Fisher & Paykel Healthcare (ASX:FPH) Lifts Profit 24%, Shrugging Off US Tariffs

Fisher & Paykel Healthcare (ASX:FPH) Lifts Profit 24%

Fisher & Paykel Healthcare (ASX:FPH) shares jumped around 9% on Tuesday after the respiratory care company delivered a full-year result that came in ahead of market expectations. Profit rose 24%, and revenue grew 14% for the year to 31 March 2026. The result was strong, but the real question is simpler: can FPH keep growing this well now that US tariffs work against it?

Both Sides of the Business Are Firing

The hospital side did the heavy lifting. This is the part of FPH that sells breathing-support equipment and the consumables used with it, and its revenue grew 18% over the year.

What makes that impressive is the timing. Management pointed out that fewer patients than usual were admitted to the hospital with respiratory illness this year. Normally, fewer patients means slower sales. FPH grew strongly anyway. That tells us the growth is not just riding a bad flu season; it is coming from doctors using FPH’s products in more situations than before, which builds lasting repeat demand.

FPH’s other engine, Homecare, also kept moving. This division sells sleep apnea masks for home use and lifted revenue 8% to NZ$802.7 million as its newer F&P Solo and Nova masks gained ground in the US.

Why the US Tariff Worry Is Smaller Than It Looks

The big fear hanging over Fisher & Paykel has been US tariffs. The company makes its equipment in New Zealand and Mexico and sells heavily into the United States. The current tariff hit falls specifically on the hospital products it ships from New Zealand.

Here is the encouraging part. Those tariffs did dent FPH’s profit margin this year, yet the margin still improved overall. The company has a long history of finding savings and efficiency gains across its factories to offset cost increases, and this result shows that working.

In our view, tariffs are a real headwind, but not a threat to the growth story. Management’s guidance for next year already includes the tariff cost, and still points to revenue of NZ$2.45 to 2.57 billion and profit of NZ$500 to 550 million, both comfortably above this year.

The Investor’s Takeaway for Fisher & Paykel

Fisher & Paykel is a high-quality business, and this result confirms it. The catch is the price. The shares have always traded at a premium, and after Tuesday’s jump, they sit above at least one broker’s price target. That leaves little room for disappointment.

So the takeaway depends on who you are. If you already own Fisher & Paykel, there is no reason to sell a company performing this well. If you are thinking of buying, the price looks expensive, and waiting for a pullback may prove wiser than chasing the stock today. Either way, keep an eye on three things: a weak respiratory season, swings in the currency, and any fresh increase in tariffs.