General Capital (GEN)

Snapshot

Latest metrics

HY26, released 21 November 2025

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GEN latest metrics
Metric	Value	Change
Revenue	$12.9m	↑ +19.0%
NPAT	$1m	↓ -37.5%
Operating cash flow	$2.8m	↓ -81.6%
ROE %	3.4%	↓ -2.2pp
DPS	0.3c	↓ -39.6%
Payout ratio vs NPAT %	19.2%	↓ -77.3pp
PBT	$1.5m	↓ -31.8%
FCF pre-lease	$2.8m	↓ -81.6%
Debtor days	3Outside range high debtor days. 3d; 3-period range 0d to 0d. Debtor days: 3.2 days, above normal range; 3-period mean 0.1 days, range 0.0 days-0.2 days.	↑ +6577.8%
Total assets	$275.8m	↑ +47.2%

Source: latest published briefing (HY26, released 21 November 2025). Change compares against the prior equivalent period: HY25, released 22 November 2024.

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Longitudinal view

Performance over time

The latest period is shown first.

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GEN metric history
Metric	HY266 MONTHS21 November 2025	FY2512 MONTHS26 May 2025	HY256 MONTHS22 November 2024	FY2412 MONTHS27 May 2024	HY246 MONTHS28 November 2023	FY2312 MONTHS29 May 2023	HY236 MONTHS29 November 2022	Trend
Revenue	$12.9m	$22.6m	$10.8m	$17.2m	$7.8m	$13.7m	$3.5m	Chart
Revenue growth %	19.0%Outside range low revenue growth. 19%; 3-period range 29.7% to 94.7%. Revenue growth: 19.0%, below normal range; 3-period mean 54.3%, range 29.7%-94.7%.	31.8%	38.7%	25.3%	29.7%	205.7%	94.7%Outside range high revenue growth. 94.7%; 3-period range 19% to 38.7%. Revenue growth: 94.7%, above normal range; 3-period mean 29.1%, range 19.0%-38.7%.	Chart HY26 Revenue growth %: Outside range low revenue growth. 19%; 3-period range 29.7% to 94.7%. Revenue growth: 19.0%, below normal range; 3-period mean 54.3%, range 29.7%-94.7%.
PBT	$1.5m	$3.9m	$2.2m	$3.6m	$0m	$3.3m	$1.5m	Chart
PBT growth %	-31.8%	8.3%	-99.9%	-99.9%	1.6%	77.1%	—	Chart
NPAT	$1m	$2.8m	$1.6m	$2.6m	$0m	$2.3m	$1m	Chart
NPAT growth %	-37.5%	7.7%	-99.9%	-99.9%	—	68.4%	—	Chart
Operating cash flow	$2.8m	$41.4b	$15.3m	$4.2m	$9.9m	-$3.4m	$2.6m	Chart
FCF pre-lease	$2.8m	$40.9b	$15.3m	$4m	$9.8m	-$3.5m	$2.6m	Chart
FCF post-lease	—	—	—	—	—	—	$2.6m	—
DPS	0.3c	0.4c	0.6c	—	—	—	—	Chart
Payout ratio vs NPAT %	19.2%	31.7%	96.5%	—	—	—	—	Chart
Annual payout ratio vs EPS %	—	31.7%	—	—	—	—	—	—
ROE %	3.4%	9.6%	5.6%	9.8%	0.0%	9.3%	7.1%	Chart
Net debt	—	$148.7m	$85.3m	—	—	—	—	Chart
Debtor days	3Outside range high debtor days. 3d; 3-period range 0d to 0d. Debtor days: 3.2 days, above normal range; 3-period mean 0.1 days, range 0.0 days-0.2 days.	0	0	—	0	1	0Outside range low debtor days. 0d; 3-period range 0d to 3d. Debtor days: 0.0 days, below normal range; 3-period mean 1.1 days, range 0.0 days-3.2 days.	Chart HY26 Debtor days: Outside range high debtor days. 3d; 3-period range 0d to 0d. Debtor days: 3.2 days, above normal range; 3-period mean 0.1 days, range 0.0 days-0.2 days.
Total assets	$275.8m	$218.2m	$187.4m	$163.3m	$141.5m	$136.1m	$126.3m	Chart

Reference: annolyse.ai/companies/gen

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.

The setup & the reality

FY25 → HY26 Follow-through

The latest result is checked against what the prior briefing said to watch.

Historical setup

What FY25 said to watch

From Assets up 33.6% on funded growth, but ROE direction weakened

No forward targets, loan-book guidance, NIM disclosure or forward-work book is provided in the supplied materials. The HY25 half delivered 47.9% of full-year revenue but 56% of full-year NPAT, which implies a softer second-half earnings shape: roughly $1.2m of implied 2H NPAT against $1.6m in HY25, despite revenue lifting from $10.8m to $11.8m. This is consistent with acquisition-related transaction or integration costs absorbing margin in the back half, but the release does not isolate the driver.

Investors have no disclosed benchmark to test FY25 against. The release does not provide loan-book size, arrears rate, NIM, or provision coverage, all of which are needed to judge whether the larger balance sheet is translating into durable, risk-adjusted earnings.

Open questions

Open questions from FY25

What is the loan-book size, arrears rate, net interest margin and provision coverage at FY25 versus FY24, and how do these compare against the BB credit rating profile?
How much of FY25 revenue, segment result and NPAT was contributed by the acquired business, and what does an organic-only comparison look like?
Why did Research & Advisory turn loss-making, and is that a structural shift in that segment's economics or a one-period effect?
Why did the implied second-half NPAT step down despite second-half revenue being higher than HY25?
Is 0.98 cents per share intended as a steady-state annual policy, or will distributions scale with continued balance-sheet growth and earnings?

This briefing cannot assess whether the expanded loan book is being grown at adequate risk-adjusted returns, because net interest margin, arrears and impairment data are not disclosed in the supplied materials.

Briefing archive

Every published Annolyse briefing for this company appears here in reverse chronological order.

HY26 · Released 21 November 2025

PBT fell 31.8% on 19% revenue growth as costs and book outpaced earnings

Around NZ$0.6m of exceptional first-half costs pushed ROE to 3.4% from 5.5% even as total assets grew 47.2% to NZ$275.8m.

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FY25 · Released 26 May 2025

Assets up 33.6% on funded growth, but ROE direction weakened

Balance-sheet expansion outpaced earnings, and an in-year acquisition broadens segment mix and limits clean year-on-year comparison.

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HY25 · Released 22 November 2024

Maiden dividend sets payout at 96.5% of NPAT as revenue growth slows to 38.7%

Operating cash of NZ$15.3m easily funds the inaugural distribution, but revenue growth has slowed sharply from the company's recent baseline.

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FY24 · Released 27 May 2024

NPAT rose 17% but PBT only 7% as Finance segment profit fell

A lower tax rate and non-recurring prior-year items flattered headline growth while the dominant Finance segment's result declined.

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HY24 · Released 28 November 2023

Revenue up 29.7% but Finance segment result fell 16% year-on-year

PBT grew just 1.6% and NPAT growth of 15.8% relied on a lower tax charge as the dominant Finance segment's profitability contracted.

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FY23 · Released 29 May 2023

PBT up 77.1% but ROE eased to 9.3% as equity outpaced earnings

Equity grew 79.2% versus 68.4% NPAT growth, signalling capital raised to fund the loan book has yet to lift per-dollar returns.

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HY23 · Released 29 November 2022

PBT up 390.8% on 94.7% revenue growth as margin reached 43.5%

Operating leverage from a fast-scaling loan book quintupled PBT in a still-small finance company increasingly funded by term deposits.

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Related insights

Compare this company

The latest GEN metrics also appear in these cross-company views.

Insight

Revenue growth context

Revenue growth was 19.0% for this reporting period.

Open insight

Insight

Earnings quality and statutory distortions

PBT and NPAT growth diverged by 5.7pp.

Open insight

Insight

Dividend coverage and payout pressure

Dividend payout versus NPAT is 19.2%.

Open insight

Insight

ROE and capital efficiency

ROE was 3.4%, -2.1pp versus the prior comparable period.

Open insight

General Capital (GEN)

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Performance over time

FY25 → HY26 Follow-through

What FY25 said to watch

Open questions from FY25

Briefing archive

PBT fell 31.8% on 19% revenue growth as costs and book outpaced earnings

Assets up 33.6% on funded growth, but ROE direction weakened

Maiden dividend sets payout at 96.5% of NPAT as revenue growth slows to 38.7%

NPAT rose 17% but PBT only 7% as Finance segment profit fell

Revenue up 29.7% but Finance segment result fell 16% year-on-year

PBT up 77.1% but ROE eased to 9.3% as equity outpaced earnings

PBT up 390.8% on 94.7% revenue growth as margin reached 43.5%

Get notified when GEN publishes

General Capital (GEN)

Latest metrics

Ask about GEN

Ask about GEN

Sign in to chat

Performance over time

FY25 → HY26 Follow-through

What FY25 said to watch

Open questions from FY25

Briefing archive

PBT fell 31.8% on 19% revenue growth as costs and book outpaced earnings

Assets up 33.6% on funded growth, but ROE direction weakened

Maiden dividend sets payout at 96.5% of NPAT as revenue growth slows to 38.7%

NPAT rose 17% but PBT only 7% as Finance segment profit fell

Revenue up 29.7% but Finance segment result fell 16% year-on-year

PBT up 77.1% but ROE eased to 9.3% as equity outpaced earnings

PBT up 390.8% on 94.7% revenue growth as margin reached 43.5%

Get notified when GEN publishes