Ryman Healthcare Limited

RYM.NZ

Medical - Care Facilities · Healthcare

Price

NZ$2.06

+0.01 (+0.49%)

Market Cap

NZ$2.09B

Exchange

New Zealand Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

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

Share count rising — dilution

+91.5% over 4y

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

Diluted shares outstanding: 530.5M (2022) → 1.02B (2026)

Ryman Healthcare builds and operates retirement villages and aged care facilities, mainly in New Zealand and Australia. It serves older adults who need independent living, assisted living, or full nursing care. Ryman is one of the largest retirement village operators in New Zealand, owning and managing a portfolio of large, integrated campuses that combine multiple levels of care under one roof.

The company makes money through a combination of occupancy fees, care charges, and a deferred management fee model — where residents pay a lump sum to move in and Ryman keeps a portion when they leave. This model ties revenue closely to property values and the pace of new village development. Ryman operates primarily in New Zealand, with a growing but capital-intensive expansion into Victoria, Australia. The main risk the business faces is its heavy debt load from funding new village construction, which has pressured margins and contributed to the negative returns visible in recent financial results.

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

+10.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+84.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Insider Activity

6.7%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$11.0B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Ryman Healthcare Limited is a rare growth stock that's already generating positive cash flow while growing at 10%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

-1.9%

Thin — -1.9% gross margin

Operating Margin

-1.9%

Losing money on operations — -1.9%

ROCE

-0.1%

Weak — -0.1% return on capital

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

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Growth

Sales YoY

+8.5%

Steady sales growth (+8.5% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

1/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

34.1%

Converts sales into free cash efficiently (34.1%)

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

0.39

Conservative — low debt load (0.39)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

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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