BFG · NZX

Burger Fuel Group (BFG)

Consumer / Quick-service restaurantsCovered: HY22 - FY269 published briefings

Burger Fuel Group is an NZX-listed consumer / quick-service restaurants company with HY22 - FY26 of published result briefings.

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Snapshot

Latest metrics

FY26, released 29 May 2026

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BFG latest metrics
Metric	Value	Change
Revenue	$25.6m	↑ +2.6%
EBITDA	$4.7m	↑ +41.6%
NPAT	$2m	↑ +100.0%
Operating cash flow	$3.5m	↑ +111.0%
OCF / EBITDA %	74.4%	↑ +24.4pp
ROE %	16.6%Outside range high roe. 16.6%; 3-period range 7.6% to 10.1%. ROE: 16.6%, above normal range; 3-period mean 8.9%, range 7.6%-10.1%.	↑ +7.7pp
PBT	$2.7m	↑ +80.0%
Debtor days	28Outside range low debtor days. 28d; 3-period range 29d to 32d. Debtor days: 28.3 days, below normal range; 3-period mean 30.3 days, range 28.9 days-32.4 days.	↓ -4.9%
Inventory days	7	↓ -24.1%
Total assets	$33.4m	↑ +3.4%

Source: latest published briefing (FY26, released 29 May 2026). Change compares against the prior equivalent period: FY25, released 30 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.

Prices as at close, 21 July 2026

Price and market cap

The latest close and share count context for the market price.

Market cap

$12.3m

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

6.17x

Recent market cap compared with trailing earnings.

EPS

0.06

Recent filing-derived earnings per share.

PEG

0.06x

P/E compared with recent earnings growth.

EV/EBITDA

Not available

Not available for this company right now.

P/FCF

Not available

Not available for this company right now.

P/B

1.04x

Market value compared with latest reported equity.

Income and fund shape

Yield and fund-style valuation where the company shape supports it.

Dividend yield

0.0%

Trailing dividends compared with the latest close.

Total return

Not available

Available once dividend and adjustment data are verified.

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Longitudinal view

Performance over time

The latest period is shown first.

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BFG metric history
Metric	FY2612 MONTHS29 May 2026	HY266 MONTHS28 November 2025	FY2512 MONTHS30 May 2025	HY256 MONTHS29 November 2024	FY2412 MONTHS30 May 2024	HY246 MONTHS24 November 2023	FY2312 MONTHS30 May 2023	HY236 MONTHS25 November 2022	HY226 MONTHS26 November 2021	Trend
Revenue	$25.6m	$12.2m	$25m	$12.3m	$27.3m	$12.4m	$24m	$10.7m	$9.4m	Chart
Revenue growth %	7.4%	-0.6%	-8.4%	-1.3%Outside range low revenue growth. -1.3%; 4-period range -0.6% to 16%. Revenue growth: -1.3%, below normal range; 4-period mean 7.8%, range -0.6%-16.0%.	-99.9%	15.9%	24.8%	0.0%	16.0%Outside range high revenue growth. 16%; 4-period range -1.3% to 15.9%. Revenue growth: 16.0%, above normal range; 4-period mean 3.5%, range -1.3%-15.9%.	Chart HY25 Revenue growth %: Outside range low revenue growth. -1.3%; 4-period range -0.6% to 16%. Revenue growth: -1.3%, below normal range; 4-period mean 7.8%, range -0.6%-16.0%.
EBITDA	$4.7m	$2.1m	$3.3m	$1.5m	$3.6m	$1.8m	$3.3m	$1.6m	$1.4m	Chart
EBITDA margin %	18.4%Outside range high ebitda margin. 18.4%; 3-period range 13.2% to 13.7%. EBITDA margin: 18.4%, above normal range; 3-period mean 13.4%, range 13.2%-13.7%.	17.5%Outside range high ebitda margin. 17.5%; 3-period range 12.6% to 15.3%. EBITDA margin: 17.5%, above normal range; 3-period mean 14.2%, range 12.6%-15.3%.	13.3%	12.6%Outside range low ebitda margin. 12.6%; 3-period range 14.7% to 17.5%. EBITDA margin: 12.6%, below normal range; 3-period mean 15.8%, range 14.7%-17.5%.	13.2%Outside range low ebitda margin. 13.2%; 3-period range 13.3% to 18.4%. EBITDA margin: 13.2%, below normal range; 3-period mean 15.1%, range 13.3%-18.4%.	14.7%	13.7%	15.3%	15.3%	Chart FY24 EBITDA margin %: Outside range low ebitda margin. 13.2%; 3-period range 13.3% to 18.4%. EBITDA margin: 13.2%, below normal range; 3-period mean 15.1%, range 13.3%-18.4%. HY25 EBITDA margin %: Outside range low ebitda margin. 12.6%; 3-period range 14.7% to 17.5%. EBITDA margin: 12.6%, below normal range; 3-period mean 15.8%, range 14.7%-17.5%. HY26 EBITDA margin %: Outside range high ebitda margin. 17.5%; 3-period range 12.6% to 15.3%. EBITDA margin: 17.5%, above normal range; 3-period mean 14.2%, range 12.6%-15.3%. FY26 EBITDA margin %: Outside range high ebitda margin. 18.4%; 3-period range 13.2% to 13.7%. EBITDA margin: 18.4%, above normal range; 3-period mean 13.4%, range 13.2%-13.7%.
PBT	$2.7m	$1.2m	$1.5m	$0.67m	$1.9m	$0.84m	$1.3m	$0.75m	$0.5m	Chart
PBT growth %	80.0%Outside range high pbt growth. 80%; 3-period range -21.1% to 73.8%. PBT growth: 80.0%, above normal range; 3-period mean 34.5%, range -21.1%-73.8%.	74.1%Unprecedented high pbt growth. 74.1%; 4-period range -20.2% to 12.8%. PBT growth: 74.1%, unprecedented high; 4-period mean -1.8%, range -20.2%-12.8%.	-21.1%Outside range low pbt growth. -21.1%; 3-period range 50.9% to 80%. PBT growth: -21.1%, below normal range; 3-period mean 68.2%, range 50.9%-80.0%.	-20.2%Outside range low pbt growth. -20.2%; 4-period range 0% to 74.1%. PBT growth: -20.2%, below normal range; 4-period mean 21.7%, range 0.0%-74.1%.	50.9%	12.8%	73.8%	0.0%	0.0%	Chart HY25 PBT growth %: Outside range low pbt growth. -20.2%; 4-period range 0% to 74.1%. PBT growth: -20.2%, below normal range; 4-period mean 21.7%, range 0.0%-74.1%. FY25 PBT growth %: Outside range low pbt growth. -21.1%; 3-period range 50.9% to 80%. PBT growth: -21.1%, below normal range; 3-period mean 68.2%, range 50.9%-80.0%. HY26 PBT growth %: Unprecedented high pbt growth. 74.1%; 4-period range -20.2% to 12.8%. PBT growth: 74.1%, unprecedented high; 4-period mean -1.8%, range -20.2%-12.8%. FY26 PBT growth %: Outside range high pbt growth. 80%; 3-period range -21.1% to 73.8%. PBT growth: 80.0%, above normal range; 3-period mean 34.5%, range -21.1%-73.8%.
NPAT	$2m	$0.85m	$1m	$0.44m	$1.3m	$0.58m	$0.9m	$0.55m	$0.4m	Chart
NPAT growth %	100.0%Outside range high npat growth. 100%; 3-period range -23.1% to 56.3%. NPAT growth: 100.0%, above normal range; 3-period mean 25.9%, range -23.1%-56.3%.	93.6%Unprecedented high npat growth. 93.6%; 4-period range -24.5% to 11.4%. NPAT growth: 93.6%, unprecedented high; 4-period mean -2.0%, range -24.5%-11.4%.	-23.1%Outside range low npat growth. -23.1%; 3-period range 44.4% to 100%. NPAT growth: -23.1%, below normal range; 3-period mean 66.9%, range 44.4%-100.0%.	-24.5%Outside range low npat growth. -24.5%; 4-period range -0.1% to 93.6%. NPAT growth: -24.5%, below normal range; 4-period mean 27.5%, range -0.1%-93.6%.	44.4%	5.2%	56.3%	-0.1%	11.4%	Chart HY25 NPAT growth %: Outside range low npat growth. -24.5%; 4-period range -0.1% to 93.6%. NPAT growth: -24.5%, below normal range; 4-period mean 27.5%, range -0.1%-93.6%. FY25 NPAT growth %: Outside range low npat growth. -23.1%; 3-period range 44.4% to 100%. NPAT growth: -23.1%, below normal range; 3-period mean 66.9%, range 44.4%-100.0%. HY26 NPAT growth %: Unprecedented high npat growth. 93.6%; 4-period range -24.5% to 11.4%. NPAT growth: 93.6%, unprecedented high; 4-period mean -2.0%, range -24.5%-11.4%. FY26 NPAT growth %: Outside range high npat growth. 100%; 3-period range -23.1% to 56.3%. NPAT growth: 100.0%, above normal range; 3-period mean 25.9%, range -23.1%-56.3%.
Operating cash flow	$3.5m	$1.9m	$1.7m	$0.33m	$2.9m	$1.6m	$3.1m	—	-$0.18m	Chart
OCF / EBITDA %	74.4%	87.7%Outside range high ocf / ebitda cash conversion. 87.7%; 3-period range -12.1% to 87%. OCF / EBITDA cash conversion: 87.7%, above normal range; 3-period mean 32.1%, range -12.1%-87.0%.	50.0%Outside range low ocf / ebitda cash conversion. 50%; 3-period range 74.5% to 93.8%. OCF / EBITDA cash conversion: 50.0%, below normal range; 3-period mean 83.2%, range 74.5%-93.8%.	21.5%	81.3%	87.0%	93.8%Outside range high ocf / ebitda cash conversion. 93.8%; 3-period range 50% to 81.3%. OCF / EBITDA cash conversion: 93.8%, above normal range; 3-period mean 68.6%, range 50.0%-81.3%.	—	-12.1%	Chart FY25 OCF / EBITDA %: Outside range low ocf / ebitda cash conversion. 50%; 3-period range 74.5% to 93.8%. OCF / EBITDA cash conversion: 50.0%, below normal range; 3-period mean 83.2%, range 74.5%-93.8%. HY26 OCF / EBITDA %: Outside range high ocf / ebitda cash conversion. 87.7%; 3-period range -12.1% to 87%. OCF / EBITDA cash conversion: 87.7%, above normal range; 3-period mean 32.1%, range -12.1%-87.0%.
FCF pre-lease	—	$1.2m	$0.33m	-$0.73m	—	-$0.6m	$2.3m	—	—	Chart
DPS	—	20.0c	—	15.0c	21.0c	19.0c	18.0c	18.0c	—	Chart
ROE %	16.6%Outside range high roe. 16.6%; 3-period range 7.6% to 10.1%. ROE: 16.6%, above normal range; 3-period mean 8.9%, range 7.6%-10.1%.	7.9%	8.9%	9.5%Unprecedented high roe. 9.5%; 4-period range 4.7% to 7.9%. ROE: 9.5%, unprecedented high; 4-period mean 6.2%, range 4.7%-7.9%.	10.1%	4.7%Outside range low roe. 4.7%; 4-period range 4.8% to 9.5%. ROE: 4.7%, below normal range; 4-period mean 7.4%, range 4.8%-9.5%.	7.6%Outside range low roe. 7.6%; 3-period range 8.9% to 16.6%. ROE: 7.6%, below normal range; 3-period mean 11.9%, range 8.9%-16.6%.	4.8%	7.2%	Chart HY25 ROE %: Unprecedented high roe. 9.5%; 4-period range 4.7% to 7.9%. ROE: 9.5%, unprecedented high; 4-period mean 6.2%, range 4.7%-7.9%. FY26 ROE %: Outside range high roe. 16.6%; 3-period range 7.6% to 10.1%. ROE: 16.6%, above normal range; 3-period mean 8.9%, range 7.6%-10.1%.
Net debt	—	-$5.5m	—	—	—	—	—	-$7.3m	—	Chart
Net debt / EBITDA	—	n/m	—	—	—	—	—	n/m	—	Chart
Debtor days	28Outside range low debtor days. 28d; 3-period range 29d to 32d. Debtor days: 28.3 days, below normal range; 3-period mean 30.3 days, range 28.9 days-32.4 days.	30	30	31Outside range high debtor days. 31d; 4-period range 25d to 31d. Debtor days: 30.9 days, above normal range; 4-period mean 29.1 days, range 25.3 days-30.8 days.	29	30	32Outside range high debtor days. 32d; 3-period range 28d to 30d. Debtor days: 32.4 days, above normal range; 3-period mean 29.0 days, range 28.3 days-29.8 days.	31	25Unprecedented low debtor days. 25d; 4-period range 30d to 31d. Debtor days: 25.3 days, unprecedented low; 4-period mean 30.5 days, range 29.8 days-30.9 days.	Chart HY25 Debtor days: Outside range high debtor days. 31d; 4-period range 25d to 31d. Debtor days: 30.9 days, above normal range; 4-period mean 29.1 days, range 25.3 days-30.8 days. FY26 Debtor days: Outside range low debtor days. 28d; 3-period range 29d to 32d. Debtor days: 28.3 days, below normal range; 3-period mean 30.3 days, range 28.9 days-32.4 days.
Inventory days	7	9	9	10	9	8Unprecedented low inventory days. 8d; 4-period range 9d to 13d. Inventory days: 7.7 days, unprecedented low; 4-period mean 11.1 days, range 9.0 days-13.3 days.	9	12	13Unprecedented high inventory days. 13d; 4-period range 8d to 12d. Inventory days: 13.3 days, unprecedented high; 4-period mean 9.7 days, range 7.7 days-12.1 days.	Chart
Total assets	$33.4m	$33.1m	$32.3m	$33m	$39.8m	$39.4m	$39.8m	$40.1m	$42.6m	Chart

Reference: annolyse.ai/companies/bfg

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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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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Full chartable metric set

Additional verified filing metrics for this company. Each point links back to a published briefing period in the source data contract.

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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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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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

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 released28 November 2025Annolyse analysis published22 April 2026

From NPAT up 93.7% on a flat top line, with cash conversion swinging to 87.7%

No forward guidance or stated targets accompany this release. The HY25-to-FY25 shape shows a second-half-weighted business — HY25 contributed 51.5% of full-year revenue but only 42.7% of NPAT and 20.0% of operating cash flow — so annualising HY26's NZ$0.85m NPAT to roughly NZ$1.7m would overstate the likely full-year outcome if the historical seasonality holds.

Commentary references a 7.59% decline in total system sales and management's expectation that comparisons against FY24's record delivery-led sales would normalise. That framing supports the modest revenue decline but offers no quantitative FY26 anchor, so the durability of margin gains into the second half cannot be verified from this release.

Open questions

Open questions from HY26

What proportion of the NZ$0.52m working-capital release does management expect to reverse in HY26's second half?
How much of the EBITDA margin expansion to 17.5% reflects the absence of HY25 legal costs versus structural cost-base improvement?
Will the international segment's swing to profitability persist, or does it reflect one-period cost timing on a small revenue base?
What drove the effective tax rate down to 27.4% from 34.7%, and is the lower rate sustainable?
How should shareholders read the 20.0 cent interim dividend against a normalised, post-working-capital-reversal FCF base?

This briefing cannot assess the durability of HY26 margins or the sustainability of cash conversion without forward guidance, segment cost detail, or management commentary on working-capital normalisation.

Briefing archive

Every published Annolyse briefing for this company appears here in reverse chronological order.

FY26 · Released 29 May 2026

EBITDA margin hit 18.4% — nearly 5 points above BFG's historical mean

A one-off store-sale gain and lower legal costs flattered all earnings lines, so the durability of record-high margins is the key question for FY27.

Read briefing

HY26 · Released 28 November 2025

NPAT up 93.7% on a flat top line, with cash conversion swinging to 87.7%

Margin expansion and a NZ$0.52m working-capital release lifted earnings quality, but the prior comparable was unusually weak.

Read briefing

FY25 · Released 30 May 2025

FCF collapsed from $2.4m to $0.3m as capex tripled and OCF fell 43%

Reported NPAT of $1.0m masks sharply weaker cash generation, leaving cash reserves down to $4.8m from $9.6m with no dividend declared this period.

Read briefing

HY25 · Released 29 November 2024

Cash conversion at unprecedented 21.5% as cash reserves halved

Revenue slipped 1.3% while a $0.2M shareholder-litigation cost helped drive PBT down 20.2% and operating cash flow down 79.1%.

Read briefing

FY24 · Released 30 May 2024

BurgerFuel NPAT up 47% on 13.6% revenue growth, OCF slipped 5%

FY24 is the strongest result since BFG's 2007 listing, but OCF/EBITDA conversion fell from 93.8% to 81.3% as cash did not track earnings.

Read briefing

HY24 · Released 24 November 2023

Working-capital release lifted cash as tax jump trimmed NPAT growth to 5.2%

An unusual $0.7M working-capital release pushed cash conversion to 87.0% while the effective tax rate climbed from 26.0% to 31.0%, holding NPAT

Read briefing

FY23 · Released 30 May 2023

BurgerFuel FY23 NPAT up 56% on 24.8% revenue rebound to pre-Covid levels

Cash conversion jumped to 93.8% of EBITDA and ROE climbed to 7.6%, but prior-period comparability is distorted by unit-scale reporting differences.

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HY23 · Released 25 November 2022

Revenue +13.7% and NPAT +36.5% on post-COVID royalty recovery

Operating revenue lifted to $10.7m with EBITDA margin steady at 15.3% and $7.4m of cash held against no material debt.

Read briefing

HY22 · Released 26 November 2021

Revenue up 16% but OCF swings to –NZ$0.2m as inventory builds to a record high

Strong system-sales growth failed to translate into cash, with inventory days hitting an unprecedented 13.3 days against a historical mean of 9.7

Read briefing

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Burger Fuel Group (BFG)

Latest metrics

Valuation

Price and market cap

Profitability multiples

Income and fund shape

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Performance over time

Filing-only history charts

Revenue

Revenue growth

EBITDA-equivalent

EBITDA margin

NPAT

Operating cash flow

Full chartable metric set

OCF / EBITDA

FCF pre-lease

ROE

Net debt

DPS

Debtor days

Inventory days

Operating working-capital movement

HY26 → FY26 Follow-through

What HY26 said to watch

Open questions from HY26

Briefing archive

EBITDA margin hit 18.4% — nearly 5 points above BFG's historical mean

NPAT up 93.7% on a flat top line, with cash conversion swinging to 87.7%

FCF collapsed from $2.4m to $0.3m as capex tripled and OCF fell 43%

Cash conversion at unprecedented 21.5% as cash reserves halved

BurgerFuel NPAT up 47% on 13.6% revenue growth, OCF slipped 5%

Working-capital release lifted cash as tax jump trimmed NPAT growth to 5.2%

BurgerFuel FY23 NPAT up 56% on 24.8% revenue rebound to pre-Covid levels

Revenue +13.7% and NPAT +36.5% on post-COVID royalty recovery

Revenue up 16% but OCF swings to –NZ$0.2m as inventory builds to a record high

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Burger Fuel Group (BFG)

Latest metrics

Valuation

Price and market cap

Profitability multiples

Income and fund shape

Ask about BFG

Ask about BFG

Sign in to chat

Performance over time

Filing-only history charts

Revenue

Revenue growth

EBITDA-equivalent

EBITDA margin

NPAT

Operating cash flow

Full chartable metric set

OCF / EBITDA

FCF pre-lease

ROE

Net debt

DPS

Debtor days

Inventory days

Operating working-capital movement

HY26 → FY26 Follow-through

What HY26 said to watch

Open questions from HY26

Briefing archive

EBITDA margin hit 18.4% — nearly 5 points above BFG's historical mean

NPAT up 93.7% on a flat top line, with cash conversion swinging to 87.7%

FCF collapsed from $2.4m to $0.3m as capex tripled and OCF fell 43%

Cash conversion at unprecedented 21.5% as cash reserves halved

BurgerFuel NPAT up 47% on 13.6% revenue growth, OCF slipped 5%

Working-capital release lifted cash as tax jump trimmed NPAT growth to 5.2%

BurgerFuel FY23 NPAT up 56% on 24.8% revenue rebound to pre-Covid levels

Revenue +13.7% and NPAT +36.5% on post-COVID royalty recovery

Revenue up 16% but OCF swings to –NZ$0.2m as inventory builds to a record high