FBU · NZX

Fletcher Building (FBU)

Name: Fletcher Building (FBU) financial result history
Creator: Annolyse

Construction & Materials / Building products and constructionCovered: FY21 - FY2611 published briefings

Fletcher Building is an NZX-listed construction & materials / building products and construction company. Its latest covered result is FY26, with FY21 - FY26 of source-backed result history on Annolyse.

Sections

Latest metrics

FY26, released 19 August 2026

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FBU latest metrics
Metric	Value	Change
Revenue	$6b	↓ -14.3%
EBITDA	$689m	↑ +365.0%
NPAT	$228m	↑ +154.4%
Operating cash flow	$715m	↑ +42.7%
OCF / EBITDA %	103.8%Outside range high ocf / ebitda cash conversion. 103.8%; 3-period range 47% to 86.1%. OCF / EBITDA cash conversion: 103.8%, above normal range; 3-period mean 62.2%, range 47.0%-86.1%.	↑ +296.5pp
Net debt	$637m	↓ -36.2%
Net debt / EBITDA	0.92x	—
ROE %	5.8%	↑ +17.4pp
Annual payout ratio vs EPS %	n/m	—
PBT	$248m	↑ +157.4%

Source: latest published briefing (FY26, released 19 August 2026). Change compares against the prior equivalent period: FY25, released 20 August 2025.

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

$4b

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

17.36x

Recent market cap compared with trailing earnings.

EPS

0.21

Recent filing-derived earnings per share.

PEG

Not available

Not available for this company right now.

EV/EBITDA

6.67x

Enterprise value compared with recent EBITDA.

P/FCF

9.27x

Market cap compared with recent free cash flow.

P/B

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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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: HY24.

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

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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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FBU metric history
Metric	FY2612 MONTHS19 August 2026	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	$6b	$2.9b	$7b	$3.6b	$7.7b	$4.2b	$8.5b	$4.3b	$8.5b	$4.1b	$8.1b	Chart
Revenue growth %	-14.3%Outside range low revenue growth. -14.3%; 5-period range -9.3% to 11.1%. Revenue growth: -14.3%, below normal range; 5-period mean -0.6%, range -9.3%-11.1%.	-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%	-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%; 5-period range -14.3% to 4.7%. Revenue growth: 11.1%, unprecedented high; 5-period mean -5.6%, range -14.3%-4.7%.	Chart 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%. FY26 Revenue growth %: Outside range low revenue growth. -14.3%; 5-period range -9.3% to 11.1%. Revenue growth: -14.3%, below normal range; 5-period mean -0.6%, range -9.3%-11.1%.
EBITDA	$689m	$331m	-$260m	$346m	$846m	$455m	$497m	$540m	$1.1b	$504m	$1b	Chart
EBITDA margin %	11.5%	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 11.5% to 13%. EBITDA margin: 11.0%, below normal range; 3-period mean 12.4%, range 11.5%-13.0%.	10.7%	5.9%	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%Outside range high ebitda margin. 13%; 3-period range 11% to 12.7%. EBITDA margin: 13.0%, above normal range; 3-period mean 11.7%, range 11.0%-12.7%.	12.4%	12.7%	Chart FY24 EBITDA margin %: Outside range low ebitda margin. 11%; 3-period range 11.5% to 13%. EBITDA margin: 11.0%, below normal range; 3-period mean 12.4%, range 11.5%-13.0%. 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	$248m	$65m	-$432m	-$123m	-$24m	-$138m	$343m	$137m	$598m	$237m	$433m	Chart
PBT growth %	—	—	—	—	—	—	-42.6%	-42.2%	38.1%	30.9%	—	Chart
NPAT	$228m	-$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	$715m	$156m	$501m	-$5m	$398m	-$126m	$388m	-$203m	$592m	$157m	$889m	Chart
OCF / EBITDA %	103.8%Outside range high ocf / ebitda cash conversion. 103.8%; 3-period range 47% to 86.1%. OCF / EBITDA cash conversion: 103.8%, above normal range; 3-period mean 62.2%, range 47.0%-86.1%.	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%Outside range low ocf / ebitda cash conversion. 47%; 3-period range 53.5% to 103.8%. OCF / EBITDA cash conversion: 47.0%, below normal range; 3-period mean 81.1%, range 53.5%-103.8%.	-27.7%	78.1%	-37.6%	53.5%	31.2%	86.1%	Chart FY24 OCF / EBITDA %: Outside range low ocf / ebitda cash conversion. 47%; 3-period range 53.5% to 103.8%. OCF / EBITDA cash conversion: 47.0%, below normal range; 3-period mean 81.1%, range 53.5%-103.8%. 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%. FY26 OCF / EBITDA %: Outside range high ocf / ebitda cash conversion. 103.8%; 3-period range 47% to 86.1%. OCF / EBITDA cash conversion: 103.8%, above normal range; 3-period mean 62.2%, range 47.0%-86.1%.
FCF pre-lease	$427m	$6m	$188m	-$166m	-$31m	-$314m	-$57m	-$443m	$193m	$17m	$652m	Chart
FCF post-lease	—	—	—	—	—	—	—	—	—	—	$652m	—
DPS	—	—	—	0.0c	—	—	16.0c	18.0c	22.0c	18.0c	18.0c	Chart
Payout ratio vs NPAT %	—	—	—	—	—	—	113.3%Outside range high payout ratio versus npat. 113.3%; 3-period range 0% to 81.1%. Payout ratio versus NPAT: 113.3%, above normal range; 3-period mean 52.0%, range 0.0%-81.1%.	153.8%	74.8%	85.7%	81.1%	Chart FY23 Payout ratio vs NPAT %: Outside range high payout ratio versus npat. 113.3%; 3-period range 0% to 81.1%. Payout ratio versus NPAT: 113.3%, above normal range; 3-period mean 52.0%, range 0.0%-81.1%.
Annual payout ratio vs EPS %	n/m	—	—	—	—	—	113.3%	—	74.8%	—	81.1%	Chart
ROE %	5.8%	-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	$637m	—	$999m	$1.2b	$1.8b	—	$1.4b	$1.4b	$1.7b	$457m	$173m	Chart
Net debt / EBITDA	0.92x	—	n/m	3.38x	2.12xUnprecedented high net debt / ebitda. 2.12x; 4-period range 0.17x to 1.51x. Net debt / EBITDA: 2.12x, unprecedented high; 4-period mean 0.94x, range 0.17x-1.51x.	—	2.89x	2.66x	1.51x	0.91x	0.17xUnprecedented low net debt / ebitda. 0.17x; 4-period range 0.9x to 2.12x. Net debt / EBITDA: 0.17x, unprecedented low; 4-period mean 1.43x, range 0.90x-2.12x.	Chart FY24 Net debt / EBITDA: Unprecedented high net debt / ebitda. 2.12x; 4-period range 0.17x to 1.51x. Net debt / EBITDA: 2.12x, unprecedented high; 4-period mean 0.94x, range 0.17x-1.51x.
Debtor days	51	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; 5-period range 32d to 51d. Debtor days: 30.2 days, below normal range; 5-period mean 41.4 days, range 32.3 days-50.7 days.	42	51Outside range high debtor days. 51d; 5-period range 30d to 51d. Debtor days: 50.7 days, above normal range; 5-period mean 37.3 days, range 30.2 days-50.6 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; 5-period range 32d to 51d. Debtor days: 30.2 days, below normal range; 5-period mean 41.4 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	111Unprecedented high inventory days. 111d; 5-period range 65d to 99d. Inventory days: 111.4 days, unprecedented high; 5-period mean 81.6 days, range 64.7 days-99.5 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.	99	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; 5-period range 66d to 111d. Inventory days: 64.7 days, below normal range; 5-period mean 91.0 days, range 65.5 days-111.4 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. 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. FY26 Inventory days: Unprecedented high inventory days. 111d; 5-period range 65d to 99d. Inventory days: 111.4 days, unprecedented high; 5-period mean 81.6 days, range 64.7 days-99.5 days.
Total assets	$7.5b	$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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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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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

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 released18 February 2026Annolyse analysis published20 April 2026

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

No FY26 target was supplied. Shape context shows HY25 carried 51.2% of FY25 revenue but only 32% of the -$419m FY25 NPAT, indicating second-half-weighted losses in the prior year. HY26 OCF of $156m compares with FY25's full-year $501m (implied 2H25 of $506m), so the year-on-year improvement is genuine but not yet at the run-rate needed to close the gap to dividend resumption.

Net debt of $1.2b sits materially above the upper bound of the $400m-$900m policy range that gates dividends. The release does not state a timeline for reaching that band, which means dividend re-rating remains a function of further asset sales and working-capital release rather than a disclosed plan.

Open questions

Open questions from HY26

What specifically drove the -26.2% effective tax rate, and how much of that credit recurs in 2H26?
Why have inventory days extended to 122.5 against the 82.5 historical baseline despite revenue contraction?
When does management expect net debt to reach the $400m-$900m policy band that gates dividend resumption?
Are further significant items or discontinued-operations losses expected as the Construction exit completes?
How does the disclosed 0.5% continuing-operations revenue growth split between price, volume and divisional mix?

This briefing cannot assess the durability of operating improvement without segment-level prior-period comparatives or a stated FY26 EBITDA bridge.

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 report

Investor Presentation

FY26 / results presentation

Results Announcement

FY26 / results announcement

Stock Exchange Announcement

FY26 / results release

Prior comparable period

2025 Annual Report

FY25 / financial report

Investor Presentation

FY25 / results presentation

Results Announcement

FY25 / results announcement

Stock Exchange Notice

FY25 / results release

Interim context

2026 Interim Financial Results

HY26 / financial report

2026 Interim Results Announcement

HY26 / results announcement

2026 Interim Results Presentation

HY26 / results presentation

Stock Exchange Announcement

HY26 / results release

Release context

Fletcher Building FY25 Results Webcast Details

FY25 / commentary

Peer context

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

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Briefing archive

The full chronological archive contains every published result briefing.

FY26 · Released 19 August 2026

PBT up 157.4% but inventory days hit an unprecedented 111.4 days

Fletcher Building's return to profit was aided by divestment proceeds and a discontinued-operation swing while inventory and debtor days built

Read briefing

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.

Read briefing

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

Open all 11 result briefings

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Fletcher Building (FBU)

Latest metrics

Valuation

Price and market cap

Profitability multiples

Income and investment-company measures

Price history

Share price

P/E over time

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Performance over time

Filing-only history charts

Revenue

Revenue growth

EBITDA-equivalent

EBITDA margin

NPAT

Operating cash flow

More financial metrics

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

HY26 → FY26 Follow-through

What HY26 said to watch

Open questions from HY26

Latest result sources

Current period

Prior comparable period

Interim context

Release context

Other covered Construction & Materials companies

Iperion

Metro Performance Glass

New Talisman Gold Mines

Steel & Tube Holdings

Briefing archive

PBT up 157.4% but inventory days hit an unprecedented 111.4 days

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

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