Oceania Healthcare Limited

OCA.NZ

Medical - Care Facilities · Healthcare

Price

NZ$0.80

-0.01 (-1.24%)

Market Cap

NZ$575.8M

Exchange

New Zealand Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Based on the IPO prospectus (annual filing). This score will refine automatically once the company reports its first quarters.

Data as of Aug 10, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+2.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 705.4M (2022) → 724.2M (2026)

Oceania Healthcare Limited is a New Zealand company that runs retirement villages and aged care facilities. It provides housing and care services to older adults, ranging from independent living apartments to rest home and hospital-level care for people who need more medical support. The company owns and operates a portfolio of properties across New Zealand, making it one of the larger listed aged care providers in the country.

Oceania makes money in two main ways: it collects occupancy fees and care charges from residents, and it earns gains from selling occupation right agreements (ORAs) when residents move into its villages. The business is concentrated entirely in New Zealand and benefits from strong long-term demand driven by an aging population. However, the negative gross and operating margins in recent periods highlight the pressure the company faces from rising construction costs, staffing expenses, and a slower property market, all of which make profitability difficult to sustain in the near term.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+117.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-120.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Insider Activity

12.0%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$2.0B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Oceania Healthcare Limited grew revenue 118% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

16.9%

Thin — 16.9% gross margin

Operating Margin

-7.4%

Losing money on operations — -7.4%

ROCE

-1.2%

Weak — -1.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+2.5%

Nearly flat sales (+2.5% YoY)

EPS YoY

-99.5%

Earnings shrinking (-99.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

N/A

Data not available

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Cash Flow

Cash Conversion

132602%

Turns 132602% of profit into real cash

FCF Margin

52.4%

Converts sales into free cash efficiently (52.4%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.44

Conservative — low debt load (0.44)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/A

Data not available

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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