Market cap
$156.3m
End-of-day close multiplied by current shares on issue.
LIC · NZX
Livestock Improvement Corporation (LIC)
Primary Industries / Dairy geneticsCovered: FY20 - FY268 published briefings
Livestock Improvement Corporation is an NZX-listed primary industries / dairy genetics company. Its latest covered result is FY26, with FY20 - FY26 of source-backed result history on Annolyse.
Sections
Latest result
Latest metrics
FY26, released 16 July 2026
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| Metric | Value | Change |
|---|---|---|
| Revenue | $314.8m | ↑ +6.7% |
| NPAT | $21.3m | ↓ -30.4% |
| Operating cash flow | $50.1m | ↓ -11.1% |
| Net debt | -$60.3m | ↓ -5.5% |
| ROE % | 7.0% | ↓ -3.3pp |
| DPS | 12.3c | ↑ +0.3% |
| Payout ratio vs NPAT % | 81.7% | ↑ +26.2pp |
| Annual payout ratio vs EPS % | 81.7% | ↑ +26.1pp |
| PBT | $28.1m | ↓ -30.3% |
| FCF pre-lease | $25.4m | ↓ -11.1% |
Source: latest published briefing (FY26, released 16 July 2026). Change compares against the prior equivalent period: FY25, released 18 July 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
7.34x
Recent market cap compared with trailing earnings.
EPS
0.15
Recent filing-derived earnings per share.
PEG
Not available
Not meaningful without positive comparable earnings growth.
EV/EBITDA
Not available
Not available for this company right now.
P/FCF
6.15x
Market cap compared with recent free cash flow.
P/B
0.51x
Market value compared with latest reported equity.
Income and investment-company measures
Yield and investment-company valuation where supported.
Dividend yield
11.1%
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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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 LIC
Ask follow-up questions about Livestock Improvement Corporation's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Ask about LIC
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 MONTHS16 July 2026 | HY266 MONTHS22 January 2026 | FY2512 MONTHS18 July 2025 | FY2412 MONTHS19 July 2024 | HY246 MONTHS24 January 2024 | FY2212 MONTHS21 July 2022 | HY226 MONTHS26 January 2022 | FY2012 MONTHS22 July 2021 | Trend |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $314.8m | $195.2m | $295.1m | $267.3m | $171.9m | $263.2m | $169.4m | $249m | Chart |
| Revenue growth % | 6.7% | 5.2% | 10.4% | -3.3% | -3.0% | 5.7% | -0.2% | -2.0% | Chart |
| EBITDA | — | — | — | — | — | — | $61.2m | — | — |
| EBITDA margin % | — | — | — | — | — | — | 36.1% | — | — |
| PBT | $28.1m | $46.8m | $40.3m | $13.8m | $40.3m | $12.6m | $49.6m | $31m | Chart |
| PBT growth % | -30.3% | -13.5% | 192.0% | -61.7% | -13.1% | -59.4% | — | 58.2% | Chart |
| NPAT | $21.3m | $33.8m | $30.6m | $7.7m | $29m | $26.7m | $50.8m | $22.9m | Chart |
| NPAT growth % | -30.4% | -13.6% | 297.4% | -71.9% | -12.9% | 16.6% | 52.1% | 30.9% | Chart |
| Operating cash flow | $50.1m | $12.2m | $56.4m | $40.1m | $3.4m | $57.1m | $21.9m | $40.5m | Chart |
| OCF / EBITDA % | — | — | — | — | — | — | 35.8% | — | — |
| FCF pre-lease | $25.4m | — | $28.6m | $12.4m | -$12.3m | — | $13.7m | $25m | Chart |
| FCF post-lease | — | — | $28.6m | — | — | — | — | — | — |
| DPS | 12.3c | — | 12.2c | 5.8c | 13.0c | 18.4c | — | 12.5c | Chart |
| Payout ratio vs NPAT % | 81.7% | — | 55.6% | 116.8% | 65.0% | 97.0% | — | 78.2% | Chart |
| Annual payout ratio vs EPS % | 81.7% | — | 55.6% | 116.8% | — | 97.0% | — | 78.2% | Chart |
| ROE % | 7.0% | 10.7% | 10.3% | 2.8% | 9.3% | 9.1% | 15.5% | 7.8% | Chart |
| Net debt | -$60.3m | -$34.7m | -$57.1m | -$42.3m | -$38.3m | -$64.1m | — | -$18.8m | Chart |
| Debtor days | 43 | 83 | 45 | — | 92 | 67 | 92 | 63 | Chart |
| Inventory days | 20 | — | 26 | 27 | — | 15 | — | 20 | Chart |
| Total assets | $408.5m | $432.8m | $392m | $358.6m | $410.5m | $385.6m | $428.4m | $382m | Chart |
Reference: annolyse.ai/companies/lic
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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DPS
Dividend per share declared for the period.
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Payout ratio
Dividend payout against statutory NPAT.
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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
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 Revenue up 5.2% but PBT fell 13.5% as segment margins compressed sharply
No formal earnings targets have been disclosed for FY26. Based on FY25 seasonality, first-half profit represents the majority of the full-year result, and LIC's second half has historically produced a net loss at the NPAT level. With a weaker first half in HY26, the full-year NPAT trajectory is below the FY25 outcome absent a meaningful improvement in second-half conditions.
Management commentary frames the revenue growth as positioning LIC well for the future, highlighting sexed semen volume, animal health, and R&D investment. The 8% of revenue directed to R&D (up 6%) is consistent with elevated cost pressures being partly strategic. What the release does not address is whether the margin compression in genetics and testing is expected to reverse in the second half or persist into FY27.
Open questions
Open questions from HY26
- What drove the NZ market genetics margin from 65.8% to 46.1% — is this fresh sexed semen product mix, labour cost, or one-off items, and how much is expected to recover in the second half?
- Why did the testing segment's revenue nearly double year-on-year, and does the prior-period amendment to HY25 accounts affect the comparability of that segment's revenue or margin?
- How does management expect full-year NPAT to compare with FY25's NZD 30.6 million given the weaker first-half starting point?
- Will the 8% of revenue directed to R&D remain at this level in the second half, and is any of this capitalised rather than expensed?
- Whether the farm software margin decline from 74.5% to 60.4% reflects investment in reliability improvements cited in commentary or a structural change in cost structure.
This briefing cannot assess the underlying cost structure at the product or channel level, the impact of the HY25 amendment on segment comparability, or the degree to which HY26 margin compression is structural versus reversible.
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
LIC 2025-26 Financial Results Announcement
FY26 / results announcementLIC 2025-26 Market Statement
FY26 / results releaseLIC FY 2025-26 Annual Report
FY26 / financial reportPrior comparable period
LIC Annual Report 2025
FY25 / financial reportLIC Climate Statements 2025
FY25 / results releaseInterim context
Interim Accounts
HY26 / financial reportMarket Statement
HY26 / results releaseResults Announcement
HY26 / results announcementRelease context
LIC 2025 AGM Chief Executive and Chair Address
HY26 / commentaryPeer context
Other covered Primary Industries 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 16 July 2026
LIC revenue rose 6.7% but PBT and NPAT each fell over 30%
Revenue growth of 6.7% did not translate into profit, as PBT fell 30.3% and NPAT fell 30.4% amid a sharp second-half reversal.
Read briefing
HY26 · Released 22 January 2026
Revenue up 5.2% but PBT fell 13.5% as segment margins compressed sharply
Broad cost increases across NZ genetics, testing, and farm software compressed margins despite volume-led revenue growth, so the underlying earnings
Read briefing
FY25 · Released 18 July 2025
LIC PBT up 192% to $40.3m as tax rate normalises from 43.9% to 23.9%
The operating recovery is real, but every reported segment showed a lower result and working capital built $37.6m against a 10.4% revenue lift.
Read briefing
FY24 · Released 19 July 2024
PBT down 61.7% and H2 swung to a $21.2m NPAT loss
Operating deterioration plus a sharply higher tax rate left FY24 NPAT at $7.7m, well below the $17–22m underlying earnings guided at the half.
Read briefing
HY24 · Released 24 January 2024
OCF fell 76.4% on a 3.0% revenue dip; 13c dividend funded by UK share sale
The 13.1% PBT decline understates the result: operating cash flow dropped to $3.4m and the special dividend was funded from asset disposal, not
Read briefing
FY22 · Released 21 July 2022
Continuing-ops PBT fell 59.4% as $16.1m divestment gain lifted NPAT 16.6%
A 47.3% dividend lift rests on a one-off automation disposal gain and a lower tax rate as continuing operations earnings dropped sharply.
Read briefing
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