Market cap
$63.1m
End-of-day close multiplied by current shares on issue.
APL · NZX
Asset Plus is an NZX-listed property / property investment company with FY22 - FY26 of published result briefings.
Snapshot
FY26, released 22 May 2026
| Metric | Value | Change |
|---|---|---|
| Revenue | $6.6m | ↓ -3.8% |
| NPAT | -$3.2m | ↑ +43.9% |
| Operating cash flow | $3.1m | ↑ +2348.9% |
| Net debt | -$6.9m | ↑ +36.6% |
| ROE % | -2.8% | ↑ +2.0pp |
| DPS | 0.2c | — Flat |
| PBT | -$3.6m | ↑ +36.8% |
| FCF pre-lease | -$0.81m | ↓ -196.0% |
| Debtor days | 1 | ↓ -53.4% |
| Total assets | $113m | ↓ -4.3% |
Source: latest published briefing (FY26, released 22 May 2026). Change compares against the prior equivalent period: FY25, released 27 May 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
$63.1m
End-of-day close multiplied by current shares on issue.
How the market price compares with recent earnings and cash-flow inputs.
P/E
Not available
Not meaningful when recent earnings are negative.
EPS
-0.01
Recent filing-derived earnings per share.
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 meaningful when free cash flow is negative or unavailable.
P/B
0.57x
Market value compared with latest reported equity.
Yield and fund-style valuation where the company shape supports it.
Dividend yield
4.6%
Trailing dividends compared with the latest close.
Total return
Not available
Available once dividend and adjustment data are verified.
Daily closes use the full available width, with hover and touch readouts against real observations. Expand opens the chart at reading size.
Five years of daily closes, as at close, 5 June 2026. Weekends, suspensions, and listing gaps stay as natural gaps in the time scale.
Indexed lines compare direction from the first positive comparable filing point. The axis is an index, not dollars or cents.
Chat
Ask follow-up questions about Asset Plus'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 | FY2612 MONTHS22 May 2026 | HY266 MONTHS19 November 2025 | FY2512 MONTHS27 May 2025 | HY256 MONTHS26 November 2024 | FY2412 MONTHS28 May 2024 | HY246 MONTHS28 November 2023 | FY2312 MONTHS29 May 2023 | HY236 MONTHS29 November 2022 | FY2212 MONTHS19 May 2022 | Trend |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.6m | $3.2m | $6.8m | $3.2m | $5.3m | $2.6m | $6.4m | $4.3m | $11.9m | Chart |
| Revenue growth % | -3.8% | -1.2% | 27.9%Unprecedented high revenue growth. 27.9%; 4-period range -46.6% to -3.8%. Revenue growth: 27.9%, unprecedented high; 4-period mean -20.2%, range -46.6%--3.8%. | 24.0%Outside range high revenue growth. 24%; 3-period range -39.7% to -1.2%. Revenue growth: 24.0%, above normal range; 3-period mean -24.7%, range -39.7%--1.2%. | -16.4% | -39.7%Outside range low revenue growth. -39.7%; 3-period range -33.4% to 24%. Revenue growth: -39.7%, below normal range; 3-period mean -3.5%, range -33.4%-24.0%. | -46.6%Unprecedented low revenue growth. -46.6%; 4-period range -16.4% to 27.9%. Revenue growth: -46.6%, unprecedented low; 4-period mean -1.6%, range -16.4%-27.9%. | -33.4% | -14.2% | Chart
|
| EBITDA | — | $1.9m | — | $56m | — | -$0.13m | -$0.47m | -$0.07m | $4.5m | Chart |
| EBITDA margin % | — | 59.4% | — | n/m | — | -5.0% | -7.4% | -1.6% | 37.7% | Chart |
| PBT | -$3.6m | $1.6m | -$5.7m | $2.3m | -$5.3m | -$4.7m | -$13.5m | -$0.1m | $3.5m | Chart |
| PBT growth % | — | -30.4% | — | — | — | — | — | — | -78.0% | Chart |
| NPAT | -$3.2m | $1.6m | -$5.7m | $2.3m | -$5.3m | -$4.7m | -$13m | $0.3m | $2.9m | Chart |
| NPAT growth % | — | -30.4% | — | — | — | — | — | -88.0% | -81.8% | Chart |
| Operating cash flow | $3.1m | $1m | -$0.14m | -$1.2m | $0.43m | -$0.24m | $2.7m | $0.37m | $2.3m | Chart |
| OCF / EBITDA % | — | 54.9% | — | -2.1% | — | 186.9% | -584.9% | -522.9% | 50.6% | Chart |
| FCF pre-lease | -$0.81m | $0.84m | -$0.27m | -$1.3m | -$6.1m | -$6.1m | -$55.5m | -$40.2m | -$38.1m | Chart |
| FCF post-lease | — | — | — | -$1.3m | — | — | — | — | — | — |
| DPS | 0.2c | 0.2c | 0.2c | — | — | — | 40.4c | — | 44.0c | Chart |
| Payout ratio vs NPAT % | — | 45.5% | — | — | — | — | — | — | — | — |
| ROE % | -2.8% | 1.4% | -4.9% | 1.6%Outside range high roe. 1.6%; 3-period range -3.3% to 1.4%. ROE: 1.6%, above normal range; 3-period mean -0.6%, range -3.3%-1.4%. | -3.8% | -3.3%Outside range low roe. -3.3%; 3-period range 0.2% to 1.6%. ROE: -3.3%, below normal range; 3-period mean 1.1%, range 0.2%-1.6%. | -8.9%Unprecedented low roe. -8.9%; 4-period range -4.9% to 1.8%. ROE: -8.9%, unprecedented low; 4-period mean -2.4%, range -4.9%-1.8%. | 0.2% | 1.8%Unprecedented high roe. 1.8%; 4-period range -8.9% to -2.8%. ROE: 1.8%, unprecedented high; 4-period mean -5.1%, range -8.9%--2.8%. | Chart
|
| Net debt | -$6.9m | -$10.3m | -$10.9m | $30.5m | $29.2m | $30.2m | $66.5m | $42.9m | $51.3m | Chart |
| Net debt / EBITDA | — | -5.43x | — | 0.54x | — | -232.63x | -141.49x | -613.36x | 11.4x | Chart |
| Debtor days | 1 | 15 | 1 | 6Outside range low debtor days. 6d; 3-period range 15d to 48d. Debtor days: 5.9 days, below normal range; 3-period mean 27.7 days, range 14.5 days-47.5 days. | 0 | 21 | 2 | 48Outside range high debtor days. 48d; 3-period range 6d to 21d. Debtor days: 47.5 days, above normal range; 3-period mean 13.8 days, range 5.9 days-21.0 days. | 17Unprecedented high debtor days. 17d; 4-period range 0d to 2d. Debtor days: 16.8 days, unprecedented high; 4-period mean 0.8 days, range 0.0 days-1.5 days. | Chart
|
| Total assets | $113m | $118.3m | $118m | $190.8m | $190.3m | $192.4m | $229.5m | $221.8m | $224.7m | Chart |
Reference: annolyse.ai/companies/apl
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.
These charts use verified published filing periods only. Gaps are not interpolated, and mixed half-year/full-year histories are split into separate series.
Reported revenue across covered periods.
Like-period revenue growth where comparable.
Company-specific earnings measure where disclosed.
EBITDA-equivalent margin where revenue and earnings are source-backed.
Statutory profit after tax.
Cash generated from operations.
Additional verified filing metrics for this company. Each point links back to a published briefing period in the source data contract.
Cash conversion against earnings.
Operating cash flow less capex before leases.
Free cash flow after lease payments where available.
Return on equity.
Borrowings less cash; negative values indicate net cash.
Leverage ratio, suppressed where earnings are not meaningful.
Dividend per share declared for the period.
Dividend payout against statutory NPAT.
Receivables days where the working-capital inputs are source-backed.
Per-period working-capital absorption or release, from the same published history. Positive values are working-capital build; negative values are release.
The setup & the reality
The latest result is checked against what the prior briefing said to watch.
Historical setup
From Debt fully repaid and FFO turned positive as NPAT fell 30.4%
The release does not provide FY26 guidance, and the prior-year shape is a poor anchor: HY25 carried 47.5% of FY25 revenue but FY25 NPAT was a NZ$5.7m loss, implying a NZ$8.0m second-half loss likely driven by valuation effects rather than operating performance. That asymmetry makes any like-for-like 2H projection unreliable.
The disclosed forward catalyst is completion of works at Munroe Lane, expected February 2026. That is the leasing trigger required to lift recurring rental income off the smaller asset base, but no leasing-progress detail is supplied. The release supports an underlying-FFO read; it does not support a quantified FY26 earnings expectation.
Open questions
This briefing cannot assess the cap-rate, NTA-coverage, or valuation assumptions underlying the property carrying values.
Archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
FY26 · Released 22 May 2026
Operating cash flow turned positive, yet $3.9m of Munroe Lane capex cut cash holdings by $4.0m and left NTA per share at $0.307.
HY26 · Released 19 November 2025
Graham Street disposal left Asset Plus with NZ$10.3m cash and zero borrowings, but the smaller portfolio means headline profit is not comparable.
FY25 · Released 27 May 2025
Operating cash flow turned negative and the statutory loss widened 7.5% to $5.7m, even as AFFO swung to a $0.5m profit.
HY25 · Released 26 November 2024
Reported swing from loss to profit reflects a property revaluation, not cash earnings, ahead of a 35 Graham Street sale that will clear all debt.
FY24 · Released 28 May 2024
Asset-sale-led deleveraging and Munroe Lane rental halved the PBT loss to $5.3m, yet operating cash flow fell 84% and no FY24 dividend was declared.
HY24 · Released 28 November 2023
Eastgate and Stoddard Road sales cut borrowings to $35.0m, but the rental base reset to $2.6m with Munroe Lane's lease only now starting.
FY23 · Released 29 May 2023
The NZ$36.8m disclosed value from the Stoddard Road sale adds cash-context, while operating cash, capex and working capital remain the direct evidence.
HY23 · Released 29 November 2022
Headline earnings fell on a portfolio-basis change; the read now sits with leverage trajectory and timing of development completion.
FY22 · Released 19 May 2022
Rental revenue fell 14.2% as 35 Graham Street emptied for redevelopment, and the 81.8% NPAT drop reflects a large FY21 base item rather than
Get the next Asset Plus result briefing and five-year history updates by email.