Market cap
$153.3m
End-of-day close multiplied by current shares on issue.
MLN · NZX
Marlin Global (MLN)
Investment Companies / Listed investment companyCovered: FY21 - FY2611 published briefings
Marlin Global is an NZX-listed investment companies / listed investment company company. Its latest covered result is FY26, with FY21 - FY26 of source-backed result history on Annolyse.
Sections
Latest result
Latest metrics
FY26, released 25 August 2026
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| Metric | Value | Change |
|---|---|---|
| Revenue | -$12.7m | — |
| NPAT | -$17.3m | n/m |
| DPS | 1.6c | — |
Source: latest published briefing (FY26, released 25 August 2026). Change compares against the prior equivalent period: FY25, released 18 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, 18 September 2026
Price and market cap
The latest close and share count context for the market price.
i
Income and investment-company measures
Yield and investment-company valuation where supported.
Dividend yield
10.7%
Trailing dividends compared with the latest close.
Premium / discount
-16.9%
For investment companies, price compared with reported NTA.
Total return
Not available
Available once dividend and adjustment data are verified.
Profitability multiples
How the market price compares with recent earnings and cash-flow inputs.
P/E
Not available
Not meaningful when recent earnings are negative.
EPS
-0.08
Recent filing-derived earnings per share.
PEG
Not available
Not available for this company right now.
EV/EBITDA
Not available
Not meaningful for this company type.
P/FCF
Not available
Not available for this company right now.
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: FY25.
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Ask about MLN
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.
Ask about MLN
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 MONTHS25 August 2026 | 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 | -$12.7m | $9.4m | — | $11.3m | $1.2m | $12.4m | $0.76m | -$9.4m | $0.66m | $6.3m | $78.1m | Chart |
| Revenue growth % | n/m | -17.2% | — | -8.6% | 56.7% | 231.4% | 15.8% | -250.3% | -99.2% | -80.6% | — | 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 | -$17.3m | $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 | 1.6c | 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 | n/m | 4 | 10 | n/m | 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.
NTA/NAV per share
Net tangible asset or net asset value per share, shown in per-share cents for chart readability.
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- FY21 MLN: Unprecedented high nta/nav per share. 128c; 5-period range 80c to 103c. NTA/NAV per share: n/m, unprecedented high; 5-period mean n/m, range n/mn/m.
- HY22 MLN: Unprecedented high nta/nav per share. 126c; 4-period range 79.52c to 102.41c. NTA/NAV per share: n/m, unprecedented high; 4-period mean n/m, range n/mn/m.
- HY23 MLN: Outside range low nta/nav per share. 80c; 4-period range 93.87c to 125.56c. NTA/NAV per share: n/m, below normal range; 4-period mean n/m, range n/mn/m.
- FY26 MLN: Outside range low nta/nav per share. 80c; 5-period range 89c to 128c. NTA/NAV per share: n/m, below normal range; 5-period mean n/m, range n/mn/m.
Investment income
Recurring investment-income or revenue-return proxy, excluding fair-value movement where disclosed.
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- FY21 MLN: Outside range low investment income. $0.6m; 5-period range $0.7m to $1.2m. Investment income: NZ$0.6m, below normal range; 5-period mean NZ$1.0m, range NZ$0.7m-NZ$1.2m.
- HY22 MLN: Outside range low investment income. $0.2m; 4-period range $0.3m to $0.9m. Investment income: NZ$0.2m, below normal range; 4-period mean NZ$0.5m, range NZ$0.3m-NZ$0.9m.
- HY25 MLN: Unprecedented high investment income. $0.9m; 4-period range $0.2m to $0.5m. Investment income: NZ$0.9m, unprecedented high; 4-period mean NZ$0.3m, range NZ$0.2m-NZ$0.5m.
- FY25 MLN: Outside range high investment income. $1.2m; 5-period range $0.6m to $1.2m. Investment income: NZ$1.2m, above normal range; 5-period mean NZ$0.9m, range NZ$0.6m-NZ$1.2m.
Investment total return
Total income or return including fair-value or capital movement where disclosed.
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- FY21 MLN: Outside range high investment total return. $78.1m; 4-period range $-58.5m to $42.9m. Investment total return: NZ$78.1m, above normal range; 4-period mean NZ$4.5m, range NZ$-58.5m-NZ$42.9m.
- FY22 MLN: Unprecedented low investment total return. $-58.5m; 4-period range $5.9m to $78.1m. Investment total return: NZ$-58.5m, unprecedented low; 4-period mean NZ$38.6m, range NZ$5.9m-NZ$78.1m.
- HY23 MLN: Unprecedented low investment total return. $-9.4m; 4-period range $6.3m to $12.4m. Investment total return: NZ$-9.4m, unprecedented low; 4-period mean NZ$9.8m, range NZ$6.3m-NZ$12.4m.
- HY24 MLN: Outside range high investment total return. $12.4m; 4-period range $-9.4m to $11.3m. Investment total return: NZ$12.4m, above normal range; 4-period mean NZ$4.4m, range NZ$-9.4m-NZ$11.3m.
Net assets attributable
Net asset base attributable to shareholders or unitholders.
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- FY21 MLN: Unprecedented high net assets attributable. $244.4m; 4-period range $178.1m to $222.9m. Net assets attributable: NZ$244.4m, unprecedented high; 4-period mean NZ$201.5m, range NZ$178.1m-NZ$222.9m.
- HY22 MLN: Outside range high net assets attributable. $242.1m; 4-period range $161.9m to $224.7m. Net assets attributable: NZ$242.1m, above normal range; 4-period mean NZ$200.4m, range NZ$161.9m-NZ$224.7m.
- FY22 MLN: Unprecedented low net assets attributable. $178.1m; 4-period range $192.8m to $244.4m. Net assets attributable: NZ$178.1m, unprecedented low; 4-period mean NZ$218.0m, range NZ$192.8m-NZ$244.4m.
- HY23 MLN: Unprecedented low net assets attributable. $161.9m; 4-period range $201.6m to $242.1m. Net assets attributable: NZ$161.9m, unprecedented low; 4-period mean NZ$220.4m, range NZ$201.6m-NZ$242.1m.
Distribution coverage
Recurring investment income or revenue-return coverage of cash distributions where source-backed.
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- FY22 MLN: Outside range low distribution coverage. 5.7%; 3-period range 8.6% to 11.8%. Distribution coverage: 5.7%, below normal range; 3-period mean 10.5%, range 8.6%-11.8%.
- FY24 MLN: Outside range high distribution coverage. 11.8%; 3-period range 5.7% to 11.1%. Distribution coverage: 11.8%, above normal range; 3-period mean 8.5%, range 5.7%-11.1%.
Portfolio/NAV total return vs benchmark
Portfolio or NAV total return compared with the disclosed benchmark or index return.
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- HY23 Portfolio/NAV total return: Unprecedented low portfolio/nav total return. -6.5%; 4-period range 1.5% to 6.6%. Portfolio/NAV total return: -6.5%, unprecedented low; 4-period mean 3.7%, range 1.5%-6.6%.
- HY24 Portfolio/NAV total return: Outside range high portfolio/nav total return. 6.6%; 4-period range -6.5% to 3.7%. Portfolio/NAV total return: 6.6%, above normal range; 4-period mean 0.4%, range -6.5%-3.7%.
- HY22 Benchmark total return: Outside range low benchmark total return. 4.2%; 4-period range 5.6% to 14%. Benchmark total return: 4.2%, below normal range; 4-period mean 9.1%, range 5.6%-14.0%.
- FY22 Benchmark total return: Unprecedented low benchmark total return. 0.8%; 5-period range 15.2% to 50%. Benchmark total return: 0.8%, unprecedented low; 5-period mean 29.8%, range 15.2%-50.0%.
- FY25 Benchmark total return: Unprecedented high benchmark total return. 50%; 5-period range 0.8% to 37.8%. Benchmark total return: 50.0%, unprecedented high; 5-period mean 19.9%, range 0.8%-37.8%.
- HY26 Benchmark total return: Unprecedented high benchmark total return. 14%; 4-period range 4.2% to 10.5%. Benchmark total return: 14.0%, unprecedented high; 4-period mean 6.7%, range 4.2%-10.5%.
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 Marlin's portfolio returned 3.0% against an unprecedented 14.0% benchmark
No forward target or shape guidance is supplied in this release, so the result must be judged against context rather than a stated plan. The relevant context is that benchmark strength of this magnitude is outside Marlin's four-year experience, which means the 11.0pp underperformance partly reflects an exceptional comparator rather than a step-change in manager skill, but it does not explain why the portfolio captured so little of the upside.
The next read points are whether portfolio return narrows the gap if benchmark conditions normalise, and whether distribution per share holds if income coverage stays below 10%. Neither is addressable from this release.
Open questions
Open questions from HY26
- Why did the portfolio capture only 3.0% of total return when the benchmark delivered 14.0%, and which positioning choices drove the 11.0pp shortfall?
- How does management intend to fund distributions if portfolio income coverage stays below 10% and gains soften?
- Will the interim dividend of 1.88cps be sustained into the second half given NAV per share has fallen to NZ$0.94?
- What changes to portfolio construction, if any, are being considered to reduce the relative drag versus benchmark?
- Why did the effective tax rate rise to 13.3%, near the top of the four-period range, and is this expected to persist?
This briefing cannot assess the underlying portfolio holdings, sector positioning, or manager attribution detail that would explain the benchmark gap.
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
MLN - Commentary for the year ended 30 June 2026
FY26 / results releaseMLN - Financial statements for the year ended 30 June 2026
FY26 / financial reportMLN - Preliminary year end announcement - 30 June 2026
FY26 / results announcementPrior comparable period
Marlin Global 2025 Annual Report
FY25 / financial reportInterim context
MLN - Commentary for interim period to 31 December 2025
HY26 / results releaseMLN - Financial statements for the interim period 31 Dec 2025 incl review report
HY26 / financial reportMLN - Preliminary half year announcement - 31 December 2025
HY26 / results announcementRelease context
Marlin ASM Presentation 7 November 2025
HY26 / commentaryPeer context
Listed investment company 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.
Archive
Briefing archive
The full chronological archive contains every published result briefing.
FY26 · Released 25 August 2026
Portfolio loss drives $17.3m net loss as NTA falls to $0.80
A $17.3m net loss and an NTA of $0.80 reflect portfolio returns that trailed the benchmark by 39 percentage points, not weaker income.
Read briefing
HY26 · Released 16 February 2026
Marlin's portfolio returned 3.0% against an unprecedented 14.0% benchmark
Manager underperformance widened to 11.0pp and NAV per share fell 8.3% even as the absolute portfolio result stayed within historical norms.
Read briefing
FY25 · Released 18 August 2025
Portfolio return of $5.9m lagged an unprecedented 50% benchmark
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.
Read briefing
HY25 · Released 21 February 2025
Marlin's 3.7% portfolio return lagged the 10.5% benchmark by 6.8 points
NTA per share rose 8.5% to $1.02 and dividend income hit an unprecedented $0.9m, but benchmark underperformance is the central read.
Read briefing
FY24 · Released 19 August 2024
NPAT up 57.6% to $37.2m on a $42.9m portfolio total return
Strong absolute gains came against a benchmark return of 15.2%, which sits at the lower edge of Annolyse's historical range.
Read briefing
HY24 · Released 22 February 2024
NPAT swung to NZ$10.2m on NZ$12.4m portfolio total return
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.
Read briefing
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