Market cap
$14.9b
End-of-day close multiplied by current shares on issue.
IFT · NZX
Infratil (IFT)
Transport & Infrastructure / Infrastructure investmentCovered: FY21 - FY2610 published briefings
Infratil is an NZX-listed transport & infrastructure / infrastructure investment company. Its latest covered result is FY26, with FY21 - FY26 of source-backed result history on Annolyse.
Sections
Latest result
Latest metrics
FY26, released 26 May 2026
← Swipe to view more
| Metric | Value | Change |
|---|---|---|
| Revenue | $3b | ↓ -10.4% |
| Operating profit | $690.9m | ↑ +74.0% |
| NPAT | $549.8m | ↑ +292.0% |
| Operating cash flow | $195m | ↓ -49.5% |
| OCF / Operating profit % | 28.2% | ↓ -69.1pp |
| Net debt | $6.3b | ↑ +20.5% |
| Net debt / Operating profit | 9.09x | ↓ -30.8% |
| ROE % | 6.4% | ↑ +9.9pp |
| DPS | 13.7c | ↑ +3.0% |
| Payout ratio vs NPAT % | 37.5% | — |
Source: latest published briefing (FY26, released 26 May 2026). Change compares against the prior equivalent period: FY25, released 28 May 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.
i
Profitability multiples
How the market price compares with recent earnings and cash-flow inputs.
P/E
27.01x
Recent market cap compared with trailing earnings.
EPS
0.55
Recent filing-derived earnings per share.
PEG
Not available
Not available for this company right now.
EV/EBITDA
30.59x
Enterprise value compared with recent EBITDA.
P/FCF
Not available
Not meaningful when free cash flow is negative or unavailable.
P/B
1.74x
Market value compared with latest reported equity.
Income and investment-company measures
Yield and investment-company valuation where supported.
Dividend yield
1.4%
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 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.
Loading chart...
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.
Loading chart...
Chat
Ask about IFT
Ask follow-up questions about Infratil's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Ask about IFT
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Financial history
Performance over time
The latest period is shown first.
← Swipe to view more
| Metric | FY2612 MONTHS26 May 2026 | HY266 MONTHS13 November 2025 | FY2512 MONTHS28 May 2025 | HY256 MONTHS14 November 2024 | FY2412 MONTHS21 May 2024 | HY246 MONTHS16 November 2023 | HY236 MONTHS15 November 2022 | FY2212 MONTHS19 May 2022 | HY226 MONTHS12 November 2021 | FY2112 MONTHS19 May 2021 | Trend |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3b | $1.5b | $3.3b | $1.7b | $3b | $1.3b | $604.4m | $858.9m | $541.1m | $1.1b | Chart |
| Revenue growth % | -10.4% | -14.4%Outside range low revenue growth. -14.4%; 4-period range -6.4% to 112.9%. Revenue growth: -14.4%, below normal range; 4-period mean 37.9%, range -6.4%-112.9%. | 11.7% | 33.3% | 151.3% | 112.9%Unprecedented high revenue growth. 112.9%; 4-period range -14.4% to 33.3%. Revenue growth: 112.9%, unprecedented high; 4-period mean 6.0%, range -14.4%-33.3%. | 11.7% | -18.9%Outside range low revenue growth. -18.9%; 4-period range n/m. Revenue growth: -18.9%, below normal range; 4-period mean 361.0%, range n/m. | -6.4% | n/m | Chart
|
| Operating profit | $690.9m | $662.4m | $397m | $136.4m | $363m | $301.7m | $325.5m | $205.8m | $251.3m | $71.3m | Chart |
| Operating profit margin % | 23.0% | 45.1% | 11.9% | 8.0% | 12.1% | 23.4% | 53.9% | 24.0% | 46.4% | 6.7% | Chart |
| PBT | $155.2m | $327.7m | -$212.1m | -$128.6m | $938.6m | $1.3b | $297.9m | $128.5m | $194.5m | -$91.8m | Chart |
| PBT growth % | — | — | — | — | 55.4% | 327.9% | 53.2% | — | 214.2% | — | Chart |
| NPAT | $549.8m | $605.7m | -$286.3m | -$212.2m | $854m | $1.2b | $350.5m | $1.2b | $1.1b | -$49.2m | Chart |
| NPAT growth % | — | — | — | — | 32.8% | 235.2% | -67.6% | — | n/m | — | Chart |
| Operating cash flow | $195m | $32.7m | $386.4m | $93.1m | $457.8m | $166.4m | -$234.6m | $82.8m | -$17.4m | $91.4m | Chart |
| OCF / Operating profit % | 28.2% | 4.9% | 97.3% | 68.3% | 126.1% | 55.2% | -72.1% | 40.2% | -6.9% | 128.2% | Chart |
| FCF pre-lease | -$248.9m | — | — | -$114.8m | $21.3m | $1.3m | -$286.5m | -$32.8m | -$55.1m | -$368.4m | Chart |
| DPS | 13.7c | 7.3c | 13.3c | 7.3c | 13.0c | 7.0c | 6.8c | 12.0c | 6.5c | 11.5c | Chart |
| Payout ratio vs NPAT % | 37.5% | 11.7% | — | — | 19.5% | 5.0% | 13.9% | 11.4% | — | — | Chart |
| Annual payout ratio vs EPS % | 37.5% | — | — | — | 19.5% | — | — | 11.4% | — | — | Chart |
| ROE % | 6.4% | 7.3% | -3.5% | -2.6%Outside range low roe. -2.6%; 3-period range 6.1% to 14.7%. ROE: -2.6%, below normal range; 3-period mean 9.4%, range 6.1%-14.7%. | 11.4% | 14.7%Outside range high roe. 14.7%; 3-period range -2.6% to 7.3%. ROE: 14.7%, above normal range; 3-period mean 3.6%, range -2.6%-7.3%. | 6.1% | 22.7% | 22.3% | -1.2% | Chart
|
| Net debt | $6.3b | $5.8b | $5.2b | $4.3b | $5.5b | — | $2.7b | $2.6b | -$424.3m | $876.5m | Chart |
| Net debt / Operating profit | 9.09x | 8.82x | 13.13x | 31.28x | 15.07x | — | 8.41x | 12.52x | n/m | 12.29x | Chart |
| Debtor days | — | — | — | — | 8 | — | — | — | — | — | — |
| Inventory days | 5 | 6 | 5 | 4 | 6 | 8Outside range high inventory days. 8d; 3-period range 1d to 6d. Inventory days: 8.1 days, above normal range; 3-period mean 3.5 days, range 0.7 days-5.9 days. | 2 | 1 | 1Outside range low inventory days. 1d; 3-period range 4d to 8d. Inventory days: 0.7 days, below normal range; 3-period mean 5.9 days, range 3.9 days-8.1 days. | n/m | Chart |
| Total assets | $18.2b | $16.8b | $17.2b | $16.1b | $16.1b | $16b | $10.2b | $9.9b | $9.2b | $9.5b | Chart |
Reference: annolyse.ai/companies/ift
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.
Loading chart...
Revenue growth
Like-period revenue growth where comparable.
Loading chart...
- FY22 IFT FY: Outside range low revenue growth. -18.9%; 4-period range n/m. Revenue growth: -18.9%, below normal range; 4-period mean 361.0%, range n/m.
- HY24 IFT HY: Unprecedented high revenue growth. 112.9%; 4-period range -14.4% to 33.3%. Revenue growth: 112.9%, unprecedented high; 4-period mean 6.0%, range -14.4%-33.3%.
- HY26 IFT HY: Outside range low revenue growth. -14.4%; 4-period range -6.4% to 112.9%. Revenue growth: -14.4%, below normal range; 4-period mean 37.9%, range -6.4%-112.9%.
EBITDA-equivalent
Company-specific earnings measure where disclosed.
Loading chart...
EBITDA margin
EBITDA-equivalent margin where revenue and earnings are source-backed.
Loading chart...
NPAT
Statutory profit after tax.
Loading chart...
Operating cash flow
Cash generated from operations.
Loading chart...
More financial metrics
Additional filing-backed metrics for this company. Each point links to the relevant published briefing.
OCF / EBITDA
Cash conversion against earnings.
Loading chart...
FCF pre-lease
Operating cash flow less capex before leases.
Loading chart...
ROE
Return on equity.
Loading chart...
- HY24 IFT HY: Outside range high roe. 14.7%; 3-period range -2.6% to 7.3%. ROE: 14.7%, above normal range; 3-period mean 3.6%, range -2.6%-7.3%.
- HY25 IFT HY: Outside range low roe. -2.6%; 3-period range 6.1% to 14.7%. ROE: -2.6%, below normal range; 3-period mean 9.4%, range 6.1%-14.7%.
Net debt
Borrowings less cash; negative values indicate net cash.
Loading chart...
Net debt / EBITDA
Leverage ratio, suppressed where earnings are not meaningful.
Loading chart...
DPS
Dividend per share declared for the period.
Loading chart...
Payout ratio
Dividend payout against statutory NPAT.
Loading chart...
Debtor days
Receivables days where the working-capital inputs are source-backed.
Loading chart...
Inventory days
Inventory days where the working-capital inputs are source-backed.
Loading chart...
- HY22 IFT HY: Outside range low inventory days. 1d; 3-period range 4d to 8d. Inventory days: 0.7 days, below normal range; 3-period mean 5.9 days, range 3.9 days-8.1 days.
- HY24 IFT HY: Outside range high inventory days. 8d; 3-period range 1d to 6d. Inventory days: 8.1 days, above normal range; 3-period mean 3.5 days, range 0.7 days-5.9 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.
Loading chart...
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 swung +385% on $280m disposal gain while cash conversion fell to 6.4%
No formal numeric targets were supplied, though the release notes EBITDAF guidance was "updated to reflect portfolio divestments," meaning prior-period guidance is not directly comparable. The HY25-to-FY25 shape implies the first half historically delivered roughly 51% of full-year EBITDAF, so the $514m proportionate operational EBITDAF print broadly tracks a similar full-year run-rate to FY25's $986m, before any contribution from announced CDC capacity additions.
The release flags strong CDC demand and a 140 MW announcement, plus continued One NZ momentum. The gap that matters is between the operational +7% EBITDAF growth and the much larger headline NPAT figure: investors who anchor on the latter risk overstating underlying progress.
Open questions
Open questions from HY26
- What is the run-rate proportionate operational EBITDAF excluding divested assets, and how does it reconcile to the updated guidance band?
- Why did operating cash flow fall 64.9% when underlying EBITDAF rose 7%, and how much of the gap is working-capital timing versus structural?
- How will the dividend be funded if pre-lease FCF remains negative through the second half, given net debt has already risen ~$456m?
- What capex envelope and funding mix is assumed for CDC's announced 140 MW expansion, and over what period does it land?
- Is the $280.2m discontinued-operation gain fully crystallised in cash, and where in the cash flow statement does the receipt sit?
This briefing cannot assess CDC's contracted forward demand pipeline, segment-level capex commitments, or covenant headroom on gross borrowings of $6.1b, none of which are quantified in the supplied excerpts.
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
Infratil FY2026 Annual Report (including Full Year Financial Statements)
FY26 / financial reportInfratil FY2026 Annual Results Presentation
FY26 / results presentationInfratil FY2026 Full Year Result Media Release
FY26 / media releaseNZX Results Announcement
FY26 / results announcementPrior comparable period
Infratil FY2025 Annual Report
FY25 / financial reportInfratil FY2025 Annual Results Presentation
FY25 / results presentationInfratil FY2025 Full Year Result Media Release
FY25 / media releaseNZX Results Announcement
FY25 / results announcementInterim context
1. Interim results for the period ended 30 September 2025
HY26 / results release2. Infratil FY26 Interim Results Presentation
HY26 / results presentation3. Infratil FY26 Interim Report (including Infratil Group FY26 Interim Financial Statements)
HY26 / financial report6. NZX Results Announcement - HY26
HY26 / results announcementRelease context
Infratil Limited Annual Meeting and Director Nominations
FY25 / commentaryCDC Investor Presentation and Guidance Update
FY26 / commentary2025 Annual Meeting Chair & Chief Executive Address
HY26 / commentaryInfratil Investor Day 2025
HY26 / commentaryLongroad Energy – Positive U.S. Treasury Construction-Start Guidance for Tax Credits
HY26 / commentaryPeer context
Other covered Transport & Infrastructure companies
These companies share a broad sector but may not be direct peers. Compare them only where the underlying measures are genuinely comparable.
Archive
Briefing archive
The full chronological archive contains every published result briefing.
FY26 · Released 26 May 2026
Cash conversion fell 49.5% while borrowings rose 19.7% to fund growth capex
NPAT rose 292.0% on a disclosed discontinued-operation gain, but operating cash fell 49.5% as debt funded expansion.
Read briefing
HY26 · Released 13 November 2025
NPAT swung +385% on $280m disposal gain while cash conversion fell to 6.4%
Headline result is distorted by portfolio divestments and a discontinued operation; operational EBITDAF rose only 7% to $514m and OCF fell 64.9%.
Read briefing
FY25 · Released 28 May 2025
PBT fell 122.6% to a $212.1m loss despite 9.4% operating profit growth
Tax and non-operating items drove NPAT to -$286.3m even as revenue rose 11.7% and cash conversion weakened.
Read briefing
HY25 · Released 14 November 2024
Revenue +33.3% but NPAT swung -118.1% against HY24 one-off gain
Underlying proportionate EBITDAF rose 7%, while operating cash conversion fell from 41.6% to 18.4% as capex stepped up 25.9%.
Read briefing
FY24 · Released 21 May 2024
PBT up 55.4% but operating profit fell 47.9% on portfolio reshape
Headline growth reflects a transformed asset base and a zero effective tax rate, while operating profit weakened and leverage stepped up sharply.
Read briefing
HY24 · Released 16 November 2023
One NZ acquisition lifts revenue 112.9% but NPAT collapses 99.7% on disposal
Continuing-operations net parent surplus of NZ$1,215.1m and 45% Proportionate EBITDAF growth tell the real underlying story.
Read briefing
Get notified when IFT publishes
Get the next Infratil result briefing and five-year history updates by email.