Market cap
$3.7m
End-of-day close multiplied by current shares on issue.
AFC · NZX
AFC Group Holdings (AFC)
Consumer / Food and beverageCovered: FY21 - FY269 published briefings
AFC Group Holdings is an NZX-listed consumer / food and beverage company. Its latest covered result is FY26, with FY21 - FY26 of source-backed result history on Annolyse.
Sections
Latest result
Latest metrics
FY26, released 30 June 2026
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| Metric | Value | Change |
|---|---|---|
| Revenue | $0.16m | ↓ -78.2% |
| Operating profit | -$0.64m | n/m |
| NPAT | -$0.5m | ↓ -204.9% |
| Operating cash flow | -$0.57m | ↓ -106.6% |
| OCF / Operating profit % | 89.5% | ↑ +507.7pp |
| Net debt | $0.02m | ↓ -66.8% |
| Net debt / Operating profit | n/m | — |
| ROE % | n/m | — |
| PBT | -$0.8m | ↓ -332.4% |
| FCF pre-lease | -$0.58m | ↓ -108.1% |
Source: latest published briefing (FY26, released 30 June 2026). Change compares against the prior equivalent period: FY25, released 30 May 2025.
Valuation
Valuation
Trailing P/E, EV/EBITDA, price-to-book and price-to-free-cash-flow ratios combine the latest available close with filing data. They are comparative measures, not forecasts or recommendations.
Prices as at close, 4 September 2026
Price and market cap
The latest close and share count context for the market price.
i
Profitability multiples
How the market price compares with recent earnings and cash-flow inputs.
P/E
Not available
Not meaningful when recent earnings are negative.
EPS
-0.00
Recent filing-derived earnings per share.
PEG
Not available
Not available for this company right now.
EV/EBITDA
Not available
Not meaningful when recent EBITDA is negative.
P/FCF
Not available
Not meaningful when free cash flow is negative or unavailable.
P/B
17.75x
Market value compared with latest reported equity.
Income and investment-company measures
Yield and investment-company valuation where supported.
Dividend yield
0.0%
Trailing dividends compared with the latest close.
Total return
Not available
Available once dividend and adjustment data are verified.
Price history
Daily closes use the full available width, with hover and touch values for each observation. Expand the chart to see more detail.
Share price
Five years of daily closes, as at close, 5 June 2026. Weekends, suspensions, and listing gaps stay as natural gaps in the time scale.
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Ask about AFC
Ask follow-up questions about AFC Group Holdings's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Ask about AFC
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Financial history
Performance over time
The latest period is shown first.
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| Metric | FY2612 MONTHS30 June 2026 | FY2512 MONTHS30 May 2025 | HY256 MONTHS29 November 2024 | FY2412 MONTHS29 May 2024 | FY2312 MONTHS30 May 2023 | HY236 MONTHS23 November 2022 | FY2212 MONTHS30 May 2022 | HY226 MONTHS29 November 2021 | FY2112 MONTHS28 May 2021 | Trend |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.16m | $0.74m | $0.4m | $1.3m | $1.1m | $0.67m | $0.42m | $0.11m | $0.65m | Chart |
| Revenue growth % | -78.3%Outside range low revenue growth. -78.3%; 5-period range -47.6% to 159%. Revenue growth: -78.3%, below normal range; 5-period mean 11.0%, range -47.6%-159.0%. | -44.0% | -17.8% | 23.2% | 159.0%Unprecedented high revenue growth. 159%; 5-period range -78.3% to 23.2%. Revenue growth: 159.0%, unprecedented high; 5-period mean -36.5%, range -78.3%-23.2%. | n/m | -35.8% | -61.3% | -47.6% | Chart
|
| Operating profit | -$0.64m | $0.07m | -$0.1m | -$0.13m | -$0.1m | $0.09m | -$0.66m | $0m | -$0.86m | Chart |
| Operating profit margin % | n/m | 8.9% | -24.4% | -9.7% | -9.5% | 13.7% | -157.8% | 0.0% | -132.3% | Chart |
| PBT | -$0.8m | -$0.19m | — | — | -$0.18m | — | — | $0m | -$0.9m | Chart |
| NPAT | -$0.5m | -$0.16m | — | $0m | -$0.15m | $0m | -$0.4m | $0m | — | Chart |
| Operating cash flow | -$0.57m | -$0.28m | -$0.21m | -$0.1m | $0.06m | $0.07m | -$0.13m | -$0.07m | -$0.48m | Chart |
| OCF / Operating profit % | 89.5% | -418.2% | 212.5% | 76.0% | -60.8% | 74.9% | 19.2% | — | 56.3% | Chart |
| FCF pre-lease | -$0.58m | -$0.28m | -$3.2m | -$0.1m | $0.06m | $0.07m | -$0.13m | -$0.07m | -$0.48m | Chart |
| FCF post-lease | — | -$0.28m | — | — | — | $0.07m | — | — | — | Chart |
| DPS | — | 0.0c | — | — | — | — | — | — | — | — |
| Payout ratio vs NPAT % | — | n/m | — | — | — | — | — | — | — | — |
| ROE % | n/m | -67.2% | — | -1.7%Outside range high roe. -1.7%; 4-period range -241.2% to -36.2%. ROE: -1.7%, above normal range; 4-period mean -95.9%, range -241.2%--36.2%. | -38.8% | -2.4% | -36.2% | — | — | Chart
|
| Net debt | $0.02m | $0.06m | $0.06m | $0.04m | $0.08m | $0.08m | $38.9m | — | $0.05m | Chart |
| Net debt / Operating profit | n/m | 0.94x | n/m | n/m | n/m | 0.88x | n/m | — | n/m | Chart |
| Debtor days | 30 | — | 30 | 30 | — | 30 | 8 | 16 | — | Chart |
| Inventory days | 613 | 150 | 876 | 125 | 107 | 206 | 335 | n/m | 380 | Chart |
| Total assets | $2m | $2.1m | $2.2m | $2m | $1.9m | $2m | $1.9m | — | $3.1m | Chart |
Reference: annolyse.ai/companies/afc
Note: Figures are shown as reported. Half-year and full-year absolute values are not directly comparable. Growth rates and ratios are the meaningful comparison across mixed periods.
Filing-only history charts
These charts use verified published filing periods only. Gaps are not interpolated, and mixed half-year/full-year histories are split into separate series.
Revenue
Reported revenue across covered periods.
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Revenue growth
Like-period revenue growth where comparable.
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- FY23 AFC FY: Unprecedented high revenue growth. 159%; 5-period range -78.3% to 23.2%. Revenue growth: 159.0%, unprecedented high; 5-period mean -36.5%, range -78.3%-23.2%.
- FY26 AFC FY: Outside range low revenue growth. -78.3%; 5-period range -47.6% to 159%. Revenue growth: -78.3%, below normal range; 5-period mean 11.0%, range -47.6%-159.0%.
EBITDA-equivalent
Company-specific earnings measure where disclosed.
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EBITDA margin
EBITDA-equivalent margin where revenue and earnings are source-backed.
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NPAT
Statutory profit after tax.
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Operating cash flow
Cash generated from operations.
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More financial metrics
Additional filing-backed metrics for this company. Each point links to the relevant published briefing.
FCF pre-lease
Operating cash flow less capex before leases.
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FCF post-lease
Free cash flow after lease payments where available.
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ROE
Return on equity.
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- FY24 AFC FY: Outside range high roe. -1.7%; 4-period range -241.2% to -36.2%. ROE: -1.7%, above normal range; 4-period mean -95.9%, range -241.2%--36.2%.
Net debt
Borrowings less cash; negative values indicate net cash.
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DPS
Dividend per share declared for the period.
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Debtor days
Receivables days where the working-capital inputs are source-backed.
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Inventory days
Inventory days where the working-capital inputs are source-backed.
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The setup & the reality
FY25 → FY26 Follow-through
The latest result is checked against what the prior briefing said to watch.
Historical setup
What FY25 said to watch
Previous analysisFY25Result releasedAnnolyse analysis published
From Revenue halved to NZ$741k as AFC swung to a NZ$185k pre-tax loss
No targets were stated by management, and no forward guidance was provided with this result. The release confirmed consistency with the company's dividend policy of no distribution while loss-making. The second-half improvement in the loss rate is a modest positive, but with revenue still falling in the second half and cash at near-zero, the result does not support a near-term recovery read without additional context on FY26 revenue drivers.
AFC's historical revenue pattern has been highly volatile (ranging from -47.6% to +159.0% growth over the prior three periods), so a sharp reversal is possible in principle — but this filing provides no basis for assessing its probability.
Open questions
Open questions from FY25
- What specific revenue recovery actions are planned for FY26, and is the overseas wine segment decline structural or cyclical?
- How does the company intend to fund ongoing operating cash outflows of approximately NZ$276k per year given cash on hand of NZ$4k?
- Whether the current borrowings facility of NZ$66k includes any covenant or repayment conditions that could accelerate given the equity erosion?
- Is the 0.0% effective tax rate a function of accumulated losses being unrecognised, and what is the scale of unrecognised deferred tax assets?
- Will audited financials (these are unaudited) reveal any adjustments material to the balance-sheet solvency position?
This briefing cannot assess whether AFC has access to additional capital, related-party funding, or asset realisations that would extend its operating runway beyond what the filed financials show.
Latest result sources
Primary issuer documents used for the FY26 briefing. Document labels are preserved from the publication record; Annolyse does not relabel every financial report as an annual report.
Current period
AFC Annual Report FY2026
FY26 / financial reportPrior comparable period
2025 AFC Annual Report
FY25 / financial reportInterim context
AFC Sep 2025 - Interim Report and Financial Statements
HY26 / financial reportResult Announcement
HY26 / results releaseRelease context
AFC AGM results
HY26 / commentaryPeer context
Other covered Consumer companies
These companies share a broad sector but may not be direct peers. Compare them only where the underlying measures are genuinely comparable.
Archive
Briefing archive
The full chronological archive contains every published result briefing.
FY26 · Released 30 June 2026
AFC revenue fell 78.3%, pushing NPAT margin to an unprecedented -310%
Cash burn deepened and equity fell to NZ$0.2m as revenue shrank 78.3%, raising going-concern concerns noted in the filing.
Read briefing
FY25 · Released 30 May 2025
Revenue halved to NZ$741k as AFC swung to a NZ$185k pre-tax loss
A 44% revenue collapse drove AFC from a small prior-year profit to a NZ$185k pre-tax loss, with operating cash outflows nearly tripling and equity
Read briefing
HY25 · Released 29 November 2024
Cash fell to NZ$3k as operating burn hit NZ$208k on inventory build
Revenue fell 17.8% and gross margin compressed 656bps, but the operating cash swing and 876-day inventory dominate the read.
Read briefing
FY24 · Released 29 May 2024
PBT swung to NZ$54k profit as working-capital build offset earnings quality
AFC Group's 130.3% PBT turnaround masks a NZ$0.2m working-capital absorption that is outside its historical range, leaving operating cash flow
Read briefing
FY23 · Released 30 May 2023
AFC revenue tripled to NZ$1.1m but H2 reversed and cash hit NZ$5,000
Headline 159% revenue growth masks a sharply weaker second half, equity down 32.4%, and an almost-exhausted cash balance against rising borrowings.
Read briefing
HY23 · Released 23 November 2022
AFC swings to profit but cash falls to NZ$1.6k as inventory hits NZ$0.4m
Operating cash turned positive to NZ$0.1m, but a NZ$0.4m inventory build leaves AFC holding just NZ$1.6k of cash with borrowings up to NZ$0.1m.
Read briefing
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