# Oceania Healthcare (OCA.AU)

Canonical: https://gigainvestors.com/s/OCA.AU

Analysis as of: 2026-10-16T07:49:45.039Z. Financial observations: FY2015–FY2026.

Listing currency: AUD. Reporting currency: NZD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: AUD 0.54 per share; close as of 2026-10-15.

Estimated value: low AUD 0.21 per share, central AUD 0.23 per share, high AUD 0.27 per share. Buy at or below the central value AUD 0.23 per share. Valuation as of 2026-10-16T07:49:45.039Z; scenarios are not confidence intervals.

Expected annual return: 5.9% at the stated quote. About 5.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AU 10-year bond 5.2% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 1.79×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.38×

- FY2018: 0.16×

- FY2019: 0.01×

- FY2020: -0.10×

- FY2022: 0.31×

- FY2023: 0.33×

- FY2024: -0.03×

- FY2025: -0.07×

- FY2026: -0.07×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 0.3%

- ROIC, second-lowest year: -1.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 19.5%

- ROIC including acquisitions, ten-year median: 1.7%

- Typical minus recent gross margin: 27.9 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 9.8%

- FY2018: 4.3%

- FY2019: 0.3%

- FY2020: -1.7%

- FY2022: 5.4%

- FY2023: 5.5%

- FY2024: -0.4%

- FY2025: -1.1%

- FY2026: -0.9%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.83×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: NZD 114M

- Net income, five-year total: NZD 139M

- Return on incremental invested capital: -6.5%

- Working capital / revenue, annual change: 4.1 pp

- Working capital / revenue, change between three-year averages: 26.5 pp

- Working capital / revenue, final three-year average: 41.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.97×

- FY2023: 0.94×

- FY2024: 0.93×

- FY2025: 0.35×

- FY2026: 7.44×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 4.3% vs -0.9%

- Per-share earnings: 0.13 to 0.04 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 7.9%

- Ordinary dilution, 5-year annual growth: 3.1%

- Market cap gain: NZD -8.9M

- Cumulative retained earnings: NZD 217M

- Diluted shares, 10-year annual growth: 7.9%

- Diluted shares, 5-year annual growth: 3.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -12.9%

- Per-share value change: NZD -0.09

- Per-share value, starting three-year median: NZD 0.13

- Per-share value, ending three-year median: NZD 0.04

- Average buyback yield: 1.8%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: NZD 378M

- ROIC, first three-year median: 4.3%

- ROIC, last three-year median: -0.9%

Chart: Earnings per share; fiscal year observations.

- FY2017: NZD 0.07

- FY2018: NZD 0.13

- FY2019: NZD 0.07

- FY2020: NZD -0.02

- FY2021: NZD 0.14

- FY2022: NZD 0.09

- FY2023: NZD 0.02

- FY2024: NZD 0.04

- FY2025: NZD 0.04

- FY2026: NZD 0.00

### accounting: pass

- Sloan accruals: -5.1%

- Receivables to sales index (DSRI): 1.17×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1,335.67×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 0.6%

- FY2018: -0.5%

- FY2019: -3.1%

- FY2020: -7.3%

- FY2021: -0.6%

- FY2022: 1.9%

- FY2023: 0.0%

- FY2024: -1.9%

- FY2025: -2.7%

- FY2026: -5.1%

## Holders

## Price story

Down 60% since Oct 2021 · sales +4.2%

Story as of 2026-10-16T10:00:13.811Z; price observation 2026-10-15.

Price needs cash profits to grow 11.8% a year for ten years

### Sales · FY2025–2026

sales +4.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: NZD 172M 

- FY2018: NZD 180M 

- FY2019: NZD 187M 

- FY2020: NZD 194M 

- FY2021: NZD 175M 

- FY2022: NZD 231M 

- FY2023: NZD 247M 

- FY2024: NZD 265M 

- FY2025: NZD 258M 

- FY2026: NZD 269M 

### Gross margin · FY2026

gross margin 28.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 37.8% 

- FY2019: 22.6% 

- FY2022: 32.3% 

- FY2023: 33.5% 

- FY2025: 15.9% 

- FY2026: 28.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in medical care facilities; annual sales are NZD 269.1 million.

- Source: https://eodhd.com/api/fundamentals/OCA.AU.json#2026-05-31 (filed 2026-10-16T07:49:45.039Z); FY2026: revenue 269084049; grossProfit 77292000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); OCA.AU: Oceania Healthcare Limited, together with its subsidiaries, owns and operates retirement villages and care centres in New Zealand. The company operates through Care Operations, Village Operations, and Others segments. It provides traditional care beds and care suites; independent living and rental properties; and rest home, hospital, and specialist dementia services. The company also offers accommodation, and care and related services to aged care residents, including meals and care packages to independent living residents; and accommodation and related services to independent residents in the retirement villages. In addition, it is involved in the provision of support services and training activities. The company was formerly known as Retirement Care (NZ) Limited and changed its name to Oceania Healthcare Limited in September 2014. Oceania Healthcare Limited was incorporated in 2005 and is based in Auckland, New Zealand.

### Why customers stay

Margins ranged from 15.9% to 100% during 2024–26; it earns 0.3% on its capital.

- Source: https://eodhd.com/api/fundamentals/OCA.AU.json#2024-05-31 (filed 2026-10-16T07:49:45.039Z); FY2024: grossProfit / revenue = 100%.

- Source: https://eodhd.com/api/fundamentals/OCA.AU.json#2025-05-31 (filed 2026-10-16T07:49:45.039Z); FY2025: grossProfit / revenue = 15.9%.

- Source: https://eodhd.com/api/fundamentals/OCA.AU.json#2026-05-31 (filed 2026-10-16T07:49:45.039Z); FY2026: grossProfit / revenue = 28.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:45.039Z); 10-year return on capital observations [[2017,0.09847574750822011],[2018,0.042619157177128615],[2019,0.0030778589595076462],[2020,-0.017133067075242484],[2022,0.0542618762913097],[2023,0.05465878078807132],[2024,-0.0040499438385188],[2025,-0.01094188986818005],[2026,-0.00865915677865282]]; median 0.0030778589595076462. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 10 years.

- Source: https://eodhd.com/api/fundamentals/OCA.AU.json#2017-05-31 (filed 2026-10-16T07:49:45.039Z); FY2017: growth capex 0; upkeep 33503000; owner earnings 19290000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/OCA.AU.json#2018-05-31 (filed 2026-10-16T07:49:45.039Z); FY2018: growth capex 12517840.701618753; upkeep 20871159.298381247; owner earnings 64935840.70161875. Growth capex / owner earnings = 0.19277244379014719.

- Source: https://eodhd.com/api/fundamentals/OCA.AU.json#2019-05-31 (filed 2026-10-16T07:49:45.039Z); FY2019: growth capex 10750800.748365976; upkeep 22638199.251634024; owner earnings 31173400.748365976. Growth capex / owner earnings = 0.3448709633943131.

- Source: https://eodhd.com/api/fundamentals/OCA.AU.json#2022-05-31 (filed 2026-10-16T07:49:45.039Z); FY2022: growth capex 37669000; upkeep 18620000; owner earnings 59150200. Growth capex / owner earnings = 0.6368363927763557.

- Source: https://eodhd.com/api/fundamentals/OCA.AU.json#2023-05-31 (filed 2026-10-16T07:49:45.039Z); FY2023: growth capex 37236000; upkeep 17924000; owner earnings 14488400. Growth capex / owner earnings = 2.570056044835869.

- Source: https://eodhd.com/api/fundamentals/OCA.AU.json#2024-05-31 (filed 2026-10-16T07:49:45.039Z); FY2024: growth capex 33030000; upkeep 18986000; owner earnings 29233000. Growth capex / owner earnings = 1.1298874559573084.

- Source: https://eodhd.com/api/fundamentals/OCA.AU.json#2025-05-31 (filed 2026-10-16T07:49:45.039Z); FY2025: growth capex 0; upkeep 39803000; owner earnings 10648400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/OCA.AU.json#2026-05-31 (filed 2026-10-16T07:49:45.039Z); FY2026: growth capex 0; upkeep 17918523; owner earnings 884877. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:45.039Z); Dividend observations: [[2017,12692000],[2018,12732000],[2019,12732000],[2020,22227000],[2021,6301000],[2022,19418000],[2023,21806000],[2024,6763000],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 15.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); OCA.AU SharesStats.PercentInsiders = 15.626999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 11.8% yearly over ten years; actual decline was 38%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:49:45.039Z); Ten-year compound average after fade. Initial solved rate 0.15695524291084073. Price 0.535; FX 0.8124078517533463; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.1446028392541254 → FY2026 0.0012218159675573125. Closing-price date 2026-10-15.

## Monthly share-price history (AUD per share)

- 2017-05: AUD 0.79 per share

- 2017-06: AUD 0.81 per share

- 2017-07: AUD 0.92 per share

- 2017-08: AUD 0.92 per share

- 2017-09: AUD 0.90 per share

- 2017-10: AUD 0.86 per share

- 2017-11: AUD 0.88 per share

- 2017-12: AUD 0.95 per share

- 2018-01: AUD 0.93 per share

- 2018-02: AUD 0.94 per share

- 2018-03: AUD 0.92 per share

- 2018-04: AUD 0.92 per share

- 2018-05: AUD 0.98 per share

- 2018-06: AUD 1.03 per share

- 2018-07: AUD 1.05 per share

- 2018-08: AUD 1.05 per share

- 2018-09: AUD 1.12 per share

- 2018-10: AUD 1.07 per share

- 2018-11: AUD 1.12 per share

- 2018-12: AUD 1.04 per share

- 2019-01: AUD 1.00 per share

- 2019-02: AUD 1.01 per share

- 2019-03: AUD 0.98 per share

- 2019-04: AUD 1.03 per share

- 2019-05: AUD 1.03 per share

- 2019-06: AUD 1.00 per share

- 2019-07: AUD 1.05 per share

- 2019-08: AUD 0.96 per share

- 2019-09: AUD 0.92 per share

- 2019-10: AUD 0.92 per share

- 2019-11: AUD 1.05 per share

- 2019-12: AUD 1.24 per share

- 2020-01: AUD 1.17 per share

- 2020-02: AUD 1.09 per share

- 2020-03: AUD 0.63 per share

- 2020-04: AUD 0.72 per share

- 2020-05: AUD 0.78 per share

- 2020-06: AUD 0.82 per share

- 2020-07: AUD 0.97 per share

- 2020-08: AUD 0.96 per share

- 2020-09: AUD 1.00 per share

- 2020-10: AUD 1.27 per share

- 2020-11: AUD 1.26 per share

- 2020-12: AUD 1.30 per share

- 2021-01: AUD 1.44 per share

- 2021-02: AUD 1.33 per share

- 2021-03: AUD 1.20 per share

- 2021-04: AUD 1.31 per share

- 2021-05: AUD 1.33 per share

- 2021-06: AUD 1.36 per share

- 2021-07: AUD 1.44 per share

- 2021-08: AUD 1.53 per share

- 2021-09: AUD 1.41 per share

- 2021-10: AUD 1.33 per share

- 2021-11: AUD 1.23 per share

- 2021-12: AUD 1.30 per share

- 2022-01: AUD 1.09 per share

- 2022-02: AUD 0.99 per share

- 2022-03: AUD 0.96 per share

- 2022-04: AUD 0.94 per share

- 2022-05: AUD 0.94 per share

- 2022-06: AUD 0.90 per share

- 2022-07: AUD 0.83 per share

- 2022-08: AUD 0.87 per share

- 2022-09: AUD 0.76 per share

- 2022-10: AUD 0.75 per share

- 2022-11: AUD 0.75 per share

- 2022-12: AUD 0.72 per share

- 2023-01: AUD 0.83 per share

- 2023-02: AUD 0.72 per share

- 2023-03: AUD 0.69 per share

- 2023-04: AUD 0.64 per share

- 2023-05: AUD 0.75 per share

- 2023-06: AUD 0.70 per share

- 2023-07: AUD 0.71 per share

- 2023-08: AUD 0.68 per share

- 2023-09: AUD 0.72 per share

- 2023-10: AUD 0.68 per share

- 2023-11: AUD 0.67 per share

- 2023-12: AUD 0.65 per share

- 2024-01: AUD 0.65 per share

- 2024-02: AUD 0.54 per share

- 2024-03: AUD 0.58 per share

- 2024-04: AUD 0.54 per share

- 2024-05: AUD 0.53 per share

- 2024-06: AUD 0.50 per share

- 2024-07: AUD 0.71 per share

- 2024-08: AUD 0.80 per share

- 2024-09: AUD 0.70 per share

- 2024-10: AUD 0.64 per share

- 2024-11: AUD 0.65 per share

- 2024-12: AUD 0.67 per share

- 2025-01: AUD 0.73 per share

- 2025-02: AUD 0.60 per share

- 2025-03: AUD 0.55 per share

- 2025-04: AUD 0.57 per share

- 2025-05: AUD 0.59 per share

- 2025-06: AUD 0.63 per share

- 2025-07: AUD 0.66 per share

- 2025-08: AUD 0.60 per share

- 2025-09: AUD 0.55 per share

- 2025-10: AUD 0.68 per share

- 2025-11: AUD 0.74 per share

- 2025-12: AUD 0.80 per share

- 2026-01: AUD 0.72 per share

- 2026-02: AUD 0.70 per share

- 2026-03: AUD 0.65 per share

- 2026-04: AUD 0.60 per share

- 2026-05: AUD 0.64 per share

- 2026-06: AUD 0.61 per share

- 2026-07: AUD 0.62 per share

- 2026-08: AUD 0.66 per share

- 2026-09: AUD 0.60 per share

- 2026-10: AUD 0.54 per share

## Annual estimated value (AUD per share)

- FY2019: low AUD 0.47 per share, central AUD 0.54 per share, high AUD 0.62 per share

- FY2020: low AUD 0.49 per share, central AUD 0.55 per share, high AUD 0.64 per share

- FY2021: low AUD 0.30 per share, central AUD 0.34 per share, high AUD 0.39 per share

- FY2022: low AUD 0.48 per share, central AUD 0.55 per share, high AUD 0.63 per share

- FY2023: low AUD 0.18 per share, central AUD 0.20 per share, high AUD 0.24 per share

- FY2024: low AUD 0.19 per share, central AUD 0.22 per share, high AUD 0.25 per share

- FY2025: low AUD 0.19 per share, central AUD 0.21 per share, high AUD 0.25 per share

- FY2026: low AUD 0.21 per share, central AUD 0.23 per share, high AUD 0.27 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:55:36.555Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.