Market cap
$20m
End-of-day close multiplied by current shares on issue.
MPG · NZX
Metro Performance Glass (MPG)
Construction & Materials / Building productsCovered: HY22 - FY2610 published briefings
Metro Performance Glass is an NZX-listed construction & materials / building products company. Its latest covered result is FY26, with HY22 - FY26 of source-backed result history on Annolyse.
Sections
Latest result
Latest metrics
FY26, released 27 May 2026
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| Metric | Value | Change |
|---|---|---|
| Revenue | $208.2m | ↓ -2.7% |
| EBITDA | $18.2m | ↑ +225.0% |
| NPAT | -$0.9m | ↑ +93.3% |
| Operating cash flow | $15.7m | ↑ +656.5% |
| OCF / EBITDA % | 86.1% | ↑ +49.1pp |
| Net debt | $27m | ↓ -55.4% |
| Net debt / EBITDA | 1.48xOutside range low net debt / ebitda. 1.5x; 4-period range 2.12x to 10.8x. Net debt / EBITDA: 1.50x, below normal range; 4-period mean 5.11x, range 2.12x-10.80x. | ↓ -86.3% |
| ROE % | -1.6% | ↑ +30.2pp |
| PBT | -$0.8m | ↑ +95.2% |
| FCF pre-lease | $12.9m | n/m |
Source: latest published briefing (FY26, released 27 May 2026). Change compares against the prior equivalent period: FY25, released 27 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, 18 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
Not available
Not meaningful when recent earnings are negative.
EPS
-0.04
Recent filing-derived earnings per share.
PEG
Not available
Not available for this company right now.
EV/EBITDA
2.58x
Enterprise value compared with recent EBITDA.
P/FCF
1.56x
Market cap compared with recent free cash flow.
P/B
0.33x
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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Ask about MPG
Ask follow-up questions about Metro Performance Glass's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Ask about MPG
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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Reference: annolyse.ai/companies/mpg
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 MPG HY: Unprecedented high revenue growth. 18.2%; 4-period range -12.4% to -0.1%. Revenue growth: 18.2%, unprecedented high; 4-period mean -5.9%, range -12.4%--0.1%.
- HY25 MPG HY: Outside range low revenue growth. -12.4%; 4-period range -5.7% to 18.2%. Revenue growth: -12.4%, below normal range; 4-period mean 1.8%, range -5.7%-18.2%.
- FY23 MPG FY: Unprecedented high revenue growth. 11.6%; 4-period range -10.6% to 1.6%. Revenue growth: 11.6%, unprecedented high; 4-period mean -5.2%, range -10.6%-1.6%.
- FY25 MPG FY: Outside range low revenue growth. -10.6%; 4-period range -9.2% to 11.6%. Revenue growth: -10.6%, below normal range; 4-period mean 0.3%, range -9.2%-11.6%.
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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- HY24 MPG HY: Unprecedented high ebitda margin. 12.7%; 4-period range 8.1% to 10.9%. EBITDA margin: 12.7%, unprecedented high; 4-period mean 9.6%, range 8.1%-10.9%.
- HY25 MPG HY: Outside range low ebitda margin. 8.1%; 4-period range 8.8% to 12.7%. EBITDA margin: 8.1%, below normal range; 4-period mean 10.8%, range 8.8%-12.7%.
- FY22 MPG FY: Outside range high ebitda margin. 10.4%; 4-period range 2.6% to 8.7%. EBITDA margin: 10.4%, above normal range; 4-period mean 5.9%, range 2.6%-8.7%.
- FY25 MPG FY: Unprecedented low ebitda margin. 2.6%; 4-period range 5.1% to 10.4%. EBITDA margin: 2.6%, unprecedented low; 4-period mean 7.9%, range 5.1%-10.4%.
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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- HY23 MPG HY: Unprecedented low ocf / ebitda cash conversion. 11.7%; 4-period range 36.6% to 81.2%. OCF / EBITDA cash conversion: 11.7%, unprecedented low; 4-period mean 64.4%, range 36.6%-81.2%.
- HY24 MPG HY: Outside range high ocf / ebitda cash conversion. 81.2%; 4-period range 11.7% to 78.6%. OCF / EBITDA cash conversion: 81.2%, above normal range; 4-period mean 47.0%, range 11.7%-78.6%.
- FY23 MPG FY: Outside range low ocf / ebitda cash conversion. 30.4%; 4-period range 37% to 153.8%. OCF / EBITDA cash conversion: 30.4%, below normal range; 4-period mean 82.7%, range 37.0%-153.8%.
- FY24 MPG FY: Unprecedented high ocf / ebitda cash conversion. 153.8%; 4-period range 30.4% to 86.2%. OCF / EBITDA cash conversion: 153.8%, unprecedented high; 4-period mean 51.9%, range 30.4%-86.2%.
FCF pre-lease
Operating cash flow less capex before leases.
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ROE
Return on equity.
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- FY22 MPG FY: Outside range high roe. -0.5%; 4-period range -44.2% to -1.6%. ROE: -0.5%, above normal range; 4-period mean -22.7%, range -44.2%--1.6%.
- FY24 MPG FY: Unprecedented low roe. -44.2%; 4-period range -31.8% to -0.5%. ROE: -44.2%, unprecedented low; 4-period mean -11.7%, range -31.8%--0.5%.
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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- HY25 MPG HY: Unprecedented high net debt / ebitda. 5.99x; 4-period range 2.9x to 3.9x. Net debt / EBITDA: 5.99x, unprecedented high; 4-period mean 3.45x, range 2.90x-3.90x.
- HY26 MPG HY: Outside range low net debt / ebitda. 2.9x; 4-period range 3.2x to 5.99x. Net debt / EBITDA: 2.90x, below normal range; 4-period mean 4.22x, range 3.20x-5.99x.
- FY25 MPG FY: Unprecedented high net debt / ebitda. 10.8x; 4-period range 1.5x to 4.3x. Net debt / EBITDA: 10.80x, unprecedented high; 4-period mean 2.78x, range 1.50x-4.30x.
- FY26 MPG FY: Outside range low net debt / ebitda. 1.5x; 4-period range 2.12x to 10.8x. Net debt / EBITDA: 1.50x, below normal range; 4-period mean 5.11x, range 2.12x-10.80x.
Debtor days
Receivables days where the working-capital inputs are source-backed.
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- HY22 MPG HY: Unprecedented low debtor days. 44d; 4-period range 51d to 56d. Debtor days: 43.7 days, unprecedented low; 4-period mean 52.6 days, range 50.6 days-56.4 days.
- HY23 MPG HY: Unprecedented high debtor days. 56d; 4-period range 44d to 52d. Debtor days: 56.4 days, unprecedented high; 4-period mean 49.4 days, range 43.7 days-51.9 days.
- FY22 MPG FY: Outside range high debtor days. 54d; 4-period range 48d to 53d. Debtor days: 54.0 days, above normal range; 4-period mean 51.1 days, range 48.4 days-52.8 days.
- FY25 MPG FY: Unprecedented low debtor days. 48d; 4-period range 51d to 54d. Debtor days: 48.4 days, unprecedented low; 4-period mean 52.5 days, range 50.9 days-54.0 days.
Inventory days
Inventory days where the working-capital inputs are source-backed.
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- HY22 MPG HY: Unprecedented low inventory days. 34d; 4-period range 40d to 44d. Inventory days: 34.1 days, unprecedented low; 4-period mean 42.7 days, range 40.2 days-44.3 days.
- HY26 MPG HY: Outside range high inventory days. 44d; 4-period range 34d to 43d. Inventory days: 44.3 days, above normal range; 4-period mean 40.1 days, range 34.1 days-43.1 days.
- FY23 MPG FY: Outside range high inventory days. 44d; 4-period range 39d to 44d. Inventory days: 44.1 days, above normal range; 4-period mean 41.6 days, range 39.1 days-43.5 days.
- FY24 MPG FY: Unprecedented low inventory days. 39d; 4-period range 42d to 44d. Inventory days: 39.1 days, unprecedented low; 4-period mean 42.9 days, range 41.5 days-44.1 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
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 Recapitalisation cut net debt to $27.4m, leverage from 6.0x to 2.9x
No forward targets or order-book disclosures are provided in the release excerpts. Annolyse's second-half shape context shows HY25 carried 164.7% of FY25 EBITDA and 53.3% of FY25 revenue, implying an FY25 second half with negative EBITDA of -$3.6m and an NPAT loss of -$8.5m. That makes the half-on-half compare flattering and raises the question of whether the operating run-rate has genuinely stepped up or whether the second half will again drag.
The current annualised revenue run-rate of $216.0m is broadly consistent with FY25's $213.9m, so investors cannot yet read a top-line recovery from this print – only stabilisation alongside a much lighter capital structure.
Open questions
Open questions from HY26
- What specifically drives the -36.7% effective tax rate, and is any portion expected to recur?
- What is the run-rate interest expense now that gross borrowings sit at $33.5m?
- Why did EBITDA margin compress to the lower edge of the historical range, and what is the path back to the ~10.6% historical mean?
- How should investors think about the second-half shape given FY25's -$3.6m implied H2 EBITDA?
- What is management's residential and commercial pipeline view, given residential is now 78.7% of revenue?
This briefing cannot assess whether the demand environment in MPG's end markets has stabilised or continues to deteriorate, as no forward order-book or guidance disclosures are 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
MPG FY26 Annual Report
FY26 / financial reportMPG FY26 NZX Result Form
FY26 / results announcementMPG FY26 Results Announcement
FY26 / results releasePrior comparable period
1. MPG FY25 results announcement
FY25 / results release2. MPG FY25 NZX Result Form
FY25 / results announcement3. MPG FY25 Annual Report
FY25 / financial reportInterim context
1. 1H26 results announcement
HY26 / results announcement2. MPG Interim Financial Statements FY26
HY26 / financial reportRelease context
MPG ASM Presentation
HY26 / commentaryPeer context
Other covered Construction & Materials 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 27 May 2026
EBITDA tripled to $18.2m and leverage fell to 1.5x on a softer top line
Operating cash flow surged to $15.7m and net debt halved to $27.0m, but reported earnings stayed near breakeven.
Read briefing
HY26 · Released 24 November 2025
Recapitalisation cut net debt to $27.4m, leverage from 6.0x to 2.9x
PBT swung 167.1% to $4.5m profit on lower interest and a tax credit, but EBITDA margin sat at the lower edge of MPG's historical range at 8.8%.
Read briefing
FY25 · Released 27 May 2025
EBITDA halved as 2H slipped into loss; leverage hit 10.8x
A 51.1% narrower NPAT loss masks a 54.5% EBITDA decline, an 89% drop in operating cash flow, and second-half EBITDA that turned negative.
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HY25 · Released 28 November 2024
Net debt at 6.0x EBITDA as EBITDA fell 44% on a 12.4% revenue decline
Operating cash flow dropped 74.8% to NZ$3.4m and equity contracted 34.7%, leaving leverage nearly double the historical 3.3x mean.
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FY24 · Released 29 May 2024
MPG flags $15m+ raise as NPAT loss widened to NZ$27.5m
EBITDA fell 32% to NZ$12.3m and leverage sits at 4.3x even after a working-capital-driven NZ$7m debt paydown.
Read briefing
HY24 · Released 29 November 2023
EBITDA margin hits record 12.7% but PBT swings to -NZ$9.4m loss
Margin recovery and a NZ$9.6m working-capital release drove record cash conversion, but below-the-line charges pushed PBT deeply negative against a
Read briefing
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