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© 2026 Annolyse.

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SAN · NZX

Sanford (SAN)

Primary Industries / Seafood•Covered: FY25 - HY26•2 published briefings

Sanford is an NZX-listed primary industries / seafood company with FY25 - HY26 of published result briefings.

Latest briefing

HY26 · Released 14 May 2026

Record NPAT up 24.7% but operating cash collapsed 72.4%

A $28.5m inventory build and a $9.1m capex cut delivered the deleveraging story while draining nearly all of the earnings improvement from cash.

Market data

As at close
Close price
NZD 7.01
Market cap
$655.5m
Dividend yield
1.4%

as at close, 12 June 2026. Source: yfinance.

Sections⌄
  1. Snapshot
  2. Valuation
  3. Chat
  4. Longitudinal View
  5. Follow-through
  6. Archive
  7. Related Insights
  1. Snapshot
  2. Valuation
  3. Chat
  4. Longitudinal View
  5. Follow-through
  6. Archive
  7. Related Insights

Snapshot

Latest metrics

HY26, released 14 May 2026

← Swipe to view more
SAN latest metrics
MetricValueChange
Revenue$270.2m—
Operating profit$64m—
NPAT$42.4m—
Operating cash flow$13.7m—
OCF / Operating profit %21.4%—
Net debt$102.1m—
Net debt / Operating profit1.6x—
ROE %5.7%—
DPS5.0c—
Payout ratio vs NPAT %11.0%—

Source: latest published briefing (HY26, released 14 May 2026). Change compares against the prior equivalent period: not available for this company.

Valuation

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.

Prices as at close, 12 June 2026

Price and market cap

The latest close and share count context for the market price.

Market cap

$655.5m

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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

Not available

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Not available for this company right now.

EPS

Not available

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Not available for this company right now.

PEG

Not available

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Not available for this company right now.

EV/EBITDA

Not available

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Not available for this company right now.

P/FCF

Not available

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Not available for this company right now.

P/B

0.84x

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Market value compared with latest reported equity.

Income and fund shape

Yield and fund-style valuation where the company shape supports it.

Dividend yield

1.4%

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Trailing dividends compared with the latest close.

Total return

Not available

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Available once dividend and adjustment data are verified.

Price history

Daily closes use the full available width, with hover and touch readouts against real observations. Expand opens the chart at reading size.

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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Chat

Ask about SAN

Ask follow-up questions about Sanford's latest result and company history.

Informational only. No buy, sell, hold, price-target, or personal financial advice.

Ask about SAN

Informational only. No buy, sell, hold, price-target, or personal financial advice.

Sign in to chat

Sign in to ask company questions.

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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Longitudinal view

Performance over time

The latest period is shown first.

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SAN metric history
MetricHY266 MONTHS14 May 2026FY2512 MONTHS18 November 2025Trend
Revenue$270.2m$584.1m
Chart
Revenue growth %-5.5%0.2%
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Operating profit$64m$102m
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Operating profit margin %23.7%17.5%
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PBT$59.8m$90m
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PBT growth %25.6%140.6%
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NPAT$42.4m$63.7m
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NPAT growth %24.7%223.4%
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Operating cash flow$13.7m$135.3m
Chart
OCF / Operating profit %21.4%132.7%
Chart
FCF pre-lease$7m$112.3m
Chart
DPS5.0c5.0c
Chart
Payout ratio vs NPAT %11.0%14.7%
Chart
Annual payout ratio vs EPS %—14.7%
—
ROE %5.7%8.6%
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Net debt$102.1m$93.4m
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Net debt / Operating profit1.6x0.92x
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Debtor days5539
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Inventory days7658
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Total assets$1.1b$1b
Chart

Reference: annolyse.ai/companies/san

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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Full chartable metric set

Additional verified filing metrics for this company. Each point links back to a published briefing period in the source data contract.

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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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

FY25 → HY26 Follow-through

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

Current result now available

HY26 · Released 14 May 2026

Record NPAT up 24.7% but operating cash collapsed 72.4%

A $28.5m inventory build and a $9.1m capex cut delivered the deleveraging story while draining nearly all of the earnings improvement from cash.

Read latest briefing→

Historical setup

What FY25 said to watch

From PBT up 140.6% on flat revenue with gross borrowings cut to $105.0m

No forward targets or quantified outlook were supplied. The first half delivered $286.0m of revenue and $34.0m of NPAT, implying second-half revenue of $298.1m on slightly lower second-half NPAT of $29.7m. The back-half NPAT step-down on marginally higher revenue suggests margin or cost pressure in H2 that the full-year headline does not surface. Without management guidance, the release supports a recovery read but does not justify extrapolating FY25's reported margin into FY26.

Open questions

Open questions from FY25

  • Is the 29.2% effective tax rate the new baseline, or did FY25 benefit from one-off items the release does not detail?
  • Why did H2 NPAT step down to $29.7m from $34.0m in H1 despite slightly higher H2 revenue?
  • Can capex remain near 3.9% of revenue, or is FY26 spend set to revert toward the historical 6%–8% range?
  • Why did inventory rise 25.9% while receivables fell 24.6% — harvest timing, channel changes, or pre-positioned stock?
  • With NPAT roughly tripled and net debt nearly halved, what is the capital allocation framework that supports keeping the full-year dividend at 10.0 cps?

This briefing cannot assess underlying species pricing assumptions, FY26 catch or harvest volumes, or whether the Wildcatch segment's 16.4% gross margin reflects a sustainable run rate.

Archive

Briefing archive

Every published Annolyse briefing for this company appears here in reverse chronological order.

HY26 · Released 14 May 2026

Record NPAT up 24.7% but operating cash collapsed 72.4%

A $28.5m inventory build and a $9.1m capex cut delivered the deleveraging story while draining nearly all of the earnings improvement from cash.

Read briefing→

FY25 · Released 18 November 2025

PBT up 140.6% on flat revenue with gross borrowings cut to $105.0m

Operating recovery is real but NPAT growth of 223.4% is amplified by an effective tax rate that fell from 47.4% to 29.2%.

Read briefing→

Related insights

Compare this company

The latest SAN metrics also appear in these cross-company views.

Insight

Working-capital pressure

Inventory days were 76 days, +22 days versus the prior comparable period.

Open insight→

Insight

Dividend coverage and payout pressure

Dividend payout versus NPAT is 11.0%.

Open insight→

Insight

Earnings quality and statutory distortions

PBT and NPAT growth diverged by 0.9pp.

Open insight→

Insight

Revenue growth context

Revenue growth was -5.5% for this reporting period.

Open insight→

Get notified when SAN publishes

Get the next Sanford result briefing and five-year history updates by email.