Market cap
$121.1m
End-of-day close multiplied by current shares on issue.
NZK · NZX
New Zealand King Salmon Investments (NZK)
Primary Industries / AquacultureCovered: HY24 - HY266 published briefings
New Zealand King Salmon Investments is an NZX-listed primary industries / aquaculture company. Its latest covered result is HY26, with HY24 - HY26 of source-backed result history on Annolyse.
Sections
Latest result
Latest metrics
HY26, released 26 May 2026
← Swipe to view more
| Metric | Value | Change |
|---|---|---|
| Revenue | $100.3m | ↑ +6.1% |
| EBITDA | $24m | ↑ +317.6% |
| NPAT | $13.8m | ↑ +166.3% |
| Operating cash flow | $7.3m | ↓ -62.8% |
| OCF / EBITDA % | 30.5% | ↓ -312.0pp |
| Net debt | -$38.2m | ↑ +30.5% |
| Net debt / EBITDA | n/m | — |
| ROE % | 6.5% | ↑ +17.9pp |
| DPS | 0.0c | — |
| PBT | $19.1m | ↑ +165.6% |
Source: latest published briefing (HY26, released 26 May 2026). Change compares against the prior equivalent period: HY26, released 25 September 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
5.71x
Recent market cap compared with trailing earnings.
EPS
0.04
Recent filing-derived earnings per share.
PEG
Not available
Not available for this company right now.
EV/EBITDA
2.19x
Enterprise value compared with recent EBITDA.
P/FCF
10.33x
Market cap compared with recent free cash flow.
P/B
0.57x
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.
Loading chart...
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.
Loading chart...
Chat
Ask about NZK
Ask follow-up questions about New Zealand King Salmon Investments's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Ask about NZK
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Financial history
Performance over time
The latest period is shown first.
← Swipe to view more
| Metric | HY266 MONTHS26 May 2026 | HY266 MONTHS25 September 2025 | FY2512 MONTHS27 March 2025 | HY256 MONTHS24 September 2024 | FY2412 MONTHS27 March 2024 | HY246 MONTHS21 September 2023 | Trend |
|---|---|---|---|---|---|---|---|
| Revenue | $100.3m | $94.5m | $211m | $101.7m | $187.1m | $91.6m | Chart |
| Revenue growth % | 6.1% | -7.1%Outside range low revenue growth. -7.1%; 3-period range 6.1% to 14.4%. Revenue growth: -7.1%, below normal range; 3-period mean 10.5%, range 6.1%-14.4%. | 12.8% | 11.1% | 11.9% | 14.4% | Chart
|
| EBITDA | $24m | $5.7m | $26.4m | $12.5m | $47m | $18.5m | Chart |
| EBITDA margin % | 23.9% | 6.1%Outside range low ebitda margin. 6.1%; 3-period range 12.3% to 23.9%. EBITDA margin: 6.1%, below normal range; 3-period mean 18.8%, range 12.3%-23.9%. | 12.5% | 12.3% | 25.1% | 20.2% | Chart
|
| PBT | $19.1m | -$29.1m | $19.1m | $9.2m | $40.1m | $14.9m | Chart |
| PBT growth % | — | — | -52.4% | -38.5% | n/m | — | Chart |
| NPAT | $13.8m | -$20.8m | $13.4m | $6m | $28.5m | $10.6m | Chart |
| NPAT growth % | — | — | -53.0% | -43.5% | n/m | — | Chart |
| Operating cash flow | $7.3m | $19.6m | $38.5m | $16.2m | $13.2m | $11.8m | Chart |
| OCF / EBITDA % | 30.5% | 342.5%Outside range high ocf / ebitda cash conversion. 342.6%; 3-period range 30.5% to 129.8%. OCF / EBITDA cash conversion: 342.6%, above normal range; 3-period mean 74.7%, range 30.5%-129.8%. | 145.8% | 129.8% | 28.1% | 63.8% | Chart
|
| FCF pre-lease | -$5m | — | $27.7m | $11m | — | $10.2m | Chart |
| FCF post-lease | — | — | — | $11m | — | — | — |
| DPS | 0.0c | 0.0c | 0.0c | 0.0c | — | — | Chart |
| Payout ratio vs NPAT % | — | — | n/m | — | — | — | — |
| Annual payout ratio vs EPS % | — | — | n/m | — | — | — | — |
| ROE % | 6.5% | -11.4%Outside range low roe. -11.4%; 3-period range 3.1% to 6.5%. ROE: -11.4%, below normal range; 3-period mean 5.2%, range 3.1%-6.5%. | 6.9% | 3.1% | 14.9% | 6.1% | Chart
|
| Net debt | -$38.2m | -$55m | -$45.2m | -$25.2m | -$15.5m | -$25.2m | Chart |
| Net debt / EBITDA | n/m | n/m | n/m | n/m | n/m | n/m | Chart
|
| Debtor days | 30 | 23Outside range low debtor days. 23d; 3-period range 27d to 30d. Debtor days: 23.4 days, below normal range; 3-period mean 28.2 days, range 26.9 days-29.7 days. | 24 | 28 | 36 | 27 | Chart
|
| Inventory days | 38 | 41 | 47 | 64 | 72 | 53 | Chart |
| Total assets | $263m | $225.4m | $252.2m | $241.4m | $238.9m | $209m | Chart |
Reference: annolyse.ai/companies/nzk
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.
Loading chart...
Revenue growth
Like-period revenue growth where comparable.
Loading chart...
- HY26 NZK HY: Outside range low revenue growth. -7.1%; 3-period range 6.1% to 14.4%. Revenue growth: -7.1%, below normal range; 3-period mean 10.5%, range 6.1%-14.4%.
EBITDA-equivalent
Company-specific earnings measure where disclosed.
Loading chart...
EBITDA margin
EBITDA-equivalent margin where revenue and earnings are source-backed.
Loading chart...
- HY26 NZK HY: Outside range low ebitda margin. 6.1%; 3-period range 12.3% to 23.9%. EBITDA margin: 6.1%, below normal range; 3-period mean 18.8%, range 12.3%-23.9%.
NPAT
Statutory profit after tax.
Loading chart...
Operating cash flow
Cash generated from operations.
Loading chart...
More financial metrics
Additional filing-backed metrics for this company. Each point links to the relevant published briefing.
OCF / EBITDA
Cash conversion against earnings.
Loading chart...
- HY26 NZK HY: Outside range high ocf / ebitda cash conversion. 342.6%; 3-period range 30.5% to 129.8%. OCF / EBITDA cash conversion: 342.6%, above normal range; 3-period mean 74.7%, range 30.5%-129.8%.
FCF pre-lease
Operating cash flow less capex before leases.
Loading chart...
FCF post-lease
Free cash flow after lease payments where available.
Loading chart...
ROE
Return on equity.
Loading chart...
- HY26 NZK HY: Outside range low roe. -11.4%; 3-period range 3.1% to 6.5%. ROE: -11.4%, below normal range; 3-period mean 5.2%, range 3.1%-6.5%.
Net debt
Borrowings less cash; negative values indicate net cash.
Loading chart...
DPS
Dividend per share declared for the period.
Loading chart...
Debtor days
Receivables days where the working-capital inputs are source-backed.
Loading chart...
- HY26 NZK HY: Outside range low debtor days. 23d; 3-period range 27d to 30d. Debtor days: 23.4 days, below normal range; 3-period mean 28.2 days, range 26.9 days-29.7 days.
Inventory days
Inventory days where the working-capital inputs are source-backed.
Loading chart...
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.
Loading chart...
The setup & the reality
HY26 → HY26 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 swung to a $20.8m loss on a $31.2m biological asset write-down
HY25 represented 48.2% of FY25 revenue and 42.0% of FY25 EBITDA, meaning the prior-year shape was second-half weighted. Annualising HY26 revenue gives $188.9m, well below FY25's $211.0m, and the held FY26 EBITDA guidance of $1m-$7m signals management does not expect a normal second-half catch-up.
The release does not quantify when harvest volumes recover or what biomass position underpins FY26 guidance. The result therefore supports a near-term earnings reset narrative but leaves the timing of any return toward FY25-style EBITDA unresolved.
Open questions
Open questions from HY26
- What harvest volume and pricing assumptions underpin the held FY26 pro-forma EBITDA guidance of $1m-$7m, and how sensitive is that range to water-temperature outcomes?
- How long will the biomass rebuild constrain harvest volumes, and when does management expect EBITDA to return toward FY25 levels?
- Why was capex stepped up 63.1% to $8.5m in a period of operating contraction, and what does the FY26 capital plan look like?
- Will the $14.3m inventory drawdown reverse as biomass is rebuilt, and what working-capital outflow should be expected in coming halves?
- Is the $31.2m fair value write-down a one-time reset, or are further biological-asset adjustments possible if conditions persist?
This briefing cannot assess the biological and environmental drivers of the biomass position, nor the forward harvest schedule that will determine whether FY26 guidance is conservative or realistic.
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
NZK - 1HY26 Media Announcement
HY26 / results releaseNZK - Interim Financial Statements
HY26 / financial reportNZK - Investor Presentation
HY26 / results presentationNZK - Results Announcement
HY26 / results announcementPrior comparable period
NZK - 1HY25(Sept) Media Announcement
HY26 / results releaseNZK - Interim Financial Statements
HY26 / financial reportNZK - Investor Presentation
HY26 / results presentationNZK - NZX Results Announcement
HY26 / results announcementFull-year context
NZK - FY25 (Sept) Annual Report
FY25 / financial reportNZK - FY25 (Sept) Investor Presentation
FY25 / results presentationNZK - FY25 (Sept) Media Announcement
FY25 / results releaseNZK - NZX Results Announcement
FY25 / results announcementPeer context
Other covered Primary Industries 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 26 May 2026
Profit swing to NZ$13.8m masks operating cash flow halving to NZ$7.3m
Pre-lease FCF turned negative at NZ$5.0m as capex rose and debtors built, even with biological performance lifting EBITDA to NZ$24.0m.
Read briefing
HY26 · Released 25 September 2025
NPAT swung to a $20.8m loss on a $31.2m biological asset write-down
Operating cash flow rose 21.2% to $19.6m, but volumes fell 17% and FY26 pro-forma EBITDA guidance of just $1-7m points to genuine operating pressure.
Read briefing
FY25 · Released 27 March 2025
Revenue up 12.8% but NPAT fell 53% on biological-asset fair value swing
Headline NPAT fell on a $7.7m fair-value loss on biological assets versus a $15.8m prior gain, while operating cash flow nearly tripled to $38.5m.
Read briefing
HY25 · Released 24 September 2024
NPAT fell 43% but pro-forma EBITDA rose to $13.5m on biological-asset swing
A $7.7m non-cash biological-asset/inventory swing pulled GAAP earnings down even as volumes, revenue and the company's guided pro-forma measure
Read briefing
FY24 · Released 27 March 2024
NZK FY24: $24.5m pro-forma EBITDA hit, but $1.4m H2 cash exposes quality gap
Reported NPAT of $28.5m is flattered by a $15.8m fair value uplift and cash conversion ran at just 28.1% as working capital absorbed $12.3m.
Read briefing
HY24 · Released 21 September 2023
NZK swung to $10.6m profit and lifted EBITDA guidance to $23.5-27.5m
Recovery from the FY23 mortality event delivered a $36.4m EBITDA swing, but reported EBITDA of $18.5m sits well above pro-forma EBITDA of $10.7m.
Read briefing
Get notified when NZK publishes
Get the next New Zealand King Salmon Investments result briefing and five-year history updates by email.