Market cap
$211m
End-of-day close multiplied by current shares on issue.
CDI · NZX
CDL Investments New Zealand is an NZX-listed property / residential development company with FY21 - FY25 of published result briefings.
Snapshot
FY25, released 24 February 2026
| Metric | Value | Change |
|---|---|---|
| Revenue | $38.1m | ↓ -22.3% |
| EBITDA | $15.6m | ↓ -37.4% |
| NPAT | $11.1m | ↓ -27.9% |
| Operating cash flow | -$9m | ↓ -10.6% |
| OCF / EBITDA % | -57.5% | ↓ -25.0pp |
| ROE % | 3.5%Outside range low roe. 3.5%; 4-period range 4.3% to 10.9%. ROE: 3.5%, below normal range; 4-period mean 7.6%, range 4.3%-10.9%. | ↓ -1.3pp |
| DPS | 1.0c | ↓ -71.4% |
| Payout ratio vs NPAT % | 26.5%Outside range low payout ratio versus npat. 26.5%; 4-period range 31.9% to 75.4%. Payout ratio versus NPAT: 26.5%, below normal range; 4-period mean 51.5%, range 31.9%-75.4%. | ↓ -39.8pp |
| Annual payout ratio vs EPS % | 26.5% | ↓ -39.8pp |
| PBT | $15.4m | ↓ -42.5% |
Source: latest published briefing (FY25, released 24 February 2026). Change compares against the prior equivalent period: FY24, released 24 February 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
$211m
End-of-day close multiplied by current shares on issue.
How the market price compares with recent earnings and cash-flow inputs.
P/E
19.01x
Recent market cap compared with trailing earnings.
EPS
0.04
Recent filing-derived earnings per share.
PEG
Not available
Not meaningful without positive comparable 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
0.66x
Market value compared with latest reported equity.
Yield and fund-style valuation where the company shape supports it.
Dividend yield
1.4%
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 CDL Investments New Zealand'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 | FY2512 MONTHS24 February 2026 | HY256 MONTHS12 August 2025 | FY2412 MONTHS24 February 2025 | HY246 MONTHS7 August 2024 | FY2312 MONTHS26 February 2024 | HY236 MONTHS8 August 2023 | FY2212 MONTHS16 February 2023 | HY226 MONTHS10 August 2022 | FY2112 MONTHS18 February 2022 | Trend |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $38.1m | $13.8m | $49.1m | $16.6m | $30.8m | $11.8m | $67.1m | $47.6m | $91.9m | Chart |
| Revenue growth % | -22.3% | -17.2% | 59.4%Unprecedented high revenue growth. 59.4%; 4-period range -54.1% to 3.7%. Revenue growth: 59.4%, unprecedented high; 4-period mean -24.9%, range -54.1%-3.7%. | 40.3%Outside range high revenue growth. 40.3%; 3-period range -75.1% to -17.2%. Revenue growth: 40.3%, above normal range; 3-period mean -38.2%, range -75.1%--17.2%. | -54.1%Outside range low revenue growth. -54.1%; 4-period range -27% to 59.4%. Revenue growth: -54.1%, below normal range; 4-period mean 3.4%, range -27.0%-59.4%. | -75.1%Outside range low revenue growth. -75.1%; 3-period range -22.2% to 40.3%. Revenue growth: -75.1%, below normal range; 3-period mean 0.3%, range -22.2%-40.3%. | -27.0% | -22.2% | 3.7% | Chart
|
| EBITDA | $15.6m | $5.1m | $25m | $7.9m | $16.2m | $5.3m | — | — | — | Chart |
| EBITDA margin % | 41.0% | 37.1% | 50.9% | 47.6% | 52.5% | 44.7% | — | — | — | Chart |
| PBT | $15.4m | $5.1m | $26.8m | $9.2m | $18.7m | $7m | $43.3m | $31.8m | $43.4m | Chart |
| PBT growth % | -42.5% | -44.6% | 43.3%Unprecedented high pbt growth. 43.3%; 4-period range -56.8% to 3.8%. PBT growth: 43.3%, unprecedented high; 4-period mean -23.9%, range -56.8%-3.8%. | 31.4%Outside range high pbt growth. 31.4%; 3-period range -78% to 10.4%. PBT growth: 31.4%, above normal range; 3-period mean -37.4%, range -78.0%-10.4%. | -56.8%Outside range low pbt growth. -56.8%; 4-period range -42.5% to 43.3%. PBT growth: -56.8%, below normal range; 4-period mean 1.1%, range -42.5%-43.3%. | -78.0%Outside range low pbt growth. -78%; 3-period range -44.6% to 31.4%. PBT growth: -78.0%, below normal range; 3-period mean -0.9%, range -44.6%-31.4%. | -0.2% | 10.4% | 3.8% | Chart
|
| NPAT | $11.1m | $3.6m | $15.4m | $2.7m | $13.5m | $5m | $31.2m | $22.9m | $31.3m | Chart |
| NPAT growth % | -27.9% | 33.3%Outside range high npat growth. 33.3%; 3-period range -78.2% to 10.1%. NPAT growth: 33.3%, above normal range; 3-period mean -38.0%, range -78.2%-10.1%. | 14.1%Outside range high npat growth. 14.1%; 4-period range -56.7% to 4%. NPAT growth: 14.1%, above normal range; 4-period mean -20.2%, range -56.7%-4.0%. | -46.0% | -56.7%Unprecedented low npat growth. -56.7%; 4-period range -27.9% to 14.1%. NPAT growth: -56.7%, unprecedented low; 4-period mean -2.5%, range -27.9%-14.1%. | -78.2%Outside range low npat growth. -78.2%; 3-period range -46% to 33.3%. NPAT growth: -78.2%, below normal range; 3-period mean -0.9%, range -46.0%-33.3%. | -0.3% | 10.1% | 4.0% | Chart
|
| Operating cash flow | -$9m | -$12.2m | -$8.1m | -$6.5m | -$10.3m | $2.5m | $11.2m | $10.8m | $4.1m | Chart |
| OCF / EBITDA % | -57.5% | -239.4% | -32.5% | -82.5% | -63.7% | 47.1% | — | — | — | Chart |
| FCF pre-lease | -$9m | -$12.6m | -$9.1m | -$6.6m | -$10.3m | $2.2m | $11.2m | — | $4.1m | Chart |
| FCF post-lease | — | — | -$9.1m | -$6.6m | — | — | $11.2m | — | $4.1m | Chart |
| DPS | 1.0c | — | 3.5c | — | 3.5c | — | 3.5c | — | 3.5c | Chart |
| Payout ratio vs NPAT % | 26.5%Outside range low payout ratio versus npat. 26.5%; 4-period range 31.9% to 75.4%. Payout ratio versus NPAT: 26.5%, below normal range; 4-period mean 51.5%, range 31.9%-75.4%. | — | 66.3% | — | 75.4%Unprecedented high payout ratio versus npat. 75.4%; 4-period range 26.5% to 66.3%. Payout ratio versus NPAT: 75.4%, unprecedented high; 4-period mean 39.3%, range 26.5%-66.3%. | — | 32.4% | — | 31.9% | Chart
|
| Annual payout ratio vs EPS % | 26.5% | — | 66.3% | — | 75.4% | — | 32.3% | — | 31.9% | Chart |
| ROE % | 3.5%Outside range low roe. 3.5%; 4-period range 4.3% to 10.9%. ROE: 3.5%, below normal range; 4-period mean 7.6%, range 4.3%-10.9%. | 1.1%Outside range low roe. 1.1%; 3-period range 1.6% to 7.6%. ROE: 1.1%, below normal range; 3-period mean 3.7%, range 1.6%-7.6%. | 4.8% | 1.8% | 4.3% | 1.6% | 10.5% | 7.6%Outside range high roe. 7.6%; 3-period range 1.1% to 1.8%. ROE: 7.6%, above normal range; 3-period mean 1.5%, range 1.1%-1.8%. | 10.9%Outside range high roe. 10.9%; 4-period range 3.5% to 10.5%. ROE: 10.9%, above normal range; 4-period mean 5.8%, range 3.5%-10.5%. | Chart
|
| Debtor days | 4 | 50 | 5Outside range high debtor days. 5d; 4-period range 0d to 4d. Debtor days: 5.0 days, above normal range; 4-period mean 2.3 days, range 0.4 days-3.9 days. | 76Outside range high debtor days. 76d; 3-period range 6d to 56d. Debtor days: 76.1 days, above normal range; 3-period mean 37.2 days, range 5.7 days-55.9 days. | 4 | 56 | 1 | 6Outside range low debtor days. 6d; 3-period range 50d to 76d. Debtor days: 5.7 days, below normal range; 3-period mean 60.7 days, range 50.0 days-76.1 days. | 0Unprecedented low debtor days. 0d; 4-period range 1d to 5d. Debtor days: 0.4 days, unprecedented low; 4-period mean 3.5 days, range 1.2 days-5.0 days. | Chart
|
| Total assets | $331.6m | $323.9m | $328.6m | $313.5m | $319.2m | $306.5m | $313.7m | $306.7m | $297.6m | Chart |
Reference: annolyse.ai/companies/cdi
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.
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 PBT fell 44.6% as tax normalisation flattered NPAT to +33.3%
No quantitative target or guidance is provided. The supplied seasonality shape for FY24 had HY revenue at 33.9% of full year and HY NPAT at only 17.8%, implying a heavily second-half-weighted business in residential settlements. Annualising HY25 revenue gives NZ$27.5m, well below the FY24 NZ$49.1m base, so a flat full-year outcome would require a stronger second half than HY24 produced.
Management flags first sales from Iona Stage 1 in Havelock North with Stage 2 expected to commence early next year, and notes disappointment with the Future Development Strategy (FDS) process. Both point to project-timing risk around H2 settlement volumes that the release does not quantify.
Open questions
This briefing cannot assess section sell-through pace, settlement timing, or land valuations because the release does not disclose forward-work, contracted-but-unsettled volumes, or independent valuation inputs.
Archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
FY25 · Released 24 February 2026
Tax-rate normalisation cushioned NPAT to a 27.9% decline, masking a deeper margin compression on subdued residential section demand.
HY25 · Released 12 August 2025
Revenue dropped 17.2% in a subdued property market, and the headline NPAT gain reflects a 29.4% tax rate versus 70.2% prior, not improving operations.
FY24 · Released 24 February 2025
A $3.9m one-off non-cash deferred tax charge lifted the effective tax rate to 42.5%, suppressing reported NPAT despite revenue rising 59.4%.
HY24 · Released 7 August 2024
Strong property sales lifted PBT 31.4%, but operating cash flow swung to a NZ$6.5m outflow as receivables built and a one-off tax charge cut NPAT
FY23 · Released 26 February 2024
FY23 NPAT fell 56.7% on the absence of one-off land sale gains, but the held 3.5cps dividend now exceeds free cash flow.
HY23 · Released 8 August 2023
The decline is volume-driven against a HY22 boosted by one-off land sales, while cash grew to NZ$45.0m with no debt and margins held within range.
FY22 · Released 16 February 2023
Project mix held profit virtually flat despite lower settlement volumes, while cash fell NZ$21.4m on the Hamilton land acquisition and dividends.
HY22 · Released 10 August 2022
Lot-mix margin expansion lifted profit while a $75.9m cash drain into a Hamilton land acquisition and inventory build reset balance-sheet liquidity.
FY21 · Released 18 February 2022
Residential development cash generation collapsed from NZ$54.8m prior, leaving FY21 reported earnings well ahead of cash conversion.
Get the next CDL Investments New Zealand result briefing and five-year history updates by email.