# Vital Healthcare Property Trust (VTHPF.US)

Canonical: https://gigainvestors.com/s/VTHPF

Analysis as of: 2026-10-16T07:33:44.685Z. Financial observations: FY2019–FY2026.

Listing currency: USD. Reporting currency: NZD.

## Verdict

Not a wonderful business

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

Share price: $0.85 per share; close as of 2026-10-14.

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- Financial history: 8 years

- Years with declining revenue: 1

- Years with a net loss: 4

- Operating margin variation: 0.07×

Chart: Operating margin; fiscal year observations.

- FY2021: 0.63×

- FY2022: 0.60×

- FY2023: 0.63×

- FY2024: 0.68×

- FY2025: 0.70×

- FY2026: 0.74×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 2.8%

- ROIC, second-lowest year: 2.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 91.9%

- ROIC including acquisitions, ten-year median: -2.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2021: 2.6%

- FY2022: 2.2%

- FY2023: 2.7%

- FY2024: 2.9%

- FY2025: 3.2%

- FY2026: 3.4%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: NZD -453M

- Net income, five-year total: NZD -32M

- Working capital / revenue, annual change: 3.8 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2022: NZD -77M

- FY2023: NZD -109M

- FY2024: NZD -189M

- FY2025: NZD -87M

- FY2026: NZD 9.4M

### management: fail

- buybacks leaned toward cheaper years (informational)

- Per-share earnings: 0.21 to -0.08 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 9.1%

- Diluted shares, 5-year annual growth: 9.1%

- Per-share value change: NZD -0.29

- Per-share value, starting three-year median: NZD 0.21

- Per-share value, ending three-year median: NZD -0.08

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.2%

- Buyback history: 2 years

- Debt-funded buybacks: No

- ROIC, last three-year median: 3.2%

Chart: Earnings per share; fiscal year observations.

- FY2019: NZD 0.21

- FY2020: NZD 0.13

- FY2021: NZD 0.53

- FY2022: NZD 0.53

- FY2023: NZD -0.23

- FY2024: NZD -0.16

- FY2025: NZD -0.08

- FY2026: NZD -0.03

### accounting: pass

- Sloan accruals: -3.0%

- Receivables to sales index (DSRI): 0.68×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2022: 7.1%

- FY2023: -6.6%

- FY2024: -5.1%

- FY2025: -3.7%

- FY2026: -3.0%

## Holders

## Price story

Up 0% since Apr 2025 · sales +9.7%

Story as of 2026-10-16T09:59:56.196Z; price observation 2026-10-14.

### Sales · FY2025–2026

sales +9.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2021: NZD 126M 

- FY2022: NZD 144M 

- FY2023: NZD 171M 

- FY2024: NZD 169M 

- FY2025: NZD 177M 

- FY2026: NZD 194M 

### Gross margin · FY2026

gross margin 80.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2021: 66.8% 

- FY2022: 63.6% 

- FY2023: 65.2% 

- FY2024: 71.0% 

- FY2025: 74.1% 

- FY2026: 80.5% 

## Owner memo

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

### How it makes money

Operates in property rentals; annual sales are NZD 194.3 million.

- Source: https://eodhd.com/api/fundamentals/VTHPF.US.json#2026-06-30 (filed 2026-10-16T07:33:44.685Z); FY2026: revenue 194275000; grossProfit 156412000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 71% to 80.5% during 2024–26; it earns 2.8% on its capital.

- Source: https://eodhd.com/api/fundamentals/VTHPF.US.json#2024-06-30 (filed 2026-10-16T07:33:44.685Z); FY2024: grossProfit / revenue = 71%.

- Source: https://eodhd.com/api/fundamentals/VTHPF.US.json#2025-06-30 (filed 2026-10-16T07:33:44.685Z); FY2025: grossProfit / revenue = 74.1%.

- Source: https://eodhd.com/api/fundamentals/VTHPF.US.json#2026-06-30 (filed 2026-10-16T07:33:44.685Z); FY2026: grossProfit / revenue = 80.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:44.685Z); 8-year return on capital observations [[2021,0.025812682322218734],[2022,0.021502243386738867],[2023,0.026710183709012698],[2024,0.029486016160717356],[2025,0.03203565220254165],[2026,0.03362748304446565]]; median 0.028098099934865027. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 6 of 6 years; bought back NZD 4.9 million of shares.

- Source: https://www.vitalhealthcareproperty.co.nz/app/uploads/2026/08/FY26-Annual-Report-1.pdf (filed 2026-10-16T07:33:44.685Z); FY2026: growth capex 0; upkeep 75761000; owner earnings 9430000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:44.685Z); Dividend observations: [[2021,25460000],[2022,31371000],[2023,50595000],[2024,57223000],[2025,59860000],[2026,58595000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/VTHPF.US.json#2026-06-30 (filed 2026-10-16T07:33:44.685Z); FY2026: cash repurchases 4944000 NZD.

### Are managers owners

Insiders own 5.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VTHPF.US SharesStats.PercentInsiders = 5.891 percentage points; cache date 2026-10-16.

### What the price says

The price is 6.3 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:44.685Z); Closing price 0.85 USD; reporting-to-trading FX 0.56204; FY2026 annual sales per share 0.24069941905053355; price multiple 6.283138869057817. FY2026 cash earnings/share 0.011683415373293175. Closing-price date 2026-10-14.

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

- 2025-04: $0.85 per share

- 2025-05: $0.85 per share

- 2025-06: $0.85 per share

- 2025-07: $0.85 per share

- 2025-08: $0.85 per share

- 2025-09: $0.85 per share

- 2025-10: $0.85 per share

- 2025-11: $0.85 per share

- 2025-12: $0.85 per share

- 2026-01: $0.85 per share

- 2026-02: $0.85 per share

- 2026-03: $0.85 per share

- 2026-04: $0.85 per share

- 2026-05: $0.85 per share

- 2026-06: $0.85 per share

- 2026-07: $0.85 per share

- 2026-08: $0.85 per share

- 2026-09: $0.85 per share

- 2026-10: $0.85 per share

## Annual estimated value (USD 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

## 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.

## Reported holder observations