HY26 · Released 26 November 2025
FPH NPAT up 39% but cash conversion fell sharply on profit outpacing OCF
Revenue grew 14% and margins expanded, yet operating cash flow rose only 5.5%, raising questions about earnings quality into the second half.
FPH · NZX
Fisher & Paykel Healthcare is an NZX-listed healthcare company covered by Annolyse across HY26. This page brings together the latest briefing, the current metrics snapshot, and the published history to date in one place.
Snapshot
HY26, released 26 November 2025
| Metric | Value |
|---|---|
| Revenue | $1088.5m |
| Operating profit | $286.1m |
| NPAT | $213.0m |
| Operating cash flow | $245.8m |
| OCF / Operating profit % | 85.9% |
| Net debt | -$237.8m |
| Net debt / Operating profit | -0.83x |
| ROE % | 21.4% |
| DPS | 19.0c |
| Payout ratio vs NPAT % | 52.3% |
Longitudinal view
Current-period values from each published briefing, with the most recent reporting period shown first.
| Metric | HY266 MONTHS26 November 2025 |
|---|---|
| Revenue | $1088.5m |
| Revenue growth % | 14.4% |
| Operating profit | $286.1m |
| Operating profit margin % | 26.3% |
| PBT | $283.8m |
| PBT growth % | 37.5% |
| NPAT | $213.0m |
| NPAT growth % | 39.0% |
| Operating cash flow | $245.8m |
| OCF / Operating profit % | 85.9% |
| FCF pre-lease | $184.0m |
| FCF post-lease | $173.2m |
| DPS | 19.0c |
| Payout ratio vs NPAT % | 52.3% |
| ROE % | 21.4% |
| Net debt | -$237.8m |
| Net debt / Operating profit | -0.83x |
| Debtor days | 43 |
| Inventory days | 56 |
| Total assets | $2631.3m |
Source: annolyse.ai/companies/fph
Accountability
Read the prior briefing's expectations and unresolved questions alongside the subsequent result, without forcing long-form editorial text into narrow cards.
Once a second briefing exists for this company, this section will compare the previous briefing's expectations and unresolved issues with what actually happened in the next result.
Archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
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