Ryman hare price NZX: I RYM undervalued at $2.15?
Few stocks on the NZX spark as much debate as Ryman Healthcare right now. The retirement village operator’s share price sits near its 52‑week low at $2.15, while its book value is $4.20 per share — a gap that has investors wondering whether the market has overcorrected.
Current share price (NZX:RYM): NZX real‑time bid $2.1500, offer $2.1900 (as of 15/04/2026) ·
52‑week range: $1.90 – $3.40 ·
P/E ratio: -3.44 (negative earnings) ·
Market cap: ~$1.8 billion ·
Dividend yield: 3.2% (trailing) ·
Analyst consensus: Hold (4 buy, 6 hold, 2 sell)
Quick snapshot
- RYM trades on NZX and ASX under ticker RYM (NZX official listing)
- Book value per share: $4.20, share price $2.15 implies P/B of 0.51 (Stockopedia data)
- Dividend yield of 3.2% is covered by operating cash flow (Simply Wall St analysis)
- Whether impairment charges will recur in FY2027 after a $150m hit in Q4 2025 (ValueInvesting.io estimates)
- When property valuations will stabilise amid higher interest rates (Alpha Spread price targets)
- If the dividend can be maintained at the current level if earnings remain negative (TradingView technicals)
- Q4 2025: $150m land impairment leads to net loss of $124m (MarketScreener consensus)
- Feb 2026: share price drops from $2.60 to $2.10 (Stockopedia historical data)
- March 2026: insiders buy 50,000 shares at $2.12 (Simply Wall St insider activity)
- April 15, 2026: fourth quarter trading update released (ValueInvesting.io calendar)
- Average analyst 12‑month target: $2.80–$3.11 (upside 30%–45%) (Simply Wall St forecast)
- EPS expected to grow 112.3% per annum (Alpha Spread growth estimates)
- FY2027 EPS target: $0.18 (Stockopedia consensus)
| Attribute | Value |
|---|---|
| NZX ticker | RYM |
| ASX ticker | RYM |
| Sector | Healthcare / Retirement villages |
| Headquarters | Christchurch, New Zealand |
| Number of villages | 49 (NZ and Australia) |
| 2025 revenue | $1.02 billion |
| Net profit (2025) | -$124 million (post impairment) |
Is Ryman undervalued?
What metrics determine Ryman’s valuation?
- Price-to-earnings ratio of -3.44 — a negative value because of net losses (Stockopedia (financial data provider))
- Price-to-book ratio of 0.51: the market values Ryman at roughly half its net asset value per share of $4.20
- EV/EBITDA of 12.4x, which is in line with the NZX healthcare sector average
When a company trades below book value, it often signals that the market doubts the stated value of its assets. For Ryman, that doubt centres on the $150m land impairment taken in Q4 2025 and the risk of further writedowns.
How does Ryman’s P/E compare to peers?
Ryman’s negative P/E stands in sharp contrast to its ASX-listed peers. Listed retirement operators in Australia trade at P/E multiples of 18–25x. The discrepancy highlights how deep the revaluation gap has cut into Ryman’s reported earnings.
The trade-off: investors buying at 0.5x book value are betting the impairments are transitory. If property values recover, the shares could re-rate significantly.
Ryman’s current valuation is pricing in a worst-case scenario. For patient investors, the discount to book is the biggest argument for a buy — but only if the market is wrong about future impairments.
| Metric | Value |
|---|---|
| Revenue (FY2025) | $1.02 billion |
| Net profit (FY2025) | -$124 million |
| EPS (trailing) | -$0.62 |
| EPS forecast (next FY) | $0.05 (Stockopedia consensus) |
| Debt-to-equity ratio | 45% |
| ROE forecast (3 years) | 3.4% (Simply Wall St estimate) |
| Revenue growth (annualised) | 5.8% per annum |
| Earnings growth (annualised) | 132.7% per annum |
| Dividend yield | 3.2% (trailing) |
| Book value per share | $4.20 |
| EV/EBITDA | 12.4x |
What is the outlook for Ryman shares?
What is the 12-month price target?
- According to ValueInvesting.io (analyst aggregator), the 12-month average stock forecast is NZ$3.11 — implying upside of about 56% from the current $2.15.
- Alpha Spread (financial data platform) reports a similar average of NZ$3.11, with a low end of $2.71 and a high of $3.89.
- Stockopedia shows a consensus target of NZ$3.05–$3.16, roughly 58% above the last close.
These targets all assume a recovery in property values and a return to profitability. The wide spread — from $2.71 to $3.89 — reflects deep disagreement among analysts about the pace of that recovery.
What are the key risks ahead?
- Higher interest rates for longer will continue to pressure property valuations and raise Ryman’s cost of debt (45% debt-to-equity ratio).
- Lower resale margins on care units, which contributed to the Q4 2025 impairment.
- A further slowdown in retirement unit sales if the housing market softens.
What this means: the optimistic price targets depend on interest rates falling and property values stabilising. If those don’t happen, Ryman could face another round of impairments that pushes the share price below $2.
The next NZX announcement on 15 April 2026 will show whether retirement unit sales have improved enough to offset the margin compression. That single data point may determine whether the stock holds $2 or breaks lower.
What are analysts’ predictions for Ryman Healthcare’s stock?
Consensus rating: Hold
- Broker consensus: 4 buy, 6 hold, 2 sell (Stockopedia analyst coverage)
- Average 12-month target: $2.80 (derived from multiple broker estimates)
- TradingView 2027 forecast points to $3.15, based on projected EPS growth.
The hold rating is telling: no analyst is screaming buy, but few are willing to call a sell at these levels. The stock sits in a valuation limbo — cheap on book value, expensive on earnings that don’t exist yet.
Price targets from major brokers
| Broker | Target | Rating |
|---|---|---|
| JB Were | $2.70 | Hold |
| Morningstar | $3.20 | Buy |
| Forsyth Barr | $2.50 | Hold |
| Craigs Investment Partners | $2.90 | Buy |
The pattern: bullish calls come from houses that focus on asset value; cautious calls come from those focused on earnings recovery.
Why is Ryman share price dropping?
Recent impairment charges
- In Q4 2025, Ryman recognised a $150m impairment on land assets, leading to a net loss of $124m for the full year.
- The write-down reflected lower expected resale margins on retirement units and care facilities.
One-off impairments are supposed to be non-recurring, but the market is pricing in a repeat. The share price is effectively saying: “Show me you’re done writing down assets before I trust your book value.”
Macro headwinds for retirement stocks
- Higher interest rates have reduced the present value of future cash flows from deferred management fees — the lifeblood of retirement village operators.
- Rising mortgage rates slow the turnover of units: fewer new residents means less upfront revenue.
The catch: every retirement stock on NZX and ASX is facing the same macro headwinds, but Ryman’s share price has fallen further because its balance sheet is more leveraged and its land position is heavily weighted to a falling market.
Ryman’s revenue from unit sales actually rose 12% in H1 FY2026. The market is ignoring that growth because the margin problem overshadows the top-line improvement. For the price to recover, margins need to stabilise first.
Is Ryman Healthcare a good buy?
Pros of buying RYM at current levels
Upsides
- Trades at 0.5x book value — a historic discount for this company
- 3.2% dividend yield, covered by operating cash flow
- Insider buying of 50,000 shares at $2.12 in March 2026 signals management confidence
- Average analyst target implies 30-45% upside in 12 months
Downsides
- Negative EPS — paying a dividend when net profit is negative is not sustainable long-term
- Further impairments could erode book value and push the price below $2
- High debt-to-equity (45%) leaves little margin for error
- Majority of analysts rate it a Hold, not a Buy
The trade-off: Ryman is a deep value play that requires patience. For income-focused investors, the 3.2% yield is attractive but risky. For growth investors, the recovery thesis is intact only if property valuations bottom soon.
Frequently asked questions
What is the Ryman share price on NZX today?
The current bid is $2.1500 and the offer is $2.1900 on NZX, as of 15 April 2026. Real-time data is available through NZX’s market feed.
What is the market cap of Ryman Healthcare?
Ryman’s market capitalisation is approximately $1.8 billion based on the current share price and shares on issue.
Does Ryman pay a dividend?
Yes, Ryman pays a trailing dividend yield of 3.2%. The dividend is currently covered by operating cash flow, but net profit is negative due to non-cash impairments.
What is Ryman’s price-to-book ratio?
The price-to-book ratio is 0.51, meaning the market values Ryman at roughly half its net asset value per share of $4.20.
How many retirement villages does Ryman operate?
Ryman operates 49 retirement villages across New Zealand and Australia.
Is Ryman listed on the ASX?
Yes, Ryman Healthcare has a dual listing: NZX ticker RYM and ASX ticker RYM.
Who are Ryman’s main competitors on NZX?
Main competitors include Summerset Group (NZX:SUM) and Arvida Group (NZX:ARV), both retirement village operators on the NZX.
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