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OCA · NZX

Oceania Healthcare (OCA)

Healthcare / Retirement livingCovered: HY23 - HY267 published briefings

Oceania Healthcare is an NZX-listed healthcare / retirement living company. Its latest covered result is HY26, with HY23 - HY26 of source-backed result history on Annolyse.

Sections

Latest result

Latest metrics

HY26, released 21 November 2025

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OCA latest metrics
MetricValueChange
Revenue$131.6m↓ -0.7%
EBITDA$41.5m↑ +7.4%
NPAT$4.9m↑ +128.7%
Operating cash flow$79m↑ +12.3%
OCF / EBITDA %190.4%Outside range high ocf / ebitda cash conversion. 190.3%; 3-period range 81.2% to 182%. OCF / EBITDA cash conversion: 190.3%, above normal range; 3-period mean 130.3%, range 81.2%-182.0%.↑ +8.4pp
Net debt$608.9m↓ -3.2%
Net debt / EBITDA14.67x↓ -9.8%
ROE %0.4%↑ +2.0pp
PBT$1m↑ +105.1%
FCF pre-lease-$8.4m↓ -120.4%

Source: latest published briefing (HY26, released 21 November 2025). Change compares against the prior equivalent period: HY25, released 22 November 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, 18 September 2026

Price and market cap

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

Market cap

$528.7m

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

10.09x

i

Recent market cap compared with trailing earnings.

EPS

0.07

i

Recent filing-derived earnings per share.

PEG

Not available

i

Not available for this company right now.

EV/EBITDA

12.8x

i

Enterprise value compared with recent EBITDA.

P/FCF

Not available

i

Not meaningful when free cash flow is negative or unavailable.

P/B

0.46x

i

Market value compared with latest reported equity.

Income and investment-company measures

Yield and investment-company valuation where supported.

Dividend yield

0.0%

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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Ask about OCA

Informational only. No buy, sell, hold, price-target, or personal financial advice.

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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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OCA metric history
MetricHY266 MONTHS21 November 2025FY2512 MONTHS22 May 2025HY256 MONTHS22 November 2024FY2412 MONTHS24 May 2024HY246 MONTHS22 November 2023FY2312 MONTHS24 May 2023HY236 MONTHS7 November 2022Trend
Revenue$131.6m$260.6m$132.6m$265.5m$131.6m$247.2m$122.1m
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Revenue growth %-0.7%-1.8%0.8%7.4%-24.0%Outside range low revenue growth. -24%; 3-period range -0.7% to 7.2%. Revenue growth: -24.0%, below normal range; 3-period mean 2.4%, range -0.7%-7.2%.6.9%7.2%Outside range high revenue growth. 7.2%; 3-period range -24% to 0.8%. Revenue growth: 7.2%, above normal range; 3-period mean -8.0%, range -24.0%-0.8%.
Chart
  • HY24 Revenue growth %: Outside range low revenue growth. -24%; 3-period range -0.7% to 7.2%. Revenue growth: -24.0%, below normal range; 3-period mean 2.4%, range -0.7%-7.2%.
EBITDA$41.5m$86m$38.6m$82.6m$37.6m$80m—
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EBITDA margin %31.5%33.0%29.1%31.1%28.6%Outside range low ebitda margin. 28.6%; 3-period range 29.1% to 31.7%. EBITDA margin: 28.6%, below normal range; 3-period mean 30.8%, range 29.1%-31.7%.32.4%—
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  • HY24 EBITDA margin %: Outside range low ebitda margin. 28.6%; 3-period range 29.1% to 31.7%. EBITDA margin: 28.6%, below normal range; 3-period mean 30.8%, range 29.1%-31.7%.
PBT$1m$25.9m-$19.5m$28.4m$32.4m$12m$8.6m
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PBT growth %—0.0%———-78.7%-74.3%
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NPAT$4.9m$30.4m-$17.1m$31.5m$35.2m$15.4m$11.2m
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NPAT growth %—-3.5%—104.5%—-74.8%-69.6%
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Operating cash flow$79m$110.3m$70.4m$85.4m$48m$70.2m$31.4m
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OCF / EBITDA %190.4%Outside range high ocf / ebitda cash conversion. 190.3%; 3-period range 81.2% to 182%. OCF / EBITDA cash conversion: 190.3%, above normal range; 3-period mean 130.3%, range 81.2%-182.0%.128.3%182.0%103.3%127.6%87.7%—
Chart
  • HY26 OCF / EBITDA %: Outside range high ocf / ebitda cash conversion. 190.3%; 3-period range 81.2% to 182%. OCF / EBITDA cash conversion: 190.3%, above normal range; 3-period mean 130.3%, range 81.2%-182.0%.
FCF pre-lease-$8.4m-$22.1m$41.2m$33.4m—$15m-$4.5m
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FCF post-lease-$8.4m——————
—
DPS—0.0c——0.0c—1.9c
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Payout ratio vs NPAT %—n/m————118.8%
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ROE %0.4%2.8%-1.6%3.1%3.5%1.6%2.3%
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Net debt$608.9m$628m$628.9m$633m$611.1m$550.6m$497.6m
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Net debt / EBITDA14.67x7.3x16.27xOutside range high net debt / ebitda. 16.27x; 3-period range 12.9x to 16.2x. Net debt / EBITDA: 16.27x, above normal range; 3-period mean 14.60x, range 12.90x-16.20x.7.66x16.24x6.88x—
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  • HY25 Net debt / EBITDA: Outside range high net debt / ebitda. 16.27x; 3-period range 12.9x to 16.2x. Net debt / EBITDA: 16.27x, above normal range; 3-period mean 14.60x, range 12.90x-16.20x.
Debtor days29—28Outside range low debtor days. 28d; 3-period range 29d to 169d. Debtor days: 28.0 days, below normal range; 3-period mean 108.9 days, range 28.6 days-168.5 days.172169Outside range high debtor days. 169d; 3-period range 28d to 130d. Debtor days: 168.5 days, above normal range; 3-period mean 62.1 days, range 28.0 days-129.6 days.161130
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  • HY24 Debtor days: Outside range high debtor days. 169d; 3-period range 28d to 130d. Debtor days: 168.5 days, above normal range; 3-period mean 62.1 days, range 28.0 days-129.6 days.
  • HY25 Debtor days: Outside range low debtor days. 28d; 3-period range 29d to 169d. Debtor days: 28.0 days, below normal range; 3-period mean 108.9 days, range 28.6 days-168.5 days.
Total assets$3b$2.9b$2.8b$2.8b$2.7b$2.5b$2.5b
Chart

Reference: annolyse.ai/companies/oca

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 OCA HY: Outside range high revenue growth. 7.2%; 3-period range -24% to 0.8%. Revenue growth: 7.2%, above normal range; 3-period mean -8.0%, range -24.0%-0.8%.
  • HY24 OCA HY: Outside range low revenue growth. -24%; 3-period range -0.7% to 7.2%. Revenue growth: -24.0%, below normal range; 3-period mean 2.4%, range -0.7%-7.2%.

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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  • HY24 OCA HY: Outside range low ebitda margin. 28.6%; 3-period range 29.1% to 31.7%. EBITDA margin: 28.6%, below normal range; 3-period mean 30.8%, range 29.1%-31.7%.

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.

OCF / EBITDA

Cash conversion against earnings.

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  • HY26 OCA HY: Outside range high ocf / ebitda cash conversion. 190.3%; 3-period range 81.2% to 182%. OCF / EBITDA cash conversion: 190.3%, above normal range; 3-period mean 130.3%, range 81.2%-182.0%.

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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Net debt

Borrowings less cash; negative values indicate net cash.

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Net debt / EBITDA

Leverage ratio, suppressed where earnings are not meaningful.

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  • HY25 OCA HY: Outside range high net debt / ebitda. 16.27x; 3-period range 12.9x to 16.2x. Net debt / EBITDA: 16.27x, above normal range; 3-period mean 14.60x, range 12.90x-16.20x.

DPS

Dividend per share declared for the period.

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Debtor days

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

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  • HY24 OCA HY: Outside range high debtor days. 169d; 3-period range 28d to 130d. Debtor days: 168.5 days, above normal range; 3-period mean 62.1 days, range 28.0 days-129.6 days.
  • HY25 OCA HY: Outside range low debtor days. 28d; 3-period range 29d to 169d. Debtor days: 28.0 days, below normal range; 3-period mean 108.9 days, range 28.6 days-168.5 days.

The setup & the reality

FY25 → HY26 Follow-through

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

Historical setup

What FY25 said to watch

Previous analysisFY25Result releasedAnnolyse analysis published

From Capex jumped 354% to $132.4m, pushing FCF to -$22.1m

No FY26 targets or forward-work disclosures are supplied. The half-year shape is unusual: HY25 reported a $17.1m NPAT loss, which means essentially all of the FY $30.4m profit was earned in H2 (an implied $47.5m). Revenue split roughly 51%/49% H1/H2 and EBITDA 45%/55%, so the H2 step-up is real at the earnings line but is not large at the revenue line.

The release does not explain when the elevated capex translates to EBITDA. Without that bridge, the investor cannot judge whether FY26 EBITDA growth will be sufficient to bring leverage and free cash flow back into a more conventional range for the sector.

Open questions

Open questions from FY25

  • What share of the $132.4m capex was growth/development versus maintenance, and what new-unit settlement profile does it support in FY26 and FY27?
  • Why was the effective tax rate -17.8% in FY25, and is the tax credit recurring or one-off?
  • What is the path back to positive free cash flow and the conditions for reinstating dividends?
  • How much covenant headroom exists at 7.3x net debt/EBITDA, and what assumptions underpin that headroom?
  • Why did implied H2 operating cash inflow of around $40m run well below the H1 $70.4m, and is that a timing or a structural shift?

This briefing cannot assess the unit economics of the development pipeline or the settlement timing that would determine when the FY25 capex starts generating returns.

Latest result sources

Primary issuer documents used for the HY26 briefing. Document labels are preserved from the publication record; Annolyse does not relabel every financial report as an annual report.

Current period

1HY26 Interim Report

HY26 / financial report

1HY26 Investor Presentation

HY26 / results presentation

1HY26 Media Release

HY26 / media release

1HY26 Results Announcement

HY26 / results announcement

Prior comparable period

Interim Report

HY25 / financial report

Media Release

HY25 / media release

Results Announcement

HY25 / results announcement

Full-year context

Media Release

FY25 / financial report

Results Announcement

FY25 / results announcement

Release context

2025 ASM Chair Address

HY26 / commentary

Institutional Investor Day - Presentation

HY26 / commentary

Oceania Investor Day - 16 September 2025

HY26 / commentary

Peer context

Retirement living comparison set

These companies share the same curated sub-sector label. Their reporting definitions can still differ, so compare the underlying measures before ranking them.

SUM · HY26

Summerset Group Holdings

8 published result briefings

RYM · FY26

Ryman Healthcare

7 published result briefings

Compare OCA, SUM, RYM →Healthcare result archiveNZX healthcare comparison

Archive

Briefing archive

The full chronological archive contains every published result briefing.

HY26 · Released 21 November 2025

OCA swung to PBT positive but capex jumped 82% to 40.4% of revenue

EBITDA rose 7.4% on flat revenue and PBT turned positive at $1.0m, but a doubled investment cycle kept free cash flow at -$8.4m.

Read briefing

FY25 · Released 22 May 2025

Capex jumped 354% to $132.4m, pushing FCF to -$22.1m

EBITDA rose 4.1% and a tax credit held NPAT, but a major capex step-up consumed operating cash and net debt sits at 7.2x EBITDA.

Read briefing

HY25 · Released 22 November 2024

Underlying EBITDA up 2.7% but reported result swung to NZ$17.1m NPAT loss

Operating cash flow surged on a NZ$101m receivables collection while items below EBITDA pushed PBT down 160.3% to a NZ$19.5m loss.

Read briefing

FY24 · Released 24 May 2024

Capex cut 68% to manage 7.7x leverage; tax benefit inflated NPAT

EBITDA rose just 3.2% on 7.4% revenue growth, while a -10.9% effective tax rate drove NPAT up 104.5% and development capex was paused.

Read briefing

HY24 · Released 22 November 2023

NPAT swung to NZ$35.2m but trade debtors expanded NZ$110.5m

Underlying EBITDA held near NZ$37.6m, but receivables expanded NZ$110.5m and debtor days hit 168.5 against a historical mean of 22.7 days.

Read briefing

FY23 · Released 24 May 2023

Net debt/EBITDA jumped to 6.9x as operating cash fell 33%

Revenue grew 6.9% and care swung to profit, but borrowings rose $177.9m and a $86.9m receivables build absorbed underlying cash generation.

Read briefing
Open all 7 result briefings

Related insights

Compare this company

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

Insight

Earnings quality and statutory distortions

PBT and NPAT growth diverged by 23.8pp, with a distortion flag in the result.

Open insight

Insight

Leverage and balance-sheet risk

Net debt / EBITDA is 14.70x, -1.50x versus the prior comparable period.

Open insight

Insight

Cash conversion quality

This result converted 190.3% of EBITDA to operating cash flow, +8.2pp versus the prior comparable period.

Open insight

Insight

ROE and capital efficiency

ROE was 0.4%, +2.0pp versus the prior comparable period.

Open insight

Get notified when OCA publishes

Get the next Oceania Healthcare result briefing and five-year history updates by email.