Market cap
$45.3m
End-of-day close multiplied by current shares on issue.
TAH · NZX
Third Age Health Services is an NZX-listed healthcare / primary healthcare company with FY22 - FY26 of published result briefings.
Snapshot
FY26, released 29 May 2026
| Metric | Value | Change |
|---|---|---|
| Revenue | $22.5m | ↑ +96.1% |
| EBITDA | $5.7m | ↑ +269.1% |
| NPAT | $2.8m | ↑ +600.0% |
| Operating cash flow | $4m | ↑ +272.7% |
| OCF / EBITDA % | 70.1% | ↑ +0.7pp |
| Net debt | -$1.8m | ↓ -283.5% |
| Net debt / EBITDA | -0.31x | ↓ -149.2% |
| ROE % | 50.8% | ↑ +33.6pp |
| DPS | 4.0c | ↑ +55.2% |
| Payout ratio vs NPAT % | 28.2% | ↓ -94.2pp |
Source: latest published briefing (FY26, released 29 May 2026). Change compares against the prior equivalent period: FY23, released 26 May 2023.
Valuation
A compact read on what the market price implies next to the latest filing data. The numbers are a starting point for comparison, not a recommendation.
The latest close and share count context for the market price.
Market cap
$45.3m
End-of-day close multiplied by current shares on issue.
How the market price compares with recent earnings and cash-flow inputs.
P/E
16.18x
Recent market cap compared with trailing earnings.
EPS
0.28
Recent filing-derived earnings per share.
PEG
0.75x
P/E compared with recent earnings growth.
EV/EBITDA
7.57x
Enterprise value compared with recent EBITDA.
P/FCF
11.48x
Market cap compared with recent free cash flow.
P/B
8.22x
Market value compared with latest reported equity.
Yield and fund-style valuation where the company shape supports it.
Dividend yield
3.5%
Trailing dividends compared with the latest close.
Total return
Not available
Available once dividend and adjustment data are verified.
Daily closes use the full available width, with hover and touch readouts against real observations. Expand opens the chart at reading size.
Five years of daily closes, as at close, 5 June 2026. Weekends, suspensions, and listing gaps stay as natural gaps in the time scale.
Indexed lines compare direction from the first positive comparable filing point. The axis is an index, not dollars or cents.
Chat
Ask follow-up questions about Third Age Health Services's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Longitudinal view
The latest period is shown first.
| Metric | FY2612 MONTHS29 May 2026 | FY2312 MONTHS26 May 2023 | HY236 MONTHS28 November 2022 | FY2212 MONTHS30 May 2022 | Trend |
|---|---|---|---|---|---|
| Revenue | $22.5m | $11.5m | $4.6m | $5.9m | Chart |
| Revenue growth % | 17.9% | 94.4% | 61.2% | 7.5% | Chart |
| EBITDA | $5.7m | $1.6m | $0.7m | — | Chart |
| EBITDA margin % | 25.6% | 13.6% | 15.2% | — | Chart |
| PBT | $4.4m | $0.7m | $0.5m | $1.6m | Chart |
| PBT growth % | 25.7% | -56.2% | -99.9% | -99.9% | Chart |
| NPAT | $2.8m | $0.4m | $0.3m | $1.2m | Chart |
| NPAT growth % | 21.7% | -66.7% | -100.0% | -99.9% | Chart |
| Operating cash flow | $4m | $1.1m | $0.3m | $1.1m | Chart |
| OCF / EBITDA % | 70.1% | 69.4% | 42.6% | — | Chart |
| FCF pre-lease | $3.9m | $1m | $0.28m | $1.1m | Chart |
| FCF post-lease | — | — | $0.28m | — | — |
| DPS | 4.0c | 2.6c | 2.4c | 4.0c | Chart |
| Payout ratio vs NPAT % | 28.2% | 122.4% | 75.1% | 34.0% | Chart |
| Annual payout ratio vs EPS % | 28.2% | 122.4% | — | 34.0% | Chart |
| ROE % | 50.8% | 17.2% | 12.3% | 50.2% | Chart |
| Net debt | -$1.8m | $0.99m | -$0.34m | — | Chart |
| Net debt / EBITDA | -0.31x | 0.63x | -0.49x | — | Chart |
| Debtor days | — | 36 | 18 | 24 | Chart |
| Total assets | $13.2m | $10m | $5.6m | $4.9m | Chart |
Reference: annolyse.ai/companies/tah
Note: Figures are shown as reported. Half-year and full-year absolute values are not directly comparable. Growth rates and ratios are the meaningful comparison across mixed periods.
These charts use verified published filing periods only. Gaps are not interpolated, and mixed half-year/full-year histories are split into separate series.
Reported revenue across covered periods.
Like-period revenue growth where comparable.
Company-specific earnings measure where disclosed.
EBITDA-equivalent margin where revenue and earnings are source-backed.
Statutory profit after tax.
Cash generated from operations.
Additional verified filing metrics for this company. Each point links back to a published briefing period in the source data contract.
Cash conversion against earnings.
Operating cash flow less capex before leases.
Free cash flow after lease payments where available.
Return on equity.
Borrowings less cash; negative values indicate net cash.
Leverage ratio, suppressed where earnings are not meaningful.
Dividend per share declared for the period.
Dividend payout against statutory NPAT.
Receivables days where the working-capital inputs are source-backed.
Per-period working-capital absorption or release, from the same published history. Positive values are working-capital build; negative values are release.
The setup & the reality
The latest result is checked against what the prior briefing said to watch.
Historical setup
From Revenue nearly doubled but PBT fell 56% as costs outpaced growth
No forward revenue, earnings, or dividend guidance is supplied in the released material, and no quantified targets are disclosed. The half-year split is therefore the only available shape reference: 1H23 contained roughly 39.9% of full-year revenue and 44.6% of full-year EBITDA, but 74% of reported NPAT, so 2H reported NPAT was materially weaker than 1H ($0.1m vs $0.3m). Management points to underlying second-half improvement and a $150k annualised cost reduction; that framing is not visible in reported NPAT. The release does not provide enough to judge whether FY24 will inherit a recovered or still-compressed margin from the second half, which is the key open shape question.
Open questions
This briefing cannot assess management's specific cost-reduction initiatives, segment-level margin trajectories, or FY24 trading momentum because the supplied material contains no forward financial guidance or post-period trading commentary.
Archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
FY26 · Released 29 May 2026
Aged-care consolidation lifted earnings and revenue mix, but a halved dividend and weaker cash conversion signal a clear reinvestment pivot.
FY23 · Released 26 May 2023
Effective tax rate jumped from 24.9% to 43.5%, deepening the NPAT decline to 67% while operating cash flow held essentially flat at $1.1m.
HY23 · Released 28 November 2022
Integration and consolidation costs for acquired GP practices absorbed the acquired revenue and roughly halved earnings to $0.3m.
FY22 · Released 30 May 2022
Gross margin expanded 300bps to 63% on the GP portfolio shift, but operating cash flow weakened and ROE eased from 73.4% to 50.2%.
Get the next Third Age Health Services result briefing and five-year history updates by email.