Physitrack (PTRK): Market Misses the Cash-Flow and SaaS Quality Shift - Earnings comment
Physitrack’s Q3 confirmed steady progress in its SaaS transition, with EBITDA up 25% and free cash flow turning positive for a fourth consecutive quarter. Lifecare remains the core profit driver, growing ARR 13% YoY and delivering sector-leading margins, while Wellness has nearly reached breakeven following a successful cost reset. Despite these structural gains, the group trades at just ~1.8x EV/S 2026E—far below SaaS peers valued at 5–6x—leaving significant upside once sentiment normalizes and cash generation becomes more visible.
