Market cap
$6.8b
End-of-day close multiplied by current shares on issue.
FCG · NZX
Fonterra Co-operative Group (FCG)
Primary Industries / Dairy cooperativeCovered: FY24 - HY264 published briefings
Fonterra Co-operative Group is an NZX-listed primary industries / dairy cooperative company with FY24 - HY26 of published result briefings.
Sections
Snapshot
Latest metrics
HY26, released 23 March 2026
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| 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
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.
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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 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.
Income and fund shape
Yield and fund-style valuation where the company shape supports it.
Dividend yield
11.9%
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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Chat
Ask about FCG
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.
Ask about FCG
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 | 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% | -98.6% | -44.8% | -7.0% | Chart |
| EBITDA | — | — | $1m | $2m | Chart |
| EBITDA margin % | — | — | 0.0% | 0.0% | Chart |
| PBT | $0m | $0m | $1m | $1.4b | Chart |
| NPAT | $0m | $0m | $0m | $1.1b | Chart |
| Operating cash flow | $38m | $43m | -$1.8b | $2.3b | Chart |
| OCF / EBITDA % | — | — | n/m | n/m | Chart |
| FCF pre-lease | — | — | -$2.1b | $1.6b | Chart |
| FCF post-lease | — | — | -$2m | $1.6b | 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 | — | — | — | $2.9b | — |
| Net debt / EBITDA | — | — | — | n/m | — |
| 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.
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.
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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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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The setup & the reality
HY25 → HY26 Follow-through
The latest result is checked against what the prior briefing said to watch.
Historical setup
What HY25 said to watch
Previous analysisHY25Result releasedAnnolyse analysis published
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
Open questions from HY25
- What is the Fund's NTA per unit on a current-period basis, and how does the NZD 4.98 figure cited in the filing relate to the current unit price and any discount or premium to fair value?
- How will the Fund's income statement be structured once the Consumer business divestment (Mainland Group IPO or trade sale) is completed, and will that change the investment income line materially?
- Whether the 22 cents interim dividend represents approximately 50% of the expected full-year dividend, and what full-year earnings range Fonterra Co-op is using to anchor the Fund's payout?
- Is the NZD 43m operating cash flow representative of a normalised distribution cadence for the Fund, or does it reflect timing of upstream cash transfers from Fonterra Co-op?
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
Briefing archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
HY26 · Released 23 March 2026
FSF interim distribution jumps 82% to 40c on Fonterra Mainland special
Investment income rose 8.4% but most of the distribution and a $2.00 capital return reflect Fonterra's Mainland divestment, not recurring earnings.
Read briefing
HY25 · Released 20 March 2025
FSF HY25: Entity restructure makes all headline earnings comparisons
The Fonterra Shareholders' Fund now reports only investment income of NZD 154m, making the prior-period profit figures structurally incomparable.
Read briefing
FY25 · Released 20 March 2025
HY25 interim NPAT up 8% to $729m, prior-period comparisons distorted
Operating profit up 16% to $1,107m on improved mix; headline declines reflect HY25 vs FY24 full-year basis, not underlying weakness.
Read briefing
FY24 · Released 25 September 2024
Continuing NPAT fell 6%; total NPAT down 28% on discontinued operation
Strong $1.6b free cash flow funded a 15c special dividend on top of the 40c ordinary payout for FY24.
Read briefing
Get notified when FCG publishes
Get the next Fonterra Co-operative Group result briefing and five-year history updates by email.