Market cap
$426m
End-of-day close multiplied by current shares on issue.
KFL · NZX
Kingfish (KFL)
Investment Companies / Listed investment companyCovered: FY21 - FY2611 published briefings
Kingfish is an NZX-listed investment companies / listed investment company company. Its latest covered result is FY26, with FY21 - FY26 of source-backed result history on Annolyse.
Sections
Latest result
Latest metrics
FY26, released 25 May 2026
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| Metric | Value | Change |
|---|---|---|
| Revenue | -$8.3m | ↓ -117.2% |
| NPAT | -$13.6m | ↓ -133.3% |
| DPS | 2.5c | ↓ -9.5% |
| Total assets | $31m | ↓ -93.4% |
Source: latest published briefing (FY26, released 25 May 2026). Change compares against the prior equivalent period: FY25, released 19 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, 3 September 2026
Price and market cap
The latest close and share count context for the market price.
i
Income and investment-company measures
Yield and investment-company valuation where supported.
Dividend yield
8.8%
Trailing dividends compared with the latest close.
Premium / discount
-2.1%
For investment companies, price compared with reported NTA.
Total return
Not available
Available once dividend and adjustment data are verified.
Profitability multiples
How the market price compares with recent earnings and cash-flow inputs.
P/E
Not available
Not meaningful when recent earnings are negative.
EPS
-0.04
Recent filing-derived earnings per share.
PEG
Not available
Not available for this company right now.
EV/EBITDA
Not available
Not meaningful for this company type.
P/FCF
Not available
Not available for this company right now.
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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Ask about KFL
Ask follow-up questions about Kingfish's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Ask about KFL
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Financial history
Performance over time
The latest period is shown first.
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| Metric | FY2612 MONTHS25 May 2026 | HY266 MONTHS24 November 2025 | FY2512 MONTHS19 May 2025 | HY256 MONTHS21 November 2024 | FY2412 MONTHS20 May 2024 | HY246 MONTHS20 November 2023 | FY2312 MONTHS22 May 2023 | HY236 MONTHS17 November 2022 | FY2212 MONTHS23 May 2022 | HY226 MONTHS22 November 2021 | FY2112 MONTHS27 May 2021 | Trend |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | -$8.3m | $20m | $48.2m | $5.5m | $10.1m | -$12.3m | $9m | -$45.9m | -$10.7m | $63.2m | $156m | Chart |
| Revenue growth % | -179.7%Outside range low revenue growth. -179.7%; 4-period range n/m. Revenue growth: -179.7%, below normal range; 4-period mean 682.5%, range n/m. | 262.8% | 379.4% | 144.8% | 11.5% | 73.2% | — | -172.7% | -106.8% | -33.9% | n/m | Chart
|
| EBITDA | — | — | — | — | — | — | — | -$48.4m | -$17.3m | $56.9m | $142.7m | Chart |
| EBITDA margin % | — | — | — | — | — | — | — | 105.4% | 162.2% | 90.1% | 91.5% | Chart |
| PBT | — | $16.4m | — | $42.8m | $19.9m | -$14.7m | -$19.4m | -$48.4m | -$17.3m | $56.9m | $142.7m | Chart |
| PBT growth % | — | -61.7% | — | — | — | — | — | — | — | -34.6% | n/m | Chart |
| NPAT | -$13.6m | $16.4m | $40.8m | $42.8m | $19.9m | -$14.7m | -$19.5m | -$48.4m | -$17.3m | $56.9m | $142.7m | Chart |
| NPAT growth % | — | -61.7% | 105.0% | — | — | — | — | — | — | -34.6% | n/m | Chart |
| Operating cash flow | — | $16m | — | $10.2m | $22.4m | $15.1m | $22.7m | $13.6m | $3.2m | $1.1m | -$48.3m | Chart |
| OCF / EBITDA % | — | — | — | — | — | — | — | -28.0% | -18.6% | 1.9% | -33.8% | Chart |
| DPS | 2.5c | 2.7c | 2.8c | 2.9c | 2.6c | 2.6c | 2.8c | 2.9c | 3.2c | 3.7c | 3.6c | Chart |
| Payout ratio vs NPAT % | — | 57.4% | — | 22.7% | 181.7% | — | — | — | — | 20.2% | 23.9% | Chart |
| Annual payout ratio vs EPS % | — | — | — | — | 181.7% | — | — | — | — | — | 24.0% | Chart |
| ROE % | — | 3.5% | 8.7% | 9.3% | 4.3% | -3.4% | -4.2%Outside range low roe. -4.2%; 4-period range -3.4% to 25.9%. ROE: -4.2%, below normal range; 4-period mean 8.9%, range -3.4%-25.9%. | -10.9%Unprecedented low roe. -10.9%; 4-period range -3.4% to 9.6%. ROE: -10.9%, unprecedented low; 4-period mean 4.8%, range -3.4%-9.6%. | -3.4% | 9.6%Outside range high roe. 9.6%; 4-period range -10.9% to 9.3%. ROE: 9.6%, above normal range; 4-period mean -0.4%, range -10.9%-9.3%. | 25.9%Unprecedented high roe. 25.9%; 4-period range -4.2% to 8.7%. ROE: 25.9%, unprecedented high; 4-period mean 1.3%, range -4.2%-8.7%. | Chart |
| Net debt | — | — | — | — | — | — | — | — | -$8m | — | — | — |
| Net debt / EBITDA | — | — | — | — | — | — | — | — | 0.46x | — | — | — |
| Debtor days | — | 26 | — | 153 | 0 | n/m | 0 | n/m | n/m | 9 | 1 | Chart |
| Total assets | $31m | $473.9m | $470.6m | $487.5m | $458.9m | $435.2m | $462.2m | $445.1m | $506.4m | $597.1m | $560.4m | Chart |
Reference: annolyse.ai/companies/kfl
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.
NTA/NAV per share
Net tangible asset or net asset value per share, shown in per-share cents for chart readability.
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- FY21 KFL: Unprecedented high nta/nav per share. 177c; 5-period range 120c to 158c. NTA/NAV per share: n/m, unprecedented high; 5-period mean n/m, range n/mn/m.
- HY22 KFL: Unprecedented high nta/nav per share. 188c; 4-period range 129.61c to 141.38c. NTA/NAV per share: n/m, unprecedented high; 4-period mean n/m, range n/mn/m.
- HY24 KFL: Outside range low nta/nav per share. 130c; 4-period range 134.03c to 187.94c. NTA/NAV per share: n/m, below normal range; 4-period mean n/m, range n/mn/m.
- FY26 KFL: Outside range low nta/nav per share. 120c; 5-period range 134c to 177c. NTA/NAV per share: n/m, below normal range; 5-period mean n/m, range n/mn/m.
Investment income
Recurring investment-income or revenue-return proxy, excluding fair-value movement where disclosed.
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- FY21 KFL: Outside range low investment income. $5.5m; 3-period range $7.9m to $10.1m. Investment income: NZ$5.5m, below normal range; 3-period mean NZ$9.0m, range NZ$7.9m-NZ$10.1m.
- HY22 KFL: Unprecedented low investment income. $4.6m; 4-period range $5m to $5.9m. Investment income: NZ$4.6m, unprecedented low; 4-period mean NZ$5.5m, range NZ$5.0m-NZ$5.9m.
- FY24 KFL: Outside range high investment income. $10.1m; 3-period range $5.5m to $9m. Investment income: NZ$10.1m, above normal range; 3-period mean NZ$7.5m, range NZ$5.5m-NZ$9.0m.
- HY26 KFL: Outside range high investment income. $5.9m; 4-period range $4.6m to $5.7m. Investment income: NZ$5.9m, above normal range; 4-period mean NZ$5.2m, range NZ$4.6m-NZ$5.7m.
Investment total return
Total income or return including fair-value or capital movement where disclosed.
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- FY21 KFL: Outside range high investment total return. $156m; 3-period range $-14.7m to $26.8m. Investment total return: NZ$156.0m, above normal range; 3-period mean NZ$0.5m, range NZ$-14.7m-NZ$26.8m.
- HY22 KFL: Outside range high investment total return. $63.2m; 4-period range $-45.9m to $46.4m. Investment total return: NZ$63.2m, above normal range; 4-period mean NZ$2.1m, range NZ$-45.9m-NZ$46.4m.
- HY23 KFL: Unprecedented low investment total return. $-45.9m; 4-period range $-12.3m to $63.2m. Investment total return: NZ$-45.9m, unprecedented low; 4-period mean NZ$29.3m, range NZ$-12.3m-NZ$63.2m.
- FY23 KFL: Outside range low investment total return. $-14.7m; 3-period range $-10.7m to $156m. Investment total return: NZ$-14.7m, below normal range; 3-period mean NZ$57.4m, range NZ$-10.7m-NZ$156.0m.
Net assets attributable
Net asset base attributable to shareholders or unitholders.
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- FY21 KFL: Unprecedented high net assets attributable. $551.4m; 4-period range $457.6m to $505.4m. Net assets attributable: NZ$551.4m, unprecedented high; 4-period mean NZ$473.6m, range NZ$457.6m-NZ$505.4m.
- HY22 KFL: Unprecedented high net assets attributable. $594.4m; 4-period range $434.4m to $486.7m. Net assets attributable: NZ$594.4m, unprecedented high; 4-period mean NZ$459.7m, range NZ$434.4m-NZ$486.7m.
- HY24 KFL: Outside range low net assets attributable. $434.4m; 4-period range $444.4m to $594.4m. Net assets attributable: NZ$434.4m, below normal range; 4-period mean NZ$499.7m, range NZ$444.4m-NZ$594.4m.
- FY24 KFL: Outside range low net assets attributable. $457.6m; 4-period range $461.6m to $551.4m. Net assets attributable: NZ$457.6m, below normal range; 4-period mean NZ$497.1m, range NZ$461.6m-NZ$551.4m.
Distribution coverage
Recurring investment income or revenue-return coverage of cash distributions where source-backed.
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Portfolio/NAV total return vs benchmark
Portfolio or NAV total return compared with the disclosed benchmark or index return.
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- FY21 Portfolio/NAV total return: Outside range high portfolio/nav total return. 41.1%; 3-period range -3.5% to 8.9%. Portfolio/NAV total return: 41.1%, above normal range; 3-period mean 0.7%, range -3.5%-8.9%.
- FY22 Portfolio/NAV total return: Outside range low portfolio/nav total return. -3.5%; 3-period range -3.2% to 41.1%. Portfolio/NAV total return: -3.5%, below normal range; 3-period mean 15.6%, range -3.2%-41.1%.
- HY23 Portfolio/NAV total return: Outside range low portfolio/nav total return. -9.5%; 3-period range -3.3% to 10.4%. Portfolio/NAV total return: -9.5%, below normal range; 3-period mean 5.8%, range -3.3%-10.4%.
- FY21 Benchmark total return: Unprecedented high benchmark total return. 28.2%; 5-period range -3.6% to 5.2%. Benchmark total return: 28.2%, unprecedented high; 5-period mean 1.6%, range -3.6%-5.2%.
- HY22 Benchmark total return: Outside range high benchmark total return. 5.7%; 4-period range -8.6% to 2.6%. Benchmark total return: 5.7%, above normal range; 4-period mean -2.7%, range -8.6%-2.6%.
- FY22 Benchmark total return: Outside range low benchmark total return. -3.6%; 5-period range 1.4% to 28.2%. Benchmark total return: -3.6%, below normal range; 5-period mean 8.0%, range 1.4%-28.2%.
- HY23 Benchmark total return: Unprecedented low benchmark total return. -8.6%; 4-period range -4.9% to 5.7%. Benchmark total return: -8.6%, unprecedented low; 4-period mean 0.9%, range -4.9%-5.7%.
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 Portfolio return halved to NZ$20.0m but investment income hit a record NZ$5.9m
No forward targets, NAV guidance, or portfolio outlook figures are supplied in the release excerpts. The release commentary itself notes the outlook "has failed to improve as expected," which suggests management is not signalling a near-term acceleration in either portfolio returns or the recurring income trajectory.
Against the supplied historical baseline, the result sits roughly mid-range on portfolio total return, at a record on recurring income, and at the lower edge of the NTA-per-share band. The release does not contain enough forward context to assess whether the second half can rebuild NTA per share toward the historical mean of NZ$1.49.
Open questions
Open questions from HY26
- What was the portfolio's total return versus the NZ benchmark in the half, and did Kingfish maintain the relative outperformance shown in prior periods?
- Why has NTA per share moved to the lower edge of its historical range, and how much of the move reflects distributions versus portfolio performance?
- How sustainable is the distribution given coverage remains below 50% and recurring income, while at a record, still falls well short of distributions paid?
- What is the current expense ratio and has it changed materially against the historical fee load?
- How does management read the comment that the outlook "has failed to improve as expected," and what does that imply for portfolio positioning?
This briefing cannot assess portfolio-level holdings, the gross-versus-net portfolio return split, the expense ratio, or any unrealised gain/loss composition that would clarify how much of the NZ$20.0m total return is capital movement versus realised gains.
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
KFL - Commentary for the year ended 31 March 2026
FY26 / results releaseKFL - Financial statements for the year ended 31 March 2026 incl audit report
FY26 / financial reportKFL - Preliminary year end announcement - 31 March 2026
FY26 / results announcementPrior comparable period
Kingfish 2025 Annual Report
FY25 / financial reportInterim context
KFL - Interim financial statements for period 30 Sep 25 incl review report
HY26 / financial reportKFL - Preliminary half year announcement - 30 Sep 2025
HY26 / results announcementKFL - Preliminary half year announcement - 30 Sep 2025
HY26 / results releaseRelease context
Kingfish ASM Presentation 8 August 2025
HY26 / commentaryPeer context
Listed investment company 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.
Archive
Briefing archive
The full chronological archive contains every published result briefing.
FY26 · Released 25 May 2026
Kingfish portfolio returned -3.2% versus +5.2% benchmark, NAV down 11.1%
An 8.4 percentage point benchmark gap drove a NZ$13.6m net loss and pulled NTA to NZ$1.20 while annual distributions slipped to 10.84cps.
Read briefing
HY26 · Released 24 November 2025
Portfolio return halved to NZ$20.0m but investment income hit a record NZ$5.9m
NPAT fell 61.7% to NZ$16.4m as fair-value gains receded against a near-flat benchmark, while NTA per share slipped 5.2% to NZ$1.34.
Read briefing
FY25 · Released 19 May 2025
Kingfish beat benchmark by 7.5pp but H2 NPAT swung to -$2.0m
A strong first half drove the $40.8m full-year NPAT, but H2 reversed and NTA per share sits at the lower edge of its four-year range.
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HY25 · Released 21 November 2024
Portfolio return of 10.4% drove Kingfish to NZ$42.8m interim profit
Recurring investment income held flat at NZ$5.5m, leaving distributions only 48.8% income-covered despite the headline swing.
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FY24 · Released 20 May 2024
Kingfish swung to NZ$19.9m profit but net assets fell below historical range
Distributions of NZ$23.0m absorbed the portfolio rebound, leaving net assets at NZ$457.6m versus the NZ$461.6m–NZ$505.4m historical range.
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HY24 · Released 20 November 2023
Kingfish NTA slipped to $1.30 as loss narrowed but net assets eroded
The portfolio beat its benchmark by 1.6pp, yet net assets stayed below the historical baseline and the interim distribution was trimmed 7.7%.
Read briefing
Get notified when KFL publishes
Get the next Kingfish result briefing and five-year history updates by email.