Market cap
$135.7m
End-of-day close multiplied by current shares on issue.
KMD · NZX
KMD Brands (KMD)
Consumer / Retail apparelCovered: HY24 - HY265 published briefings
KMD Brands is an NZX-listed consumer / retail apparel company. Its latest covered result is HY26, with HY24 - HY26 of source-backed result history on Annolyse.
Sections
Latest result
Latest metrics
HY26, released 31 March 2026
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| Metric | Value | Change |
|---|---|---|
| Revenue | $505.4m | ↑ +7.3% |
| EBITDA | $63.3m | ↑ +20.0% |
| NPAT | -$13.9m | ↑ +35.3% |
| Operating cash flow | $25.6m | ↓ -44.0% |
| OCF / EBITDA % | 40.5% | ↓ -46.3pp |
| Net debt | $94m | ↑ +23.3% |
| Net debt / EBITDA | 1.48x | ↑ +2.8% |
| ROE % | -2.0% | ↑ +0.8pp |
| DPS | 0.0c | — |
| PBT | -$14.8m | ↑ +43.7% |
Source: latest published briefing (HY26, released 31 March 2026). Change compares against the prior equivalent period: HY25, released 26 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, 18 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
Not available
Not meaningful when recent earnings are negative.
EPS
-1.19
Recent filing-derived earnings per share.
PEG
Not available
Not available for this company right now.
EV/EBITDA
3.76x
Enterprise value compared with recent EBITDA.
P/FCF
1.65x
Market cap compared with recent free cash flow.
P/B
0.2x
Market value compared with latest reported equity.
Income and investment-company measures
Yield and investment-company valuation where supported.
Dividend yield
0.0%
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.
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Ask about KMD
Ask follow-up questions about KMD Brands's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Ask about KMD
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 | HY266 MONTHS31 March 2026 | FY2512 MONTHS24 September 2025 | HY256 MONTHS26 March 2025 | FY2412 MONTHS25 September 2024 | HY246 MONTHS19 March 2024 | Trend |
|---|---|---|---|---|---|---|
| Revenue | $505.4m | $989m | $470.9m | $979.4m | $468.6m | Chart |
| Revenue growth % | 7.3% | 1.0% | 0.5% | -11.2% | -14.5% | Chart |
| EBITDA | $63.3m | $50.5m | $52.7m | $107.2m | $64.4m | Chart |
| EBITDA margin % | 12.5% | 5.1% | 11.2% | 10.9% | 13.7% | Chart |
| PBT | -$14.8m | -$104.7m | -$26.3m | -$46.7m | -$12.8m | Chart |
| NPAT | -$13.9m | -$93.6m | -$21.5m | -$49.8m | -$10.4m | Chart |
| Operating cash flow | $25.6m | $126.2m | $45.8m | $144.7m | $42.2m | Chart |
| OCF / EBITDA % | 40.5% | 249.6% | 86.8% | 134.9% | 65.5% | Chart |
| FCF pre-lease | $12.5m | $101.6m | $31.7m | $112.1m | $29.6m | Chart |
| FCF post-lease | — | $101.6m | — | — | — | — |
| DPS | 0.0c | — | 0.0c | — | 0.0c | Chart |
| ROE % | -2.0% | -13.8% | -2.8% | -6.3% | -1.3% | Chart |
| Net debt | $94m | $52.8m | $76.2m | $59.7m | $96.2m | Chart |
| Net debt / EBITDA | 1.48x | 1.04x | 1.44x | 0.56x | 1.49x | Chart |
| Debtor days | 20 | 34 | 23 | 23 | 23 | Chart |
| Inventory days | 99 | 94 | 117 | 99 | 122 | Chart |
| Total assets | $1.4b | $1.4b | $1.5b | $1.4b | $1.5b | Chart |
Reference: annolyse.ai/companies/kmd
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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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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FCF post-lease
Free cash flow after lease payments where available.
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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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Debtor days
Receivables days where the working-capital inputs are source-backed.
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Inventory days
Inventory days where the working-capital inputs are source-backed.
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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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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 loss widened 124% to $104.7m on flat revenue as Kathmandu swung to loss
No quantified FY26 target has been supplied alongside the result, so the release cannot be benchmarked against a stated number. What it does establish is a worsening trajectory: HY25 underlying EBITDA was $3.9m and the full-year figure is $17.7m, implying a second half only marginally better despite the seasonal weighting that historically favours 2H earnings.
The release frames the response through a 'Next Level' strategy and outlook section, but until that translates into stabilised gross margin and a positive Kathmandu contribution, the relevant question is whether 2H FY25 was a trough or a new run-rate. The result itself does not resolve that.
Open questions
Open questions from FY25
- Why did Kathmandu swing from $3.4m profit to -$19.6m loss on flat revenue, and how much of that is gross margin versus cost base?
- What drove the 8.7-day extension in receivable days, and is any of the 1.0% revenue growth at risk of reversal?
- Why did Rip Curl's segment result fall to $14.3m from $25.7m despite revenue growth, and what is the gross margin trajectory in that brand?
- How does management reconcile the 'approximately $235m of funding headroom' message with net debt to EBITDA rising to 1.0x?
- Is the negative implied 2H EBITDA a one-off reset or the new operating run-rate going into FY26?
This briefing cannot assess management's 'Next Level' strategy execution risk or the timing of any recovery in Kathmandu margins, because no quantified FY26 targets or recovery milestones have been supplied.
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
1. Market Release
HY26 / results release2. Investor Presentation
HY26 / results presentation3. Interim Financial Statements for the six months ended 31 January 2026 and the Independent Auditors Review Report
HY26 / financial report4. Results Announcement
HY26 / results announcementPrior comparable period
Interim Financial Statements for the six months ended 31 January 2025 and the Independent Auditors Review Report
HY25 / financial reportInvestor Presentation
HY25 / results presentationMedia Announcement
HY25 / results releaseResults Announcement
HY25 / results announcementFull-year context
Annual Integrated Report including Financial Statements and Independent Auditor's Report
FY25 / financial reportInvestor Presentation
FY25 / results presentationMedia Announcement
FY25 / results releaseResults Announcement
FY25 / results announcementRelease context
KMD Brands Investor Day 2025 Media Release
FY25 / commentaryKMD Brands Trading Update June 2025
FY25 / commentaryKMD Brands Limited Trading Update January 2025
HY25 / commentaryResults of Annual Meeting
HY25 / commentaryKMD Brands Trading Update - February 2026
HY26 / commentaryResults of Annual Meeting
HY26 / commentaryPeer 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.
Archive
Briefing archive
The full chronological archive contains every published result briefing.
HY26 · Released 31 March 2026
Loss narrowed 43.5% but $65.3m raise signals balance-sheet stress
Operating cash fell 44.0% and net debt rose to $94.0m, prompting a fully underwritten equity raise alongside the headline earnings improvement.
Read briefing
FY25 · Released 24 September 2025
PBT loss widened 124% to $104.7m on flat revenue as Kathmandu swung to loss
Second-half EBITDA turned negative and the dividend was scrapped, signalling deeper operating pressure than headline 1.0% sales growth suggests.
Read briefing
HY25 · Released 26 March 2025
Underlying EBITDA collapsed 74.3% to $3.9m on flat revenue
Reported EBITDA fell 18.1% and the loss roughly doubled to $21.5m as Kathmandu's loss widened, while inventory release drove a $20m debt reduction.
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FY24 · Released 25 September 2024
PBT swung to a $46.7m loss as revenue fell 11.2%
Operating cash held at $144.7m, but the apparent cash-conversion uplift reflects EBITDA collapse rather than improved working-capital quality.
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HY24 · Released 19 March 2024
Sales down 14.5% drove KMD to a $10.4m loss; dividend cut to zero
Kathmandu swung to a segment loss and group leverage rose to 1.49x EBITDA, even as inventory release lifted operating cash flow.
Read briefing
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