Market cap
$1.9b
End-of-day close multiplied by current shares on issue.
PCT · NZX
Precinct Properties is an NZX-listed property / property investment company with HY23 - HY26 of published result briefings.
Snapshot
HY26, released 26 February 2026
| Metric | Value | Change |
|---|---|---|
| Revenue | $135.4m | ↑ +0.7% |
| Operating profit | $73.7m | ↓ -3.8% |
| NPAT | $2.9m | ↓ -68.5% |
| Operating cash flow | $47.9m | ↓ -15.4% |
| OCF / Operating profit % | 65.0% | ↓ -8.9pp |
| Net debt | $1.5b | ↓ -0.6% |
| Net debt / Operating profit | 20.39x | ↑ +3.3% |
| ROE % | 0.1% | ↓ -0.3pp |
| DPS | 1.7c | — Flat |
| PBT | $1.8m | ↑ +181.8% |
Source: latest published briefing (HY26, released 26 February 2026). Change compares against the prior equivalent period: HY25, released 20 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
$1.9b
End-of-day close multiplied by current shares on issue.
How the market price compares with recent earnings and cash-flow inputs.
P/E
413.93x
Recent market cap compared with trailing earnings.
EPS
0.00
Recent filing-derived earnings per share.
PEG
Not available
Not meaningful without positive comparable earnings growth.
EV/EBITDA
Not available
Not available for this company right now.
P/FCF
Not available
Not meaningful when free cash flow is negative or unavailable.
P/B
0.88x
Market value compared with latest reported equity.
Yield and fund-style valuation where the company shape supports it.
Dividend yield
6.4%
Trailing dividends compared with the latest close.
Total return
Not available
Available once dividend and adjustment data are verified.
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 Precinct Properties'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 MONTHS26 February 2026 | FY2512 MONTHS27 August 2025 | HY256 MONTHS20 February 2025 | FY2412 MONTHS28 August 2024 | HY246 MONTHS22 February 2024 | FY2312 MONTHS23 August 2023 | HY236 MONTHS23 February 2023 | Trend |
|---|---|---|---|---|---|---|---|---|
| Revenue | $135.4m | $266.1m | $134.4m | $248m | $121m | $218.9m | $110.2m | Chart |
| Revenue growth % | 0.7% | 7.3% | 0.0%Outside range low revenue growth. 0%; 3-period range 0.7% to 13.7%. Revenue growth: 0.0%, below normal range; 3-period mean 8.1%, range 0.7%-13.7%. | 13.3% | 9.8% | 9.3% | 13.7%Outside range high revenue growth. 13.7%; 3-period range 0% to 9.8%. Revenue growth: 13.7%, above normal range; 3-period mean 3.5%, range 0.0%-9.8%. | Chart
|
| Operating profit | $73.7m | — | $76.6m | $150.5m | $73.8m | — | $51.3m | Chart |
| Operating profit margin % | 54.4% | — | 57.0% | 60.7% | 61.0% | — | 46.6% | Chart |
| PBT | $1.8m | $5.3m | -$2.2m | -$23.3m | $17.7m | -$164.7m | $2.7m | Chart |
| PBT growth % | — | — | — | — | 555.6% | — | -94.6% | Chart |
| NPAT | $2.9m | $11m | $9.2m | -$22.1m | $15.3m | -$153.1m | -$1.8m | Chart |
| NPAT growth % | -68.5% | — | 0.0% | — | — | — | — | Chart |
| Operating cash flow | $47.9m | $86.8m | $56.6m | $79.6m | $39.8m | $118.1m | $64.2m | Chart |
| OCF / Operating profit % | 65.0% | — | 73.9% | 52.9% | 53.9% | — | 125.1% | Chart |
| FCF pre-lease | -$47.4m | -$54.6m | -$27.7m | -$97.6m | -$57.8m | — | -$88.5m | Chart |
| DPS | 1.7c | 1.7c | 1.7c | 1.7c | 0.0c | 1.7c | 1.7c | Chart |
| Payout ratio vs NPAT % | — | 244.6% | 290.9% | — | 1.4% | — | — | Chart |
| Annual payout ratio vs EPS % | — | 244.6% | — | — | — | — | — | — |
| ROE % | 0.1% | 0.6% | 0.5% | -1.1% | 0.7%Outside range high roe. 0.7%; 3-period range -0.1% to 0.5%. ROE: 0.7%, above normal range; 3-period mean 0.2%, range -0.1%-0.5%. | -7.0% | -0.1%Outside range low roe. -0.1%; 3-period range 0.1% to 0.7%. ROE: -0.1%, below normal range; 3-period mean 0.4%, range 0.1%-0.7%. | Chart
|
| Net debt | $1.5b | $1.6b | $1.5b | $1.3b | $1.2b | $1.2b | $1.2b | Chart |
| Net debt / Operating profit | 20.39x | — | 19.73x | 8.72x | 16.03x | — | 23.81x | Chart |
| Debtor days | 13 | 13 | 1 | 11 | 12 | — | — | Chart |
| Inventory days | 116 | — | — | — | — | — | — | — |
| Total assets | $3.9b | $3.7b | $3.7b | $3.5b | $3.5b | $3.6b | $3.8b | Chart |
Reference: annolyse.ai/companies/pct
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.
These charts use verified published filing periods only. Gaps are not interpolated, and mixed half-year/full-year histories are split into separate series.
Reported revenue across covered periods.
Like-period revenue growth where comparable.
Company-specific earnings measure where disclosed.
EBITDA-equivalent margin where revenue and earnings are source-backed.
Statutory profit after tax.
Cash generated from operations.
Additional verified filing metrics for this company. Each point links back to a published briefing period in the source data contract.
Cash conversion against earnings.
Operating cash flow less capex before leases.
Return on equity.
Borrowings less cash; negative values indicate net cash.
Leverage ratio, suppressed where earnings are not meaningful.
Dividend per share declared for the period.
Dividend payout against statutory NPAT.
Receivables days where the working-capital inputs are source-backed.
Inventory days where the working-capital inputs are source-backed.
Per-period working-capital absorption or release, from the same published history. Positive values are working-capital build; negative values are release.
The setup & the reality
The latest result is checked against what the prior briefing said to watch.
Historical setup
From Gross borrowings up 20.7% and NTA down 6.2% as operating profit edges 1.2%
No forward targets were supplied. Phasing tells a story, however: H1 NPAT was $9.2m, which implies H2 NPAT of only $1.8m on a roughly even revenue split ($134.4m H1 versus $131.7m implied H2). That second-half compression is consistent with continued valuation softening through the period, and it sets a low NTA base into FY26 unless cap rates stabilise.
Commentary points to a student-accommodation commitment, a Commercial Bay capital partnership, and continued development pipeline activity. Those plans imply further capex draw at a time when gearing has already stepped up, which is the gap that matters for investors.
Open questions
This briefing cannot assess occupancy, weighted average lease term, rent reversions, debt covenant headroom, or independent valuer cap-rate assumptions because those datapoints were not supplied in the structured extraction.
Archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
HY26 · Released 26 February 2026
The NZ$900m acquisition price from the Precinct Investment Partnership acquisition is relevant to debt headroom, while borrowings and gearing remain the direct evidence.
FY25 · Released 27 August 2025
The statutory swing from a $22.1m FY24 loss to $11.0m profit reflects easing valuation drag rather than core earnings growth.
HY25 · Released 20 February 2025
Recurring property earnings improved but valuation softness pulled NTA lower while gross borrowings rose 3.5% to $1,537.2m.
FY24 · Released 28 August 2024
The narrowing statutory loss reflects property valuation stabilisation; FCF pre-lease stayed at -$97.6m and gross borrowings rose 7.1%.
HY24 · Released 22 February 2024
Operating profit before tax rose just 3.4% and operating cash inflow fell to $39.8m, undercutting the optical PBT recovery on a weak prior base.
FY23 · Released 23 August 2023
Statutory NPAT swung to -$153.1m on property revaluations even as revenue rose 9.3% and operating cash flow climbed to $118.1m.
HY23 · Released 23 February 2023
Operating cash earnings strengthened, but development capex jumped 81% and pre-lease FCF widened to -$88.5m, outside the historical range.
Get the next Precinct Properties result briefing and five-year history updates by email.