Market cap
$856.5m
End-of-day close multiplied by current shares on issue.
ARG · NZX
Argosy Property (ARG)
Property / Property investmentCovered: FY21 - FY266 published briefings
Argosy Property is an NZX-listed property / property investment company. Its latest covered result is FY26, with FY21 - FY26 of source-backed result history on Annolyse.
Sections
Latest result
Latest metrics
FY26, released 20 May 2026
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| Metric | Value | Change |
|---|---|---|
| Revenue | $120.8m | ↑ +106.9% |
| NPAT | $127.7m | ↑ +287.0% |
| Operating cash flow | $67.4m | ↑ +109.8% |
| Net debt | $852.1m | ↑ +12.4% |
| ROE % | 9.1% | ↑ +6.4pp |
| DPS | 1.7c | — Flat |
| Payout ratio vs NPAT % | 44.9% | ↓ -126.0pp |
| Annual payout ratio vs EPS % | 44.9% | ↓ -126.1pp |
| PBT | $140.4m | ↑ +260.9% |
| FCF pre-lease | -$2.9m | ↓ -134.6% |
Source: latest published briefing (FY26, released 20 May 2026). Change compares against the prior equivalent period: FY25, released 20 November 2024.
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, 18 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
6.71x
Recent market cap compared with trailing earnings.
EPS
0.15
Recent filing-derived earnings per share.
PEG
4.79x
P/E compared with recent earnings growth.
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
0.61x
Market value compared with latest reported equity.
Income and investment-company measures
Yield and investment-company valuation where supported.
Dividend yield
6.8%
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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P/E over time
Filing-period markers only: EOD close on or before each release date divided by filing-derived trailing NPAT where both inputs verify. Periods with P/E at or above 100x are shown as gaps because earnings yield below 1% makes the multiple denominator-driven, not meaningful. Suppressed periods: FY23.
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Chat
Ask about ARG
Ask follow-up questions about Argosy Property's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Ask about ARG
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 MONTHS20 May 2026 | FY2512 MONTHS20 November 2024 | FY2412 MONTHS29 November 2023 | FY2312 MONTHS22 November 2022 | FY2212 MONTHS23 November 2021 | FY2112 MONTHS19 May 2021 | Trend |
|---|---|---|---|---|---|---|---|
| Revenue | $120.8m | $58.4m | $58.4m | $69.9m | $53.1m | $107.7m | Chart |
| Revenue growth % | 3.3% | -49.9% | -3.3% | -33.5% | -50.7% | 6.9% | Chart |
| Operating profit | — | $52.8m | — | $49.8m | $47.2m | — | Chart |
| Operating profit margin % | — | 90.5% | — | 71.2% | 88.9% | — | Chart |
| PBT | $140.4m | $38.9m | -$16.8m | $17.1m | $130.9m | $248.4m | Chart |
| PBT growth % | 1.7% | — | — | -92.9% | -47.3% | 100.5% | Chart |
| NPAT | $127.7m | $33m | -$19.8m | $10.7m | $127m | $241.7m | Chart |
| NPAT growth % | 1.4% | — | — | -95.5% | -47.5% | 102.9% | Chart |
| Operating cash flow | $67.4m | $32.1m | $35.9m | $37.6m | $40.4m | $88.4m | Chart |
| OCF / Operating profit % | — | 60.8% | — | 75.4% | 85.7% | — | Chart |
| FCF pre-lease | -$2.9m | $8.4m | — | $7.5m | $9.7m | $19.6m | Chart |
| DPS | 1.7c | 1.7c | 1.7c | 1.7c | 1.6c | 1.6c | Chart |
| Payout ratio vs NPAT % | 44.9% | 170.9% | — | — | 43.4% | 22.2% | Chart |
| Annual payout ratio vs EPS % | 44.9% | 171.0% | — | — | 43.4% | 22.2% | Chart |
| ROE % | 9.1% | 2.7% | -1.5% | 0.7% | 9.2% | 18.9% | Chart |
| Net debt | $852.1m | $758m | $770.9m | $731.4m | $670.8m | $752.8m | Chart |
| Net debt / Operating profit | — | 14.36x | — | 14.69x | 14.21x | — | Chart |
| Debtor days | 9 | 9 | 5 | 16 | 18 | 6 | Chart |
| Total assets | $2.3b | $2.1b | $2.2b | $2.3b | $2.2b | $2.2b | Chart |
Reference: annolyse.ai/companies/arg
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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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.
OCF / EBITDA
Cash conversion against earnings.
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FCF pre-lease
Operating cash flow less capex before leases.
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ROE
Return on equity.
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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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DPS
Dividend per share declared for the period.
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Payout ratio
Dividend payout against statutory NPAT.
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Debtor days
Receivables 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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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 HY25 interim NPAT $33.0m as revaluation turns positive; NTA edges to $1.46
The FY25 full-year dividend guidance of 6.65 cents per share is reaffirmed, consistent with FY24. No quantitative earnings or NTA target was provided, and no forward-work backlog disclosure is supplied, so investors have no like-for-like FY25 anchor to compare HY25 against. Capex of $23.7m in the half — 40.7% of revenue — reflects continued development activity on the existing portfolio, but the supplied excerpts do not quantify the FY25 capex envelope or the second-half build profile.
Because the prior comparable period is the wrong shape, this briefing cannot assess whether HY25 is tracking ahead of, on, or behind an implicit FY25 internal plan beyond the dividend reaffirmation itself.
Open questions
Open questions from FY25
- What is the underlying recurring rental income growth on a like-for-like portfolio basis, stripped of acquisitions, disposals, and revaluations?
- Why is the AFFO payout running above 100% and what is the path back to full cover from operating cash flow over the medium term?
- How much further can gearing rise toward the 40% cap before development pacing or distribution policy must be reconsidered, given net debt is already near $758m?
- What is the FY25 capex envelope and how is the development pipeline being funded across the second half?
- What is the current portfolio WALT, occupancy, and weighted average cap rate, and how do they compare with FY24?
This briefing cannot assess underlying rental performance, occupancy, WALT, valuation cap-rate movement, or development pacing because the supplied excerpts do not include those operating metrics.
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
Annual Report and Financial Statements
FY26 / financial reportAppendix 1
FY26 / results announcementMarket Release
FY26 / results releaseResults Presentation
FY26 / results presentationPrior comparable period
Annual Report and Financial Statements
FY25 / financial reportAppendix 1
FY25 / results announcementMarket Release
FY25 / results releaseResults Presentation
FY25 / results presentationInterim context
Argosy FY25 Interim Results Announcement (Appendix 1)
HY26 / results announcementArgosy FY26 Interim Financial Statements
HY26 / financial reportArgosy FY26 Interim Market Release
HY26 / results releaseArgosy FY26 Interim Results Presentation
HY26 / results presentationRelease context
FY25 full year results announcement and webcast details
FY25 / commentaryFY26 full year results announcement and webcast details
FY26 / commentaryAnnual Meeting Results Announcement
HY26 / commentaryPeer context
Property investment comparison set
These companies share the same curated sub-sector label. Their reporting definitions can still differ, so compare the underlying measures before ranking them.
Archive
Briefing archive
The full chronological archive contains every published result briefing.
FY26 · Released 20 May 2026
Pre-lease FCF turned to -NZ$2.9m as capex outran operating cash
Operating cash flow rose 14.2% but a 22.5% capex lift pushed pre-lease free cash flow to a five-year low.
Read briefing
FY25 · Released 20 November 2024
HY25 interim NPAT $33.0m as revaluation turns positive; NTA edges to $1.46
Period-shape mismatch against FY24 distorts growth rates; gearing rose to 37.2% with AFFO payout at 105%.
Read briefing
FY24 · Released 29 November 2023
Property revaluations push NPAT to -$19.8m while operating profit grew 6.4%
Operating profit and pre-lease FCF both improved, but fair-value losses dragged statutory equity down 11.5% to $1,287.8m.
Read briefing
FY23 · Released 22 November 2022
HY23 interim result framed against FY22 full year distorts every comparison
The period-shape mismatch makes the headline declines non-comparable, while FY23 dividend guidance of 6.65 cents per share is reiterated.
Read briefing
FY22 · Released 23 November 2021
Argosy HY22 NPAT fell 47.5% as revaluation tailwind normalised
Interim profit halved against an unusually strong prior comparable, but rental cash flow, gearing and NTA all moved in the right direction.
Read briefing
FY21 · Released 19 May 2021
NPAT more than doubled to $241.7m on portfolio revaluations
Rental revenue rose 6.9% and operating cash flow climbed 47.9%, but the profit jump reflects valuation gains rather than rental growth.
Read briefing
Get notified when ARG publishes
Get the next Argosy Property result briefing and five-year history updates by email.