Market cap
$180.7m
End-of-day close multiplied by current shares on issue.
MLN · NZX
Marlin Global is an NZX-listed investment companies / listed investment company company with FY21 - HY26 of published result briefings.
Snapshot
HY26, released 16 February 2026
| Metric | Value | Change |
|---|---|---|
| Revenue | $9.4m | ↓ -17.2% |
| NPAT | $6.5m | ↓ -19.8% |
| Operating cash flow | $7.2m | ↓ -14.7% |
| ROE % | 3.0% | ↓ -0.6pp |
| DPS | 1.9c | ↓ -8.3% |
| Payout ratio vs NPAT % | 65.3% | ↑ +10.2pp |
| PBT | $7.5m | ↓ -19.4% |
| Total assets | $214.9m | ↓ -6.9% |
Source: latest published briefing (HY26, released 16 February 2026). Change compares against the prior equivalent period: HY25, released 21 February 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.
The latest close and share count context for the market price.
Market cap
$180.7m
End-of-day close multiplied by current shares on issue.
Yield and fund-style valuation where the company shape supports it.
Dividend yield
9.3%
Trailing dividends compared with the latest close.
Premium / discount
-16.1%
For investment companies, price compared with reported NTA.
Total return
Not available
Available once dividend and adjustment data are verified.
How the market price compares with recent earnings and cash-flow inputs.
P/E
Not available
Not meaningful when recent earnings are negative.
EPS
-0.01
Recent filing-derived earnings per share.
PEG
Not available
Not meaningful without positive comparable earnings growth.
EV/EBITDA
Not available
Not useful for this reporting shape.
P/FCF
Not available
Not available for this company right now.
Daily closes use the full available width, with hover and touch readouts against real observations. Expand opens the chart at reading size.
Five years of daily closes, as at close, 5 June 2026. Weekends, suspensions, and listing gaps stay as natural gaps in the time scale.
Indexed lines compare direction from the first positive comparable filing point. The axis is an index, not dollars or cents.
Chat
Ask follow-up questions about Marlin Global's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Longitudinal view
The latest period is shown first.
| Metric | HY266 MONTHS16 February 2026 | FY2512 MONTHS18 August 2025 | HY256 MONTHS21 February 2025 | FY2412 MONTHS19 August 2024 | HY246 MONTHS22 February 2024 | FY2312 MONTHS22 August 2023 | HY236 MONTHS17 February 2023 | FY2212 MONTHS22 August 2022 | HY226 MONTHS28 February 2022 | FY2112 MONTHS24 August 2021 | Trend |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.4m | $1.2m | $11.3m | $1.2m | $12.4m | $0.76m | -$9.4m | $0.66m | $6.3m | $78.1m | Chart |
| Revenue growth % | -17.2% | 1.9% | -8.6% | 56.7% | 231.4% | 15.8% | -250.3% | -99.2% | -80.6% | 189.8% | Chart |
| EBITDA | — | — | — | — | — | — | -$10.6m | -$61.2m | $4.2m | $71.5m | Chart |
| EBITDA margin % | — | — | — | — | — | — | 112.8% | n/m | 66.7% | 91.6% | Chart |
| PBT | $7.5m | $2.5m | $9.3m | $38.4m | $10.6m | $24.4m | -$10.6m | -$61.2m | $4.2m | $71.5m | Chart |
| PBT growth % | -19.4% | -93.5% | -12.3% | 57.4% | — | — | — | — | -85.4% | 216.4% | Chart |
| NPAT | $6.5m | $0.3m | $8.1m | $37.2m | $10.2m | $23.6m | -$11.6m | -$60.4m | $3.6m | $69.2m | Chart |
| NPAT growth % | -19.8% | -99.2% | -20.6% | 57.6% | — | — | — | — | -86.0% | 206.2% | Chart |
| Operating cash flow | $7.2m | $7.2m | $8.4m | -$2m | -$11.4m | $22.6m | $7.5m | $3.4m | $5.3m | -$16.6m | Chart |
| OCF / EBITDA % | — | — | — | — | — | — | -70.9% | -5.5% | 126.4% | -23.2% | Chart |
| DPS | 1.9c | — | 2.0c | 2.1c | 1.9c | 1.8c | 1.7c | 1.9c | 2.5c | 2.5c | Chart |
| Payout ratio vs NPAT % | 65.3% | — | 55.1% | 22.3% | 38.1%Outside range low payout ratio versus npat. 38.1%; 3-period range 55.1% to 132.5%. Payout ratio versus NPAT: 38.1%, below normal range; 3-period mean 84.3%, range 55.1%-132.5%. | 29.9% | — | — | 132.4%Outside range high payout ratio versus npat. 132.5%; 3-period range 38.1% to 65.3%. Payout ratio versus NPAT: 132.5%, above normal range; 3-period mean 52.8%, range 38.1%-65.3%. | 22.4% | Chart
|
| Annual payout ratio vs EPS % | — | — | — | 22.3% | — | 29.9% | — | — | — | 22.4% | Chart |
| ROE % | 3.0% | 0.2% | 3.6% | 16.7% | 5.1%Outside range high roe. 5.1%; 3-period range -7.2% to 3.6%. ROE: 5.1%, above normal range; 3-period mean -0.7%, range -7.1%-3.6%. | 12.2% | -7.2% | -33.9%Unprecedented low roe. -33.9%; 4-period range 0.2% to 28.3%. ROE: -33.9%, unprecedented low; 4-period mean 14.3%, range 0.2%-28.3%. | 1.5% | 28.3%Outside range high roe. 28.3%; 4-period range -33.9% to 16.7%. ROE: 28.3%, above normal range; 4-period mean -1.2%, range -33.9%-16.7%. | Chart
|
| Net debt | — | -$3.2m | — | — | — | — | — | — | — | — | — |
| Debtor days | — | — | — | 2 | 4 | 4 | -31 | 4 | 10 | 0 | Chart |
| Total assets | $214.9m | $214.9m | $230.9m | $225.4m | $202.2m | $202.4m | $163m | $180.3m | $243.2m | $252.1m | Chart |
Reference: annolyse.ai/companies/mln
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.
Net tangible asset or net asset value per share, shown in per-share cents for chart readability.
Recurring investment-income or revenue-return proxy, excluding fair-value movement where disclosed.
Total income or return including fair-value or capital movement where disclosed.
Net asset base attributable to shareholders or unitholders.
Recurring investment income or revenue-return coverage of cash distributions where source-backed.
Portfolio or NAV total return compared with the disclosed benchmark or index return.
The setup & the reality
The latest result is checked against what the prior briefing said to watch.
Historical setup
From Portfolio return of $5.9m lagged an unprecedented 50% benchmark
No forward targets are disclosed in this release. The supplied historical pattern shows investment income above normal at $1.2m and distribution coverage at the upper edge of range — both indicators that support distribution-paying capacity from recurring income flows. Net assets remain within historical bounds.
However, the gap between portfolio total return of $5.9m and benchmark return of 50.0% is the dominant uncertainty heading into FY26. Release excerpts cite global equity volatility, recessionary concerns, and geopolitical uncertainty as the backdrop but do not bridge the gap from a 50% benchmark to a low single-digit portfolio outcome. Without portfolio attribution in the supplied data, the durability of FY25's underperformance against benchmark cannot be judged from this release.
Open questions
This briefing cannot assess portfolio attribution, sector exposure, or whether FY25's benchmark underperformance reflects deliberate positioning that may reverse in different market conditions.
Archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
HY26 · Released 16 February 2026
Manager underperformance widened to 11.0pp and NAV per share fell 8.3% even as the absolute portfolio result stayed within historical norms.
FY25 · Released 18 August 2025
Investment income held above the historical baseline at $1.2m, but portfolio total return fell 86.3% while the benchmark posted a record 50% gain.
HY25 · Released 21 February 2025
NTA per share rose 8.5% to $1.02 and dividend income hit an unprecedented $0.9m, but benchmark underperformance is the central read.
FY24 · Released 19 August 2024
Strong absolute gains came against a benchmark return of 15.2%, which sits at the lower edge of Annolyse's historical range.
HY24 · Released 22 February 2024
An above-range portfolio result drove the swing to profit, but running investment income of NZ$0.4m covers only 7.9% of distributions paid.
FY23 · Released 22 August 2023
NPAT rebounded to NZ$23.6m and NTA per share rose 4.5% to NZ$0.93, yet net assets of NZ$192.8m remain at the lower edge of Marlin's recent range.
HY23 · Released 17 February 2023
Active management lagged the benchmark by 12.8 percentage points as net assets dropped 33.1% and the interim distribution was cut to 1.66cps.
FY22 · Released 22 August 2022
An unprecedented portfolio markdown left FY22 distributions covered only 5.7% by investment income, with NTA falling from $1.28 to $0.89 per share.
HY22 · Released 28 February 2022
Active management delivered a 1.5% return against a 4.2% benchmark while distributions of 5.06 cents ran at 132.4% of NPAT.
FY21 · Released 24 August 2021
A record $69.2m NPAT reflects $77.3m of net investment gains, but recurring dividend income remains a small slice of total return.
Get the next Marlin Global result briefing and five-year history updates by email.