Market cap
$161.5m
End-of-day close multiplied by current shares on issue.
PGW · NZX
PGG Wrightson (PGW)
Primary Industries / Rural servicesCovered: HY24 - FY266 published briefings
PGG Wrightson is an NZX-listed primary industries / rural services company. Its latest covered result is FY26, with HY24 - FY26 of source-backed result history on Annolyse.
Sections
Latest result
Latest metrics
FY26, released 11 August 2026
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| Metric | Value | Change |
|---|---|---|
| Revenue | $1.1b | ↑ +10.2% |
| EBITDA | $64.3m | ↑ +14.6% |
| NPAT | $15.6m | ↑ +45.8% |
| Operating cash flow | $52.6m | ↑ +324.2% |
| OCF / EBITDA % | 81.8% | ↑ +59.7pp |
| Net debt | $88m | ↑ +2.8% |
| Net debt / EBITDA | 1.37x | ↓ -9.9% |
| ROE % | 8.5% | ↑ +2.4pp |
| DPS | 5.5c | ↑ +37.5% |
| Payout ratio vs NPAT % | 48.5% | ↑ +2.4pp |
Source: latest published briefing (FY26, released 11 August 2026). Change compares against the prior equivalent period: FY25, released 12 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.
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Profitability multiples
How the market price compares with recent earnings and cash-flow inputs.
P/E
10.35x
Recent market cap compared with trailing earnings.
EPS
0.21
Recent filing-derived earnings per share.
PEG
0.23x
P/E compared with recent earnings growth.
EV/EBITDA
3.88x
Enterprise value compared with recent EBITDA.
P/FCF
3.44x
Market cap compared with recent free cash flow.
P/B
0.88x
Market value compared with latest reported equity.
Income and investment-company measures
Yield and investment-company valuation where supported.
Dividend yield
4.7%
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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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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Ask about PGW
Ask follow-up questions about PGG Wrightson's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Ask about PGW
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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| Metric | FY2612 MONTHS11 August 2026 | HY266 MONTHS24 February 2026 | FY2512 MONTHS12 August 2025 | HY256 MONTHS25 February 2025 | FY2412 MONTHS13 August 2024 | HY246 MONTHS19 January 2024 | Trend |
|---|---|---|---|---|---|---|---|
| Revenue | $1.1b | $619.4m | $975.3m | $570.3m | $915.9m | $560.9m | Chart |
| Revenue growth % | 10.2% | 8.6% | 6.5% | -16.6% | -6.1% | -4.2% | Chart |
| EBITDA | $64.3m | $45.7m | $56.1m | $41.4m | $44.2m | $36.6m | Chart |
| EBITDA margin % | 6.0% | 7.4% | 5.8% | 7.3% | 4.8% | 6.5% | Chart |
| PBT | $21m | $24.2m | $14m | $21.7m | $5.3m | $17.5m | Chart |
| PBT growth % | 50.0% | 11.5% | 164.2% | 56.1% | -77.8% | -40.7% | Chart |
| NPAT | $15.6m | $17.3m | $10.7m | $16m | $3.1m | $12.7m | Chart |
| NPAT growth % | 45.8% | 8.1% | 245.2% | 61.6% | -82.3% | -40.1% | Chart |
| Operating cash flow | $52.6m | -$49.9m | $12.4m | -$31m | $57.7m | -$6.8m | Chart |
| OCF / EBITDA % | 81.8% | -109.0% | 22.1% | -75.0% | 130.7% | -18.7% | Chart |
| FCF pre-lease | $46.9m | -$52.1m | -$5m | -$33.7m | $34.9m | -$13.7m | Chart |
| FCF post-lease | — | — | — | — | — | -$13.7m | — |
| DPS | 5.5c | 4.5c | 4.0c | 2.5c | — | 0.0c | Chart |
| Payout ratio vs NPAT % | 48.5% | 19.6% | 46.1% | 11.8% | — | — | Chart |
| Annual payout ratio vs EPS % | 48.5% | — | 46.1% | — | — | — | Chart |
| ROE % | 8.5% | 9.2% | 6.1% | 8.8% | 1.9% | 7.3% | Chart |
| Net debt | $88m | $170.7m | $85.6m | — | $59.2m | $96.9m | Chart |
| Net debt / EBITDA | 1.37x | 3.73x | 1.52x | — | 1.34x | 2.65x | Chart |
| Debtor days | 54 | 105 | 48 | 100 | 44 | 95 | Chart |
| Inventory days | 36 | 37 | 37 | 36 | 38 | 85 | Chart |
| Total assets | $600.3m | $743.6m | $529.7m | $659.8m | $477.6m | $642.3m | Chart |
Reference: annolyse.ai/companies/pgw
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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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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FCF post-lease
Free cash flow after lease payments where available.
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ROE
Return on equity.
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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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Debtor days
Receivables days where the working-capital inputs are source-backed.
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Inventory days
Inventory days where the working-capital inputs are source-backed.
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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 PBT up 11.5% but net debt jumped to $170.7m as cash outflow widened
The reaffirmed FY26 Operating EBITDA target of around $64m implies roughly $18.3m of second-half EBITDA, against $14.8m delivered in H2 FY25. The shape sits within PGW's heavily H1-weighted seasonality (HY25 represented 73.7% of FY25 EBITDA), so the H2 step-up required is modest in absolute dollars but dependent on continued sector recovery.
The release does not provide forward-work or order-book disclosure, so the briefing relies on the reaffirmed guidance and last year's H2 cash inflow of $43.4m as the benchmarks. The gap matters because guidance achievement and dividend coverage both turn on the same H2 working-capital release.
Open questions
Open questions from HY26
- What drove the 4.4-day extension in receivable days, and is it linked to specific customer cohorts or seasonal credit terms?
- Why was the interim dividend lifted 80% when H1 free cash flow was -$52.1m and gross borrowings rose 61.5%?
- How much of the $67.0m increase in gross borrowings is seasonal versus a step-change in the balance-sheet footprint?
- Is the FY26 ~$64m EBITDA guidance underpinned by visible H2 forward work, or by assumed sector-recovery pacing?
- What is management's expected H2 working-capital release, and how does that flow to year-end net debt?
This briefing cannot assess collection risk on the $355.6m trade debtor balance or the timing certainty of the H2 working-capital release, because neither is quantified in the disclosures provided. The OCF/EBITDA ratios discussed above are also denominator-distorted and should not be relied on as normal cash-conversion evidence.
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
Financial Results Announcement NZX Year to 30 June 2026
FY26 / results announcementPGW Financial Statements 30 June 2026
FY26 / financial reportPGW Full-Year Results Presentation to 30 June 2026
FY26 / results presentationPGW Results Announcement Year to 30 June 2026
FY26 / results releasePrior comparable period
Annual Report for Financial Year to 30 June 2025
FY25 / financial reportPGW Sustainability Report and Climate Change Climate Statement for Financial Year to 30 June 2025
FY25 / results announcementPGW Sustainability Report and Climate Change Climate Statement for Financial Year to 30 June 2025
FY25 / results releaseInterim context
NZX Results Announcement Format to 31 December 2026
HY26 / results announcementPGW Half Year Presentation to 31 December 2025
HY26 / results presentationPGW Half Year Report to 31 December 2025
HY26 / financial reportPGW Half Year Results Announcement to 31 December 2025
HY26 / results releaseRelease context
PGW Guidance Update_13 October 2025
FY25 / commentaryAnnual Shareholders Meeting Presentation
HY26 / commentaryPeer 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.
FY26 · Released 11 August 2026
Full-year NPAT rose 45.8% but the second half swung to a loss
Revenue grew 10.2% and EBITDA 14.6%, but nearly all of FY26's profit was earned in the first half, with trade debtors up 22.2%.
Read briefing
HY26 · Released 24 February 2026
PBT up 11.5% but net debt jumped to $170.7m as cash outflow widened
Operating cash outflow worsened 60.8% and leverage stepped to 3.7x EBITDA — note the OCF/EBITDA basis is denominator-distorted this period, so this should not be read as a normal cash-conversion signal — while the board raised the interim dividend 80% to 4.5cps.
Read briefing
FY25 · Released 12 August 2025
EBITDA up 27% but operating cash fell 79% on working-capital build
The agri-sector earnings recovery is real at the operating line, but $23.8m of working-capital absorption pushed cash conversion to 22.1% and lifted
Read briefing
HY25 · Released 25 February 2025
PGW EBITDA up 13% like-for-like as receivable days jump to 100
Headline 65% EBITDA gain and 16.6% revenue decline both reflect a portfolio change, while receivables ballooned $114m and the dividend was cut 64%.
Read briefing
FY24 · Released 13 August 2024
PBT down 78% and the dividend cancelled at PGW
FY24 met the $43m EBITDA guide but H2 NPAT turned negative and the cash rebound was driven by a $17.4m working-capital release.
Read briefing
HY24 · Released 19 January 2024
EBITDA fell 23.5% and interim dividend cut to zero; FY24 guide ~$50m
Earnings power weakened, leverage rose to 2.6x net debt/EBITDA, and FY24 guidance trails FY23's $61.2m; cash-conversion metrics for the period are denominator-distorted and are not read here as a normal quality signal.
Read briefing
Get notified when PGW publishes
Get the next PGG Wrightson result briefing and five-year history updates by email.