Market cap
$3.1b
End-of-day close multiplied by current shares on issue.
GMT · NZX
Goodman Property Trust (GMT)
Property / Property trustCovered: HY26 - FY262 published briefings
Goodman Property Trust is an NZX-listed property / property trust company with HY26 - FY26 of published result briefings.
Sections
Snapshot
Latest metrics
FY26, released 26 May 2026
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| Metric | Value | Change |
|---|---|---|
| Revenue | $223.1m | — |
| Operating profit | $137.5m | — |
| NPAT | $248m | — |
| Operating cash flow | $133.8m | — |
| Net debt | $693.5m | — |
| ROE % | 7.6% | — |
| DPS | 6.8c | — |
| Payout ratio vs NPAT % | 42.4% | — |
| PBT | $258.4m | — |
| FCF pre-lease | $74.2m | — |
Source: latest published briefing (FY26, released 26 May 2026). Change compares against the prior equivalent period: not available for this company.
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
12.34x
Recent market cap compared with trailing earnings.
EPS
0.16
Recent filing-derived earnings per share.
PEG
0.1x
P/E compared with recent earnings growth.
EV/EBITDA
27.31x
Enterprise value compared with recent EBITDA.
P/FCF
41.26x
Market cap compared with recent free cash flow.
P/B
0.94x
Market value compared with latest reported equity.
Income and fund shape
Yield and fund-style valuation where the company shape supports it.
Dividend yield
3.4%
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
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Ask follow-up questions about Goodman Property Trust's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Ask about GMT
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 | FY2612 MONTHS26 May 2026 | HY266 MONTHS20 November 2025 | Trend |
|---|---|---|---|
| Revenue | $223.1m | $148.8m | Chart |
| Revenue growth % | -19.7% | 10.4% | Chart |
| Operating profit | $137.5m | $83.2m | Chart |
| PBT | $258.4m | $62.2m | Chart |
| PBT growth % | 97.4% | 17.1% | Chart |
| NPAT | $248m | $61.8m | Chart |
| NPAT growth % | 126.3% | 35.8% | Chart |
| Operating cash flow | $133.8m | $75.9m | Chart |
| FCF pre-lease | $74.2m | $47.9m | Chart |
| FCF post-lease | $74.2m | — | — |
| DPS | 6.8c | 1.7c | Chart |
| Payout ratio vs NPAT % | 42.4% | 42.4% | Chart |
| ROE % | 7.6% | 2.0% | Chart |
| Net debt | $693.5m | $167m | Chart |
| Total assets | $4.2b | $4.1b | Chart |
Reference: annolyse.ai/companies/gmt
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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NPAT
Statutory profit after tax.
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Operating cash flow
Cash generated from operations.
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FCF pre-lease
Operating cash flow less capex before leases.
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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 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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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 Borrowings cut 76% via Highbrook Fund deal as PBT grew 17.1%
The supplied shape context shows HY25 represented 48.5% of FY25 revenue and 41.5% of FY25 NPAT, making the trust modestly second-half-weighted. Annualising HY26 revenue gives $297.6m versus FY25's $277.9m, broadly consistent with the company's reaffirmed cash earnings guidance and stated full-year distribution guidance in line with the 3.4125 cents per unit announced for HY26. No specific revenue or earnings target is provided in extraction, so the read on second-half shape hinges on whether like-for-like rental growth holds and Highbrook Fund management fees scale as expected. The release does not quantify either, which limits forward conviction beyond the reaffirmed cash earnings target.
Open questions
Open questions from HY26
- What is the recurring run-rate of management-fee income from the Highbrook Fund, and how sensitive is it to fund leverage, valuations, and investor flows?
- Why did the effective tax rate fall from 14.3% to 0.6%, and what rate should be modelled for FY26 and beyond?
- How will the $531.8m cash balance be deployed across further debt repayment, development restart, or distributions?
- When does the development pipeline restart, and what capex intensity should investors expect once it does?
- Is the 5.2% like-for-like rental growth representative of the post-transaction portfolio mix, or skewed by assets no longer wholly owned?
This briefing cannot assess the financial performance of the Highbrook Fund itself, the precise valuation mechanics of the transaction, or the trajectory of capitalisation rates and independent asset values, none of which are quantified in the supplied data.
Archive
Briefing archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
FY26 · Released 26 May 2026
Profit surged on one-off gains while operating profit and cash conversion fell
Statutory profit growth masks a decline in operating profit and a sharp fall in cash conversion this year.
Read briefing
HY26 · Released 20 November 2025
Borrowings cut 76% via Highbrook Fund deal as PBT grew 17.1%
A 0.6% effective tax rate lifted NPAT 35.8%, but the cleaner 17.1% PBT growth and 5.2% like-for-like rental uplift set the operating read.
Read briefing
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