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FPH · NZX

Fisher & Paykel Healthcare (FPH)

Healthcare / Medical devicesCovered: HY23 - FY267 published briefings

Fisher & Paykel Healthcare is an NZX-listed healthcare / medical devices company. Its latest covered result is FY26, with HY23 - FY26 of source-backed result history on Annolyse.

Sections

Latest result

Latest metrics

FY26, released 26 May 2026

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FPH latest metrics
MetricValueChange
Revenue$2.3b↑ +14.2%
Operating profit$636.4m↑ +24.9%
NPAT$468.5m↑ +24.2%
Operating cash flow$663.2m↑ +20.9%
OCF / Operating profit %104.2%↓ -3.5pp
Net debt-$401.3m↓ -100.1%
Net debt / Operating profitn/m—
ROE %22.2%↑ +2.2pp
DPS52.0c↑ +116.7%
Payout ratio vs NPAT %65.2%↓ -0.8pp

Source: latest published briefing (FY26, released 26 May 2026). Change compares against the prior equivalent period: FY25, released 28 May 2025.

Valuation

Valuation

Trailing P/E, EV/EBITDA, price-to-book and price-to-free-cash-flow ratios combine the latest available close with filing data. They are comparative measures, not forecasts or recommendations.

Prices as at close, 18 September 2026

Price and market cap

The latest close and share count context for the market price.

Market cap

$26b

i

End-of-day close multiplied by current shares on issue.

Profitability multiples

How the market price compares with recent earnings and cash-flow inputs.

P/E

55.44x

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Recent market cap compared with trailing earnings.

EPS

0.80

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Recent filing-derived earnings per share.

PEG

2.29x

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P/E compared with recent earnings growth.

EV/EBITDA

40.18x

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Enterprise value compared with recent EBITDA.

P/FCF

55.49x

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Market cap compared with recent free cash flow.

P/B

12.28x

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Market value compared with latest reported equity.

Income and investment-company measures

Yield and investment-company valuation where supported.

Dividend yield

1.2%

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Trailing dividends compared with the latest close.

Total return

Not available

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Available once dividend and adjustment data are verified.

Price history

Daily closes use the full available width, with hover and touch values for each observation. Expand the chart to see more detail.

Share price

Five years of daily closes, as at close, 5 June 2026. Weekends, suspensions, and listing gaps stay as natural gaps in the time scale.

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P/E over time

Filing-period markers only: EOD close on or before each release date divided by filing-derived trailing NPAT where both inputs verify.

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Ask about FPH

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What changed in the latest result?What is unusual in the historical context?How has cash conversion changed over time?Compare this company with CNU.

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Financial history

Performance over time

The latest period is shown first.

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FPH metric history
MetricFY2612 MONTHS26 May 2026HY266 MONTHS26 November 2025FY2512 MONTHS28 May 2025HY256 MONTHS28 November 2024HY246 MONTHS29 November 2023FY2312 MONTHS26 May 2023HY236 MONTHS29 November 2022Trend
Revenue$2.3b$1.1b$2b$951.2m$803.7m$1.6b$690.6m
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Revenue growth %14.2%14.4%27.8%18.4%Outside range high revenue growth. 18.4%; 3-period range -23.3% to 16.4%. Revenue growth: 18.4%, above normal range; 3-period mean 2.5%, range -23.3%-16.4%.16.4%-6.0%-23.3%Outside range low revenue growth. -23.3%; 3-period range 14.4% to 18.4%. Revenue growth: -23.3%, below normal range; 3-period mean 16.4%, range 14.4%-18.4%.
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  • HY25 Revenue growth %: Outside range high revenue growth. 18.4%; 3-period range -23.3% to 16.4%. Revenue growth: 18.4%, above normal range; 3-period mean 2.5%, range -23.3%-16.4%.
Operating profit$636.4m$286.1m$509.6m$218.1m$152.6m$332.2m$126.7m
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Operating profit margin %27.6%26.3%25.2%22.9%19.0%21.0%18.3%
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PBT$631.5m$283.8m$503.3m$206.4m$140.6m$328m$114.3m
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PBT growth %25.5%37.5%53.4%46.8%Outside range high pbt growth. 46.8%; 3-period range -62% to 37.5%. PBT growth: 46.8%, above normal range; 3-period mean -0.5%, range -62.0%-37.5%.23.0%-34.9%-62.0%Outside range low pbt growth. -62%; 3-period range 23% to 46.8%. PBT growth: -62.0%, below normal range; 3-period mean 35.8%, range 23.0%-46.8%.
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  • HY25 PBT growth %: Outside range high pbt growth. 46.8%; 3-period range -62% to 37.5%. PBT growth: 46.8%, above normal range; 3-period mean -0.5%, range -62.0%-37.5%.
NPAT$468.5m$213m$377.2m$153.2m$107.3m$250.3m$95.9m
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NPAT growth %24.2%39.0%50.7%42.8%Outside range high npat growth. 42.8%; 3-period range -56.8% to 39%. NPAT growth: 42.8%, above normal range; 3-period mean -2.0%, range -56.8%-39.0%.11.9%-33.6%-56.8%Outside range low npat growth. -56.8%; 3-period range 11.9% to 42.8%. NPAT growth: -56.8%, below normal range; 3-period mean 31.2%, range 11.9%-42.8%.
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  • HY25 NPAT growth %: Outside range high npat growth. 42.8%; 3-period range -56.8% to 39%. NPAT growth: 42.8%, above normal range; 3-period mean -2.0%, range -56.8%-39.0%.
Operating cash flow$663.2m$245.8m$548.6m$233m$156.5m$238.2m$1.9m
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OCF / Operating profit %104.2%85.9%107.7%106.8%102.6%71.7%1.5%
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FCF pre-lease$468m$184m$427.1m$169.4m-$127.5m$26.9m-$129.6m
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FCF post-lease——$427.1m$169.4m-$127.5m—-$129.6m
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DPS52.0c19.0c24.0c18.5c18.0c23.0c17.5c
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Payout ratio vs NPAT %65.2%52.3%Outside range low payout ratio versus npat. 52.3%; 3-period range 70.6% to 105.4%. Payout ratio versus NPAT: 52.3%, below normal range; 3-period mean 91.1%, range 70.6%-105.4%.66.0%70.6%97.3%93.5%105.4%Outside range high payout ratio versus npat. 105.4%; 3-period range 52.3% to 97.3%. Payout ratio versus NPAT: 105.4%, above normal range; 3-period mean 73.4%, range 52.3%-97.3%.
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  • HY26 Payout ratio vs NPAT %: Outside range low payout ratio versus npat. 52.3%; 3-period range 70.6% to 105.4%. Payout ratio versus NPAT: 52.3%, below normal range; 3-period mean 91.1%, range 70.6%-105.4%.
Annual payout ratio vs EPS %65.2%—66.0%——93.5%—
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ROE %22.2%10.9%Outside range high roe. 10.9%; 3-period range 6.1% to 7.9%. ROE: 10.9%, above normal range; 3-period mean 6.8%, range 6.1%-7.9%.20.0%7.9%6.1%Outside range low roe. 6.1%; 3-period range 6.5% to 10.9%. ROE: 6.1%, below normal range; 3-period mean 8.4%, range 6.5%-10.9%.14.3%6.5%
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  • HY24 ROE %: Outside range low roe. 6.1%; 3-period range 6.5% to 10.9%. ROE: 6.1%, below normal range; 3-period mean 8.4%, range 6.5%-10.9%.
  • HY26 ROE %: Outside range high roe. 10.9%; 3-period range 6.1% to 7.9%. ROE: 10.9%, above normal range; 3-period mean 6.8%, range 6.1%-7.9%.
Net debt-$401.3m-$237.8m-$200.5m-$50m-$313.7m-$37.7m$42.6m
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Net debt / Operating profitn/mn/mn/mn/mn/mn/m0.34x
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Debtor days4543Outside range high debtor days. 43d; 3-period range 41d to 43d. Debtor days: 42.9 days, above normal range; 3-period mean 41.3 days, range 40.5 days-42.8 days.4841434241Outside range low debtor days. 41d; 3-period range 41d to 43d. Debtor days: 40.5 days, below normal range; 3-period mean 42.1 days, range 40.7 days-42.9 days.
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  • HY26 Debtor days: Outside range high debtor days. 43d; 3-period range 41d to 43d. Debtor days: 42.9 days, above normal range; 3-period mean 41.3 days, range 40.5 days-42.8 days.
Inventory days5256Outside range low inventory days. 56d; 3-period range 64d to 105d. Inventory days: 56.3 days, below normal range; 3-period mean 83.4 days, range 63.7 days-105.0 days.62648284105Outside range high inventory days. 105d; 3-period range 56d to 82d. Inventory days: 105.0 days, above normal range; 3-period mean 67.2 days, range 56.3 days-81.6 days.
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  • HY26 Inventory days: Outside range low inventory days. 56d; 3-period range 64d to 105d. Inventory days: 56.3 days, below normal range; 3-period mean 83.4 days, range 63.7 days-105.0 days.
Total assets$2.9b$2.6b$2.6b$2.4b$2.4b$2.2b$2.1b
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Reference: annolyse.ai/companies/fph

Note: Figures are shown as reported. Half-year and full-year absolute values are not directly comparable. Growth rates and ratios are the meaningful comparison across mixed periods.

Filing-only history charts

These charts use verified published filing periods only. Gaps are not interpolated, and mixed half-year/full-year histories are split into separate series.

Revenue

Reported revenue across covered periods.

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Revenue growth

Like-period revenue growth where comparable.

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  • HY23 FPH HY: Outside range low revenue growth. -23.3%; 3-period range 14.4% to 18.4%. Revenue growth: -23.3%, below normal range; 3-period mean 16.4%, range 14.4%-18.4%.
  • HY25 FPH HY: Outside range high revenue growth. 18.4%; 3-period range -23.3% to 16.4%. Revenue growth: 18.4%, above normal range; 3-period mean 2.5%, range -23.3%-16.4%.

EBITDA-equivalent

Company-specific earnings measure where disclosed.

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EBITDA margin

EBITDA-equivalent margin where revenue and earnings are source-backed.

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NPAT

Statutory profit after tax.

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Operating cash flow

Cash generated from operations.

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More financial metrics

Additional filing-backed metrics for this company. Each point links to the relevant published briefing.

FCF pre-lease

Operating cash flow less capex before leases.

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FCF post-lease

Free cash flow after lease payments where available.

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ROE

Return on equity.

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  • HY24 FPH HY: Outside range low roe. 6.1%; 3-period range 6.5% to 10.9%. ROE: 6.1%, below normal range; 3-period mean 8.4%, range 6.5%-10.9%.
  • HY26 FPH HY: Outside range high roe. 10.9%; 3-period range 6.1% to 7.9%. ROE: 10.9%, above normal range; 3-period mean 6.8%, range 6.1%-7.9%.

Net debt

Borrowings less cash; negative values indicate net cash.

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DPS

Dividend per share declared for the period.

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Payout ratio

Dividend payout against statutory NPAT.

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  • HY23 FPH HY: Outside range high payout ratio versus npat. 105.4%; 3-period range 52.3% to 97.3%. Payout ratio versus NPAT: 105.4%, above normal range; 3-period mean 73.4%, range 52.3%-97.3%.
  • HY26 FPH HY: Outside range low payout ratio versus npat. 52.3%; 3-period range 70.6% to 105.4%. Payout ratio versus NPAT: 52.3%, below normal range; 3-period mean 91.1%, range 70.6%-105.4%.

Debtor days

Receivables days where the working-capital inputs are source-backed.

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  • HY23 FPH HY: Outside range low debtor days. 41d; 3-period range 41d to 43d. Debtor days: 40.5 days, below normal range; 3-period mean 42.1 days, range 40.7 days-42.9 days.
  • HY26 FPH HY: Outside range high debtor days. 43d; 3-period range 41d to 43d. Debtor days: 42.9 days, above normal range; 3-period mean 41.3 days, range 40.5 days-42.8 days.

Inventory days

Inventory days where the working-capital inputs are source-backed.

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  • HY23 FPH HY: Outside range high inventory days. 105d; 3-period range 56d to 82d. Inventory days: 105.0 days, above normal range; 3-period mean 67.2 days, range 56.3 days-81.6 days.
  • HY26 FPH HY: Outside range low inventory days. 56d; 3-period range 64d to 105d. Inventory days: 56.3 days, below normal range; 3-period mean 83.4 days, range 63.7 days-105.0 days.

The setup & the reality

HY26 → FY26 Follow-through

The latest result is checked against what the prior briefing said to watch.

Historical setup

What HY26 said to watch

Previous analysisHY26Result releasedAnnolyse analysis published

From FPH PBT margin reached 26.1%, lifting profit 37.5% on 14.4% revenue growth

No forward targets are disclosed in this release, so judgement rests on shape rather than guidance. The supplied historical pattern shows HY25 represented 47.1% of FY25 revenue and 40.6% of FY25 NPAT, implying a second-half-weighted profile. If FY26 follows that shape, the HY26 base of NZ$1.1b and NZ$213.0m would imply a materially larger full-year outcome than FY25's NZ$2b and NZ$377.2m.

The risk to that read is that HY26 margins are running ahead of the historical range. A repeat in 2H requires the gross margin gain to be durable; even a partial reversion would compress full-year operating leverage despite continued top-line growth.

Open questions

Open questions from HY26

  • What specifically drove the 110 bps gross margin gain — mix shift to Hospital, constant-currency pricing, manufacturing cost, or FX translation?
  • Is the 26.1% PBT margin sustainable, or does it reflect timing on operating expenses that will normalise in 2H?
  • Why has the dividend payout ratio reset to 52.3% from a historical mean of 91.1%, and what is the intended use of the rebuilt net cash position?
  • How much of the inventory reduction to 56.3 days is permanent versus a working-capital tailwind that will reverse?
  • Why did operating cash flow grow only 5.5% when PBT grew 37.5%, and where in working capital is the gap absorbed?

This briefing cannot assess constant-currency segment margins, regional growth contribution, or any FY26 guidance, none of which are present in the supplied excerpts.

Latest result sources

Primary issuer documents used for the FY26 briefing. Document labels are preserved from the publication record; Annolyse does not relabel every financial report as an annual report.

Current period

FPH reports strong revenue and profit growth for FY26

FY26 / results release

FY26 Annual Report

FY26 / financial report

NZX Results Announcement

FY26 / results announcement

Prior comparable period

FY25 Annual Report

FY25 / financial report

FY25 Investor Presentation

FY25 / results presentation

NZX Results Announcement

FY25 / results announcement

Record full-year revenue result for FPH

FY25 / results release

Interim context

Interim Report 2026

HY26 / financial report

Investor Presentation

HY26 / results presentation

NZX Results Announcement

HY26 / results announcement

NZX Results Announcement

HY26 / results release

Release context

FPH updates FY26 revenue and earnings guidance

FY26 / commentary

FPH provides first half guidance for FY26; Director Pip Greenwood to retire

HY26 / commentary

Peer context

Other covered Healthcare companies

These companies share a broad sector but may not be direct peers. Compare them only where the underlying measures are genuinely comparable.

BLT · FY26

BLIS Technologies

8 published result briefings

RUA · FY26

Rua Bioscience

8 published result briefings

SUM · HY26

Summerset Group Holdings

8 published result briefings

GXH · FY26

Green Cross Health

7 published result briefings

Compare FPH, BLT, RUA, SUM →Healthcare result archiveNZX healthcare comparison

Archive

Briefing archive

The full chronological archive contains every published result briefing.

FY26 · Released 26 May 2026

FPH capex nearly doubled to NZ$195.2m, compressing FCF conversion

Operating cash flow rose to NZ$663.2m and cash built to NZ$461.1m, but capex hit 8.5% of revenue and FCF/NPAT fell to 95.3%.

Read briefing

HY26 · Released 26 November 2025

FPH PBT margin reached 26.1%, lifting profit 37.5% on 14.4% revenue growth

Operating leverage pushed margins above the recent historical range even as FCF conversion eased from 110.6% to 81.3% of NPAT.

Read briefing

FY25 · Released 28 May 2025

Operating cash flow more than doubled to $548.6m as capex normalised

Revenue crossed $2.0bn for the first time and FCF reached 113.3% of NPAT, signalling earnings backed by cash after years of heavy capex.

Read briefing

HY25 · Released 28 November 2024

FPH PBT up 46.8% as capex normalisation swings FCF positive

Operating leverage delivered above-baseline earnings growth while capex falling 80% to NZ$55.1m rebuilt FPH into a net cash position.

Read briefing

HY24 · Released 29 November 2023

Capex doubled to 34.3% of revenue, pre-lease FCF swung to NZ$127.5m negative

Revenue grew 16.4% and PBT 23.0%, but a doubled capex bill drove pre-lease FCF NZ$258.5m below the historical mean and left the dividend uncovered.

Read briefing

FY23 · Released 26 May 2023

FY23 FCF collapsed to $12.5m as capex stepped up 53%

H2 revenue rebounded 14%, but a 40.5c full-year dividend ran well past FCF cover with capex intensity climbing to 13.4% of revenue.

Read briefing
Open all 7 result briefings

Related insights

Compare this company

The latest FPH metrics also appear in these cross-company comparisons.

Insight

Dividend coverage and payout pressure

Dividend payout versus NPAT is 65.2%.

Open insight

Insight

Revenue growth context

Revenue growth was 14.2% for this reporting period.

Open insight

Insight

Earnings quality and statutory distortions

PBT and NPAT growth diverged by 1.3pp.

Open insight

Insight

ROE and capital efficiency

ROE was 22.2%, +2.2pp versus the prior comparable period.

Open insight

Get notified when FPH publishes

Get the next Fisher & Paykel Healthcare result briefing and five-year history updates by email.