Market cap
Not available
Not available for this company right now.
AFI · NZX
Australian Foundation Investment Company is an NZX-listed investment companies / listed investment company company with FY21 - HY26 of published result briefings.
Snapshot
HY26, released 21 January 2026
| Metric | Value | Change |
|---|---|---|
| Revenue | $168.7m | ↓ -2.8% |
| Operating profit | $171.8m | ↓ -2.1% |
| NPAT | $146.9m | ↓ -4.7% |
| Operating cash flow | $176.6m | ↑ +0.1% |
| OCF / Operating profit % | 102.8% | ↑ +2.3pp |
| Net debt | -$131.6m | ↑ +53.7% |
| Net debt / Operating profit | -0.77x | ↑ +52.5% |
| ROE % | 1.8% | ↑ +0.0pp |
| DPS | 12.0c | — Flat |
| Payout ratio vs NPAT % | 102.6%Outside range high payout ratio versus npat. 102.6%; 4-period range 83% to 97.6%. Payout ratio versus NPAT: 102.6%, above normal range; 4-period mean 90.0%, range 83.0%-97.6%. | ↑ +4.9pp |
Source: latest published briefing (HY26, released 21 January 2026). Change compares against the prior equivalent period: HY25, released 22 January 2025.
Valuation
A compact read on what the market price implies next to the latest filing data. The numbers are a starting point for comparison, not a recommendation.
The latest close and share count context for the market price.
Market cap
Not available
Not available for this company right now.
Yield and fund-style valuation where the company shape supports it.
Dividend yield
Not available
Not available for this company right now.
Premium / discount
Not available
Not available for this company right now.
Total return
Not available
Available once dividend and adjustment data are verified.
How the market price compares with recent earnings and cash-flow inputs.
P/E
Not available
Not available for this company right now.
EPS
Not available
Not available for this company right now.
PEG
Not available
Not available for this company right now.
EV/EBITDA
Not available
Not available for this company right now.
P/FCF
Not available
Not available for this company right now.
Chat
Ask follow-up questions about Australian Foundation Investment Company's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Longitudinal view
The latest period is shown first.
| Metric | HY266 MONTHS21 January 2026 | HY256 MONTHS22 January 2025 | FY2412 MONTHS29 July 2024 | HY246 MONTHS24 January 2024 | FY2312 MONTHS26 July 2023 | HY236 MONTHS23 January 2023 | FY2212 MONTHS25 July 2022 | HY226 MONTHS24 January 2022 | FY2112 MONTHS26 July 2021 | Trend |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $168.7m | $173.5m | $326.1m | $168.4m | $330.1m | $178.1m | $360.6m | $161.8m | $262.8m | Chart |
| Revenue growth % | -2.8% | 3.0% | -1.2% | -5.4%Outside range low revenue growth. -5.4%; 4-period range -2.8% to 68.1%. Revenue growth: -5.4%, below normal range; 4-period mean 19.6%, range -2.8%-68.1%. | -8.5%Outside range low revenue growth. -8.5%; 3-period range -1.2% to 53.4%. Revenue growth: -8.5%, below normal range; 3-period mean 18.0%, range -1.2%-53.4%. | 10.1% | 53.4% | 68.1%Unprecedented high revenue growth. 68.1%; 4-period range -5.4% to 10.1%. Revenue growth: 68.1%, unprecedented high; 4-period mean 1.2%, range -5.4%-10.1%. | 1.9% | Chart
|
| Operating profit | $171.8m | $175.4m | — | $169.8m | — | $181m | — | $160.7m | — | Chart |
| Operating profit margin % | 101.8% | 101.1% | — | 100.8% | — | 101.6% | — | 99.4% | — | Chart |
| PBT | $162.4m | $163.9m | $318.9m | $160.4m | $330.8m | $172.1m | $374m | $151.2m | $248m | Chart |
| PBT growth % | -0.9% | 2.2% | -3.6% | -6.8%Outside range low pbt growth. -6.8%; 4-period range -0.9% to 71.6%. PBT growth: -6.8%, below normal range; 4-period mean 21.7%, range -0.9%-71.6%. | -11.6%Outside range low pbt growth. -11.6%; 3-period range -4% to 50.8%. PBT growth: -11.6%, below normal range; 3-period mean 14.4%, range -4.0%-50.8%. | 13.8% | 50.8% | 71.6%Unprecedented high pbt growth. 71.6%; 4-period range -6.8% to 13.8%. PBT growth: 71.6%, unprecedented high; 4-period mean 2.1%, range -6.8%-13.8%. | -4.0% | Chart
|
| NPAT | $146.9m | $154.2m | $296.4m | $150m | $309.8m | $163.5m | $360.6m | $146m | $235.1m | Chart |
| NPAT growth % | -4.7% | 2.8% | -4.3% | -8.3%Outside range low npat growth. -8.3%; 4-period range -4.7% to 74.4%. NPAT growth: -8.3%, below normal range; 4-period mean 21.1%, range -4.7%-74.4%. | -14.1%Outside range low npat growth. -14.1%; 3-period range -4.3% to 53.4%. NPAT growth: -14.1%, below normal range; 3-period mean 15.6%, range -4.3%-53.4%. | 12.0% | 53.4%Outside range high npat growth. 53.4%; 3-period range -14.1% to -2.2%. NPAT growth: 53.4%, above normal range; 3-period mean -6.9%, range -14.1%--2.2%. | 74.4%Unprecedented high npat growth. 74.4%; 4-period range -8.3% to 12%. NPAT growth: 74.4%, unprecedented high; 4-period mean 0.5%, range -8.3%-12.0%. | -2.2% | Chart
|
| Operating cash flow | $176.6m | $176.3m | $289.3m | $174.9m | $317.7m | $196.8m | $277.8m | $167.5m | $178.8m | Chart |
| OCF / Operating profit % | 102.8% | 100.5% | — | 103.0% | — | 108.7% | — | 104.2% | — | Chart |
| FCF pre-lease | $176.5m | — | — | — | — | — | — | — | — | — |
| DPS | 12.0c | 12.0c | 14.5c | 11.5c | 14.0c | 11.0c | 24.0c | 10.0c | 14.0c | Chart |
| Payout ratio vs NPAT % | 102.6%Outside range high payout ratio versus npat. 102.6%; 4-period range 83% to 97.6%. Payout ratio versus NPAT: 102.6%, above normal range; 4-period mean 90.0%, range 83.0%-97.6%. | 97.6% | 102.9% | 95.4% | — | 83.0%Outside range low payout ratio versus npat. 83%; 4-period range 83.9% to 102.6%. Payout ratio versus NPAT: 83.0%, below normal range; 4-period mean 94.9%, range 83.9%-102.6%. | 61.3% | 83.9% | — | Chart
|
| ROE % | 1.8% | 1.8% | 3.6% | 1.9% | 4.1% | 2.3% | 5.0%Outside range high roe. 5%; 3-period range 3.1% to 4.1%. ROE: 5.0%, above normal range; 3-period mean 3.6%, range 3.1%-4.1%. | 3.7% | 3.1%Outside range low roe. 3.1%; 3-period range 3.6% to 5%. ROE: 3.1%, below normal range; 3-period mean 4.2%, range 3.6%-5.0%. | Chart |
| Net debt | -$131.6m | -$284.1m | -$156.5m | -$225.1m | -$155.4m | -$118.3m | -$134.6m | -$79m | -$97.1m | Chart |
| Net debt / Operating profit | -0.77x | -1.62x | — | -1.33x | — | -0.65x | — | -0.49x | — | Chart |
| Debtor days | 29 | — | — | — | — | — | — | — | — | — |
| Total assets | $9.9b | $10.4b | $9.9b | $9.5b | $9b | $8.6b | $8.3b | $9.6b | $9.1b | Chart |
Reference: annolyse.ai/companies/afi
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.
Net tangible asset or net asset value per share, shown in per-share cents for chart readability.
Recurring investment-income or revenue-return proxy, excluding fair-value movement where disclosed.
Total income or return including fair-value or capital movement where disclosed.
Net asset base attributable to shareholders or unitholders.
Management expense ratio, ongoing charge, or equivalent where disclosed.
Recurring investment income or revenue-return coverage of cash distributions where source-backed.
Portfolio or NAV total return compared with the disclosed benchmark or index return.
The setup & the reality
The latest result is checked against what the prior briefing said to watch.
Historical setup
From Portfolio trailed benchmark by 0.4pp; payout ratio reached 97.6%
No forward targets are stated. Against the company's historical baseline, the 7.2% portfolio return is within the normal range (4-period mean 6.3%, range 2.0%–9.0%), as is the 7.6% benchmark (mean 7.0%). The relevant gap is therefore not the absolute return but the relative shortfall versus the prior half.
The release reiterates the long-stated objective of paying stable to growing fully franked dividends and notes franking reserves support payment through volatile periods. The result is consistent with that framing but does not, on its own, demonstrate that the underlying income stream can finance the higher 12.0c interim without continued reliance on those reserves.
Open questions
This briefing cannot assess holding-level attribution, franking-credit balance sustainability, or any management commentary beyond the limited excerpts supplied.
Archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
HY26 · Released 21 January 2026
Investment income held inside the historical band, but the interim dividend now exceeds NPAT and the portfolio trailed its benchmark by 2.2 points.
HY25 · Released 22 January 2025
Investment income rose 3.0% but a 7.2% portfolio return lagged the 7.6% benchmark, reversing last year's 0.7pp outperformance.
FY24 · Released 29 July 2024
Strong capital return lifted net assets above the historical baseline, but softer investment income left distributions at 102.9% of NPAT.
HY24 · Released 24 January 2024
Strong portfolio capital return masked a 5.4% drop in investment income, narrowing distribution coverage as the interim dividend was raised.
FY23 · Released 26 July 2023
Underlying profit rose 8.6% excluding the prior-year one-off, while the 13.9% portfolio return lagged the ASX 200's 16.6% gain.
HY23 · Released 23 January 2023
Investment income reached an unprecedented $178.1m and the interim dividend lifted to 11 cents, but the 7.1% portfolio return trailed the 10.8%
FY22 · Released 25 July 2022
Dividend receipts lifted distribution coverage to 163.2% even as net assets fell 7.5% against a benchmark total return of just 5.1%.
HY22 · Released 24 January 2022
Post-COVID dividend recovery lifted income to NZ$161.8m and portfolio return of 6.9% beat the 4.6% benchmark by 2.3 percentage points.
FY21 · Released 26 July 2021
Capital returns rebounded with the market, but income from holdings stayed subdued, leaving distributions only 106% covered by investment income.
Get the next Australian Foundation Investment Company result briefing and five-year history updates by email.