MCK · NZX

Millennium & Copthorne Hotels New Zealand (MCK)

Name: Millennium & Copthorne Hotels New Zealand (MCK) financial result history
Creator: Annolyse

Consumer / Hotels and tourismCovered: FY20 - HY2610 published briefings

Millennium & Copthorne Hotels New Zealand is an NZX-listed consumer / hotels and tourism company. Its latest covered result is HY26, with FY20 - HY26 of source-backed result history on Annolyse.

Sections

Latest metrics

HY26, released 11 August 2026

← Swipe to view more

MCK latest metrics
Metric	Value	Change
Revenue	$88.8m	↑ +12.0%
EBITDA	$20.5m	↑ +20.6%
NPAT	$11.6m	↑ +73.1%
Operating cash flow	$14m	↑ +222.9%
OCF / EBITDA %	68.6%Outside range high ocf / ebitda cash conversion. 68.6%; 3-period range 25.6% to 63.3%. OCF / EBITDA cash conversion: 68.6%, above normal range; 3-period mean 40.5%, range 25.6%-63.3%.	↑ +43.0pp
Net debt	-$12.8m	↓ -192.3%
Net debt / EBITDA	n/m	—
ROE %	3.3%Outside range high roe. 3.3%; 5-period range -1.8% to 3%. ROE: 3.3%, above normal range; 5-period mean 1.1%, range -1.8%-3.0%.	↑ +2.3pp
PBT	$17.9m	↑ +58.4%
FCF pre-lease	$11.1m	↑ +128.1%

Source: latest published briefing (HY26, released 11 August 2026). Change compares against the prior equivalent period: HY25, released 12 August 2025.

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.

Market cap

$322.8m

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

12.86x

Recent market cap compared with trailing earnings.

EPS

0.24

Recent filing-derived earnings per share.

PEG

0.18x

P/E compared with recent earnings growth.

EV/EBITDA

9.08x

Enterprise value compared with recent EBITDA.

P/FCF

13.31x

Market cap compared with recent free cash flow.

P/B

0.46x

Market value compared with latest reported equity.

Income and investment-company measures

Yield and investment-company valuation where supported.

Dividend yield

1.0%

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.

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 MCK

Ask follow-up questions about Millennium & Copthorne Hotels New Zealand's latest result and company history.

Informational only. No buy, sell, hold, price-target, or personal financial advice.

Ask about MCK

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

MCK metric history
Metric	HY266 MONTHS11 August 2026	FY2512 MONTHS24 February 2026	HY256 MONTHS12 August 2025	FY2412 MONTHS24 February 2025	HY246 MONTHS7 August 2024	HY236 MONTHS8 August 2023	HY226 MONTHS10 August 2022	FY2112 MONTHS18 February 2022	HY216 MONTHS2 August 2021	FY2012 MONTHS17 February 2021	Trend
Revenue	$88.8m	$186.7m	$79.3m	$176.2m	$85.3m	$60.1m	$83.7m	$164.8m	$98.4m	$172m	Chart
Revenue growth %	12.0%	6.0%	-7.1%	6.9%Outside range high revenue growth. 6.9%; 3-period range -25.1% to 6%. Revenue growth: 6.9%, above normal range; 3-period mean -7.8%, range -25.1%-6.0%.	42.1%Unprecedented high revenue growth. 42.1%; 4-period range -28.2% to 16.1%. Revenue growth: 42.1%, unprecedented high; 4-period mean -1.8%, range -28.2%-16.1%.	-28.2%Unprecedented low revenue growth. -28.2%; 4-period range -7.1% to 42.1%. Revenue growth: -28.2%, unprecedented low; 4-period mean 15.8%, range -7.1%-42.1%.	-14.9%	-4.2%	16.1%	-25.1%Outside range low revenue growth. -25.1%; 3-period range -4.2% to 6.9%. Revenue growth: -25.1%, below normal range; 3-period mean 2.9%, range -4.2%-6.9%.	Chart HY24 Revenue growth %: Unprecedented high revenue growth. 42.1%; 4-period range -28.2% to 16.1%. Revenue growth: 42.1%, unprecedented high; 4-period mean -1.8%, range -28.2%-16.1%. FY24 Revenue growth %: Outside range high revenue growth. 6.9%; 3-period range -25.1% to 6%. Revenue growth: 6.9%, above normal range; 3-period mean -7.8%, range -25.1%-6.0%.
EBITDA	$20.5m	$30.6m	$17m	$51.1m	$24.1m	$13.1m	$32.2m	$72.8m	$41.2m	$60.4m	Chart
EBITDA margin %	23.0%	16.4%	21.4%Outside range low ebitda margin. 21.4%; 3-period range 21.8% to 28.3%. EBITDA margin: 21.4%, below normal range; 3-period mean 24.4%, range 21.8%-28.3%.	29.0%	28.3%Outside range high ebitda margin. 28.3%; 3-period range 21.4% to 23%. EBITDA margin: 28.3%, above normal range; 3-period mean 22.1%, range 21.4%-23.0%.	21.8%	38.5%	44.2%	41.9%	35.1%	Chart HY24 EBITDA margin %: Outside range high ebitda margin. 28.3%; 3-period range 21.4% to 23%. EBITDA margin: 28.3%, above normal range; 3-period mean 22.1%, range 21.4%-23.0%. HY25 EBITDA margin %: Outside range low ebitda margin. 21.4%; 3-period range 21.8% to 28.3%. EBITDA margin: 21.4%, below normal range; 3-period mean 24.4%, range 21.8%-28.3%.
PBT	$17.9m	$33m	$11.3m	$47.1m	$21.5m	$11.5m	$32.1m	$64.6m	$41.4m	$50.9m	Chart
PBT growth %	58.4%	-29.9%	-47.4%	-27.1%	87.0%Outside range high pbt growth. 87%; 5-period range -64.2% to 58.4%. PBT growth: 87.0%, above normal range; 5-period mean -3.7%, range -64.2%-58.4%.	-64.2%Outside range low pbt growth. -64.2%; 5-period range -47.4% to 87%. PBT growth: -64.2%, below normal range; 5-period mean 26.6%, range -47.4%-87.0%.	-22.5%	26.9%Outside range high pbt growth. 26.9%; 3-period range -40.4% to -27.1%. PBT growth: 26.9%, above normal range; 3-period mean -32.5%, range -40.4%--27.1%.	57.4%	-40.4%Outside range low pbt growth. -40.4%; 3-period range -29.9% to 26.9%. PBT growth: -40.4%, below normal range; 3-period mean -10.0%, range -29.9%-26.9%.	Chart HY24 PBT growth %: Outside range high pbt growth. 87%; 5-period range -64.2% to 58.4%. PBT growth: 87.0%, above normal range; 5-period mean -3.7%, range -64.2%-58.4%.
NPAT	$11.6m	$20.2m	$6.7m	$2.8m	-$11.7m	$6.2m	$15.4m	$40m	$25.3m	$46m	Chart
NPAT growth %	73.1%	621.4%Outside range high npat growth. 621.4%; 3-period range -93% to -7.4%. NPAT growth: 621.4%, above normal range; 3-period mean -37.8%, range -93.0%--7.4%.	—	-93.0%Outside range low npat growth. -93%; 3-period range -13% to 621.4%. NPAT growth: -93.0%, below normal range; 3-period mean 200.3%, range -13.0%-621.4%.	—	-59.7%	-39.1%	-13.0%	-25.8%	-7.4%	Chart FY24 NPAT growth %: Outside range low npat growth. -93%; 3-period range -13% to 621.4%. NPAT growth: -93.0%, below normal range; 3-period mean 200.3%, range -13.0%-621.4%. FY25 NPAT growth %: Outside range high npat growth. 621.4%; 3-period range -93% to -7.4%. NPAT growth: 621.4%, above normal range; 3-period mean -37.8%, range -93.0%--7.4%.
Operating cash flow	$14m	$25.7m	$4.3m	$13.7m	$15.3m	$4.2m	$24.4m	$29m	$55.1m	$86.1m	Chart
OCF / EBITDA %	68.6%Outside range high ocf / ebitda cash conversion. 68.6%; 3-period range 25.6% to 63.3%. OCF / EBITDA cash conversion: 68.6%, above normal range; 3-period mean 40.5%, range 25.6%-63.3%.	84.0%	25.6%Outside range low ocf / ebitda cash conversion. 25.6%; 3-period range 32.5% to 68.6%. OCF / EBITDA cash conversion: 25.6%, below normal range; 3-period mean 54.8%, range 32.5%-68.6%.	26.8%	63.3%	32.5%	75.8%	39.9%	133.6%	142.5%	Chart HY25 OCF / EBITDA %: Outside range low ocf / ebitda cash conversion. 25.6%; 3-period range 32.5% to 68.6%. OCF / EBITDA cash conversion: 25.6%, below normal range; 3-period mean 54.8%, range 32.5%-68.6%. HY26 OCF / EBITDA %: Outside range high ocf / ebitda cash conversion. 68.6%; 3-period range 25.6% to 63.3%. OCF / EBITDA cash conversion: 68.6%, above normal range; 3-period mean 40.5%, range 25.6%-63.3%.
FCF pre-lease	$11.1m	-$26.5m	-$39.6m	-$14.8m	$7.6m	-$1.1m	$20.8m	$25m	—	—	Chart
DPS	—	3.0c	—	346.0c	—	—	300.0c	3.5c	400.0c	0.0c	Chart
Payout ratio vs NPAT %	—	23.5%	—	—	—	—	—	13.8%	—	—	Chart
Annual payout ratio vs EPS %	—	23.5%	—	—	—	—	—	—	—	—	—
ROE %	3.3%Outside range high roe. 3.3%; 5-period range -1.8% to 3%. ROE: 3.3%, above normal range; 5-period mean 1.1%, range -1.8%-3.0%.	3.0%	1.0%	0.4%Outside range low roe. 0.4%; 3-period range 3% to 6.5%. ROE: 0.4%, below normal range; 3-period mean 5.0%, range 3.0%-6.5%.	-1.8%Unprecedented low roe. -1.8%; 5-period range 1% to 3.3%. ROE: -1.8%, unprecedented low; 5-period mean 2.1%, range 1.0%-3.3%.	1.0%	2.4%	6.5%Outside range high roe. 6.5%; 3-period range 0.4% to 5.5%. ROE: 6.5%, above normal range; 3-period mean 2.9%, range 0.4%-5.5%.	3.0%	5.5%	Chart HY24 ROE %: Unprecedented low roe. -1.8%; 5-period range 1% to 3.3%. ROE: -1.8%, unprecedented low; 5-period mean 2.1%, range 1.0%-3.3%. FY24 ROE %: Outside range low roe. 0.4%; 3-period range 3% to 6.5%. ROE: 0.4%, below normal range; 3-period mean 5.0%, range 3.0%-6.5%. HY26 ROE %: Outside range high roe. 3.3%; 5-period range -1.8% to 3%. ROE: 3.3%, above normal range; 5-period mean 1.1%, range -1.8%-3.0%.
Net debt	-$12.8m	-$0.36m	$13.9m	-$36.7m	-$35.4m	—	-$23m	-$57.1m	-$91.4m	$17.2m	Chart
Net debt / EBITDA	n/m	n/m	0.82x	n/m	n/m	—	n/m	n/m	n/m	0.29x	Chart
Debtor days	20	20Outside range high debtor days. 20d; 3-period range 15d to 20d. Debtor days: 20.0 days, above normal range; 3-period mean 17.1 days, range 15.4 days-19.9 days.	29	20	33	68Unprecedented high debtor days. 68d; 5-period range 0d to 33d. Debtor days: 68.2 days, unprecedented high; 5-period mean 16.3 days, range 0.0 days-32.9 days.	0Outside range low debtor days. 0d; 5-period range 0d to 68d. Debtor days: 0.0 days, below normal range; 5-period mean 29.9 days, range 0.0 days-68.2 days.	16	0	15Outside range low debtor days. 15d; 3-period range 16d to 20d. Debtor days: 15.4 days, below normal range; 3-period mean 18.6 days, range 16.1 days-20.0 days.	Chart FY25 Debtor days: Outside range high debtor days. 20d; 3-period range 15d to 20d. Debtor days: 20.0 days, above normal range; 3-period mean 17.1 days, range 15.4 days-19.9 days.
Inventory days	2Outside range low inventory days. 2d; 5-period range 2d to 4d. Inventory days: 1.9 days, below normal range; 5-period mean 3.3 days, range 2.2 days-4.2 days.	2Outside range low inventory days. 2d; 3-period range 3d to 4d. Inventory days: 2.0 days, below normal range; 3-period mean 3.1 days, range 2.8 days-3.7 days.	4	4Outside range high inventory days. 4d; 3-period range 2d to 3d. Inventory days: 3.7 days, above normal range; 3-period mean 2.6 days, range 2.0 days-2.9 days.	4	4Outside range high inventory days. 4d; 5-period range 2d to 4d. Inventory days: 4.2 days, above normal range; 5-period mean 2.8 days, range 1.9 days-3.7 days.	3	3	2	3	Chart FY24 Inventory days: Outside range high inventory days. 4d; 3-period range 2d to 3d. Inventory days: 3.7 days, above normal range; 3-period mean 2.6 days, range 2.0 days-2.9 days. FY25 Inventory days: Outside range low inventory days. 2d; 3-period range 3d to 4d. Inventory days: 2.0 days, below normal range; 3-period mean 3.1 days, range 2.8 days-3.7 days. HY26 Inventory days: Outside range low inventory days. 2d; 5-period range 2d to 4d. Inventory days: 1.9 days, below normal range; 5-period mean 3.3 days, range 2.2 days-4.2 days.
Total assets	$785.8m	$800.5m	$787.3m	$762.3m	$738.5m	$713.1m	$700m	$680.8m	$984.3m	$987.9m	Chart

Reference: annolyse.ai/companies/mck

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...

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...

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...

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

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 released24 February 2026Annolyse analysis published22 April 2026

From PBT fell 29.9% as hotels result halved and capex doubled to NZ$52.3m

No forward targets or guidance are disclosed in the supplied materials. The HY25 context shows the first half delivered 42.5% of full-year revenue and 32.9% of full-year NPAT, so the business retains its second-half weighting. Implied H2 revenue of NZ$107.4m and NPAT of NZ$13.6m indicate the second half carried the result, consistent with hotel seasonality.

The release does not clarify whether Hotels margin compression is cyclical (cost inflation absorbed during occupancy ramp) or structural. Pre-lease FCF sitting outside the historical range matters because it constrains how long the current capex pace can continue without further drawing on cash or debt.

Open questions

Open questions from FY25

Why did the Hotels segment result fall to NZ$7.3m from NZ$17.4m despite revenue rising 19.5%, and is the margin compression cost-driven or rate-driven?
What does the NZ$52.3m capex programme comprise, and how much is growth versus maintenance and refurbishment?
When does management expect the CDI property cycle to stabilise, and what land-bank monetisation timing supports that view?
How will continued investment be funded given cash fell to NZ$20.4m and borrowings rose to NZ$20.0m?
Is the NZ$0.03 final dividend sustainable while pre-lease FCF remains negative, and what FCF inflection does the board require to revisit it?

This briefing cannot assess whether Hotels margin compression reflects a transient cost cycle or a permanent shift in unit economics without segment cost detail not supplied in the release.

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

MCK H1 2026 Investor Presentation

HY26 / results presentation

MCK H1 2026 Market Release

HY26 / results release

MCK H1 2026 Unaudited Financial Statements

HY26 / financial report

NZX Results Announcement - MCK HY26

HY26 / results announcement

Prior comparable period

MCK HY25 Investor Presentation

HY25 / results presentation

MCK HY25 Results Announcement

HY25 / results announcement

MCK HY25 Shareholder Update

HY25 / results release

MCK HY25 Unaudited Financial Statements

HY25 / financial report

Full-year context

MCK 2025 Annual Report

FY25 / financial report

Peer context

Other covered Consumer companies

These companies share a broad sector but may not be direct peers. Compare them only where the underlying measures are genuinely comparable.

CMO · FY26

The Colonial Motor Company

11 published result briefings

HLG · HY26

Hallenstein Glasson

10 published result briefings

SVR · FY26

Savor

10 published result briefings

AFC · FY26

AFC Group Holdings

9 published result briefings

Compare MCK, CMO, HLG, SVR →Consumer result archive

Briefing archive

The full chronological archive contains every published result briefing.

HY26 · Released 11 August 2026

PBT up 58.4% as cash conversion reaches 68.6%, above its historical range

Hotel-driven profit growth is genuine, but elevated cash conversion needs scrutiny given the historical range and a sharp capex decline.

Read briefing

FY25 · Released 24 February 2026

PBT fell 29.9% as hotels result halved and capex doubled to NZ$52.3m

Headline NPAT up 621.4% reflects tax normalisation; pre-lease FCF turned to -NZ$26.5m as cash halved and borrowings rose sevenfold.

Read briefing

HY25 · Released 12 August 2025

Refurbishment capex of NZ$44.0m drove pre-lease FCF to -NZ$39.6m

Hotels revenue grew 15% but a property cooldown and a near-sixfold capex jump pushed MCK from net cash to NZ$13.9m net debt.

Read briefing

FY24 · Released 24 February 2025

PBT down 27.1% as property cooldown overwhelms hotel revenue surge

Hotel revenue nearly doubled but earned less profit than FY23, and a one-off deferred tax charge took NPAT 93.0% lower to NZ$2.8m.

Read briefing

HY24 · Released 7 August 2024

PBT jumped 87% but NPAT swung to a $11.7m loss on tax distortion

A 147.2% effective tax rate from a non-cash adjustment masked an underlying hotels turnaround and 42% revenue rebound.

Read briefing

HY23 · Released 8 August 2023

NZ$22.7m unprecedented working-capital build absorbed nearly all cash flow

Hotels returned to profit and PBT fell 64.2% on weaker property sales, but receivables jumped to NZ$22.5m and pushed OCF down 82.6%.

Read briefing

Open all 10 result briefings

Get notified when MCK publishes

Get the next Millennium & Copthorne Hotels New Zealand result briefing and five-year history updates by email.

Millennium & Copthorne Hotels New Zealand (MCK)

Latest metrics

Valuation

Price and market cap

Profitability multiples

Income and investment-company measures

Price history

Share price

P/E over time

Ask about MCK

Ask about MCK

Sign in to chat

Performance over time

Filing-only history charts

Revenue

Revenue growth

EBITDA-equivalent

EBITDA margin

NPAT

Operating cash flow

More financial metrics

OCF / EBITDA

FCF pre-lease

ROE

Net debt

Net debt / EBITDA

DPS

Payout ratio

Debtor days

Inventory days

Operating working-capital movement

FY25 → HY26 Follow-through

What FY25 said to watch

Open questions from FY25

Latest result sources

Current period

Prior comparable period

Full-year context

Other covered Consumer companies

The Colonial Motor Company

Hallenstein Glasson

Savor

AFC Group Holdings

Briefing archive

PBT up 58.4% as cash conversion reaches 68.6%, above its historical range

PBT fell 29.9% as hotels result halved and capex doubled to NZ$52.3m

Refurbishment capex of NZ$44.0m drove pre-lease FCF to -NZ$39.6m

PBT down 27.1% as property cooldown overwhelms hotel revenue surge

PBT jumped 87% but NPAT swung to a $11.7m loss on tax distortion

NZ$22.7m unprecedented working-capital build absorbed nearly all cash flow

Compare this company

Get notified when MCK publishes