Market cap
$100m
End-of-day close multiplied by current shares on issue.
CVT · NZX
Comvita (CVT)
Consumer / Honey and wellnessCovered: HY24 - FY263 published briefings
Comvita is an NZX-listed consumer / honey and wellness company. Its latest covered result is FY26, with HY24 - FY26 of source-backed result history on Annolyse.
Sections
Latest result
Latest metrics
FY26, released 28 August 2026
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| Metric | Value | Change |
|---|---|---|
| Revenue | $213m | — |
| Operating profit | $14m | — |
| NPAT | $7.7m | — |
| Operating cash flow | $40.3m | — |
| OCF / Operating profit % | 287.2% | — |
| Net debt | -$0.54m | — |
| Net debt / Operating profit | n/m | — |
| ROE % | 7.9% | — |
| PBT | $8.2m | — |
| FCF pre-lease | $39m | — |
Source: latest published briefing (FY26, released 28 August 2026). Change compares against the prior equivalent period: not available for this company.
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
12.98x
Recent market cap compared with trailing earnings.
EPS
0.06
Recent filing-derived earnings per share.
PEG
Not available
Not available for this company right now.
EV/EBITDA
7.09x
Enterprise value compared with recent EBITDA.
P/FCF
2.56x
Market cap compared with recent free cash flow.
P/B
1.03x
Market value compared with latest reported equity.
Income and investment-company measures
Yield and investment-company valuation where supported.
Dividend yield
0.0%
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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Ask follow-up questions about Comvita's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Ask about CVT
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 MONTHS28 August 2026 | HY266 MONTHS23 February 2026 | HY246 MONTHS21 February 2024 | Trend |
|---|---|---|---|---|
| Revenue | $213m | $118m | $103.4m | Chart |
| Revenue growth % | 10.7% | 18.3% | -7.8% | Chart |
| Operating profit | $14m | $7.7m | $6.1m | Chart |
| Operating profit margin % | 6.6% | 6.5% | 5.9% | Chart |
| PBT | $8.2m | $4.3m | -$4.2m | Chart |
| NPAT | $7.7m | $4.6m | -$3.2m | Chart |
| Operating cash flow | $40.3m | $20.8m | -$6.1m | Chart |
| OCF / Operating profit % | 287.2% | 269.8% | -99.9% | Chart |
| FCF pre-lease | $39m | $20.3m | -$11.7m | Chart |
| FCF post-lease | $30.3m | $16.4m | — | Chart |
| DPS | — | — | 1.0c | — |
| ROE % | 7.9% | 7.9% | -1.4% | Chart |
| Net debt | -$0.54m | $48.7m | $85.8m | Chart |
| Net debt / Operating profit | n/m | 6.33x | 14.03x | Chart |
| Debtor days | 36 | 51 | 71 | Chart |
| Inventory days | 137 | 105 | 252 | Chart |
| Total assets | $164.9m | $164.4m | $391.5m | Chart |
Reference: annolyse.ai/companies/cvt
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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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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FCF post-lease
Free cash flow after lease payments where available.
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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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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 releasedAnnolyse analysis published
From Comvita swung to $4.6m NPAT, but FCF leans on $52m inventory unwind
No FY26 numerical target is supplied in the release, so the result has to be judged against shape rather than guidance. HY25 was 51.8% of FY25 revenue but only 6.2% of FY25 NPAT, because H2 FY25 absorbed a $98.3m implied loss tied to prior-period writedowns. That makes FY25 a poor anchor for full-year shape. Annualising HY26 revenue gives $235.9m, around 22.6% above FY25's $192.4m, but seasonality and channel timing in this business make that a directional reference only.
What the release supports is that H1 priorities were delivered: a return to profitability, positive operating cash flow, and debt reduction. What it does not support is a view on H2 earnings power, because the H2 outcome depends on whether revenue growth holds without the inventory tailwind.
Open questions
Open questions from HY26
- What is the steady-state inventory level the business is targeting, and how much of the $52.5m drawdown is structural versus cyclical destocking?
- Why is the effective tax rate negative this half, and is a normal tax charge expected to resume in H2?
- Is capex at 0.4% of revenue sustainable, or does the apiary and manufacturing base require a step-up in maintenance spend in FY27?
- What drove the 18.3% revenue lift by region, and how much came from the China channel that was the prior-period drag?
- How does management intend to use the $32.9m of debt headroom: further deleveraging, reinvestment, or capital return?
This briefing cannot assess underlying demand strength by region or channel, because segment revenue is not disclosed in the supplied financial statements.
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
2026 Annual Report
FY26 / financial reportComvita returns to profit in FY26
FY26 / results releaseInvestor Presentation
FY26 / results presentationResults Announcement
FY26 / results announcementPrior comparable period
2025 Annual Report
FY25 / financial report2025 Climate Statement
FY25 / results announcementInterim context
Comvita Delivers First-Half Priorities as Turnaround Continues
HY26 / results releaseFinancial Statements
HY26 / financial reportInvestor Presentation
HY26 / results presentationResults Announcement
HY26 / results announcementRelease context
Market update
FY25 / commentaryComvita provides FY26 Trading Update
FY26 / commentaryComvita advises results of resolutions at Annual Meeting
HY26 / commentaryComvita provides FY26 Trading Update
HY26 / commentaryPeer context
Other covered Consumer companies
These companies share a broad sector but may not be direct peers. Compare them only where the underlying measures are genuinely comparable.
Archive
Briefing archive
The full chronological archive contains every published result briefing.
FY26 · Released 28 August 2026
Capital raise puts Comvita's debt headroom in focus
The filing ties the NZ$40.5m capital raised directly to balance-sheet leverage.
Read briefing
HY26 · Released 23 February 2026
Comvita swung to $4.6m NPAT, but FCF leans on $52m inventory unwind
The operating turnaround is real, yet FCF-to-NPAT of 357.3% reflects working-capital release and a 76% capex cut rather than steady-state cash
Read briefing
HY24 · Released 21 February 2024
Revenue -7.8% drove PBT to a $4.2m loss as net debt/EBITDA hit 14x
China weakness pushed operating cash flow negative, lifted net debt to 14x EBITDA and forced a 60% dividend cut despite a held 60% gross margin; the OCF/EBITDA relationship this period is denominator-distorted and should not be read as normal cash-conversion evidence.
Read briefing
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