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MFT · NZX

Mainfreight (MFT)

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

Mainfreight is an NZX-listed transport & infrastructure / freight and logistics company. Its latest covered result is FY26, with FY22 - FY26 of source-backed result history on Annolyse.

Sections

Latest result

Latest metrics

FY26, released 28 May 2026

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MFT latest metrics
MetricValueChange
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
ROE %11.7%↓ -2.0pp
DPS87.0c— Flat
Payout ratio vs NPAT %69.0%↑ +5.9pp
Annual payout ratio vs EPS %69.0%↑ +5.9pp
PBT$350.9m↓ -8.5%

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

Market cap

$6.9b

i

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

27.3x

i

Recent market cap compared with trailing earnings.

EPS

2.49

i

Recent filing-derived earnings per share.

PEG

Not available

i

Not meaningful without positive comparable earnings growth.

EV/EBITDA

Not available

i

Not available for this company right now.

P/FCF

17.48x

i

Market cap compared with recent free cash flow.

P/B

3.2x

i

Market value compared with latest reported equity.

Income and investment-company measures

Yield and investment-company valuation where supported.

Dividend yield

2.5%

i

Trailing dividends compared with the latest close.

Total return

Not available

i

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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What changed in the latest result?What is unusual in the historical context?How has cash conversion changed over time?Compare this company with CNU.

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Financial history

Performance over time

The latest period is shown first.

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MFT metric history
MetricFY2612 MONTHS28 May 2026FY2512 MONTHS29 May 2025HY256 MONTHS13 November 2024FY2412 MONTHS29 May 2024HY246 MONTHS9 November 2023FY2312 MONTHS25 May 2023HY236 MONTHS10 November 2022FY2212 MONTHS26 May 2022Trend
Revenue$5.4b$5.2b$2.6b$4.7b$2.4b$5.7b$3b$5.2b
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Revenue growth %2.8%11.0%8.4%-16.9%Outside range low revenue growth. -16.9%; 4-period range 2.8% to 47.2%. Revenue growth: -16.9%, below normal range; 4-period mean 17.5%, range 2.8%-47.2%.-21.6%8.8%32.1%47.2%Unprecedented high revenue growth. 47.2%; 4-period range -16.9% to 11%. Revenue growth: 47.2%, unprecedented high; 4-period mean 1.4%, range -16.9%-11.0%.
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  • FY24 Revenue growth %: Outside range low revenue growth. -16.9%; 4-period range 2.8% to 47.2%. Revenue growth: -16.9%, below normal range; 4-period mean 17.5%, range 2.8%-47.2%.
EBITDA$759.8m$761.5m$340.9m$720.6m$320.3m$851m$422.5m$711m
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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%.
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  • 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
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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%.
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  • 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
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NPAT growth %-8.5%31.5%-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 31.5%. NPAT growth: 88.9%, unprecedented high; 4-period mean -2.0%, range -51.1%-31.5%.
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  • 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%
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  • 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
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DPS87.0c87.0c85.0c87.0c85.0c87.0c85.0c87.0c
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Payout ratio vs NPAT %69.0%63.1%74.7%83.0%68.7%40.6%39.4%40.2%
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Annual payout ratio vs EPS %69.0%63.1%—83.0%—40.6%—40.2%
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ROE %11.7%13.7%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%.
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  • 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—-$14.4m$88.4m-$21.6m-$20.9m-$122.8m$26.3m$1.1b
Chart
Net debt / EBITDA—n/m0.26xn/mn/mn/m0.06x1.5xOutside range high net debt / ebitda. 0x; 3-period range -0.14x to -0.02x. Net debt / EBITDA: 0.00x, above normal range; 3-period mean -0.06x, range -0.14x--0.02x.
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  • FY23 Net debt / EBITDA: Outside range low net debt / ebitda. -0.14x; 3-period range -0.03x to 0x. Net debt / EBITDA: -0.14x, below normal range; 3-period mean -0.02x, range -0.03x-0.00x.
Debtor days514551484840Unprecedented 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.5156Unprecedented 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.
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Total assets$4.4b$4.1b$4b$3.8b$3.5b$3.4b$3.5b$3b
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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.

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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  • FY22 MFT FY: Unprecedented high revenue growth. 47.2%; 4-period range -16.9% to 11%. Revenue growth: 47.2%, unprecedented high; 4-period mean 1.4%, range -16.9%-11.0%.
  • FY24 MFT FY: Outside range low revenue growth. -16.9%; 4-period range 2.8% to 47.2%. Revenue growth: -16.9%, below normal range; 4-period mean 17.5%, range 2.8%-47.2%.

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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  • FY22 MFT FY: 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%.
  • FY24 MFT FY: 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%.

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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  • FY23 MFT FY: 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%.
  • FY24 MFT FY: 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

Operating cash flow less capex before leases.

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ROE

Return on equity.

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  • FY22 MFT FY: 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%.
  • FY24 MFT FY: 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

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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  • FY22 MFT FY: Outside range high net debt / ebitda. 0x; 3-period range -0.14x to -0.02x. Net debt / EBITDA: 0.00x, above normal range; 3-period mean -0.06x, range -0.14x--0.02x.

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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  • FY22 MFT FY: Unprecedented 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.
  • FY23 MFT FY: Unprecedented 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.

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

Previous analysisFY25Result releasedAnnolyse analysis published

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.

Payout ratio versus pre-lease FCF is suppressed because the source-backed cash-dividend bridge is unavailable.

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.

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

Mainfreight Full Year Financial Results to 31 March 2026

FY26 / financial report

Mainfreight FY 2026 Commentary

FY26 / results release

Mainfreight FY 2026 Presentation

FY26 / results presentation

Prior comparable period

Mainfreight Full Year Financial Results to 31 March 2025

FY25 / financial report

Mainfreight FY 2025 Commentary

FY25 / results release

Mainfreight FY25 Full Year Presentation

FY25 / results presentation

Interim context

Mainfreight Financial Statements to 30 September 2025

HY26 / financial report

Mainfreight Half Year Presentation 2026

HY26 / results presentation

Mainfreight HY Commentary to September 2025

HY26 / results release

Mainfreight Results Announcement 30 September 2025

HY26 / results announcement

Release context

Mainfreight Annual Meeting Results 2025

HY26 / commentary

Peer context

Freight and logistics 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.

MOV · FY26

MOVE Logistics Group

7 published result briefings

FRW · FY26

Freightways Group

4 published result briefings

Compare MFT, MOV, FRW →Transport & Infrastructure result archive

Archive

Briefing archive

The full chronological archive contains every published result briefing.

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.

Read briefing

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

Read briefing

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.

Read briefing

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%.

Read briefing

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.

Read briefing

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.

Read briefing
Open all 8 result briefings

Related insights

Compare this company

The latest MFT metrics also appear in these cross-company comparisons.

Insight

Cash conversion quality

This result converted 77.6% of EBITDA to operating cash flow, +0.9pp versus the prior comparable period.

Open insight

Insight

Dividend coverage and payout pressure

Dividend payout versus NPAT is 69.0%.

Open insight

Insight

Earnings quality and statutory distortions

PBT and NPAT growth diverged by 0.0pp.

Open insight

Insight

Revenue growth context

Revenue growth was 2.8% for this reporting period.

Open insight

Get notified when MFT publishes

Get the next Mainfreight result briefing and five-year history updates by email.