MFB · NZX

My Food Bag Group (MFB)

Consumer / Meal kitsCovered: FY22 - FY269 published briefings

My Food Bag Group is an NZX-listed consumer / meal kits company with FY22 - FY26 of published result briefings.

Sections

Snapshot

Latest metrics

FY26, released 21 May 2026

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MFB latest metrics
Metric	Value	Change
Revenue	$170.2m	↑ +5.0%
EBITDA	$16.4m	↑ +1.9%
NPAT	$6.7m	↑ +4.7%
Operating cash flow	$13.5m	↑ +2.3%
OCF / EBITDA %	82.5%	↑ +0.3pp
Net debt	$1.9m	↓ -72.9%
Net debt / EBITDA	0.11x	↓ -74.4%
ROE %	9.2%Outside range low roe. 9.2%; 4-period range 9.3% to 29.9%. ROE: 9.2%, below normal range; 4-period mean 16.4%, range 9.3%-29.9%.	↓ -0.0pp
DPS	0.4c	↓ -47.4%
Payout ratio vs NPAT %	63.3%	↑ +13.3pp

Source: latest published briefing (FY26, released 21 May 2026). Change compares against the prior equivalent period: FY25, released 22 May 2025.

Valuation

A compact read on what the market price implies next to the latest filing data. The numbers are a starting point for comparison, not a recommendation.

Prices as at close, 16 June 2026

Price and market cap

The latest close and share count context for the market price.

Market cap

$71.6m

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

10.69x

Recent market cap compared with trailing earnings.

EPS

0.03

Recent filing-derived earnings per share.

PEG

2.28x

P/E compared with recent earnings growth.

EV/EBITDA

4.48x

Enterprise value compared with recent EBITDA.

P/FCF

8.43x

Market cap compared with recent free cash flow.

P/B

0.99x

Market value compared with latest reported equity.

Income and fund shape

Yield and fund-style valuation where the company shape supports it.

Dividend yield

6.7%

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 readouts against real observations. Expand opens the chart at reading size.

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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Price vs earnings

Indexed lines compare direction from the first positive comparable filing point. The axis is an index, not dollars or cents.

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Chat

Ask about MFB

Ask follow-up questions about My Food Bag Group's latest result and company history.

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

Ask about MFB

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

Longitudinal view

Performance over time

The latest period is shown first.

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MFB metric history
Metric	FY2612 MONTHS21 May 2026	HY266 MONTHS20 November 2025	FY2512 MONTHS22 May 2025	HY256 MONTHS21 November 2024	FY2412 MONTHS23 November 2023	HY246 MONTHS23 November 2023	FY2312 MONTHS19 May 2023	HY236 MONTHS18 November 2022	FY2212 MONTHS20 May 2022	Trend
Revenue	$170.2m	$85.4m	$162.1m	$82.2m	$175.7m	$83.8m	$175.7m	$94.4m	$194m	Chart
Revenue growth %	5.0%Outside range high revenue growth. 5%; 4-period range -9.4% to 1.7%. Revenue growth: 5.0%, above normal range; 4-period mean -2.0%, range -9.4%-1.7%.	3.8%Outside range high revenue growth. 3.8%; 3-period range -11.2% to -1.9%. Revenue growth: 3.8%, above normal range; 3-period mean -5.7%, range -11.2%--1.9%.	-0.1%	-1.9%	0.0%	-11.2%Outside range low revenue growth. -11.2%; 3-period range -4.1% to 3.8%. Revenue growth: -11.2%, below normal range; 3-period mean -0.7%, range -4.1%-3.8%.	-9.4%Unprecedented low revenue growth. -9.4%; 4-period range -0.1% to 5%. Revenue growth: -9.4%, unprecedented low; 4-period mean 1.7%, range -0.1%-5.0%.	-4.1%	1.7%	Chart HY26 Revenue growth %: Outside range high revenue growth. 3.8%; 3-period range -11.2% to -1.9%. Revenue growth: 3.8%, above normal range; 3-period mean -5.7%, range -11.2%--1.9%. FY26 Revenue growth %: Outside range high revenue growth. 5%; 4-period range -9.4% to 1.7%. Revenue growth: 5.0%, above normal range; 4-period mean -2.0%, range -9.4%-1.7%.
EBITDA	$16.4m	$7.2m	$16.1m	$7.8m	—	$7.4m	$18.2m	$11.5m	$34.2m	Chart
EBITDA margin %	9.6%Outside range low ebitda margin. 9.6%; 3-period range 9.9% to 17.6%. EBITDA margin: 9.6%, below normal range; 3-period mean 12.6%, range 9.9%-17.6%.	8.4%Outside range low ebitda margin. 8.4%; 3-period range 8.8% to 12.2%. EBITDA margin: 8.4%, below normal range; 3-period mean 10.2%, range 8.8%-12.2%.	9.9%	9.5%	—	8.8%	10.4%	12.2%Outside range high ebitda margin. 12.2%; 3-period range 8.4% to 9.5%. EBITDA margin: 12.2%, above normal range; 3-period mean 8.9%, range 8.4%-9.5%.	17.6%Outside range high ebitda margin. 17.6%; 3-period range 9.6% to 10.4%. EBITDA margin: 17.6%, above normal range; 3-period mean 10.0%, range 9.6%-10.4%.	Chart HY26 EBITDA margin %: Outside range low ebitda margin. 8.4%; 3-period range 8.8% to 12.2%. EBITDA margin: 8.4%, below normal range; 3-period mean 10.2%, range 8.8%-12.2%. FY26 EBITDA margin %: Outside range low ebitda margin. 9.6%; 3-period range 9.9% to 17.6%. EBITDA margin: 9.6%, below normal range; 3-period mean 12.6%, range 9.9%-17.6%.
PBT	$9m	$3.6m	$8.6m	$4.1m	$3.5m	$3.5m	$11m	$8.2m	$27.8m	Chart
PBT growth %	4.7%	-12.2%	0.0%	17.1%Outside range high pbt growth. 17.1%; 3-period range -57.3% to -12.2%. PBT growth: 17.1%, above normal range; 3-period mean -35.1%, range -57.3%--12.2%.	-68.2%Outside range low pbt growth. -68.2%; 4-period range -60.4% to 208.9%. PBT growth: -68.2%, below normal range; 4-period mean 38.3%, range -60.4%-208.9%.	-57.3%Outside range low pbt growth. -57.3%; 3-period range -35.9% to 17.1%. PBT growth: -57.3%, below normal range; 3-period mean -10.3%, range -35.9%-17.1%.	-60.4%	-35.9%	208.9%Unprecedented high pbt growth. 208.9%; 4-period range -68.2% to 4.7%. PBT growth: 208.9%, unprecedented high; 4-period mean -31.0%, range -68.2%-4.7%.	Chart FY24 PBT growth %: Outside range low pbt growth. -68.2%; 4-period range -60.4% to 208.9%. PBT growth: -68.2%, below normal range; 4-period mean 38.3%, range -60.4%-208.9%. HY25 PBT growth %: Outside range high pbt growth. 17.1%; 3-period range -57.3% to -12.2%. PBT growth: 17.1%, above normal range; 3-period mean -35.1%, range -57.3%--12.2%.
NPAT	$6.7m	$2.9m	$6.4m	$3m	$7.9m	$2.5m	$7.9m	$5.9m	$20m	Chart
NPAT growth %	4.7%	-3.3%	6.7%	20.0%Outside range high npat growth. 20%; 3-period range -57.6% to -3.3%. NPAT growth: 20.0%, above normal range; 3-period mean -32.7%, range -57.6%--3.3%.	0.0%	-57.6%Outside range low npat growth. -57.6%; 3-period range -37.2% to 20%. NPAT growth: -57.6%, below normal range; 3-period mean -6.8%, range -37.2%-20.0%.	-60.5%	-37.2%	733.3%	Chart HY25 NPAT growth %: Outside range high npat growth. 20%; 3-period range -57.6% to -3.3%. NPAT growth: 20.0%, above normal range; 3-period mean -32.7%, range -57.6%--3.3%.
Operating cash flow	$13.5m	$5.8m	$13.2m	$6.3m	—	$4.9m	$9.8m	$5.5m	$29.5m	Chart
OCF / EBITDA %	82.5%	80.6%Outside range high ocf / ebitda cash conversion. 80.6%; 3-period range 47.7% to 80.3%. OCF / EBITDA cash conversion: 80.6%, above normal range; 3-period mean 64.9%, range 47.7%-80.3%.	82.2%	80.3%	—	66.6%	53.6%Outside range low ocf / ebitda cash conversion. 53.6%; 3-period range 82.2% to 86.3%. OCF / EBITDA cash conversion: 53.6%, below normal range; 3-period mean 83.7%, range 82.2%-86.3%.	47.7%Outside range low ocf / ebitda cash conversion. 47.7%; 3-period range 66.6% to 80.6%. OCF / EBITDA cash conversion: 47.7%, below normal range; 3-period mean 75.8%, range 66.6%-80.6%.	86.4%Outside range high ocf / ebitda cash conversion. 86.3%; 3-period range 53.6% to 82.5%. OCF / EBITDA cash conversion: 86.3%, above normal range; 3-period mean 72.8%, range 53.6%-82.5%.	Chart HY26 OCF / EBITDA %: Outside range high ocf / ebitda cash conversion. 80.6%; 3-period range 47.7% to 80.3%. OCF / EBITDA cash conversion: 80.6%, above normal range; 3-period mean 64.9%, range 47.7%-80.3%.
FCF pre-lease	$8.5m	$3.1m	$10.1m	$6.1m	—	$3.6m	$2m	$2.7m	$24.1m	Chart
FCF post-lease	$8.5m	$3.1m	$7.6m	—	—	—	—	—	$24.1m	Chart
DPS	0.4c	0.8c	0.8c	0.7c	—	—	3.0c	3.0c	4.0c	Chart
Payout ratio vs NPAT %	63.3%	75.0%	50.0%Outside range low payout ratio versus npat. 50%; 3-period range 63.3% to 100%. Payout ratio versus NPAT: 50.0%, below normal range; 3-period mean 83.6%, range 63.3%-100.0%.	65.0%	—	—	100.0%Outside range high payout ratio versus npat. 100%; 3-period range 50% to 87.5%. Payout ratio versus NPAT: 100.0%, above normal range; 3-period mean 66.9%, range 50.0%-87.5%.	150.0%	87.5%	Chart FY23 Payout ratio vs NPAT %: Outside range high payout ratio versus npat. 100%; 3-period range 50% to 87.5%. Payout ratio versus NPAT: 100.0%, above normal range; 3-period mean 66.9%, range 50.0%-87.5%. FY25 Payout ratio vs NPAT %: Outside range low payout ratio versus npat. 50%; 3-period range 63.3% to 100%. Payout ratio versus NPAT: 50.0%, below normal range; 3-period mean 83.6%, range 63.3%-100.0%.
Annual payout ratio vs EPS %	63.3%	—	50.0%	—	—	—	—	—	87.5%	Chart
ROE %	9.2%Outside range low roe. 9.2%; 4-period range 9.3% to 29.9%. ROE: 9.2%, below normal range; 4-period mean 16.4%, range 9.3%-29.9%.	4.1%	9.3%	4.5%	12.9%	4.0%	13.5%	9.3%	29.9%Unprecedented high roe. 29.9%; 4-period range 9.2% to 13.5%. ROE: 29.9%, unprecedented high; 4-period mean 11.2%, range 9.2%-13.5%.	Chart FY26 ROE %: Outside range low roe. 9.2%; 4-period range 9.3% to 29.9%. ROE: 9.2%, below normal range; 4-period mean 16.4%, range 9.3%-29.9%.
Net debt	$1.9m	$5.5m	$6.9m	$9.7m	—	$14.1m	$15.3m	$5.9m	-$2.5m	Chart
Net debt / EBITDA	0.11x	0.77x	0.43x	1.24x	—	1.91xOutside range high net debt / ebitda. 1.91x; 3-period range 0.51x to 1.2x. Net debt / EBITDA: 1.91x, above normal range; 3-period mean 0.83x, range 0.51x-1.20x.	0.84xOutside range high net debt / ebitda. 0.84x; 3-period range -0.1x to 0.43x. Net debt / EBITDA: 0.84x, above normal range; 3-period mean 0.15x, range -0.10x-0.43x.	0.51xOutside range low net debt / ebitda. 0.51x; 3-period range 0.77x to 1.91x. Net debt / EBITDA: 0.51x, below normal range; 3-period mean 1.29x, range 0.77x-1.91x.	-0.07x	Chart HY24 Net debt / EBITDA: Outside range high net debt / ebitda. 1.91x; 3-period range 0.51x to 1.2x. Net debt / EBITDA: 1.91x, above normal range; 3-period mean 0.83x, range 0.51x-1.20x.
Debtor days	3Unprecedented high debtor days. 3d; 4-period range 0d to 1d. Debtor days: 3.0 days, unprecedented high; 4-period mean 0.8 days, range 0.4 days-1.2 days.	10Outside range high debtor days. 10d; 3-period range 1d to 1d. Debtor days: 9.8 days, above normal range; 3-period mean 1.1 days, range 0.9 days-1.3 days.	1	1	1	1	1	1Outside range low debtor days. 1d; 3-period range 1d to 10d. Debtor days: 0.9 days, below normal range; 3-period mean 4.1 days, range 1.2 days-9.8 days.	0Outside range low debtor days. 0d; 4-period range 1d to 3d. Debtor days: 0.4 days, below normal range; 4-period mean 1.4 days, range 0.7 days-3.0 days.	Chart HY26 Debtor days: Outside range high debtor days. 10d; 3-period range 1d to 1d. Debtor days: 9.8 days, above normal range; 3-period mean 1.1 days, range 0.9 days-1.3 days. FY26 Debtor days: Unprecedented high debtor days. 3d; 4-period range 0d to 1d. Debtor days: 3.0 days, unprecedented high; 4-period mean 0.8 days, range 0.4 days-1.2 days.
Inventory days	2	3	1Unprecedented low inventory days. 1d; 4-period range 2d to 5d. Inventory days: 0.9 days, unprecedented low; 4-period mean 3.9 days, range 1.8 days-4.9 days.	1	5	4	4	5	5Outside range high inventory days. 5d; 4-period range 1d to 5d. Inventory days: 4.9 days, above normal range; 4-period mean 2.9 days, range 0.9 days-4.5 days.	Chart FY25 Inventory days: Unprecedented low inventory days. 1d; 4-period range 2d to 5d. Inventory days: 0.9 days, unprecedented low; 4-period mean 3.9 days, range 1.8 days-4.9 days.
Total assets	$106.8m	$105.5m	$103.5m	$105.5m	$107.6m	$107.6m	$108.6m	$106.5m	$105.7m	Chart

Reference: annolyse.ai/companies/mfb

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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Full chartable metric set

Additional verified filing metrics for this company. Each point links back to a published briefing period in the source data contract.

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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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

From Revenue grew 3.8% but a $4.4m working-capital build drained cash

HY25 was 50.7% of FY25 revenue, 48.4% of FY25 EBITDA and 46.5% of FY25 NPAT, so the pattern is mildly second-half weighted on earnings. Annualising HY26 revenue gives NZ$170.8m versus FY25 of NZ$162.1m, which would be a step up if the trajectory holds. No FY26 revenue, EBITDA or margin target was disclosed in this release, so the second-half judgement rests on whether margin recovers and whether the working-capital build reverses.

The implied second-half NPAT shape from FY25 was NZ$3.4m. To match FY25 NPAT of NZ$6.4m, HY26's NZ$2.9m starting point requires a stronger H2 contribution than the prior pattern, particularly if the tax rate normalises toward 28%.

Open questions

Open questions from HY26

What drove trade debtors to NZ$4.6m from NZ$0.6m, and how much of the NZ$4.4m working-capital build reverses in H2?
Why was the effective tax rate 19.8% versus a 28.1% prior, and is that rate sustainable into H2 and FY27?
What is the explanation for the 8.4% EBITDA margin sitting below the historical 8.8%-12.2% range despite the strongest revenue growth in the window?
How does management justify lifting the interim dividend 15.4% and raising the NPAT payout to 75% when operating cash fell and the cash balance ran down to NZ$0.1m?
Will gross borrowings continue trending down given the working-capital pressure, or has facility usage simply shifted intra-period?

This briefing cannot assess whether the receivables build reflects a change in customer mix, payment terms, or a one-off timing effect, because no segment or commentary detail on the receivables driver was supplied.

Briefing archive

Every published Annolyse briefing for this company appears here in reverse chronological order.

FY26 · Released 21 May 2026

Debtor days hit unprecedented 3.0 as receivables more than tripled

Working capital absorbed NZ$1.5m against a historical mean of NZ$-0.1m, yet net debt still fell NZ$5.1m on stronger free cash flow.

Read briefing

HY26 · Released 20 November 2025

Revenue grew 3.8% but a $4.4m working-capital build drained cash

Trade debtors swelled to $4.6m from $0.6m while a 19.8% tax rate cushioned NPAT against a 12.2% PBT decline.

Read briefing

FY25 · Released 22 May 2025

Net debt cut $4.9m on stronger cash but PBT flat at $8.6m

Operating cash flow rose 35% to $13.2m and full-year dividend tripled to 1.5cps, while revenue and PBT were essentially flat.

Read briefing

HY25 · Released 21 November 2024

PBT up 17.1% but cash quality leans on capex cut and working capital release

Earnings returned to growth on a -1.9% revenue base, but FCF of NZ$6.1m reflects capex falling 92% and an unusual working capital release.

Read briefing

FY24 · Released 23 November 2023

PBT fell 68.2% but NPAT held flat on a zero-tax bridge

Operating earnings collapsed against the company's historical range while a 0.0% effective tax rate masked the deterioration in headline net profit.

Read briefing

HY24 · Released 23 November 2023

NPAT fell 57.6% as net debt/EBITDA jumped to 1.91x, dividend suspended

Revenue down 11.2% and 140bps of gross margin loss have pushed leverage above its historical 0.51x-1.20x range and ended the interim dividend.

Read briefing

FY23 · Released 19 May 2023

Net cash swung to $15.3m net debt as FCF collapsed to $2.0m

Operating cash fell 67% on a 9.4% revenue decline, leaving the interim dividend absorbing 390% of free cash flow.

Read briefing

HY23 · Released 18 November 2022

Cash conversion fell to 47.7% as the 3.0cps dividend hit 330% of FCF

NPAT fell 37.2% on a 4.1% revenue decline, with an 8x capex step-up and working-capital build leaving the maintained interim dividend uncovered.

Read briefing

FY22 · Released 20 May 2022

PBT up 208.9% on 1.7% revenue growth as margins hit records

EBITDA margin of 17.6% sits well above the 10.0% historical baseline, and PBT is the cleaner read because a 72.8% prior tax rate normalised to 28.1%.

Read briefing

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My Food Bag Group (MFB)

Latest metrics

Valuation

Price and market cap

Profitability multiples

Income and fund shape

Price history

Share price

Price vs earnings

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Performance over time

Filing-only history charts

Revenue

Revenue growth

EBITDA-equivalent

EBITDA margin

NPAT

Operating cash flow

Full chartable metric set

OCF / EBITDA

FCF pre-lease

FCF post-lease

ROE

Net debt

Net debt / EBITDA

DPS

Payout ratio

Debtor days

Inventory days

Operating working-capital movement

HY26 → FY26 Follow-through

What HY26 said to watch

Open questions from HY26

Briefing archive

Debtor days hit unprecedented 3.0 as receivables more than tripled

Revenue grew 3.8% but a $4.4m working-capital build drained cash

Net debt cut $4.9m on stronger cash but PBT flat at $8.6m

PBT up 17.1% but cash quality leans on capex cut and working capital release

PBT fell 68.2% but NPAT held flat on a zero-tax bridge

NPAT fell 57.6% as net debt/EBITDA jumped to 1.91x, dividend suspended

Net cash swung to $15.3m net debt as FCF collapsed to $2.0m

Cash conversion fell to 47.7% as the 3.0cps dividend hit 330% of FCF

PBT up 208.9% on 1.7% revenue growth as margins hit records

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My Food Bag Group (MFB)

Latest metrics

Valuation

Price and market cap

Profitability multiples

Income and fund shape

Price history

Share price

Price vs earnings

Ask about MFB

Ask about MFB

Sign in to chat

Performance over time

Filing-only history charts

Revenue

Revenue growth

EBITDA-equivalent

EBITDA margin

NPAT

Operating cash flow

Full chartable metric set

OCF / EBITDA

FCF pre-lease

FCF post-lease

ROE

Net debt

Net debt / EBITDA

DPS

Payout ratio

Debtor days

Inventory days

Operating working-capital movement

HY26 → FY26 Follow-through