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olivLaw · European equity research

PRIM, S.A. PRM.MC

Spain · BME Madrid · ISIN ES0170884417 · Vertical: Listed companies from Spain

12.35EUR0.00% · 1 dayClose 05 Nov 2026

PRIM, S.A. is a Spanish orthopaedics and medical device group with orthopaedic centres and factories in Spain and Portugal, active since 1870 and incorporated as a public limited company in 1966. In fiscal 2025 the group generated 30.5 mn EUR of operating cash flow, showing its internal funding capacity while it keeps investing in capacity. Its relevance grows as public health systems and mutual insurers increasingly outsource the supply of prostheses and technical aids.

At the close of 05 Nov 2026, PRIM, S.A. (PRM.MC) stock was 12.35 EUR (+0.00% on the day), with market capitalisation 210.2 m EUR, P/E 12.6 on diluted EPS of 0.98 EUR over the last 12 months, dividend yield 3.80%, beta 0.23, 52-week range 12.30–13.85 EUR.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
210.2 m EUR
shares as of 31 Dec 2025
P/E (TTM)
12.6
Diluted EPS TTM 0.98 · TTM to 31 Dec 2025
E/P (TTM)
7.94%
TTM to 31 Dec 2025
Dividend yield
3.80%
DPS 12m 0.47
Beta (2y)
0.23
Volatility (1y) 23%
52-week range
12.3013.85

Price history

Loading chart…

Technical reading

RSI (14)
38.1
weak (30–45)
Bollinger (20, 2)
12.25 – 12.76
in the lower half of the band · %B 0.19 · band width 4.1%
SMA 50 / 200
12.71 / 13.01
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.10 / -0.09
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

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month−2.4%−0.6%−1.7 pp—
3 months−7.5%−4.2%−3.3 pp—
6 months−6.4%+4.3%−10.8 pp—
Year to date−6.4%+7.5%−13.9 pp—
1 year−10.8%+9.9%−20.8 pp+6.7%
3 years+12.3%+49.8%−37.6 pp+31.5%
5 years−14.5%+42.8%−57.4 pp—
Max drawdown (1y)
−11.2%
04 Dec 2025 → 24 Mar 2026
Max drawdown (5y)
−39.0%
01 Apr 2022 → 28 Jan 2025
Compound annual growth (5y)
−3.1%
EURO STOXX 50 +7.4%

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 0 percentile of its own 2-quarter history (min 13.5, median 14.3, max 15.0; quarters with earnings only).

Fiscal years

Fiscal year202320242025
Revenue216.5 m233.1 m251.8 m
Revenue YoYunavailable+7.7%+8.0%
Net income12.7 m10.9 m16.7 m
Net income YoYunavailable−13.8%+52.8%
Diluted EPSunavailable0.640.98
Diluted EPS YoYunavailableunavailable+53.1%
net %5.9%4.7%6.6%
Free cash flowunavailableunavailableunavailable

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
18.3 m EUR
Financial debt
7.2 m EUR
Net debt
-11.1 m EUR
Equity
137.6 m EUR
Total assets
196.5 m EUR
Debt / equity
0.05x
Current ratio
2.99x
ROE
12.5%
ROA
8.6%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (EUR)

Margins

Income statement · EUR

Revenue
2023
216.5 m
2024
233.1 m
2025
251.8 m

esef· 20 Oct 2026verified

Cost of revenue
2023
92.7 m
2024
104.3 m
2025
103.1 m

esef· 20 Oct 2026verified

Gross profit
2023
123.8 m ≈
2024
128.8 m ≈
2025
148.7 m ≈

esef· 20 Oct 2026derived

Operating income
2023
16.0 m
2024
15.6 m
2025
22.3 m

esef· 20 Oct 2026verified

Interest expense
2023
826.4 k
2024
773.7 k
2025
537.7 k

esef· 20 Oct 2026verified

Pre-tax income
2023
17.0 m
2024
14.3 m
2025
21.8 m

esef· 20 Oct 2026verified

Income tax
2023
4.4 m
2024
3.4 m
2025
5.1 m

esef· 20 Oct 2026verified

Net income
2023
12.7 m
2024
10.9 m
2025
16.7 m

esef· 20 Oct 2026verified

Diluted EPS
2023
—
2024
0.64
2025
0.98

esef· 20 Oct 2026verified

Dividend per share
2023
—
2024
0.45
2025
0.47

esef· 20 Oct 2026derived

Balance sheet · EUR

Cash
2023
6.4 m
2024
9.6 m
2025
18.3 m

esef· 20 Oct 2026verified

Receivables
2023
62.0 m
2024
50.3 m
2025
50.1 m

esef· 20 Oct 2026verified

Inventories
2023
68.8 m
2024
70.4 m
2025
67.3 m

esef· 20 Oct 2026verified

Current assets
2023
144.5 m
2024
134.9 m
2025
140.9 m

esef· 20 Oct 2026verified

Property, plant & equipment, net
2023
17.6 m
2024
18.7 m
2025
21.1 m

esef· 20 Oct 2026verified

Goodwill
2023
9.5 m
2024
11.4 m
2025
11.5 m

esef· 20 Oct 2026verified

Intangibles (excl. goodwill)
2023
14.2 m
2024
12.8 m
2025
11.7 m

esef· 20 Oct 2026verified

Total assets
2023
200.1 m
2024
190.3 m
2025
196.5 m

esef· 20 Oct 2026verified

Accounts payable
2023
44.0 m
2024
38.2 m
2025
37.0 m

esef· 20 Oct 2026verified

Long-term debt
2023
8.5 m
2024
7.6 m
2025
7.2 m

esef· 20 Oct 2026verified

Current liabilities
2023
62.1 m
2024
49.4 m
2025
47.1 m

esef· 20 Oct 2026verified

Equity
2023
125.8 m
2024
128.9 m
2025
137.6 m

esef· 20 Oct 2026verified

Shares outstanding at year end
2023
—
2024
17.1 m
2025
17.0 m

esef· 20 Oct 2026derived

Cash flow · EUR

Capex
2023
8.8 m
2024
0
2025
1.3 m

esef· 20 Oct 2026verified

Investing cash flow
2023
-3.7 m
2024
-7.5 m
2025
-10.1 m

esef· 20 Oct 2026verified

Financing cash flow
2023
10.5 m
2024
-11.3 m
2025
-11.6 m

esef· 20 Oct 2026verified

Dividends paid
2023
6.2 m
2024
7.6 m
2025
8.0 m

esef· 20 Oct 2026verified

Share repurchases
2023
—
2024
0
2025
434.7 k

esef· 20 Oct 2026verified

Computed indicators

Growth

Revenue growth (YoY)
8.0%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
43.0%
computed by olivLawFY 2025
Net income growth (YoY)
52.8%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
53.1%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
59.0%
computed by olivLawFY 2025
EBITDA margin
unavailable
input data missing
EBIT margin
8.9%
computed by olivLawFY 2025
Net margin
6.6%
computed by olivLawFY 2025
FCF margin
unavailable
input data missing

Returns

ROE
12.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
8.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
13.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROCE
14.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
47.9%
computed by olivLawFY 2025
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-11.1 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.1x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
41.5x
computed by olivLawFY 2025

Liquidity

Current ratio
3.0x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
1.6x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.4x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
unavailable
input data missing
Capital expenditure
1.3 m EUR
computed by olivLawFY 2025
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
73 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days inventory outstanding
244 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
133 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Cash conversion cycle
183 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

Market and valuation

Market capitalisation
210.2 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
199.2 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
12.6x
computed by olivLawFY 2025
P/E (TTM)
12.6x
computed by olivLawFY 2025
Earnings yield
7.9%
computed by olivLawFY 2025
P/B
1.5x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
0.8x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
8.9x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/Sales
0.8x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
3.8%
computed by olivLawFY 2025
Shareholder yield (distributions)
4.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 43.8% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

12.35 EUR

05 Nov 2026Source: olivLaw, closing series

Market cap: 210.2 m EUR

Key indicators

Market capitalisation
210.2 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
12.6x
computed by olivLawFY 2025
P/B
1.5x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
12.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
6.6%
computed by olivLawFY 2025
Revenue growth (YoY)
8.0%
computed by olivLawFY 2025
Dividend yield
3.8%
computed by olivLawFY 2025

Coverage and freshness

28/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: esefpublished 20 Oct 2026
verified 81derived 4

Score by group

44% · Insufficient data

Estimated value range

Low
10.63
EUR per share
Mid
13.42
EUR per share
High
15.49
EUR per share
Price: 12.35 EUR
The price is within the range
Potential to the central value: 8.7% (value / price − 1)
Margin of safety: 8.0% (1 − price / value)
Agreement between methods: low · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 6.38 – 22.28 EUR.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (EUR per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/E14.88 – 22.28 (Mid 19.48)
    18 companies used · median multiple 19.9x · quartiles 15.2x – 22.7x
    ACS.MC, ADX.MC, AEDAS.MC, AENA.MC, AMS.MC, ANA.MC, CAF.MC, CLEO.MC, CMO.MC, DESA.MC, DIA.MC, EAT.MC, EDR.MC, ELE.MC, ENER.MC, ENO.MC, FAE.MC, FCC.MC
  • Dividend discount (DDM)6.38 – 8.70 (Mid 7.36)

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: score weight coverage: 43.8% of at least 60%

FactorValueScoreWeight used
ROIC · Quality13.5%29 (vs peers)24%
Net margin · Quality6.6%54 (vs peers)14%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet41.5x100 (on a fixed band)14%
Current ratio · Balance sheet3.0x100 (on a fixed band)10%
P/E (TTM) · Valuation12.6x86 (vs peers)24%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returns4.0%57 (on a fixed band)14%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet100/100 · 2/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality38/100 · 2/3 factors with a value
  • Returns· partial57/100 · 1/2 factors with a value
  • Valuation· partial86/100 · 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

PRIM, S.A. (PRM.MC). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 251.8 m EUR in 2025; YoY growth 8.0%; net margin 6.6%; ROE 12.5%.

The estimated value range is 10.63–15.49 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 13.42 EUR, the price of 12.35 EUR leaves a potential of 8.7% (value / price − 1) and a margin of safety of 8.0% (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: 43.8% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Interest coverage: 41.5x
  • Current ratio: 3.0x
  • P/E (TTM): 12.6x

What contradicts it

  • ROIC: 13.5%
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).

Versus the vertical median

Listed companies from Spain · same country · compared with 39 companies

Multiples and returns vs the median

P/E
12.6x
vertical median 20.3x
below median (−37.8%)
EV/EBITDA
—
vertical median —
P/S
0.8x
vertical median 0.9x
at median
P/B
1.5x
vertical median 2.5x
below median (−38.5%)
ROE
12.5%
vertical median 10.5%
above median (+19.2%)
Net margin
6.6%
vertical median 4.5%
above median (+46.1%)
EBIT margin
8.9%
vertical median 10.2%
below median (−12.9%)
Revenue YoY
8.0%
vertical median 2.2%
above median (+261.9%)
Net debt/EBITDA
—
vertical median -0.2x
Dividend yield
3.8%
vertical median 3.0%
above median (+28.5%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
ELE.MCEndesa SA46.9 bn21.426.4%10.5%+0.5%+43% / +134%
AENA.MCAena S.m.e. SA42.6 bn19.924.2%34.0%+8.9%+21% / +79%
AMS.MCAmadeus It Group Sociedad Anonima26.2 bn19.826.9%20.5%+6.1%−6% / −5%
ACS.MCAcs Actividades De Construccion Y Servicios, S.A.21.9 bn23.019.9%1.9%+19.7%+7% / +134%
ANA.MCAcciona SA11.7 bn14.516.9%4.0%+5.5%+24% / +66%
FCC.MCFomento De Construcciones Y Contratas S.A.5.0 bn30.35.3%1.7%+6.9%−8% / −14%
DIA.MCDistribuidora Internacional De Alimentacion SA2.7 bn20.6165.6%2.2%−2.7%+51% / +380,733%
CMO.MCCementos Molins S.A.2.5 bn13.614.3%18.0%−3.1%+31% / unavailable
ENO.MCElecnor SA2.4 bn21.910.5%2.5%+15.1%−3% / +58%
ALM.MCAlmirall S.A.2.4 bn51.13.1%4.2%+12.4%−11% / +32%
FAE.MCFaes Farma SA1.5 bn19.310.8%13.0%+23.7%+3% / +57%
AEDAS.MCAedas Homes SA1.0 bn17.157.8%7.0%−24.8%+0% / +38%
EDR.MCEdreams Odigeo SA574.4 m11.521.0%7.8%−0.4%+40% / −24%
EAT.MCAmRest Holdings SE506.0 m31.44.3%0.6%+0.1%−34% / −61%
ADX.MCAudax Renovables S.A.468.5 m23.99.3%1.0%−5.4%−23% / −18%
PRM.MCPrim, S.A.210.2 m12.612.5%6.6%+8.0%−5% / +18%
ATRY.MCAtrys Health, S.A.200.4 m—-49.5%-71.1%+8.5%−3% / −29%
ENER.MCEcoener, S.A.175.6 m32.24.2%6.4%+3.6%−34% / −6%
ADZ.MCAdolfo Dominguez SA62.9 m38.39.0%1.2%+1.8%+39% / +40%
DESA.MCDesarrollos Especiales De Sistemas De Anclaje S.A.44.8 m9.2152.3%10.0%+2.2%+19% / unavailable
EZE.MCGrupo Ezentis SA29.0 m——-9.3%+147.2%−30% / −37%
CLEO.MCCompañia Levantina De Edificacion Y Obras Publicas SA17.3 m14.44.1%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 m0.010.0%7.7%−4.0%−0% / +19%
A3M.MCAtresmedia Corporacion De Medios De Comunicacion, S.A.——7.9%6.9%−2.7%+13% / +60%

1- and 3-year price returns: for PRM.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.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (EUR)

Estimated priceBearBaseBull
1 years
7.56
Total return -36% · Per year -36%
13.34
Total return 12% · Per year 12%
20.06
Total return 67% · Per year 67%
3 years
7.86
Total return -27% · Per year -10%
15.56
Total return 39% · Per year 12%
25.62
Total return 124% · Per year 31%
5 years
8.18
Total return -18% · Per year -4%
18.15
Total return 71% · Per year 11%
32.72
Total return 197% · Per year 24%
What moves the 3-year price the most
  • Exit P/E± 3.89
  • Net margin± 2.72
  • Annual revenue growth± 2.16
  • Annual dilution± 0.23

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

PRIM, S.A. is a Spanish orthopaedics and medical device group with orthopaedic centres and factories in Spain and Portugal, active since 1870 and incorporated as a public limited company in 1966. In fiscal 2025 the group generated 30.5 mn EUR of operating cash flow, showing its internal funding capacity while it keeps investing in capacity. Its relevance grows as public health systems and mutual insurers increasingly outsource the supply of prostheses and technical aids.

SWOT

Strengths

  • Long operating history, extensive orthopaedic centre network and in-house manufacturing capacity.
  • Solid equity base and rising operating cash flow.
  • Experience in taking part in public tenders through temporary business associations.

Weaknesses

  • High dependence on public funding and contracts with mutual insurers.
  • Activity concentrated in the Spanish market, with limited presence outside the Iberian Peninsula.
  • Integration of recent acquisitions may absorb management resources.

Opportunities

  • Growing demand for technical aids linked to population ageing.
  • Expansion in Italy and Portugal through the acquired companies.
  • Development of the geriatric residence activity provided for in the corporate purpose.

Threats

  • Price pressure in public tenders could reduce margins.
  • Delays in administration payments may affect cash flow.
  • Competition from large European suppliers and local distributors.

Risks

  • Dependence on public contractshigh

    Revenue depends heavily on winning and renewing tenders with mutual insurers and public bodies, which can be lost or changed.

  • Late paymentsmedium

    Long administrative payment terms can strain liquidity and working capital.

  • Acquisition integrationmedium

    Recent acquisitions in Italy and in the laboratory segment could generate unforeseen integration costs.

  • Currency exposurelow

    Activity in Portugal and Italy brings exposure to exchange-rate moves, visible in currency differences in cash flows.

  • Health regulationmedium

    Changes to medical device rules and prescription conditions could affect the product range and compliance costs.

Investment thesis

What would need to be true (bull case)

  • If operating cash flow stays near its fiscal 2025 level, the group could fund investments and dividends without significant new borrowing.
  • An ageing population could support long-term demand for orthopaedics and technical aids.
  • Experience in temporary business associations could help win new contracts with mutual insurers.

What would break the thesis

  • If public funding tightens, delayed payments could weigh on cash flow and margins.
  • Concentration on the Spanish market could leave the group exposed to regulatory changes there.
  • Integrating recent acquisitions could delay the synergies that are expected.

What to watch

  • Trend in operating cash flow and collection periods2026
  • Tender outcomes and renewal of mutual insurer contracts2026
  • Integration of the acquired companies in Italy2026
  • Dividend policy relative to investment spendingnext 10-K

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 is headquartered in Fuencarral (Madrid) and operates through the parent and subsidiaries, including Establecimientos Ortopédicos Prim, Laboratorios Herbitas, Teyder, EasyTech in Italy and Prim Produtos de Saúde in Portugal 1. Its corporate purpose covers manufacturing, sale and distribution of orthopaedic and medico-surgical material, as well as the construction and management of geriatric residences and real estate operations 1. Activity is carried out from factories, orthopaedic centres and delegations spread across Spain and Portugal 1.

An important part of the business model is the temporary business associations (UTE) through which the group supplies orthoprosthetic material and technical aids to accident and occupational disease mutual insurers and public bodies, usually under public tenders 1. These UTEs are consolidated proportionally to the participation share, typically 50% or 70% 1.

The capital structure evolved in 2025: total equity reached 137.6 mn EUR and the group paid dividends of 7.98 mn EUR 1. The company invested over 12 mn EUR in property, plant, intangibles and other investments in 2025 1.

Segments

Orthopaedics and prosthetics

The main segment comprises the orthopaedic centres and the supply of external prostheses, orthoses and technical aids, delivered through the centre network in Spain and through contracts with mutual insurers 1.

Devices and laboratories

Laboratorios Herbitas, Grupo Led 3D and the manufacturing subsidiaries in Petrer, Valencia and Sant Vicenç dels Horts produce or finish customised devices and components, which feed both the group's own network and third-party customers 1.

Market context

The group's main market is Spain, where demand for prostheses and technical aids depends on public funding, mutual insurer tenders and the health system 1. Activity in Portugal and Italy is much smaller but growing through recent acquisitions 1.

Operating cash flow rose significantly in 2025, which points to better conversion of public contracts, although sensitivity to the administration's payment terms remains a feature of the sector 1.

Trends

  • Public tenders and long-term contractsmixed

    Mutual insurers and public bodies award contracts through tenders, which gives visibility but also pressure on prices and payment conditions 1.

  • Ageing populationtailwind

    Rising demand for orthopaedics and technical aids linked to an older population could support long-term volumes if public funding stays stable 1.

  • Pressure on public financesheadwind

    Budget constraints in the health system could slow payments and reduce supplier margins, which would affect cash conversion 1.

  • Consolidation through acquisitionsmixed

    Acquisitions such as those in Italy and in the laboratory segment widen geographic and product reach, but also bring integration risks 1.

Competitive position

The group competes with other Spanish and European orthopaedic and medical device suppliers, as well as national distributors that win the same public tenders 1. Its position depends on its centre network and its ability to take part in mutual insurer tenders.

  • Ottobock

    German orthopaedics and prosthetics maker active in similar European markets.

  • Össur

    Icelandic prosthetics and orthopaedics company with a presence in Europe.

  • Spanish orthopaedic distributors

    Domestic firms that compete for the same contracts with mutual insurers.

  • Large European general medical suppliers

    Groups with medical product lines that can enter orthopaedic tenders.

News & filings

In the press

Annual reports (ESEF)

Sources

  1. [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / PRIM, 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.

PRIM, S.A. (PRM.MC): stock, results, valuation and forecast · olivLaw