Market cap
$150.6m
End-of-day close multiplied by current shares on issue.
BRM · NZX
Barramundi (BRM)
Investment Companies / Listed investment companyCovered: FY21 - FY2611 published briefings
Barramundi is an NZX-listed investment companies / listed investment company company. Its latest covered result is FY26, with FY21 - FY26 of source-backed result history on Annolyse.
Sections
Latest result
Latest metrics
FY26, released 24 August 2026
← Swipe to view more
| Metric | Value | Change |
|---|---|---|
| Revenue | -$39.4m | ↓ -912.2% |
| NPAT | -$42.9m | ↓ -643.0% |
| DPS | 1.1c | — |
Source: latest published briefing (FY26, released 24 August 2026). Change compares against the prior equivalent period: FY25, released 18 August 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, 18 September 2026
Price and market cap
The latest close and share count context for the market price.
i
Income and investment-company measures
Yield and investment-company valuation where supported.
Dividend yield
11.4%
Trailing dividends compared with the latest close.
Premium / discount
-18.9%
For investment companies, price compared with reported NTA.
Total return
Not available
Available once dividend and adjustment data are verified.
Profitability multiples
How the market price compares with recent earnings and cash-flow inputs.
P/E
Not available
Not meaningful when recent earnings are negative.
EPS
-0.12
Recent filing-derived earnings per share.
PEG
Not available
Not available for this company right now.
EV/EBITDA
Not available
Not meaningful for this company type.
P/FCF
Not available
Not available for this company right now.
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.
Loading chart...
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.
Loading chart...
Chat
Ask about BRM
Ask follow-up questions about Barramundi's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Ask about BRM
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Financial history
Performance over time
The latest period is shown first.
← Swipe to view more
| Metric | FY2612 MONTHS24 August 2026 | HY266 MONTHS16 February 2026 | FY2512 MONTHS18 August 2025 | HY256 MONTHS21 February 2025 | FY2412 MONTHS19 August 2024 | HY246 MONTHS22 February 2024 | FY2312 MONTHS22 August 2023 | HY236 MONTHS17 February 2023 | FY2212 MONTHS22 August 2022 | HY226 MONTHS28 February 2022 | FY2112 MONTHS24 August 2021 | Trend |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | -$39.4m | $13.5m | $4.8m | $2.4m | $4.2m | $19.7m | $4m | $15.2m | $3.8m | $1.9b | $57.2m | Chart |
| Revenue growth % | n/m | 474.9% | 16.2% | -88.0% | 4.4% | 29.1% | 5.2% | n/m | -93.4%Outside range low revenue growth. -93.4%; 4-period range n/m. Revenue growth: -93.4%, below normal range; 4-period mean 449.3%, range n/m. | -94.4% | n/m | Chart |
| EBITDA | — | — | — | — | — | — | — | $13.6m | -$35.2m | $15.4m | $51.7m | Chart |
| EBITDA margin % | — | — | — | — | — | — | — | 89.0% | n/m | 0.8% | 90.4% | Chart |
| PBT | — | -$15m | $8.5m | $9.2m | $29m | $17.8m | $39.4m | $13.6m | -$35.2m | $15.4m | $51.7m | Chart |
| PBT growth % | — | — | -70.7% | -48.3% | -26.4% | 30.9%Outside range high pbt growth. 30.9%; 4-period range -263.6% to -11.7%. PBT growth: 30.9%, above normal range; 4-period mean -93.5%, range -263.6%--11.7%. | — | -11.7% | — | -50.3% | 307.1% | Chart
|
| NPAT | -$42.9m | -$15.4m | $7.9m | $8.9m | $28.1m | $17m | $38.3m | $12.2m | -$34.6m | $14.9m | $52.3m | Chart |
| NPAT growth % | — | — | -71.9% | -47.6% | -26.6% | 39.3%Outside range high npat growth. 39.3%; 4-period range -272.8% to -18.1%. NPAT growth: 39.3%, above normal range; 4-period mean -97.8%, range -272.8%--18.1%. | — | -18.1% | — | -52.8% | 318.4% | Chart
|
| Operating cash flow | — | -$13m | -$0.51m | -$14.8m | $11.3m | $9.9m | $13.1m | $5.9m | -$18m | -$23.8m | $6.7m | Chart |
| OCF / EBITDA % | — | — | — | — | — | — | — | 43.4% | 51.2% | -154.2% | 12.9% | Chart |
| DPS | 1.1c | 1.3c | — | 1.5c | 1.5c | 1.4c | 1.4c | 1.4c | 1.4c | 1.7c | 1.7c | Chart |
| Payout ratio vs NPAT % | — | — | — | 51.3%Outside range high payout ratio versus npat. 51.3%; 3-period range 23.6% to 30%. Payout ratio versus NPAT: 51.3%, above normal range; 3-period mean 26.5%, range 23.6%-30.0%. | 29.6% | 23.6%Outside range low payout ratio versus npat. 23.6%; 3-period range 25.8% to 51.3%. Payout ratio versus NPAT: 23.6%, below normal range; 3-period mean 35.7%, range 25.8%-51.3%. | 19.8% | 30.0% | — | 25.8% | 24.2% | Chart
|
| Annual payout ratio vs EPS % | — | — | — | — | 29.6% | — | 19.8% | — | — | — | 24.2% | Chart |
| ROE % | — | -7.1%Outside range low roe. -7.1%; 3-period range 3.6% to 8.1%. ROE: -7.1%, below normal range; 3-period mean 6.1%, range 3.6%-8.1%. | 3.3% | 3.6% | 13.0% | 8.1%Outside range high roe. 8.1%; 3-period range -7.1% to 6.6%. ROE: 8.1%, above normal range; 3-period mean 1.0%, range -7.1%-6.6%. | 19.3% | 6.9% | -19.4%Unprecedented low roe. -19.4%; 4-period range 3.3% to 28.2%. ROE: -19.4%, unprecedented low; 4-period mean 15.9%, range 3.3%-28.2%. | 6.6% | 28.2%Outside range high roe. 28.2%; 4-period range -19.5% to 19.3%. ROE: 28.2%, above normal range; 4-period mean 4.0%, range -19.4%-19.3%. | Chart
|
| Debtor days | — | — | — | 15 | 1 | 2 | 1 | 3 | 1 | n/m | 0 | Chart |
| Total assets | — | $221.7m | $241.7m | $249.9m | $218.7m | $212.3m | $201.2m | $179.5m | $172.3m | $227.9m | $188.5m | Chart |
Reference: annolyse.ai/companies/brm
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.
NTA/NAV per share
Net tangible asset or net asset value per share, shown in per-share cents for chart readability.
Loading chart...
- FY21 BRM: Unprecedented high nta/nav per share. 87c; 5-period range 53c to 76c. NTA/NAV per share: n/m, unprecedented high; 5-period mean n/m, range n/mn/m.
- HY22 BRM: Unprecedented high nta/nav per share. 85c; 4-period range 63.28c to 75.32c. NTA/NAV per share: n/m, unprecedented high; 4-period mean n/m, range n/mn/m.
- HY26 BRM: Outside range low nta/nav per share. 63c; 4-period range 65.44c to 85.29c. NTA/NAV per share: n/m, below normal range; 4-period mean n/m, range n/mn/m.
- FY26 BRM: Unprecedented low nta/nav per share. 53c; 5-period range 64c to 87c. NTA/NAV per share: n/m, unprecedented low; 5-period mean n/m, range n/mn/m.
Investment income
Recurring investment-income or revenue-return proxy, excluding fair-value movement where disclosed.
Loading chart...
- FY21 BRM: Outside range low investment income. $2.9m; 5-period range $3.8m to $6.6m. Investment income: NZ$2.9m, below normal range; 5-period mean NZ$4.7m, range NZ$3.8m-NZ$6.6m.
- HY22 BRM: Outside range low investment income. $1.9m; 4-period range $2m to $2.4m. Investment income: NZ$1.9m, below normal range; 4-period mean NZ$2.2m, range NZ$2.0m-NZ$2.4m.
- HY26 BRM: Outside range high investment income. $2.4m; 4-period range $1.9m to $2.4m. Investment income: NZ$2.4m, above normal range; 4-period mean NZ$2.1m, range NZ$1.9m-NZ$2.4m.
- FY26 BRM: Unprecedented high investment income. $6.6m; 5-period range $2.9m to $4.8m. Investment income: NZ$6.6m, unprecedented high; 5-period mean NZ$3.9m, range NZ$2.9m-NZ$4.8m.
Investment total return
Total income or return including fair-value or capital movement where disclosed.
Loading chart...
- FY21 BRM: Outside range high investment total return. $57.2m; 4-period range $-32.6m to $43.6m. Investment total return: NZ$57.2m, above normal range; 4-period mean NZ$14.1m, range NZ$-32.6m-NZ$43.6m.
- FY22 BRM: Unprecedented low investment total return. $-32.6m; 4-period range $12.5m to $57.2m. Investment total return: NZ$-32.6m, unprecedented low; 4-period mean NZ$36.6m, range NZ$12.5m-NZ$57.2m.
- HY24 BRM: Outside range high investment total return. $19.7m; 4-period range $-13.5m to $17.3m. Investment total return: NZ$19.7m, above normal range; 4-period mean NZ$8.3m, range NZ$-13.5m-NZ$17.3m.
- HY26 BRM: Unprecedented low investment total return. $-13.5m; 4-period range $14.3m to $19.7m. Investment total return: NZ$-13.5m, unprecedented low; 4-period mean NZ$16.6m, range NZ$14.3m-NZ$19.7m.
Net assets attributable
Net asset base attributable to shareholders or unitholders.
Loading chart...
- FY22 BRM: Outside range low net assets attributable. $170.7m; 4-period range $185.7m to $240.6m. Net assets attributable: NZ$170.7m, below normal range; 4-period mean NZ$210.4m, range NZ$185.7m-NZ$240.6m.
- HY23 BRM: Unprecedented low net assets attributable. $178.1m; 4-period range $211.1m to $248.3m. Net assets attributable: NZ$178.1m, unprecedented low; 4-period mean NZ$226.0m, range NZ$211.1m-NZ$248.3m.
- HY25 BRM: Unprecedented high net assets attributable. $248.3m; 4-period range $178.1m to $225.9m. Net assets attributable: NZ$248.3m, unprecedented high; 4-period mean NZ$208.5m, range NZ$178.1m-NZ$225.9m.
- FY25 BRM: Unprecedented high net assets attributable. $240.6m; 4-period range $170.7m to $215.9m. Net assets attributable: NZ$240.6m, unprecedented high; 4-period mean NZ$192.9m, range NZ$170.7m-NZ$215.9m.
Distribution coverage
Recurring investment income or revenue-return coverage of cash distributions where source-backed.
Loading chart...
- FY22 BRM: Unprecedented low distribution coverage. 34.4%; 4-period range 39.3% to 40.7%. Distribution coverage: 34.4%, unprecedented low; 4-period mean 40.0%, range 39.3%-40.7%.
- FY23 BRM: Outside range high distribution coverage. 40.7%; 4-period range 34.4% to 40.5%. Distribution coverage: 40.7%, above normal range; 4-period mean 38.4%, range 34.4%-40.5%.
Portfolio/NAV total return vs benchmark
Portfolio or NAV total return compared with the disclosed benchmark or index return.
Loading chart...
- HY23 Portfolio/NAV total return: Outside range high portfolio/nav total return. 8.9%; 4-period range -5.8% to 8.8%. Portfolio/NAV total return: 8.9%, above normal range; 4-period mean 4.0%, range -5.8%-8.8%.
- HY26 Portfolio/NAV total return: Unprecedented low portfolio/nav total return. -5.8%; 4-period range 5.3% to 8.9%. Portfolio/NAV total return: -5.8%, unprecedented low; 4-period mean 7.7%, range 5.3%-8.9%.
- HY22 Benchmark total return: Unprecedented low benchmark total return. 3.7%; 4-period range 5.6% to 10.7%. Benchmark total return: 3.7%, unprecedented low; 4-period mean 7.9%, range 5.6%-10.7%.
- HY23 Benchmark total return: Unprecedented high benchmark total return. 10.7%; 4-period range 3.7% to 7.7%. Benchmark total return: 10.7%, unprecedented high; 4-period mean 6.1%, range 3.7%-7.7%.
- FY26 Benchmark total return: Unprecedented low benchmark total return. 9.2%; 5-period range 28.1% to 70%. Benchmark total return: 9.2%, unprecedented low; 5-period mean 61.6%, range 28.1%-70.0%.
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 Portfolio swung to unprecedented -5.8%, 11.4pp behind benchmark
No forward NAV, portfolio or distribution targets were supplied, and investment companies do not produce the kind of order-book or work-in-hand read used for operating businesses. The release therefore does not support a quantitative view on second-half NAV recovery or on whether portfolio return reverts toward the historical 7.7% mean.
What the release does establish is that the recurring-income leg held up while the capital-return leg deteriorated sharply. The declared interim dividend cut to 1.28cps (from 1.53cps) signals some adjustment to the realised capital position rather than a stated change in distribution policy. Reversion in HY27 will depend on Australian sharemarket conditions and active-manager performance, neither of which is disclosed forward in this filing.
Open questions
Open questions from HY26
- What drove the 11.4pp underperformance versus benchmark in HY26, and how does the manager split it between stock selection and sector allocation?
- Why has the portfolio now trailed its benchmark in two consecutive interim periods, and what changes (if any) are being made to the investment approach?
- How will the next interim distribution be funded given recurring investment income covers only 38.4% of payouts and cash has fallen to NZ$2.75m?
- Is the declared 1.28cps interim dividend a one-off response to the capital drawdown, or a step toward a lower run-rate distribution?
- What is the manager's view on the durability of recurring investment income running above its historical range?
This briefing cannot assess the composition of the underlying portfolio, the manager's specific stock-level decisions, or the trajectory of Australian sharemarket conditions that drove the fair-value movements.
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
BRM - Commentary for the year ended 30 June 2026
FY26 / results releaseBRM - Financial statements for the year ended 30 June 2026 incl audit report
FY26 / financial reportBRM - Preliminary year end announcement - 30 June 2026
FY26 / results announcementPrior comparable period
Barramundi 2025 Annual Report
FY25 / financial reportInterim context
BRM - Commentary for interim period to 31 December 2025
HY26 / results releaseBRM - Interim Financial Statements for period to 31 Dec 2025 incl review report
HY26 / financial reportBRM - Preliminary half year announcement - 31 December 2025
HY26 / results announcementRelease context
Barramundi ASM Presentation 31 Oct 2025
HY26 / commentaryPeer context
Listed investment company 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 24 August 2026
Barramundi NTA per share sinks to $0.53 as portfolio drives $42.9m net loss
NTA per share dropped 25.4% to an unprecedented $0.53 even as investment income rose 36.1% to $6.6m, masked by portfolio losses.
Read briefing
HY26 · Released 16 February 2026
Portfolio swung to unprecedented -5.8%, 11.4pp behind benchmark
Recurring investment income held above its historical range, but a NZ$13.5m portfolio loss pushed NPAT to -NZ$15.4m and NTA per share to NZ$0.63.
Read briefing
FY25 · Released 18 August 2025
NPAT fell 71.9% as portfolio gains cooled; coverage dropped to 39.4%
Record investment income of NZ$4.8m was outpaced by NZ$12.3m in distributions, leaving capital gains to fund the gap.
Read briefing
HY25 · Released 21 February 2025
Portfolio trailed benchmark by 2.3pp as NPAT halved to $8.9m
Smaller fair-value gains drove NPAT down 47.6%, lifting the payout-to-NPAT ratio to 51.3% versus a 26.5% historical mean.
Read briefing
FY24 · Released 19 August 2024
NPAT down 26.6% as portfolio gains normalise off a strong FY23
Investment income rose 4.4% to $4.2m, but lower fair-value contribution cut total return 24% and ROE from 19.2% to 13.0%.
Read briefing
HY24 · Released 22 February 2024
Portfolio return of NZ$19.7m drove PBT up 30.9% and NTA per share up 15.1%
Portfolio total return of 8.8% beat the benchmark by 1.1pp, but a lower effective tax rate flattered the 39.3% NPAT print.
Read briefing
Get notified when BRM publishes
Get the next Barramundi result briefing and five-year history updates by email.