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Fisher & Paykel Healthcare NZSE:FPH Stock Report

Last Price


Market Cap







26 Sep, 2022


Company Financials +
FPH fundamental analysis
Snowflake Score
Future Growth1/6
Past Performance3/6
Financial Health6/6

FPH Stock Overview

Fisher & Paykel Healthcare Corporation Limited, together with its subsidiaries, designs, manufactures, markets, and sells medical device products and systems worldwide.


Trading at 7.8% below our estimate of its fair value

Earnings are forecast to grow 2.84% per year

Risk Analysis

FPH passed our risk checks.

Fisher & Paykel Healthcare Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Fisher & Paykel Healthcare
Historical stock prices
Current Share PriceNZ$19.10
52 Week HighNZ$34.55
52 Week LowNZ$18.81
1 Month Change-5.45%
3 Month Change-4.98%
1 Year Change-40.54%
3 Year Change10.41%
5 Year Change50.28%
Change since IPO4,144.44%

Recent News & Updates

Jul 24
Calculating The Fair Value Of Fisher & Paykel Healthcare Corporation Limited (NZSE:FPH)

Calculating The Fair Value Of Fisher & Paykel Healthcare Corporation Limited (NZSE:FPH)

Today we will run through one way of estimating the intrinsic value of Fisher & Paykel Healthcare Corporation Limited...

Shareholder Returns

FPHNZ Medical EquipmentNZ Market

Return vs Industry: FPH underperformed the NZ Medical Equipment industry which returned -29.7% over the past year.

Return vs Market: FPH underperformed the NZ Market which returned -17% over the past year.

Price Volatility

Is FPH's price volatile compared to industry and market?
FPH volatility
FPH Average Weekly Movement4.5%
Medical Equipment Industry Average Movement11.4%
Market Average Movement3.8%
10% most volatile stocks in NZ Market8.0%
10% least volatile stocks in NZ Market2.7%

Stable Share Price: FPH is not significantly more volatile than the rest of NZ stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: FPH's weekly volatility (4%) has been stable over the past year.

About the Company

19346,788Lewis Gradon

Fisher & Paykel Healthcare Corporation Limited, together with its subsidiaries, designs, manufactures, markets, and sells medical device products and systems worldwide. It also provides its products for use in acute and chronic respiratory care, and surgery, as well as the treatment of obstructive sleep apnea (OSA) in the home and hospital. The company offers Airvo 2, a humidified nasal high flow system; Optiflow, a nasal high flow therapy; and F&P 850 System, a noninvasive and invasive ventilation system.

Fisher & Paykel Healthcare Fundamentals Summary

How do Fisher & Paykel Healthcare's earnings and revenue compare to its market cap?
FPH fundamental statistics
Market CapNZ$11.03b
Earnings (TTM)NZ$376.90m
Revenue (TTM)NZ$1.68b


P/E Ratio


P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
FPH income statement (TTM)
Cost of RevenueNZ$629.00m
Gross ProfitNZ$1.05b
Other ExpensesNZ$675.80m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

Nov 29, 2022

Earnings per share (EPS)0.65
Gross Margin62.60%
Net Profit Margin22.41%
Debt/Equity Ratio4.1%

How did FPH perform over the long term?

See historical performance and comparison



Current Dividend Yield


Payout Ratio
We’ve recently updated our valuation analysis.


Is FPH undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score


Valuation Score 1/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for FPH?

Other financial metrics that can be useful for relative valuation.

FPH key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue6.4x
Enterprise Value/EBITDA18.7x
PEG Ratio10.3x

Price to Earnings Ratio vs Peers

How does FPH's PE Ratio compare to its peers?

FPH PE Ratio vs Peers
The above table shows the PE ratio for FPH vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average16x
RYM Ryman Healthcare
SUM Summerset Group Holdings
DIA DiaSorin
FPH Fisher & Paykel Healthcare

Price-To-Earnings vs Peers: FPH is expensive based on its Price-To-Earnings Ratio (29.3x) compared to the peer average (16x).

Price to Earnings Ratio vs Industry

How does FPH's PE Ratio compare vs other companies in the Global Medical Equipment Industry?

Price-To-Earnings vs Industry: FPH is expensive based on its Price-To-Earnings Ratio (29.3x) compared to the Global Medical Equipment industry average (22.1x)

Price to Earnings Ratio vs Fair Ratio

What is FPH's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

FPH PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio29.3x
Fair PE Ratio17.7x

Price-To-Earnings vs Fair Ratio: FPH is expensive based on its Price-To-Earnings Ratio (29.3x) compared to the estimated Fair Price-To-Earnings Ratio (17.7x).

Share Price vs Fair Value

What is the Fair Price of FPH when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: FPH (NZ$19.1) is trading below our estimate of fair value (NZ$20.71)

Significantly Below Fair Value: FPH is trading below fair value, but not by a significant amount.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Future Growth

How is Fisher & Paykel Healthcare forecast to perform in the next 1 to 3 years based on estimates from 15 analysts?

Future Growth Score


Future Growth Score 1/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: FPH's forecast earnings growth (2.8% per year) is above the savings rate (2.1%).

Earnings vs Market: FPH's earnings (2.8% per year) are forecast to grow slower than the NZ market (5.9% per year).

High Growth Earnings: FPH's earnings are forecast to grow, but not significantly.

Revenue vs Market: FPH's revenue (4.3% per year) is forecast to grow slower than the NZ market (5.6% per year).

High Growth Revenue: FPH's revenue (4.3% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: FPH's Return on Equity is forecast to be low in 3 years time (18.5%).

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Past Performance

How has Fisher & Paykel Healthcare performed over the past 5 years?

Past Performance Score


Past Performance Score 3/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: FPH has high quality earnings.

Growing Profit Margin: FPH's current net profit margins (22.4%) are lower than last year (26.6%).

Past Earnings Growth Analysis

Earnings Trend: FPH's earnings have grown significantly by 25% per year over the past 5 years.

Accelerating Growth: FPH's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: FPH had negative earnings growth (-28.1%) over the past year, making it difficult to compare to the Medical Equipment industry average (-28.1%).

Return on Equity

High ROE: FPH's Return on Equity (22.4%) is considered high.

Discover strong past performing companies

Financial Health

How is Fisher & Paykel Healthcare's financial position?

Financial Health Score


Financial Health Score 6/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: FPH's short term assets (NZ$887.9M) exceed its short term liabilities (NZ$303.9M).

Long Term Liabilities: FPH's short term assets (NZ$887.9M) exceed its long term liabilities (NZ$123.4M).

Debt to Equity History and Analysis

Debt Level: FPH has more cash than its total debt.

Reducing Debt: FPH's debt to equity ratio has reduced from 9.4% to 4.1% over the past 5 years.

Debt Coverage: FPH's debt is well covered by operating cash flow (474.8%).

Interest Coverage: FPH's interest payments on its debt are well covered by EBIT (219.8x coverage).

Balance Sheet

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What is Fisher & Paykel Healthcare current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 2/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: FPH's dividend (2.07%) isn’t notable compared to the bottom 25% of dividend payers in the NZ market (2.85%).

High Dividend: FPH's dividend (2.07%) is low compared to the top 25% of dividend payers in the NZ market (6.04%).

Stability and Growth of Payments

Stable Dividend: FPH's dividend payments have been volatile in the past 10 years.

Growing Dividend: FPH's dividend payments have increased over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonable payout ratio (60.5%), FPH's dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its high cash payout ratio (147.7%), FPH's dividend payments are not well covered by cash flows.

Discover strong dividend paying companies


How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Lewis Gradon (61 yo)





Mr. Lewis G. Gradon has been the Chief Executive Officer, Managing Director & Executive Director at Fisher & Paykel Healthcare Corporation Limited since April 1, 2016. He served as the Senior Vice Presiden...

CEO Compensation Analysis

Compensation vs Market: Lewis's total compensation ($USD2.31M) is about average for companies of similar size in the NZ market ($USD1.80M).

Compensation vs Earnings: Lewis's compensation has been consistent with company performance over the past year.

Leadership Team

Experienced Management: FPH's management team is considered experienced (5 years average tenure).

Board Members

Experienced Board: FPH's board of directors are considered experienced (5.8 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: FPH insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

NZSE:FPH Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
09 Sep 22BuyNZ$25,000Cather SimpsonIndividual1,250NZ$20.00
29 Aug 22BuyNZ$108,288Lisa E. McIntyreIndividual5,500NZ$19.69
26 Aug 22BuyNZ$10,150Scott St JohnIndividual500NZ$20.30
01 Jun 22BuyNZ$11,574Scott St JohnIndividual500NZ$23.15
26 May 22BuyNZ$31,163,268Eaton Vance ManagementCompany1,184,516NZ$32.61
26 May 22BuyNZ$317,798,277First Sentier Investors (Australia) IM LtdCompany12,105,875NZ$32.80
26 May 22BuyNZ$258,845,308Morgan Stanley, Investment Banking and Brokerage InvestmentsCompany9,431,145NZ$33.96
26 May 22SellNZ$12,351,382Eaton Vance ManagementCompany448,439NZ$32.58
26 May 22SellNZ$188,209,167First Sentier Investors (Australia) IM LtdCompany6,697,338NZ$28.94
26 May 22SellNZ$303,310,826Morgan Stanley, Investment Banking and Brokerage InvestmentsCompany10,825,275NZ$33.94
25 May 22BuyNZ$1,983,959Mitsubishi UFJ Trust and Banking Corporation, Asset Management ArmCompany79,480NZ$24.96
24 May 22SellNZ$166,196Morgan Stanley Investment Management Inc.Company5,255NZ$31.63
17 May 22BuyNZ$278,200,928Hyperion Asset Management LimitedCompany10,860,282NZ$25.62
13 May 22BuyNZ$1,184,575Mitsubishi UFJ Kokusai Asset Management Co., Ltd.Company41,272NZ$28.70
12 May 22BuyNZ$252,199,278Pinnacle Investment Management Group LimitedCompany10,825,765NZ$23.30
12 May 22SellNZ$592,800Mitsubishi UFJ Kokusai Asset Management Co., Ltd.Company19,578NZ$30.28
11 May 22SellNZ$12,616,456Pinnacle Investment Management Group LimitedCompany492,781NZ$25.60
11 May 22SellNZ$15,498,497Hyperion Asset Management LimitedCompany541,049NZ$28.65
09 May 22SellNZ$3,294,016Mitsubishi UFJ Trust and Banking Corporation, Asset Management ArmCompany106,356NZ$30.97
29 Apr 22BuyNZ$217,003Morgan Stanley Investment Management Inc.Company6,926NZ$31.33
06 Dec 21BuyNZ$142,790Lisa E. McIntyreIndividual4,400NZ$32.45

Ownership Breakdown

What is the ownership structure of FPH?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders2,053,5050.4%
General Public295,398,48851.1%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 25 shareholders own 44.73% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
JPMorgan Chase & Co, Private Banking and Investment Banking Investments
BlackRock, Inc.
First Sentier Investors (Australia) IM Ltd
Pinnacle Investment Management Group Limited
Hyperion Asset Management Limited
The Vanguard Group, Inc.
Accident Compensation Corporation, Asset Management Arm
Norges Bank Investment Management
T. Rowe Price Group, Inc.
Fundsmith, LLP
abrdn plc
Geode Capital Management, LLC
3,336,376NZ$63.7m1.68%no data
Columbia Management Investment Advisers, LLC
Capital Research and Management Company
2,604,357NZ$49.7m-44.72%no data
Morgan Stanley, Investment Banking and Brokerage Investments
Eaton Vance Management
Invesco Ltd.
BetaShares Capital Limited
Teachers Insurance and Annuity Association-College Retirement Equities Fund
J.P. Morgan Asset Management, Inc.
1,533,675NZ$29.3m-1.82%no data
Smartshares Limited
Charles Schwab Investment Management, Inc.
1,401,173NZ$26.8m2.61%no data
Caisse de dépôt et placement du Québec
Dimensional Fund Advisors LP
1,159,977NZ$22.2m1.13%no data
Russell Investment Management, LLC

Company Information

Fisher & Paykel Healthcare Corporation Limited's employee growth, exchange listings and data sources

Key Information

  • Name: Fisher & Paykel Healthcare Corporation Limited
  • Ticker: FPH
  • Exchange: NZSE
  • Founded: 1934
  • Industry: Health Care Equipment
  • Sector: Healthcare
  • Implied Market Cap: NZ$11.031b
  • Shares outstanding: 577.53m
  • Website:

Number of Employees


  • Fisher & Paykel Healthcare Corporation Limited
  • 15 Maurice Paykel Place
  • East Tamaki
  • Auckland
  • 2013
  • New Zealand


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FSPK.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 1992
FPHNZSE (New Zealand Stock Exchange)YesOrdinary SharesNZNZDJan 1992
FPHASX (Australian Securities Exchange)YesOrdinary SharesAUAUDJan 1992
FPHCHIA (Chi-X Australia)YesOrdinary SharesAUAUDJan 1992

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/26 00:00
End of Day Share Price2022/09/23 00:00
Annual Earnings2022/03/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.