# Primary Health Properties (PHP.LSE)

Canonical: https://gigainvestors.com/s/PHP.LSE

Analysis as of: 2026-10-16T07:39:08.215Z. Financial observations: FY1996–FY2025.

Listing currency: GBX. Reporting currency: GBP.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 90.05 per share; close as of 2026-10-15.

Estimated value: low GBX 26.39 per share, central GBX 29.89 per share, high GBX 34.55 per share. Buy at or below the central value GBX 29.89 per share. Valuation as of 2026-10-16T07:39:08.215Z; scenarios are not confidence intervals.

Expected annual return: 5.2% at the stated quote. About 5.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 0.23×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.88×

- FY2017: 0.86×

- FY2018: 0.84×

- FY2020: 0.87×

- FY2021: 0.64×

- FY2022: 1.14×

- FY2023: 0.50×

- FY2024: 0.57×

- FY2025: 0.78×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 3.4%

- ROIC, second-lowest year: 3.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.0%

- ROIC including acquisitions, ten-year median: 2.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 5.1%

- FY2017: 3.2%

- FY2018: 4.1%

- FY2019: -2.4%

- FY2020: 4.4%

- FY2021: 5.1%

- FY2022: 3.5%

- FY2023: 3.1%

- FY2024: 3.4%

- FY2025: 3.4%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.74×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 283M

- Net income, five-year total: GBP 384M

- Return on incremental invested capital: 23.8%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: 8.6 pp

- Working capital / revenue, final three-year average: 10.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 1.03×

- FY2024: 1.02×

- FY2025: 0.14×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 4.1% vs 3.4%

- Per-share earnings: 0.11 to 0.03 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 17.3%

- Ordinary dilution, 5-year annual growth: 13.3%

- Market cap gain: GBP 1.8B

- Cumulative retained earnings: GBP 532M

- Diluted shares, 10-year annual growth: 17.3%

- Diluted shares, 5-year annual growth: 13.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -14.2%

- Per-share value change: GBP -0.07

- Per-share value, starting three-year median: GBP 0.11

- Per-share value, ending three-year median: GBP 0.03

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 3.7%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: GBP 6.2M

- Cumulative net income, 10 years: GBP 635M

- ROIC, first three-year median: 4.1%

- ROIC, last three-year median: 3.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 0.06

- FY2017: GBP 0.14

- FY2018: GBP 0.10

- FY2019: GBP -0.06

- FY2020: GBP 0.08

- FY2021: GBP 0.10

- FY2022: GBP 0.04

- FY2023: GBP 0.02

- FY2024: GBP 0.03

- FY2025: GBP 0.05

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: 0.2%

- Receivables to sales index (DSRI): 1.61×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.87×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.1%

- FY2017: 2.3%

- FY2018: 0.4%

- FY2019: -5.0%

- FY2020: 1.2%

- FY2021: 1.4%

- FY2022: -0.8%

- FY2023: -3.8%

- FY2024: -3.4%

- FY2025: 0.2%

## Holders

## Price story

Down 41% since Oct 2021 · sales +42.5%

Story as of 2026-10-16T10:00:10.492Z; price observation 2026-10-15.

Price needs cash profits to grow 15.1% a year for ten years

### Sales · FY2024–2025

sales +42.5%; source https://filings.xbrl.org/213800Y5CJHXOATK7X11/2024-12-31/ESEF/GB/0/213800Y5CJHXOATK7X11-2024-12-31/reports/213800Y5CJHXOATK7X11-2024-12-31-T01.xhtml; observed 2025-03-18.

- FY2016: GBP 67M 

- FY2017: GBP 73M 

- FY2018: GBP 80M 

- FY2019: GBP -47M 

- FY2020: GBP 129M 

- FY2021: GBP 223M 

- FY2022: GBP 86M 

- FY2023: GBP 170M 

- FY2024: GBP 182M 

- FY2025: GBP 259M 

### Gross margin · FY2025

gross margin 89.6%; source https://filings.xbrl.org/213800Y5CJHXOATK7X11/2024-12-31/ESEF/GB/0/213800Y5CJHXOATK7X11-2024-12-31/reports/213800Y5CJHXOATK7X11-2024-12-31-T01.xhtml; observed 2025-03-18.

- FY2016: 98.8% 

- FY2017: 98.3% 

- FY2018: 96.0% 

- FY2023: 88.9% 

- FY2024: 85.7% 

- FY2025: 89.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in property rentals; annual sales are GBP 259 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-18); FY2025: revenue 259000000; grossProfit 232000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 85.7% to 89.6% during 2023–25; it earns 3.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-18); FY2023: grossProfit / revenue = 88.9%.

- Source: https://filings.xbrl.org/213800Y5CJHXOATK7X11/2024-12-31/ESEF/GB/0/213800Y5CJHXOATK7X11-2024-12-31/reports/213800Y5CJHXOATK7X11-2024-12-31-T01.xhtml (filed 2025-03-18); FY2024: grossProfit / revenue = 85.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-18); FY2025: grossProfit / revenue = 89.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-18); 10-year return on capital observations [[2016,0.05100930468210365],[2017,0.03247396764950562],[2018,0.040816652400413274],[2019,-0.023561050216670914],[2020,0.04430029269836247],[2021,0.05101594931177627],[2022,0.03497221576138112],[2023,0.030805773798647906],[2024,0.03356303202269963],[2025,0.03373271475522101]]; median 0.03435246525830106. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 2.3% of cash earnings on expansion; earns 23.8% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-18); FY2016: growth capex 59300000; upkeep -59300000; owner earnings 43701000. Growth capex / owner earnings = 1.356948353584586.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-18); FY2017: growth capex 106621220.71074854; upkeep -31221220.71074854; owner earnings 60521220.71074854. Growth capex / owner earnings = 1.7617162948567668.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-18); FY2018: growth capex 66500000; upkeep -66500000; owner earnings 74300000. Growth capex / owner earnings = 0.8950201884253028.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-18); FY2020: growth capex 0; upkeep 0; owner earnings 112206297. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-18); FY2021: growth capex 146163442; upkeep 236558; owner earnings 140100000. Growth capex / owner earnings = 1.043279386152748.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-18); FY2022: growth capex 0; upkeep 0; owner earnings 56528485. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-18); FY2023: growth capex 0; upkeep 0; owner earnings 28200000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/213800Y5CJHXOATK7X11/2024-12-31/ESEF/GB/0/213800Y5CJHXOATK7X11-2024-12-31/reports/213800Y5CJHXOATK7X11-2024-12-31-T01.xhtml (filed 2025-03-18); FY2024: growth capex 0; upkeep 0; owner earnings 42300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-18); FY2025: growth capex 368633.6051314026; upkeep 103631366.3948686; owner earnings 16368633.605131403. Growth capex / owner earnings = 0.022520731664238586.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-18); Incremental return on capital 0.23802587999907776, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-18); Dividend observations: [[2016,24734000],[2017,29800000],[2018,34700000],[2019,54400000],[2020,69100000],[2021,74400000],[2022,81600000],[2023,89500000],[2024,92100000],[2025,144000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 5.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PHP.LSE SharesStats.PercentInsiders = 5.8709999999999996 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 15.1% yearly over ten years; actual decline was 24.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-18); Ten-year compound average after fade. Initial solved rate 0.20609004898665317. Price 90.05; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.10561764797912379 → FY2025 0.006281070720373243. Closing-price date 2026-10-15.

## Monthly share-price history (GBX per share)

- 2016-10: GBX 111.17 per share

- 2016-11: GBX 110.68 per share

- 2016-12: GBX 110.92 per share

- 2017-01: GBX 105.69 per share

- 2017-02: GBX 109.43 per share

- 2017-03: GBX 110.18 per share

- 2017-04: GBX 112.92 per share

- 2017-05: GBX 112.17 per share

- 2017-06: GBX 113.42 per share

- 2017-07: GBX 115.41 per share

- 2017-08: GBX 119.65 per share

- 2017-09: GBX 121.89 per share

- 2017-10: GBX 118.15 per share

- 2017-11: GBX 114.41 per share

- 2017-12: GBX 116.66 per share

- 2018-01: GBX 115.26 per share

- 2018-02: GBX 115.86 per share

- 2018-03: GBX 110.20 per share

- 2018-04: GBX 112.80 per share

- 2018-05: GBX 112.60 per share

- 2018-06: GBX 116.60 per share

- 2018-07: GBX 113.20 per share

- 2018-08: GBX 113.20 per share

- 2018-09: GBX 113.80 per share

- 2018-10: GBX 109.60 per share

- 2018-11: GBX 110.20 per share

- 2018-12: GBX 111.00 per share

- 2019-01: GBX 115.20 per share

- 2019-02: GBX 123.00 per share

- 2019-03: GBX 129.80 per share

- 2019-04: GBX 131.40 per share

- 2019-05: GBX 136.80 per share

- 2019-06: GBX 133.40 per share

- 2019-07: GBX 131.60 per share

- 2019-08: GBX 136.60 per share

- 2019-09: GBX 132.60 per share

- 2019-10: GBX 141.40 per share

- 2019-11: GBX 147.20 per share

- 2019-12: GBX 160.00 per share

- 2020-01: GBX 157.40 per share

- 2020-02: GBX 144.80 per share

- 2020-03: GBX 160.60 per share

- 2020-04: GBX 154.00 per share

- 2020-05: GBX 154.00 per share

- 2020-06: GBX 156.60 per share

- 2020-07: GBX 153.80 per share

- 2020-08: GBX 152.40 per share

- 2020-09: GBX 148.40 per share

- 2020-10: GBX 144.00 per share

- 2020-11: GBX 142.00 per share

- 2020-12: GBX 152.80 per share

- 2021-01: GBX 145.20 per share

- 2021-02: GBX 152.00 per share

- 2021-03: GBX 148.20 per share

- 2021-04: GBX 151.20 per share

- 2021-05: GBX 153.80 per share

- 2021-06: GBX 153.90 per share

- 2021-07: GBX 163.80 per share

- 2021-08: GBX 168.50 per share

- 2021-09: GBX 150.90 per share

- 2021-10: GBX 153.60 per share

- 2021-11: GBX 150.00 per share

- 2021-12: GBX 151.40 per share

- 2022-01: GBX 143.70 per share

- 2022-02: GBX 135.40 per share

- 2022-03: GBX 148.30 per share

- 2022-04: GBX 144.70 per share

- 2022-05: GBX 148.20 per share

- 2022-06: GBX 136.30 per share

- 2022-07: GBX 147.60 per share

- 2022-08: GBX 136.70 per share

- 2022-09: GBX 113.40 per share

- 2022-10: GBX 111.10 per share

- 2022-11: GBX 111.30 per share

- 2022-12: GBX 110.80 per share

- 2023-01: GBX 112.10 per share

- 2023-02: GBX 108.30 per share

- 2023-03: GBX 101.20 per share

- 2023-04: GBX 106.50 per share

- 2023-05: GBX 99.70 per share

- 2023-06: GBX 95.45 per share

- 2023-07: GBX 94.50 per share

- 2023-08: GBX 94.05 per share

- 2023-09: GBX 93.00 per share

- 2023-10: GBX 89.75 per share

- 2023-11: GBX 97.55 per share

- 2023-12: GBX 103.80 per share

- 2024-01: GBX 97.15 per share

- 2024-02: GBX 89.35 per share

- 2024-03: GBX 93.75 per share

- 2024-04: GBX 91.75 per share

- 2024-05: GBX 93.25 per share

- 2024-06: GBX 91.75 per share

- 2024-07: GBX 92.35 per share

- 2024-08: GBX 96.75 per share

- 2024-09: GBX 102.00 per share

- 2024-10: GBX 95.35 per share

- 2024-11: GBX 95.25 per share

- 2024-12: GBX 93.30 per share

- 2025-01: GBX 94.20 per share

- 2025-02: GBX 94.00 per share

- 2025-03: GBX 93.80 per share

- 2025-04: GBX 102.40 per share

- 2025-05: GBX 100.60 per share

- 2025-06: GBX 98.90 per share

- 2025-07: GBX 96.15 per share

- 2025-08: GBX 92.00 per share

- 2025-09: GBX 91.30 per share

- 2025-10: GBX 93.65 per share

- 2025-11: GBX 97.50 per share

- 2025-12: GBX 97.90 per share

- 2026-01: GBX 103.60 per share

- 2026-02: GBX 108.30 per share

- 2026-03: GBX 90.85 per share

- 2026-04: GBX 93.40 per share

- 2026-05: GBX 93.85 per share

- 2026-06: GBX 95.70 per share

- 2026-07: GBX 94.45 per share

- 2026-08: GBX 95.55 per share

- 2026-09: GBX 91.70 per share

- 2026-10: GBX 90.05 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 70.51 per share, central GBX 80.15 per share, high GBX 92.99 per share

- FY2017: low GBX 87.34 per share, central GBX 99.33 per share, high GBX 115.28 per share

- FY2018: low GBX 98.68 per share, central GBX 112.20 per share, high GBX 130.21 per share

- FY2024: low GBX 93.48 per share, central GBX 106.37 per share, high GBX 123.53 per share

- FY2025: low GBX 25.86 per share, central GBX 29.34 per share, high GBX 33.99 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:44:49.172Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800Y5CJHXOATK7X11/2024-12-31/ESEF/GB/0/213800Y5CJHXOATK7X11-2024-12-31/reports/213800Y5CJHXOATK7X11-2024-12-31-T01.xhtml); period 2024-12-31, filed 2025-03-18.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations