Market cap
$8.2b
End-of-day close multiplied by current shares on issue.
FCG · NZX
Fonterra Co-operative Group (FCG)
Primary Industries / Dairy cooperativeCovered: FY24 - FY265 published briefings
Fonterra Co-operative Group is an NZX-listed primary industries / dairy cooperative company. Its latest covered result is FY26, with FY24 - FY26 of source-backed result history on Annolyse.
Sections
Latest result
Latest metrics
FY26, released 24 September 2026
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| Metric | Value | Change |
|---|---|---|
| Revenue | $287m | ↓ -97.7% |
| NPAT | $0m | — |
| Operating cash flow | $297m | ↑ +116.3% |
| DPS | 33.0c | ↑ +50.0% |
| PBT | $0m | ↓ -100.0% |
| Total assets | $742m | ↓ -96.4% |
Source: latest published briefing (FY26, released 24 September 2026). Change compares against the prior equivalent period: FY25, released 20 March 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, 9 October 2026
Price and market cap
The latest close and share count context for the market price.
i
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 investment-company measures
Yield and investment-company valuation where supported.
Dividend yield
11.8%
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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Ask about FCG
Ask follow-up questions about Fonterra Co-operative Group's latest result and company history.
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Ask about FCG
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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| Metric | FY2612 MONTHS24 September 2026 | HY266 MONTHS23 March 2026 | HY256 MONTHS20 March 2025 | FY2512 MONTHS20 March 2025 | FY2412 MONTHS25 September 2024 | Trend |
|---|---|---|---|---|---|---|
| Revenue | $287m | $167m | $154m | $12.6b | $22.8b | Chart |
| Revenue growth % | -98.8% | 8.4% | -98.6% | -44.8% | -7.0% | Chart |
| EBITDA | — | — | — | $1m | $2m | Chart |
| EBITDA margin % | — | — | — | 0.0% | 0.0% | Chart |
| PBT | $0m | $0m | $0m | $1m | $1.4b | Chart |
| NPAT | $0m | $0m | $0m | $0m | $1.1b | Chart |
| Operating cash flow | $297m | $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 | — | — | — | -$2.1b | $1.6b | Chart |
| DPS | 33.0c | 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 | $742m | $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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More financial metrics
Additional filing-backed metrics for this company. Each point links to the relevant published briefing.
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
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 FSF interim distribution jumps 82% to 40c on Fonterra Mainland special
No forward targets, second-half shape or seasonality framework was supplied with the release, and the supplied event overlay flags a discontinued-operation effect at the FY25 anchor (the underlying Fonterra Mainland divestment). That means a clean half-on-half or run-rate comparison cannot be drawn from this filing.
What the release does support is that HY26 captures an abnormal one-off pulse of cash returning to unitholders. The 40c distribution plus $2.00 capital return is not a guide to subsequent halves; the durable read is the 24c ordinary interim and whatever Fonterra's normalised post-Mainland dividend policy turns out to be.
Open questions
Open questions from HY26
- What was the cash-received versus fair-value-gain split inside the $167.0m investment income line, given OCF moved 11.6% the other way?
- Will Fonterra's post-Mainland dividend policy support the 24c ordinary interim run-rate, or will it normalise lower once the divestment uplift is gone?
- How does the $2.00 capital return mechanically affect the unit count and NTA per unit (currently $8.19) once paid?
- Why did operating cash flow fall 11.6% despite a larger pass-through dividend stream from the underlying?
- Is any portion of the 64.5% asset uplift driven by valuation assumptions rather than the listed Fonterra share price?
This briefing cannot assess the underlying Fonterra operating performance that ultimately drives FSF returns; it speaks only to the Fund's own pass-through reporting.
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
Fonterra Shareholders' Fund Annual Report
FY26 / financial reportResults for Announcement to Market
FY26 / results announcementPrior comparable period
Annual Report
FY25 / financial reportAnnual Results Presentation
FY25 / results presentationFonterra reports continued strong performance in FY25
FY25 / results releaseResults for Announcement to the Market
FY25 / results announcementInterim context
Interim Report
HY26 / financial reportInterim Results Presentation
HY26 / results presentationMarket Announcement
HY26 / results releaseResults for Announcement to the Market
HY26 / results announcementRelease context
Amended Fonterra’s 2026 Annual Results Briefing Details
FY26 / commentary2026 Interim Results Briefing Details
HY26 / commentaryPeer context
Other covered Primary Industries companies
These companies share a broad sector but may not be direct peers. Compare them only where the underlying measures are genuinely comparable.
Archive
Briefing archive
The full chronological archive contains every published result briefing.
FY26 · Released 24 September 2026
Underlying profit rose $268m to $1,182m amid non-comparable Fund revenue drop
Fund-level statutory revenue fell 98.8% on a non-comparable reporting base, while underlying profit rose to $1,182m.
Read briefing
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
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