 pp | — |
| Year to date | +48.8% | +7.5% | +41.3 pp | — |
| 1 year | +8.0% | +9.9% | −1.9 pp | +5.8% |
| 3 years | +11.4% | +49.8% | −38.4 pp | +26.3% |
| 5 years | +2.9% | +42.8% | −39.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 34.3, median 36.5, max 41.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.4 bn | 1.5 bn | 1.6 bn |
| Revenue YoY | unavailable | +11.2% | +4.5% |
| Net income | 27.3 m | 25.4 m | 16.4 m |
| Net income YoY | unavailable | −7.0% | −35.4% |
| Diluted EPS | 0.07 | 0.06 | 0.04 |
| Diluted EPS YoY | unavailable | −6.1% | −35.5% |
| net % | 2.0% | 1.7% | 1.0% |
| Free cash flow | 131.6 m | 126.4 m | 165.9 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 34.7 m GBP
- Financial debt
- 367.1 m GBP
- Net debt
- 332.4 m GBP
- Equity
- 743.7 m GBP
- Total assets
- 2.4 bn GBP
- Debt / equity
- 0.49x
- Current ratio
- 0.64x
- ROE
- 2.2%
- ROA
- 0.7%
- FCF margin
- 10.5%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.4 bn | 1.5 bn | 1.6 bn | esef· 12 May 2026verified |
| Cost of revenue | 734.8 m | 827.6 m | 863.7 m | esef· 12 May 2026verified |
| Gross profit | 624.2 m | 683.6 m | 716.1 m | esef· 12 May 2026verified |
| Operating income | 126.2 m | 137.5 m | 122.6 m | esef· 12 May 2026verified |
| Interest expense | 93.0 m | 99.9 m | 105.0 m | esef· 12 May 2026verified |
| Pre-tax income | 34.6 m | 38.3 m | 18.6 m | esef· 12 May 2026verified |
| Income tax | 6.7 m | 12.3 m | 1.4 m | esef· 12 May 2026verified |
| Net income | 27.3 m | 25.4 m | 16.4 m | esef· 12 May 2026verified |
| Diluted EPS | 0.07 | 0.06 | 0.04 | esef· 12 May 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 49.6 m | 41.2 m | 34.7 m | esef· 12 May 2026verified |
| Receivables | 121.6 m | 131.4 m | 136.5 m | esef· 12 May 2026verified |
| Inventories | 44.3 m | 46.6 m | 46.2 m | esef· 12 May 2026verified |
| Current assets | 220.6 m | 225.3 m | 221.5 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 1.6 bn | 1.7 bn | 1.7 bn | esef· 12 May 2026verified |
| Total assets | 2.3 bn | 2.3 bn | 2.4 bn | esef· 12 May 2026verified |
| Accounts payable | 197.1 m | 214.0 m | 218.1 m | esef· 12 May 2026verified |
| Short-term debt | 3.4 m | 3.6 m | 3.1 m | esef· 12 May 2026verified |
| Long-term debt | 361.9 m | 363.5 m | 364.0 m | esef· 12 May 2026verified |
| Current liabilities | 317.6 m | 341.7 m | 346.8 m | esef· 12 May 2026verified |
| Total liabilities | 1.6 bn | 1.6 bn | 1.6 bn | esef· 12 May 2026verified |
| Equity | 737.8 m | 746.2 m | 743.7 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 401.5 m | 403.2 m | 400.0 m | esef· 12 May 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 215.5 m | 235.7 m | 242.2 m | esef· 12 May 2026verified |
| Capex | 83.9 m | 109.3 m | 76.3 m | esef· 12 May 2026verified |
| Free cash flow | 131.6 m ≈ | 126.4 m ≈ | 165.9 m ≈ | esef· 12 May 2026derived |
| Investing cash flow | -157.2 m | -99.0 m | -84.2 m | esef· 12 May 2026verified |
| Financing cash flow | -82.9 m | -145.1 m | -164.5 m | esef· 12 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 994.0 m GBP
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.6% | 46 (vs peers) | 20% |
| Net margin · Quality | 1.0% | 26 (vs peers) | 12% |
| FCF conversion · Quality | 1,011.6% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.2x | 0 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 62.1x | 0 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 16.7% | 100 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality55/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation44/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SPIRE HEALTHCARE GROUP PLC (SPI.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.6 bn GBP in 2025; YoY growth 4.5%; net margin 1.0%; ROE 2.2%.
The estimated value range is 3.51–5.14 GBP per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 4.19 GBP, the price of 2.48 GBP leaves a potential of 68.5% (value / price − 1) and a margin of safety of 40.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 1,011.6%
- FCF yield: 16.7%
- The price is below the estimated value range
What contradicts it
- Net margin: 1.0%
- Interest coverage: 1.2x
- Current ratio: 0.6x
- P/E (TTM): 62.1x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| SPI.LSpire Healthcare Group PLC | 994.0 m | 62.1 | 2.2% | 1.0% | +4.5% | +8% / +12% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for SPI.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 1.51 Total return -39% · Per year -39% | 2.66 Total return 7% · Per year 7% | 4.01 Total return 61% · Per year 61% |
| 3 years | 1.46 Total return -41% · Per year -16% | 2.91 Total return 17% · Per year 5% | 4.81 Total return 94% · Per year 25% |
| 5 years | 1.42 Total return -43% · Per year -11% | 3.18 Total return 28% · Per year 5% | 5.77 Total return 132% · Per year 18% |
- Exit P/E± 0.73
- Net margin± 0.51
- Annual revenue growth± 0.42
- Annual dilution± 0.04
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Spire Healthcare Group plc is a British provider of private healthcare services, operating hospitals and a network of small high-street clinics. In 2025 the company extended its community model with multi-specialty clinics combining private GP care, physiotherapy, dermatology and occupational health. The offer matters now for patients and employers seeking fast access to care, and clinical quality remains central to the strategy.1
SWOT
Strengths
- Clinical quality reputation and inspection results are the group's core strengths.
- The combined network of hospitals and small clinics allows patients to move between levels of care.
- The safety and quality improvement framework is well documented and applied across the group.
Weaknesses
- Some sites, such as the Kent hospital, have not been reinspected for a long time, leaving uncertainty about current quality.
- Developing several business lines at once could demand heavy management resources.
- Reliance on the UK market makes the group vulnerable to regulatory or funding changes in the country.
Opportunities
- Multi-specialty community clinics could attract employers wanting fast access to care for staff.
- Predictive genetic risk testing could open new services for private patients.
- Digitisation through clinical tools could reduce errors and increase operational efficiency.
Threats
- Pressure on staff costs could affect margins if not offset by efficiency gains.
- A serious patient safety incident could damage the group's reputation and inspection results.
- Competition in the private market and changes in employer funding could reduce patient volumes.
Risks
- Regulatory and inspection riskmedium
Inspection outcomes influence reputation and the ability to attract patients. If a site receives a weaker rating, the impact could be significant.
- Patient safety riskhigh
Clinical activity carries inherent risks. A serious event could lead to costs, litigation and loss of patient trust.
- Digital project execution riskmedium
Rolling out clinical tools across all hospitals could be delayed or cost more than planned, affecting expected benefits.
- Staffing riskmedium
Availability of doctors and specialised clinical staff could limit the capacity to expand services.
- Geographic concentration risklow
Activity concentrated in the UK exposes the group to changes in health policy or public funding.
Investment thesis
What would need to be true (bull case)
- Quality results and patient satisfaction could support demand for the group's services if these indicators remain stable.
- The integrated model of community clinics and hospitals could generate internal referrals and higher activity volumes.
- Shorter length of stay and digitisation could improve margins if applied widely.
What would break the thesis
- Competition in private clinics and pressure on costs could limit growth in profitability.
- A safety incident or a weaker inspection rating could quickly affect the group's reputation.
- Dependence on the UK market and on funding decisions could create volatility in activity volumes.
What to watch
- Inspection outcomes and reinspection of the Kent hospital2026
- Piloting of clinical tools in three hospitalsfirst half of 2026
- Volume trends in small clinics and genetic testing services2026
- Evolution of staff costs and operating marginsnext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The group operates private hospitals and a network of small clinics in the UK, and patients can be referred from its GP services to its hospitals for secondary care.1 The company promotes an integrated model in which patients find consultations, diagnostic investigations and online booking in the same clinic.1 Quality and patient safety are treated as strategic priorities, with a governance framework running from ward to board.1
Segments
Hospitals
The group's hospitals are inspected by regulators in England, Scotland and Wales, and most are rated Good or Outstanding.1 In 2025 hospital patients rated their experience favourably, and the company also reports safety outcomes.1
Small clinics and community care
A new clinic opened in Wimbledon in December 2025 offering physiotherapy, dermatology and GP care, and clinics were also opened in Kingston in 2025.1 The clinics offer same-day appointments, online results and access to MRI, CT and ultrasound, with referrals to the group's hospitals.1
Market context
The group's activity is mainly in the UK, serving private patients, employer-funded patients and NHS patients. The annual report for 2025 describes the expansion of community offerings and a focus on integrated services for patients and employers.1 The exact market structure and shares are not detailed in the analysed source.
Trends
- Multi-specialty community clinicstailwind
The company is expanding high-street clinics combining private GP care, physiotherapy and dermatology, a direction that could attract patients and employers seeking fast access.1
- Predictive genetic risk testingmixed
From 2026 some small clinics offer predictive tests analysing DNA from a saliva sample to estimate the risk of common conditions.1 The service could open a new line of activity but also requires strict regulatory compliance.
- Digitisation of clinical recordstailwind
The clinical tools project aims to electronically record vital signs in all hospitals, with pilots at three hospitals starting in the first half of 2026.1 Moving away from paper charts could improve safety and efficiency.
- Pressure on staff and operating costsheadwind
The company reported shorter average stays for certain orthopaedic procedures, but efficiency gains depend on operational discipline. Any rigidity in costs could limit margins if pressure increases.1
Competitive position
The analysed source does not explicitly name the group's competitors. The company operates in a UK private healthcare market where private hospital operators and community clinic chains compete for patients and employer contracts.1 The group's declared advantage is clinical quality and its safety reputation.
- UK private hospital operators
Generic competitors, not named in the analysed source; no tickers given.
- Private GP clinic chains
Competition for private patients and employer care contracts, without specific names in the source.
- Physiotherapy and dermatology service providers
Competition in the high-street clinic segment, with no named entities in the source.
- NHS and the public health system
The public system competes indirectly for patients, while the group also works with the NHS.
News & filings
In the press
- Historic Chiang Mai pagoda spire collapses suddenly at Wat Mai Nong HoiThe Straits Times — Asia · 03 Nov 2026 · EN
- French woman among 3 killed in Cappadocia rock spire collapseTurkish Minute (TR, EN, exil) · 30 Oct 2026 · EN
- Two dead in rock spire collapse at tourist site in Turkey's CappadociaCNA (Channel NewsAsia) · 29 Oct 2026 · EN
- BREAKING: Rock spire collapses at tourist site in Turkey's Cappadocia, injuries …Telegram — Insider Paper (EN, defense leaks) · 29 Oct 2026 · EN
- Watch: Moment historic French town hall spire collapses in flames amid protestsBBC — Europe · 18 Oct 2026 · EN
- UK’s biggest private hospital firm Spire agrees £1bn takeover by hedge fundThe Guardian World · 07 Sept 2026 · EN
- Correlated randomness in Slay the Spire 2Hacker News · 16 Jun 2026 · EN
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202415 Jul 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Spire Healthcare Group plc · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.