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NZL · NZX

New Zealand Rural Land Company (NZL)

Property / Rural landCovered: HY22 - HY269 published briefings

New Zealand Rural Land Company is an NZX-listed property / rural land company. Its latest covered result is HY26, with HY22 - HY26 of source-backed result history on Annolyse.

Sections

Latest result

Latest metrics

HY26, released 27 August 2026

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NZL latest metrics
MetricValueChange
Revenue$11.4m↑ +4.3%
NPAT$4.7m↑ +34.3%
Operating cash flow$2.4m↓ -43.9%
Net debt$135.2m↑ +4.2%
ROE %2.0%↑ +0.5pp
DPS1.3c↓ -38.0%
Payout ratio vs NPAT %41.4%↓ -47.9pp
PBT$6m↑ +39.5%
FCF pre-lease$0.68m↑ +149.1%
Debtor days33↓ -0.3%

Source: latest published briefing (HY26, released 27 August 2026). Change compares against the prior equivalent period: HY25, released 21 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.

Market cap

$139.2m

i

End-of-day close multiplied by current shares on issue.

Profitability multiples

How the market price compares with recent earnings and cash-flow inputs.

P/E

15.29x

i

Recent market cap compared with trailing earnings.

EPS

0.06

i

Recent filing-derived earnings per share.

PEG

0.45x

i

P/E compared with recent earnings growth.

EV/EBITDA

Not available

i

Not available for this company right now.

P/FCF

24.17x

i

Market cap compared with recent free cash flow.

P/B

0.59x

i

Market value compared with latest reported equity.

Income and investment-company measures

Yield and investment-company valuation where supported.

Dividend yield

5.7%

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Trailing dividends compared with the latest close.

Total return

Not available

i

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.

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What changed in the latest result?What is unusual in the historical context?How has cash conversion changed over time?Compare this company with CNU.

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Financial history

Performance over time

The latest period is shown first.

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NZL metric history
MetricHY266 MONTHS27 August 2026FY2512 MONTHS27 February 2026HY256 MONTHS21 August 2025FY2412 MONTHS28 February 2025HY246 MONTHS29 August 2024FY2312 MONTHS29 February 2024HY236 MONTHS1 March 2023FY2212 MONTHS26 August 2022HY226 MONTHS22 February 2022Trend
Revenue$11.4m$22.3m$10.9m$19.9m$9.1m$15.4m$7.3m$8.2m$4.3m
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Revenue growth %4.3%12.1%Outside range low revenue growth. 12.1%; 3-period range n/m. Revenue growth: 12.1%, below normal range; 3-period mean 555.3%, range n/m.20.1%29.4%60.2%86.9%93.1%n/mn/m
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  • FY25 Revenue growth %: Outside range low revenue growth. 12.1%; 3-period range n/m. Revenue growth: 12.1%, below normal range; 3-period mean 555.3%, range n/m.
EBITDA——————$4.2m$2.6m—
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EBITDA margin %——————57.8%31.6%—
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PBT$6m$8.5m$4.3m$24.1m$13m$10.4m$5.4m$39.1m$3.5m
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PBT growth %39.5%-64.7%-66.9%131.7%140.7%-73.4%Outside range low pbt growth. -73.4%; 3-period range -64.7% to 167.8%. PBT growth: -73.4%, below normal range; 3-period mean 78.3%, range -64.7%-167.8%.54.3%167.8%Outside range high pbt growth. 167.8%; 3-period range -73.4% to 131.7%. PBT growth: 167.8%, above normal range; 3-period mean -2.1%, range -73.4%-131.7%.—
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NPAT$4.7m$7.9m$3.5m$23.1m$12.4m$10.9m$5.3m$39.7m$3.2m
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NPAT growth %34.3%-65.8%-71.8%111.9%134.0%-72.5%Outside range low npat growth. -72.5%; 3-period range -65.8% to 162.9%. NPAT growth: -72.5%, below normal range; 3-period mean 69.7%, range -65.8%-162.9%.65.6%162.9%Outside range high npat growth. 162.9%; 3-period range -72.5% to 111.9%. NPAT growth: 162.9%, above normal range; 3-period mean -8.8%, range -72.5%-111.9%.—
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Operating cash flow$2.4m$9.5m$4.2m$9m$4.9m$6m$2.5m$4.2m$2.9m
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OCF / EBITDA %——————60.1%160.3%—
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FCF pre-lease$0.68m$3.7m-$1.4m-$29.7m-$28.2m-$59.6m$2.4m—-$58.6m
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DPS1.3c2.8c2.2c2.5c1.5c—2.0c1.6c2.0c
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Payout ratio vs NPAT %41.4%90.4%Outside range high payout ratio versus npat. 90.4%; 3-period range 0% to 24.3%. Payout ratio versus NPAT: 90.4%, above normal range; 3-period mean 10.9%, range 0.0%-24.3%.89.3%Outside range high payout ratio versus npat. 89.3%; 3-period range 15.9% to 56.6%. Payout ratio versus NPAT: 89.3%, above normal range; 3-period mean 38.0%, range 15.9%-56.6%.24.3%15.9%Outside range low payout ratio versus npat. 15.9%; 3-period range 41.4% to 89.3%. Payout ratio versus NPAT: 15.9%, below normal range; 3-period mean 62.4%, range 41.4%-89.3%.—44.2%8.5%56.6%
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  • HY24 Payout ratio vs NPAT %: Outside range low payout ratio versus npat. 15.9%; 3-period range 41.4% to 89.3%. Payout ratio versus NPAT: 15.9%, below normal range; 3-period mean 62.4%, range 41.4%-89.3%.
  • HY25 Payout ratio vs NPAT %: Outside range high payout ratio versus npat. 89.3%; 3-period range 15.9% to 56.6%. Payout ratio versus NPAT: 89.3%, above normal range; 3-period mean 38.0%, range 15.9%-56.6%.
  • FY25 Payout ratio vs NPAT %: Outside range high payout ratio versus npat. 90.4%; 3-period range 0% to 24.3%. Payout ratio versus NPAT: 90.4%, above normal range; 3-period mean 10.9%, range 0.0%-24.3%.
Annual payout ratio vs EPS %—90.4%—24.3%—n/m—8.5%—
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ROE %2.0%3.3%Outside range low roe. 3.3%; 3-period range 4.9% to 21.3%. ROE: 3.3%, below normal range; 3-period mean 12.1%, range 4.9%-21.3%.1.5%10.1%5.7%4.9%2.8%21.3%Outside range high roe. 21.3%; 3-period range 3.3% to 10.1%. ROE: 21.3%, above normal range; 3-period mean 6.1%, range 3.3%-10.1%.2.4%
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  • FY25 ROE %: Outside range low roe. 3.3%; 3-period range 4.9% to 21.3%. ROE: 3.3%, below normal range; 3-period mean 12.1%, range 4.9%-21.3%.
Net debt$135.2m$126.8m$129.8m$125.7m$122.7m$144.2m$105m$99.8m$86.1m
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Net debt / EBITDA——————25.01x38.37x—
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Debtor days33233Outside range high debtor days. 33d; 3-period range 13d to 33d. Debtor days: 33.4 days, above normal range; 3-period mean 23.4 days, range 13.5 days-33.3 days.21231Outside range low debtor days. 1d; 3-period range 2d to 47d. Debtor days: 1.0 days, below normal range; 3-period mean 23.1 days, range 1.9 days-46.8 days.1Unprecedented low debtor days. 1d; 4-period range 13d to 33d. Debtor days: 1.0 days, unprecedented low; 4-period mean 25.9 days, range 13.5 days-33.4 days.47Outside range high debtor days. 47d; 3-period range 1d to 21d. Debtor days: 46.8 days, above normal range; 3-period mean 7.9 days, range 1.0 days-20.7 days.13Outside range low debtor days. 14d; 3-period range 23d to 33d. Debtor days: 13.5 days, below normal range; 3-period mean 30.0 days, range 23.3 days-33.4 days.
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  • HY25 Debtor days: Outside range high debtor days. 33d; 3-period range 13d to 33d. Debtor days: 33.4 days, above normal range; 3-period mean 23.4 days, range 13.5 days-33.3 days.
Total assets$454m$452.1m$445.2m$441.9m$423.5m$369.8m$298.8m$289m$221.4m
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Reference: annolyse.ai/companies/nzl

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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  • FY25 NZL FY: Outside range low revenue growth. 12.1%; 3-period range n/m. Revenue growth: 12.1%, below normal range; 3-period mean 555.3%, range n/m.

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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  • FY22 NZL FY: Outside range high roe. 21.3%; 3-period range 3.3% to 10.1%. ROE: 21.3%, above normal range; 3-period mean 6.1%, range 3.3%-10.1%.
  • FY25 NZL FY: Outside range low roe. 3.3%; 3-period range 4.9% to 21.3%. ROE: 3.3%, below normal range; 3-period mean 12.1%, range 4.9%-21.3%.

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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  • HY24 NZL HY: Outside range low payout ratio versus npat. 15.9%; 3-period range 41.4% to 89.3%. Payout ratio versus NPAT: 15.9%, below normal range; 3-period mean 62.4%, range 41.4%-89.3%.
  • HY25 NZL HY: Outside range high payout ratio versus npat. 89.3%; 3-period range 15.9% to 56.6%. Payout ratio versus NPAT: 89.3%, above normal range; 3-period mean 38.0%, range 15.9%-56.6%.
  • FY25 NZL FY: Outside range high payout ratio versus npat. 90.4%; 3-period range 0% to 24.3%. Payout ratio versus NPAT: 90.4%, above normal range; 3-period mean 10.9%, range 0.0%-24.3%.

Debtor days

Receivables days where the working-capital inputs are source-backed.

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  • HY22 NZL HY: Outside range low debtor days. 14d; 3-period range 23d to 33d. Debtor days: 13.5 days, below normal range; 3-period mean 30.0 days, range 23.3 days-33.4 days.
  • HY23 NZL HY: Unprecedented low debtor days. 1d; 4-period range 13d to 33d. Debtor days: 1.0 days, unprecedented low; 4-period mean 25.9 days, range 13.5 days-33.4 days.
  • HY25 NZL HY: Outside range high debtor days. 33d; 3-period range 13d to 33d. Debtor days: 33.4 days, above normal range; 3-period mean 23.4 days, range 13.5 days-33.3 days.
  • FY22 NZL FY: Outside range high debtor days. 47d; 3-period range 1d to 21d. Debtor days: 46.8 days, above normal range; 3-period mean 7.9 days, range 1.0 days-20.7 days.
  • FY23 NZL FY: Outside range low debtor days. 1d; 3-period range 2d to 47d. Debtor days: 1.0 days, below normal range; 3-period mean 23.1 days, range 1.9 days-46.8 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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  • HY23 NZL: Outside range low operating working-capital movement. $-0.3m; 3-period range $0.1m to $1.2m. Operating working-capital movement: NZ$-0.3m, below normal range; 3/3 prior periods had builds averaging NZ$0.7m, and none had a working-capital release.

The setup & the reality

FY25 → HY26 Follow-through

The latest result is checked against what the prior briefing said to watch.

Historical setup

What FY25 said to watch

Previous analysisFY25Result releasedAnnolyse analysis published

From NZL's NPAT fell 65.8% as AFFO cash earnings rose 9.9%

No stated FY25 profit target exists, but management has guided FY26 AFFO of $8.25m-$8.75m, implying AFFO-per-share growth of about 7.1% at the midpoint. That guidance is expressed in AFFO, not statutory NPAT, so it does not resolve whether the FY25 profit decline is a one-off or a more structural shift. HY25 NPAT of $3.5m was 44.3% of full-year NPAT, implying second-half NPAT of about $4.4m, a second-half-weighted pattern; without a comparable prior-year split disclosed, it is unclear whether that weighting itself is typical for NZL.

Open questions

Open questions from FY25

  • What specifically drove the 64.7% fall in PBT and 65.8% fall in NPAT when revenue grew 12.1%?
  • Why did PBT margin fall to 38.2% and NPAT margin to 35.5% against historical averages above 220%?
  • Will the 90%-100% AFFO payout policy hold if AFFO growth slows below the 7.1% guided for FY26?
  • How does management view ROE at 3.3%, down from 10.1%, relative to its cost of capital?

This briefing cannot assess whether the profit decline reflects a genuine change in operating economics or a valuation-related swing, because no release excerpt reconciles the driver.

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

FINAL - HY26 Results Presentation

HY26 / results presentation

HY26 Results Announcement Commentary

HY26 / results release

NZL NZX Results Announcement HY26

HY26 / results announcement

NZRLC Group FY26 Interim Consolidated Financial Statements

HY26 / financial report

Prior comparable period

HY25 Results Announcement Commentary

HY25 / results release

NZL Consolidated HY June 2025 Financial Statements

HY25 / financial report

NZL HY25 Results Presentation

HY25 / results presentation

NZL Template NZX Results Announcement HY25

HY25 / results announcement

Full-year context

NZL FY25 Results Presentation

FY25 / results presentation

NZ FY25 Results Commentary

FY25 / results release

NZL FY25 Annual Report

FY25 / financial report

NZL NZX Results Announcement FY25

FY25 / results announcement

Release context

Investor Day Presentation

FY25 / commentary

2025 Annual Meeting Chair Address

HY25 / commentary

NZL HY25 Results Presentation

HY25 / commentary

2026 ASM Chair Address

HY26 / commentary

Peer context

Other covered Property companies

These companies share a broad sector but may not be direct peers. Compare them only where the underlying measures are genuinely comparable.

KPG · FY26

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CDI · HY26

CDL Investments New Zealand

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APL · FY26

Asset Plus

9 published result briefings

Compare NZL, KPG, PFI, CDI →Property result archiveNZX property comparison

Archive

Briefing archive

The full chronological archive contains every published result briefing.

HY26 · Released 27 August 2026

NZL's NPAT grew 34.3% but operating cash flow fell 43.9%

Profit before tax rose 39.5% while operating cash flow dropped 43.9% to $2.4m, raising questions about earnings quality.

Read briefing

FY25 · Released 27 February 2026

NZL's NPAT fell 65.8% as AFFO cash earnings rose 9.9%

PBT fell 64.7% and NPAT fell 65.8% even as AFFO grew, and the release does not reconcile the divergence.

Read briefing

HY25 · Released 21 August 2025

PBT fell 66.9% as margin sank to 39.3% while payout hit 89.3% of NPAT

PBT margin fell to 39.3%, well below the historical average of 99.8%, while the payout ratio jumped to 89.3% of a much smaller profit.

Read briefing

FY24 · Released 28 February 2025

NPAT surged 111.9% but underlying AFFO grew only 13.6%

A tax swing and fair-value effects drove statutory profit well ahead of the 13.6% rise in recurring AFFO earnings.

Read briefing

HY24 · Released 29 August 2024

NPAT surged 134.0% but AFFO cash earnings rose only 26.8%

Acquisition-funded growth lifted NPAT 134.0% and revenue 60.2%, yet NTA per share fell 4.9% and the dividend was cut 28.1%.

Read briefing

FY23 · Released 29 February 2024

Whanganui acquisition sharpens NZ Rural Land Company Limited's cash-flow test

The NZ$71.6m acquisition price adds cash-context, while operating cash, capex and working capital remain the direct evidence.

Read briefing
Open all 9 result briefings

Related insights

Compare this company

The latest NZL metrics also appear in these cross-company comparisons.

Insight

Earnings quality and statutory distortions

PBT and NPAT growth diverged by 5.2pp.

Open insight

Insight

Dividend coverage and payout pressure

Dividend payout versus NPAT is 41.4%.

Open insight

Insight

Revenue growth context

Revenue growth was 4.3% for this reporting period.

Open insight

Insight

ROE and capital efficiency

ROE was 2.0%, +0.6pp versus the prior comparable period.

Open insight

Get notified when NZL publishes

Get the next New Zealand Rural Land Company result briefing and five-year history updates by email.