# Primary Health Properties PLC (PHP.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Real Estate / Equity Real Estate Investment Trusts (REITs). Price 94p, market value 2.4 billionp.

## Valuation
- **P/E (trailing): 15.6×** (5-yr avg 3214.3×, 3-yr avg 3185.7×). Primary Health Properties PLC trades at 15.6× trailing earnings, well below its own five-year average of 3214.3×: cheap by its own standards. The Real Estate median in the September 2026 study was 25.2×. Forward P/E is 12.3×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 0.11**. A PEG of 0.11 means the P/E is low relative to expected earnings growth: the market is not paying much for that growth.
- **Price / sales: 5.5×**. Each dollar of revenue is priced at 5.5×.
- **Price / book: 0.9×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 17.5×**. Enterprise value is 17.5× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 9.0%** (5-yr avg 0.1%). Free cash flow equals 9.0% of the market value, above its five-year average of 0.1%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.
- **Earnings yield: 6.4%**. The inverse of the P/E: 6.4% of the price is earned each year.

## Profitability
- **Gross margin: 87.7%**. Primary Health Properties PLC keeps 87.7% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 68.4%**. 68.4% of revenue is left after running the business, an exceptional level.
- **Net margin: 45.9%**. 45.9% of each dollar of sales reaches the bottom line.
- **Return on equity: 4.7%**. 4.7% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 4.9%**. Return on all capital, debt included, is 4.9%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: 2.7%**. Each dollar of assets produces 2.7% of profit.

## Growth
- **Revenue growth (1 yr): 42.5%** (3-yr 18.9%/yr, 5-yr 13.3%/yr). Revenue grew 42.5% over the last year, against 13.3% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): 114.2%** (3-yr 44.1%/yr, 5-yr -5.2%/yr). Earnings per share rose 114.2%, faster than revenue, so margins expanded or the share count shrank.
- **Free-cash-flow growth (3 yr): 9.5%/yr**. Free cash flow has compounded at 9.5% a year over three years, lagging earnings: check whether profits are turning into cash.

## Financial health
- **Debt to equity: 1.29**. Debt is 1.29 times equity, a leveraged balance sheet, which is normal for real estate.
- **Net debt / EBITDA: 10.1×**. It would take 10.1 years of operating earnings to repay net borrowings, above the 3× level most lenders treat as comfortable.
- **Interest coverage: 2.2×**. Operating profit covers interest 2.2×, thin but manageable.
- **Current ratio: 6.67** (quick 6.67). Current assets cover the next year's liabilities 6.67 times.
- **Altman Z-score: 1.17**. A Z-score of 1.17 is in the distress zone, a signal to examine the balance sheet closely.
- **Piotroski F-score: 5/9**. 5 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 7.80%** (0p per share, trailing). Primary Health Properties PLC yields 7.80%, high enough to check carefully: yields this high often precede a cut.
- **Payout ratio: 121%** (96% of free cash flow). The dividend exceeds earnings (121% payout), though free cash flow still covers it.
- **Consecutive years of increases: 26**. 26 straight years of increases (the data covers 26 years, so this may be longer): a record very few companies hold.
- **Dividend growth (5 yr): 3.8%/yr** (1-yr 2.9%). The dividend has grown 3.8% a year over five years.
- **Shareholder yield: 7.8%**. Dividends plus net buybacks return 7.8% of the market value a year.

## Analyst view
- **Analyst consensus: strong_buy** (9 analysts). 9 analysts cover Primary Health Properties PLC; the consensus is strong_buy, with an average price target of 116p (+24% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 4.0%** (YTD -4.4%, 3-mo 3.3%). The shares are up 4.0% over twelve months including dividends.
- **From 52-week high: -14.6%** (7.0% above the low). Trading 15% below its 52-week high.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 42**. An RSI of 42 is neutral.
- **Beta (1 yr): 0.88** (volatility 18%). Beta of 0.88 against the FTSE All-Share: the shares move roughly with the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=PHP.L · Page: https://foliofundamentals.com/stocks/php.l

Not investment advice.