Market cap
$2.4b
End-of-day close multiplied by current shares on issue.
FRW · NZX
Freightways Group (FRW)
Transport & Infrastructure / Freight and logisticsCovered: HY25 - FY264 published briefings
Freightways Group is an NZX-listed transport & infrastructure / freight and logistics company. Its latest covered result is FY26, with HY25 - FY26 of source-backed result history on Annolyse.
Sections
Latest result
Latest metrics
FY26, released 17 August 2026
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| Metric | Value | Change |
|---|---|---|
| Revenue | $1.5b | ↑ +13.5% |
| EBITDA | $278.1m | ↑ +90.4% |
| NPAT | $93.7m | ↑ +17.3% |
| Operating cash flow | $187.4m | ↑ +7.9% |
| OCF / EBITDA % | 67.4% | ↓ -51.5pp |
| Net debt | $295.7m | ↑ +37.4% |
| Net debt / EBITDA | 1.06x | ↓ -27.9% |
| ROE % | 16.9% | ↑ +0.9pp |
| DPS | 24.0c | ↓ -17.7% |
| Payout ratio vs NPAT % | 85.9% | ↓ -21.9pp |
Source: latest published briefing (FY26, released 17 August 2026). Change compares against the prior equivalent period: FY25, released 18 August 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, 4 September 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
25.19x
Recent market cap compared with trailing earnings.
EPS
0.52
Recent filing-derived earnings per share.
PEG
1.46x
P/E compared with recent earnings growth.
EV/EBITDA
9.55x
Enterprise value compared with recent EBITDA.
P/FCF
14.97x
Market cap compared with recent free cash flow.
P/B
4.25x
Market value compared with latest reported equity.
Income and investment-company measures
Yield and investment-company valuation where supported.
Dividend yield
3.2%
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.
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Chat
Ask about FRW
Ask follow-up questions about Freightways Group's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Ask about FRW
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 MONTHS17 August 2026 | HY266 MONTHS16 February 2026 | FY2512 MONTHS18 August 2025 | HY256 MONTHS17 February 2025 | Trend |
|---|---|---|---|---|---|
| Revenue | $1.5b | $718.2m | $1.3b | $662.1m | Chart |
| Revenue growth % | 13.5% | 8.5% | 6.6% | 6.7% | Chart |
| EBITDA | $278.1m | $143.4m | $146.1m | $130.5m | Chart |
| EBITDA margin % | 19.0% | 20.0% | 11.3% | 19.7% | Chart |
| PBT | $133.6m | $74.5m | $112m | $62.7m | Chart |
| PBT growth % | 19.3% | 18.8% | 10.6% | 9.6% | Chart |
| NPAT | $93.7m | $52.3m | $79.9m | $44.6m | Chart |
| NPAT growth % | 17.3% | 17.3% | 12.9% | 9.0% | Chart |
| Operating cash flow | $187.4m | $94.9m | $173.6m | $76.3m | Chart |
| OCF / EBITDA % | 67.4% | 66.2% | 118.9% | 58.5% | Chart |
| FCF pre-lease | $157.6m | $79.8m | $144.1m | $62m | Chart |
| DPS | 24.0c | 21.0c | 29.2c | 19.0c | Chart |
| Payout ratio vs NPAT % | 85.9% | 71.7% | 107.8% | 76.0% | Chart |
| Annual payout ratio vs EPS % | 85.9% | — | 107.8% | — | Chart |
| ROE % | 16.9% | 9.8% | 16.0% | 8.8% | Chart |
| Net debt | $295.7m | $211m | $215.2m | $237.5m | Chart |
| Net debt / EBITDA | 1.06x | 1.47x | 1.47x | 1.82x | Chart |
| Debtor days | 41 | 102 | n/m | 1 | Chart |
| Inventory days | 3 | 7 | 4 | 3 | Chart |
| Total assets | $1.5b | $1.4b | $1.4b | $1.4b | Chart |
Reference: annolyse.ai/companies/frw
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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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 releasedAnnolyse analysis published
From VT Freight Express acquisition adds perspective to Freightways Group's operating read
No formal HY26 target was disclosed. The only forward marker carried over from the FY25 release was a general statement that revenue and earnings were expected to grow in FY26; this half delivers comfortably on both legs of that statement at the group level.
Shape context from HY25 indicates the first half historically contributed 51.3% of FY revenue and 55.9% of FY NPAT, so simple annualisation overstates the run-rate. Even so, current-half NPAT of $52.3m already exceeds the implied HY25-shape full-year NPAT of $79.9m by a wide margin if the second-half pattern holds, supporting the dividend uplift without a payout-ratio strain.
Open questions
Open questions from HY26
- What drove the step-up in Express Package & Business Mail segment margin to 15.1%, and is this volume-, price-, or mix-led?
- How should investors reconcile the very large reported change in trade receivables with the simultaneous improvement in operating cash conversion?
- Does management expect the second-half shape to revert to the historical HY-weighted NPAT pattern, or has cost leverage shifted the seasonality?
- What is the targeted leverage range now that net debt to EBITDA has moved to 1.47x, and how does that frame capital allocation priorities?
- Will the lower payout ratio (71.7%) be sustained as a new policy anchor, or is it a function of timing?
This briefing cannot assess the run-rate impact of post-balance-date corporate activity on FY26 group earnings or leverage.
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
Annual Report FY26
FY26 / financial reportFull Year Presentation FY26
FY26 / results presentationNZX Results Announcement FY26
FY26 / results announcementPrior comparable period
Annual report FY25
FY25 / financial reportFull year presentation FY25
FY25 / results presentationNZX Results Announcement FY25
FY25 / results announcementInterim context
Half Year Financial Report (HY26)
HY26 / financial reportHalf Year Presentation HY26
HY26 / results presentationNZX Results Announcement HY26
HY26 / results announcementRelease context
ASM Presentation
HY26 / commentaryPeer context
Freight and logistics comparison set
These companies share the same curated sub-sector label. Their reporting definitions can still differ, so compare the underlying measures before ranking them.
Archive
Briefing archive
The full chronological archive contains every published result briefing.
FY26 · Released 17 August 2026
Leverage climbs to 1.06x EBITDA as PBT grows 19.3% but cash lags
Revenue rose 13.5% and PBT grew 19.3%, but rising debt, working capital and a higher tax rate meant cash quality lagged earnings growth.
Read briefing
HY26 · Released 16 February 2026
VT Freight Express acquisition adds perspective to Freightways Group's operating read
The NZ$77m acquisition price from the VT Freight Express acquisition sits behind the period; operating metrics remain the main read.
Read briefing
FY25 · Released 18 August 2025
NPAT up 12.9% but dividend lifts to 107.8% of earnings
Cash generation funds the step-up at 47.3% of pre-lease FCF, but a payout above NPAT shifts how the capital return reads.
Read briefing
HY25 · Released 17 February 2025
Interim dividend cut 24% as payout reset from 108.7% to 76% of NPAT
Operating cash flow rose 30.8% and net debt fell, signalling a deliberate payout reset rather than a weak underlying result.
Read briefing
Get notified when FRW publishes
Get the next Freightways Group result briefing and five-year history updates by email.