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HLG · NZX

Hallenstein Glasson (HLG)

Consumer / Retail apparelCovered: FY21 - HY2610 published briefings

Hallenstein Glasson is an NZX-listed consumer / retail apparel company. Its latest covered result is HY26, with FY21 - HY26 of source-backed result history on Annolyse.

Sections

Latest result

Latest metrics

HY26, released 27 March 2026

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HLG latest metrics
MetricValueChange
Revenue$275.2m↑ +14.6%
Operating profit$41.1m↑ +32.3%
NPAT$28m↑ +32.1%
Operating cash flow$53.5m↑ +26.7%
OCF / Operating profit %129.9%↓ -5.8pp
ROE %23.1%↑ +3.9pp
DPS29.0c↑ +18.4%
Payout ratio vs NPAT %61.7%Outside range low payout ratio versus npat. 61.7%; 3-period range 68.8% to 90.1%. Payout ratio versus NPAT: 61.7%, below normal range; 3-period mean 76.0%, range 68.8%-90.1%.↓ -7.3pp
PBT$39.8m↑ +33.1%
FCF pre-lease$40.9m↑ +21.8%

Source: latest published briefing (HY26, released 27 March 2026). Change compares against the prior equivalent period: HY25, released 28 March 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.

Market cap

$739.1m

i

End-of-day close multiplied by current shares on issue.

Profitability multiples

How the market price compares with recent earnings and cash-flow inputs.

P/E

15.96x

i

Recent market cap compared with trailing earnings.

EPS

0.78

i

Recent filing-derived earnings per share.

PEG

0.5x

i

P/E compared with recent earnings growth.

EV/EBITDA

Not available

i

Not available for this company right now.

P/FCF

9.23x

i

Market cap compared with recent free cash flow.

P/B

6.08x

i

Market value compared with latest reported equity.

Income and investment-company measures

Yield and investment-company valuation where supported.

Dividend yield

4.8%

i

Trailing dividends compared with the latest close.

Total return

Not available

i

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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Financial history

Performance over time

The latest period is shown first.

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HLG metric history
MetricHY266 MONTHS27 March 2026FY2512 MONTHS26 September 2025HY256 MONTHS28 March 2025FY2412 MONTHS30 September 2024HY246 MONTHS26 April 2024FY2312 MONTHS29 September 2023HY236 MONTHS31 March 2023FY2212 MONTHS30 September 2022HY226 MONTHS25 March 2022FY2112 MONTHS30 September 2021Trend
Revenue$275.2m$470.7m$240m$435.6m$223m$409.7m$223.3m$351.2m$170.6m$350.8m
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Revenue growth %14.7%8.1%7.7%6.3%-0.2%16.7%30.9%Unprecedented high revenue growth. 30.9%; 4-period range -6.2% to 14.7%. Revenue growth: 30.9%, unprecedented high; 4-period mean 4.0%, range -6.2%-14.7%.0.1%Unprecedented low revenue growth. 0.1%; 4-period range 6.3% to 21.9%. Revenue growth: 0.1%, unprecedented low; 4-period mean 13.3%, range 6.3%-21.9%.-6.2%Outside range low revenue growth. -6.2%; 4-period range -0.2% to 30.9%. Revenue growth: -6.2%, below normal range; 4-period mean 13.3%, range -0.2%-30.9%.21.9%Unprecedented high revenue growth. 21.9%; 4-period range 0.1% to 16.7%. Revenue growth: 21.9%, unprecedented high; 4-period mean 7.8%, range 0.1%-16.7%.
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Operating profit$41.1m$61m$31.1m$54.3m$30.9m$47.8m$30.6m$37.1m$17.8m$49.3m
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Operating profit margin %15.0%13.0%13.0%12.5%13.9%11.7%13.7%10.6%10.5%14.0%
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PBT$39.8m$58.4m$29.9m$52.1m$29.9m$45.4m$29.5m$35.1m$16.9m$47m
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PBT growth %33.1%12.1%0.0%14.8%1.4%29.3%Outside range high pbt growth. 29.3%; 4-period range -25.3% to 28.1%. PBT growth: 29.3%, above normal range; 4-period mean 7.4%, range -25.3%-28.1%.74.6%Unprecedented high pbt growth. 74.6%; 4-period range -39.6% to 33.1%. PBT growth: 74.6%, unprecedented high; 4-period mean -1.3%, range -39.6%-33.1%.-25.3%Unprecedented low pbt growth. -25.3%; 4-period range 12.1% to 29.3%. PBT growth: -25.3%, unprecedented low; 4-period mean 21.1%, range 12.1%-29.3%.-39.6%Unprecedented low pbt growth. -39.6%; 4-period range 0% to 74.6%. PBT growth: -39.6%, unprecedented low; 4-period mean 27.3%, range 0.0%-74.6%.28.1%
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NPAT$28m$39.5m$21.2m$34.5m$21.1m$32m$20.8m$25.6m$11.9m$33.3m
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NPAT growth %32.1%14.5%0.5%7.8%1.4%25.0%Outside range high npat growth. 25%; 4-period range -23.1% to 19.8%. NPAT growth: 25.0%, above normal range; 4-period mean 4.8%, range -23.1%-19.8%.74.8%Unprecedented high npat growth. 74.8%; 4-period range -39.9% to 32.1%. NPAT growth: 74.8%, unprecedented high; 4-period mean -1.5%, range -39.9%-32.1%.-23.1%Unprecedented low npat growth. -23.1%; 4-period range 7.8% to 25%. NPAT growth: -23.1%, unprecedented low; 4-period mean 16.8%, range 7.8%-25.0%.-39.9%Unprecedented low npat growth. -39.9%; 4-period range 0.5% to 74.8%. NPAT growth: -39.9%, unprecedented low; 4-period mean 27.2%, range 0.5%-74.8%.19.8%
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Operating cash flow$53.5m$88.6m$42.2m$85.3m$45.1m$68m$35m$52.5m$21.2m$61.4m
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OCF / Operating profit %129.9%145.2%135.7%157.1%145.8%142.3%114.4%141.6%119.1%124.7%
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FCF pre-lease$40.9m$72.8m$33.6m$69.4m$35.7m$53.2m$27.1m$44.2m$18.2m$53.5m
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DPS29.0c30.5c24.5c26.5c—24.0c24.0c24.0c18.0c—
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Payout ratio vs NPAT %61.7%Outside range low payout ratio versus npat. 61.7%; 3-period range 68.8% to 90.1%. Payout ratio versus NPAT: 61.7%, below normal range; 3-period mean 76.0%, range 68.8%-90.1%.83.1%69.0%45.8%Outside range low payout ratio versus npat. 45.8%; 3-period range 83.1% to 97.8%. Payout ratio versus NPAT: 45.8%, below normal range; 3-period mean 90.2%, range 83.1%-97.8%.—89.6%68.8%97.8%Outside range high payout ratio versus npat. 97.8%; 3-period range 45.8% to 89.6%. Payout ratio versus NPAT: 97.8%, above normal range; 3-period mean 72.8%, range 45.8%-89.6%.90.1%Outside range high payout ratio versus npat. 90.1%; 3-period range 61.7% to 69%. Payout ratio versus NPAT: 90.1%, above normal range; 3-period mean 66.5%, range 61.7%-69.0%.—
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  • FY24 Payout ratio vs NPAT %: Outside range low payout ratio versus npat. 45.8%; 3-period range 83.1% to 97.8%. Payout ratio versus NPAT: 45.8%, below normal range; 3-period mean 90.2%, range 83.1%-97.8%.
  • HY26 Payout ratio vs NPAT %: Outside range low payout ratio versus npat. 61.7%; 3-period range 68.8% to 90.1%. Payout ratio versus NPAT: 61.7%, below normal range; 3-period mean 76.0%, range 68.8%-90.1%.
Annual payout ratio vs EPS %—83.1%—45.8%—89.5%—97.8%——
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ROE %23.1%35.3%19.1%33.4%20.5%Outside range low roe. 20.5%; 3-period range 22.3% to 28%. ROE: 20.5%, below normal range; 3-period mean 24.5%, range 22.3%-28.0%.33.2%22.3%28.3%Unprecedented low roe. 28.3%; 4-period range 33.2% to 37.4%. ROE: 28.3%, unprecedented low; 4-period mean 34.8%, range 33.2%-37.4%.28.0%Outside range high roe. 28%; 3-period range 20.5% to 23.1%. ROE: 28.0%, above normal range; 3-period mean 22.0%, range 20.5%-23.1%.37.4%Outside range high roe. 37.4%; 4-period range 28.3% to 35.3%. ROE: 37.4%, above normal range; 4-period mean 32.6%, range 28.3%-35.3%.
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  • HY24 ROE %: Outside range low roe. 20.5%; 3-period range 22.3% to 28%. ROE: 20.5%, below normal range; 3-period mean 24.5%, range 22.3%-28.0%.
Debtor days1Outside range high debtor days. 1d; 4-period range 0d to 1d. Debtor days: 0.8 days, above normal range; 4-period mean 0.5 days, range 0.2 days-0.8 days.010100Unprecedented low debtor days. 0d; 4-period range 1d to 1d. Debtor days: 0.2 days, unprecedented low; 4-period mean 0.6 days, range 0.5 days-0.8 days.0Unprecedented high debtor days. 1d; 4-period range 0d to 0d. Debtor days: 0.5 days, unprecedented high; 4-period mean 0.3 days, range 0.3 days-0.3 days.10Outside range low debtor days. 0d; 4-period range 0d to 0d. Debtor days: 0.3 days, below normal range; 4-period mean 0.4 days, range 0.3 days-0.5 days.
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  • HY26 Debtor days: Outside range high debtor days. 1d; 4-period range 0d to 1d. Debtor days: 0.8 days, above normal range; 4-period mean 0.5 days, range 0.2 days-0.8 days.
Inventory days19242123Outside range low inventory days. 23d; 4-period range 24d to 35d. Inventory days: 23.0 days, below normal range; 4-period mean 28.9 days, range 24.3 days-34.8 days.19Outside range low inventory days. 19d; 4-period range 19d to 24d. Inventory days: 18.6 days, below normal range; 4-period mean 21.8 days, range 19.3 days-23.9 days.282335Unprecedented high inventory days. 35d; 4-period range 23d to 29d. Inventory days: 34.8 days, unprecedented high; 4-period mean 26.0 days, range 23.0 days-29.0 days.24Outside range high inventory days. 24d; 4-period range 19d to 23d. Inventory days: 23.9 days, above normal range; 4-period mean 20.5 days, range 18.6 days-23.2 days.29
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  • HY24 Inventory days: Outside range low inventory days. 19d; 4-period range 19d to 24d. Inventory days: 18.6 days, below normal range; 4-period mean 21.8 days, range 19.3 days-23.9 days.
  • FY24 Inventory days: Outside range low inventory days. 23d; 4-period range 24d to 35d. Inventory days: 23.0 days, below normal range; 4-period mean 28.9 days, range 24.3 days-34.8 days.
Total assets$248.9m$231.2m$220m$219m$208.9m$202.6m$201.8m$205.2m$181.6m$199.5m
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Reference: annolyse.ai/companies/hlg

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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  • FY21 HLG FY: Unprecedented high revenue growth. 21.9%; 4-period range 0.1% to 16.7%. Revenue growth: 21.9%, unprecedented high; 4-period mean 7.8%, range 0.1%-16.7%.
  • FY22 HLG FY: Unprecedented low revenue growth. 0.1%; 4-period range 6.3% to 21.9%. Revenue growth: 0.1%, unprecedented low; 4-period mean 13.3%, range 6.3%-21.9%.
  • HY22 HLG HY: Outside range low revenue growth. -6.2%; 4-period range -0.2% to 30.9%. Revenue growth: -6.2%, below normal range; 4-period mean 13.3%, range -0.2%-30.9%.
  • HY23 HLG HY: Unprecedented high revenue growth. 30.9%; 4-period range -6.2% to 14.7%. Revenue growth: 30.9%, unprecedented high; 4-period mean 4.0%, range -6.2%-14.7%.

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.

FCF pre-lease

Operating cash flow less capex before leases.

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ROE

Return on equity.

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  • FY21 HLG FY: Outside range high roe. 37.4%; 4-period range 28.3% to 35.3%. ROE: 37.4%, above normal range; 4-period mean 32.6%, range 28.3%-35.3%.
  • FY22 HLG FY: Unprecedented low roe. 28.3%; 4-period range 33.2% to 37.4%. ROE: 28.3%, unprecedented low; 4-period mean 34.8%, range 33.2%-37.4%.
  • HY22 HLG HY: Outside range high roe. 28%; 3-period range 20.5% to 23.1%. ROE: 28.0%, above normal range; 3-period mean 22.0%, range 20.5%-23.1%.
  • HY24 HLG HY: Outside range low roe. 20.5%; 3-period range 22.3% to 28%. ROE: 20.5%, below normal range; 3-period mean 24.5%, range 22.3%-28.0%.

DPS

Dividend per share declared for the period.

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Payout ratio

Dividend payout against statutory NPAT.

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  • FY22 HLG FY: Outside range high payout ratio versus npat. 97.8%; 3-period range 45.8% to 89.6%. Payout ratio versus NPAT: 97.8%, above normal range; 3-period mean 72.8%, range 45.8%-89.6%.
  • FY24 HLG FY: Outside range low payout ratio versus npat. 45.8%; 3-period range 83.1% to 97.8%. Payout ratio versus NPAT: 45.8%, below normal range; 3-period mean 90.2%, range 83.1%-97.8%.
  • HY22 HLG HY: Outside range high payout ratio versus npat. 90.1%; 3-period range 61.7% to 69%. Payout ratio versus NPAT: 90.1%, above normal range; 3-period mean 66.5%, range 61.7%-69.0%.
  • HY26 HLG HY: Outside range low payout ratio versus npat. 61.7%; 3-period range 68.8% to 90.1%. Payout ratio versus NPAT: 61.7%, below normal range; 3-period mean 76.0%, range 68.8%-90.1%.

Debtor days

Receivables days where the working-capital inputs are source-backed.

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  • FY21 HLG FY: Outside range low debtor days. 0d; 4-period range 0d to 0d. Debtor days: 0.3 days, below normal range; 4-period mean 0.4 days, range 0.3 days-0.5 days.
  • FY22 HLG FY: Unprecedented high debtor days. 1d; 4-period range 0d to 0d. Debtor days: 0.5 days, unprecedented high; 4-period mean 0.3 days, range 0.3 days-0.3 days.
  • HY23 HLG HY: Unprecedented low debtor days. 0d; 4-period range 1d to 1d. Debtor days: 0.2 days, unprecedented low; 4-period mean 0.6 days, range 0.5 days-0.8 days.
  • HY26 HLG HY: Outside range high debtor days. 1d; 4-period range 0d to 1d. Debtor days: 0.8 days, above normal range; 4-period mean 0.5 days, range 0.2 days-0.8 days.

Inventory days

Inventory days where the working-capital inputs are source-backed.

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  • FY22 HLG FY: Unprecedented high inventory days. 35d; 4-period range 23d to 29d. Inventory days: 34.8 days, unprecedented high; 4-period mean 26.0 days, range 23.0 days-29.0 days.
  • FY24 HLG FY: Outside range low inventory days. 23d; 4-period range 24d to 35d. Inventory days: 23.0 days, below normal range; 4-period mean 28.9 days, range 24.3 days-34.8 days.
  • HY22 HLG HY: Outside range high inventory days. 24d; 4-period range 19d to 23d. Inventory days: 23.9 days, above normal range; 4-period mean 20.5 days, range 18.6 days-23.2 days.
  • HY24 HLG HY: Outside range low inventory days. 19d; 4-period range 19d to 24d. Inventory days: 18.6 days, below normal range; 4-period mean 21.8 days, range 19.3 days-23.9 days.

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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  • HY23 HLG: Outside range high operating working-capital movement. $5.9m; 4-period range $-5.4m to $5.1m. Operating working-capital movement: NZ$5.9m, above normal range; 2/4 prior periods had builds averaging NZ$3.6m, and 2 had releases averaging NZ$-3.5m.
  • HY24 HLG: Unprecedented low operating working-capital movement. $-5.4m; 4-period range $-1.7m to $5.9m. Operating working-capital movement: NZ$-5.4m, unprecedented low; 3/4 prior periods had builds averaging NZ$4.3m, and 1 had releases averaging NZ$-1.7m.

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 PBT grew 12.1% on 8.1% revenue with cash reserves at $58.3m

No forward financial targets are supplied. Against the company's own near-term commentary, the result lands at the top of the $57.5m–$58.5m PBT range flagged at the September pre-close. The HY25 NPAT guidance of $21.0m–$21.3m was also met at $21.2m.

The shape data implies H1 carried 53.7% of NPAT and 51% of revenue, so the H2 contribution was weaker on a sales-to-profit basis than H1. With no FY26 guidance or stated target, the briefing cannot anchor expectations beyond the trading shape this release establishes.

Open questions

Open questions from FY25

  • What drove the implied H2 NPAT step-down to $18.3m, and did gross margin recover from the H1 compression?
  • How did Glassons Australia, Glassons New Zealand and Hallensteins each contribute in FY25, and where did operating leverage actually come from?
  • Is the lift to a full-year 55.0cps dividend a new ongoing payout policy, or a one-off use of the $58.3m cash balance?
  • Why did inventory grow 13.8% against 8.1% revenue, and how much of that build is forward-season versus carry-over clearance?
  • What is management's assumption on the USD purchasing cost into FY26, given the H1 margin headwind it flagged?

This briefing cannot assess current-year segment economics, gross margin direction, or store-network and online channel mix because those disclosures are not in the supplied extraction.

Latest result sources

Primary issuer documents used for the HY26 briefing. Document labels are preserved from the publication record; Annolyse does not relabel every financial report as an annual report.

Current period

Chairman's Report for period ended 1 February 2026

HY26 / results presentation

Financial Results for 6 months ended 1 February 2026

HY26 / financial report

Results Announcement 1 February 2026

HY26 / results announcement

Results Announcement 1 February 2026

HY26 / results release

Prior comparable period

Financial Results for 6 months ended 1 February 2025

HY25 / financial report

Group CEO's Report for period ended 1 February 2025

HY25 / results release

Results Announcement 1 February 2025

HY25 / results announcement

Full-year context

Audited Financial Statements and Independent Auditors Report for the year ended 1 August 2025

FY25 / financial report

Results Announcement 1 August 2025

FY25 / results announcement

Results Announcement 1 August 2025

FY25 / results release

Release context

HLG Trading update and profit forecast August 2025

FY25 / commentary

AGM Results from 10 December 2024

HY25 / commentary

HGH LTD Trading Update and Profit Forecast 28.2.25

HY25 / commentary

AGM Results from 10 December 2025

HY26 / commentary

HGH LTD Trading Update and Profit Forecast 27.2.26

HY26 / commentary

Peer context

Retail apparel 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.

KMD · HY26

KMD Brands

5 published result briefings

Compare HLG, KMD →Consumer result archiveNZX retail comparison

Archive

Briefing archive

The full chronological archive contains every published result briefing.

HY26 · Released 27 March 2026

NPAT up 32.1% on 240bps margin lift led by Glassons Australia

Australia revenue rose 22.4% and segment result nearly doubled, lifting gross margin to 60.9% and pre-lease free cash flow to NZ$40.9m.

Read briefing

FY25 · Released 26 September 2025

PBT grew 12.1% on 8.1% revenue with cash reserves at $58.3m

Operating leverage and a lower tax rate lifted NPAT 14.5%, but implied H2 NPAT eased to $18.3m and the payout ratio jumped to 83.1%.

Read briefing

HY25 · Released 28 March 2025

Revenue up 7.7% but PBT flat as Glassons Australia profit slipped

Top-line growth was carried by Australia, yet its segment result fell, gross margin compressed 40bps and operating cash declined 6.4%.

Read briefing

FY24 · Released 30 September 2024

PBT rose 14.8% but unprecedented 33.8% tax rate held NPAT to 7.8%

Operating performance ran ahead of headline NPAT, yet the dominant Australia segment posted lower profit despite 14% revenue growth.

Read briefing

HY24 · Released 26 April 2024

Margin expansion of 240bps held PBT up 1.4% on flat revenue

Operating cash flow rose 28.8% but a $5.7m inventory release drove most of it, with inventory days at the bottom of the historical range.

Read briefing

FY23 · Released 29 September 2023

NPAT up 25.0% but Glassons Australia profit fell as H2 momentum faded

Revenue rose 16.7% but Australia segment profit fell 5.5% and implied second-half NPAT trailed the prior comparable.

Read briefing
Open all 10 result briefings

Related insights

Compare this company

The latest HLG metrics also appear in these cross-company comparisons.

Insight

Dividend coverage and payout pressure

Dividend payout versus pre-lease FCF is 44.5%, with NPAT payout at 61.7%.

Open insight

Insight

Revenue growth context

Revenue growth was 14.7% for this reporting period.

Open insight

Insight

Earnings quality and statutory distortions

PBT and NPAT growth diverged by 1.0pp.

Open insight

Insight

ROE and capital efficiency

ROE was 23.1%, +3.9pp versus the prior comparable period.

Open insight

Get notified when HLG publishes

Get the next Hallenstein Glasson result briefing and five-year history updates by email.