Equity Brief · Healthcare2026-10-27
GDS.PA·Healthcare

Last results 6 Oct 2026

Ramsay Générale de Santé SA

I · AI Analysis

The brief

Ramsay Générale de Santé operates healthcare facilities across five European countries, providing services from primary care and surgery to mental health treatment, geriatrics, and telehealth [Yahoo Finance]. The company runs hospitals, medical centres, and specialized care facilities with about 40,600 employees [Yahoo Finance]. It operates as a subsidiary of Australia-based Ramsay Health Care Limited [Yahoo Finance].

Ramsay Générale de Santé is a French healthcare operator running hospitals, clinics, and medical centres across France, Sweden, Norway, Denmark, and Italy [Yahoo Finance]. The company faces significant financial strain, with a Health Score of 2.6 out of 10 and net debt exceeding 10 times its EBITDA [Sentinellis calculation]. Its parent company, Ramsay Health Care, is preparing a shareholder vote on a potential demerger that would split Ramsay Santé into a separate entity [Kalkine].

The company is generating strong free cash flow but carries extremely high debt and is currently unprofitable.

The brief AI analysisConfidence 6/10

Sentinellis health

Significant risks

2.6/10

7.5+ strong · 4.5–7.5 moderate · under 4.5 weak

Profitability

16% of score0.0/10
Net margin-0.9%· need ≥ 6.9%, the lower third of Healthcare in our libraryGross margin+27.8%· need ≥ 57.4%, the lower third of Healthcare in our library

Returns on capital

16% of score0.0/10
ROIC+2.5%· need > 10%Return on equity-3.7%· need > 12%

Growth & momentum

11% of score10.0/10
Revenue growth+3.3%Operating margin trend—· no data

Balance sheet

32% of score0.0/10
Current ratio0.8x· need > 1.2xNet debt / EBITDA10.3x· need < 3.5xInterest coverage0.9x· need > 3.0xDebt / equity3.49· need < 1.5

Cash generation

16% of score10.0/10
Free cash flowEUR 380.8MCash vs reported profitEUR 524.7M vs EUR -48.3M

Value creation

11% of score0.0/10
ROIC vs cost of capital-1.2pp· need ROIC above WACC

Sentinellis calculation from the published statements — not a score reported by any data source. Each category is scored on the checks that had data; missing inputs are excluded rather than counted as failures.

Market capitalisation

EUR 988.9M

Revenue (TTM)

EUR 5.4B

Explainers

How we read these numbers

Plain-English guides · no account needed

II · Recent news

What moved

3 stories · ranked by relevance

  • Company2026-10-18

    RAMSAY GENERALE DE SANTE : Evolution de la gouvernance - Mise à disposition du DEU 2026 - Assemblée Générale du 4 décembre 2026 - Yahoo Finance France

    Yahoo Finance France

  • Company2026-10-18

    RAMSAY GENERALE DE SANTE : Availability of the 2026 URD - Evolution in the Governance - Annual General meeting on 4th December 2026 - Yahoo Finance

    Yahoo Finance

  • Company2026-10-23

    Ramsay Health Care (ASX:RHC) Lines Up Ramsay Santé Demerger Vote After Underlying Profit Gains - Kalkine

    Kalkine

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Net debt sits at 10.3 times EBITDA, an extreme leverage ratio that raises refinancing and covenant risk [Sentinellis calculation].

1 of 6 risks in this report

Risks

6

Opportunities

5

Red flags

3

Leadership

10

13 more findings in the full report — free with any account.

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III · Related

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Produced 27 Oct 2026, 11:02 UTC

Figures come from company filings and market data. The Sentinellis health score and the wording attached to it are our interpretation of those figures, not numbers the company reported.

Not investment advice and not a recommendation to buy or sell. Sentinellis holds no positions in the companies it covers, takes no payment from issuers, and has no broker referral arrangements.

How every figure and score is calculated