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Atrys Health SL (ATRY) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Atrys Health SL stock €1.46, price €2.65, that is 44.9% below the price, quality 28 out of 100. Rating: strongly overvalued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.

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Healthcare ES · ISIN ES0105148003

AH Atrys Health SL logo Thin data Nov 6, 2026

Atrys Health SL

ATRY · MC
Very expensive, weak quality

Our calculation puts a fair price 45% below what the stock costs today.

Low debt
Mixed vs. peers (4/9)
Fair value €1.46 · Strongly overvalued
Quality 28/100
Weak Growth (revenue 3y −3.8 %/yr in EUR)
Loss-making · -66.0% net margin (TTM)
Negative free cash flow
Narrow moat 12/100 · thin data
Thin data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

€11.05 €2.34 Fair Value €1.46 Sep 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.

How to read this chart

60‑month range €2.34 – €11.05 · fair‑value band €0.6200 – €2.29 · the €2.65 price screens above the €1.46 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.

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Company profile

Atrys Health, S.A., together with its subsidiaries, provides diagnostic services and medical treatments in Spain, Portugal, and Latin America. It operates through Diagnosis, Oncology, and Preventive Medicine segments.

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The company offers integrated diagnostics services comprising structural and molecular pathology, genetics, and nuclear medicine diagnosis; online medical imaging in the fields of radiology and cardiology; oncology treatment services, such as chemotherapy, immunotherapy, radiotherapy, and brachytherapy; second opinion and genetic counselling; and diagnostic reports and genetic tests.

It also provides telemedicine services, such as teleradiology, telecardiology, teleoncology, teledermatology, teleophthalmology, and teleconsultations; prevention plans for companies, which includes training plans on occupational risk prevention; Smart Data, a technological database for healthcare; and research and development services.

The company was formerly known as Althia Health, S.L. and changed its name to Atrys Health, S.A. in May 2016. Atrys Health, S.A. was incorporated in 2007 and is headquartered in Madrid, Spain.

Stock analysis

Atrys Health SL (ATRY) currently trades at €2.65, while our model-based Fair Value estimate is €1.46, 45% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 96/100, which puts the data coverage at low.

Scenario range: €0.6200 (bear) to €2.29 (bull), the price of €2.65 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 28/100 (below-average quality), in the Healthcare sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Atrys Health SL reported revenue of €141M in FY2025 versus €121M in FY2021, a compound +3.9%/yr. Reported net income was −€100M in FY2025.

Key figures

Market cap €201M Micro · P/S ratio 1.34 · EPS (TTM) €−0.6200 · Net margin −71.1% · Return on equity −24.6% · Return on assets (EBIT) −1.5% (5-year average) · Operating margin −0.9% · Revenue (TTM) €148M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 12 out of 100 (low confidence).

What moves the price

The share trades about 15% below its 52-week high and 13% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at 10% fair-value upside, at −45%, ATRY screens richer than that median.

Fair Value models

Bear €0.6200 Fair Value €1.46 Bull €2.29
Price €2.65 · Downside -44.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
EV/EBITDA €0.6200 €1.46 €2.29 63
All 1 models by family
Multiples
EV/EBITDA €0.6200 €1.46 €2.29 63

Open the full fair value analysis →

Quality Score breakdown

Overall quality 28/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 7
How much profit the company makes from its sales and capital
Quality Growth 2
Are margins and returns getting better?
Cashflow 4
Do the profits arrive as real cash?
Financial strength 24
Debt, balance sheet and risk of trouble
Investment 87
Does it invest with discipline instead of growing at any price?
Low Volatility 84
How calm the share price moves, does not count
Price momentum 35
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 33
Distance to the 52-week high, does not count
New shares 82
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 38/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−33.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−3.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+33.1%
Start year 2020 (pandemic). Over 10 years: +47.6% a year
Revenue growth 13 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+45.5%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−0.7% (2020) → −6.4% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

ATRY screens overvalued: fair value 45% below the price. Compare with Vertex Pharmaceuticals Incorporated →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Biotechnology · 558 stocks

Beats the industry median on 4/8 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 28 · Bottom 25%
Fair Value upside −44.9% · Above median
Profitability
Return on assets −20.3% · Below median
Net margin (12 months) −66.0% · Bottom 25%
Operating margin (12 months) −0.9% · Below median
Growth and dividend
Revenue growth (quarter YoY) 9.4% · Above median
Balance sheet
Debt / equity 0.02× · Below median

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B 1.32× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months) 1.36× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)47 · sector 0
PAST (return on equity)0 · sector 0
HEALTH (low debt)99 · sector 97
DIVIDEND (yield)0 · sector 22

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Biotechnology stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Incyte Corporation INCY $119.65 $199.23 +67% vs ATRY
Regeneron Pharmaceuticals, Inc REGN $904.35 $1,275 +41% vs ATRY
Genmab A/S GMAB kr 3,527 kr 3,999 +13% vs ATRY
Vertex Pharmaceuticals Incorporated VRTX $547.09 $601.80 +10% vs ATRY
Samsung Biologics Co 207940 1,516,000 KRW 1,667,600 KRW +10% vs ATRY
WuXi Biologics (Cayman) Inc 2269 HK$47.62 HK$52.38 +10% vs ATRY
argenx SE ARGX $927.21 $908.40 −2% vs ATRY
CSL Limited CSL A$200.77 A$183.04 −9% vs ATRY
Celltrion, Inc 068270 211,000 KRW 74,945 KRW −64% vs ATRY
Royalty Pharma plc RPRX $67.30 $19.01 −72% vs ATRY

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Atrys Health SL: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Atrys Health SL Fair Value". https://www.fairvalue-calculator.com/stock/ATRY

Frequently asked questions

Is Atrys Health SL (ATRY) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of €1.46 versus a price of €2.65, about 45% lower (overvalued).
What is the fair value of ATRY?
Our model-based fair value for Atrys Health SL is €1.46 (as of Nov 6, 2026), built from audited fundamentals. The current price: €2.65.
What is the quality score of ATRY?
Atrys Health SL has a Quality Score of 28/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Atrys Health SL (ATRY)?
Our model-based price target is the fair value of €1.46 (as of Nov 6, 2026) from 1 valuation models. Cautious scenario €0.6200, optimistic scenario €2.29. It is a calculation from audited fundamentals, not an analyst target.
What is the Atrys Health SL stock forecast for 2026?
Our models put fair value at €1.46, about 45% lower versus a price of €2.65 (overvalued). Cautious scenario €0.6200, optimistic scenario €2.29. The calculation is refreshed regularly with new filings.
What is the revenue of Atrys Health SL (ATRY)?
Atrys Health SL reported trailing-twelve-month revenue of about €148M (latest available figure, as of Nov 6, 2026).
What is the intrinsic value of Atrys Health SL (ATRY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Atrys Health SL it is €1.46 per share (as of Nov 6, 2026), against a price of €2.65. It is the blended result of 1 valuation models in 1 family (Multiples).
Is Atrys Health SL stock overvalued or undervalued in 2026?
As of Nov 6, 2026, ATRY trades above its calculated fair value: price €2.65, fair value €1.46, a gap of about −45% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ATRY?
No. The price is what the market pays today (€2.65); the fair value is what the company's own numbers justify (€1.46). For Atrys Health SL the two are €1.19 per share apart. That gap is exactly why we show both numbers side by side.
How much is Atrys Health SL worth?
The market values Atrys Health SL at about €201M (market capitalisation, as of Nov 6, 2026). Per share that is €2.65; our models calculate a fair value of €1.46 per share.
What do the bullish and bearish scenarios say about ATRY?
Our models span a range for Atrys Health SL: cautious scenario €0.6200, base €1.46, optimistic €2.29 per share (as of Nov 6, 2026, price €2.65). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Atrys Health SL (ATRY)?
Balance-sheet figures for Atrys Health SL (as of Nov 6, 2026): return on equity −24.6%, debt of 0.02 per unit of equity. They feed the Quality Score of 28/100, which measures business quality independently of the share price.
How far is ATRY from its 52-week high?
Atrys Health SL trades at €2.65, about 15% below its 52-week high of €3.10 and 13% above the low of €2.34 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €1.46 is for.
Which stocks are comparable to Atrys Health SL?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, CSL Limited, argenx SE, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Atrys Health SL stock attractive at the current price?
The data as of Nov 6, 2026: price €2.65, calculated fair value €1.46 (−45%), Quality Score 28/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ATRY calculated?
We run Atrys Health SL through 1 models from 1 family: Multiples. Every model gets the same audited fundamentals; the fair value of €1.46 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Atrys Health SL itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Atrys Health SL (ATRY)?
The closing price on Nov 6, 2026 was €2.65. Our model-based fair value is €1.46, about 45% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Atrys Health SL right now?
The price sits above even our optimistic bull case (€2.29). The favourable scenario is already priced in. Weak quality (28/100) and above fair value at the same time, the margin of safety is missing on both counts. The model range is unusually wide (€0.6200 to €2.29). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of Atrys Health SL

How large is the market capitalisation of Atrys Health SL (ATRY)?
The market capitalisation of Atrys Health SL is €201M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Atrys Health SL (ATRY)?
The price-to-sales ratio of Atrys Health SL is 1.34 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Atrys Health SL (ATRY)?
Earnings per share at Atrys Health SL are €−0.6200. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Atrys Health SL (ATRY)?
The net margin of Atrys Health SL is −71.1% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Atrys Health SL (ATRY)?
The return on equity (ROE) of Atrys Health SL is −24.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Atrys Health SL (ATRY)?
On an EBIT basis the return on assets of Atrys Health SL is −1.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Atrys Health SL (ATRY)?
The operating margin of Atrys Health SL is −0.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Atrys Health SL (ATRY)?
Revenue at Atrys Health SL is growing +9.4% versus a year earlier (3y avg −3.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Atrys Health SL (ATRY) generate?
The free cash flow of Atrys Health SL is −€14.1M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Atrys Health SL (ATRY) carry?
The net debt of Atrys Health SL is €144M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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