Fisher & Paykel Healthcare (ASX:FPH) Operating Income: A$411 Mil (TTM As of Mar. 2026)


ASX:FPH Fisher & Paykel Healthcare Corp Ltd ASX:FPH
90 GF Score
Price A$32.99
GF Value A$36.31
Valuation Fairly Valued
! 2 Warning Signs
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What is Fisher & Paykel Healthcare Operating Income?

Fisher & Paykel Healthcare ASX:FPH -1.49% 90 Operating Income is A$411 Mil as of Mar. 2026. GuruFocus rates ASX:FPH with a GF Score™ of 90/100 and a GF Value™ of A$36.31 (Fairly Valued). The stock has 2 warning signs investors should review.

Fisher & Paykel Healthcare's Operating Income for the six months ended in Mar. 2026 was A$212 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was A$411 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Fisher & Paykel Healthcare's Operating Income for the six months ended in Mar. 2026 was A$212 Mil. Fisher & Paykel Healthcare's Revenue for the six months ended in Mar. 2026 was A$1,007 Mil. Therefore, Fisher & Paykel Healthcare's Operating Margin % for the quarter that ended in Mar. 2026 was 21.07%.

Fisher & Paykel Healthcare's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Fisher & Paykel Healthcare's annualized ROC % for the quarter that ended in Mar. 2026 was 17.39%. Fisher & Paykel Healthcare's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 42.11%.

Fisher & Paykel Healthcare  (ASX:FPH) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Fisher & Paykel Healthcare's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Sep. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=424.166 * ( 1 - 26.52% )/( (1840.156 + 1743.667)/ 2 )
=311.6771768/1791.9115
=17.39 %

where

Invested Capital(Q: Sep. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=2346.5 - 238.815 - ( 267.529 - max(0, 420.289 - 877.229+267.529))
=1840.156

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=2378 - 250.083 - ( 384.25 - max(0, 414.833 - 960.167+384.25))
=1743.667

Note: The Operating Income data used here is two times the semi-annual (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Fisher & Paykel Healthcare's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Sep. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=587.5/( ( (1194.965 + max(265.746, 0)) + (1172.667 + max(156.834, 0)) )/ 2 )
=587.5/( ( 1460.711 + 1329.501 )/ 2 )
=587.5/1395.106
=42.11 %

where Working Capital is:

Working Capital(Q: Sep. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(276.18 + 300.436 + 33.084) - (238.815 + 32.906 + 72.233)
=265.746

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(242.917 + 272.75 + 28.667) - (250.083 + 66.75 + 70.667)
=156.834

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Fisher & Paykel Healthcare's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=212.083/1006.5
=21.07 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Fisher & Paykel Healthcare Operating Income Related Terms

Fisher & Paykel Healthcare Operating Income Historical Data

* Premium members only.

The historical data trend for Fisher & Paykel Healthcare's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Fisher & Paykel Healthcare Operating Income Chart

Fisher & Paykel Healthcare Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 344.87 223.82 235.99 -337.22 398.17

Fisher & Paykel Healthcare Semi-Annual Data
Sep16 Mar17 Sep17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 133.67 132.08 -467.83 199.13 212.08
ASX:FPH
90GF Score
Fisher & Paykel Healthcare Corp Ltd ASX:FPH
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Fisher & Paykel Healthcare Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the semi-annually data reported by the company within the most recent 12 months, which was A$411 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of A$411 Mil mean?
Fisher & Paykel Healthcare (ASX:FPH) has a Operating Income of A$411 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Fisher & Paykel Healthcare and its competitors.
Is Fisher & Paykel Healthcare's Operating Income too high?
Fisher & Paykel Healthcare's current Operating Income is A$411 Mil. Overall, Fisher & Paykel Healthcare has a GF Score™ of 90/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Fisher & Paykel Healthcare's Operating Income compare to ISRG and BDX?
Fisher & Paykel Healthcare's Operating Income of A$411 Mil can be compared against companies in the Medical Devices & Instruments industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Medical Devices & Instruments company?
A good Operating Income depends on the Medical Devices & Instruments industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Fisher & Paykel Healthcare and its competitors. Fisher & Paykel Healthcare's current Operating Income is A$411 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fisher & Paykel Healthcare stock overvalued right now?
Based on GuruFocus' analysis, Fisher & Paykel Healthcare (ASX:FPH) is currently considered Fairly Valued. The stock's GF Value™ is A$36.31, compared to a current price of A$32.99 — trading 9.1% below its estimated fair value. The current Operating Income is A$411 Mil. Fisher & Paykel Healthcare's overall GF Score™ is 90/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Fisher & Paykel Healthcare (ASX:FPH), the current Operating Income is A$411 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Fisher & Paykel Healthcare (ASX:FPH) Overvalued in 2026?

Based on GuruFocus' analysis, Fisher & Paykel Healthcare stock appears to be undervalued. The current stock price of A$32.99 is trading 9.1% below its estimated GF Value™ of A$36.31. GuruFocus considers Fisher & Paykel Healthcare to be Fairly Valued.

Key valuation signals for ASX:FPH:

  • Operating Income: A$411 Mil
  • GF Value™: A$36.31 vs. price of A$32.99 (9.1% below fair value)
  • GF Score™: 90/100 with 2 warning signs

No single metric tells the full story. See the ASX:FPH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Fisher & Paykel Healthcare Business Description

Other Exchanges FSPKF:USAFPH:New Zealand
Address 15 Maurice Paykel Place, East Tamaki, Auckland, NTL, NZL, 2013
Fisher & Paykel Healthcare is one of the three largest respiratory care device companies globally. It is the market leader in hospital use of humidifiers, masks, and related consumables, and the number three player in the at-home treatment of sleep apnea using respiratory devices. Both the hospital and homecare markets for respiratory devices are growing strongly in the developed markets in which Fisher & Paykel has a presence. The company earns roughly half of its revenue in North America, around a quarter in Europe, and approximately a fifth in Asia-Pacific. Fisher conducts its own R&D and has thousands of patents and pending applications. It manufactures in New Zealand, Mexico, and China, and has a multichannel distribution model.
90GF Score

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Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

A$32.99
Price
A$36.31
GF Value