Physitrack PLC

Physitrack operates with a capital structure that includes total liabilities of EUR 13.28 million and total equity of EUR 25.29 million, resulting in a debt-to-equity ratio of 0.17. The company maintains EUR 569,480 in cash and equivalents, but its liquidity position is constrained by a current ratio of 0.81, indicating that current liabilities exceed current assets. Free cash flow is negative at EUR -317,570, and capital expenditures of EUR -1.73 million suggest ongoing investment in infrastructure.

Profitability metrics show a return on equity of -1.73% and a return on assets of -1.13%, both significantly below the industry median for healthcare technology firms. Operating income is negative at EUR -484,330, and net income is also negative at EUR -436,420, reflecting ongoing operational losses. These figures indicate that the company is not currently generating returns that meet the cost of capital.

Geographically, Physitrack's revenue is concentrated in a few key markets, with no detailed breakdown provided in the available data. The company's exposure to geographic risk is not quantified, but its reliance on a limited number of markets could pose a concentration risk if those regions experience economic or regulatory changes.

The company's growth trajectory is mixed. While revenue for the latest period was EUR 3.53 million, analyst estimates suggest a mean revenue of EUR 14 million for the next period, indicating a potential growth rate of over 300%. However, this projection is speculative and not supported by historical growth rates. The company's operating cash flow of EUR 1.18 million is positive, but this is offset by negative free cash flow and capital expenditures.

Risk factors include a medium liquidity risk due to the current ratio below 1 and a negative net cash position after subtracting total debt. The dilution risk is assessed as low, with no significant dilution sources identified in the available data. The company's ongoing losses and negative returns on equity and assets suggest a high operational risk, and the lack of positive returns on invested capital could deter future investment.

Recent events include the publication of the latest financial data, which shows continued operational losses and a negative net income. Analysts have set a mean price target of EUR 20.00, but the company's current share price and financial performance do not support this target. The absence of positive earnings and the negative return on equity suggest that the company is not currently meeting investor expectations.

Analysts project 148.1% upside to a consensus price target of EUR 20.00 from the current market price of EUR 8.06.

The company maintains a low debt-to-equity ratio of 0.17, which is below the healthcare cohort median of 0.43.

Dilution risk is assessed as low, suggesting limited immediate threat to shareholder equity value from share issuance.

Free cash flow deteriorated significantly to negative EUR 5.3 million in FY2026, reflecting a severe cash generation crisis.

Revenue €3.0M, −6,3% YoY; Operating income −944,2% YoY.

• ▍Revenue €3.0M, −6,3% YoY
• ▍Operating income −944,2% YoY
• ▍Net income −40,8% YoY
• ▍Free cash flow −539,0% YoY
• ▍Net margin -263.6%

Revenue €3.5M, −0,2% YoY; Operating income +37,0% YoY.

• ▍Revenue €3.5M, −0,2% YoY
• ▍Operating income +37,0% YoY
• ▍Net income −2,6% YoY
• ▍Free cash flow +144,3% YoY
• ▍Net margin -10.3%

Revenue €3.5M, −0,6% YoY; Operating income +93,1% YoY.

• ▍Revenue €3.5M, −0,6% YoY
• ▍Operating income +93,1% YoY
• ▍Net income +65,5% YoY
• ▍Free cash flow +157,8% YoY
• ▍Net margin -4.3%

Revenue €3.6M; Operating income -€330.5k.

• ▍Revenue €3.6M
• ▍Operating income -€330.5k
• ▍Net margin -9.2%

Revenue €3.2M; Operating income €659.8k.

• ▍Revenue €3.2M
• ▍Operating income €659.8k
• ▍Net margin -175.4%

Revenue €3.5M; Operating income -€310.1k.

• ▍Revenue €3.5M
• ▍Operating income -€310.1k
• ▍Net margin -10.0%

Revenue €3.5M; Operating income -€484.3k.

• ▍Revenue €3.5M
• ▍Operating income -€484.3k
• ▍Net margin -12.3%

Revenue €13.5M, −2,5% YoY; Operating income −4 819,1% YoY.

• ▍Revenue €13.5M, −2,5% YoY
• ▍Operating income −4 819,1% YoY
• ▍Net income −34,9% YoY
• ▍Free cash flow −789,2% YoY
• ▍Net margin -64.4%

Revenue €13.9M, −6,0% YoY; Operating income −104,1% YoY.

• ▍Revenue €13.9M, −6,0% YoY
• ▍Operating income −104,1% YoY
• ▍Net income −328,8% YoY
• ▍Free cash flow −74,6% YoY
• ▍Net margin -46.5%

Revenue €14.7M, +17,9% YoY; Operating income +2 652,7% YoY.

• ▍Revenue €14.7M, +17,9% YoY
• ▍Operating income +2 652,7% YoY
• ▍Net income +2 955,2% YoY
• ▍Free cash flow +253,3% YoY
• ▍Net margin 19.1%