Market cap
$1.2b
End-of-day close multiplied by current shares on issue.
PFI · NZX
Property for Industry is an NZX-listed property / industrial property company with HY21 - HY26 of published result briefings.
Snapshot
HY26, released 24 February 2026
| Metric | Value | Change |
|---|---|---|
| Revenue | $73.6m | ↑ +20.2% |
| Operating profit | $55.2m | — |
| NPAT | $46.9m | ↑ +62.8% |
| Operating cash flow | $28.7m | ↑ +2.7% |
| OCF / Operating profit % | 51.9% | — |
| Net debt | $765.4m | ↑ +10.2% |
| Net debt / Operating profit | 13.87x | — |
| ROE % | 6.5%Outside range high roe. 6.5%; 3-period range -2.1% to 2.1%. ROE: 6.5%, above normal range; 3-period mean 0.5%, range -2.1%-2.1%. | ↑ +4.4pp |
| DPS | 2.2c | ↑ +10.0% |
| Payout ratio vs NPAT % | 23.6% | ↓ -11.3pp |
Source: latest published briefing (HY26, released 24 February 2026). Change compares against the prior equivalent period: HY25, released 25 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
$1.2b
End-of-day close multiplied by current shares on issue.
How the market price compares with recent earnings and cash-flow inputs.
P/E
9.8x
Recent market cap compared with trailing earnings.
EPS
0.25
Recent filing-derived earnings per share.
PEG
0.16x
P/E compared with recent earnings growth.
EV/EBITDA
Not available
Not available for this company right now.
P/FCF
48.23x
Market cap compared with recent free cash flow.
P/B
0.84x
Market value compared with latest reported equity.
Yield and fund-style valuation where the company shape supports it.
Dividend yield
3.8%
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 Property for Industry'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 MONTHS24 February 2026 | FY2512 MONTHS25 August 2025 | HY256 MONTHS25 February 2025 | HY246 MONTHS26 August 2024 | FY2312 MONTHS26 February 2024 | HY236 MONTHS22 August 2023 | FY2212 MONTHS20 February 2023 | HY226 MONTHS22 August 2022 | FY2112 MONTHS21 February 2022 | HY216 MONTHS20 August 2021 | Trend |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $73.6m | $127.5m | $61.2m | $47.2m | $92.8m | $55.4m | $73.3m | $88.4m | $517.2m | $306.5m | Chart |
| Revenue growth % | 20.2% | 170.1% | 7.3% | -14.8% | -16.3% | 1.3% | -32.5%Outside range low revenue growth. -32.5%; 3-period range -16.3% to 431%. Revenue growth: -32.5%, below normal range; 3-period mean 194.9%, range -16.3%-431.0%. | 67.7% | 431.0%Outside range high revenue growth. 431%; 3-period range -32.5% to 170.1%. Revenue growth: 431.0%, above normal range; 3-period mean 40.4%, range -32.5%-170.1%. | 538.1% | Chart |
| Operating profit | $55.2m | — | — | — | — | — | — | — | — | — | — |
| Operating profit margin % | 75.0% | — | — | — | — | — | — | — | — | — | — |
| PBT | $54.8m | $118.3m | $30.7m | $25.5m | -$98.8m | -$31.3m | -$6.5m | $35.7m | $472.8m | $286m | Chart |
| PBT growth % | 78.5% | 363.9% | 20.4% | — | — | — | — | -87.5% | 248.4% | n/m | Chart |
| NPAT | $46.9m | $106m | $28.8m | $21.2m | -$97.8m | -$30.5m | -$13.9m | $23.8m | $452.8m | $273.5m | Chart |
| NPAT growth % | 62.8% | 400.0% | 35.8% | — | — | — | — | -91.3% | 298.9% | n/m | Chart |
| Operating cash flow | $28.7m | $60.7m | $27.9m | $27.8m | $47m | $20.6m | $52.1m | $26.2m | $56.1m | $40m | Chart |
| OCF / Operating profit % | 51.9% | — | — | — | — | — | — | — | — | — | — |
| FCF pre-lease | -$0.75m | $12.2m | -$13.7m | -$26.2m | -$30m | $6.4m | $31.6m | $18.9m | $32.2m | $27.7m | Chart |
| FCF post-lease | — | — | -$13.7m | — | — | — | — | — | — | — | — |
| DPS | 2.2c | 2.5c | 2.0c | 2.2c | 2.5c | 1.9c | 2.6c | 1.8c | 2.5c | 1.8c | Chart |
| Payout ratio vs NPAT % | 23.6% | 40.7% | 34.9% | 52.1%Outside range high payout ratio versus npat. 52.1%; 4-period range 3.3% to 38.3%. Payout ratio versus NPAT: 52.1%, above normal range; 4-period mean 25.0%, range 3.3%-38.3%. | — | — | — | 38.3% | 4.7% | 3.3%Unprecedented low payout ratio versus npat. 3.3%; 4-period range 23.6% to 52.1%. Payout ratio versus NPAT: 3.3%, unprecedented low; 4-period mean 37.2%, range 23.6%-52.1%. | Chart
|
| Annual payout ratio vs EPS % | — | 40.7% | — | — | — | — | — | — | 4.7% | — | Chart |
| ROE % | 6.5%Outside range high roe. 6.5%; 3-period range -2.1% to 2.1%. ROE: 6.5%, above normal range; 3-period mean 0.5%, range -2.1%-2.1%. | 7.4% | 2.1% | 1.6% | -7.2% | -2.1%Outside range low roe. -2.1%; 3-period range 1.5% to 6.5%. ROE: -2.1%, below normal range; 3-period mean 3.4%, range 1.5%-6.5%. | -0.9% | 1.5% | 29.0% | 19.6% | Chart
|
| Net debt | $765.4m | $702.1m | $694.3m | $674m | $645.9m | $599.6m | $602.4m | $601.6m | $600.1m | $604.1m | Chart |
| Net debt / Operating profit | 13.87x | — | — | — | — | — | — | — | — | — | — |
| Total assets | $2.3b | $2.2b | $2.1b | $2.1b | $2.1b | $2.1b | $2.2b | $2.2b | $2.2b | $2.1b | Chart |
Reference: annolyse.ai/companies/pfi
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.
Free cash flow after lease payments where available.
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.
The setup & the reality
The latest result is checked against what the prior briefing said to watch.
Historical setup
From FY25 growth inflated by 6-month base and fair value gains
No FY25 quantitative targets were supplied, so this release is judged against PFI's own dividend cadence and shape disclosures. FY26 dividend guidance of at least 8.90cps is 3.5% above FY25 cash dividends and consistent with the 3.6% step from annualised FP24 — a modest progression that implies management does not expect a material change in distributable cash, despite the optically large statutory profit.
Second-half shape is consistent with valuation timing rather than operating seasonality: HY25 contributed 48.1% of full-year revenue but only 27.1% of NPAT, leaving an implied second-half NPAT of NZ$77.3m. That skew is what you would expect when fair value gains land at year-end rather than from a rental-income surge.
Open questions
This briefing cannot assess portfolio-level valuation assumptions, occupancy and WALT, or the dollar split between revaluation gains and recurring rental earnings, because those disclosures were not supplied in the extraction.
Archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
HY26 · Released 24 February 2026
Reported PBT up 78.5% includes $17.1m of property fair value gains, while pre-lease free cash flow turned negative as capex outpaced operating cash.
FY25 · Released 25 August 2025
Reported revenue of NZ$127.5m and NPAT of NZ$106.0m compare to a six-month transition period; the durable read is NTA up 4.8% to NZ$2.84.
HY25 · Released 25 February 2025
A tax-rate flip lifts headline NPAT to +35.8% while operating cash flow stays flat and net debt rises NZ$20m to fund the development pipeline.
HY24 · Released 26 August 2024
Headline NPAT swung +169.4% on a smaller fair-value loss, but operating profit was flat and rising debt funded the development spend.
FY23 · Released 26 February 2024
Operating cash held near prior at NZ$47.0m, but a development capex step-up left the dividend no longer covered by free cash flow.
HY23 · Released 22 August 2023
Rental revenue rose just 1.3% and pre-lease free cash flow halved to NZ$6.4m as capex on the development pipeline doubled.
FY22 · Released 20 February 2023
Last year's $392.5m property revaluation gains have unwound, yet a 32.5% drop in reported income lacks explanation in the release.
HY22 · Released 22 August 2022
Rent reviews delivered 4.8% uplifts and new leases ran 15.6% above prior contracts, but operating cash flow fell 34.4% to $26.2m.
FY21 · Released 21 February 2022
Revaluation lifted NPAT to $452.8m and NTA to 303.4 cents per share, while cash earnings rose modestly and gearing eased to 27.7%.
HY21 · Released 20 August 2021
Headline growth reflects fair value gains and a revenue-base shift; FFO, 22.9% NTA growth, and 30% gearing are the real operating read.
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