Why has Ramsay Health Care (ASX:RHC) risen around 75% in a year? 01 November 2026 01:51 AM AEDT Summarize with AI You are reading a free article with opinions that may differ from the recommendation given by Kalkine in its paid research reports. Become a Kalkine member today to get access to its research reports, in-depth technical and fundamental research. Learn more Highlights. * At 4:10 pm AEDT on 30 October 2026, RHC was quoted at AUD 55.60, with an approximate one-year rise of 75%. * Ramsay reported FY26 Revenue of AUD 18.6 billion and underlying NPAT excluding non-recurring items of AUD 364.1 million. * Shareholder meetings on the proposed Ramsay Santé separation are scheduled for 24 November 2026, subject to relevant approvals. Ramsay Health Care Limited (ASX:RHC) was quoted at AUD 55.60 at 4:10 pm AEDT on 30 October 2026, representing an increase of around 75% over the preceding year. Ramsay Health Care operates private hospitals and related healthcare services in Australia and the United Kingdom and holds a controlling interest in European healthcare operator Ramsay Santé. It offers acute and mental healthcare. FY26 results: revenue and earnings. In its FY26 Annual Report, dated 24 September 2026, Ramsay disclosed revenue from contracts with customers of AUD 18.6 billion, up 4.2% in constant currency terms. Underlying net profit after tax (NPAT), excluding non-recurring items, reached AUD 364.1 million, a 22.9% constant-currency increase. Reported NPAT attributable to owners of the parent was AUD 329.2 million. These figures cover the year ended 30 June 2026. Australian hospitals and capital allocation. The 24 September 2026 Annual Report described an Investment of about AUD 150 million in Australian development projects during FY26, focusing on procedural capacity at major hospitals in growth areas. It also reported approximately 90 basis points of additional utilisation of Australian treatment capacity while 22 theatres or procedure rooms were added. The company continued work on procurement, workforce scheduling and revenue-cycle management as part of its hospital transformation program. Proposed Ramsay Santé separation. On 20 February 2026, Ramsay announced a proposal to separate its European investment, Ramsay Santé, by distributing its shareholding to Ramsay shareholders. As reiterated in the annual report dated 24 September 2026, Ramsay held approximately 52.8% of Ramsay Santé. The proposed demerger would separate two geographically distinct businesses, but implementation is conditional on shareholder, court and regulatory approvals. According to the annual report's timetable, Shareholder meetings concerning the in-specie distribution are scheduled for 24 November 2026, after the annual general meeting. Until the relevant approvals are secured and implementation takes place, Ramsay Santé remains part of the group. Ramsay also stated that its Funding Group, consisting of Australia and the UK, is expected to deliver underlying EBIT growth and Margin improvement in FY27. Sector context and operating conditions. Private hospital operators work within funding structures shaped by health insurers, public healthcare budgets and patient demand. Ramsay's FY26 report identified government tariffs, negotiated insurer reimbursement, wage pressure and competition for clinical staff as important operating considerations. In France, Ramsay Santé faced limited hospital Tariff indexation relative to cost inflation; in the UK, reduced National Health Service volumes affected activity, according to the company. Risks and catalysts on watch. The principal uncertainties identified by Ramsay include labour availability and costs, clinical quality, regulation, insurer pricing, government funding, technology delivery, cyber security and inflation. The proposed Ramsay Santé separation also carries execution and approval risk. The reported share-price rise should therefore be viewed separately from the company's disclosed operating results and forward-looking statements. Dated corporate milestones include the shareholder meetings on 24 November 2026, an investor day scheduled for 30 November 2026 and the FY27 interim results planned for 25 February 2027. Updates on the separation proposal, Australian hospital utilisation, operating margins and cash generation are additional company-specific developments to monitor. Key developments ahead. As at 30 October 2026, Ramsay Health Care (ASX:RHC) had recorded a stated approximate 75% one-year share-price increase and published FY26 results showing higher revenue and underlying profit. The next scheduled disclosures and shareholder votes concern its proposed European separation and ongoing hospital operations. Neither the report nor the price data establishes a sole cause for the increase. FAQs. Q: what was Ramsay Health Care (ASX:RHC) quoted at on 30 October 2026? A: AUD 55.60 at 4:10 pm AEDT, with an approximately 75% one-year price rise as stated. Q: What did Ramsay report for FY26 revenue? A: AUD 18.6 billion, representing 4.2% growth in constant currency terms. Q: When is the Ramsay Santé shareholder vote scheduled? A: The relevant shareholder meetings are scheduled for 24 November 2026. Download Free Report - Explore 3 Stock Ideas & Industry Insights Unlock 3 stock ideas and key industry insights in its free report. This information is general in nature and does not consider your personal objectives, financial situation, or needs. It is not financial advice. All investments involve risk - consider independent advice before making any investment decisions. 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Ramsay Health Care vs Sonic Healthcare: which healthcare stock is better value? Which offers better value - Ramsay Health Care or Sonic Healthcare? I compare their fundamentals, dividends, momentum and reveal my pick for value. Published October 6, 3:00 pm AEDT Ramsay Health Care vs Sonic Healthcare shares. If you're weighing up Ramsay Health Care Ltd (ASX: RHC) and Sonic Healthcare Ltd (ASX: SHL) shares, you're not alone - these two are among the brightest lights in Australian healthcare. Yet, their business models, dividend policies and current market valuations are quite different. For value-seeking investors, there's a lot to unpack, so let's compare their fundamentals, dividend history, recent share price performance and what I think is the smarter buy right now. The case for Ramsay Health Care. Ramsay Health Care is one of the world's largest private hospital operators, with a vast portfolio spanning around 500 facilities - including hospitals, day surgeries, clinics, and mental health services - across 11 countries. Beyond Australia, Ramsay has substantial operations in Europe and the UK, and, according to its company profile, derives most of its revenue from Australia and Europe. This makes it a genuine global healthcare heavyweight, with a long track record in running complex, capital-intensive medical infrastructure. A couple of key numbers stand out. First, Ramsay's market cap sits at $12.58 billion, above Sonic's, marking it as the larger of the two companies. Its P/E ratio is 41.00, reflecting a rich valuation, especially compared to most of the market. Dividend hunters will note its 1.63% yield, but every cent of that payout is fully franked (100%). Its dividend per share for the most recent period was $0.97, again, all franked. The case for Sonic Healthcare. Sonic Healthcare is a global leader in pathology and diagnostic services. It's the largest private medical laboratory and pathology provider in key markets including Australia, the UK, Germany, and Switzerland. Most of Sonic's revenue comes from pathology, but the business also has a significant footprint in diagnostic imaging and medical centre operations in Australia, making it a diversified diagnostics powerhouse. Fundamentally, Sonic's story right now is quite different to Ramsay's. Its market capitalisation is $9.20 billion, a fair bit smaller than Ramsay's. But here's where things get interesting for value investors: its P/E ratio is 15.44, easily less than half of Ramsay's, suggesting Sonic shares are much more modestly valued at current earnings levels. Its dividend yield is a chunky 5.69%, and while only 60% franked for the latest payout, that's still a potentially appealing income stream. Recent dividends have totalled $1.08 per share. Valuation comparison. With several key differences apparent, here's how Ramsay and Sonic line up on the numbers that matter for value-focused investors: Note: Ramsay's reported P/E ratio may be based on a different earnings measure (e.g. underlying or forward earnings) than the EPS figure shown, which is why they may appear inconsistent. Simply put, if I'm judging pure valuation metrics, Sonic Healthcare looks much more attractively priced relative to its earnings and offers a much higher dividend yield, albeit with less franking than Ramsay. Ramsay's high P/E suggests the market is baking in a lot of future growth or sees it as much lower risk - or possibly a bit of both. Recent share price momentum. Comparing recent share price performance up to1 October 2026: * Ramsay Health Care closed at $54.48 on 1 Oct 2026, down 2.16% on the day but boasting impressive momentum over 2026 with a year-to-date return of 64.7%. * Sonic Healthcare finished at $18.61 on 1 Oct 2026, also dropping 2.00% that day, and is down 11.2% for the year to date. Over the past year, Ramsay has surged ahead and Sonic has gone backwards. For investors looking for momentum and the market's latest vote of confidence, Ramsay clearly wears the crown for 2026 so far. Which is the better buy? For me, as a value-seeking investor, Sonic Healthcare is the better buy right now. Here's why: Sonic's P/E ratio of 15.44 is far lower than Ramsay's 41.00, and yet its earnings per share are pretty similar. Even better, Sonic's dividend yield is well over three times Ramsay's (5.69% vs 1.63%), though franking is only 60% versus Ramsay's full 100%. Ramsay has had a great run this year, reflected in its huge year-to-date return, but that's precisely why I'd be cautious about buying it now - it's probably priced for perfection. Sonic, meanwhile, has lagged in the share price stakes and may well be out of favour, but it's this relative unloved status that gives it value appeal. Its business is less capital intensive, cash-generative and, in my eyes, looks like a classic opportunity for patient investors to scoop up a top ASX healthcare stock at a fair valuation, with a strong, fully-funded dividend yield to boot. So, if I had to buy one for value today, my pick would be Sonic Healthcare.