Market cap
$22.7b
End-of-day close multiplied by current shares on issue.
FPH · NZX
Fisher & Paykel Healthcare is an NZX-listed healthcare / medical devices company with HY23 - FY26 of published result briefings.
Snapshot
FY26, released 26 May 2026
| Metric | Value | Change |
|---|---|---|
| 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 profit | -0.63x | ↓ -61.5% |
| ROE % | 22.2% | ↑ +2.2pp |
| DPS | 52.0c | ↑ +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
A compact read on what the market price implies next to the latest filing data. The numbers are a starting point for comparison, not a recommendation.
The latest close and share count context for the market price.
Market cap
$22.7b
End-of-day close multiplied by current shares on issue.
How the market price compares with recent earnings and cash-flow inputs.
P/E
48.39x
Recent market cap compared with trailing earnings.
EPS
0.80
Recent filing-derived earnings per share.
PEG
2x
P/E compared with recent earnings growth.
EV/EBITDA
34.99x
Enterprise value compared with recent EBITDA.
P/FCF
48.44x
Market cap compared with recent free cash flow.
P/B
10.72x
Market value compared with latest reported equity.
Yield and fund-style valuation where the company shape supports it.
Dividend yield
1.1%
Trailing dividends compared with the latest close.
Total return
Not available
Available once dividend and adjustment data are verified.
Daily closes use the full available width, with hover and touch readouts against real observations. Expand opens the chart at reading size.
Five years of daily closes, as at close, 5 June 2026. Weekends, suspensions, and listing gaps stay as natural gaps in the time scale.
Indexed lines compare direction from the first positive comparable filing point. The axis is an index, not dollars or cents.
Chat
Ask follow-up questions about Fisher & Paykel Healthcare's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Longitudinal view
The latest period is shown first.
| Metric | FY2612 MONTHS26 May 2026 | HY266 MONTHS26 November 2025 | FY2512 MONTHS28 May 2025 | HY256 MONTHS28 November 2024 | HY246 MONTHS29 November 2023 | FY2312 MONTHS26 May 2023 | HY236 MONTHS29 November 2022 | Trend |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.3b | $1.1b | $2b | $951.2m | $803.7m | $1.6b | $690.6m | Chart |
| 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%. | Chart
|
| Operating profit | $636.4m | $286.1m | $509.6m | $218.1m | $152.6m | $332.2m | $126.7m | Chart |
| Operating profit margin % | 27.6% | 26.3% | 25.2% | 22.9% | 19.0% | 21.0% | 18.3% | Chart |
| PBT | $631.5m | $283.8m | $503.3m | $206.4m | $140.6m | $328m | $114.3m | Chart |
| 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%. | Chart
|
| NPAT | $468.5m | $213m | $377.2m | $153.2m | $107.3m | $250.3m | $95.9m | Chart |
| 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%. | Chart
|
| Operating cash flow | $663.2m | $245.8m | $548.6m | $233m | $156.5m | $238.2m | $1.9m | Chart |
| OCF / Operating profit % | 104.2% | 85.9% | 107.7% | 106.8% | 102.6% | 71.7% | 1.5% | Chart |
| FCF pre-lease | $468m | $184m | $427.1m | $169.4m | -$127.5m | $26.9m | -$129.6m | Chart |
| FCF post-lease | $446.6m | $173.2m | $427.1m | $169.4m | -$127.5m | $12.5m | -$129.6m | Chart |
| DPS | 52.0c | 19.0c | 24.0c | 18.5c | 18.0c | 23.0c | 17.5c | Chart |
| 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%. | Chart
|
| Annual payout ratio vs EPS % | 65.2% | — | 66.0% | — | — | 93.5% | — | Chart |
| 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% | Chart
|
| Net debt | -$401.3m | -$237.8m | -$200.5m | -$50m | $172.7m | -$37.7m | $42.6m | Chart |
| Net debt / Operating profit | -0.63x | -0.83x | -0.39x | -0.23x | 1.13x | -0.11x | 0.34x | Chart |
| Debtor days | 45 | 43Outside 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. | 48 | 41 | 43 | 42 | 41Outside 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. | Chart
|
| Inventory days | 52 | 56Outside 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. | 62 | 64 | 82 | 84 | 105Outside 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. | Chart
|
| Total assets | $2.9b | $2.6b | $2.6b | $2.4b | $2.4b | $2.2b | $2.1b | Chart |
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.
These charts use verified published filing periods only. Gaps are not interpolated, and mixed half-year/full-year histories are split into separate series.
Reported revenue across covered periods.
Like-period revenue growth where comparable.
Company-specific earnings measure where disclosed.
EBITDA-equivalent margin where revenue and earnings are source-backed.
Statutory profit after tax.
Cash generated from operations.
Additional verified filing metrics for this company. Each point links back to a published briefing period in the source data contract.
Cash conversion against earnings.
Operating cash flow less capex before leases.
Free cash flow after lease payments where available.
Return on equity.
Borrowings less cash; negative values indicate net cash.
Leverage ratio, suppressed where earnings are not meaningful.
Dividend per share declared for the period.
Dividend payout against statutory NPAT.
Receivables days where the working-capital inputs are source-backed.
Inventory days where the working-capital inputs are source-backed.
Per-period working-capital absorption or release, from the same published history. Positive values are working-capital build; negative values are release.
The setup & the reality
The latest result is checked against what the prior briefing said to watch.
Historical setup
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
This briefing cannot assess constant-currency segment margins, regional growth contribution, or any FY26 guidance, none of which are present in the supplied excerpts.
Archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
FY26 · Released 26 May 2026
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%.
HY26 · Released 26 November 2025
Operating leverage pushed margins above the recent historical range even as FCF conversion eased from 110.6% to 81.3% of NPAT.
FY25 · Released 28 May 2025
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.
HY25 · Released 28 November 2024
Operating leverage delivered above-baseline earnings growth while capex falling 80% to NZ$55.1m rebuilt FPH into a net cash position.
HY24 · Released 29 November 2023
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.
FY23 · Released 26 May 2023
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.
HY23 · Released 29 November 2022
Revenue fell 23.3% on post-COVID normalisation, but a NZ$58.7m working-capital build left the lifted dividend uncovered by free cash flow.
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