Market cap
$3.1b
End-of-day close multiplied by current shares on issue.
GNZ · NZX
Goodman Property Trust (GNZ)
Property / Property trustCovered: HY24 - HY265 published briefings
Goodman Property Trust is an NZX-listed property / property trust company with HY24 - HY26 of published result briefings.
Sections
Snapshot
Latest metrics
HY26, released 20 November 2025
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| Metric | Value | Change |
|---|---|---|
| Revenue | $148.8m | ↑ +10.4% |
| Operating profit | $83.2m | ↑ +10.5% |
| NPAT | $61.8m | ↑ +35.8% |
| Operating cash flow | $75.9m | ↑ +8.6% |
| OCF / Operating profit % | 91.2% | ↓ -1.6pp |
| Net debt | $167m | ↓ -88.6% |
| Net debt / Operating profit | 2.01x | ↓ -89.7% |
| ROE % | 2.0% | ↑ +0.5pp |
| DPS | 1.7c | ↑ +5.0% |
| Payout ratio vs NPAT % | 42.4% | ↓ -12.5pp |
Source: latest published briefing (HY26, released 20 November 2025). Change compares against the prior equivalent period: HY25, released 13 November 2024.
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, 30 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
24.92x
Recent market cap compared with trailing earnings.
EPS
0.08
Recent filing-derived earnings per share.
PEG
0.7x
P/E compared with recent earnings growth.
EV/EBITDA
20.37x
Enterprise value compared with recent EBITDA.
P/FCF
Not available
Not available for this company right now.
P/B
1x
Market value compared with latest reported equity.
Income and fund shape
Yield and fund-style valuation where the company shape supports it.
Dividend yield
3.3%
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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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 GNZ
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 GNZ
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 | HY266 MONTHS20 November 2025 | FY2512 MONTHS29 May 2025 | HY256 MONTHS13 November 2024 | FY2412 MONTHS28 May 2024 | HY246 MONTHS23 November 2023 | Trend |
|---|---|---|---|---|---|---|
| Revenue | $148.8m | $277.9m | $134.8m | $244.1m | $100.1m | Chart |
| Revenue growth % | 10.4% | 13.8% | 34.7% | 14.2% | -4.3% | Chart |
| Operating profit | $83.2m | $154.3m | $75.3m | — | — | Chart |
| Operating profit margin % | 55.9% | 55.5% | 55.9% | — | — | Chart |
| PBT | $62.2m | $130.9m | $53.1m | -$626.5m | -$156.4m | Chart |
| PBT growth % | 17.1% | — | — | — | — | — |
| NPAT | $61.8m | $109.6m | $45.5m | -$564.9m | -$163.2m | Chart |
| NPAT growth % | 35.8% | — | — | — | — | — |
| Operating cash flow | $75.9m | $161.3m | $69.9m | $112.1m | $50.1m | Chart |
| OCF / Operating profit % | 91.2% | 104.5% | 92.8% | — | — | Chart |
| FCF pre-lease | — | $81.2m | $13.8m | -$78.9m | -$49.1m | Chart |
| DPS | 1.7c | 1.6c | 1.6c | 1.6c | 3.1c | Chart |
| Payout ratio vs NPAT % | 42.4% | 45.6% | 54.9% | — | — | Chart |
| Annual payout ratio vs EPS % | — | 45.6% | — | — | — | — |
| ROE % | 2.0% | 3.5% | 1.5% | -18.2% | -5.0% | Chart |
| Net debt | $167m | $1.4b | $1.5b | — | — | Chart |
| Net debt / Operating profit | 2.01x | 9.39x | 19.48x | — | — | Chart |
| Total assets | $4.1b | $4.8b | $4.7b | $4.7b | $4.8b | Chart |
Reference: annolyse.ai/companies/gnz
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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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.
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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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
Previous analysisFY25Result releasedAnnolyse analysis published
From GMT swings from $564.9m loss to $109.6m profit on valuation reversal
No FY26 quantitative targets are provided in this release. The interim disclosure reaffirmed full-year cash earnings guidance of 7.5 cents per unit, and the result was second-half weighted: HY25 delivered $45.5m of NPAT versus $64.1m implied for 2H25, and 48.5% of full-year revenue versus 51.5%. That shape is consistent with progressive completion of development-led rent contribution.
What this release does not support is a forward read on rent reversion trajectory, occupancy by sub-market, or weighted average lease term — the kind of property-specific shape signals that determine whether FY25's rental momentum carries into FY26.
Open questions
Open questions from FY25
- What share of the swing to profit is property revaluation versus underlying rental-income growth, and how should investors think about sustainable earnings power?
- How will FY26 capex normalise as the development pipeline reloads, and what is the expected drag on free cash flow conversion?
- What are current portfolio occupancy, weighted average lease term, and like-for-like rent reversion rates by sub-market?
- Where does gearing sit against the trust's policy band, and what is the debt headroom after the recent refinancing activity?
- What FY26 cash earnings and distribution guidance can management commit to given the moderated customer demand noted in the release?
This briefing cannot assess the underlying cap-rate assumptions or development-yield expectations that determine whether the valuation reversal seen this year is the start of a multi-period uplift or a single-period stabilisation.
Archive
Briefing archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
HY26 · Released 20 November 2025
Gross borrowings fell 53% as PBT rose 17.1% on issuer transition
Cash rose to $531.8m and total assets fell $663.1m, signalling a material balance sheet reshape that complicates the like-for-like read.
Read briefing
FY25 · Released 29 May 2025
GMT swings from $564.9m loss to $109.6m profit on valuation reversal
Underlying property income rose 13.8% and operating cash flow lifted 43.9%, but NTA per unit barely moved as the revaluation cycle turned.
Read briefing
HY25 · Released 13 November 2024
GMT operating earnings up 10.6% as valuation drag reverses to $45.5m profit
Underlying rental growth of 7.3% and new completions drove revenue 34.7% higher, but NTA per unit fell 12.7% and borrowings rose $108.6m, tightening
Read briefing
FY24 · Released 28 May 2024
Rental revenue up 14.2% but revaluations widened the loss to $564.9m
Cash earnings and a 22.9% lift in operating cash flow sit underneath a statutory result dominated by property devaluations and rising gearing.
Read briefing
HY24 · Released 23 November 2023
Property revaluations drive $163m loss despite 5.9% operating earnings lift
Underlying rental performance strengthened, but a 15.5% borrowings increase and 11.6% equity decline reset the leverage picture.
Read briefing
Get notified when GNZ publishes
Get the next Goodman Property Trust result briefing and five-year history updates by email.