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ARB · NZX

ArborGen Holdings (ARB)

Primary Industries / Forestry geneticsCovered: HY22 - FY269 published briefings

ArborGen Holdings is an NZX-listed primary industries / forestry genetics company. Its latest covered result is FY26, with HY22 - FY26 of source-backed result history on Annolyse.

Sections

Latest result

Latest metrics

FY26, released 29 May 2026

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ARB latest metrics
MetricValueChange
Revenue$68.2m↑ +7.9%
Operating profit-$0.5m↓ -104.5%
NPAT-$7.5m↑ +65.1%
Operating cash flow$3.7m↑ +37.0%
OCF / Operating profit %-740.0%↓ -764.1pp
Net debt$25.1m↑ +20.1%
Net debt / Operating profitn/m—
ROE %-6.3%↑ +11.0pp
PBT-$3.4m↑ +84.9%
FCF pre-lease-$0.4m↑ +92.2%

Source: latest published briefing (FY26, released 29 May 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.

Market cap

$34m

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End-of-day close multiplied by current shares on issue.

Profitability multiples

How the market price compares with recent earnings and cash-flow inputs.

P/E

Not available

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Not meaningful when recent earnings are negative.

EPS

-0.01

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Recent filing-derived earnings per share.

PEG

Not available

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Not available for this company right now.

EV/EBITDA

Not available

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Not meaningful when recent EBITDA is negative.

P/FCF

Not available

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Not meaningful when free cash flow is negative or unavailable.

P/B

0.29x

i

Market value compared with latest reported equity.

Income and investment-company measures

Yield and investment-company valuation where supported.

Dividend yield

0.0%

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Trailing dividends compared with the latest close.

Total return

Not available

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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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What changed in the latest result?What is unusual in the historical context?How has cash conversion changed over time?Compare this company with CNU.

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Financial history

Performance over time

The latest period is shown first.

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ARB metric history
MetricFY2612 MONTHS29 May 2026HY266 MONTHS26 November 2025FY2512 MONTHS30 May 2025FY2412 MONTHS30 May 2024HY246 MONTHS13 December 2023FY2312 MONTHS30 May 2023HY236 MONTHS29 November 2022FY2212 MONTHS30 May 2022HY226 MONTHS24 November 2021Trend
Revenue$68.2m$14.2m$63.2m$67.7m$13.2m$56.1m$7.4m$47.6m$4.6m
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Revenue growth %7.9%7.6%-6.6%Outside range low revenue growth. -6.6%; 3-period range n/m. Revenue growth: -6.6%, below normal range; 3-period mean 382.7%, range n/m.20.7%78.4%Outside range high revenue growth. 78.4%; 3-period range -61.3% to 60.9%. Revenue growth: 78.4%, above normal range; 3-period mean 2.4%, range -61.3%-60.9%.n/m60.9%—-61.3%Outside range low revenue growth. -61.3%; 3-period range 7.6% to 78.4%. Revenue growth: -61.3%, below normal range; 3-period mean 49.0%, range 7.6%-78.4%.
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  • HY24 Revenue growth %: Outside range high revenue growth. 78.4%; 3-period range -61.3% to 60.9%. Revenue growth: 78.4%, above normal range; 3-period mean 2.4%, range -61.3%-60.9%.
  • FY25 Revenue growth %: Outside range low revenue growth. -6.6%; 3-period range n/m. Revenue growth: -6.6%, below normal range; 3-period mean 382.7%, range n/m.
Operating profit-$0.5m-$2.1m$11.2m-$0.2m-$0.5m$10.3m-$0.9m-$1.3m$0m
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Operating profit margin %-0.7%Outside range low ebitda margin. 16.8%; 3-period range 17.7% to 21.2%. EBITDA margin: 16.8%, below normal range; 3-period mean 19.1%, range 17.7%-21.2%.-14.8%17.7%-0.3%-3.8%18.4%-12.2%-2.7%Outside range high ebitda margin. 21.2%; 3-period range 16.8% to 18.4%. EBITDA margin: 21.2%, above normal range; 3-period mean 17.6%, range 16.8%-18.4%.0.0%
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  • FY26 Operating profit margin %: Outside range low ebitda margin. 16.8%; 3-period range 17.7% to 21.2%. EBITDA margin: 16.8%, below normal range; 3-period mean 19.1%, range 17.7%-21.2%.
PBT-$3.4m-$2m-$22.5m-$1.6m-$1.5m$0.9m-$1.6m-$3m-$0.9m
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NPAT-$7.5m-$0.6m-$21.5m-$0.2m-$0.1m-$2.5m-$1.6m$1.7m$0.1m
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NPAT growth %————————-97.5%
—
Operating cash flow$3.7m-$5.4m$2.7m$11.7m$2.1m$6.5m-$2.4m$7.5m$0.1m
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OCF / Operating profit %-740.0%257.1%24.1%Outside range low ocf / ebitda cash conversion. 24.1%; 3-period range 32.2% to 74.3%. OCF / EBITDA cash conversion: 24.1%, below normal range; 3-period mean 56.5%, range 32.2%-74.3%.n/m-420.0%63.1%266.7%-576.9%Outside range high ocf / ebitda cash conversion. 74.3%; 3-period range 24.1% to 63.1%. OCF / EBITDA cash conversion: 74.3%, above normal range; 3-period mean 39.8%, range 24.1%-63.1%.—
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  • FY25 OCF / Operating profit %: Outside range low ocf / ebitda cash conversion. 24.1%; 3-period range 32.2% to 74.3%. OCF / EBITDA cash conversion: 24.1%, below normal range; 3-period mean 56.5%, range 32.2%-74.3%.
FCF pre-lease-$0.4m—-$5.1m$5.1m——-$4.8m$6m—
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ROE %-6.3%-0.5%-17.3%Unprecedented low roe. -17.3%; 4-period range -6.3% to 1.1%. ROE: -17.3%, unprecedented low; 4-period mean -1.8%, range -6.3%-1.1%.-0.1%-0.1%-1.7%-1.1%1.1%Outside range high roe. 1.1%; 4-period range -17.3% to -0.1%. ROE: 1.1%, above normal range; 4-period mean -6.3%, range -17.3%--0.1%.0.1%
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  • FY25 ROE %: Unprecedented low roe. -17.3%; 4-period range -6.3% to 1.1%. ROE: -17.3%, unprecedented low; 4-period mean -1.8%, range -6.3%-1.1%.
Net debt$25.1m$30.4m$20.9m$14.4m$16.7m$13m$17.5m-$41.9m—
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Net debt / Operating profitn/mn/m1.87xn/mn/m1.26xn/m32.23x—
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Debtor days64n/mn/m68n/mn/m—n/mn/m
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Inventory days225n/m222294n/m206n/m209n/m
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Total assets$174.4m$187.2m$175.5m$197.3m$201.8m$199.8m$191.3m$192.1m$202.8m
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Reference: annolyse.ai/companies/arb

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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  • HY22 ARB HY: Outside range low revenue growth. -61.3%; 3-period range 7.6% to 78.4%. Revenue growth: -61.3%, below normal range; 3-period mean 49.0%, range 7.6%-78.4%.
  • HY24 ARB HY: Outside range high revenue growth. 78.4%; 3-period range -61.3% to 60.9%. Revenue growth: 78.4%, above normal range; 3-period mean 2.4%, range -61.3%-60.9%.
  • FY25 ARB FY: Outside range low revenue growth. -6.6%; 3-period range n/m. Revenue growth: -6.6%, below normal range; 3-period mean 382.7%, range n/m.

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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  • FY22 ARB FY: Outside range high ebitda margin. 21.2%; 3-period range 16.8% to 18.4%. EBITDA margin: 21.2%, above normal range; 3-period mean 17.6%, range 16.8%-18.4%.
  • FY26 ARB FY: Outside range low ebitda margin. 16.8%; 3-period range 17.7% to 21.2%. EBITDA margin: 16.8%, below normal range; 3-period mean 19.1%, range 17.7%-21.2%.

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.

OCF / EBITDA

Cash conversion against earnings.

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  • FY22 ARB FY: Outside range high ocf / ebitda cash conversion. 74.3%; 3-period range 24.1% to 63.1%. OCF / EBITDA cash conversion: 74.3%, above normal range; 3-period mean 39.8%, range 24.1%-63.1%.
  • FY25 ARB FY: Outside range low ocf / ebitda cash conversion. 24.1%; 3-period range 32.2% to 74.3%. OCF / EBITDA cash conversion: 24.1%, below normal range; 3-period mean 56.5%, range 32.2%-74.3%.

FCF pre-lease

Operating cash flow less capex before leases.

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ROE

Return on equity.

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  • FY22 ARB FY: Outside range high roe. 1.1%; 4-period range -17.3% to -0.1%. ROE: 1.1%, above normal range; 4-period mean -6.3%, range -17.3%--0.1%.
  • FY25 ARB FY: Unprecedented low roe. -17.3%; 4-period range -6.3% to 1.1%. ROE: -17.3%, unprecedented low; 4-period mean -1.8%, range -6.3%-1.1%.

Net debt

Borrowings less cash; negative values indicate net cash.

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Net debt / EBITDA

Leverage ratio, suppressed where earnings are not meaningful.

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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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Operating working-capital movement

Per-period working-capital absorption or release, from the same published history. Positive values are working-capital build; negative values are release.

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  • FY23 ARB: Outside range low operating working-capital movement. $-11.3m; 3-period range $5.6m to $19.3m. Operating working-capital movement: NZ$-11.3m, below normal range; 3/3 prior periods had builds averaging NZ$10.4m, and none had a working-capital release.
  • FY24 ARB: Outside range high operating working-capital movement. $19.3m; 3-period range $-11.3m to $6.2m. Operating working-capital movement: NZ$19.3m, above normal range; 2/3 prior periods had builds averaging NZ$5.9m, and 1 had releases averaging NZ$-11.3m.

The setup & the reality

HY26 → FY26 Follow-through

The latest result is checked against what the prior briefing said to watch.

Historical setup

What HY26 said to watch

Previous analysisHY26Result releasedAnnolyse analysis published

From Pre-lease FCF fell to NZ$-7.2m as gross borrowings rose 61.9% to NZ$34.0m

No forward targets or guidance figures are supplied. Using the FY25 shape as the only available shape proxy, the implied 2H FY25 contributions were NZ$50.0m of revenue and –NZ$21.4m of NPAT, so the second half is where both the upside and the loss exposure sits. The current half's record volumes and Brazil momentum are supportive directional signals, but the release does not provide a quantitative target against which to test conversion of HY momentum into FY26 outcomes.

What this release does support is that Brazil demand remains the operating engine and that US contribution is timing-deferred. What it does not support is any conclusion on whether 2H cash generation will recover the NZ$7.2m pre-lease FCF deficit.

Open questions

Open questions from HY26

  • What drove the NZ$7.5m swing in operating cash flow, and how much is structural inventory build for 2H versus a step-change in working-capital intensity?
  • Why did the effective tax rate move to 70.0% this half, and is that rate expected to normalise in 2H26?
  • How is the additional NZ$13.0m of gross borrowings being deployed, and what covenants or headroom remain at the current NZ$30.4m net debt level?
  • Whether 2H26 US revenue recognition can replicate the FY25 second-half shape that delivered roughly NZ$50.0m of revenue?
  • Does the 99.3% Brazil revenue share reflect timing alone, or a more durable shift in geographic mix that warrants concentration disclosure?

This briefing cannot assess 2H26 execution, US order pipeline conversion, or covenant headroom on the expanded debt facilities, none of which are quantified in the supplied materials.

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

ArborGen Holdings Limited - Audited Financial Statements for year ended 31 March 2026

FY26 / financial report

ArborGen Holdings Limited - FY26 Results for year ended 31 March 2026

FY26 / results announcement

ArborGen Holdings Limited - FY26 Results for year ended 31 March 2026

FY26 / results release

ArborGen Holdings Limited - Results Presentation for year ended 31 March 2026

FY26 / results presentation

Prior comparable period

ArborGen Holdings Limited – Annual Report FY 2025

FY25 / financial report

Interim context

ArborGen Holdings Limited - Interim Report for the six months ended 30 September 2025

HY26 / financial report

ArborGen Holdings Limited - Interim Results to 30 September 2025

HY26 / results announcement

ArborGen Holdings Limited - Interim Results to 30 September 2025

HY26 / results release

Release context

ArborGen provides updated guidance for FY26

FY26 / commentary

Peer context

Other covered Primary Industries companies

These companies share a broad sector but may not be direct peers. Compare them only where the underlying measures are genuinely comparable.

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Compare ARB, SCL, TGG, LIC →Primary Industries result archive

Archive

Briefing archive

The full chronological archive contains every published result briefing.

FY26 · Released 29 May 2026

Net debt/EBITDA hits 2.2x as EBITDA margin falls below historical range

Revenue grew 7.9% to a five-year high, but margin compression and rising leverage leave cash generation well below ArborGen's historical baseline.

Read briefing

HY26 · Released 26 November 2025

Pre-lease FCF fell to NZ$-7.2m as gross borrowings rose 61.9% to NZ$34.0m

A NZ$5.0m working-capital build ahead of the seasonally heavy 2H drove OCF from +NZ$2.1m to -NZ$5.4m and required NZ$13.0m of new borrowings.

Read briefing

FY25 · Released 30 May 2025

Adjusted EBITDA of $11.2m masked a $21.5m statutory loss

Operating cash flow fell 76.9% to $2.7m and free cash flow swung NZ$10.2m to -$5.1m, below the historical NZ$0.9m–$5.1m range.

Read briefing

FY24 · Released 30 May 2024

Revenue rose 20.7% but PBT swung to a $1.6m loss despite margin gains

NPAT looks 92.0% better on a tax swing while receivable days jumped 47 days and cash halved to $5.6m.

Read briefing

HY24 · Released 13 December 2023

Revenue jumped 78% on Brazil, but FY24 US seedling guidance cut

A strong first half driven by record Brazil volumes is shadowed by a downward revision to US seedling sales in the heavier second half.

Read briefing

FY23 · Released 30 May 2023

ArborGen FY23: $11.3m working-capital release drove the cash uplift

PBT swung to US$0.9m and EBITDA rose 35%, but an unusually favourable working-capital release supplied most of the cash flow lift.

Read briefing
Open all 9 result briefings

Related insights

Compare this company

The latest ARB metrics also appear in these cross-company comparisons.

Insight

Earnings quality and statutory distortions

PBT and NPAT growth diverged by 19.8pp, with a distortion flag in the result.

Open insight

Insight

Cash conversion quality

This result converted 32.2% of EBITDA to operating cash flow.

Open insight

Insight

Leverage and balance-sheet risk

Net debt / EBITDA is 2.20x for this result.

Open insight

Insight

Working-capital pressure

Inventory days were 225 days, +3 days versus the prior comparable period.

Open insight

Get notified when ARB publishes

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