Introduction

Ryman Healthcare Limited is a New Zealand retirement living and aged-care company founded by Kevin Hickman and John Ryder in Christchurch in 1984. As of September 2026, Naomi James is CEO, Dean Hamilton is chair, and the company operates 47 villages across New Zealand and Victoria, Australia, serving more than 15,500 residents.

That is the quick answer.

But the story behind Ryman is much bigger.

The company spent years growing fast. Then debt, construction costs and a weaker property market forced a major reset.

Now the strategy looks different.

Less building.

More cash discipline.

More focus on villages already owned.

Ryman Healthcare Quick Facts

Fact	Verified detail
Company name	Ryman Healthcare Limited
Founded	1984
Founders	Kevin Hickman and John Ryder
Founded in	Christchurch, New Zealand
Industry	Retirement living and aged care
CEO	Naomi James
Chair	Dean Hamilton
CFO	Matt Prior
Main markets	New Zealand and Victoria, Australia
Villages	47
New Zealand villages	38
Australian villages	9
Residents	More than 15,500
Employees	About 7,800
Aged-care beds	About 4,700
NZX ticker	RYM
ASX ticker	RYM
NZX listing date	29 June 1999
ASX trading began	1 October 2025
FY26 operating revenue	NZ$849 million
FY26 operating EBITDAF	NZ$88 million
FY26 free cash flow	NZ$188 million
FY26 gearing	27.8%

Figures are based on Ryman Healthcare’s FY26 reporting and later 2026 company disclosures.

What Is Ryman Healthcare?

Ryman Healthcare is a listed retirement living and aged-care company that owns and runs villages in New Zealand and Victoria, Australia.

Its villages can combine independent living, assisted living and higher levels of aged care at the same site.

That model is one of the company’s main features.

A resident may move into an independent apartment or townhouse. Later, if more support is needed, care may be available inside the same village.

That can reduce the need for a major move.

It keeps things familiar.

Same community. Same location.

Who Founded Ryman Healthcare?

Kevin Hickman and John Ryder founded Ryman Healthcare in Christchurch in 1984.

The business began on a small scale.

Hickman had worked as a police detective and private investigator. During that period, he saw conditions at an older-person care facility that left a strong impression on him.

The idea that followed was simple.

Care should be good enough for someone’s own parents.

Hickman then joined forces with accountant John Ryder.

Each founder reportedly put NZ$10,000 into the business.

Their first operation grew from 14 two-bedroom flats on River Road in Christchurch, which were converted into a rest home.

That became the starting point.

Why Is It Called Ryman Healthcare?

The Ryman name comes from the surnames of founders John Ryder and Kevin Hickman.

The name combines:

RY from Ryder

and

MAN from Hickman.

So the result was:

RYMAN

Simple, actually.

And the name stuck.

What Was Ryman Healthcare’s Original Idea?

Ryman became closely linked with the phrase:

“Good enough for Mum and Dad.”

That idea shaped the company’s early direction.

The aim was to create retirement living and care that the founders themselves would consider suitable for their parents.

Ryman later built larger villages that combined housing and care in one place.

By the mid-1990s, that format had become a major part of the business.

When Did Ryman Healthcare Start Growing?

Ryman’s growth accelerated during the 1990s.

One major step came in 1996 with Rowena Jackson Retirement Village.

The village brought several levels of retirement living and care together at one location.

Then came the stock market.

Ryman listed on the NZX on 29 June 1999.

At the time, the company raised around NZ$25 million and had an initial market value of roughly NZ$135 million.

The listing gave Ryman more money to expand.

And it did.

The company moved into the North Island, added villages and later became part of major New Zealand share-market indices.

When Did Ryman Healthcare Enter Australia?

Ryman bought its first Australian development site in Victoria in 2011 and later entered the Australian operating market.

By 2026, the company had nine villages in Victoria.

Australia is now a meaningful part of the group.

Ryman has said that future greenfield development could again come from Australia once its balance sheet and cash position support more expansion.

For now, growth is more controlled.

That is the point.

How Many Ryman Healthcare Villages Are There?

As of Ryman’s FY26 reporting, the company operates 47 villages: 38 in New Zealand and nine in Australia.

Some older web pages show 48 or 49 villages.

Those figures are outdated.

Later company reporting uses 47 after portfolio changes that included the closure of Margaret Stoddart and Woodcote.

For a current 2026 article, 47 villages is the cleaner number.

How Many People Live in Ryman Healthcare Villages?

Ryman reported 15,547 residents at 31 March 2026.

That is more than the population of some small towns.

The company also reported:

• 9,959 retirement-living units;
• 4,686 aged-care beds;
• 7,778 employees.

The scale is large.

Especially in New Zealand.

What Services Does Ryman Healthcare Provide?

Ryman villages may offer:

• independent apartments;
• townhouses;
• serviced apartments;
• assisted living;
• rest-home care;
• hospital-level care;
• dementia care at selected villages;
• respite care;
• other aged-care services.

Not every village has every service.

But the general model is clear.

Ryman wants residents to have access to different levels of support as their needs change.

How Do Ryman Healthcare Retirement Villages Work?

Many residents occupy their homes through an Occupation Right Agreement, often called an ORA.

That is not the same as buying a normal freehold property.

The resident receives the right to live in the unit under the terms of the agreement.

Ryman keeps ownership of the underlying property.

One part of the system is the Deferred Management Fee, known as the DMF.

Ryman has moved toward a standard DMF of around 30% on new retirement-living sales, compared with lower average rates on many older contracts.

Older residents keep their existing contractual terms.

So the change takes time to flow through the business.

Who Is the CEO of Ryman Healthcare?

As of September 2026, Naomi James is the CEO of Ryman Healthcare.

She started on 4 November 2024.

Before joining Ryman, James was CEO of NZX-listed Channel Infrastructure.

Her earlier career also included senior roles with Santos and Arrium in Australia.

She arrived during a difficult period.

Debt was high.

Construction spending had been heavy.

Shareholder returns had weakened.

So her job was clear.

Fix the balance sheet.

Cut costs.

Improve cash flow.

Slow development.

Who Is the Chair of Ryman Healthcare?

Dean Hamilton is the current chair of Ryman Healthcare.

He joined the board in 2023 and later became chair.

Matt Prior serves as chief financial officer.

He joined Ryman in July 2025 and brought experience from finance, healthcare and investment-related roles.

Ryman’s senior team also covers property, operations, people, customers, strategy and business change.

What Happened to Ryman Healthcare’s Growth Strategy?

Ryman used to build at a much faster rate.

At one stage, around 16 villages were under construction.

That tied up a lot of money.

Then conditions became harder.

Building costs rose.

Finance costs increased.

The housing market weakened.

Cash stayed locked inside large developments for longer.

So Ryman changed direction.

By the end of FY26, only two sites were under active construction.

That is a huge shift.

Now management wants stronger returns before putting large amounts of capital into new developments.

Why Did Ryman Healthcare Raise NZ$1 Billion?

Ryman raised about NZ$1 billion in new equity in 2025 to reduce debt and strengthen its balance sheet.

The offer price was NZ$3.05 per share.

Around 328 million new shares were issued.

The capital raise gave Ryman cash to pay down borrowings after years of heavy development spending.

It also diluted existing shareholders.

That part matters.

More shares meant each existing investor owned a smaller percentage of the company unless they took part in the offer.

Still, the raise helped lower financial pressure.

Is Ryman Healthcare Profitable?

Ryman reported a statutory net loss of about NZ$171 million for FY26, yet it also produced NZ$188 million in positive free cash flow.

Those numbers can look confusing.

They measure different things.

The statutory result includes items such as finance costs and property valuation movements.

Free cash flow looks more closely at cash moving through the business after operating and investment needs.

For FY26, Ryman reported:

• NZ$849 million operating revenue;
• NZ$88 million operating EBITDAF;
• NZ$188 million positive free cash flow;
• 27.8% gearing.

So the company was still loss-making on a statutory basis, while cash generation improved sharply.

Why Was FY26 Important for Ryman Healthcare?

FY26 was important because Ryman reported its first positive annual free cash flow result in roughly a decade.

That number was NZ$188 million.

Operating revenue rose 10%.

Operating EBITDAF also increased sharply.

The result gave management evidence that its reset was starting to work.

Still, one year does not settle the story.

The company needs to keep improving.

How Much Debt Does Ryman Healthcare Have?

Ryman’s debt position has improved compared with its earlier expansion period.

At FY26, gearing was 27.8%.

The company also refinanced major banking facilities.

Ryman said it had no scheduled bank-facility maturities until FY31 after that refinancing.

In June 2026, Ryman issued NZ$150 million of six-year secured bonds.

The bonds carry a 5.72% coupon and mature in June 2032.

That gave the company another source of longer-term funding.

What Is Ryman Healthcare’s Current Business Plan?

Ryman’s current plan is far more disciplined than before.

The company is trying to:

• get more recurring cash from existing villages;
• sell selected surplus land;
• control debt;
• keep development spending tighter;
• improve earnings from aged care;
• apply new pricing to future retirement-living sales;
• restart larger growth only when returns make sense.

Ryman has targeted a NZ$150 million improvement in sustainable operating cash flow by FY29, compared with FY25.

It also aims to release around NZ$500 million of balance-sheet cash.

Part of that is expected to come from land sales.

Will Ryman Healthcare Pay Dividends Again?

Ryman was not paying an ordinary dividend as of September 2026.

Management has said it aims to return to dividends from FY28.

That is a target.

Not a promise.

Any dividend will still depend on cash flow, debt, trading conditions and board approval.

What Is the Ryman Healthcare Share Price?

Ryman shares closed at NZ$2.08 on the NZX on 4 September 2026.

At that price, the company had a market value of roughly NZ$2.11 billion.

The share price changes every trading day.

So it should always be shown with a date.

Ryman’s shares trade under ticker RYM.

The same ticker is used on the NZX and ASX.

When Did Ryman Healthcare List on the ASX?

Ryman shares started trading on the ASX on 1 October 2025.

The company remains primarily listed on the NZX.

The ASX listing gives Australian and international investors another way to buy Ryman shares.

It also fits with the company’s long-term presence in Victoria.

What Changed in Ryman Healthcare’s Accounting?

Ryman carried out a major review of its financial reporting.

The review covered areas such as:

• revenue recognition;
• Occupation Right Agreement accounting;
• Deferred Management Fee assumptions;
• property valuations;
• development-cost treatment.

Some historical figures were restated.

That means older announcements can show figures that differ from newer annual reports.

For comparisons, the latest restated figures are the safer choice.

What Charity Work Does Ryman Healthcare Do?

Ryman has run an annual charity partnership programme since 1999.

Residents and staff have raised more than NZ$6.5 million for charitable organisations.

Ryman often matches resident and staff fundraising up to an agreed amount.

One recent campaign raised more than NZ$520,000 for Hato Hone St John in 2025.

Bowel Cancer New Zealand was later selected as another charity partner.

What Is the Ryman Prize?

The Ryman Prize was created in 2015 to recognise work that improves life for older people.

The international award carried a value of NZ$250,000.

Past recipients included researchers and leaders working in ageing, health and dementia.

The prize is currently on hold.

That should be made clear because older pages can make it appear active every year.

What Are Ryman Healthcare’s Main Challenges?

Ryman’s biggest recent problems have been financial and operational.

The company expanded too fast.

Debt climbed.

Construction costs rose.

The property market weakened.

New developments absorbed large amounts of cash.

Then shareholders faced dilution through the 2025 capital raise.

The company also had to restate parts of its financial reporting.

So yes, the reset has been tough.

FY26 showed progress.

But Ryman still has work to do.

What Makes Ryman Healthcare Different?

Ryman’s main point of difference is its combination of retirement living and aged care.

That means residents may be able to stay within the same village while their support needs change.

For residents, that can make life simpler.

For Ryman, it creates a business with several moving parts.

Property matters.

Care matters.

Staffing matters.

House prices matter.

Interest rates matter too.

That mix can work well.

But it also makes the company harder to run than a simple property owner.

Ryman Healthcare Timeline

1984

Ryman Healthcare was founded in Christchurch by Kevin Hickman and John Ryder.

1996

Rowena Jackson Retirement Village became an important step in Ryman’s integrated retirement-and-care model.

1999

Ryman listed on the NZX.

2011

The company bought its first Australian development site in Victoria.

2014

Ryman entered the Australian operating market.

2018

Co-founder Kevin Hickman retired from the board.

November 2024

Naomi James became CEO.

2025

Ryman completed an equity raise of about NZ$1 billion.

October 2025

Ryman shares started trading on the ASX.

FY26

Ryman reported NZ$188 million in positive free cash flow, its first positive annual free cash flow result in roughly a decade.

Verified Interesting Facts About Ryman Healthcare

• The Ryman name combines Ryder and Hickman.
• The company started with just 14 flats in Christchurch.
• Ryman has been listed on the NZX since 1999.
• More than 15,500 people live in its villages.
• Ryman operates in both New Zealand and Australia.
• Its FY26 free cash flow was positive for the first time in about a decade.
• The company moved from around 16 active village developments at its peak to only two active construction sites by FY26.
• Ryman’s current CEO came from infrastructure rather than a traditional retirement-village operator.

Final Thought

Ryman Healthcare’s story has two clear parts.

The first was growth.

Lots of it.

The second is the reset happening now.

Ryman built a huge retirement and aged-care business from a 14-flat Christchurch property. But fast development left the company carrying more debt and capital pressure than management wanted.

So the strategy changed.

Cash matters more now.

Debt matters more.

New projects face a higher bar.

FY26 gave Ryman some positive signs, especially the NZ$188 million free cash flow result and lower gearing.

The next question is simple.

Can Ryman keep improving cash flow, rebuild investor confidence and grow again without returning to the heavy-spending model that caused so much pressure?

That is the real 2026 story.

Frequently Asked Questions

What is Ryman Healthcare?

Ryman Healthcare is a New Zealand retirement living and aged-care company that operates villages in New Zealand and Victoria, Australia.

Who founded Ryman Healthcare?

Kevin Hickman and John Ryder founded Ryman Healthcare in Christchurch in 1984.

Who is the CEO of Ryman Healthcare?

As of September 2026, Naomi James is the CEO of Ryman Healthcare. She started in November 2024.

Who is the chair of Ryman Healthcare?

Dean Hamilton is the current chair of Ryman Healthcare.

How many Ryman Healthcare villages are there?

Ryman reported 47 villages in its FY26 information: 38 in New Zealand and nine in Australia.

How many residents does Ryman Healthcare have?

Ryman reported 15,547 residents at 31 March 2026.

How many employees does Ryman Healthcare have?

Ryman reported 7,778 employees at the end of FY26.

Is Ryman Healthcare in Australia?

Yes. Ryman operates nine villages in Victoria.

Is Ryman Healthcare listed on the stock market?

Yes. Ryman is listed on the NZX and ASX under the ticker RYM.

When did Ryman Healthcare list on the NZX?

Ryman listed on the NZX on 29 June 1999.

When did Ryman Healthcare list on the ASX?

Ryman shares started trading on the ASX on 1 October 2025.

Is Ryman Healthcare profitable?

Ryman reported a statutory net loss of about NZ$171 million for FY26, while also reporting NZ$188 million in positive free cash flow.

Does Ryman Healthcare pay a dividend?

As of September 2026, Ryman was not paying an ordinary dividend. Management has said it aims to return to dividends from FY28, subject to business and financial conditions.

Why did Ryman Healthcare raise NZ$1 billion?

Ryman raised about NZ$1 billion in 2025 mainly to reduce debt and strengthen its balance sheet after years of heavy development spending.

What is Ryman Healthcare’s business model?

Ryman combines retirement living and aged care. Its villages can offer independent living, assisted living and higher levels of care in the same location.

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