# Spire Healthcare Group (SPI.LSE)

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

Analysis as of: 2026-10-16T07:42:54.919Z. Financial observations: FY2011–FY2025.

Listing currency: GBX. Reporting currency: GBP.

## Verdict

Not a wonderful business

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

Share price: GBX 247.50 per share; close as of 2026-10-15.

## 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: 2

- Operating margin variation: 0.13×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.12×

- FY2017: 0.10×

- FY2018: 0.10×

- FY2019: 0.10×

- FY2020: 0.08×

- FY2021: 0.07×

- FY2022: 0.09×

- FY2023: 0.09×

- FY2024: 0.09×

- FY2025: 0.09×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 6.3%

- ROIC, second-lowest year: 4.5%

- Typical minus recent gross margin: 0.9 pp

- Typical gross margin (annual median): 38.8%

- Recent gross margin (lower of latest and 3-year median): 37.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.8%

- ROIC including acquisitions, ten-year median: -6.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 8.4%

- FY2017: 6.9%

- FY2018: 4.9%

- FY2019: 4.9%

- FY2020: 3.8%

- FY2021: 4.5%

- FY2022: 6.9%

- FY2023: 6.6%

- FY2024: 5.9%

- FY2025: 8.4%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: -10.63×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP -723M

- Net income, five-year total: GBP 68M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.0 pp

- Working capital / revenue, change between three-year averages: -0.2 pp

- Working capital / revenue, final three-year average: 4.9%

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

- FY2021: 15.41×

- FY2022: -17.97×

- FY2023: -4.83×

- FY2024: -6.18×

- FY2025: -7.93×

### management: fail

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 6.9% vs 6.6%

- Per-share earnings: 0.13 to 0.06 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.0%

- Ordinary dilution, 5-year annual growth: -0.0%

- Market cap gain: GBP -686M

- Cumulative retained earnings: GBP -294M

- Diluted shares, 10-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: -0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -9.1%

- Per-share value change: GBP -0.07

- Per-share value, starting three-year median: GBP 0.13

- Per-share value, ending three-year median: GBP 0.06

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 2.6%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: GBP 63M

- Cumulative net income, 10 years: GBP -88M

- ROIC, first three-year median: 6.9%

- ROIC, last three-year median: 6.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 0.13

- FY2017: GBP 0.04

- FY2018: GBP 0.00

- FY2019: GBP 0.02

- FY2020: GBP -0.58

- FY2021: GBP -0.02

- FY2022: GBP 0.02

- FY2023: GBP 0.07

- FY2024: GBP 0.06

- FY2025: GBP 0.04

### accounting: pass

- Sloan accruals: -8.5%

- Receivables to sales index (DSRI): 0.98×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 13.37×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.60×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.2%

- FY2017: -6.2%

- FY2018: -8.1%

- FY2019: -8.5%

- FY2020: -17.8%

- FY2021: -8.1%

- FY2022: -8.0%

- FY2023: -8.2%

- FY2024: -9.0%

- FY2025: -8.5%

## Holders

## Price story

Up 16% since Oct 2023 · sales +4.5%

Story as of 2026-10-16T10:00:12.551Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +4.5%; source https://filings.xbrl.org/213800IBJPW3SE2RA350/2025-12-31/ESEF/GB/0/213800IBJPW3SE2RA350-2025-12-31/reports/213800IBJPW3SE2RA350-2025-12-31-T01.html; observed 2026-05-12.

- FY2016: GBP 926M 

- FY2017: GBP 932M 

- FY2018: GBP 931M 

- FY2019: GBP 981M 

- FY2020: GBP 920M 

- FY2021: GBP 1.1B 

- FY2022: GBP 1.2B 

- FY2023: GBP 1.4B 

- FY2024: GBP 1.5B 

- FY2025: GBP 1.6B 

### Gross margin · FY2025

gross margin 37.9%; source https://filings.xbrl.org/213800IBJPW3SE2RA350/2025-12-31/ESEF/GB/0/213800IBJPW3SE2RA350-2025-12-31/reports/213800IBJPW3SE2RA350-2025-12-31-T01.html; observed 2026-05-12.

- FY2016: 47.5% 

- FY2017: 47.2% 

- FY2018: 46.6% 

- FY2019: 36.7% 

- FY2020: 39.3% 

- FY2021: 35.6% 

- FY2022: 36.8% 

- FY2023: 38.3% 

- FY2024: 45.2% 

- FY2025: 37.9% 

## Owner memo

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

### How it makes money

Operates in medical care facilities; annual sales are GBP 1.6 billion.

- Source: https://eodhd.com/api/fundamentals/SPI.LSE.json#2025-12-31 (filed 2026-05-12); FY2025: revenue 1579800000; grossProfit 599100000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SPI.LSE: Spire Healthcare Group plc, together with its subsidiaries, owns and operates private hospitals and clinics in the United Kingdom. It operates in two segments: Hospitals Business and Primary Care. The company provides diagnostics, inpatient, day case, and outpatient care in areas, including orthopedics, gynaecology, cardiology, neurology, oncology, and general surgery; and primary care needs of outpatients, such as GP services, occupational health services, and mental and physical health services. It also offers various treatments in the areas of allergy and infectious diseases, blood tests, bones and joints, digestive and bowel treatments, breast screening and surgery, cancer investigations and treatments, cosmetic surgery, cyst removal, and dental surgery, as well as ear, nose, and throat treatments. In addition, the company provides eye surgery and treatments, family planning, gastroenterology, general medicine, haematology, hand surgery, hip and knee replacement treatment, and heart and kidney treatments. Further, it offers treatments in the areas of men's health, neurosurgery and neurology, paediatrics, pain management, rehabilitation, sports, physiotherapy, podiatry, respiratory medicine, and rheumatology; and scans and investigations, skin treatments, spinal neurosurgery, sports science, urology, vascular surgery, weight loss, and women's health. Additionally, the company provides treatments in the areas of breast enlargement, cataract removal surgery, gastric bypass surgery, and prostate surgery; and offers various tests and scans, which include cardiac CT, CT, MRI, ultrasound, and X-ray scans. Spire Healthcare Group plc was founded in 2007 and is headquartered in London, the United Kingdom.

### Why customers stay

Margins ranged from 37.9% to 45.2% during 2023–25; it earns 6.3% on its capital.

- Source: https://eodhd.com/api/fundamentals/SPI.LSE.json#2023-12-31 (filed 2026-05-12); FY2023: grossProfit / revenue = 38.3%.

- Source: https://eodhd.com/api/fundamentals/SPI.LSE.json#2024-12-31 (filed 2026-05-12); FY2024: grossProfit / revenue = 45.2%.

- Source: https://eodhd.com/api/fundamentals/SPI.LSE.json#2025-12-31 (filed 2026-05-12); FY2025: grossProfit / revenue = 37.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); 10-year return on capital observations [[2016,0.08380136399149891],[2017,0.06927266835575567],[2018,0.04927492644655116],[2019,0.04883464672098304],[2020,0.03752064977973568],[2021,0.04462469565217391],[2022,0.06938340657877214],[2023,0.06640042654609792],[2024,0.05934013766911939],[2025,0.0842184427169004]]; median 0.06287028210760866. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back GBP 8.7 million of shares.

- Source: https://eodhd.com/api/fundamentals/SPI.LSE.json#2016-12-31 (filed 2026-05-12); FY2016: growth capex 50884882.578049794; upkeep 98615117.4219502; owner earnings 6884882.578049794. Growth capex / owner earnings = 7.390813423642063.

- Source: https://eodhd.com/api/fundamentals/SPI.LSE.json#2018-12-31 (filed 2026-05-12); FY2018: growth capex 0; upkeep 73700000; owner earnings 15300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); Dividend observations: [[2016,14800000],[2017,15200000],[2018,15200000],[2019,15200000],[2020,100000],[2021,100000],[2022,300000],[2023,2000000],[2024,8500000],[2025,9200000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/SPI.LSE.json#2025-12-31 (filed 2026-05-12); FY2025: cash repurchases 8700000 GBP.

### Are managers owners

Insiders own 30.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SPI.LSE SharesStats.PercentInsiders = 30.836000000000002 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.6 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); Closing price 247.5 GBX; reporting-to-trading FX 100; FY2025 annual sales per share 3.9415184251889923; price multiple 0.6279305924800608. FY2025 cash earnings/share -0.3244430054140366. Closing-price date 2026-10-15.

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

- 2016-10: GBX 372.00 per share

- 2016-11: GBX 354.20 per share

- 2016-12: GBX 337.70 per share

- 2017-01: GBX 312.60 per share

- 2017-02: GBX 325.90 per share

- 2017-03: GBX 324.00 per share

- 2017-04: GBX 337.90 per share

- 2017-05: GBX 342.00 per share

- 2017-06: GBX 324.20 per share

- 2017-07: GBX 345.00 per share

- 2017-08: GBX 324.60 per share

- 2017-09: GBX 224.90 per share

- 2017-10: GBX 297.00 per share

- 2017-11: GBX 246.70 per share

- 2017-12: GBX 253.60 per share

- 2018-01: GBX 244.00 per share

- 2018-02: GBX 229.80 per share

- 2018-03: GBX 209.20 per share

- 2018-04: GBX 228.00 per share

- 2018-05: GBX 249.00 per share

- 2018-06: GBX 250.60 per share

- 2018-07: GBX 248.00 per share

- 2018-08: GBX 172.30 per share

- 2018-09: GBX 142.50 per share

- 2018-10: GBX 117.40 per share

- 2018-11: GBX 124.20 per share

- 2018-12: GBX 108.90 per share

- 2019-01: GBX 124.50 per share

- 2019-02: GBX 127.50 per share

- 2019-03: GBX 129.60 per share

- 2019-04: GBX 133.90 per share

- 2019-05: GBX 122.30 per share

- 2019-06: GBX 119.70 per share

- 2019-07: GBX 113.40 per share

- 2019-08: GBX 105.30 per share

- 2019-09: GBX 111.60 per share

- 2019-10: GBX 116.80 per share

- 2019-11: GBX 123.50 per share

- 2019-12: GBX 142.00 per share

- 2020-01: GBX 131.00 per share

- 2020-02: GBX 115.60 per share

- 2020-03: GBX 78.10 per share

- 2020-04: GBX 96.60 per share

- 2020-05: GBX 95.00 per share

- 2020-06: GBX 85.10 per share

- 2020-07: GBX 75.20 per share

- 2020-08: GBX 91.80 per share

- 2020-09: GBX 95.00 per share

- 2020-10: GBX 119.00 per share

- 2020-11: GBX 134.20 per share

- 2020-12: GBX 155.40 per share

- 2021-01: GBX 161.20 per share

- 2021-02: GBX 146.60 per share

- 2021-03: GBX 167.20 per share

- 2021-04: GBX 200.00 per share

- 2021-05: GBX 245.50 per share

- 2021-06: GBX 246.00 per share

- 2021-07: GBX 222.00 per share

- 2021-08: GBX 235.00 per share

- 2021-09: GBX 206.00 per share

- 2021-10: GBX 235.00 per share

- 2021-11: GBX 231.50 per share

- 2021-12: GBX 250.00 per share

- 2022-01: GBX 237.50 per share

- 2022-02: GBX 232.50 per share

- 2022-03: GBX 244.50 per share

- 2022-04: GBX 216.00 per share

- 2022-05: GBX 220.50 per share

- 2022-06: GBX 235.00 per share

- 2022-07: GBX 237.50 per share

- 2022-08: GBX 232.50 per share

- 2022-09: GBX 215.50 per share

- 2022-10: GBX 217.00 per share

- 2022-11: GBX 230.00 per share

- 2022-12: GBX 228.00 per share

- 2023-01: GBX 243.00 per share

- 2023-02: GBX 240.50 per share

- 2023-03: GBX 212.50 per share

- 2023-04: GBX 228.50 per share

- 2023-05: GBX 223.00 per share

- 2023-06: GBX 212.50 per share

- 2023-07: GBX 215.50 per share

- 2023-08: GBX 217.50 per share

- 2023-09: GBX 233.50 per share

- 2023-10: GBX 213.50 per share

- 2023-11: GBX 222.50 per share

- 2023-12: GBX 226.50 per share

- 2024-01: GBX 237.00 per share

- 2024-02: GBX 225.50 per share

- 2024-03: GBX 232.00 per share

- 2024-04: GBX 246.50 per share

- 2024-05: GBX 253.00 per share

- 2024-06: GBX 235.00 per share

- 2024-07: GBX 257.50 per share

- 2024-08: GBX 254.00 per share

- 2024-09: GBX 235.50 per share

- 2024-10: GBX 216.00 per share

- 2024-11: GBX 225.50 per share

- 2024-12: GBX 226.00 per share

- 2025-01: GBX 234.00 per share

- 2025-02: GBX 226.50 per share

- 2025-03: GBX 177.40 per share

- 2025-04: GBX 193.40 per share

- 2025-05: GBX 193.60 per share

- 2025-06: GBX 224.00 per share

- 2025-07: GBX 218.00 per share

- 2025-08: GBX 217.00 per share

- 2025-09: GBX 249.00 per share

- 2025-10: GBX 234.50 per share

- 2025-11: GBX 229.50 per share

- 2025-12: GBX 167.00 per share

- 2026-01: GBX 204.00 per share

- 2026-02: GBX 203.00 per share

- 2026-03: GBX 146.00 per share

- 2026-04: GBX 163.00 per share

- 2026-05: GBX 221.00 per share

- 2026-06: GBX 215.00 per share

- 2026-07: GBX 233.50 per share

- 2026-08: GBX 235.00 per share

- 2026-09: GBX 246.50 per share

- 2026-10: GBX 247.50 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 31.05 per share, central GBX 33.64 per share, high GBX 37.08 per share

- FY2017: low GBX 24.00 per share, central GBX 26.60 per share, high GBX 30.06 per share

- FY2018: low GBX 26.06 per share, central GBX 28.66 per share, high GBX 32.11 per share

- FY2019: low GBX 37.64 per share, central GBX 40.38 per share, high GBX 44.03 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

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800IBJPW3SE2RA350/2025-12-31/ESEF/GB/0/213800IBJPW3SE2RA350-2025-12-31/reports/213800IBJPW3SE2RA350-2025-12-31-T01.html); period 2025-12-31, filed 2026-05-12.

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.