Market cap
$179m
End-of-day close multiplied by current shares on issue.
MHJ · NZX
Michael Hill International (MHJ)
Consumer / Jewellery retailCovered: HY23 - HY267 published briefings
Michael Hill International is an NZX-listed consumer / jewellery retail company. Its latest covered result is HY26, with HY23 - HY26 of source-backed result history on Annolyse.
Sections
Latest result
Latest metrics
HY26, released 2 March 2026
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| Metric | Value | Change |
|---|---|---|
| Revenue | $371m | ↑ +3.0% |
| NPAT | $22.3m | ↑ +32.0% |
| Operating cash flow | $94.8m | ↑ +64.3% |
| Net debt | -$20.7m | ↓ -310.2% |
| ROE % | 11.7% | ↑ +2.6pp |
| DPS | 0.0c | — |
| PBT | $31m | ↑ +30.3% |
| FCF pre-lease | $86.4m | ↑ +64.9% |
| Debtor days | 0Outside range low debtor days. 0d; 3-period range 7d to 10d. Debtor days: 0.0 days, below normal range; 3-period mean 8.0 days, range 7.2 days-9.6 days. | ↓ -100.0% |
| Inventory days | 99Outside range low inventory days. 99d; 3-period range 99d to 110d. Inventory days: 99.1 days, below normal range; 3-period mean 105.8 days, range 99.3 days-110.4 days. | ↓ -8.0% |
Source: latest published briefing (HY26, released 2 March 2026). Change compares against the prior equivalent period: HY25, released 24 February 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
23.86x
Recent market cap compared with trailing earnings.
EPS
0.02
Recent filing-derived earnings per share.
PEG
0.75x
P/E compared with recent earnings growth.
EV/EBITDA
Not available
Not available for this company right now.
P/FCF
2.23x
Market cap compared with recent free cash flow.
P/B
0.94x
Market value compared with latest reported equity.
Income and investment-company measures
Yield and investment-company valuation where supported.
Dividend yield
0.0%
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.
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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. Periods with P/E at or above 100x are shown as gaps because earnings yield below 1% makes the multiple denominator-driven, not meaningful. Suppressed periods: HY25.
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Ask follow-up questions about Michael Hill International's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Ask about MHJ
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 | HY266 MONTHS2 March 2026 | FY2512 MONTHS25 August 2025 | HY256 MONTHS24 February 2025 | FY2412 MONTHS2 September 2024 | HY246 MONTHS26 February 2024 | FY2312 MONTHS25 August 2023 | HY236 MONTHS27 February 2023 | Trend |
|---|---|---|---|---|---|---|---|---|
| Revenue | $371m | $643.7m | $360.2m | $644.9m | $362.7m | $629.6m | $363.4m | Chart |
| Revenue growth % | 3.0% | 2.5% | -0.7%Outside range low revenue growth. -0.7%; 3-period range -0.2% to 11.1%. Revenue growth: -0.7%, below normal range; 3-period mean 4.6%, range -0.2%-11.1%. | 2.4% | -0.2% | 0.0% | 11.1%Outside range high revenue growth. 11.1%; 3-period range -0.7% to 3%. Revenue growth: 11.1%, above normal range; 3-period mean 0.7%, range -0.7%-3.0%. | Chart
|
| EBITDA | — | — | $32.5m | — | $60.8m | — | $87.3m | Chart |
| EBITDA margin % | — | — | 9.0% | — | 16.8% | — | 24.0% | Chart |
| PBT | $31m | $2.2m | $23.8m | -$0.4m | $21.9m | $49.7m | $54.3m | Chart |
| PBT growth % | 30.3%Outside range high pbt growth. 30.3%; 3-period range -59.7% to 8.7%. PBT growth: 30.3%, above normal range; 3-period mean -15.6%, range -59.7%-8.7%. | -90.8% | 8.7% | — | -59.7%Outside range low pbt growth. -59.7%; 3-period range 4.2% to 30.3%. PBT growth: -59.7%, below normal range; 3-period mean 14.4%, range 4.2%-30.3%. | 0.0% | 4.2% | Chart
|
| NPAT | $22.3m | $2.1m | $16.9m | -$0.5m | $15.4m | $35.2m | $37.6m | Chart |
| NPAT growth % | 32.0%Outside range high npat growth. 32%; 3-period range -59% to 9.7%. NPAT growth: 32.0%, above normal range; 3-period mean -16.0%, range -59.0%-9.7%. | -86.6% | 9.7% | — | -59.0%Outside range low npat growth. -59%; 3-period range 1.3% to 32%. NPAT growth: -59.0%, below normal range; 3-period mean 14.3%, range 1.3%-32.0%. | 0.0% | 1.3% | Chart
|
| Operating cash flow | $94.8m | $55.1m | $57.7m | $37.8m | $22m | $80.1m | $47.6m | Chart |
| OCF / EBITDA % | — | — | 177.7% | — | 36.2% | — | 54.5% | Chart |
| FCF pre-lease | $86.4m | $46.3m | $52.4m | $16.7m | $9.1m | $53.6m | $33.2m | Chart |
| DPS | 0.0c | — | — | — | — | 3.5c | 4.0c | Chart |
| Payout ratio vs NPAT % | — | — | — | — | — | 81.5% | 40.9% | Chart |
| Annual payout ratio vs EPS % | — | — | — | — | — | 81.5% | — | — |
| ROE % | 11.7% | 1.2% | 9.1% | -0.3% | 7.9%Outside range low roe. 7.9%; 3-period range 9.1% to 18.9%. ROE: 7.9%, below normal range; 3-period mean 13.3%, range 9.1%-18.9%. | 18.6% | 18.9%Outside range high roe. 18.9%; 3-period range 7.9% to 11.7%. ROE: 18.9%, above normal range; 3-period mean 9.6%, range 7.9%-11.7%. | Chart
|
| Net debt | -$20.7m | $41.9m | $9.8m | $38.7m | $11.6m | -$8.4m | — | Chart |
| Net debt / EBITDA | — | — | 0.3x | — | 0.19x | — | — | Chart |
| Debtor days | 0Outside range low debtor days. 0d; 3-period range 7d to 10d. Debtor days: 0.0 days, below normal range; 3-period mean 8.0 days, range 7.2 days-9.6 days. | 2 | 7 | 2 | 10Outside range high debtor days. 10d; 3-period range 0d to 7d. Debtor days: 9.6 days, above normal range; 3-period mean 4.8 days, range 0.0 days-7.2 days. | n/m | 7 | Chart
|
| Inventory days | 99Outside range low inventory days. 99d; 3-period range 99d to 110d. Inventory days: 99.1 days, below normal range; 3-period mean 105.8 days, range 99.3 days-110.4 days. | 113 | 108 | 111 | 110Outside range high inventory days. 110d; 3-period range 99d to 108d. Inventory days: 110.4 days, above normal range; 3-period mean 102.0 days, range 99.1 days-107.7 days. | 118 | 99 | Chart
|
| Total assets | $564m | $518.4m | $557.6m | $545.2m | $576.8m | $546.5m | $550.8m | Chart |
Reference: annolyse.ai/companies/mhj
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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- HY23 MHJ HY: Outside range high revenue growth. 11.1%; 3-period range -0.7% to 3%. Revenue growth: 11.1%, above normal range; 3-period mean 0.7%, range -0.7%-3.0%.
- HY25 MHJ HY: Outside range low revenue growth. -0.7%; 3-period range -0.2% to 11.1%. Revenue growth: -0.7%, below normal range; 3-period mean 4.6%, range -0.2%-11.1%.
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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ROE
Return on equity.
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- HY23 MHJ HY: Outside range high roe. 18.9%; 3-period range 7.9% to 11.7%. ROE: 18.9%, above normal range; 3-period mean 9.6%, range 7.9%-11.7%.
- HY24 MHJ HY: Outside range low roe. 7.9%; 3-period range 9.1% to 18.9%. ROE: 7.9%, below normal range; 3-period mean 13.3%, range 9.1%-18.9%.
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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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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- HY24 MHJ HY: Outside range high debtor days. 10d; 3-period range 0d to 7d. Debtor days: 9.6 days, above normal range; 3-period mean 4.8 days, range 0.0 days-7.2 days.
- HY26 MHJ HY: Outside range low debtor days. 0d; 3-period range 7d to 10d. Debtor days: 0.0 days, below normal range; 3-period mean 8.0 days, range 7.2 days-9.6 days.
Inventory days
Inventory days where the working-capital inputs are source-backed.
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- HY24 MHJ HY: Outside range high inventory days. 110d; 3-period range 99d to 108d. Inventory days: 110.4 days, above normal range; 3-period mean 102.0 days, range 99.1 days-107.7 days.
- HY26 MHJ HY: Outside range low inventory days. 99d; 3-period range 99d to 110d. Inventory days: 99.1 days, below normal range; 3-period mean 105.8 days, range 99.3 days-110.4 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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- HY25 MHJ: Outside range low operating working-capital movement. $-79.5m; 3-period range $-61.8m to $-5.8m. Operating working-capital movement: NZ$-79.5m, below normal range; 0/3 prior periods had builds, and 3 had releases averaging NZ$-41.9m.
- HY26 MHJ: Outside range high operating working-capital movement. $-5.8m; 3-period range $-79.5m to $-58.2m. Operating working-capital movement: NZ$-5.8m, above normal range; 0/3 prior periods had builds, and 3 had releases averaging NZ$-66.5m.
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 releasedAnnolyse analysis published
From PBT collapsed 90.8% as H2 NPAT loss erased H1 profit
No quantitative FY25 targets were carried in. The release notes "targeted cost reduction initiatives" delivered in H2 and a same-store sales recovery, but neither flowed through to H2 earnings or H2 cash. Management commentary on gross margin is qualitative — promotional pressure and gold input costs were "largely offset" by higher-margin product mix — and the document does not quantify the FY25 gross margin against the prior 60.6%.
The release also does not provide forward guidance, FY26 trading commentary, or a stated dividend policy reset. So the read is constrained to what FY25 itself shows: a top-line that recovered modestly while H2 profitability and the balance sheet deteriorated.
Open questions
Open questions from FY25
- What specifically drove the H2 NPAT loss given Group same-store sales rose 2.4% in the half?
- Why was the effective tax rate 4.3% versus 34.7% prior, and is this representative going forward?
- Is the absence of a declared dividend in this announcement a policy change, and what is the new framework given $41.9m net debt?
- How sustainable is capex at 1.4% of revenue, and what is the required reinvestment rate to maintain the store network?
- What is the FY25 gross margin outcome versus the prior 60.6%, and how much of any decline reflects gold prices versus promotional intensity?
This briefing cannot assess segment-level FY25 profitability, FY26 trading conditions, or the durability of the H2 same-store sales recovery, because the supplied disclosures do not include current-period segment results or forward commentary.
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
Half Year Results
HY26 / financial reportPrior comparable period
Half Yearly Report and Accounts
HY25 / financial reportFull-year context
FY25 Preliminary Final Report
FY25 / financial reportRelease context
FY25 Trading Update and Results Release Date
FY25 / commentaryFY25H1 Results Presentation
FY25 / commentaryFY25H1 Results Presentation
HY25 / commentaryFY26H1 Results Presentation
HY26 / commentaryPeer 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.
Archive
Briefing archive
The full chronological archive contains every published result briefing.
HY26 · Released 2 March 2026
NPAT up 32.0% and pre-lease FCF lifts to NZ$86.4m, above historical range
The HY26 result sits well above the recent baseline, but FY25's loss-making second half makes H2 durability the central open question.
Read briefing
FY25 · Released 25 August 2025
PBT collapsed 90.8% as H2 NPAT loss erased H1 profit
Implied H2 NPAT loss of $14.8m wiped out the H1 result and net debt swung from a $2.3m surplus to $41.9m.
Read briefing
HY25 · Released 24 February 2025
NPAT up 9.7% but interim dividend skipped as margins sit at range lows
Reported NZ$16.9m profit landed on a -0.7% revenue print and a 6.6% PBT margin, with the board declining the interim dividend that paid 1.75c last
Read briefing
FY24 · Released 2 September 2024
Revenue up 2.4% but PBT collapsed 101% as H2 swung to a NZD 15.9m loss
Operating cash halved and the group flipped from net cash to NZD 38.7m net debt, with no final dividend declared for FY24.
Read briefing
HY24 · Released 26 February 2024
MHJ HY24: PBT fell 59.7% on a flat revenue line with dividend suspended
Margin compression and an inventory build above the historical range left pre-lease FCF at NZ$9.1m, well below the NZ$57.3m baseline.
Read briefing
FY23 · Released 25 August 2023
FY23 free cash flow at 152.4% of NPAT on NZD80.1m operating cash
Cash conversion stayed strong but management commentary points to a marked H2 trading slowdown from +6.0% to -0.8%.
Read briefing
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