Market cap
$45.7m
End-of-day close multiplied by current shares on issue.
TAH · NZX
Third Age Health Services (TAH)
Healthcare / Primary healthcareCovered: FY22 - FY264 published briefings
Third Age Health Services is an NZX-listed healthcare / primary healthcare company. Its latest covered result is FY26, with FY22 - FY26 of source-backed result history on Annolyse.
Sections
Latest result
Latest metrics
FY26, released 29 May 2026
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| Metric | Value | Change |
|---|---|---|
| Revenue | $22.5m | ↑ +96.1% |
| EBITDA | $5.7m | ↑ +269.1% |
| NPAT | $2.8m | ↑ +600.0% |
| Operating cash flow | $4m | ↑ +272.7% |
| OCF / EBITDA % | 70.1% | ↑ +0.7pp |
| Net debt | -$1.8m | ↓ -283.5% |
| Net debt / EBITDA | n/m | — |
| ROE % | 50.8% | ↑ +33.6pp |
| DPS | 4.0c | ↑ +55.2% |
| Payout ratio vs NPAT % | 28.2% | ↓ -94.2pp |
Source: latest published briefing (FY26, released 29 May 2026). Change compares against the prior equivalent period: FY23, released 26 May 2023.
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.
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Profitability multiples
How the market price compares with recent earnings and cash-flow inputs.
P/E
16.32x
Recent market cap compared with trailing earnings.
EPS
0.28
Recent filing-derived earnings per share.
PEG
0.75x
P/E compared with recent earnings growth.
EV/EBITDA
7.64x
Enterprise value compared with recent EBITDA.
P/FCF
11.58x
Market cap compared with recent free cash flow.
P/B
8.3x
Market value compared with latest reported equity.
Income and investment-company measures
Yield and investment-company valuation where supported.
Dividend yield
3.5%
Trailing dividends compared with the latest close.
Total return
Not available
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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Chat
Ask about TAH
Ask follow-up questions about Third Age Health Services's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Ask about TAH
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Financial history
Performance over time
The latest period is shown first.
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| Metric | FY2612 MONTHS29 May 2026 | FY2312 MONTHS26 May 2023 | HY236 MONTHS28 November 2022 | FY2212 MONTHS30 May 2022 | Trend |
|---|---|---|---|---|---|
| Revenue | $22.5m | $11.5m | $4.6m | $5.9m | Chart |
| Revenue growth % | 17.9% | 94.4% | 61.2% | -99.9% | Chart |
| EBITDA | $5.7m | $1.6m | $0.7m | — | Chart |
| EBITDA margin % | 25.6% | 13.6% | 15.2% | — | Chart |
| PBT | $4.4m | $0.7m | $0.5m | $1.6m | Chart |
| PBT growth % | 25.7% | -56.2% | -46.4% | 0.5% | Chart |
| NPAT | $2.8m | $0.4m | $0.3m | $1.2m | Chart |
| NPAT growth % | 21.7% | -66.7% | -55.4% | — | Chart |
| Operating cash flow | $4m | $1.1m | $0.3m | $1.1m | Chart |
| OCF / EBITDA % | 70.1% | 69.4% | 42.6% | — | Chart |
| FCF pre-lease | $3.9m | $1m | $0.28m | $1.1m | Chart |
| FCF post-lease | — | — | $0.28m | — | — |
| DPS | 4.0c | 2.6c | 2.4c | 4.0c | Chart |
| Payout ratio vs NPAT % | 28.2% | 122.4% | 75.1% | 34.0% | Chart |
| Annual payout ratio vs EPS % | 28.2% | 122.4% | — | 34.0% | Chart |
| ROE % | 50.8% | 17.2% | 12.3% | 50.2% | Chart |
| Net debt | -$1.8m | $0.99m | -$0.34m | — | Chart |
| Net debt / EBITDA | n/m | 0.63x | n/m | — | Chart |
| Debtor days | — | 36 | 18 | 24 | Chart |
| Total assets | $13.2m | $10m | $5.6m | $4.9m | Chart |
Reference: annolyse.ai/companies/tah
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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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.
OCF / EBITDA
Cash conversion against earnings.
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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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DPS
Dividend per share declared for the period.
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Payout ratio
Dividend payout against statutory NPAT.
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Debtor days
Receivables days where the working-capital inputs are source-backed.
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The setup & the reality
FY23 → FY26 Follow-through
The latest result is checked against what the prior briefing said to watch.
Historical setup
What FY23 said to watch
Previous analysisFY23Result releasedAnnolyse analysis published
From Revenue nearly doubled but PBT fell 56% as costs outpaced growth
No forward revenue, earnings, or dividend guidance is supplied in the released material, and no quantified targets are disclosed. The half-year split is therefore the only available shape reference: 1H23 contained roughly 39.9% of full-year revenue and 44.6% of full-year EBITDA, but 74% of reported NPAT, so 2H reported NPAT was materially weaker than 1H ($0.1m vs $0.3m). Management points to underlying second-half improvement and a $150k annualised cost reduction; that framing is not visible in reported NPAT. The release does not provide enough to judge whether FY24 will inherit a recovered or still-compressed margin from the second half, which is the key open shape question.
Open questions
Open questions from FY23
- Why did the effective tax rate jump from 24.9% to 43.5%, and is the FY23 rate the right run-rate for FY24?
- What is the underlying group margin once first-half integration costs are excluded, and is the 2H exit margin sustainable?
- How quickly will receivable days revert toward the FY22 level of 21.2, and what is driving the extension?
- Is a dividend representing 122.4% of FY23 NPAT sustainable if NPAT does not recover, given FCF cover of 52.2% relies on capex staying near $0.1m?
- What further integration spend, if any, is expected in FY24 before the larger group runs at a steady-state cost base?
This briefing cannot assess management's specific cost-reduction initiatives, segment-level margin trajectories, or FY24 trading momentum because the supplied material contains no forward financial guidance or post-period trading commentary.
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
TAH FY26 Letter from the Executive Chairman
FY26 / results releaseTAH FY26 Unaudited company filing
FY26 / results announcementTAH FY26 Unaudited Preliminary Financial Statements
FY26 / financial reportPrior comparable period
FY25 Third Age Health Annual Report
FY25 / financial reportTAH NZX Release of Annual Report 2025
FY25 / results announcementTAH NZX Release of Annual Report 2025
FY25 / results releaseInterim context
TAH 1H FY26 Unaudited company filing
HY26 / results announcementTAH 1H FY26 Unaudited company filing
HY26 / results releaseTAH 1H FY26 Unaudited Interim Financial Statements
HY26 / financial reportPeer 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.
Archive
Briefing archive
The full chronological archive contains every published result briefing.
FY26 · Released 29 May 2026
PBT up 25.7% on ARC scale, full-year dividend reset to 8.0c
Aged-care consolidation lifted earnings and revenue mix, but a halved dividend and weaker cash conversion signal a clear reinvestment pivot.
Read briefing
FY23 · Released 26 May 2023
Revenue nearly doubled but PBT fell 56% as costs outpaced growth
Effective tax rate jumped from 24.9% to 43.5%, deepening the NPAT decline to 67% while operating cash flow held essentially flat at $1.1m.
Read briefing
HY23 · Released 28 November 2022
Acquisition lifted revenue 61.2% but continuing NPAT fell 51.8%
Integration and consolidation costs for acquired GP practices absorbed the acquired revenue and roughly halved earnings to $0.3m.
Read briefing
FY22 · Released 30 May 2022
Cash conversion fell to 90% as acquisitions drove 7.5% revenue growth
Gross margin expanded 300bps to 63% on the GP portfolio shift, but operating cash flow weakened and ROE eased from 73.4% to 50.2%.
Read briefing
Get notified when TAH publishes
Get the next Third Age Health Services result briefing and five-year history updates by email.