Fisher & Paykel Healthcare is located on a campus named for one of its founders in a section of East Tāmaki, Auckland, close to the industrial highways that supply the southern end of New Zealand’s largest metropolis. The address Maurice Paykel Place isn’t particularly glamorous. However, the firm that operates out of it is among the NZX’s most reliable compounders, and its shares have spent the most of 2025 and the first part of 2026 reminding investors why that reputation was gained.
The type of report that causes a noticeable shock in trading rooms was the half-year results that were made public in late November 2025. For the first time in the company’s existence, revenue exceeded NZ$1 billion in a single half, coming in at NZ$1.09 billion, up 14% over the previous year. After taxes, net profit increased by 39% to NZ$213 million. The next day, the shares increased by about 8%, momentarily surpassing NZ$40 on the NZX. On March 3, 2026, the all-time high of NZ$41.40 was attained. That is an impressive place to be for a company that was established in 1934 and whose initial medical gadgets were essentially modified versions of consumer appliances.
Important Information
| Field | Details |
|---|---|
| Company | Fisher & Paykel Healthcare Corporation Limited (NZX: FPH / ASX: FPH) — founded 1934 by Woolf Fisher and Maurice Paykel; headquartered at 15 Maurice Paykel Place, East Tāmaki, Auckland; over 5,000 employees |
| Share Price (April 2026) | Trading around NZ$37–39; all-time high of NZ$41.40 reached March 3, 2026; 52-week range approximately NZ$31.80–NZ$40.46; market capitalisation approximately NZ$22–23 billion; dividend yield ~1.17% |
| H1 FY2026 Results (Nov 26, 2025) | Operating revenue NZ$1.09 billion (+14% year-on-year, +12% in constant currency) — crossing $1 billion in a single half-year for the first time; net profit after tax NZ$213 million (+39% year-on-year, +28% constant currency); shares jumped ~8% on the day |
| FY2026 Full-Year Guidance (Updated Feb 2026) | Revenue upgraded to approximately NZ$2.3 billion — above the top end of prior guidance of NZ$2.17–2.27 billion; net profit after tax expected NZ$450–470 million; full-year results due May 27, 2026 |
| Core Products | Optiflow nasal high flow therapy; respiratory humidification systems (F&P 950, F&P 820, Airvo 3); CPAP and OSA masks (Nova, Solo, Evora); neonatal CPAP; surgical humidification; “New Applications” consumables (74% of Hospital consumables revenue) |
| Manufacturing | Approximately 55% of volumes manufactured in Auckland, New Zealand; approximately 45% in Tijuana, Mexico; products sold in over 120 countries; R&D investment approximately 12% of revenue (~NZ$110 million in H1 FY26) |
| Tariff Exposure | 10% US tariff on NZ-manufactured Hospital division products; almost all Mexico-manufactured products are compliant with USMCA and currently exempt; Homecare/sleep apnea products exempt under Nairobi Protocol; estimated 75 bps annualised gross margin impact, expected to be offset through continuous improvement activities over FY2026–FY2027 |
| Next Catalyst | Full-year FY2026 results — May 27, 2026 |
Optiflow, a nasal high flow therapy system from Fisher & Paykel that delivers precisely humidified air at higher flow rates than traditional oxygen therapy, is largely responsible for this momentum. It has been slowly adopted by clinicians in hospital respiratory wards and intensive care units for years, and research supporting its usage across an increasing number of conditions has accumulated in tandem with this development.
In the first half of FY2026, 74% of hospital consumables revenue came from the company’s “New Applications” consumables category, which includes products for non-invasive ventilation, Optiflow, and surgical applications. This category grew by 16% in constant currency. That is a substantial side product. The engine is the cause.
An additional indication of momentum was the guidance upgrade in February 2026. The company increased net profit after tax expectations to NZ$450–470 million and boosted its full-year revenue forecast to roughly NZ$2.3 billion, above the upper end of the previous range. Even three years ago, those figures would have appeared ambitious. Investors in April are in the somewhat uncomfortable position between a strong partial result and a full confirmation because the FY2026 fiscal year ends on March 31 and full results are forthcoming on May 27.
The aspect of this story that doesn’t have a clear conclusion is the tariff issue, which is worth considering rather than ignoring. About 55% of Fisher & Paykel’s production is done in Auckland, and the remaining 45% is done in Tijuana, Mexico. FPH was one of the businesses that took a long time to clarify its exposure when Donald Trump’s tariff regime started to alter trade flows in early 2025. The outcome, which was verified by consulting with trade counsel and the appropriate authorities, was more comforting than first thought.
Nearly all of its Mexican-made goods are free from the 25 percent tariff on non-compliant Mexican imports since they comply with the US-Mexico-Canada Agreement. The Nairobi Protocol exempts sleep apnea homecare items. What’s left is a 10% tariff on New Zealand-made Hospital division goods, which is projected to result in an annualized gross margin drag of about 75 basis points over the course of two fiscal years. Finding the same level of efficiency benefits and ongoing improvement throughout operations is the company’s standard response to that.
Observing FPH over the years has given me the impression that its most underappreciated attribute is its unique kind of patience. It took more than ten years for the Optiflow therapy category to gain clinical acceptability in hospitals around the world. Building connections with respiratory therapists, sleep clinics, and equipment vendors in dozens of markets at once was necessary for the sleep apnea homecare industry.
Neither of those events occurred rapidly. The company’s product pipeline includes the F&P 950 System and updated nasal cannula designs that have recently received US FDA clearance and are currently undergoing adoption cycles. The company invests about 12% of its revenue in research and development each year, or roughly NZ$110 million in the first half of FY2026 alone.
With a manufacturing scale that is difficult to duplicate and a clinical evidence base developed over decades, FPH shares offer a unique type of exposure to a global medical device company that is steadily growing in structurally expanding markets, such as aging populations, rising rates of obesity-related sleep apnea, and increasing hospital adoption of high-flow respiratory support in developing markets.
Although real, the tariff headwind is controllable. The next significant reading on whether the guidance upgrade was prudent or precisely correct will be the full-year results in May. The present levels are roughly 10% below the all-time high. Whether that gap closes this year or next is still up in the air.
