Market cap
$189.1m
End-of-day close multiplied by current shares on issue.
ERD · NZX
EROAD (ERD)
Technology / Transport softwareCovered: FY23 - FY266 published briefings
EROAD is an NZX-listed technology / transport software company with FY23 - FY26 of published result briefings.
Sections
Snapshot
Latest metrics
FY26, released 25 May 2026
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| Metric | Value | Change |
|---|---|---|
| Revenue | $195.2m | ↑ +0.4% |
| EBITDA | $0m | ↓ -100.0% |
| NPAT | $0m | ↓ -100.0% |
| Operating cash flow | $30.3m | ↓ -29.9% |
| ROE % | -93.5%Outside range low roe. -93.5%; 3-period range -1.2% to 0.4%. ROE: -93.5%, below normal range; 3-period mean -0.3%, range -1.2%-0.4%. | ↓ -93.9pp |
| PBT | $0m | ↓ -100.0% |
| FCF pre-lease | $0.1m | ↓ -99.4% |
| FCF post-lease | $0m | ↓ -100.0% |
| Debtor days | 47 | ↓ -21.9% |
| Inventory days | n/m | — |
Source: latest published briefing (FY26, released 25 May 2026). Change compares against the prior equivalent period: FY25, released 26 May 2025.
Valuation
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, 31 July 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
Not available
Not meaningful when recent earnings are negative.
EPS
0.00
Recent filing-derived earnings per share.
PEG
Not available
Not available for this company right now.
EV/EBITDA
Not available
Not meaningful when recent EBITDA is negative.
P/FCF
1,890.51x
Market cap compared with recent free cash flow.
P/B
1.1x
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.
Price history
Daily closes use the full available width, with hover and touch readouts against real observations. Expand opens the chart at reading size.
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: FY25.
P/E is not meaningful for this company's earnings history because trailing NPAT is not positive or is too small relative to market value in most chart periods.
Chat
Ask about ERD
Ask follow-up questions about EROAD's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Ask about ERD
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Longitudinal view
Performance over time
The latest period is shown first.
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| Metric | FY2612 MONTHS25 May 2026 | HY266 MONTHS21 November 2025 | FY2512 MONTHS26 May 2025 | FY2412 MONTHS23 May 2024 | HY246 MONTHS29 November 2023 | FY2312 MONTHS24 May 2023 | Trend |
|---|---|---|---|---|---|---|---|
| Revenue | $195.2m | $99.1m | $194.4m | $182m | $88.9m | $174.9m | Chart |
| Revenue growth % | 0.4%Outside range low revenue growth. 0.4%; 3-period range 4.1% to 52.2%. Revenue growth: 0.4%, below normal range; 3-period mean 21.0%, range 4.1%-52.2%. | 3.3% | 6.8% | 4.1% | 4.6% | 52.2%Outside range high revenue growth. 52.2%; 3-period range 0.4% to 6.8%. Revenue growth: 52.2%, above normal range; 3-period mean 3.8%, range 0.4%-6.8%. | Chart
|
| EBITDA | $0m | $0m | $59.6m | $53.3m | $25.6m | $45.2m | Chart |
| EBITDA margin % | 0.0%Outside range low ebitda margin. 20%; 3-period range 25.8% to 30.7%. EBITDA margin: 20.0%, below normal range; 3-period mean 28.6%, range 25.8%-30.7%. | 0.0% | 30.7%Outside range high ebitda margin. 30.7%; 3-period range 20% to 29.3%. EBITDA margin: 30.7%, above normal range; 3-period mean 25.0%, range 20.0%-29.3%. | 29.3% | 28.8% | 25.8% | Chart
|
| PBT | $0m | -$136.6m | $0.2m | -$7m | — | -$5.1m | Chart |
| NPAT | $0m | -$144.2m | $1.4m | -$0.3m | — | -$3m | Chart |
| Operating cash flow | $30.3m | $25.7m | $43.2m | $52.9m | $20.7m | $24.1m | Chart |
| OCF / EBITDA % | — | — | 72.5% | 99.2%Outside range high ocf / ebitda cash conversion. 99.2%; 3-period range 53.3% to 77.7%. OCF / EBITDA cash conversion: 99.2%, above normal range; 3-period mean 67.8%, range 53.3%-77.7%. | 80.9% | 53.3%Outside range low ocf / ebitda cash conversion. 53.3%; 3-period range 72.5% to 99.2%. OCF / EBITDA cash conversion: 53.3%, below normal range; 3-period mean 83.1%, range 72.5%-99.2%. | Chart
|
| FCF pre-lease | $0.1m | $5.1m | $16m | $20.7m | $7.9m | — | Chart |
| FCF post-lease | $0m | $0m | $16m | — | -$0.2m | $29.9m | Chart |
| ROE % | -93.5%Outside range low roe. -93.5%; 3-period range -1.2% to 0.4%. ROE: -93.5%, below normal range; 3-period mean -0.3%, range -1.2%-0.4%. | -77.2% | 0.4%Outside range high roe. 0.4%; 3-period range -93.5% to -0.1%. ROE: 0.4%, above normal range; 3-period mean -31.6%, range -93.5%--0.1%. | -0.1% | — | -1.2% | Chart
|
| Net debt | — | — | $11.8m | — | — | $62.5m | Chart |
| Net debt / EBITDA | — | — | 0.2x | — | — | 1.38x | Chart |
| Debtor days | 47 | 116 | 60Outside range high debtor days. 60d; 3-period range 42d to 47d. Debtor days: 60.1 days, above normal range; 3-period mean 45.1 days, range 41.5 days-47.0 days. | 42Outside range low debtor days. 42d; 3-period range 47d to 60d. Debtor days: 41.5 days, below normal range; 3-period mean 51.3 days, range 46.9 days-60.1 days. | — | 47 | Chart
|
| Inventory days | n/m | — | 41 | — | 56 | 58 | Chart |
| Total assets | $308.8m | $316.7m | $460.3m | $433.5m | $430.1m | $402.8m | Chart |
Reference: annolyse.ai/companies/erd
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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- FY23 ERD FY: Outside range high revenue growth. 52.2%; 3-period range 0.4% to 6.8%. Revenue growth: 52.2%, above normal range; 3-period mean 3.8%, range 0.4%-6.8%.
- FY26 ERD FY: Outside range low revenue growth. 0.4%; 3-period range 4.1% to 52.2%. Revenue growth: 0.4%, below normal range; 3-period mean 21.0%, range 4.1%-52.2%.
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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- FY25 ERD FY: Outside range high ebitda margin. 30.7%; 3-period range 20% to 29.3%. EBITDA margin: 30.7%, above normal range; 3-period mean 25.0%, range 20.0%-29.3%.
- FY26 ERD FY: Outside range low ebitda margin. 20%; 3-period range 25.8% to 30.7%. EBITDA margin: 20.0%, below normal range; 3-period mean 28.6%, range 25.8%-30.7%.
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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- FY23 ERD FY: Outside range low ocf / ebitda cash conversion. 53.3%; 3-period range 72.5% to 99.2%. OCF / EBITDA cash conversion: 53.3%, below normal range; 3-period mean 83.1%, range 72.5%-99.2%.
- FY24 ERD FY: Outside range high ocf / ebitda cash conversion. 99.2%; 3-period range 53.3% to 77.7%. OCF / EBITDA cash conversion: 99.2%, above normal range; 3-period mean 67.8%, range 53.3%-77.7%.
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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- FY25 ERD FY: Outside range high roe. 0.4%; 3-period range -93.5% to -0.1%. ROE: 0.4%, above normal range; 3-period mean -31.6%, range -93.5%--0.1%.
- FY26 ERD FY: Outside range low roe. -93.5%; 3-period range -1.2% to 0.4%. ROE: -93.5%, below normal range; 3-period mean -0.3%, range -1.2%-0.4%.
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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Debtor days
Receivables days where the working-capital inputs are source-backed.
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- FY24 ERD FY: Outside range low debtor days. 42d; 3-period range 47d to 60d. Debtor days: 41.5 days, below normal range; 3-period mean 51.3 days, range 46.9 days-60.1 days.
- FY25 ERD FY: Outside range high debtor days. 60d; 3-period range 42d to 47d. Debtor days: 60.1 days, above normal range; 3-period mean 45.1 days, range 41.5 days-47.0 days.
Inventory days
Inventory days where the working-capital inputs are source-backed.
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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 EROAD swings to a $144.2m net loss despite $28.7m EBITDA and stronger cash flow
No stated targets or explicit guidance are supplied for FY26, so the result cannot be measured against a management commitment. The supplied historical shape shows the first half typically represents roughly 49% of full-year revenue and EBITDA, but the prior comparable first half already carried a disproportionately negative share of full-year NPAT, and this half is a much larger loss again, so there is no basis in the current data to project whether the second half offsets the scale of this loss. The absence of guidance limits any assessment of whether this is an isolated half or the start of a trend.
Open questions
Open questions from HY26
- What is the specific composition of the charge that took profit before tax to -$136.6m from -$0.1m, given EBITDAI of only $28.7m?
- Why did receivable days nearly double to 116 from 63 in the same period that overall working capital swung to a $29.7m release?
- Is the roughly $125m fall in total equity fully attributable to this period's loss, or does it include other capital movements?
- Will the improved cash conversion and $5.1m free cash flow persist once the working-capital tailwind unwinds?
- How does the ANZ expansion strategy referenced in the release account for the now much smaller equity base?
This briefing cannot assess the true nature or recurrence risk of the charge driving the pretax and net losses because the supplied release excerpts do not itemise it.
Archive
Briefing archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
FY26 · Released 25 May 2026
$161m loss on North America impairment as EBITDA fell 35%
The headline loss is non-cash but underlying EBITDA fell from $59.6m to $39.0m and free cash flow dropped to $0.1m as capex nearly doubled.
Read briefing
HY26 · Released 21 November 2025
EROAD swings to a $144.2m net loss despite $28.7m EBITDA and stronger cash flow
Cash conversion rose to 89.5% and EBITDA held near prior levels, yet an unexplained $136.6m pretax loss cut equity to $186.8m.
Read briefing
FY25 · Released 26 May 2025
EROAD's cash conversion fell to 72.5% while capex cuts flattered free cash flow
PBT swung to +$0.2m (+102.9%) but operating cash conversion fell to 72.5% of EBITDA as working capital rose $15.2m to $40.5m.
Read briefing
FY24 · Released 23 May 2024
EROAD's PBT loss widened 37.3% even as tax effects narrowed NPAT 90%
Tax effects flattered NPAT while pre-tax losses deepened and revenue growth was distorted by a prior-year acquisition adjustment.
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HY24 · Released 29 November 2023
Normalised revenue up 13%, EBITDA up 23.8% as net debt/EBITDA falls to 1.4x
Reported revenue growth of 4.7% understates the underlying 13% pace because HY23 carried a $7.0m one-off Coretex acquisition accounting credit.
Read briefing
FY23 · Released 24 May 2023
Coretex full-year lift drove 52% revenue growth as net debt jumped to $62.5m
FY23 hit guidance but cash conversion fell to 53.3% and receivable days nearly doubled to 47.0 while net debt rose from $18.2m.
Read briefing
Get notified when ERD publishes
Get the next EROAD result briefing and five-year history updates by email.