olivLaw · European equity research
ATRYS HEALTH, S.A. ATRY.MC
Spain · BME Madrid · ISIN ES0105148003 · Vertical: Listed companies from Spain
ATRYS HEALTH, S.A. is a Spanish group offering medical diagnostic and real-world data services, including radiology, cardiology and teleradiology, across several countries. Its relevance now lies in portfolio consolidation: in fiscal 2025 it discontinued the Aspy unit and recorded an impairment of 45.3 mn EUR.
At the close of 04 Nov 2026, ATRYS HEALTH, S.A. (ATRY.MC) stock was 2.63 EUR (+0.19% on the day), with market capitalisation 199.3 m EUR, beta 0.49, 52-week range 2.34–3.10 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 49.7
- neutral
- Bollinger (20, 2)
- 2.54 – 2.69
- in the upper half of the band · %B 0.57 · band width 5.7%
- SMA 50 / 200
- 2.63 / 2.72
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- MACD above 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 | +3.8% | +0.4% | +3.4 pp | — |
| 3 months | +0.6% | −3.3% | +3.8 pp | — |
| 6 months | −6.6% | +4.0% | −10.5 pp | — |
| Year to date | −10.4% | +8.1% | −18.5 pp | — |
| 1 year | −17.5% | +10.7% | −28.2 pp | +3.3% |
| 3 years | −29.1% | +50.1% | −79.1 pp | +30.3% |
| 5 years | −75.0% | +43.6% | −118.6 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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | 130.0 m | 141.0 m |
| Revenue YoY | unavailable | unavailable | +8.5% |
| Net income | -45.9 m | -31.8 m | -100.3 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -0.43 | -0.73 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | -24.4% | -71.1% |
| Free cash flow | -547.0 k | -1.3 m | -8.1 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 13.1 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 152.0 m EUR
- Total assets
- 494.0 m EUR
- Debt / equity
- unavailable
- Current ratio
- 0.81x
- ROE
- -49.5%
- ROA
- -18.6%
- FCF margin
- -5.7%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | — | 130.0 m | 141.0 m | esef· 20 Oct 2026verified |
| Operating income | — | -12.7 m | -41.7 m | esef· 20 Oct 2026verified |
| Depreciation & amortisation | — | 19.6 m | 19.7 m | esef· 20 Oct 2026verified |
| EBITDA | — | 7.0 m ≈ | -22.1 m ≈ | esef· 20 Oct 2026derived |
| Interest expense | — | 22.6 m | 19.0 m | esef· 20 Oct 2026verified |
| Pre-tax income | -33.7 m | -33.5 m | -56.2 m | esef· 20 Oct 2026verified |
| Income tax | — | -1.9 m | -576.0 k | esef· 20 Oct 2026verified |
| Net income | -45.9 m | -31.8 m | -100.3 m | esef· 20 Oct 2026verified |
| Diluted EPS | — | -0.43 | -0.73 | esef· 20 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 41.8 m | 20.4 m | 13.1 m | esef· 20 Oct 2026verified |
| Receivables | 44.8 m | 51.4 m | 29.5 m | esef· 20 Oct 2026verified |
| Current assets | 100.9 m | 89.2 m | 234.0 m | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 30.7 m | 29.5 m | 20.6 m | esef· 20 Oct 2026verified |
| Total assets | 629.0 m | 584.2 m | 494.0 m | esef· 20 Oct 2026verified |
| Current liabilities | 103.6 m | 99.8 m | 290.4 m | esef· 20 Oct 2026verified |
| Equity | 289.9 m | 253.2 m | 152.0 m | esef· 20 Oct 2026verified |
| Shares outstanding at year end | — | 76.0 m | 75.9 m | esef· 20 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 5.7 m | 3.0 m | -1.6 m | esef· 20 Oct 2026verified |
| Capex | 6.2 m | 4.2 m | 6.5 m | esef· 20 Oct 2026verified |
| Free cash flow | -547.0 k ≈ | -1.3 m ≈ | -8.1 m ≈ | esef· 20 Oct 2026derived |
| Investing cash flow | 395.0 k | -13.0 m | -12.6 m | esef· 20 Oct 2026verified |
| Financing cash flow | 1.4 m | -11.5 m | 11.3 m | esef· 20 Oct 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
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 199.3 m EUR
Key indicators
Coverage and freshness
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -71.1% | 0 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -2.2x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 0.8x | 0 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -4.0% | 0 (on a fixed band) | 33% |
| 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
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 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
ATRYS HEALTH, S.A. (ATRY.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 141.0 m EUR in 2025; YoY growth 8.5%; net margin -71.1%; ROE -49.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% 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
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -71.1%
- Interest coverage: -2.2x
- Current ratio: 0.8x
- FCF yield: -4.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Spain · 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 | |
|---|---|---|---|---|---|---|
| ELE.MCEndesa SA | 46.9 bn | 21.4 | 26.4% | 10.5% | +0.5% | +43% / +134% |
| AENA.MCAena S.m.e. SA | 42.4 bn | 19.8 | 24.2% | 34.0% | +8.9% | +20% / +78% |
| AMS.MCAmadeus It Group Sociedad Anonima | 26.2 bn | 19.8 | 26.9% | 20.5% | +6.1% | −6% / −5% |
| ACS.MCAcs Actividades De Construccion Y Servicios, S.A. | 22.6 bn | 23.7 | 19.9% | 1.9% | +19.7% | +10% / +142% |
| ANA.MCAcciona SA | 11.6 bn | 14.5 | 16.9% | 4.0% | +5.5% | +23% / +65% |
| FCC.MCFomento De Construcciones Y Contratas S.A. | 5.0 bn | 30.5 | 5.3% | 1.7% | +6.9% | −8% / −13% |
| FDR.MCFluidra S.A. | 3.8 bn | 21.4 | 10.9% | 7.8% | +4.1% | −17% / +5% |
| DIA.MCDistribuidora Internacional De Alimentacion SA | 2.7 bn | 20.7 | 165.6% | 2.2% | −2.7% | +52% / +383,650% |
| CMO.MCCementos Molins S.A. | 2.5 bn | 13.6 | 14.3% | 18.0% | −3.1% | +31% / unavailable |
| ENO.MCElecnor SA | 2.5 bn | 22.2 | 10.5% | 2.5% | +15.1% | −2% / +60% |
| ALM.MCAlmirall S.A. | 2.3 bn | 50.5 | 3.1% | 4.2% | +12.4% | −12% / +31% |
| FAE.MCFaes Farma SA | 1.5 bn | 19.3 | 10.8% | 13.0% | +23.7% | +3% / +57% |
| AEDAS.MCAedas Homes SA | 1.0 bn | 17.1 | 57.8% | 7.0% | −24.8% | +0% / +38% |
| EDR.MCEdreams Odigeo SA | 571.1 m | 11.4 | 21.0% | 7.8% | −0.4% | +40% / −24% |
| EAT.MCAmRest Holdings SE | 510.6 m | 31.7 | 4.3% | 0.6% | +0.1% | −34% / −61% |
| ADX.MCAudax Renovables S.A. | 489.0 m | 25.0 | 9.3% | 1.0% | −5.4% | −19% / −14% |
| ATRY.MCAtrys Health, S.A. | 199.3 m | — | -49.5% | -71.1% | +8.5% | −3% / −29% |
| ENER.MCEcoener, S.A. | 178.8 m | 32.8 | 4.2% | 6.4% | +3.6% | −32% / −4% |
| ADZ.MCAdolfo Dominguez SA | 62.4 m | 38.1 | 9.0% | 1.2% | +1.8% | +38% / +39% |
| DESA.MCDesarrollos Especiales De Sistemas De Anclaje S.A. | 49.6 m | 10.2 | 152.3% | 10.0% | +2.2% | +32% / unavailable |
| EZE.MCGrupo Ezentis SA | 30.0 m | — | — | -9.3% | +147.2% | −27% / −35% |
| CLEO.MCCompañia Levantina De Edificacion Y Obras Publicas SA | 17.3 m | 14.4 | 4.1% | 3.4% | +13.4% | unavailable / unavailable |
| AYC.MCAyco Grupo Inmobiliario, S.A. | 16.4 m | — | -33.8% | — | −100.0% | unavailable / unavailable |
| EBRO.MCEbro Foods, S.A. | 3.0 m | 0.0 | 10.0% | 7.7% | −4.0% | −0% / +19% |
| A3M.MCAtresmedia Corporacion De Medios De Comunicacion, S.A. | — | — | 7.9% | 6.9% | −2.7% | +12% / +59% |
1- and 3-year price returns: for ATRY.MC 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 (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
ATRYS HEALTH, S.A. is a Spanish group offering medical diagnostic and real-world data services, including radiology, cardiology and teleradiology, across several countries. Its relevance now lies in portfolio consolidation: in fiscal 2025 it discontinued the Aspy unit and recorded an impairment of 45.3 mn EUR 1.
SWOT
Strengths
- A diversified portfolio of diagnostic services and clinical data, organized into separately tested units, which makes exposure to each activity visible.
- Revenue assumptions tied to signed contracts and to budgets approved by the board, supporting predictability.
- International presence across several countries, which diversifies revenue sources beyond a single market.
Weaknesses
- A significant goodwill balance from acquisitions, exposed to impairment risk if unit performance declines.
- Impairments recorded over several years for units such as ICM and Atrys Portugal indicate difficulties in some acquired activities.
- Thin headroom in some CGUs, which could become insufficient if discount rates rise or growth slows.
Opportunities
- If the growth projected in the market study materializes, units with high growth rates could contribute more to results.
- Expanding teleradiology and telecardiology services could bring new contracts with clinics and insurers.
- Using real-world data in clinical studies could open new revenue sources.
Threats
- Higher discount rates or country risk could reduce the recoverable value of international units.
- Pressure on personnel and investment costs could limit margins if revenue growth does not keep pace.
- Dependence on contracts with individual clients could expose the group to revenue losses if they are not renewed.
Risks
- Goodwill impairmenthigh
Impairment tests rely on revenue assumptions and discount rates; a decline in EBITDA beyond the sensitivity thresholds could trigger further impairments.
- Impairment history in acquired unitshigh
Repeated impairments for ICM and Atrys Portugal show that the performance of some acquisitions has not met initial expectations.
- Sensitivity to discount ratesmedium
The headroom between carrying amount and recoverable value is thin in some CGUs, so a higher discount rate could have a significant effect.
- Dependence on insurer and clinic contractsmedium
Revenue depends on signed contracts, and failure to deliver planned projects could reduce the expected growth.
- Currency and country risklow
Activity in Colombia, Portugal and Germany exposes the group to currency movements and changes in local regulation.
Investment thesis
What would need to be true (bull case)
- If high-growth units such as ITMS and Axismed keep their projected pace, they could offset pressures in other activities and support the group's value.
- A shorter projection horizon and a cleaner portfolio could make future results more predictable and easier to track.
- Contracts already signed with existing clients could provide a stable revenue base for the coming period.
What would break the thesis
- If discount rates rise or the projected growth does not materialize, further impairments could affect reported results.
- The impairment history in acquired units could point to integration difficulties not yet reflected in plans.
- Thin margins in some CGUs could become insufficient if costs stay high or revenue is delayed.
What to watch
- Results of the ICM and Atrys Portugal units, exposed to impairment2026
- Evolution of discount rates and headroom in impairment testsnext annual report
- Delivery of the growth projected for ITMS and Axismed2026
- Effects of the Aspy discontinuation on revenue and group results2026
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 ATRYS HEALTH, S.A. group and its subsidiaries provide medical diagnostic services, including radiology, cardiology and teleradiology, as well as real-world data analysis 1. The activity is organized into cash-generating units (CGUs), each generally corresponding to a company or subgroup, which allows goodwill to be tested separately 1. The consolidated financial statements are presented as at 31 December 2025 1.
The group operates through several companies in Spain, Portugal, Germany, Brazil and Colombia, resulting mainly from successive acquisitions, which explains the large goodwill balance 1. Impairment tests are carried out every six months, based on discounted future cash flows, with assumptions drawn from budgets approved by the board of directors 1.
In fiscal 2025 the Aspy unit was discontinued and its assets were fully impaired through goodwill, indicating a reorientation of the portfolio 1.
Segments
Radiology and cardiology (ED)
The ED Radiology and ED Cardiology units belong to eDiagnostic, and the teleradiology and telecardiology activities are reported as separate CGUs, suggesting a significant weight of remote diagnosis 1.
Real-world data and ITMS
Real Life Data and the Global Telemed Systems (ITMS) group, together with Axismed, form separately tested units, with ITMS using a higher discount rate than many other CGUs 1.
Other international units
The Portuguese, Colombian and Bienzobas units complete the international portfolio, each with its own growth and discount rate assumptions 1.
Market context
The group estimates revenue growth based on a market study by the firm Candesic, which projects annual growth rates for each CGU, while costs beyond the budget year grow in line with the ECB inflation target 1. The long-term growth rates used are generally 2.0% for most units, but higher for ITMS and Axismed 1.
Discount rates, estimated by an independent expert, vary between units, being higher for the Colombian activity and Axismed, which reflects country and local market risk 1.
Trends
- Shorter business plan horizonmixed
The projection period was reduced from 8 to 6 years from 2024 and to 5 years in 2025, as acquisitions mature, which makes estimates more predictable 1.
- Portfolio reorganizationmixed
The discontinuation of Aspy and successive impairments for ICM and Atrys Portugal show a clean-up of weaker assets, which could improve returns on the remaining base if the trend holds 1.
- Cost and discount rate pressureheadwind
Higher discount rates in some CGUs and reduced headroom in the sensitivity scenarios could limit recoverable value if costs rise faster than revenue 1.
- Demand for remote diagnosistailwind
Revenue assumptions rely on signed contracts and sector data, suggesting steady demand for teleradiology and telecardiology services 1.
Competitive position
The official source does not identify direct competitors. The market estimates cite the Candesic study, and comparable companies would have to be identified from other sources 1.
Competitive position depends on the group's ability to keep contracts with insurers and clinics and to integrate acquisitions; if these deteriorate, the current advantage could shrink 1.
- Teleradiology and remote diagnosis providers
Regional competitors in teleradiology whose presence in the Spanish and Latin American markets is not described in the official source.
- Real-world data providers
Companies offering clinical data analytics and observational studies, competing with the Real Life Data unit.
- Remote cardiology service providers
Players offering telecardiology and monitoring, similar to the ED Cardiology activity.
- International medical service operators
Groups with diagnostic activities in several countries, comparable in model to the group's international structure.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202520 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / ATRYS HEALTH, S.A. · 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.