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Netcare (NTC) ZAR

Sector: Healthcare

ZA_NTC

Price chart

18.12 ZARDay -1.09%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
18.12 ZAR · -1.09%
Market cap
21.6 bn ZAR

Growth

Δ revenue y/y
4.8%
Δ EBITDA y/y
6.9%

Multiples

P/E (LTM)
11.7x
P/B (FY)
2.0x
P/E (ann.)
12.2x
EV/EBITDA (LTM)
5.2x
EV/EBITDA (ann.)
5.6x

Cash return

Dividend yield
5.1%
FCF yield (LTM)
-2.2%

Value creation

fundamental value/yr, % of market cap
Value created / year
+8.1%
↓ details

Liquidity

Daily turnover (listing)
93.4 mln ZAR

Shares: yahoo_fundamentals_timeseries/NTC.JO

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.

DatePeriodStatusRevenueB ZAROperating profitB ZARD&AB ZAREBITDAB ZARNet profitB ZAROperating CFB ZARCapex + M&AB ZARAssetsB ZAREquityB ZARROE (annualized)Net debtB ZARSource
2026-03-31H1 2026 (6M)OK13.3
y/y 4.8%
1.8
y/y 7.8%
0.7
y/y 4.5%
2.5
y/y 6.9%
0.9
y/y 12.8%
0.7-0.429.4
y/y 5.8%
10.9
y/y 1.2%
16.3%6.1Link
2025-09-30H2 2025 (6M)OK13.7
y/y 3.8%
2.1
y/y 12.5%
0.7
y/y 0.3%
2.8
y/y 9.3%
1.0
y/y 16.4%
1.3-1.229.2
y/y 2.9%
10.9
y/y -0.6%
16.1%5.5—
2025-03-31H1 2025 (6M)OK12.7
y/y 5.3%
1.6
y/y 11.7%
0.7
y/y 2.9%
2.3
y/y 8.9%
0.8
y/y 16.1%
1.2-0.427.8
y/y -0.7%
10.8
y/y -2.9%
14.5%5.6Link
2024-09-30H2 2024 (6M)OK13.2
y/y 8.3%
1.9
y/y 26.5%
0.7
y/y 4.1%
2.6
y/y 19.8%
0.8
y/y 20.9%
1.6-1.028.4
y/y 2.1%
10.9
y/y -0.8%
13.6%5.3—
2024-03-31H1 2024 (6M)OK12.0
y/y 4.3%
1.5
y/y 8.0%
0.7
y/y 5.4%
2.1
y/y 7.2%
0.7
y/y 5.6%
0.3-0.528.0
y/y 4.3%
11.1
y/y 0.4%
12.2%5.8Link
2023-09-30H2 2023 (6M)OK12.2
y/y —
1.5
y/y —
0.6
y/y —
2.1
y/y —
0.7
y/y —
1.0-1.127.8
y/y —
11.0
y/y —
11.9%5.0—
2023-03-31H1 2023 (6M)OK11.5
y/y —
1.4
y/y —
0.6
y/y —
2.0
y/y —
0.6
y/y —
0.9-0.426.8
y/y —
11.1
y/y —
—5.0Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values (ZAR mln)

05 00010 00015 0002023 q12023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q1

Year-over-year change

-50%0%50%100%150%2023 q12023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q1

Cash flow

FCF (ZAR mln)

-1 000-50005001 0002023 q12023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q1

Net debt / cash (ZAR mln)

02 0004 0006 0002023 q12023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q1

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.
year2022202320242025
cash flow / profit1.86x1.42x1.25x1.40x
accruals, % of assets-3.3%-2.0%-1.3%-2.4%
Last twelve months (to 2026-03-31): 0.82x 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: +8.2%

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)
= (21 596 + 6 113) ÷ 5 285
5.2x
3. Target multiple
(Current EV/EBITDA + 8) ÷ 2
= (5.2 + 8) ÷ 2
6.6x
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 × 6.6 + -479) ÷ 21 596
+8.2%

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).

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-07-0844 ZAREx-dividend: 44 ZAR per sharePaidYahoo Finance (ex-div)
2026-01-2149 ZAREx-dividend: 49 ZAR per sharePaidYahoo Finance (ex-div)
2025-07-0936 ZAREx-dividend: 36 ZAR per sharePaidYahoo Finance (ex-div)
2025-01-2240 ZAREx-dividend: 40 ZAR per sharePaidYahoo Finance (ex-div)
2024-07-1030 ZAREx-dividend: 30 ZAR per sharePaidYahoo Finance (ex-div)
2024-01-2435 ZAREx-dividend: 35 ZAR per sharePaidYahoo Finance (ex-div)
2023-07-1230 ZAREx-dividend: 30 ZAR per sharePaidYahoo Finance (ex-div)
2023-01-2530 ZAREx-dividend: 30 ZAR per sharePaidYahoo Finance (ex-div)
2022-07-0620 ZAREx-dividend: 20 ZAR per sharePaidYahoo Finance (ex-div)
2022-01-2634 ZAREx-dividend: 34 ZAR per sharePaidYahoo 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 operates private hospitals and emergency medical services in South Africa, along with primary care clinics, mental health facilities, and diagnostic services.

Frequently asked questions

What is Netcare (NTC)'s P/E ratio?
Netcare (NTC) trades at a P/E of 11.7x (price to trailing 12-month earnings).
What is Netcare (NTC)'s EV/EBITDA?
Netcare (NTC) trades at 5.2x EV/EBITDA.
What is Netcare (NTC)'s P/B ratio?
Netcare (NTC) trades at a P/B of 2.0x.
What is Netcare (NTC)'s dividend yield?
Netcare (NTC)'s trailing 12-month dividend yield is 5.1%.
What is Netcare (NTC)'s return on equity (ROE)?
Netcare (NTC)'s ROE is 16.3%.
What is Netcare (NTC)'s market capitalization?
Netcare (NTC)'s market cap is 21.6 bn ZAR.

See also: South African Stocks (2026): Gold, Cheap Banks and the JSE Discount · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map