Fisher & Paykel Healthcare Corporation Ltd (FPH) fair value: what the stock is really worth
As of Oct 26, 2026: fair value (intrinsic value) of Fisher & Paykel Healthcare Corporation Ltd stock A$28.56, price A$39.60, upside -27.9%, quality 80 out of 100. Rating: overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Fair value above price?No
Good quality?Yes
Keep an eye on it?Free in your watchlist: 5 stocks without an account, 10 with oneYes, for free
Healthcare · AU · Home New Zealand · ISIN NZFAPE0001S2
FPBroad dataOct 23, 2026
Fisher & Paykel Healthcare Corporation Ltd
FPH · AU
Great Company, Expensive PriceQuality growthHigh Quality, but the stock trades above estimated Fair Value.
Our calculation puts a fair price 28% below what the stock costs today.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 23, 2026.
How to read this chart
60‑month range A$15.26 – A$39.90 · fair‑value band A$19.46 – A$35.70 · the A$39.60 price screens above the A$28.56 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 23, 2026.
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Fisher & Paykel Healthcare Corporation Limited, together with its subsidiaries, designs, manufactures, markets, and sells medical device products and systems in North America, Europe, the Asia Pacific, and internationally.
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The company 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.
It also offers adult respiratory products, including airvo system, optiflow nasal high flow therapy, invasive ventilation, and noninvasive ventilation.
In addition, the company provides infant respiratory products, such as resuscitation, invasive ventilation, continuous positive airway pressure (CPAP), and nasal high flow products.
Further, it offers hospital products comprising humidification products, breathing circuits, chambers, masks, nasal cannulas, surgical, accessories, and interfaces; and homecare products that include masks, CPAP devices, software and data management products, and humidifiers.
Fisher & Paykel Healthcare Corporation Limited was founded in 1934 and is headquartered in Auckland, New Zealand.
Stock analysis
Fisher & Paykel Healthcare Corporation Ltd (FPH) currently trades at A$39.60, while our model-based Fair Value estimate is A$28.56, 27.9% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of A$17.19 per share, and 0 of the 26 models we run sit above the A$39.60 price.
Bear case: the Economic Profit group reads lowest at A$5.32, and 26 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: A$19.46 (bear) to A$35.70 (bull), the price of A$39.60 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 80/100 (high quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Fisher & Paykel Healthcare Corporation Ltd reported revenue of 2.4B NZD in FY2026 versus 1.7B NZD in FY2022, a compound +8.8%/yr. Reported net income was 472M NZD in FY2026, compounding +5.8%/yr from FY2022.
Key figures
Market cap A$23.4B (≈ $16.5B) Large · P/E ratio 61.3 · P/S ratio 12.5 · EPS (TTM) A$0.6463 · Dividend yield 1.0% · Net margin 20.3% · Return on equity 23.4% · Return on assets (EBIT) 13.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 86 out of 100 (low confidence).
What moves the price
The share trades about 1% below its 52-week high and 50% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −43% fair-value upside, at −28%, FPH screens cheaper than that median.
Fair Value models
BearA$19.46Fair Value A$28.56BullA$35.70
Price A$39.60 · Upside -27.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (A$0.1796 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.75/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+16.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.6%
Start year 2021 (pandemic). Over 10 years: +12.3% a year
Revenue growth 26 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.8%
’15
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’19
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’21
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’25
’26
What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
−1.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−2.5%
Dividend (yield on the price)1.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.4.2% vs 12.3%, slowing
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.36% → 29%
2026 sits 86% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2021 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+26.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+9.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in NZD, New Zealand: IMF forecast 2.3% a year to 2030, 3.0% from 2016 to 2025) that is about +23.7% a year for the price and +7.3% for the forecasts.
AI conclusion: High-margin respiratory devices in hospital and homecare settings delivered 14 percent revenue growth despite tariffs, yet thin public signals leave the durability of any moat unconfirmed.
Main risk: Cost pressures and external factors such as tariffs could limit recurring revenue from capacity expansion and product adoption in respiratory devices.
Fisher & Paykel Healthcare just sold 13 hectares of its Drury site to Health New Zealand for a new hospital while retaining the balance for a planned second campus. This non-operating asset move sits alongside a business built on high-margin hospital and homecare respiratory devices that delivered 14% revenue growth last year despite tariffs. Will expanding capacity and product adoption drive enough recurring revenue to overcome cost pressures, or will external factors limit the upside?
Compare Fisher & Paykel Healthcare Corporation Ltd with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Medical Instruments & Supplies · 186 stocks
Beats the industry median on 7/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score80 · Top 25%
Fair Value upside−27.9% · Below median
Profitability
Return on equity (12 months)23.4% · Top 25%
Return on assets16.4% · Top 25%
Net margin (12 months)20.3% · Top 25%
Operating margin (12 months)28.7% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)14.0% · Above median
Dividend yield (12 months)1.0% · Below median
Balance sheet
Debt / equity0.03× · Below median
Valuation Multiplesvs Medical Instruments & Supplies median · lower = cheaper
P/E (12 months)61.3× · Priciest 25%
P/B13.55× · Priciest 25%
P/S (12 months)12.50× · Priciest 25%
Price / free cash flow58.4× · Priciest 25%
EV/EBITDA37.5× · Priciest 25%
PEG4.47× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 22
FUTURE (revenue growth)70· sector 36
PAST (return on equity)94· sector 27
HEALTH (low debt)99· sector 96
DIVIDEND (yield)20· sector 31
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Fisher & Paykel Healthcare Corporation Ltd (FPH) overvalued or undervalued?
As of Oct 23, 2026, our model estimates a fair value of A$28.56 versus a price of A$39.60, about −28% upside (overvalued).
What is the fair value of FPH?
Our model-based fair value for Fisher & Paykel Healthcare Corporation Ltd is A$28.56 (as of Oct 23, 2026), built from audited fundamentals. The current price: A$39.60.
What is the quality score of FPH?
Fisher & Paykel Healthcare Corporation Ltd has a Quality Score of 80/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Fisher & Paykel Healthcare Corporation Ltd (FPH)?
Our model-based price target is the fair value of A$28.56 (as of Oct 23, 2026) from 26 valuation models. Cautious scenario A$19.46, optimistic scenario A$35.70. It is a calculation from audited fundamentals, not an analyst target.
What is the Fisher & Paykel Healthcare Corporation Ltd stock forecast for 2026?
Our models put fair value at A$28.56, about −28% upside versus a price of A$39.60 (overvalued). Cautious scenario A$19.46, optimistic scenario A$35.70. The calculation is refreshed regularly with new filings.
What is the revenue of Fisher & Paykel Healthcare Corporation Ltd (FPH)?
Fisher & Paykel Healthcare Corporation Ltd reported trailing-twelve-month revenue of about 2.3B NZD (latest available figure, as of Oct 23, 2026).
Does Fisher & Paykel Healthcare Corporation Ltd pay a dividend?
Fisher & Paykel Healthcare Corporation Ltd currently shows a dividend yield of 0.98% relative to its recent price (as of Oct 23, 2026).
What growth is priced into Fisher & Paykel Healthcare Corporation Ltd (FPH)?
For today's price to be fair in a discounted-cash-flow model, Fisher & Paykel Healthcare Corporation Ltd would have to grow free cash flow by +26.6 % per year for five years (discount rate 8.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +3.6 % per year. As of Oct 23, 2026.
What discount rate (WACC) does the fair value of FPH use?
Our models discount Fisher & Paykel Healthcare Corporation Ltd at 8.7 %: a base by market capitalisation (large), damped by beta 0.88, country premium for Australia. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Fisher & Paykel Healthcare Corporation Ltd that is +26.6 % per year a year over ten years, using the same discount rate (8.7 %) and the same formula as our fair value.
How much growth has Fisher & Paykel Healthcare Corporation Ltd (FPH) delivered so far?
Over the past 5 years revenue at Fisher & Paykel Healthcare Corporation Ltd grew +3.6 % a year. The price currently implies +26.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Fisher & Paykel Healthcare Corporation Ltd (FPH) growing?
The median revenue growth in the sector is +5.8 % a year. That is the yardstick for the growth priced into Fisher & Paykel Healthcare Corporation Ltd (+26.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Fisher & Paykel Healthcare Corporation Ltd (FPH)?
The free-cash-flow yield on the price is 1.71 %: that much free cash flow Fisher & Paykel Healthcare Corporation Ltd produces per unit of market value. When it exceeds the discount rate of our models (8.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Fisher & Paykel Healthcare Corporation Ltd (FPH)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Fisher & Paykel Healthcare Corporation Ltd it is A$28.56 per share (as of Oct 23, 2026), against a price of A$39.60. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Fisher & Paykel Healthcare Corporation Ltd stock overvalued or undervalued in 2026?
As of Oct 23, 2026, FPH trades above its calculated fair value: price A$39.60, fair value A$28.56, a gap of about −28% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FPH?
No. The price is what the market pays today (A$39.60); the fair value is what the company's own numbers justify (A$28.56). For Fisher & Paykel Healthcare Corporation Ltd the two are A$11.04 per share apart. That gap is exactly why we show both numbers side by side.
How much is Fisher & Paykel Healthcare Corporation Ltd worth?
The market values Fisher & Paykel Healthcare Corporation Ltd at about A$23.4B (market capitalisation, as of Oct 23, 2026). Per share that is A$39.60; our models calculate a fair value of A$28.56 per share.
What do the bullish and bearish scenarios say about FPH?
Our models span a range for Fisher & Paykel Healthcare Corporation Ltd: cautious scenario A$19.46, base A$28.56, optimistic A$35.70 per share (as of Oct 23, 2026, price A$39.60). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FPH?
Fisher & Paykel Healthcare Corporation Ltd trades at a price-to-earnings ratio of 61.3 (as of Oct 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of A$28.56 is built from several models across several years. Other multiples: PEG 4.5, P/B 13.6, P/S 12.5, EV/EBITDA 37.5.
What is the PEG ratio of FPH?
The PEG ratio of Fisher & Paykel Healthcare Corporation Ltd is 4.47 (P/E divided by earnings growth, as of Oct 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Fisher & Paykel Healthcare Corporation Ltd (FPH)?
Balance-sheet figures for Fisher & Paykel Healthcare Corporation Ltd (as of Oct 23, 2026): return on equity 23.4%, debt of 0.03 per unit of equity. They feed the Quality Score of 80/100, which measures business quality independently of the share price.
How far is FPH from its 52-week high?
Fisher & Paykel Healthcare Corporation Ltd trades at A$39.60, about 1% below its 52-week high of A$39.90 and 50% above the low of A$26.44 (as of Oct 26, 2026). Distance from the high says nothing about value: that is what the fair value of A$28.56 is for.
Which stocks are comparable to Fisher & Paykel Healthcare Corporation Ltd?
From the same area (Healthcare) we also value Intuitive Surgical, Inc, EssilorLuxottica Société anonyme, Becton, Dickinson and Company, Medline Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Fisher & Paykel Healthcare Corporation Ltd stock attractive at the current price?
The data as of Oct 23, 2026: price A$39.60, calculated fair value A$28.56 (−28%), Quality Score 80/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FPH calculated?
We run Fisher & Paykel Healthcare Corporation Ltd through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of A$28.56, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 12.7 % above its aggregate fair value. Fisher & Paykel Healthcare Corporation Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Fisher & Paykel Healthcare Corporation Ltd (FPH)?
The closing price on Oct 26, 2026 was A$39.60. Our model-based fair value is A$28.56, about −28% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Fisher & Paykel Healthcare Corporation Ltd right now?
A high-quality business (quality 80/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The price sits above even our optimistic bull case (A$35.70). The favourable scenario is already priced in. A fairly wide model range (A$19.46 to A$35.70) leaves room in how you read the outcome.
Where does the earnings growth of Fisher & Paykel Healthcare Corporation Ltd (FPH) come from?
Earnings per share at Fisher & Paykel Healthcare Corporation Ltd grew +8.4 % a year from 2015 to 2026. Broken into its drivers: revenue per share +11.9 %, EBIT margin −0.7 %, tax rate −0.7 %, residual (interest, one-offs) −1.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Fisher & Paykel Healthcare Corporation Ltd
How large is the market capitalisation of Fisher & Paykel Healthcare Corporation Ltd (FPH)?
The market capitalisation of Fisher & Paykel Healthcare Corporation Ltd is A$23.4B (≈ $16.5B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Fisher & Paykel Healthcare Corporation Ltd (FPH)?
The price-to-sales ratio of Fisher & Paykel Healthcare Corporation Ltd is 12.5 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Fisher & Paykel Healthcare Corporation Ltd (FPH)?
Earnings per share at Fisher & Paykel Healthcare Corporation Ltd are A$0.6463 (price ÷ EPS = P/E 61.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Fisher & Paykel Healthcare Corporation Ltd (FPH)?
The dividend yield of Fisher & Paykel Healthcare Corporation Ltd is 1.0% (payout 60.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Fisher & Paykel Healthcare Corporation Ltd (FPH)?
The net margin of Fisher & Paykel Healthcare Corporation Ltd is 20.3% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Fisher & Paykel Healthcare Corporation Ltd (FPH)?
The return on equity (ROE) of Fisher & Paykel Healthcare Corporation Ltd is 23.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Fisher & Paykel Healthcare Corporation Ltd (FPH)?
On an EBIT basis the return on assets of Fisher & Paykel Healthcare Corporation Ltd is 13.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Fisher & Paykel Healthcare Corporation Ltd (FPH)?
The operating margin of Fisher & Paykel Healthcare Corporation Ltd is 28.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Fisher & Paykel Healthcare Corporation Ltd (FPH)?
Revenue at Fisher & Paykel Healthcare Corporation Ltd is growing +14.0% versus a year earlier (3y avg +14.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Fisher & Paykel Healthcare Corporation Ltd (FPH)?
Earnings per share at Fisher & Paykel Healthcare Corporation Ltd are growing +14.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Fisher & Paykel Healthcare Corporation Ltd (FPH) hold?
Fisher & Paykel Healthcare Corporation Ltd holds more cash than debt, 317M NZD net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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Broad data
Oct 23, 2026