Market cap
$3.4b
End-of-day close multiplied by current shares on issue.
GNE · NZX
Genesis Energy is an NZX-listed energy & utilities / integrated gentailer company with HY23 - HY26 of published result briefings.
Snapshot
HY26, released 23 February 2026
| Metric | Value | Change |
|---|---|---|
| Revenue | $1.5b | ↓ -12.9% |
| EBITDAF | $303.2m | ↑ +40.0% |
| NPAT | $95.1m | ↑ +35.3% |
| Operating cash flow | $264m | ↑ +109.0% |
| OCF / EBITDAF % | 87.1% | ↑ +28.8pp |
| Net debt | $1.4b | ↓ -2.3% |
| Net debt / EBITDAF | 4.6x | ↓ -30.2% |
| ROE % | 3.1% | ↑ +0.7pp |
| DPS | 7.3c | ↑ +2.4% |
| Payout ratio vs NPAT % | 84.5% | ↓ -25.2pp |
Source: latest published briefing (HY26, released 23 February 2026). Change compares against the prior equivalent period: HY25, released 21 February 2025.
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.
The latest close and share count context for the market price.
Market cap
$3.4b
End-of-day close multiplied by current shares on issue.
How the market price compares with recent earnings and cash-flow inputs.
P/E
17.35x
Recent market cap compared with trailing earnings.
EPS
0.15
Recent filing-derived earnings per share.
PEG
0.49x
P/E compared with recent earnings growth.
EV/EBITDA
8.79x
Enterprise value compared with recent EBITDA.
P/FCF
11.84x
Market cap compared with recent free cash flow.
P/B
1.09x
Market value compared with latest reported equity.
Yield and fund-style valuation where the company shape supports it.
Dividend yield
5.5%
Trailing dividends compared with the latest close.
Total return
Not available
Available once dividend and adjustment data are verified.
Daily closes use the full available width, with hover and touch readouts against real observations. Expand opens the chart at reading size.
Five years of daily closes, as at close, 5 June 2026. Weekends, suspensions, and listing gaps stay as natural gaps in the time scale.
Indexed lines compare direction from the first positive comparable filing point. The axis is an index, not dollars or cents.
Chat
Ask follow-up questions about Genesis Energy's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Longitudinal view
The latest period is shown first.
| Metric | HY266 MONTHS23 February 2026 | FY2512 MONTHS26 August 2025 | HY256 MONTHS21 February 2025 | FY2412 MONTHS22 August 2024 | HY246 MONTHS22 February 2024 | FY2312 MONTHS24 August 2023 | HY236 MONTHS27 February 2023 | Trend |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.5b | $3.7b | $1.8b | $3b | $1.4b | $2.4b | $1.2b | Chart |
| Revenue growth % | -12.9% | 20.2% | 28.9%Outside range high revenue growth. 28.9%; 3-period range -16.4% to 18.3%. Revenue growth: 28.9%, above normal range; 3-period mean -3.7%, range -16.4%-18.3%. | 28.4% | 18.3% | -16.2% | -16.4%Outside range low revenue growth. -16.4%; 3-period range -12.9% to 28.9%. Revenue growth: -16.4%, below normal range; 3-period mean 11.4%, range -12.9%-28.9%. | Chart
|
| EBITDAF | $303.2m | $454.3m | $216.5m | $407.2m | $0m | $523.5m | $0.3m | Chart |
| EBITDAF margin % | 19.8% | 12.4% | 12.3%Outside range low ebitda margin. 12.3%; 3-period range 14.8% to 25.8%. EBITDA margin: 12.3%, below normal range; 3-period mean 20.1%, range 14.8%-25.8%. | 13.4% | 0.0% | 22.0% | 0.0%Outside range high ebitda margin. 25.8%; 3-period range 12.3% to 19.7%. EBITDA margin: 25.8%, above normal range; 3-period mean 15.6%, range 12.3%-19.7%. | Chart
|
| PBT | $135.2m | $227.9m | $93.7m | $191.1m | $0m | $272.2m | $0.2m | Chart |
| PBT growth % | 44.3% | 19.3% | 75.1% | -29.8% | — | -12.3% | -99.8% | Chart |
| NPAT | $95.1m | $169.1m | $70.3m | $131.1m | $0m | $195.7m | $0.1m | Chart |
| NPAT growth % | 35.3% | 29.0% | 83.6% | -33.0% | — | -11.8% | -99.9% | Chart |
| Operating cash flow | $264m | $311.7m | $126.3m | $439.8m | $210.8m | $422.6m | $224.5m | Chart |
| OCF / EBITDAF % | 87.1% | 68.6% | 58.3%Outside range low ocf / ebitda cash conversion. 58.3%; 3-period range 75.2% to 104.3%. OCF / EBITDA cash conversion: 58.3%, below normal range; 3-period mean 88.9%, range 75.2%-104.3%. | 108.0% | — | 80.7% | n/m | Chart
|
| FCF pre-lease | $183m | $147m | $46m | $296.1m | $125.3m | $335.2m | $214.7m | Chart |
| FCF post-lease | $183m | $0.15m | $46m | — | — | $335.2m | $0.22m | Chart |
| DPS | 7.3c | 7.2c | 7.1c | 7.0c | 7.0c | 17.6c | 8.8c | Chart |
| Payout ratio vs NPAT % | 84.5% | 92.3% | 109.7% | 114.7% | 194.4%Outside range high payout ratio versus npat. 194.4%; 3-period range 63.6% to 109.7%. Payout ratio versus NPAT: 194.4%, above normal range; 3-period mean 85.9%, range 63.6%-109.7%. | 95.0% | 63.6%Outside range low payout ratio versus npat. 63.6%; 3-period range 84.5% to 194.4%. Payout ratio versus NPAT: 63.6%, below normal range; 3-period mean 129.5%, range 84.5%-194.4%. | Chart
|
| Annual payout ratio vs EPS % | — | 92.3% | — | 114.7% | — | 95.0% | — | Chart |
| ROE % | 3.1% | 5.7% | 2.4%Outside range low roe. 2.4%; 3-period range 2.9% to 5.2%. ROE: 2.4%, below normal range; 3-period mean 3.7%, range 2.9%-5.2%. | 4.9% | 2.9% | 8.1% | 5.2%Outside range high roe. 5.2%; 3-period range 2.4% to 3.1%. ROE: 5.2%, above normal range; 3-period mean 2.8%, range 2.4%-3.1%. | Chart
|
| Net debt | $1.4b | $1.4b | $1.4b | $1.3b | $1.3b | $1.3b | $1.3b | Chart |
| Net debt / EBITDAF | 4.6x | 3.1x | 6.59xOutside range high net debt / ebitda. 6.6x; 3-period range 4.4x to 6.43x. Net debt / EBITDA: 6.60x, above normal range; 3-period mean 5.14x, range 4.40x-6.43x. | 3.09x | — | 2.5x | 4,427.85x | Chart
|
| Debtor days | 29 | 13 | 24Outside range low debtor days. 24d; 3-period range 28d to 30d. Debtor days: 23.6 days, below normal range; 3-period mean 28.9 days, range 27.8 days-29.6 days. | 18 | 28 | 19 | 30Outside range high debtor days. 30d; 3-period range 24d to 29d. Debtor days: 29.6 days, above normal range; 3-period mean 26.9 days, range 23.6 days-29.4 days. | Chart
|
| Inventory days | 38Outside range high inventory days. 38d; 3-period range 18d to 37d. Inventory days: 37.7 days, above normal range; 3-period mean 25.9 days, range 18.3 days-37.2 days. | 23 | 18Outside range low inventory days. 18d; 3-period range 22d to 38d. Inventory days: 18.3 days, below normal range; 3-period mean 32.4 days, range 22.2 days-37.7 days. | 11 | 22 | 22 | 37 | Chart
|
| Total assets | $6.3b | $6.1b | $6b | $5.6b | $5.2b | $5.1b | $5.7b | Chart |
Reference: annolyse.ai/companies/gne
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.
These charts use verified published filing periods only. Gaps are not interpolated, and mixed half-year/full-year histories are split into separate series.
Reported revenue across covered periods.
Like-period revenue growth where comparable.
Company-specific earnings measure where disclosed.
EBITDA-equivalent margin where revenue and earnings are source-backed.
Statutory profit after tax.
Cash generated from operations.
Additional verified filing metrics for this company. Each point links back to a published briefing period in the source data contract.
Cash conversion against earnings.
Operating cash flow less capex before leases.
Free cash flow after lease payments where available.
Return on equity.
Borrowings less cash; negative values indicate net cash.
Leverage ratio, suppressed where earnings are not meaningful.
Dividend per share declared for the period.
Dividend payout against statutory NPAT.
Receivables days where the working-capital inputs are source-backed.
Inventory days where the working-capital inputs are source-backed.
Per-period working-capital absorption or release, from the same published history. Positive values are working-capital build; negative values are release.
The setup & the reality
The latest result is checked against what the prior briefing said to watch.
Historical setup
From EBITDAF rose 11.6% but operating cash fell 29.1% on inventory build
No forward EBITDAF target or dividend guidance is supplied in this release. The supplied interim shape indicates a second-half weighting: HY25 contributed 47.7% of full-year EBITDAF and only 41.6% of full-year NPAT, so the H2 step-up is consistent with the company's recent shape rather than a clean run-rate.
Annualising HY25 revenue gives $3.5b versus the $3.7b delivered, confirming H2 carried the result. The release does not provide enough context to judge whether the inventory position represents pre-funded fuel for a forward winter or a structural working-capital re-set, which is the central forward question this result leaves open.
Open questions
This briefing cannot assess hydrology, hedge-book positioning, or forward fuel-cost assumptions because none of those drivers are disclosed in the supplied release context.
Archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
HY26 · Released 23 February 2026
Earnings and cash strengthened sharply, but a NZ$160.7m working-capital build sits well above Annolyse's historical baseline.
FY25 · Released 26 August 2025
A $123.7m working-capital absorption and weaker cash conversion left the full-year dividend uncovered by free cash flow.
HY25 · Released 21 February 2025
Pre-lease free cash flow of NZ$46.0m sits well below the NZ$191.7m historical mean and the dividend exceeds NPAT at a 109.7% payout.
FY24 · Released 22 August 2024
Revenue grew 28.4% on wholesale price pass-through, but higher generation costs cut EBITDAF to $407.2m and pushed net debt to 3.09x EBITDAF.
HY24 · Released 22 February 2024
Revenue rose 18.3% but generation costs crushed margins, leaving the 7.0cps dividend at 194.4% of NPAT and leverage at 6.4x EBITDAF.
FY23 · Released 24 August 2023
Cash conversion lifted from 59.5% to 80.8% and leverage eased to 2.5x, but the unchanged 17.6cps dividend now consumes 95.0% of NPAT.
HY23 · Released 27 February 2023
Gentailer margin and cash generation ran well above historical range, cutting leverage to 4.4x and lifting free cash flow to $214.7m.
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