What is Netcare (NTC)'s P/E ratio?

Netcare (NTC) trades at a P/E of 10.7x (price to trailing 12-month earnings).

What is Netcare (NTC)'s EV/EBITDA?

Netcare (NTC) trades at 4.9x EV/EBITDA.

What is Netcare (NTC)'s P/B ratio?

Netcare (NTC) trades at a P/B of 1.8x.

What is Netcare (NTC)'s dividend yield?

Netcare (NTC)'s trailing 12-month dividend yield is 5.3%.

What is Netcare (NTC)'s market capitalization?

Netcare (NTC)'s market cap is 19.8 bn ZAR.

Netcare (NTC) Stock — Financials, Valuation & Dividends

Netcare operates private hospitals and emergency medical services in South Africa, along with primary care clinics, mental health facilities, and diagnostic services.

Price chart

17.12 ZARDay -2.12%

Key metrics

Market

Price

17.12 ZAR · -2.12%

Market cap

19.8 bn ZAR

Growth

Δ revenue y/y

4.8%

Δ EBITDA y/y

6.9%

Multiples

P/E (LTM)

10.7x

P/B (FY)

1.8x

P/E (ann.)

11.1x

EV/EBITDA (LTM)

4.9x

EV/EBITDA (ann.)

5.2x

Cash return

Dividend yield

5.3%

FCF yield (LTM)

2.0%

Value creation

fundamental value/yr, % of market cap

Value created / year

+8.7%

↓ details

Liquidity

Daily turnover (listing)

5.2 mln ZAR

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B ZAR, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

Date	Period	Status	RevenueB ZAR	Operating profitB ZAR	D&AB ZAR	EBITDAB ZAR	Net profitB ZAR	Operating CFB ZAR	Capex + M&AB ZAR	AssetsB ZAR	EquityB ZAR	ROE (annualized)	Net debtB ZAR	Source
2026-03-31	H1 2026 (6M)	OK	13.3 y/y 4.8% y/y 4.8%	1.8 y/y 7.8% y/y 7.8%	0.7 y/y 4.5% y/y 4.5%	2.5 y/y 6.9% y/y 6.9%	0.9 y/y 12.8% y/y 12.8%	0.7	-0.4	29.4 y/y 5.8%	10.9 y/y 1.2%	16.3%	6.1	stockanalysis.com
2025-09-30	H2 2025 (6M)	OK	13.7 y/y 4.5% y/y 3.8%	2.1 y/y 12.2% y/y 12.5%	0.7 y/y 1.6% y/y 0.3%	2.8 y/y 9.2% y/y 9.3%	1.0 y/y 16.3% y/y 16.4%	1.3	-1.2	29.2 y/y 2.9%	10.9 y/y -0.6%	16.1%	5.5	Yahoo Finance
2025-03-31	H1 2025 (6M)	OK	12.7 y/y 5.3% y/y 5.3%	1.6 y/y 11.7% y/y 11.7%	0.7 y/y 2.9% y/y 2.9%	2.3 y/y 8.9% y/y 8.9%	0.8 y/y 16.1% y/y 16.1%	1.2	-0.4	27.8 y/y -0.7%	10.8 y/y -2.9%	14.5%	5.6	stockanalysis.com
2024-09-30	H2 2024 (6M)	OK	13.2 y/y 6.3% y/y 8.3%	1.9 y/y 17.7% y/y 26.5%	0.7 y/y 4.7% y/y 4.1%	2.6 y/y 13.7% y/y 19.8%	0.8 y/y 13.5% y/y 20.9%	1.6	-1.0	28.4 y/y 2.1%	10.9 y/y -0.8%	13.6%	5.3	Yahoo Finance
2024-03-31	H1 2024 (6M)	OK	12.0 y/y 4.3% y/y 4.3%	1.5 y/y 8.0% y/y 8.0%	0.7 y/y 5.4% y/y 5.4%	2.1 y/y 7.2% y/y 7.2%	0.7 y/y 5.6% y/y 5.6%	0.3	-0.5	28.0 y/y 4.3%	11.1 y/y 0.4%	12.2%	5.8	stockanalysis.com
2023-09-30	H2 2023 (6M)	OK	12.2 y/y — y/y —	1.5 y/y — y/y —	0.6 y/y — y/y —	2.1 y/y — y/y —	0.7 y/y — y/y —	1.0	-1.1	27.8 y/y —	11.0 y/y —	11.9%	5.0	Yahoo Finance
2023-03-31	H1 2023 (6M)	OK	11.5 y/y — y/y —	1.4 y/y — y/y —	0.6 y/y — y/y —	2.0 y/y — y/y —	0.6 y/y — y/y —	0.9	-0.4	26.8 y/y —	11.1 y/y —	—	5.0	stockanalysis.com

Revenue & EBITDA

RevenueEBITDA

Quarterly values (ZAR mln)

Year-over-year change

Cash flow

FCF (ZAR mln)

Net debt / cash (ZAR mln)

Profit and cash

Profit is cash-backed

In a typical year of 2022–2025 operating cash flow came to 1.41x of reported net profit; after capex, 0.38x.

year	2022	2023	2024	2025
cash flow / profit	1.86x	1.42x	1.25x	1.40x
accruals, % of assets	-3.3%	-2.0%	-1.3%	-2.4%

Last twelve months (to 2026-03-31): 1.10x of profit came back as operating cash flow.

net debt / EBITDA 1.1x · capex 1.2x of depreciation

Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +8.7%

How this was calculated

1. EBITDA growth (latest quarter YoY, annualised) [EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-03-31 vs 2025-03-31) = (2 474 − 2 315) × 2.14	340
2. Current EV/EBITDA (LTM) (Market cap + Net debt) ÷ EBITDA (LTM) = (19 772 + 6 113) ÷ 5 285	4.9x
3. Target multiple (Current EV/EBITDA + 8) ÷ 2 = (4.9 + 8) ÷ 2	6.4x
4. Cash flow (balance method, LTM) Net-debt reduction + dividends + buybacks − equity issuance = -479 + 0 + 0 − 0	-479
5. Value created per year (EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap = (340 × 6.4 + -479) ÷ 19 772	+8.7%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

half-year basis (semi-annual reporter)
dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth steady →

Last-year revenue growth +5% vs +6% the year before — a -1.8 pp move. 3-year CAGR +7%.

revenue growth by year: 2023 +10% · 2024 +6% · 2025 +5%

The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Peer comparison

Group: Healthcare. Each peer is shown as it trades and re-priced onto this company's market (South Africa) by the ratio of our coverage medians.

Company	Market	Cap, $bn	EV/EBITDA	EV/EBITDA, adjusted
UNITEDHEALTH GROUP INC	US	336.9	14.5x	3.2x
Merck & Co., Inc.	US	361.8	15.2x	3.4x
AMGEN INC	US	218.4	16.3x	3.6x
JOHNSON & JOHNSON	US	616.5	19.3x	4.3x
AbbVie Inc.	US	466.0	22.7x	5.1x
Life Healthcare	South Africa	1.0	5.5x	5.5x
United Medical Group	Russia	0.8	4.3x	5.6x
THERMO FISHER SCIENTIFIC INC.	US	246.3	25.7x	5.7x
ELI LILLY & Co	US	1022.6	29.9x	6.7x
Promomed	Russia	1.2	6.3x	8.2x
MD Medical	Russia	1.4	7.1x	9.3x
Mitra Keluarga Karyasehat	Indonesia	1.3	11.0x	11.7x
Group median			14.8x	5.5x
Group average			14.8x	6.0x
This company	South Africa	1.2	4.9x	4.9x

Group median 14.8x as traded, 5.5x adjusted; this company 4.9x — a 11% discount.

Group average 14.8x as traded, 6.0x adjusted; against the average this company is at a 19% discount.

At the adjusted group median the market cap would be +16% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 22.8x, Russia 3.9x, South Africa 5.1x, Kazakhstan 6.6x, India 18.2x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-05; the company's own is live.

Dividends

Paid (completed)

Date	Per share	Details	Status	Source
2026-07-08	44 ZAR	Ex-dividend: 44 ZAR per share	Paid	Yahoo Finance (ex-div)
2026-01-21	49 ZAR	Ex-dividend: 49 ZAR per share	Paid	Yahoo Finance (ex-div)
2025-07-09	36 ZAR	Ex-dividend: 36 ZAR per share	Paid	Yahoo Finance (ex-div)
2025-01-22	40 ZAR	Ex-dividend: 40 ZAR per share	Paid	Yahoo Finance (ex-div)
2024-07-10	30 ZAR	Ex-dividend: 30 ZAR per share	Paid	Yahoo Finance (ex-div)
2024-01-24	35 ZAR	Ex-dividend: 35 ZAR per share	Paid	Yahoo Finance (ex-div)
2023-07-12	30 ZAR	Ex-dividend: 30 ZAR per share	Paid	Yahoo Finance (ex-div)
2023-01-25	30 ZAR	Ex-dividend: 30 ZAR per share	Paid	Yahoo Finance (ex-div)
2022-07-06	20 ZAR	Ex-dividend: 20 ZAR per share	Paid	Yahoo Finance (ex-div)
2022-01-26	34 ZAR	Ex-dividend: 34 ZAR per share	Paid	Yahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Netcare (NTC) — from primary filings.

Netcare (NTC) ZAR