FBU · NZX

Fletcher Building (FBU)

Construction & Materials / Building products and constructionCovered: FY21 - HY2610 published briefings

Fletcher Building is an NZX-listed construction & materials / building products and construction company with FY21 - HY26 of published result briefings.

Sections

Snapshot

Latest metrics

HY26, released 18 February 2026

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FBU latest metrics
Metric	Value	Change
Revenue	$2.9b	↓ -20.0%
EBITDA	$331m	↓ -4.3%
NPAT	-$11m	↑ +91.8%
Operating cash flow	$156m	↑ +3220.0%
OCF / EBITDA %	47.1%Unprecedented high ocf / ebitda cash conversion. 47.1%; 4-period range -37.6% to 31.2%. OCF / EBITDA cash conversion: 47.1%, unprecedented high; 4-period mean -8.9%, range -37.6%-31.2%.	↑ +48.5pp
Net debt	$1.2b	↓ -0.6%
Net debt / EBITDA	3.52x	↑ +4.1%
ROE %	-0.3%	↑ +7.0pp
PBT	$65m	↑ +152.8%
FCF pre-lease	$6m	↑ +103.6%

Source: latest published briefing (HY26, released 18 February 2026). Change compares against the prior equivalent period: HY25, released 19 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.

Prices as at close, 16 June 2026

Price and market cap

The latest close and share count context for the market price.

Market cap

$3.5b

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

Not meaningful when recent earnings are negative.

EPS

-0.28

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

9.68x

Market cap compared with recent free cash flow.

P/B

0.95x

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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Price vs earnings

Indexed lines compare direction from the first positive comparable filing point. The axis is an index, not dollars or cents.

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Chat

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Ask follow-up questions about Fletcher Building's latest result and company history.

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

Ask about FBU

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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FBU metric history
Metric	HY266 MONTHS18 February 2026	FY2512 MONTHS20 August 2025	HY256 MONTHS19 February 2025	FY2412 MONTHS21 August 2024	HY246 MONTHS14 February 2024	FY2312 MONTHS16 August 2023	HY236 MONTHS15 February 2023	FY2212 MONTHS17 August 2022	HY226 MONTHS16 February 2022	FY2112 MONTHS18 August 2021	Trend
Revenue	$2.9b	$7b	$3.6b	$7.7b	$4.2b	$8.5b	$4.3b	$8.5b	$4.1b	$8.1b	Chart
Revenue growth %	-20.0%Unprecedented low revenue growth. -20%; 4-period range -15.7% to 5.4%. Revenue growth: -20.0%, unprecedented low; 4-period mean -2.3%, range -15.7%-5.4%.	-9.0%	-15.7%	-9.3%Outside range low revenue growth. -9.3%; 4-period range -9% to 11.1%. Revenue growth: -9.3%, below normal range; 4-period mean 1.6%, range -9.0%-11.1%.	-0.8%	-0.3%	5.4%Outside range high revenue growth. 5.4%; 4-period range -20% to 1.9%. Revenue growth: 5.4%, above normal range; 4-period mean -8.6%, range -20.0%-1.9%.	4.7%	1.9%	11.1%Unprecedented high revenue growth. 11.1%; 4-period range -9.3% to 4.7%. Revenue growth: 11.1%, unprecedented high; 4-period mean -3.5%, range -9.3%-4.7%.	Chart FY24 Revenue growth %: Outside range low revenue growth. -9.3%; 4-period range -9% to 11.1%. Revenue growth: -9.3%, below normal range; 4-period mean 1.6%, range -9.0%-11.1%. HY26 Revenue growth %: Unprecedented low revenue growth. -20%; 4-period range -15.7% to 5.4%. Revenue growth: -20.0%, unprecedented low; 4-period mean -2.3%, range -15.7%-5.4%.
EBITDA	$331m	-$260m	$346m	$846m	$455m	$1.2b	$540m	$1.1b	$504m	$1b	Chart
EBITDA margin %	11.5%	-3.7%	9.7%Unprecedented low ebitda margin. 10%; 4-period range 10.7% to 12.6%. EBITDA margin: 10.0%, unprecedented low; 4-period mean 11.8%, range 10.7%-12.6%.	11.0%Outside range low ebitda margin. 11%; 3-period range 12.7% to 13.6%. EBITDA margin: 11.0%, below normal range; 3-period mean 13.1%, range 12.7%-13.6%.	10.7%	13.6%Outside range high ebitda margin. 13.6%; 3-period range 11% to 13%. EBITDA margin: 13.6%, above normal range; 3-period mean 12.2%, range 11.0%-13.0%.	12.6%Outside range high ebitda margin. 12.6%; 4-period range 10% to 12.4%. EBITDA margin: 12.6%, above normal range; 4-period mean 11.2%, range 10.0%-12.4%.	13.0%	12.4%	12.7%	Chart FY24 EBITDA margin %: Outside range low ebitda margin. 11%; 3-period range 12.7% to 13.6%. EBITDA margin: 11.0%, below normal range; 3-period mean 13.1%, range 12.7%-13.6%. HY25 EBITDA margin %: Unprecedented low ebitda margin. 10%; 4-period range 10.7% to 12.6%. EBITDA margin: 10.0%, unprecedented low; 4-period mean 11.8%, range 10.7%-12.6%.
PBT	$65m	-$432m	-$123m	-$24m	-$138m	$343m	$137m	$598m	$237m	$433m	Chart
PBT growth %	—	—	—	—	—	-42.6%	-42.2%	38.1%	30.9%	—	Chart
NPAT	-$11m	-$419m	-$134m	-$227m	-$120m	$235m	$92m	$432m	$171m	$305m	Chart
NPAT growth %	—	—	—	—	—	-45.6%	-46.2%	41.6%	41.3%	—	Chart
Operating cash flow	$156m	$501m	-$5m	$398m	-$126m	$388m	-$203m	$592m	$157m	$889m	Chart
OCF / EBITDA %	47.1%Unprecedented high ocf / ebitda cash conversion. 47.1%; 4-period range -37.6% to 31.2%. OCF / EBITDA cash conversion: 47.1%, unprecedented high; 4-period mean -8.9%, range -37.6%-31.2%.	-192.7%	-1.4%	47.0%	-27.7%	33.6%Outside range low ocf / ebitda cash conversion. 33.6%; 3-period range 47% to 86.1%. OCF / EBITDA cash conversion: 33.6%, below normal range; 3-period mean 62.2%, range 47.0%-86.1%.	-37.6%	53.5%	31.2%	86.1%Outside range high ocf / ebitda cash conversion. 86.1%; 3-period range 33.6% to 53.5%. OCF / EBITDA cash conversion: 86.1%, above normal range; 3-period mean 44.7%, range 33.6%-53.5%.	Chart HY26 OCF / EBITDA %: Unprecedented high ocf / ebitda cash conversion. 47.1%; 4-period range -37.6% to 31.2%. OCF / EBITDA cash conversion: 47.1%, unprecedented high; 4-period mean -8.9%, range -37.6%-31.2%.
FCF pre-lease	$6m	$188m	-$166m	-$31m	-$314m	-$57m	-$443m	$193m	$17m	$652m	Chart
FCF post-lease	—	—	—	—	—	—	-$477m	—	—	$652m	Chart
DPS	—	—	0.0c	—	—	16.0c	18.0c	22.0c	18.0c	18.0c	Chart
Payout ratio vs NPAT %	—	—	—	—	—	113.3%	153.8%	74.8%	85.7%	81.1%	Chart
Annual payout ratio vs EPS %	—	—	—	—	—	113.3%	—	74.8%	—	81.1%	Chart
ROE %	-0.3%	-11.6%Unprecedented low roe. -11.6%; 4-period range -6.5% to 11.5%. ROE: -11.6%, unprecedented low; 4-period mean 4.9%, range -6.5%-11.5%.	-7.3%Outside range low roe. -7.3%; 3-period range -3.5% to 4.6%. ROE: -7.3%, below normal range; 3-period mean 1.2%, range -3.5%-4.6%.	-6.5%	-3.5%	6.4%	2.5%	11.5%Outside range high roe. 11.5%; 4-period range -11.6% to 8.1%. ROE: 11.5%, above normal range; 4-period mean -0.9%, range -11.6%-8.1%.	4.6%Outside range high roe. 4.6%; 3-period range -7.3% to 2.5%. ROE: 4.6%, above normal range; 3-period mean -2.8%, range -7.3%-2.5%.	8.1%	Chart HY25 ROE %: Outside range low roe. -7.3%; 3-period range -3.5% to 4.6%. ROE: -7.3%, below normal range; 3-period mean 1.2%, range -3.5%-4.6%. FY25 ROE %: Unprecedented low roe. -11.6%; 4-period range -6.5% to 11.5%. ROE: -11.6%, unprecedented low; 4-period mean 4.9%, range -6.5%-11.5%.
Net debt	$1.2b	$999m	$1.2b	$1.8b	$2b	$1.4b	$1.4b	$1.7b	$457m	$173m	Chart
Net debt / EBITDA	3.52x	-3.84x	3.38x	2.12xOutside range high net debt / ebitda. 2.12x; 3-period range 0.17x to 1.51x. Net debt / EBITDA: 2.12x, above normal range; 3-period mean 0.96x, range 0.17x-1.51x.	4.33xOutside range high net debt / ebitda. 4.33x; 4-period range 0.9x to 3.52x. Net debt / EBITDA: 4.33x, above normal range; 4-period mean 2.62x, range 0.90x-3.52x.	1.24x	2.66x	1.51x	0.91xUnprecedented low net debt / ebitda. 0.9x; 4-period range 2.66x to 4.33x. Net debt / EBITDA: 0.90x, unprecedented low; 4-period mean 3.48x, range 2.66x-4.33x.	0.17xOutside range low net debt / ebitda. 0.17x; 3-period range 1.2x to 2.12x. Net debt / EBITDA: 0.17x, below normal range; 3-period mean 1.61x, range 1.20x-2.12x.	Chart HY24 Net debt / EBITDA: Outside range high net debt / ebitda. 4.33x; 4-period range 0.9x to 3.52x. Net debt / EBITDA: 4.33x, above normal range; 4-period mean 2.62x, range 0.90x-3.52x. FY24 Net debt / EBITDA: Outside range high net debt / ebitda. 2.12x; 3-period range 0.17x to 1.51x. Net debt / EBITDA: 2.12x, above normal range; 3-period mean 0.96x, range 0.17x-1.51x.
Debtor days	44	32	39Outside range low debtor days. 39d; 3-period range 42d to 49d. Debtor days: 39.1 days, below normal range; 3-period mean 45.2 days, range 42.0 days-49.1 days.	30Outside range low debtor days. 30d; 4-period range 32d to 51d. Debtor days: 30.2 days, below normal range; 4-period mean 39.1 days, range 32.3 days-50.7 days.	42	51Unprecedented high debtor days. 51d; 4-period range 30d to 37d. Debtor days: 50.7 days, unprecedented high; 4-period mean 34.0 days, range 30.2 days-37.3 days.	—	36	49Outside range high debtor days. 49d; 3-period range 39d to 44d. Debtor days: 49.1 days, above normal range; 3-period mean 41.9 days, range 39.1 days-44.5 days.	37	Chart FY24 Debtor days: Outside range low debtor days. 30d; 4-period range 32d to 51d. Debtor days: 30.2 days, below normal range; 4-period mean 39.1 days, range 32.3 days-50.7 days. HY25 Debtor days: Outside range low debtor days. 39d; 3-period range 42d to 49d. Debtor days: 39.1 days, below normal range; 3-period mean 45.2 days, range 42.0 days-49.1 days.
Inventory days	122Outside range high inventory days. 123d; 3-period range 69d to 96d. Inventory days: 122.5 days, above normal range; 3-period mean 79.0 days, range 68.7 days-96.0 days.	99Outside range high inventory days. 100d; 4-period range 65d to 90d. Inventory days: 99.5 days, above normal range; 4-period mean 77.2 days, range 64.7 days-89.7 days.	69Outside range low inventory days. 69d; 3-period range 72d to 122d. Inventory days: 68.7 days, below normal range; 3-period mean 97.0 days, range 72.4 days-122.5 days.	89	96	90	144	65Outside range low inventory days. 65d; 4-period range 66d to 99d. Inventory days: 64.7 days, below normal range; 4-period mean 85.9 days, range 65.5 days-99.5 days.	72	66	Chart HY25 Inventory days: Outside range low inventory days. 69d; 3-period range 72d to 122d. Inventory days: 68.7 days, below normal range; 3-period mean 97.0 days, range 72.4 days-122.5 days. FY25 Inventory days: Outside range high inventory days. 100d; 4-period range 65d to 90d. Inventory days: 99.5 days, above normal range; 4-period mean 77.2 days, range 64.7 days-89.7 days. HY26 Inventory days: Outside range high inventory days. 123d; 3-period range 69d to 96d. Inventory days: 122.5 days, above normal range; 3-period mean 79.0 days, range 68.7 days-96.0 days.
Total assets	$7.7b	$7.9b	$8.4b	$8.9b	$8.9b	$9.1b	$8.8b	$8.4b	$7.9b	$8b	Chart

Reference: annolyse.ai/companies/fbu

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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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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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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Payout ratio

Dividend payout against statutory NPAT.

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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

FY25 → HY26 Follow-through

The latest result is checked against what the prior briefing said to watch.

Historical setup

What FY25 said to watch

From PBT swung to -$432m on $702m of significant items as net debt fell to $999m

No FY26 targets are disclosed in the supplied materials, and management framed FY25 as "one of the most demanding years in recent memory" with cost-out actions weighted to the second half. The HY25 NPAT loss of -$134m represented only 32% of the full-year -$419m, implying a -$285m second-half loss — markedly worse than the first half. Without disclosed guidance, the release does not support a clear turning point in revenue or trading margin.

What it does support is that the recapitalisation has restored capacity to absorb further charges if more emerge, and that capex has been pulled back (4.5% of revenue, from 5.6%) to protect cash. Whether cost-out delivery is sufficient to offset another year of weak Australasian demand is the open question.

Open questions

Open questions from FY25

What share of the $644m continuing-operation significant items is non-cash impairment versus cash-consuming charges that will continue to drain FY26 cash?
Was the implied ~$700m equity injection a fully underwritten raise, and does it close the recapitalisation or is further capital still required?
Why did inventory days rise to 99.5 against falling demand, and what is the planned unwind through FY26?
How much of the 110bps compression in EBIT margin before significant items is volume-driven versus structural pricing pressure across Materials and Distribution?
Will the second-half-weighted cost-out deliver enough run-rate benefit in FY26 to offset continued softness in New Zealand and Australian construction demand?

This briefing cannot assess FY26 trading conditions, the adequacy of remaining provisions for legacy projects, or the precise cash composition of the disclosed significant items.

Briefing archive

Every published Annolyse briefing for this company appears here in reverse chronological order.

HY26 · Released 18 February 2026

PBT swung to $65m profit but inventory days reached 122.5

A 152.8% PBT recovery and positive pre-lease FCF coexist with inventory days 40 above the historical mean of 82.5.

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FY25 · Released 20 August 2025

PBT swung to -$432m on $702m of significant items as net debt fell to $999m

$644m of continuing-operation significant items drove PBT margin to an unprecedented -6.2%, while a balance-sheet recapitalisation cut net debt

Read briefing

HY25 · Released 19 February 2025

Revenue fell 15.7% but gross borrowings cut 68% on Tradelink exit

PBT loss narrowed 10.9% to NZ$123.0m yet NPAT loss widened 11.7% to NZ$134.0m as discontinued Tradelink absorbed NZ$52.0m.

Read briefing

FY24 · Released 21 August 2024

Revenue fell 9.3% and NPAT swung to $227m loss as net debt rose $359m

Operating cash flow held up only because working capital released $473m, masking weaker underlying earnings as the dividend was suspended.

Read briefing

HY24 · Released 14 February 2024

Fletcher PBT swung to a NZ$138m loss on a 0.8% revenue dip

Significant items including a NZ$122m Tradelink write-down masked NZ$455m of underlying EBITDA, but leverage rose to 4.3x and the interim dividend

Read briefing

FY23 · Released 16 August 2023

FY23 PBT fell 42.6% on $301m significant items as cash conversion dropped

EBITDA rose 4.5% but a $949m working-capital build turned free cash flow negative and pushed dividends above reported earnings.

Read briefing

HY23 · Released 15 February 2023

Pre-lease FCF hit unprecedented -$443m as $150m construction charge cut NPAT 46%

Revenue grew 5.4% and EBITDA margin reached 12.6%, but operating cash flow swung to -$203m and gross borrowings nearly doubled to $1.7bn.

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FY22 · Released 17 August 2022

NPAT up 41.6% as net debt jumped to $1.7bn and cash conversion fell to 53.5%

Strong reported earnings collide with a $1.5bn net debt step-up and a full-year dividend not covered by free cash flow.

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HY22 · Released 16 February 2022

NPAT up 41.3% but NZ$1.5bn working-capital build cut operating cash 63%

Inventory rebuild and housing investment drove operating cash from NZ$428m to NZ$157m and stretched FCF dividend cover to 862.2%.

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FY21 · Released 18 August 2021

FY21 swings to NZ$305m profit as net debt falls to NZ$173m

Revenue rose 11.1% and operating cash flow more than doubled to NZ$889m, funding a sharp deleveraging and a restored 30cps full-year dividend.

Read briefing

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Fletcher Building (FBU)

Latest metrics

Valuation

Price and market cap

Profitability multiples

Income and fund shape

Price history

Share price

Price vs earnings

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Ask about FBU

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Performance over time

Filing-only history charts

Revenue

Revenue growth

EBITDA-equivalent

EBITDA margin

NPAT

Operating cash flow

Full chartable metric set

OCF / EBITDA

FCF pre-lease

FCF post-lease

ROE

Net debt

Net debt / EBITDA

DPS

Payout ratio

Debtor days

Inventory days

Operating working-capital movement

FY25 → HY26 Follow-through

What FY25 said to watch

Open questions from FY25

Briefing archive

PBT swung to $65m profit but inventory days reached 122.5

PBT swung to -$432m on $702m of significant items as net debt fell to $999m

Revenue fell 15.7% but gross borrowings cut 68% on Tradelink exit

Revenue fell 9.3% and NPAT swung to $227m loss as net debt rose $359m

Fletcher PBT swung to a NZ$138m loss on a 0.8% revenue dip

FY23 PBT fell 42.6% on $301m significant items as cash conversion dropped

Pre-lease FCF hit unprecedented -$443m as $150m construction charge cut NPAT 46%

NPAT up 41.6% as net debt jumped to $1.7bn and cash conversion fell to 53.5%

NPAT up 41.3% but NZ$1.5bn working-capital build cut operating cash 63%

FY21 swings to NZ$305m profit as net debt falls to NZ$173m

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Fletcher Building (FBU)

Latest metrics

Valuation

Price and market cap

Profitability multiples

Income and fund shape

Price history

Share price

Price vs earnings

Ask about FBU

Ask about FBU

Sign in to chat

Performance over time

Filing-only history charts

Revenue

Revenue growth

EBITDA-equivalent

EBITDA margin

NPAT

Operating cash flow

Full chartable metric set

OCF / EBITDA

FCF pre-lease

FCF post-lease

ROE

Net debt

Net debt / EBITDA

DPS

Payout ratio

Debtor days

Inventory days

Operating working-capital movement