1. Thailand Stocks

  2. •

    Health services

  3. •

    Medical/Nursing services
Ramkhamhaeng Hospital Public Co. Ltd.

Ramkhamhaeng Hospital Public Co. Ltd.

17.20
THB
+0.10
(+0.58%)
2.60EPS
7.78P/E
21.60BMarket Cap
Nov 18Next Earn
Ramkhamhaeng Hospital Public Co. Ltd.
SET:RAM.R
(Stock Exchange of Thailand)

Recent

price

17.20

P/E

ratio

7.78

div

yld

1.86%

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
THB
2.06
2.18
2.41
2.58
2.74
2.83
3.17
3.17
3.43
3.71
6.52
10.55
8.91
8.03
8.22
12.29
16.94
Revenue per Share
0.6
0.74
0.94
0.74
0.84
0.85
0.95
1.11
1.55
1.2
1.06
3.48
1.81
1.29
0.61
2.33
2.31
Basic EPS, GAAP
0.47
0.27
0.48
0.11
0.23
0.42
-0.01
0.45
-0.37
0.31
-0.02
1.96
0.5
-0.23
-0.04
0.86
0.94
Free Cash Flow per Basic Share
0.12
0.12
0.12
0.12
0.12
0.12
0.14
0.16
0.16
1.24
0.8
0.81
1.14
1.19
0.84
0.14
0.32
Dividend per Share
2.46
2.73
3.75
4.23
5.58
6.19
8.01
9.21
10.01
10.53
10.67
14.82
16.03
15.4
15.34
18.17
19.1
Book Value per Share
2.45
2.72
3.74
4.16
5.53
6.14
7.98
9.18
9.97
10.5
10.28
14.43
15.6
14.98
14.92
12.5
13.46
Tangible Book Value per Share
1,200
1,200
1,200
1,200
1,200
1,200
1,200
1,200
1,200
1,200
1,200
1,200
1,200
1,200
1,200
1,200
1,200
Basic Weighted Avg Shares
2,477
2,616
2,893
3,095
3,290
3,394
3,806
3,810
4,111
4,448
7,826
12,664
10,687
9,634
9,868
14,752
20,325
Sales/Revenue/Turnover
18.06
19.56
21.32
20.16
19.71
19.77
20.32
19.22
18.85
21.93
-2.57
26.52
12.76
6.38
9.07
8.3
6.48
Operating Margin (%)
214
182
169
171
177
175
179
194
186
188
1,260
816
993
1,036
1,037
1,487
2,158
Depreciation Expense
716
888
1,128
884
1,010
1,018
1,138
1,327
1,863
1,436
1,271
4,171
2,174
1,551
728
2,798
2,775
Net Income, GAAP
19.36
21.13
18.24
13.04
11.02
11.49
11.79
9.36
13.35
13.19
4.21
8.59
10.33
16
21.63
12.67
14.03
Effective Tax Rate (%)
28.9
33.93
39.01
28.57
30.7
30
29.9
34.84
45.31
32.28
16.24
32.94
20.34
16.1
7.38
18.97
13.65
Profit Margin (%)
-1,370
-1,327
-690
-1,231
-2,157
-1,813
-2,866
-2,573
361
-2,244
-5,051
-4,164
-5,428
-7,227
-6,818
-9,527
-2,597
Working Capital
260
117
213
273
565
348
160
44
- -
- -
1,990
2,040
2,312
2,115
2,906
5,257
12,175
LT Debt
3,021
3,369
4,579
5,209
6,943
7,687
10,104
11,584
12,994
13,194
17,906
24,143
28,084
27,158
26,940
39,790
40,776
Total Equity
17.46
8.39
9.03
8.08
6.67
5.76
5.72
4.87
10.08
5.46
4.28
11.64
4.72
2.88
2.58
5.94
6.3
Return on Invested Capital (%)
18.24
19.69
21.97
14.6
12.78
10.91
10.46
10.41
10.86
10.12
8.28
10.48
6.06
5.11
2.87
6.15
6.12
Return on Capital (%)
27.41
28.52
29.04
18.46
17.16
14.43
13.36
12.85
16.16
11.65
9.99
27.28
11.74
8.23
3.95
13.92
13.48
Return on Common Equity (%)

Capital Structure

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
12,974
12,682
5,236
LT Borrowings
5,124
5,096
12,041
LT Finance Leases
132
136
134
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,200
1,200
1,200
Market Capitalization
22,080
22,200
21,600

Working Capital

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
7,641
6,974
6,672
Cash, Cash Equivalents & STI
2,719
2,569
2,543
Accounts Receivable, Net
1,807
1,711
1,448
Inventories
1,708
1,206
1,203
Total Current Liabilities
17,169
16,787
9,269
Payables & Accruals
3,501
3,451
3,407
ST Debt
12,974
12,682
5,236
Deferred Revenue
89
54
22

Growth Rates

THB

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
19.03%
18.95%
47.7%
Free Cash Flow
-1,598.62%
-2,210.5%
-2,190.45%
Net Income, GAAP
41.73%
76.59%
284.4%
Sales/Revenue/Turnover
19.26%
17.66%
49.5%
Total Cash Common Dividend
- -
-13.38%
-83.06%

Quarterly Revenue

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
2,395
2,342
2,671
2,459
9,868
2025
2,675
2,541
4,207
5,328
14,752
2026
5,375
5,414
- -
- -
- -

Quarterly Earnings Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.29
0.24
0.28
-0.2
0.61
2025
0.29
0.22
0.23
1.59
2.33
2026
0.2
0.29
- -
- -
- -

Quarterly Dividends Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.2
0.2
0.28
0.15
0.84
2025
0.05
0.09
- -
- -
0.14
2026
- -
0.32
- -
- -
- -
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Business
Ramkhamhaeng Hospital Public Company Limited is a Thailand-based healthcare service provider operating primarily in the hospital and related healthcare segments. Founded in 1976 and headquartered in Bangkok, the company operates large private hospitals, including its flagship Ramkhamhaeng Hospital, and a network of seven sister hospitals. It offers comprehensive medical services across all specialties and subspecialties, supported by experienced physicians, medical professionals, and state-of-the-art medical equipment. Key services include general medical treatment for inpatients and outpatients under various government welfare programs such as the Social Security Scheme and the National Health Security Office. The company has established Centers of Excellence such as a 24-hour Heart Center, Laparoscopic Surgery Center (RAM Pituitary Center), Neurology, Diabetic Foot Center with hyperbaric oxygen therapy, Ear Nose and Throat Surgery Center, and a Health and Weight Center offering personalized weight-loss programs and minimally invasive surgery. It also provides advanced cancer treatment including radiotherapy, chemotherapy, and precise radiotherapy planning, aiming to become a comprehensive cancer treatment center in eastern Thailand. Beyond hospital operations, Ramkhamhaeng Hospital also engages in the sale and repair of medical equipment and instruments, property development, training services, and software business operations. Recent major developments include the strategic acquisition of a 99.999% stake in M.I. Calibration System Co., Ltd. for THB 500 million to support medical equipment calibration services. The hospital group has been expanding its patient base and improving operational efficiency with a focus on service quality enhancements. The company is also extending its facilities through renovation and new construction to accommodate growth, while pursuing portfolio asset management through acquisitions and divestitures of non-core assets. Financially, the group reported a 2% increase in operating revenue toward the end of 2024, driven by a rise in healthcare revenue, and expects further revenue growth in 2025. It continues to invest in additional medical technology, including purchasing new radiotherapy machines, to meet rising patient demand from general and government welfare programs. The hospital’s strategy is focused on extensive expansion within Bangkok and other provinces to lead the largest hospital network in Thailand with international standards of care. The company’s comprehensive healthcare offerings and recent strategic acquisitions position it for continued growth in the private hospital market in Thailand.