Market cap
$157.8m
End-of-day close multiplied by current shares on issue.
MHJ · NZX
Michael Hill International (MHJ)
Consumer / Jewellery retailCovered: HY23 - FY268 published briefings
Michael Hill International is an NZX-listed consumer / jewellery retail company. Its latest covered result is FY26, with HY23 - FY26 of source-backed result history on Annolyse.
Sections
Latest result
Latest metrics
FY26, released 22 September 2026
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| Metric | Value | Change |
|---|---|---|
| Revenue | $655.7m | ↑ +1.9% |
| NPAT | $10m | ↑ +376.2% |
| Operating cash flow | $99.1m | ↑ +80.0% |
| Net debt | $5.5m | ↓ -86.9% |
| ROE % | 5.8% | ↑ +4.6pp |
| DPS | 2.0c | — |
| Payout ratio vs NPAT % | 76.9% | — |
| Annual payout ratio vs EPS % | 76.9% | — |
| PBT | $17.7m | ↑ +704.5% |
| FCF pre-lease | $86.3m | ↑ +86.4% |
Source: latest published briefing (FY26, released 22 September 2026). Change compares against the prior equivalent period: FY25, released 25 August 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, 19 October 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
15.78x
Recent market cap compared with trailing earnings.
EPS
0.03
Recent filing-derived earnings per share.
PEG
Not available
Not meaningful without positive comparable earnings growth.
EV/EBITDA
Not available
Not available for this company right now.
P/FCF
1.83x
Market cap compared with recent free cash flow.
P/B
0.91x
Market value compared with latest reported equity.
Income and investment-company measures
Yield and investment-company valuation where supported.
Dividend yield
6.0%
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 about MHJ
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 | FY2612 MONTHS22 September 2026 | 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 | $655.7m | $371m | $643.7m | $360.2m | $644.9m | $362.7m | $629.6m | $363.4m | Chart |
| Revenue growth % | 0.0% | 3.0% | 2.5%Outside range high revenue growth. 2.5%; 3-period range 0% to 2.4%. Revenue growth: 2.5%, above normal range; 3-period mean 0.8%, range 0.0%-2.4%. | -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 | $17.7m | $31m | $2.2m | $23.8m | -$0.4m | $21.9m | $49.7m | $54.3m | Chart |
| PBT growth % | 0.0% | 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 | $10m | $22.3m | $2.1m | $16.9m | -$0.5m | $15.4m | $35.2m | $37.6m | Chart |
| NPAT growth % | 0.0% | 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 | $99.1m | $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 | $86.3m | $86.4m | $46.3m | $52.4m | $16.7m | $9.1m | $53.6m | $33.2m | Chart |
| DPS | 2.0c | 0.0c | — | — | — | — | 3.5c | 4.0c | Chart |
| Payout ratio vs NPAT % | 76.9% | — | — | — | — | — | 81.5% | 40.9% | Chart |
| Annual payout ratio vs EPS % | 76.9% | — | — | — | — | — | 81.5% | — | Chart |
| ROE % | 5.8% | 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 | $5.5m | -$20.7m | $41.9m | $9.8m | $38.7m | $11.6m | -$8.4m | — | Chart |
| Net debt / EBITDA | — | — | — | 0.3x | — | 0.19x | — | — | Chart |
| Debtor days | 2 | 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 | 106 | 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 | $485.2m | $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%.
- FY25 MHJ FY: Outside range high revenue growth. 2.5%; 3-period range 0% to 2.4%. Revenue growth: 2.5%, above normal range; 3-period mean 0.8%, range 0.0%-2.4%.
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
HY26 → FY26 Follow-through
The latest result is checked against what the prior briefing said to watch.
Historical setup
What HY26 said to watch
Previous analysisHY26Result releasedAnnolyse analysis published
From NPAT up 32.0% and pre-lease FCF lifts to NZ$86.4m, above historical range
The release contains no forward targets and no like-for-like trading update for the seasonal H2. The relevant context is the second-half shape: HY25 NPAT was NZ$16.9m but FY25 full-year NPAT was only NZ$2.1m, implying H2 FY25 lost approximately NZ$14.8m. The supplied commentary references FY25 H2 "targeted cost reduction initiatives" but does not quantify the H2 driver. If HY26's NZ$22.3m starting point is followed by anything resembling the FY25 H2 pattern, the full-year result will materially undershoot what HY26 momentum suggests. The release does not support a confident annualisation of the H1 run-rate.
Open questions
Open questions from HY26
- What drove the gap between HY25 NPAT of NZ$16.9m and FY25 NPAT of NZ$2.1m, and is any of that H2 weakness recurring in FY26?
- Why was no interim dividend declared despite the NZ$30.5m swing into net cash, and what would trigger a return to interim distributions?
- How much of the earnings step-up reflects gross-margin mix versus cost-base actions versus underlying same-store sales, and which is sustainable?
- Will inventory at NZ$201.9m, near historical lows on a days basis, adequately support the seasonal second half?
- What were the segment growth rates for Australia, Canada and New Zealand versus HY25, given segment-level prior-period comparatives are not provided?
This briefing cannot assess H2 trading momentum or whether the HY26 step-up annualises into FY26, because no forward targets, like-for-like sales detail, or post-period trading update is supplied.
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
Michael Hill Annual Report 2026
FY26 / financial reportPrior comparable period
Preliminary Final Report
FY25 / financial reportInterim context
Half Year Results
HY26 / financial reportRelease context
Investor Day Presentation April 2026
FY25 / commentaryFY26 Trading Update and Results Release Date
FY26 / commentaryInvestor Day Presentation April 2026
FY26 / 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.
FY26 · Released 22 September 2026
H1 profit of $22.3m masked an implied $12.3m loss in H2
Flat headline growth reflects a data-matching issue while the reported H1/H2 split implies a sharp second-half profit reversal.
Read 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
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