MFT · NZX

Mainfreight (MFT)

Transport & Infrastructure / Freight and logisticsCovered: FY22 - FY268 published briefings

Mainfreight is an NZX-listed transport & infrastructure / freight and logistics company with FY22 - FY26 of published result briefings.

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Snapshot

Latest metrics

FY26, released 28 May 2026

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MFT latest metrics
Metric	Value	Change
Revenue	$5.4b	↑ +2.8%
EBITDA	$759.8m	↓ -0.2%
NPAT	$251m	↓ -8.5%
Operating cash flow	$589.4m	↑ +0.9%
OCF / EBITDA %	77.6%	↑ +0.9pp
Net debt	$1.2b	↑ +8646.8%
Net debt / EBITDA	1.62xUnprecedented high net debt / ebitda. 1.62x; 4-period range -0.14x to 0x. Net debt / EBITDA: 1.62x, unprecedented high; 4-period mean -0.05x, range -0.14x-0.00x.	↑ +8200.0%
ROE %	11.7%	↓ -2.0pp
DPS	87.0c	— Flat
Payout ratio vs NPAT %	69.0%	↑ +5.9pp

Source: latest published briefing (FY26, released 28 May 2026). Change compares against the prior equivalent period: FY25, released 29 May 2025.

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Longitudinal view

Performance over time

The latest period is shown first.

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MFT metric history
Metric	FY2612 MONTHS28 May 2026	FY2512 MONTHS29 May 2025	HY256 MONTHS13 November 2024	FY2412 MONTHS29 May 2024	HY246 MONTHS9 November 2023	FY2312 MONTHS25 May 2023	HY236 MONTHS10 November 2022	FY2212 MONTHS26 May 2022	Trend
Revenue	$5.4b	$5.2b	$2.6b	$4.7b	$2.4b	$5.7b	$3b	$5.2b	Chart
Revenue growth %	2.8%	11.0%	8.4%	-16.9%Outside range low revenue growth. -16.9%; 4-period range 2.8% to 47.3%. Revenue growth: -16.9%, below normal range; 4-period mean 17.5%, range 2.8%-47.3%.	-21.6%	8.8%	32.1%	47.3%Unprecedented high revenue growth. 47.3%; 4-period range -16.9% to 11%. Revenue growth: 47.3%, unprecedented high; 4-period mean 1.4%, range -16.9%-11.0%.	Chart FY24 Revenue growth %: Outside range low revenue growth. -16.9%; 4-period range 2.8% to 47.3%. Revenue growth: -16.9%, below normal range; 4-period mean 17.5%, range 2.8%-47.3%.
EBITDA	$759.8m	$761.5m	$340.9m	$720.6m	$320.3m	$851m	$422.5m	$711m	Chart
EBITDA margin %	14.1%	14.5%	13.4%	15.3%Outside range high ebitda margin. 15.3%; 4-period range 13.6% to 15%. EBITDA margin: 15.3%, above normal range; 4-period mean 14.3%, range 13.6%-15.0%.	13.6%	15.0%	14.1%	13.6%Unprecedented low ebitda margin. 13.6%; 4-period range 14.1% to 15.3%. EBITDA margin: 13.6%, unprecedented low; 4-period mean 14.7%, range 14.1%-15.3%.	Chart FY24 EBITDA margin %: Outside range high ebitda margin. 15.3%; 4-period range 13.6% to 15%. EBITDA margin: 15.3%, above normal range; 4-period mean 14.3%, range 13.6%-15.0%.
PBT	$350.9m	$383.6m	$161.2m	$395.4m	$174.8m	$587.4m	$301.7m	$489.4m	Chart
PBT growth %	-8.5%	-3.0%	-7.8%	-32.7%Outside range low pbt growth. -32.7%; 4-period range -8.5% to 86.5%. PBT growth: -32.7%, below normal range; 4-period mean 23.8%, range -8.5%-86.5%.	-42.1%	20.0%	65.8%	86.5%Unprecedented high pbt growth. 86.5%; 4-period range -32.7% to 20%. PBT growth: 86.5%, unprecedented high; 4-period mean -6.1%, range -32.7%-20.0%.	Chart FY24 PBT growth %: Outside range low pbt growth. -32.7%; 4-period range -8.5% to 86.5%. PBT growth: -32.7%, below normal range; 4-period mean 23.8%, range -8.5%-86.5%.
NPAT	$251m	$274.3m	$114.6m	$208.7m	$124.6m	$426.5m	$217m	$355.4m	Chart
NPAT growth %	-8.5%	31.4%	-8.0%	-51.1%Unprecedented low npat growth. -51.1%; 4-period range -8.5% to 88.9%. NPAT growth: -51.1%, unprecedented low; 4-period mean 33.0%, range -8.5%-88.9%.	-42.6%	20.0%	65.9%	88.9%Unprecedented high npat growth. 88.9%; 4-period range -51.1% to 31.4%. NPAT growth: 88.9%, unprecedented high; 4-period mean -2.1%, range -51.1%-31.4%.	Chart FY24 NPAT growth %: Unprecedented low npat growth. -51.1%; 4-period range -8.5% to 88.9%. NPAT growth: -51.1%, unprecedented low; 4-period mean 33.0%, range -8.5%-88.9%.
Operating cash flow	$589.4m	$584.4m	$191.8m	$504.8m	$186.8m	$757.2m	$291.4m	$503.8m	Chart
OCF / EBITDA %	77.6%	76.7%	56.3%	70.1%Outside range low ocf / ebitda cash conversion. 70.1%; 4-period range 70.8% to 89%. OCF / EBITDA cash conversion: 70.1%, below normal range; 4-period mean 78.5%, range 70.8%-89.0%.	58.3%	89.0%Unprecedented high ocf / ebitda cash conversion. 89%; 4-period range 70.1% to 77.6%. OCF / EBITDA cash conversion: 89.0%, unprecedented high; 4-period mean 73.8%, range 70.1%-77.6%.	69.0%	70.9%	Chart FY24 OCF / EBITDA %: Outside range low ocf / ebitda cash conversion. 70.1%; 4-period range 70.8% to 89%. OCF / EBITDA cash conversion: 70.1%, below normal range; 4-period mean 78.5%, range 70.8%-89.0%.
FCF pre-lease	$392.1m	$330.7m	$68.1m	$250.4m	$48.8m	$433.3m	$111.8m	$310.9m	Chart
DPS	87.0c	87.0c	85.0c	87.0c	85.0c	87.0c	85.0c	87.0c	Chart
Payout ratio vs NPAT %	69.0%	63.1%	74.7%	83.0%	68.7%	40.6%	39.4%	40.2%	Chart
Annual payout ratio vs EPS %	69.0%	63.1%	—	83.0%	—	40.6%	—	40.2%	Chart
ROE %	11.7%	13.8%	6.1%	11.3%Outside range low roe. 11.3%; 4-period range 11.7% to 24.9%. ROE: 11.3%, below normal range; 4-period mean 18.8%, range 11.7%-24.9%.	7.0%	24.7%	13.1%	24.9%Outside range high roe. 24.9%; 4-period range 11.3% to 24.7%. ROE: 24.9%, above normal range; 4-period mean 15.4%, range 11.3%-24.7%.	Chart FY24 ROE %: Outside range low roe. 11.3%; 4-period range 11.7% to 24.9%. ROE: 11.3%, below normal range; 4-period mean 18.8%, range 11.7%-24.9%.
Net debt	$1.2b	-$14.4m	$88.4m	-$21.6m	-$20.9m	-$122.8m	$26.3m	$1.1b	Chart
Net debt / EBITDA	1.62xUnprecedented high net debt / ebitda. 1.62x; 4-period range -0.14x to 0x. Net debt / EBITDA: 1.62x, unprecedented high; 4-period mean -0.05x, range -0.14x-0.00x.	-0.02x	0.26x	-0.03x	-0.07x	-0.14x	0.06x	1.5x	Chart FY26 Net debt / EBITDA: Unprecedented high net debt / ebitda. 1.62x; 4-period range -0.14x to 0x. Net debt / EBITDA: 1.62x, unprecedented high; 4-period mean -0.05x, range -0.14x-0.00x.
Debtor days	51	45	51	48	48	40Unprecedented low debtor days. 40d; 4-period range 45d to 56d. Debtor days: 39.8 days, unprecedented low; 4-period mean 49.9 days, range 44.7 days-56.4 days.	51	56Unprecedented high debtor days. 56d; 4-period range 40d to 51d. Debtor days: 56.4 days, unprecedented high; 4-period mean 45.7 days, range 39.8 days-50.8 days.	Chart
Total assets	$4.4b	$4.1b	$4b	$3.8b	$3.5b	$3.4b	$3.5b	$3b	Chart

Reference: annolyse.ai/companies/mft

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.

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 → FY26 Follow-through

The latest result is checked against what the prior briefing said to watch.

Historical setup

What FY25 said to watch

From PBT fell 3.0% on 11.0% revenue growth as tax normalisation lifted NPAT 31.4%

The release supplies no forward revenue, earnings, capex or distribution targets, so this result cannot be measured against company guidance. On shape, HY25 contributed 48.7% of full-year revenue but only 41.8% of NPAT, so the second half carried disproportionate earnings — reflecting in part the lower full-year tax rate that gets credited across both halves on consolidation.

The full-year 172.0c dividend matches the prior year and is well-supported by FCF, with a payout ratio of 52.4% of pre-lease free cash flow. The release does not signal whether the current effective tax rate is repeatable, which is the single largest variable for any FY26 earnings read built from this result.

Open questions

Open questions from FY25

Why did Air & Ocean's segment result fall to $150.2M from $163.3M while its revenue grew 20.9%?
What drove the effective tax rate from 47.2% to 28.5%, and what level should be assumed on a normalised basis?
What is the timing and shape of any profit recovery in New Zealand, Asia and the Americas?
How much of Australia's record result reflects structural share gain versus contract-specific or cyclical factors?
What is the FY26 capex envelope, given $111.2M was spent on property this year and total net capex was $234.5M?

This briefing cannot assess the durability of the current effective tax rate or the trajectory of recovery in the three regions with declining profit without further disclosure from management.

Briefing archive

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

FY26 · Released 28 May 2026

PBT margin fell to 6.5%, the weakest in four years, as NPAT slipped to NZ$251.0m

Operating margins compressed even as pre-lease free cash flow climbed to NZ$392.1m on capex restraint.

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FY25 · Released 29 May 2025

PBT fell 3.0% on 11.0% revenue growth as tax normalisation lifted NPAT 31.4%

The NPAT headline reflects effective tax falling from 47.2% to 28.5%; an Australian record offset profit declines across New Zealand, Asia

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HY25 · Released 13 November 2024

Revenue +8.4% but NPAT -8.0% as costs and debtors absorbed growth

EBITDA rose 6.4% but PBT fell 7.8%, debtors outpaced revenue by nearly 2x, and net debt swung to $88.4m from net cash.

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FY24 · Released 29 May 2024

PBT fell 32.7% on 16.9% revenue decline; cash conversion dropped to 70.0%

Operating deterioration is real, but ~$69m of abnormals doubled the headline NPAT decline to 51.1% as cash conversion fell from 89.0% to 70.0%.

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HY24 · Released 9 November 2023

Mainfreight PBT fell 42.1% on a 21.6% revenue decline

Operating deleverage halved profit growth, cash conversion dropped to 58.3% from 69.0%, and the unchanged 85c interim now absorbs 68.7% of NPAT.

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FY23 · Released 25 May 2023

NPAT up 20.0% on 8.8% revenue growth with cash conversion lifting to 89%

Operating earnings and a $186m working capital release boosted cash flow, but second-half trading slowed against a strong comparable.

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HY23 · Released 10 November 2022

Mainfreight PBT up 65.8% on 32.1% revenue, but capex doubled

Operating leverage and an FX tailwind drove earnings, but capex up 125.7% pushed FCF coverage of NPAT down to 51.5%.

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FY22 · Released 26 May 2022

Revenue up 47.3% and NPAT up 88.9% but cash conversion slipped to 70.8%

Working capital absorbed $316.4m as receivable days extended six days, leaving FCF/NPAT at 87.5% versus 137% prior.

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Mainfreight (MFT)

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Performance over time

Operating working-capital movement

FY25 → FY26 Follow-through

What FY25 said to watch

Open questions from FY25

Briefing archive

PBT margin fell to 6.5%, the weakest in four years, as NPAT slipped to NZ$251.0m

PBT fell 3.0% on 11.0% revenue growth as tax normalisation lifted NPAT 31.4%

Revenue +8.4% but NPAT -8.0% as costs and debtors absorbed growth

PBT fell 32.7% on 16.9% revenue decline; cash conversion dropped to 70.0%

Mainfreight PBT fell 42.1% on a 21.6% revenue decline

NPAT up 20.0% on 8.8% revenue growth with cash conversion lifting to 89%

Mainfreight PBT up 65.8% on 32.1% revenue, but capex doubled

Revenue up 47.3% and NPAT up 88.9% but cash conversion slipped to 70.8%

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Mainfreight (MFT)

Latest metrics

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Performance over time

Operating working-capital movement

FY25 → FY26 Follow-through

What FY25 said to watch

Open questions from FY25

Briefing archive

PBT margin fell to 6.5%, the weakest in four years, as NPAT slipped to NZ$251.0m

PBT fell 3.0% on 11.0% revenue growth as tax normalisation lifted NPAT 31.4%

Revenue +8.4% but NPAT -8.0% as costs and debtors absorbed growth

PBT fell 32.7% on 16.9% revenue decline; cash conversion dropped to 70.0%

Mainfreight PBT fell 42.1% on a 21.6% revenue decline

NPAT up 20.0% on 8.8% revenue growth with cash conversion lifting to 89%

Mainfreight PBT up 65.8% on 32.1% revenue, but capex doubled

Revenue up 47.3% and NPAT up 88.9% but cash conversion slipped to 70.8%

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Mainfreight (MFT)

Latest metrics

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Performance over time

Operating working-capital movement

FY25 → FY26 Follow-through

What FY25 said to watch

Open questions from FY25

Briefing archive

PBT margin fell to 6.5%, the weakest in four years, as NPAT slipped to NZ$251.0m

PBT fell 3.0% on 11.0% revenue growth as tax normalisation lifted NPAT 31.4%

Revenue +8.4% but NPAT -8.0% as costs and debtors absorbed growth

PBT fell 32.7% on 16.9% revenue decline; cash conversion dropped to 70.0%

Mainfreight PBT fell 42.1% on a 21.6% revenue decline

NPAT up 20.0% on 8.8% revenue growth with cash conversion lifting to 89%

Mainfreight PBT up 65.8% on 32.1% revenue, but capex doubled

Revenue up 47.3% and NPAT up 88.9% but cash conversion slipped to 70.8%

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Mainfreight (MFT)

Latest metrics

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Performance over time

Operating working-capital movement

FY25 → FY26 Follow-through

What FY25 said to watch

Open questions from FY25

Briefing archive

PBT margin fell to 6.5%, the weakest in four years, as NPAT slipped to NZ$251.0m

PBT fell 3.0% on 11.0% revenue growth as tax normalisation lifted NPAT 31.4%

Revenue +8.4% but NPAT -8.0% as costs and debtors absorbed growth

PBT fell 32.7% on 16.9% revenue decline; cash conversion dropped to 70.0%

Mainfreight PBT fell 42.1% on a 21.6% revenue decline

NPAT up 20.0% on 8.8% revenue growth with cash conversion lifting to 89%

Mainfreight PBT up 65.8% on 32.1% revenue, but capex doubled

Revenue up 47.3% and NPAT up 88.9% but cash conversion slipped to 70.8%

Compare this company

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