Skip to main content
Annolyse
Back to companies

ERD · NZX

EROAD (ERD)

Technology / Transport softwareCovered: FY23 - FY266 published briefings

EROAD is an NZX-listed technology / transport software company. Its latest covered result is FY26, with FY23 - FY26 of source-backed result history on Annolyse.

Sections

Latest result

Latest metrics

FY26, released 25 May 2026

← Swipe to view more
ERD latest metrics
MetricValueChange
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 days47↓ -21.9%
Inventory daysn/m—

Source: latest published briefing (FY26, released 25 May 2026). Change compares against the prior equivalent period: FY25, released 26 May 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.

Market cap

$196.6m

i

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

Not available

i

Not meaningful when recent earnings are negative.

EPS

0.00

i

Recent filing-derived earnings per share.

PEG

Not available

i

Not available for this company right now.

EV/EBITDA

Not available

i

Not meaningful when recent EBITDA is negative.

P/FCF

1,966.46x

i

Market cap compared with recent free cash flow.

P/B

1.14x

i

Market value compared with latest reported equity.

Income and investment-company measures

Yield and investment-company valuation where supported.

Dividend yield

0.0%

i

Trailing dividends compared with the latest close.

Total return

Not available

i

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.

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. 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.

Ask about ERD

Informational only. No buy, sell, hold, price-target, or personal financial advice.

Sign in to chat

Sign in to ask company questions.

What changed in the latest result?What is unusual in the historical context?How has cash conversion changed over time?Compare this company with CNU.

Checking account...

Financial history

Performance over time

The latest period is shown first.

← Swipe to view more
ERD metric history
MetricFY2612 MONTHS25 May 2026HY266 MONTHS21 November 2025FY2512 MONTHS26 May 2025FY2412 MONTHS23 May 2024HY246 MONTHS29 November 2023FY2312 MONTHS24 May 2023Trend
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
  • FY26 Revenue growth %: 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$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
  • FY25 EBITDA margin %: 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 EBITDA margin %: 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%.
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
  • FY23 OCF / EBITDA %: 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 OCF / EBITDA %: 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$0.1m$5.1m$16m$20.7m$7.9m—
Chart
FCF post-lease$0m$0m$16m—-$200m$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
  • FY25 ROE %: 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 ROE %: 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——$11.8m——$62.5m
Chart
Net debt / EBITDA——0.2x——1.38x
Chart
Debtor days4711660Outside 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
  • FY24 Debtor days: 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 Debtor days: 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 daysn/m—41—5658
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.

Loading chart...

Revenue growth

Like-period revenue growth where comparable.

Loading chart...
  • 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.

Loading chart...

EBITDA margin

EBITDA-equivalent margin where revenue and earnings are source-backed.

Loading chart...
  • 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.

Loading chart...

Operating cash flow

Cash generated from operations.

Loading chart...

More financial metrics

Additional filing-backed metrics for this company. Each point links to the relevant published briefing.

OCF / EBITDA

Cash conversion against earnings.

Loading chart...
  • 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.

Loading chart...

FCF post-lease

Free cash flow after lease payments where available.

Loading chart...

ROE

Return on equity.

Loading chart...
  • 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.

Loading chart...

Net debt / EBITDA

Leverage ratio, suppressed where earnings are not meaningful.

Loading chart...

Debtor days

Receivables days where the working-capital inputs are source-backed.

Loading chart...
  • 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.

Loading chart...

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.

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

EROAD FY26 Annual Report

FY26 / financial report

EROAD FY26 Investor Presentation

FY26 / results presentation

EROAD FY26 Market Release

FY26 / results release

EROAD FY26 Results Announcement

FY26 / results announcement

Prior comparable period

EROAD FY25 Annual Report

FY25 / financial report

EROAD FY25 Investor Presentation

FY25 / results presentation

EROAD FY25 Market Release

FY25 / results release

EROAD FY25 Results Announcement

FY25 / results announcement

Interim context

EROAD H1 FY26 Interim Report

HY26 / financial report

EROAD H1 FY26 Investor Presentation

HY26 / results presentation

EROAD H1 FY26 Market Release

HY26 / results release

EROAD H1 FY26 Results Announcement

HY26 / results announcement

Release context

EROAD H1 FY25 Investor Presentation

FY25 / commentary

EROAD FY25 Investor Presentation

HY26 / commentary

Peer context

Other covered Technology companies

These companies share a broad sector but may not be direct peers. Compare them only where the underlying measures are genuinely comparable.

IKE · FY26

ikeGPS Group

9 published result briefings

SKO · FY26

Serko

9 published result briefings

VGL · HY26

Vista Group International

8 published result briefings

RAK · HY26

Rakon

7 published result briefings

Compare ERD, IKE, SKO, VGL →Technology result archive

Archive

Briefing archive

The full chronological archive contains every published result briefing.

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.

Read briefing

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
Open all 6 result briefings

Related insights

Compare this company

The latest ERD metrics also appear in these cross-company comparisons.

Insight

Earnings quality and statutory distortions

PBT and NPAT growth diverged by n/m, with a distortion flag in the result.

Open insight

Insight

ROE and capital efficiency

ROE was -93.5%, -93.9pp versus the prior comparable period.

Open insight

Insight

Cash conversion quality

This result converted 77.7% of EBITDA to operating cash flow, +5.2pp versus the prior comparable period.

Open insight

Insight

Revenue growth context

Revenue growth was 0.4% for this reporting period.

Open insight

Get notified when ERD publishes

Get the next EROAD result briefing and five-year history updates by email.