Third Age Health Services Limited

TAH.NZ

Medical - Care Facilities · Healthcare

Price

NZ$4.52

+0.06 (+1.35%)

Market Cap

NZ$45.0M

Exchange

New Zealand Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Jul 26, 2026 · filings through Mar 31, 2026

Third Age Health Services Limited, together with its subsidiaries, provides general practice health care services for older people living in retirement villages, private hospitals, and secure dementia units in New Zealand. The company offers aged medical residential care services, such as medical care services to the aged care sector; and general practice medical services, including primary care services to the community. It also provides onsite clinics, rostered rounds, and after hours on-call healthcare services for supporting the health and wellbeing of older people, as well as clinical services for aged care facilities. The company was formerly known as Medplace Limited and changed its name to Third Age Health Services Limited in April 2011. Third Age Health Services Limited was incorporated in 2010 and is based in Napier, New Zealand.

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

+22.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+7.7% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Cash Position

Cash flow positive

$3M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Third Age Health Services Limited is a rare growth stock that's already generating positive cash flow while growing at 22%. 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.

Share count broadly stable

+0.8% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 9.9M (2022) → 10.0M (2026)

Score breakdown

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Quality

Gross Margin

29.8%

Modest — 29.8% gross margin

Operating Margin

20.0%

Excellent — 20.0% operating margin

ROCE

36.4%

Exceptional — 36.4% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales YoY

+17.9%

Fast-growing sales (17.9% YoY)

EPS YoY

+21.7%

Earnings growing fast (21.7% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

143%

Turns 143% of profit into real cash

FCF Margin

17.5%

Converts sales into free cash efficiently (17.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.29

Conservative — low debt load (0.29)

Interest Cover

15.44x

Comfortably covers interest (15.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

16.1x

Fair value — P/E 16.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

3.54%

Moderate income — 3.54% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+8.8%

Dividend growing modestly (8.8% YoY)

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