Equity Brief · Healthcare2026-10-27
SPI.L·Healthcare

Last results 30 Sept 2026

Spire Healthcare Group plc

I · AI Analysis

The brief

Spire runs private hospitals and clinics in the UK, offering diagnostic scans, day-case and inpatient surgery, outpatient consultations, and primary care services such as GP appointments and occupational health [Yahoo Finance]. The company treats patients across a wide range of specialties—orthopedics, cancer care, cardiology, women's health, neurology—and derives revenue from both privately insured and self-pay patients [Yahoo Finance].

Spire Healthcare Group operates 39 private hospitals and clinics across the United Kingdom, providing elective surgery, diagnostics, and outpatient care in areas including orthopedics, oncology, and cardiology [Yahoo Finance]. The company employs roughly 17,800 people and serves patients through both its hospital network and primary care services [Yahoo Finance]. Financial health is weak: trailing-twelve-month revenue through 30 June 2026 was £1.6 billion with a slight decline in the latest quarter, the company carries 6.7× net debt to EBITDA, and its Altman Z-score of 0.8 signals elevated distress risk [Yahoo Finance] [Sentinellis calculation].

Spire's balance sheet is highly leveraged and its profitability is near breakeven, raising concerns about debt serviceability.

The brief AI analysisConfidence 6/10

Sentinellis health

Significant risks

1.6/10

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

Profitability

16% of score0.0/10
Net margin-0.1%· need ≥ 6.9%, the lower third of Healthcare in our libraryGross margin+45.2%· need ≥ 57.4%, the lower third of Healthcare in our library

Returns on capital

16% of score0.0/10
ROIC+5.6%· need > 10%Return on equity-0.3%· need > 12%

Growth & momentum

11% of score0.0/10
Revenue growth-0.5%· need ≥ 2.9%, the lower third of Healthcare in our libraryOperating margin trend—· no data

Balance sheet

32% of score0.0/10
Current ratio0.6x· need > 1.2xNet debt / EBITDA6.7x· need < 3.5xInterest coverage1.2x· need > 3.0xDebt / equity1.80· need < 1.5

Cash generation

16% of score10.0/10
Free cash flowGBP 163.7MCash vs reported profitGBP 242.2M vs GBP 16.4M

Value creation

11% of score0.0/10
ROIC vs cost of capital-1.9pp· 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

GBP 993.5M

Revenue (TTM)

GBP 1.6B

Explainers

How we read these numbers

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Net debt of 6.7× EBITDA is materially above safe levels and leaves little cushion if operating cash flow weakens or refinancing costs rise [Sentinellis calculation].

1 of 5 risks in this report

Risks

5

Opportunities

4

Red flags

3

Leadership

10

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

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III · Related

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Produced 27 Oct 2026, 11:01 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