olivLaw · US equity research
AUNA S.A. AUNA
Services-Offices & Clinics of Doctors of Medicine · SIC 8011 · Vertical: Services-Offices & Clinics of Doctors of Medicine (SIC 8011)
AUNA S.A. is a Latin American healthcare group that operates hospitals, clinics and prepaid healthcare plans, with a focus on oncology and high-complexity care. The company has expanded from Peru into Colombia and Mexico, and now reports 2333 beds, a regional position we continue to watch. For investors, collection and cost trends in each country remain relevant.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, AUNA S.A. (AUNA) stock was 4.59 USD (−0.86% on the day), with beta 0.58, 52-week range 4.15–5.98 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 35.4
- weak (30–45)
- Bollinger (20, 2)
- 4.36 – 5.65
- in the lower half of the band · %B 0.18 · band width 25.8%
- SMA 50 / 200
- 5.09 / 5.12
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.16 / -0.10
- 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 | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −10.4% | −5.9% | −4.4 pp | — |
| 3 months | −11.7% | −4.6% | −7.1 pp | — |
| 6 months | −9.5% | +0.2% | −9.7 pp | — |
| Year to date | −6.7% | +7.4% | −14.1 pp | — |
| 1 year | −15.5% | +8.2% | −23.7 pp | −23.7% |
| 3 years | unavailable | +68.4% | unavailable | −54.0% |
| 5 years | unavailable | +56.5% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
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.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 2.5 bn | 3.9 bn | 4.4 bn |
| Revenue YoY | unavailable | +58.1% | +13.2% |
| Net income | -85.6 m | -253.9 m | 110.3 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -1.95 | -5.78 | 1.63 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -3.5% | -6.6% | 2.5% |
| Free cash flow | 60.1 m | 466.2 m | 577.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 235.7 m PEN
- Financial debt
- 3.6 bn PEN
- Net debt
- 3.4 bn PEN
- Equity
- 1.6 bn PEN
- Total assets
- 7.1 bn PEN
- Debt / equity
- 2.23x
- Current ratio
- 0.88x
- ROE
- 6.5%
- ROA
- 1.5%
- FCF margin
- 13.2%
Financial statements (source on every figure)
Revenue and net income (PEN)
Margins
Income statement · PEN
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.5 bn | 3.9 bn | 4.4 bn | SEC (XBRL)· 07 May 2025verified |
| Cost of revenue | 1.6 bn | 2.4 bn | 2.7 bn | SEC (XBRL)· 07 May 2025verified |
| Gross profit | 879.7 m | 1.4 bn | 1.7 bn | SEC (XBRL)· 07 May 2025verified |
| Operating income | 254.6 m | 560.3 m | 783.8 m | SEC (XBRL)· 07 May 2025verified |
| Depreciation & amortisation | 138.1 m | 235.8 m | 219.1 m | SEC (XBRL)· 07 May 2025verified |
| EBITDA | 392.7 m ≈ | 796.1 m ≈ | 1.0 bn ≈ | SEC (XBRL)· 07 May 2025derived |
| Interest expense | 312.7 m | 783.8 m | 633.6 m | SEC (XBRL)· 07 May 2025verified |
| Pre-tax income | -47.4 m | -124.2 m | 183.8 m | SEC (XBRL)· 07 May 2025verified |
| Income tax | 29.4 m | 90.2 m | 59.8 m | SEC (XBRL)· 07 May 2025verified |
| Net income | -85.6 m | -253.9 m | 110.3 m | SEC (XBRL)· 07 May 2025verified |
| Diluted EPS | -1.95 | -5.78 | 1.63 | SEC (XBRL)· 07 May 2025verified |
| Weighted average diluted shares | 43.9 m | 43.9 m | 67.5 m | SEC (XBRL)· 07 May 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · PEN
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 208.7 m | 241.1 m | 235.7 m | SEC (XBRL)· 07 May 2025verified |
| Inventories | 87.6 m | 130.5 m | 143.8 m | SEC (XBRL)· 07 May 2025verified |
| Current assets | 1.2 bn | 1.5 bn | 1.7 bn | SEC (XBRL)· 07 May 2025verified |
| Property, plant & equipment, net | 2.3 bn | 2.6 bn | 2.3 bn | SEC (XBRL)· 07 May 2025verified |
| Goodwill | 1.8 bn | 2.1 bn | 1.8 bn | SEC (XBRL)· 07 May 2025verified |
| Total assets | 6.6 bn | 7.7 bn | 7.1 bn | SEC (XBRL)· 07 May 2025verified |
| Accounts payable | 216.2 m | 463.6 m | 289.6 m | SEC (XBRL)· 07 May 2025verified |
| Short-term debt | 2.0 bn | 385.3 m | 654.2 m | SEC (XBRL)· 07 May 2025verified |
| Long-term debt | 1.3 bn | 3.4 bn | 3.0 bn | SEC (XBRL)· 07 May 2025verified |
| Current liabilities | 2.8 bn | 1.7 bn | 1.9 bn | SEC (XBRL)· 07 May 2025verified |
| Total liabilities | 5.0 bn | 5.9 bn | 5.5 bn | SEC (XBRL)· 07 May 2025verified |
| Equity | 1.6 bn | 1.8 bn | 1.6 bn | SEC (XBRL)· 07 May 2025verified |
Cash flow · PEN
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 162.6 m | 582.4 m | 668.5 m | SEC (XBRL)· 07 May 2025verified |
| Capex | 102.5 m | 116.2 m | 90.9 m | SEC (XBRL)· 07 May 2025verified |
| Free cash flow | 60.1 m ≈ | 466.2 m ≈ | 577.6 m ≈ | SEC (XBRL)· 07 May 2025derived |
| Investing cash flow | -3.2 bn | -173.2 m | -236.8 m | SEC (XBRL)· 07 May 2025verified |
| Financing cash flow | 3.1 bn | -370.0 m | -418.1 m | SEC (XBRL)· 07 May 2025verified |
| Dividends paid | 131.0 k | 6.8 m | 1.2 m | SEC (XBRL)· 07 May 2025verified |
≈ 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: 47.9% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
48% · 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
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
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: 47.9% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.3% | 64 (on a fixed band) | 22% |
| Net margin · Quality | 2.5% | 88 (vs peers) | 13% |
| FCF conversion · Quality | 523.8% | 100 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 3.4x | 18 (on a fixed band) | 22% |
| Interest coverage · Balance sheet | 1.2x | 0 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 0.9x | 6 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 0.2% | 100 (on a fixed band) | 9% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet10/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality80/100 · 3/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 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
Auna S.A. (AUNA). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 4.4 bn PEN in 2024; YoY growth 13.2%; net margin 2.5%; ROE 7.5%; net debt/EBITDA 3.4x.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 47.9% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 2.5%
- FCF conversion: 523.8%
- Payout ratio (FCF): 0.2%
What contradicts it
- Net debt / EBITDA: 3.4x
- Interest coverage: 1.2x
- Current ratio: 0.9x
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Services-Offices & Clinics of Doctors of Medicine (SIC 8011) · same industry (4-digit SIC) · compared with 8 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 | |
|---|---|---|---|---|---|---|
| TDOCTeladoc Health, Inc. | 1.7 bn | — | -11.5% | -6.3% | −1.5% | +24% / −48% |
| STLNStarling Oncology, Inc. | 682.8 m | — | — | -6.2% | +27.8% | +113% / +292% |
| SBCSBC Medical Group Holdings Incorporated | 516.3 m | 10.7 | 19.3% | 28.0% | −15.5% | +41% / −54% |
| CCMConcord Medical Services Holdings Ltd | 463.7 m | — | — | -20.2% | +25.2% | −8% / −65% |
| LFMDLifeMD, Inc. | 110.4 m | — | 6.5% | 0.1% | +25.3% | −40% / −70% |
| AIRSAirSculpt Technologies, Inc. | 103.8 m | — | -12.0% | -7.8% | −15.8% | −59% / −71% |
| BMGLBasel Medical Group Ltd | 8.2 m | — | -169.7% | -94.0% | unavailable | −64% / unavailable |
| AUNAAuna S.A. | — | — | 7.5% | 2.5% | +13.2% | −15% / unavailable |
| HIMSHims & Hers Health, Inc. | 0 | — | -32.0% | -5.5% | +59.0% | −39% / +171% |
1- and 3-year price returns: for AUNA 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
Scenarios are not available. input data missing
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.
Possibly outdated: the newest document it read is from 22 Apr 2026; since then the company filed 6-K (28 Oct 2026), 6-K (22 Oct 2026), 6-K (18 Aug 2026), 6-K (15 Jul 2026), 6-K (07 Jul 2026), 6-K (27 May 2026).
In brief
AUNA S.A. is a Latin American healthcare group that operates hospitals, clinics and prepaid healthcare plans, with a focus on oncology and high-complexity care. The company has expanded from Peru into Colombia and Mexico, and now reports 2333 beds, a regional position we continue to watch. For investors, collection and cost trends in each country remain relevant.
SWOT
Strengths
- The vertically integrated model, combining prepaid plans with owned facilities, gives control over costs and patient access, as the company describes 1.
- Leadership in cancer management across three countries is supported by high-complexity capabilities and a recognised brand in Peru 1.
- Regional reach and rapid growth in bed capacity give scale over rivals with only local coverage 1.
Weaknesses
- Heavy reliance on payments from insurers and public institutions exposes the group to collection delays and negotiation pressure 1.
- Growth through acquisitions brings integration risk, and part of recent performance depends on the results of acquired entities 1.
- High indebtedness and dependence on cash flows from subsidiaries limit financial flexibility, according to the company's own warnings 1.
Opportunities
- The Mexican market, described as much larger than Peru and Colombia, could open growth if oncology plans win members 1.
- Partnerships with Mexican healthcare institutions and a Japanese investment group could extend the network without relying fully on acquisitions 1.
- Developing centres of excellence in cardiology and neurology could raise the share of high-complexity cases with higher revenue per patient 1.
Threats
- Medical cost inflation and competition for qualified staff could compress margins if prices cannot be raised enough 1.
- Political and economic instability in the three countries could affect operations, exchange rates and the tax regime 1.
- Insurers that run their own networks could become competitors, which could weaken the company's negotiating position 1.
Risks
- Dependence on third-party payershigh
Most revenue in Mexico, Peru and Colombia comes from insurers and public institutions, and changes in regulation or contracts could quickly affect collections 1.
- Healthcare costs that are hard to controlhigh
Plans are paid for one year, so unexpected cost increases cannot be recovered immediately through prices, which could reduce margins 1.
- Indebtedness and dependence on subsidiariesmedium
The high debt level and the fact that payments depend on operating subsidiaries could limit the ability to respond to market changes 1.
- Acquisition and integration risksmedium
Acquisitions and partnerships could disrupt operations, and expected benefits could be delayed if integration does not succeed 1.
- Control by the majority shareholdermedium
The dual-class structure concentrates control at Enfoca, which could create conflicts of interest and affect the price and liquidity of class A shares 1.
Investment thesis
What would need to be true (bull case)
- If the Mexican expansion proceeds as planned, the company could benefit from a large market with demand for oncology plans and integrated services 1.
- The vertical model, combining prepaid plans with owned facilities, could support better margins if bed utilisation stays high 1.
- The leading oncology position across three countries could provide a lasting competitive advantage over fragmented rivals 1.
What would break the thesis
- Inflationary pressure on healthcare costs could leave margins under strain if price adjustments do not cover increases 1.
- Long collection periods in Peru and Colombia and dependence on insurers could slow the conversion of revenue into cash 1.
- High indebtedness and integration risks could limit flexibility if growth slows 1.
What to watch
- Pace of investment in Mexico and occupancy of new beds2027
- Healthcare costs and annual plan price adjustments2027
- Integration of IMAT Oncomédica and the option to acquire the minority stake2031
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.
Possibly outdated: the newest document it read is from 22 Apr 2026; since then the company filed 6-K (28 Oct 2026), 6-K (22 Oct 2026), 6-K (18 Aug 2026), 6-K (15 Jul 2026), 6-K (07 Jul 2026), 6-K (27 May 2026).
The business
Segments
Oncosalud Peru
This segment includes the prepaid healthcare plans and oncology services of the Oncosalud network in Peru, for patients paying through their own or third-party plans 1.
Healthcare Services in Mexico
This segment combines the Mexican hospitals, dental and vision insurance plans and oncology plans. Most payments come from third-party insurers and public institutions, which makes the segment dependent on those payers 1.
Healthcare Services in Colombia
This segment covers facilities in Colombia, where payments come almost entirely from third-party insurers and ADRES, and collection periods are the longest in the group 1.
Market context
The markets where AUNA operates are fragmented, with limited access to quality care and weak public infrastructure, which the company describes as under-penetrated 1. The company argues Mexico's market is more than twice the size of Peru and Colombia combined, and nearshoring could support demand in Monterrey 1.
Healthcare costs rose in 2024 by 13.3 percent in Mexico, 8.0 percent in Peru and 12.2 percent in Colombia, according to official data cited by the company, which makes cost pressure a central factor for regional margins 1.
Trends
- Rising healthcare costsheadwind
Inflation in medicines, equipment and medical staff could compress margins if plan prices cannot be adjusted in time, since plans are prepaid for one year 1.
- Demand for oncologytailwind
A growing membership base and the rising importance of oncology diagnosis could support service volumes and bed utilisation if the share of complex cases stays high 1.
- Nearshoring in Mexicotailwind
Industrial growth in Monterrey could attract working-age population and private insurance, which would support network expansion in Mexico if the trend holds 1.
- Long collection periodsmixed
Long collection periods in Peru and Colombia weigh on the cash conversion cycle and could limit financial flexibility if processes with insurers do not improve 1.
Competitive position
The company notes that the Peruvian and Colombian markets are fragmented, with competition from some third-party payers that run their own hospital networks and compete directly with AUNA in Peru 1.
In Mexico, in the oncology plan segment, the company says there is no dominant player with an integrated platform comparable to its own, which could give it an edge if it keeps its partner network 1.
- Third-party payers' hospital networks in Peru
Insurers that run their own hospital networks compete with AUNA for patients and services in Peru, according to the company's filing.
- Fragmented healthcare providers in Colombia
The Colombian market is described as fragmented, with several regional providers competing for the same contracts.
- Private hospitals in Monterrey
Competition in Monterrey includes local private networks, alongside the facilities AUNA acquired through Grupo OCA.
- Oncology plan operators in Mexico
The company says the oncology plan segment in Mexico is limited, with no dominant player holding an integrated platform.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Auna (AUNA) Q2 2026 Earnings Call TranscriptYahoo Finance — News · 25 Aug 2026 · EN
The latest news item in our archive is from 25 Aug 2026; the newest SEC filing is from 28 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)28 Oct 2026
- Current report (foreign issuer)22 Oct 2026
- Current report (foreign issuer)18 Aug 2026
- Current report (foreign issuer)15 Jul 2026
- Current report (foreign issuer)07 Jul 2026
- Current report (foreign issuer)27 May 2026
- Current report (foreign issuer)19 May 2026
- Current report (foreign issuer)22 Apr 2026
- Annual report (foreign issuer)22 Apr 2026
- Current report (foreign issuer)17 Apr 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / AUNA S.A. · 22 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.