Ryman Healthcare shares traded toward the top of their intraday range today after the company released its FY26 results for the year ended 31 March 2026. The stock fluctuated between NZ$2.17 and NZ$2.27 as investors absorbed a set of numbers that point to a material improvement in operating performance and cash generation.
For the full year, Ryman recorded operating revenue of NZ$849 million, up 10% from the prior year. The company reported EBITDAF of NZ$88 million, a near doubling that equates to a 94% increase year on year. Free cash flow reached NZ$188 million.
Company management framed the results as the outcome of a two-year program of change. Those adjustments - involving a pullback in development activity, divestment of non-core sites, and a focus on extracting higher returns from existing villages - fed through to a substantial step-up in operating profitability, which the company says almost doubled during the period. The results also delivered Ryman’s first positive free cash flow in more than a decade.
"the reset of our operating model is delivering materially improved financial performance despite mixed market conditions and creating a more sustainable business."
The quote above was provided by CEO Naomi James as part of the company commentary on the FY26 outcomes.
Brokerage Macquarie maintained its Outperform rating on Ryman following the earnings release. In its assessment, the firm flagged a clear turnaround in operating cash flow even though reported cash flow from operating activities remained negative for FY26 because of buyback obligations. Macquarie singled out the company’s care division as a standout area of performance and suggested it is a key source of potential upside in FY27.
Macquarie also indicated that Ryman’s capacity to release cash appears to exceed the NZ$500 million target the company has set for fiscal 2029. The broker said that this pathway to stronger cash generation should allow the operator to lower net debt and gearing ratios while pursuing measured growth.
The FY26 results arrived amid a busy reporting session on the NZX. The NZX 50 index was up about 0.3% on the day, having gained around 0.2% over the prior five trading days and 1.9% over the month. The day’s session featured a heavy flow of FY26 annual reports from multiple large NZX-listed groups, including Fisher & Paykel Healthcare, Infratil, Ryman Healthcare, and Goodman Property Trust. Those releases helped drive notable movement across the market.
Sector and market context also supported Ryman’s share price. Results-led buying across healthcare and listed property names was visible in the session, with Fisher & Paykel Healthcare among the leaders after its own FY26 announcement, rising nearly 8% on the day. Against that backdrop, Ryman shares remained near the upper end of their intraday range despite only a modest overall percentage move.
From an operational perspective, the company’s pivot to lower development intensity and to monetising non-core assets is presented as key to converting operating performance into cash. That conversion materially improved free cash flow in FY26 and underpins the company’s stated objective of reducing leverage and funding targeted growth over the coming years.
What this means
- Ryman’s FY26 results show a meaningful uplift in profitability and cash generation following a two-year operational reset.
- Broker commentary from Macquarie supports the view that operating cash flow is recovering and that the care division could deliver upside in FY27.
- Market-wide results activity on the NZX and gains in healthcare and property names provided a constructive trading environment for the stock.
Investment considerations
- Reported free cash flow of NZ$188 million is the company’s first positive free cash flow in more than a decade, a key milestone for balance-sheet repair.
- Macquarie’s assessment that cash release potential can exceed the NZ$500 million target for FY29, if realised, would support reductions in net debt and gearing.
- Buyback obligations continue to influence reported operating cash flow in the near term, keeping that metric negative despite the underlying improvement.