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HLG · NZX

Hallenstein Glasson (HLG)

Consumer / Retail apparelCovered: FY21 - FY2611 published briefings

Hallenstein Glasson is an NZX-listed consumer / retail apparel company. Its latest covered result is FY26, with FY21 - FY26 of source-backed result history on Annolyse.

Sections

Latest result

Latest metrics

FY26, released 29 September 2026

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HLG latest metrics
MetricValueChange
Revenue$563m↑ +19.6%
Operating profit$87.4m↑ +43.2%
NPAT$59.2m↑ +49.9%
Operating cash flow$122.2m↑ +38.0%
OCF / Operating profit %139.8%↓ -5.4pp
ROE %41.8%↑ +6.5pp
DPS40.0c↑ +31.1%
Payout ratio vs NPAT %69.6%↓ -13.5pp
Annual payout ratio vs EPS %69.6%↓ -13.5pp
PBT$83.9m↑ +43.7%

Source: latest published briefing (FY26, released 29 September 2026). Change compares against the prior equivalent period: FY25, released 26 September 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, 19 October 2026

Price and market cap

The latest close and share count context for the market price.

Market cap

$911.4m

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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

15.4x

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Recent market cap compared with trailing earnings.

EPS

0.99

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Recent filing-derived earnings per share.

PEG

0.31x

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P/E compared with recent earnings growth.

EV/EBITDA

Not available

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Not available for this company right now.

P/FCF

9.81x

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Market cap compared with recent free cash flow.

P/B

6.44x

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Market value compared with latest reported equity.

Income and investment-company measures

Yield and investment-company valuation where supported.

Dividend yield

3.9%

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Trailing dividends compared with the latest close.

Total return

Not available

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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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What changed in the latest result?What is unusual in the historical context?How has cash conversion changed over time?Compare this company with CNU.

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Financial history

Performance over time

The latest period is shown first.

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HLG metric history
MetricFY2612 MONTHS29 September 2026HY266 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$563m$275.2m$470.7m$240m$435.6m$223m$409.7m$223.3m$351.2m$170.6m$350.8m
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Revenue growth %19.6%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%; 5-period range 6.3% to 21.9%. Revenue growth: 0.1%, unprecedented low; 5-period mean 14.5%, 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%Outside range high revenue growth. 21.9%; 5-period range 0.1% to 19.6%. Revenue growth: 21.9%, above normal range; 5-period mean 10.2%, range 0.1%-19.6%.
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Operating profit$87.4m$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 %15.5%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$83.9m$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 %43.7%Outside range high pbt growth. 43.7%; 5-period range -25.3% to 29.3%. PBT growth: 43.7%, above normal range; 5-period mean 11.8%, range -25.3%-29.3%.33.1%12.1%0.0%14.8%1.4%29.3%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%; 5-period range 12.1% to 43.7%. PBT growth: -25.3%, unprecedented low; 5-period mean 25.6%, range 12.1%-43.7%.-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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  • FY26 PBT growth %: Outside range high pbt growth. 43.7%; 5-period range -25.3% to 29.3%. PBT growth: 43.7%, above normal range; 5-period mean 11.8%, range -25.3%-29.3%.
NPAT$59.2m$28m$39.5m$21.2m$34.5m$21.1m$32m$20.8m$25.6m$11.9m$33.3m
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NPAT growth %49.9%Unprecedented high npat growth. 49.9%; 5-period range -23.1% to 25%. NPAT growth: 49.9%, unprecedented high; 5-period mean 8.8%, range -23.1%-25.0%.32.1%14.5%0.5%7.8%1.4%25.0%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%; 5-period range 7.8% to 49.9%. NPAT growth: -23.1%, unprecedented low; 5-period mean 23.4%, range 7.8%-49.9%.-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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  • FY26 NPAT growth %: Unprecedented high npat growth. 49.9%; 5-period range -23.1% to 25%. NPAT growth: 49.9%, unprecedented high; 5-period mean 8.8%, range -23.1%-25.0%.
Operating cash flow$122.2m$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 %139.8%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$92.9m$40.9m$72.8m$33.6m$69.4m$35.7m$53.2m$27.1m$44.2m$18.2m$53.5m
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DPS40.0c29.0c30.5c24.5c26.5c—24.0c24.0c24.0c18.0c—
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Payout ratio vs NPAT %69.6%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%Unprecedented low payout ratio versus npat. 45.8%; 4-period range 69.6% to 97.8%. Payout ratio versus NPAT: 45.8%, unprecedented low; 4-period mean 85.0%, range 69.6%-97.8%.—89.6%68.8%97.8%Outside range high payout ratio versus npat. 97.8%; 4-period range 45.8% to 89.6%. Payout ratio versus NPAT: 97.8%, above normal range; 4-period mean 72.0%, 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 %: Unprecedented low payout ratio versus npat. 45.8%; 4-period range 69.6% to 97.8%. Payout ratio versus NPAT: 45.8%, unprecedented low; 4-period mean 85.0%, range 69.6%-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 %69.6%—83.1%—45.8%—89.5%—97.8%——
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ROE %41.8%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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Debtor days—1Outside 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 days20Outside range low inventory days. 20d; 5-period range 23d to 35d. Inventory days: 19.7 days, below normal range; 5-period mean 27.7 days, range 23.0 days-34.8 days.1924212319Outside 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; 5-period range 20d to 29d. Inventory days: 34.8 days, unprecedented high; 5-period mean 24.7 days, range 19.7 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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  • FY26 Inventory days: Outside range low inventory days. 20d; 5-period range 23d to 35d. Inventory days: 19.7 days, below normal range; 5-period mean 27.7 days, range 23.0 days-34.8 days.
Total assets$312.7m$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: Outside range high revenue growth. 21.9%; 5-period range 0.1% to 19.6%. Revenue growth: 21.9%, above normal range; 5-period mean 10.2%, range 0.1%-19.6%.
  • FY22 HLG FY: Unprecedented low revenue growth. 0.1%; 5-period range 6.3% to 21.9%. Revenue growth: 0.1%, unprecedented low; 5-period mean 14.5%, 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.

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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  • 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%; 4-period range 45.8% to 89.6%. Payout ratio versus NPAT: 97.8%, above normal range; 4-period mean 72.0%, range 45.8%-89.6%.
  • FY24 HLG FY: Unprecedented low payout ratio versus npat. 45.8%; 4-period range 69.6% to 97.8%. Payout ratio versus NPAT: 45.8%, unprecedented low; 4-period mean 85.0%, range 69.6%-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; 5-period range 20d to 29d. Inventory days: 34.8 days, unprecedented high; 5-period mean 24.7 days, range 19.7 days-29.0 days.
  • FY26 HLG FY: Outside range low inventory days. 20d; 5-period range 23d to 35d. Inventory days: 19.7 days, below normal range; 5-period mean 27.7 days, range 23.0 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

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

No forward target was provided. The HY25/FY25 shape implies the first half normally carries 51% of revenue and 53.7% of NPAT, so this business is mildly first-half weighted rather than back-end loaded. Annualising the current half mechanically produces revenue of roughly NZ$550m versus FY25 of NZ$470.7m, but this assumes Australia's growth rate persists into a non-peak trading period, which the release does not address.

The gap that matters is between the gross-margin run-rate disclosed here (60.9%) and what is achievable in the second half if FX pressure continues. The release does not quantify that headwind, so the durability of the margin uplift is the principal forward question.

Open questions

Open questions from HY26

  • What is driving the 240bps gross margin expansion despite continued USD inventory cost pressure, and how much of it is structural?
  • How sustainable is Glassons Australia's 22.4% revenue growth into the seasonally weaker second half?
  • Why was the payout ratio cut to 61.7% from 69.0% when cash reserves are already at record levels?
  • What does the 46% capex step-up fund, and is this the new run-rate?
  • How is the group hedging USD inventory exposure into FY26?

This briefing cannot assess like-for-like store productivity, online versus physical channel mix, or comparable-store sales, none of which are quantified in the supplied release.

Latest result sources

Primary issuer documents used for the FY26 briefing. Document labels are preserved from the publication record; Annolyse does not relabel every financial report as an annual report.

Current period

Audited Financial Statements and Independent Auditors Report for the year ended 1 August 2026

FY26 / financial report

Media Announcement 1 August 2026

FY26 / results release

Results Announcement 1 August 2026

FY26 / results announcement

Prior comparable period

HLG Annual Report for the year ended 1 August 2025

FY25 / financial report

Interim context

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

Release context

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.

FY26 · Released 29 September 2026

PBT margin hit an unprecedented 14.9% as NPAT surged 49.9%

Gross margin expansion to 61.7% drove record profitability, but no forward target exists to test whether the gain is durable.

Read 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
Open all 11 result briefings

Related insights

Compare this company

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

Insight

Cash conversion quality

This result converted 139.8% of EBITDA to operating cash flow, -5.4pp versus the prior comparable period.

Open insight

Insight

Revenue growth context

Revenue growth was 19.6% for this reporting period.

Open insight

Insight

Earnings quality and statutory distortions

PBT and NPAT growth diverged by 6.2pp.

Open insight

Insight

Dividend coverage and payout pressure

Dividend payout versus NPAT is 69.6%.

Open insight

Get notified when HLG publishes

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