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GXH · NZX

Green Cross Health (GXH)

Healthcare / Pharmacy and health servicesCovered: HY23 - FY267 published briefings

Green Cross Health is an NZX-listed healthcare / pharmacy and health services company. Its latest covered result is FY26, with HY23 - FY26 of source-backed result history on Annolyse.

Sections

Latest result

Latest metrics

FY26, released 29 May 2026

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GXH latest metrics
MetricValueChange
Revenue$546m↑ +8.3%
Operating profit$45.3m↑ +42.4%
NPAT$20.4m↑ +72.8%
Operating cash flow$54.6m↑ +18.8%
OCF / Operating profit %120.7%↓ -23.8pp
Net debt-$8.6m↓ -174.3%
Net debt / Operating profitn/m—
ROE %11.6%↑ +4.5pp
DPS5.5c↑ +175.0%
Payout ratio vs NPAT %40.5%↑ +16.1pp

Source: latest published briefing (FY26, released 29 May 2026). Change compares against the prior equivalent period: FY24, released 30 May 2024.

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, 4 September 2026

Price and market cap

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

Market cap

$277.6m

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

13.61x

i

Recent market cap compared with trailing earnings.

EPS

0.14

i

Recent filing-derived earnings per share.

PEG

0.49x

i

P/E compared with recent earnings growth.

EV/EBITDA

5.94x

i

Enterprise value compared with recent EBITDA.

P/FCF

Not available

i

Not available for this company right now.

P/B

1.58x

i

Market value compared with latest reported equity.

Income and investment-company measures

Yield and investment-company valuation where supported.

Dividend yield

4.4%

i

Trailing dividends compared with the latest close.

Total return

Not available

i

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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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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GXH metric history
MetricFY2612 MONTHS29 May 2026HY266 MONTHS28 November 2025HY256 MONTHS28 November 2024FY2412 MONTHS30 May 2024HY246 MONTHS29 November 2023FY2312 MONTHS30 May 2023HY236 MONTHS25 November 2022Trend
Revenue$546m$264.4m$259.9m$503.9m$250.2m$493.6m$355.1m
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Revenue growth %4.2%1.8%3.9%2.1%-29.5%Outside range low revenue growth. -29.5%; 3-period range 1.8% to 14.6%. Revenue growth: -29.5%, below normal range; 3-period mean 6.8%, range 1.8%-14.6%.-26.4%14.6%Outside range high revenue growth. 14.6%; 3-period range -29.5% to 3.9%. Revenue growth: 14.6%, above normal range; 3-period mean -7.9%, range -29.5%-3.9%.
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  • HY24 Revenue growth %: Outside range low revenue growth. -29.5%; 3-period range 1.8% to 14.6%. Revenue growth: -29.5%, below normal range; 3-period mean 6.8%, range 1.8%-14.6%.
Operating profit$45.3m$17.5m$16.1m$31.8m$14.9m$34.3m$24.7m
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Operating profit margin %8.3%6.6%6.2%6.3%6.0%7.0%6.9%
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PBT$35.8m$12.6m$11.1m$22.4m$10.5m$27.1m$21.3m
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PBT growth %24.2%13.5%5.7%-17.3%-50.7%Outside range low pbt growth. -50.7%; 3-period range 5.7% to 20.3%. PBT growth: -50.7%, below normal range; 3-period mean 13.2%, range 5.7%-20.3%.-43.5%20.3%Outside range high pbt growth. 20.3%; 3-period range -50.7% to 13.5%. PBT growth: 20.3%, above normal range; 3-period mean -10.5%, range -50.7%-13.5%.
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  • HY24 PBT growth %: Outside range low pbt growth. -50.7%; 3-period range 5.7% to 20.3%. PBT growth: -50.7%, below normal range; 3-period mean 13.2%, range 5.7%-20.3%.
NPAT$20.4m$7.2m$5.6m$11.8m$5.6m$45.2m$11.4m
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NPAT growth %27.7%28.6%Outside range high npat growth. 28.6%; 3-period range -50.9% to 17.5%. NPAT growth: 28.6%, above normal range; 3-period mean -11.1%, range -50.9%-17.5%.0.0%-73.9%-50.9%Outside range low npat growth. -50.9%; 3-period range 0% to 28.6%. NPAT growth: -50.9%, below normal range; 3-period mean 15.4%, range 0.0%-28.6%.83.7%17.5%
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  • HY24 NPAT growth %: Outside range low npat growth. -50.9%; 3-period range 0% to 28.6%. NPAT growth: -50.9%, below normal range; 3-period mean 15.4%, range 0.0%-28.6%.
  • HY26 NPAT growth %: Outside range high npat growth. 28.6%; 3-period range -50.9% to 17.5%. NPAT growth: 28.6%, above normal range; 3-period mean -11.1%, range -50.9%-17.5%.
Operating cash flow$54.6m$21.6m$25.3m$46m$18.8m$45.9m$28.9m
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OCF / Operating profit %120.7%123.3%156.9%144.5%125.6%133.8%117.0%
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FCF pre-lease———$38.6m—$40.2m$25.8m
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DPS5.5c3.0c2.5c2.0c2.5c3.5c3.5c
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Payout ratio vs NPAT %40.5%60.0%63.6%24.4%63.9%Outside range high payout ratio versus npat. 63.9%; 3-period range 44.1% to 63.6%. Payout ratio versus NPAT: 63.9%, above normal range; 3-period mean 55.9%, range 44.1%-63.6%.11.1%44.1%Outside range low payout ratio versus npat. 44.1%; 3-period range 60% to 63.9%. Payout ratio versus NPAT: 44.1%, below normal range; 3-period mean 62.5%, range 60.0%-63.9%.
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  • HY24 Payout ratio vs NPAT %: Outside range high payout ratio versus npat. 63.9%; 3-period range 44.1% to 63.6%. Payout ratio versus NPAT: 63.9%, above normal range; 3-period mean 55.9%, range 44.1%-63.6%.
Annual payout ratio vs EPS %———24.4%—11.1%—
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ROE %11.6%4.0%3.3%Outside range low roe. 3.3%; 3-period range 3.4% to 13%. ROE: 3.3%, below normal range; 3-period mean 6.8%, range 3.4%-13.0%.7.1%3.4%22.4%13.0%Outside range high roe. 13%; 3-period range 3.3% to 4%. ROE: 13.0%, above normal range; 3-period mean 3.6%, range 3.3%-4.0%.
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  • HY25 ROE %: Outside range low roe. 3.3%; 3-period range 3.4% to 13%. ROE: 3.3%, below normal range; 3-period mean 6.8%, range 3.4%-13.0%.
Net debt-$8.6m$2m$5.7m$11.5m$12.9m-$34.7m-$18.9m
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Net debt / Operating profitn/m0.11x0.35x0.36x0.87xn/mn/m
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Debtor days58Outside range low debtor days. 8d; 3-period range 9d to 17d. Debtor days: 8.1 days, below normal range; 3-period mean 13.0 days, range 9.0 days-17.2 days.917131017Outside range high debtor days. 17d; 3-period range 8d to 13d. Debtor days: 17.2 days, above normal range; 3-period mean 10.0 days, range 8.1 days-12.9 days.
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  • HY26 Debtor days: Outside range low debtor days. 8d; 3-period range 9d to 17d. Debtor days: 8.1 days, below normal range; 3-period mean 13.0 days, range 9.0 days-17.2 days.
Inventory days2323232224Outside range high inventory days. 24d; 3-period range 17d to 23d. Inventory days: 23.8 days, above normal range; 3-period mean 21.1 days, range 16.6 days-23.4 days.2417Outside range low inventory days. 17d; 3-period range 23d to 24d. Inventory days: 16.6 days, below normal range; 3-period mean 23.5 days, range 23.2 days-23.8 days.
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  • HY24 Inventory days: Outside range high inventory days. 24d; 3-period range 17d to 23d. Inventory days: 23.8 days, above normal range; 3-period mean 21.1 days, range 16.6 days-23.4 days.
Total assets$392m$392.9m$392.3m$383.3m$374.9m$401m$414.5m
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Reference: annolyse.ai/companies/gxh

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 GXH HY: Outside range high revenue growth. 14.6%; 3-period range -29.5% to 3.9%. Revenue growth: 14.6%, above normal range; 3-period mean -7.9%, range -29.5%-3.9%.
  • HY24 GXH HY: Outside range low revenue growth. -29.5%; 3-period range 1.8% to 14.6%. Revenue growth: -29.5%, below normal range; 3-period mean 6.8%, range 1.8%-14.6%.

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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ROE

Return on equity.

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  • HY23 GXH HY: Outside range high roe. 13%; 3-period range 3.3% to 4%. ROE: 13.0%, above normal range; 3-period mean 3.6%, range 3.3%-4.0%.
  • HY25 GXH HY: Outside range low roe. 3.3%; 3-period range 3.4% to 13%. ROE: 3.3%, below normal range; 3-period mean 6.8%, range 3.4%-13.0%.

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 GXH HY: Outside range low payout ratio versus npat. 44.1%; 3-period range 60% to 63.9%. Payout ratio versus NPAT: 44.1%, below normal range; 3-period mean 62.5%, range 60.0%-63.9%.
  • HY24 GXH HY: Outside range high payout ratio versus npat. 63.9%; 3-period range 44.1% to 63.6%. Payout ratio versus NPAT: 63.9%, above normal range; 3-period mean 55.9%, range 44.1%-63.6%.

Debtor days

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

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  • HY23 GXH HY: Outside range high debtor days. 17d; 3-period range 8d to 13d. Debtor days: 17.2 days, above normal range; 3-period mean 10.0 days, range 8.1 days-12.9 days.
  • HY26 GXH HY: Outside range low debtor days. 8d; 3-period range 9d to 17d. Debtor days: 8.1 days, below normal range; 3-period mean 13.0 days, range 9.0 days-17.2 days.

Inventory days

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

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  • HY23 GXH HY: Outside range low inventory days. 17d; 3-period range 23d to 24d. Inventory days: 16.6 days, below normal range; 3-period mean 23.5 days, range 23.2 days-23.8 days.
  • HY24 GXH HY: Outside range high inventory days. 24d; 3-period range 17d to 23d. Inventory days: 23.8 days, above normal range; 3-period mean 21.1 days, range 16.6 days-23.4 days.

Operating working-capital movement

Per-period working-capital absorption or release, from the same published history. Positive values are working-capital build; negative values are release.

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  • HY24 GXH: Outside range low operating working-capital movement. $-11.8m; 3-period range $-3.7m to $8.7m. Operating working-capital movement: NZ$-11.8m, below normal range; 2/3 prior periods had builds averaging NZ$5.6m, and 1 had releases averaging NZ$-3.7m.
  • HY26 GXH: Outside range high operating working-capital movement. $8.7m; 3-period range $-11.8m to $2.5m. Operating working-capital movement: NZ$8.7m, above normal range; 1/3 prior periods had builds averaging NZ$2.5m, and 2 had releases averaging NZ$-7.7m.

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 NPAT grew 28.6% but pre-lease FCF fell to NZ$15.6m, a 3-year low

No stated targets accompany this release. The supplied second-half shape shows HY25 contributed 49.6% of FY25 revenue but only 35.3% of FY25 NPAT, so the business is materially second-half weighted on earnings. On that pattern, the implied H2 NPAT last year was NZ$10.3m, which is the relevant reference point for the FY26 H2 print rather than a like-for-like extrapolation of this half.

The 28.6% NPAT lift therefore does not, on its own, support a confident upgrade to the full-year run-rate, because the cash backing is weaker and Pharmacy result has deteriorated. The release does support the read that profitability is improving against a soft historical baseline; it does not yet support the read that this is translating into stronger cash generation.

Open questions

Open questions from HY26

  • Why did Pharmacy services result fall to NZ$7.7m on flat revenue, and is the 70 bp segment-margin compression structural or cyclical?
  • What drove capex to step up to 2.3% of revenue from 0.8%, and is this a one-half investment or a sustained run-rate?
  • Why did operating working capital absorb NZ$8.7m more cash this half despite debtor days falling, and which specific balances are responsible?
  • How should investors expect cash conversion to track in H2 given the historical second-half weighting of NPAT?
  • Was the 20% dividend increase calibrated to current cash generation or to a forward view management has not yet disclosed?

This briefing cannot assess management's forward outlook, given that no stated targets, guidance, or forward-work disclosures are present in the supplied data.

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

GXH FY26 - Annual Results Presentation

FY26 / results presentation

GXH FY26 - Financial Statements

FY26 / financial report

GXH FY26 - Media Release

FY26 / media release

GXH FY26 - Results Announcement

FY26 / results announcement

Prior comparable period

GXH Annual Report 2025

FY25 / financial report

Interim context

GXH FY26H1 - Financial Statements

HY26 / financial report

GXH FY26H1 - Media Release

HY26 / results announcement

GXH FY26H1 - Media Release

HY26 / media release

Release context

GXH Annual Shareholders' Meeting Presentation 31 July 2025

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

FPH · FY26

Fisher & Paykel Healthcare

7 published result briefings

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

Archive

Briefing archive

The full chronological archive contains every published result briefing.

FY26 · Released 29 May 2026

Medical services-led NPAT growth of 27.5% on 4.2% revenue lift

The earnings step-up was concentrated in the smaller Medical services segment while operating cash flow grew only 3.7% and free cash flow fell.

Read briefing

HY26 · Released 28 November 2025

NPAT grew 28.6% but pre-lease FCF fell to NZ$15.6m, a 3-year low

Working capital absorption and a near-tripling of capex weakened cash conversion even as reported earnings grew above the historical range.

Read briefing

HY25 · Released 28 November 2024

FCF jumped to $23.1m on debtor release while ROE slipped to 3.3%

NPAT was flat at $5.6m and returns sat below the historical baseline as a $4.9m receivables drawdown drove most of the cash uplift.

Read briefing

FY24 · Released 30 May 2024

Net cash flipped to $11.5m net debt as continuing PBT fell 17.3%

Operating cash held flat but reserves fell $34.8m and borrowings rose 48.5%, with the final dividend cut 42.9% to 2.0 cents.

Read briefing

HY24 · Released 29 November 2023

Pharmacy EBIT fell 25% as COVID tail faded; net cash flipped to net debt

The 29.5% headline revenue drop reflects the Community Health divestment, but continuing operations show eroding margins and a balance sheet that no

Read briefing

FY23 · Released 30 May 2023

NPAT up 83.7% on $30.3m disposal gain as continuing PBT fell 43.5%

The discontinued operation supplied two-thirds of reported NPAT while operating cash flow fell 30.3% and continuing EBIT dropped 29%.

Read briefing
Open all 7 result briefings

Related insights

Compare this company

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

Insight

Dividend coverage and payout pressure

Dividend payout versus NPAT is 40.5%.

Open insight

Insight

Earnings quality and statutory distortions

PBT and NPAT growth diverged by 3.5pp.

Open insight

Insight

Revenue growth context

Revenue growth was 4.2% for this reporting period.

Open insight

Insight

Working-capital pressure

Debtor days were 5 days for this result.

Open insight

Get notified when GXH publishes

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