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Fisher & Paykel Healthcare Corporation Limited
(FPH)
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Rating:80Outperform
Price Target:
$53.00
▲(18.67% Upside)
Action:N/A
Date:10/05/26
The score is driven primarily by strong financial performance (high margins, low leverage, improved cash generation) and supportive technical momentum (price above key moving averages, positive MACD). Offsetting factors are expensive valuation (very high P/E with modest yield) and FY27 execution/macro risks flagged on the earnings call (tariffs, surcharges, FX sensitivity, and potential hardware growth normalization).
Positive Factors
Recurring consumables model
Recurring-use consumables create replenishment demand alongside installed equipment, supporting revenue visibility beyond individual hardware purchases. Hospital patient volumes and ongoing homecare replacement needs can help sustain customer relationships, repeat sales, and cash generation over multiple periods.
Negative Factors
Tariffs and logistics cost pressure
Tariffs and freight-related surcharges directly pressure gross margin and may persist through FY27, making earnings more dependent on continuous-improvement savings. If policy or logistics costs worsen, the company could face sustained profitability pressure or need to adjust pricing and sourcing.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring consumables model
Recurring-use consumables create replenishment demand alongside installed equipment, supporting revenue visibility beyond individual hardware purchases. Hospital patient volumes and ongoing homecare replacement needs can help sustain customer relationships, repeat sales, and cash generation over multiple periods.
Read all positive factors
Fisher & Paykel Healthcare Corporation Limited (FPH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$27.05B
Dividend Yield1.63%
Average Volume (3M)505.73K
Price to Earnings (P/E)58.1
Beta (1Y)1.70
Revenue Growth15.59%
EPS Growth23.94%
CountryNZ
Employees7,396
SectorHealthcare
Sector Strength45
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)0.80
Shares Outstanding588,265,440
10 Day Avg. Volume524,898
30 Day Avg. Volume505,731
Financial Highlights & Ratios
PEG Ratio1.31
Price to Book (P/B)10.37
Price to Sales (P/S)9.38
P/FCF Ratio44.75
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$50.32Price Target Upside12.67% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)0.95
Revenue Forecast (FY)$2.56B
Fisher & Paykel Healthcare Corporation Limited Business Overview & Revenue Model
Company Description
Operating globally, Fisher & Paykel Healthcare Corporation Limited specializes in the development, manufacturing, and marketing of a wide array of medical device products and systems. These solutions are primarily utilized for acute and chronic re...
How the Company Makes Money
FPH primarily makes money by selling medical devices and recurring-use consumables used in respiratory support and sleep apnea therapy. A significant portion of revenue is typically driven by ongoing demand for single-patient-use or regularly repl...
Fisher & Paykel Healthcare Corporation Limited Earnings Call Summary
Earnings Call Date:May 25, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Dec 02, 2026
Earnings Call Sentiment Positive
The earnings call conveyed a predominantly positive operational and financial performance: strong top-line growth, substantial NPAT expansion, margin improvement, robust cash flow, higher dividends and continued investment in capacity and R&D. The company provided constructive FY'27 guidance but also clearly articulated material near-term headwinds — notably U.S. tariffs, surcharges from the Middle East conflict, FX/hedging losses, and the risk of hardware growth normalizing after an exceptional year. Management stressed that continuous improvement and manufacturing/network flexibility should offset many of these pressures, but several macro and policy risks remain.Positive Updates
Strong Revenue Growth
Operating revenue of $2.3 billion, up 14% on prior year (12% in constant currency). FY'27 guidance: $2.45–$2.57 billion (approx. 6%–11% growth).
Negative Updates
Tariff-Related Margin Headwind
U.S. tariffs on NZ-sourced products negatively impacted gross margin by ~90 basis points in FY'26. FY'27 guidance assumes a 10% tariff on certain NZ respiratory products for the full year, estimated to adversely impact gross margin by ~70 basis points (although this is 20 bps better year-on-year).
Read all updates
Q4-2026 Updates
Positive
Negative
Strong Revenue Growth
Operating revenue of $2.3 billion, up 14% on prior year (12% in constant currency). FY'27 guidance: $2.45–$2.57 billion (approx. 6%–11% growth).
Read all positive updates
Company Guidance
Management guided FY27 operating revenue of NZ$2.45–2.57 billion (implying ~6–11% growth, midpoint ≈9%) and net profit after tax of about NZ$500–550 million, built on assumptions including a 10% U.S. tariff on certain New‑Zealand‑made respiratory products for the full year (estimated ~70 basis‑point adverse gross‑margin impact, ~20 bps improvement versus FY26), continued Middle East‑related surcharges of ~45 bps (raw materials) and ~25 bps (freight) (netting to ~50 bps negative to gross margin year‑on‑year after tariff movement) that management expects to more than be offset by continuous‑improvement savings; FY27 capital expenditure is expected at ~NZ$230 million (including ~NZ$125m on land and buildings), operating expenses (R&D and SG&A) are guided to mid‑ to high‑single‑digit growth (R&D was NZ$235.5m, 10% of revenue in FY26), and management highlighted FX and air‑freight as risks (FY26 hedging losses ~$21m pretax; end‑April FY27 hedging loss estimate ~$17m and ~$1m translation loss; ~NZ$2–3m NPAT sensitivity per 1% currency move).Fisher & Paykel Healthcare Corporation Limited Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
92
Very Positive
Cash Flow
84
Very Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.34B | 1.87B | 1.61B | 1.48B | 1.52B |
| Gross Profit | 1.50B | 1.18B | 971.56M | 881.22M | 936.67M |
| EBITDA | 825.60M | 576.01M | 337.58M | 404.04M | 559.28M |
| Net Income | 468.50M | 349.03M | 121.57M | 233.18M | 348.36M |
Balance Sheet | |||||
| Total Assets | 2.85B | 2.36B | 2.28B | 2.20B | 2.11B |
| Cash, Cash Equivalents and Short-Term Investments | 461.10M | 244.74M | 82.00M | 121.00M | 289.90M |
| Total Debt | 146.10M | 141.85M | 189.10M | 145.80M | 104.30M |
| Total Liabilities | 738.20M | 611.07M | 522.60M | 451.10M | 427.30M |
| Stockholders Equity | 2.12B | 1.75B | 1.76B | 1.75B | 1.68B |
Cash Flow | |||||
| Free Cash Flow | 490.40M | 439.52M | 90.60M | 26.90M | 154.50M |
| Operating Cash Flow | 663.20M | 507.63M | 429.60M | 238.20M | 324.30M |
| Investing Cash Flow | -195.20M | -95.31M | -339.00M | -11.30M | -89.50M |
| Financing Cash Flow | -276.70M | -248.17M | -128.70M | -197.10M | -235.80M |
Fisher & Paykel Healthcare Corporation Limited Technical Analysis
Positive
44.66
Price Trends
43.67
Positive
40.74
Positive
39.18
Positive
Market Momentum
0.77
Negative
69.54
Neutral
83.47
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NZ:FPH, the sentiment is Positive. The current price of 44.66 is below the 20-day moving average (MA) of 44.73, above the 50-day MA of 43.67, and above the 200-day MA of 39.18, indicating a bullish trend. The MACD of 0.77 indicates Negative momentum. The RSI at 69.54 is Neutral, neither overbought nor oversold. The STOCH value of 83.47 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NZ:FPH.
Fisher & Paykel Healthcare Corporation Limited Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $27.05B | 58.10 | 22.84% | 1.63% | 15.59% | 23.94% | |
60 Neutral | $3.92B | 14.35 | 7.99% | 6.57% | 16.36% | 5.52% | |
56 Neutral | $1.83B | -10.88 | -4.17% | 3.15% | 11.86% | 72.99% | |
54 Neutral | $458.30M | 30.91 | 14.07% | 0.67% | 22.44% | 23.14% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
44 Neutral | $13.62M | -3.87 | -75.57% | ― | 42.20% | 23.68% | |
42 Neutral | $310.47M | -6.27 | -190.54% | ― | -47.36% | -3.79% |
* Healthcare Sector Average
NZ:FPH
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46.50
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23.77%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.