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Atrys Health SA (ATRY) AI Stock Analysis

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ES:ATRY

Atrys Health SA

(BME:ATRY)

Select Model
Rating:43Neutral
Price Target:EUR 2.50â–¼(-4.21% Downside)
Action:reiterated
Date:08/06/26

The score is driven primarily by weak financial performance (persistent losses, negative free cash flow, and deterioration in 2025) and a negative P/E that reflects ongoing unprofitability. Technicals provide only limited support, showing a short-term improvement but a broader downtrend versus longer-term moving averages.

Positive Factors
Business model / Structural demandAtrys focuses on radiation oncology and medical diagnostics paid through reimbursements and service contracts. That structural exposure to essential oncology care and contracted payments supports recurring revenue streams and patient volumes, making core demand less cyclical and more durable over months.
Negative Factors
Persistent operating lossesOperating losses across periods, culminating in a much larger 2025 loss, show the company has not converted gross profit into sustainable operating profitability. Ongoing deficits erode equity, limit reinvestment, and require recurring financing or structural cost reductions to avoid long-term viability issues.

Atrys Health SA (ATRY) vs. iShares MSCI Spain ETF (EWP)

-30%-20%-10%0%10%20%30%ES:ATRY-17.92%EWP+15.75%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
Market Cap
EUR 198.30M
Dividend Yield
―
Average Volume (3M)
34.48K
Price to Earnings (P/E)
-2.0
Beta (1Y)
0.26
Revenue Growth
-53.44%
EPS Growth
-296.14%
Country
Spain
Employees
763
Sector
Healthcare
Sector Strength
51
Industry
Biotechnology

Atrys Health SA Business Overview & Revenue Model

Company Description

Atrys Health, S.A., a biomedical enterprise founded in 2007 and based in Madrid, Spain, specializes in providing a range of diagnostic services and medical treatments. Its diagnostic portfolio encompasses areas like pathology, hematology, molecular p...

How the Company Makes Money

Atrys Health makes money primarily by providing healthcare services and being paid for those services, with revenues largely tied to (1) oncology-related clinical activity—most notably radiation oncology treatments delivered through its network of ce...

Atrys Health SA Financial Statement Overview

Summary

Underlying financial quality is weak. The income statement shows persistent operating losses and a sharp revenue contraction in 2025, while cash flow is consistently negative with worsening free cash flow in 2025. The balance sheet is somewhat supportive with manageable leverage in prior years, but equity has declined and losses continue to erode shareholder value.

Income Statement

34Negative

Balance Sheet

52Neutral

Cash Flow

29Negative
Financial statement breakdown
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue100.48M141.01M212.74M201.57M158.37M121.01M
Gross Profit38.51M61.35M145.38M141.77M24.20M100.89M
EBITDA-16.60M-9.96M19.07M31.91M16.63M5.87M
Net Income-97.39M-100.30M-31.77M-45.59M-23.15M-23.20M
Balance Sheet
Total Assets315.60M494.04M584.19M629.00M705.28M565.63M
Cash, Cash Equivalents and Short-Term Investments12.49M17.76M29.29M42.18M35.84M41.70M
Total Debt118.42M257.87M166.13M254.00M241.22M154.95M
Total Liabilities168.11M342.08M330.95M339.12M367.71M291.65M
Stockholders Equity147.43M151.86M253.10M289.87M337.63M274.03M
Cash Flow
Free Cash Flow-14.73M-14.08M-10.14M-547.00K-30.59M-3.87M
Operating Cash Flow-4.73M-1.56M3.00M5.70M-15.43M4.69M
Investing Cash Flow134.07M-12.59M-12.95M395.00K-80.59M-2.45M
Financing Cash Flow-126.29M11.28M-11.51M8.19M94.77M14.08M

Atrys Health SA Peers Comparison

Overall Rating

UnderperformOutperform
Sector (51)

Financial Indicators

ES:ATRY against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
ES:PHMES:PHM73OutperformEUR 1.20B20.6923.64%1.48%15.52%34.76%
ES:PRMES:PRM62NeutralEUR 210.17M16.359.47%4.06%4.20%-10.44%
Sector *51Neutral$7.86B-0.30-43.30%2.27%22.53%-2.21%
ES:ORYES:ORY45NeutralEUR 198.99M-77.82-2.23%――53.50%
ES:ATRYES:ATRY43NeutralEUR 198.30M-2.03-65.08%―-53.44%-296.14%

* Healthcare Sector Average

Performance Comparison

-25%0%25%50%ES:ATRYES:ORYES:PHMES:IKMES:PRMES:LABDec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
ES:ATRY and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
ES:ATRYAtrys Health SA2.61-0.63-19.44%
ES:ORYOryzon Genomics2.43-1.07-30.63%
ES:PHMPharma Mar SA67.50-4.57-6.34%
ES:IKM1nKemia IUCT Group SA0.310.000.00%
ES:PRMPRIM, S.A.12.40-1.06-7.85%
ES:LABLabiana Health SA5.200.8820.48%

Atrys Health SA Corporate Events

Atrys Health Reports Strong Quorum and Approved Resolutions at 2026 Shareholders’ Meeting

Jun 24, 2026

Atrys Health disclosed the results of its Ordinary General Shareholders’ Meeting held on 18 June 2026 in Madrid, where shareholders approved all resolutions presented by the board. The meeting was convened in compliance with EU and Spanish secu...

Atrys boosts profitability, slashes debt and expands oncology footprint in Q1 2026

May 22, 2026

Atrys Health reported first-quarter 2026 revenue of 37.5 million euros, up 6.3% year-on-year, while EBITDA rose 15.4% to 4.1 million, driven by strong gains in Oncology, Nuclear Medicine and Diagnostic Imaging, particularly in Mexico and Portugal. Op...

Atrys Health Boosts Q1 Profitability and Slashes Debt as International Oncology Business Accelerates

May 22, 2026

Atrys Health posted first-quarter 2026 revenue of 37.5 million euros, up 6.3% year on year, while EBITDA rose 15.4% to 4.1 million, driven by strong gains in Oncology, Nuclear Medicine and Diagnostic Imaging, particularly in Mexico and Portugal. The...

Atrys Health Lifts Q1 2026 Earnings, Cuts Debt and Deepens Oncology Focus

May 22, 2026

Atrys Health SA reported solid first-quarter 2026 results, with revenue up 6.3% and EBITDA rising 15.4% year on year, driven by strong performances in Portugal, Latin America and especially Mexico, as well as double-digit growth in radiology and radi...

Atrys Health Names Veteran Finance Executive Alberto Iriondo as New CFO to Drive Next Growth Phase

May 6, 2026

Atrys Health has appointed Alberto Iriondo as its new Chief Financial Officer and member of the Executive Committee, reinforcing its leadership team at a time of balance sheet strengthening, debt reduction and sharper focus on core strategic business...

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Aug 06, 2026