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RAK · NZX
Rakon (RAK)
Technology / ElectronicsCovered: FY22 - HY267 published briefings
Rakon is an NZX-listed technology / electronics company. Its latest covered result is HY26, with FY22 - HY26 of source-backed result history on Annolyse.
Sections
Latest result
Latest metrics
HY26, released 28 November 2025
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| Metric | Value | Change |
|---|---|---|
| Revenue | $54.2m | ↑ +30.2% |
| EBITDA | $3.6m | ↑ +122.8% |
| NPAT | -$3m | ↑ +71.2% |
| Operating cash flow | $6.4m | ↓ -23.7% |
| OCF / EBITDA % | 176.7% | ↑ +229.5pp |
| Net debt | -$0.85m | ↑ +91.7% |
| Net debt / EBITDA | n/m | — |
| ROE % | -1.9% | ↑ +5.1pp |
| PBT | -$4m | ↑ +73.5% |
| FCF pre-lease | -$1.5m | ↓ -207.1% |
Source: latest published briefing (HY26, released 28 November 2025). Change compares against the prior equivalent period: HY25, released 27 November 2024.
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.
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
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EPS
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PEG
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EV/EBITDA
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P/FCF
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P/B
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Income and investment-company measures
Yield and investment-company valuation where supported.
Dividend yield
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Total return
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Financial history
Performance over time
The latest period is shown first.
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| Metric | HY266 MONTHS28 November 2025 | HY256 MONTHS27 November 2024 | FY2412 MONTHS29 May 2024 | HY246 MONTHS23 November 2023 | FY2312 MONTHS24 May 2023 | HY236 MONTHS24 November 2022 | FY2212 MONTHS26 May 2022 | Trend |
|---|---|---|---|---|---|---|---|---|
| Revenue | $54.2m | $41.7m | $128m | $61.3m | $180.3m | $87.2m | $172m | Chart |
| Revenue growth % | 30.2%Outside range high revenue growth. 30.2%; 3-period range -32% to 2%. Revenue growth: 30.2%, above normal range; 3-period mean -19.9%, range -32.0%-2.0%. | -32.0%Outside range low revenue growth. -32%; 3-period range -29.7% to 30.2%. Revenue growth: -32.0%, below normal range; 3-period mean 0.8%, range -29.7%-30.2%. | -29.0% | -29.7% | 4.9% | 2.0% | 34.1% | Chart
|
| EBITDA | $3.6m | -$15.8m | $13.5m | $5.3m | $42.2m | $22.9m | $41.4m | Chart |
| EBITDA margin % | 6.6% | -37.9% | 10.5% | 8.6% | 23.4% | 26.2% | 24.1% | Chart |
| PBT | -$4m | -$15.1m | — | $0.2m | $31.4m | $22.4m | $41.9m | Chart |
| PBT growth % | — | — | — | -99.1% | -25.1% | 14.9% | 274.1% | Chart |
| NPAT | -$3m | -$10.4m | $4.5m | $0.5m | $23.2m | $16m | $33.1m | Chart |
| NPAT growth % | — | — | -80.6% | -96.9% | -29.9% | -15.3% | 244.8% | Chart |
| Operating cash flow | $6.4m | $8.3m | $17.8m | $7.3m | $11.1m | $0.02m | $30.2m | Chart |
| OCF / EBITDA % | 176.7% | -52.8% | 132.1% | 139.1% | 26.3% | 0.1% | 73.0% | Chart |
| FCF pre-lease | -$1.5m | $1.4m | $0.8m | $1.2m | -$7.6m | -$9.4m | $20.1m | Chart |
| FCF post-lease | -$1.5m | — | — | — | — | — | — | — |
| DPS | — | — | — | — | 1.5c | — | 0.0c | Chart |
| Payout ratio vs NPAT % | — | — | — | — | 14.7% | — | — | — |
| Annual payout ratio vs EPS % | — | — | n/m | — | 14.7% | — | — | Chart |
| ROE % | -1.9% | -7.0%Outside range low roe. -7%; 3-period range -1.9% to 12.3%. ROE: -7.0%, below normal range; 3-period mean 3.6%, range -1.9%-12.3%. | 2.8% | 0.3% | 14.8% | 12.3%Outside range high roe. 12.3%; 3-period range -7% to 0.3%. ROE: 12.3%, above normal range; 3-period mean -2.9%, range -7.0%-0.3%. | 24.5% | Chart
|
| Net debt | -$0.85m | -$10.2m | -$11.2m | -$13.4m | -$16.5m | -$18.4m | -$23.2m | Chart |
| Net debt / EBITDA | n/m | 0.65x | n/m | n/m | n/m | n/m | n/m | Chart |
| Debtor days | 183 | 155 | 97 | 136 | 85 | — | 70 | Chart |
| Inventory days | 190 | 225 | 157 | 178 | 127 | 302 | 122 | Chart |
| Total assets | $230.9m | $193.9m | $207.1m | $197.5m | $207.3m | $218.4m | $199.9m | Chart |
Reference: annolyse.ai/companies/rak
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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- HY25 RAK HY: Outside range low revenue growth. -32%; 3-period range -29.7% to 30.2%. Revenue growth: -32.0%, below normal range; 3-period mean 0.8%, range -29.7%-30.2%.
- HY26 RAK HY: Outside range high revenue growth. 30.2%; 3-period range -32% to 2%. Revenue growth: 30.2%, above normal range; 3-period mean -19.9%, range -32.0%-2.0%.
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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- HY23 RAK HY: Outside range high roe. 12.3%; 3-period range -7% to 0.3%. ROE: 12.3%, above normal range; 3-period mean -2.9%, range -7.0%-0.3%.
- HY25 RAK HY: Outside range low roe. -7%; 3-period range -1.9% to 12.3%. ROE: -7.0%, below normal range; 3-period mean 3.6%, range -1.9%-12.3%.
Net debt
Borrowings less cash; negative values indicate net cash.
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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
HY25 → HY26 Follow-through
The latest result is checked against what the prior briefing said to watch.
Historical setup
What HY25 said to watch
Previous analysisHY25Result releasedAnnolyse analysis published
From Revenue fell 32% pushing Rakon to a $15.1m PBT loss
No quantified guidance, revenue target, or forward-work figure is supplied. Management commentary points to "robust demand in Space and AI & Cloud Infrastructure" underpinning future growth, but does not quantify the second-half path. Historically the business is second-half-weighted: HY24 was 47.9% of FY24 revenue and only 11.1% of FY24 NPAT.
Annualising the current half implies an $83.3m revenue run-rate against FY24's $128.0m, so even a normal second-half skew leaves a wide gap to last year. The release does not contain enough forward information to judge whether HY25 is the trough or the new base.
Open questions
Open questions from HY25
- Is the demand weakness in Telecommunications and Global Positioning expected to reverse in the second half, or does management view the current run-rate as the new base?
- How much of the $18.7m working-capital release is repeatable, and what steady-state inventory level supports the Space and AI & Cloud Infrastructure pipeline?
- Why have inventory days lengthened 47 days despite the absolute reduction, and which products or customers are driving that?
- What forward order book or contracted revenue underpins the second-half recovery implied by the FY24 seasonal shape?
- Will capex stay near 16.6% of revenue, and at what point does it step down as strategic programmes mature?
This briefing cannot assess segment profitability or gross-margin trajectory because the disclosure does not break out result by segment or provide a like-for-like gross-margin reconciliation.
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
RAK 1H26 Interim Report
HY26 / financial reportRAK 1H26 Market release
HY26 / results releaseRAK 1H26 Results announcement
HY26 / results announcementRAK 1H26 Results presentation
HY26 / results presentationPrior comparable period
RAK HY2025 Interim Report
HY25 / financial reportRAK HY25 Financial results presentation
HY25 / results presentationRAK HY25 Market Release
HY25 / results releaseRAK Results Announcement HY2025
HY25 / results announcementFull-year context
Rakon 2025 Annual Report
FY25 / financial reportRakon 2025 Annual Report Announcement
FY25 / results announcementRelease context
Rakon 2024 Annual Meeting Voting Results
HY25 / commentaryRakon 2025 Annual Meeting Voting Results
HY26 / commentaryPeer context
Other covered Technology 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 28 November 2025
Revenue up 30.2% but Rakon stays loss-making with trade debtors surging 52.9%
Strong demand recovery lifted Underlying EBITDA 149% and narrowed the PBT loss by 73.6%, but a NZ$18.8m receivables build means cash is not yet
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HY25 · Released 27 November 2024
Revenue fell 32% pushing Rakon to a $15.1m PBT loss
Operating cash flow rose 14% but only via $18.7m of working-capital release; inventory days still climbed 47 days.
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FY24 · Released 29 May 2024
PBT collapsed 99% on a 29% revenue fall as a tax credit propped up NPAT
Operating cash flow rose 60.5% but on working-capital release, while a tax benefit lifted NPAT to $4.5m well above near-zero PBT.
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HY24 · Released 23 November 2023
Revenue fell 29.7%, EBITDA collapsed 81.3% on operating deleverage
Cash flow swung positive on an inventory unwind, but PBT was effectively wiped out and ROE fell from 11.5% to 0.3%.
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FY23 · Released 24 May 2023
Revenue grew 4.9% but operating cash flow collapsed 63% and FCF turned negative
Capex more than doubled and working capital absorbed $15.0m, turning a $21.8m FCF inflow into a $7.6m outflow while NPAT fell 29.9%.
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HY23 · Released 24 November 2022
Inventory build of $28.5m wiped operating cash flow despite PBT up 14.9%
PBT grew 14.9% on 2.0% revenue growth, but a $28.5m inventory build cut operating cash flow from $4.5m to $0.0m and turned free cash flow negative.
Read briefing
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