Market cap
$7.1b
End-of-day close multiplied by current shares on issue.
FCG · NZX
Fonterra Co-operative Group is an NZX-listed primary industries / dairy cooperative company with FY24 - HY26 of published result briefings.
Snapshot
HY26, released 23 March 2026
| Metric | Value | Change |
|---|---|---|
| Revenue | $167m | ↑ +8.4% |
| NPAT | $0m | — |
| Operating cash flow | $38m | ↓ -11.6% |
| DPS | 40.0c | ↑ +81.8% |
| PBT | $0m | — |
| Total assets | $880m | ↑ +64.5% |
Source: latest published briefing (HY26, released 23 March 2026). Change compares against the prior equivalent period: HY25, released 20 March 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.
The latest close and share count context for the market price.
Market cap
$7.1b
End-of-day close multiplied by current shares on issue.
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 available for this company right now.
P/FCF
Not available
Not available for this company right now.
P/B
Not available
Not available for this company right now.
Yield and fund-style valuation where the company shape supports it.
Dividend yield
11.4%
Trailing dividends compared with the latest close.
Total return
Not available
Available once dividend and adjustment data are verified.
Daily closes use the full available width, with hover and touch readouts against real observations. Expand opens the chart at reading size.
Five years of daily closes, as at close, 5 June 2026. Weekends, suspensions, and listing gaps stay as natural gaps in the time scale.
Chat
Ask follow-up questions about Fonterra Co-operative Group's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Longitudinal view
The latest period is shown first.
| Metric | HY266 MONTHS23 March 2026 | HY256 MONTHS20 March 2025 | FY2512 MONTHS20 March 2025 | FY2412 MONTHS25 September 2024 | Trend |
|---|---|---|---|---|---|
| Revenue | $167m | $154m | $12.6b | $22.8b | Chart |
| Revenue growth % | 8.4% | n/m | -44.8% | -7.0% | Chart |
| EBITDA | — | — | $1m | $2m | Chart |
| EBITDA margin % | — | — | 0.0% | 0.0% | Chart |
| PBT | $0m | $0m | $1m | $1m | Chart |
| PBT growth % | — | — | -27.7% | — | — |
| NPAT | $0m | $0m | $0m | $0m | Chart |
| Operating cash flow | $38m | $43m | -$1.8b | $2.3b | Chart |
| OCF / EBITDA % | — | — | n/m | n/m | Chart |
| FCF pre-lease | — | — | -$2.1b | $1.7b | Chart |
| FCF post-lease | — | — | -$2m | $1.6m | Chart |
| DPS | 40.0c | 22.0c | 22.0c | 40.0c | Chart |
| Payout ratio vs NPAT % | — | — | 100.0% | 82.1% | Chart |
| Annual payout ratio vs EPS % | — | — | 100.0% | 82.1% | Chart |
| ROE % | — | — | 9.1% | 13.8% | Chart |
| Net debt | — | — | $5.7b | $2.9b | Chart |
| Net debt / EBITDA | — | — | 5,738x | 1,445x | Chart |
| Debtor days | — | — | 72 | 1 | Chart |
| Inventory days | — | — | 233 | 71 | Chart |
| Total assets | $880m | $535m | $20.3b | $16.7b | Chart |
Reference: annolyse.ai/companies/fcg
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.
These charts use verified published filing periods only. Gaps are not interpolated, and mixed half-year/full-year histories are split into separate series.
Reported revenue across covered periods.
Like-period revenue growth where comparable.
Company-specific earnings measure where disclosed.
EBITDA-equivalent margin where revenue and earnings are source-backed.
Statutory profit after tax.
Cash generated from operations.
Additional verified filing metrics for this company. Each point links back to a published briefing period in the source data contract.
Operating cash flow less capex before leases.
Free cash flow after lease payments where available.
Return on equity.
Borrowings less cash; negative values indicate net cash.
Dividend per share declared for the period.
Dividend payout against statutory NPAT.
Receivables days where the working-capital inputs are source-backed.
Inventory days where the working-capital inputs are source-backed.
The setup & the reality
The latest result is checked against what the prior briefing said to watch.
Historical setup
From FSF HY25: Entity restructure makes all headline earnings comparisons
No formal financial targets are available for the Fund entity in its current form. The release excerpts indicate Fonterra Co-op increased its FY25 guidance range, which is relevant to the Fund's likely future investment income, but the Fund's own filing does not restate that guidance in its financial statements. The 22 cents interim dividend, if the 60–80% payout policy and up-to-50%-interim rule hold, implies Fonterra's full-year earnings expectation underpins a total dividend materially higher than FY24's 40 cents (which included a 15-cent special dividend).
What this result does not support is any trend analysis of the Fund's earnings trajectory. The structural change means FY25 will be the first full year on the new reporting basis, and any half-on-half or year-on-year earnings comparison will require an equivalent prior period that does not yet exist in the public filing record.
Open questions
This briefing cannot assess Fonterra Co-operative Group's underlying segment performance, leverage, or cash conversion, as those metrics belong to the Co-op's own reporting and are not consolidated into the Fonterra Shareholders' Fund financial statements filed here.
Archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
HY26 · Released 23 March 2026
Investment income rose 8.4% but most of the distribution and a $2.00 capital return reflect Fonterra's Mainland divestment, not recurring earnings.
HY25 · Released 20 March 2025
The Fonterra Shareholders' Fund now reports only investment income of NZD 154m, making the prior-period profit figures structurally incomparable.
FY25 · Released 20 March 2025
Operating profit up 16% to $1,107m on improved mix; headline declines reflect HY25 vs FY24 full-year basis, not underlying weakness.
FY24 · Released 25 September 2024
Strong $1.6b free cash flow funded a 15c special dividend on top of the 40c ordinary payout for FY24.
Get the next Fonterra Co-operative Group result briefing and five-year history updates by email.