LNA Santé S.A.

LNA.PA

Medical - Care Facilities · Healthcare

Also trades as: 0OR2.L

Price

€34.60

+0.00 (+0.00%)

Market Cap

€356.2M

Exchange

Euronext Paris

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 12, 2026 · filings through Dec 31, 2025

Share count rising — dilution

+6.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 9.6M (2021) → 10.3M (2025)

LNA Santé is a French healthcare company that runs nursing homes and care facilities for elderly people. It also operates clinics that help patients recover after surgery or serious illness. The main customers are elderly residents needing long-term care and patients referred by hospitals for rehabilitation. LNA Santé is one of the mid-sized private care operators in France.

The company makes money by charging daily fees for beds in its facilities, with payments coming from residents, their families, and the French public health insurance system. LNA Santé operates almost entirely in France, with a small number of facilities in Portugal. With roughly 25,000 beds across its network, its competitive position depends on its regional density and relationships with local health authorities. The key growth driver is France's aging population, which is expected to increase demand for elder care over the coming decades, though the business faces ongoing pressure from rising staff costs and tight government reimbursement rates.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+11.8% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+50.6% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Insider Activity

46.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$112M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

LNA Santé S.A. is a rare growth stock that's already generating positive cash flow while growing at 12%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

14.8%

Thin — 14.8% gross margin

Operating Margin

7.1%

Modest — 7.1% operating margin

ROCE

4.1%

Weak — 4.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+13.1%

Fast-growing sales (+13.1% YoY)

EPS YoY

+15.2%

Earnings growing fast (+15.2% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

292%

Turns 292% of profit into real cash

FCF Margin

6.5%

Modest free cash flow (6.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

1.46

Elevated debt (1.46)

Interest Cover

2.02x

Tight — interest eats into profit (2.0x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

14.7x

Attractive valuation — P/E 14.7

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+2.3

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

2.65%

Moderate income — 2.65% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+99.4%

Dividend growing fast (99.4% YoY)

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