Market cap
$238.3m
End-of-day close multiplied by current shares on issue.
SML · NZX
Synlait Milk (SML)
Primary Industries / Dairy processingCovered: HY21 - HY268 published briefings
Synlait Milk is an NZX-listed primary industries / dairy processing company. Its latest covered result is HY26, with HY21 - HY26 of source-backed result history on Annolyse.
Sections
Latest result
Latest metrics
HY26, released 23 March 2026
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| Metric | Value | Change |
|---|---|---|
| Revenue | $777.6m | ↓ -15.2% |
| EBITDA | -$34.7m | ↓ -155.0% |
| NPAT | -$80.6m | n/m |
| Operating cash flow | -$183.4m | n/m |
| OCF / EBITDA % | 528.4% | ↑ +547.5pp |
| Net debt | $472.1m | ↑ +20.5% |
| Net debt / EBITDA | n/m | — |
| ROE % | -11.2% | ↓ -11.8pp |
| DPS | 0.0c | — |
| PBT | -$66.1m | ↓ -981.3% |
Source: latest published briefing (HY26, released 23 March 2026). Change compares against the prior equivalent period: HY25, released 24 March 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, 4 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
Not available
Not available for this company right now.
EPS
Not available
Not available for this company right now.
PEG
Not available
Not available for this company right now.
EV/EBITDA
Not available
Not available for this company right now.
P/FCF
Not available
Not available for this company right now.
P/B
0.33x
Market value compared with latest reported equity.
Income and investment-company measures
Yield and investment-company valuation where supported.
Dividend yield
0.0%
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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Ask about SML
Ask follow-up questions about Synlait Milk's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Ask about SML
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 | HY266 MONTHS23 March 2026 | HY256 MONTHS24 March 2025 | HY246 MONTHS2 April 2024 | FY2312 MONTHS25 September 2023 | HY236 MONTHS27 March 2023 | HY226 MONTHS1 April 2022 | FY2112 MONTHS27 September 2021 | HY216 MONTHS29 March 2021 | Trend |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $777.6m | $916.8m | $652.9m | $1.3b | $769.8m | $790.6m | $1.4b | $664.2m | Chart |
| Revenue growth % | -15.2% | 40.4%Unprecedented high revenue growth. 40.4%; 5-period range -15.2% to 19%. Revenue growth: 40.4%, unprecedented high; 5-period mean 1.0%, range -15.2%-19.0%. | -15.2% | -20.5% | -2.6% | 19.0% | 5.0% | 18.8% | Chart
|
| EBITDA | -$34.7m | $63.1m | $19.9m | $90.7m | $51.5m | $68.4m | $37.3m | $47.7m | Chart |
| EBITDA margin % | -4.5%Unprecedented low ebitda margin. -4.5%; 5-period range 3% to 8.7%. EBITDA margin: -4.5%, unprecedented low; 5-period mean 6.5%, range 3.0%-8.7%. | 6.9% | 3.0% | 6.9% | 6.7% | 8.7%Outside range high ebitda margin. 8.7%; 5-period range -4.5% to 7.2%. EBITDA margin: 8.7%, above normal range; 5-period mean 3.9%, range -4.5%-7.2%. | 2.7% | 7.2% | Chart
|
| PBT | -$66.1m | $7.5m | -$94.9m | -$20.3m | $6.1m | $31.1m | -$39.2m | $8.5m | Chart |
| PBT growth % | — | — | — | — | -80.4% | 265.9% | — | -77.0% | Chart |
| NPAT | -$80.6m | $4.8m | -$96.2m | -$4.3m | $4.8m | $27.9m | -$28.5m | $6.4m | Chart |
| NPAT growth % | — | — | — | — | -82.8% | 335.9% | — | -75.6% | Chart |
| Operating cash flow | -$183.4m | -$12m | -$98.1m | $39m | -$124.7m | $117.3m | $15.9m | -$69.1m | Chart |
| OCF / EBITDA % | 528.4% | -19.1% | -493.0% | 43.0% | -242.1% | 171.4% | 42.5% | -144.9% | Chart |
| FCF pre-lease | -$195m | -$23.4m | -$114.8m | -$26.1m | -$158.1m | $71.3m | -$100.3m | -$131.7m | Chart |
| DPS | 0.0c | — | — | — | — | — | — | — | — |
| ROE % | -11.2% | 0.6% | -13.8% | -0.5% | 0.6% | 3.7%Outside range high roe. 3.7%; 3-period range 0.6% to 0.8%. ROE: 3.7%, above normal range; 3-period mean 0.7%, range 0.6%-0.8%. | -3.7% | 0.8% | Chart |
| Net debt | $472.1m | $391.9m | $559.3m | $413.4m | $516.9m | $391.8m | $476.9m | $482m | Chart |
| Net debt / EBITDA | n/m | 6.21x | 28.1xUnprecedented high net debt / ebitda. 28.11x; 4-period range 5.7x to 10.1x. Net debt / EBITDA: 28.11x, unprecedented high; 4-period mean 8.01x, range 5.70x-10.10x. | 4.56x | 10.04x | 5.73xOutside range low net debt / ebitda. 5.7x; 4-period range 6.2x to 28.11x. Net debt / EBITDA: 5.70x, below normal range; 4-period mean 13.61x, range 6.20x-28.11x. | 12.79x | 10.11x | Chart
|
| Debtor days | 47Outside range high debtor days. 47d; 4-period range 0d to 36d. Debtor days: 46.6 days, above normal range; 4-period mean 17.5 days, range 0.0 days-36.1 days. | 36 | n/m | 21 | n/m | n/m | 27 | 34 | Chart
|
| Inventory days | 99 | 69Unprecedented low inventory days. 69d; 5-period range 77d to 111d. Inventory days: 68.9 days, unprecedented low; 5-period mean 97.4 days, range 77.3 days-111.4 days. | 88 | 69 | 111 | 77 | 72 | 111Outside range high inventory days. 111d; 5-period range 69d to 111d. Inventory days: 111.4 days, above normal range; 5-period mean 88.9 days, range 68.9 days-110.6 days. | Chart
|
| Total assets | $1.8b | $1.7b | $1.7b | $1.7b | $1.9b | $1.7b | $1.6b | $1.8b | Chart |
Reference: annolyse.ai/companies/sml
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 SML HY: Unprecedented high revenue growth. 40.4%; 5-period range -15.2% to 19%. Revenue growth: 40.4%, unprecedented high; 5-period mean 1.0%, range -15.2%-19.0%.
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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- HY22 SML HY: Outside range high ebitda margin. 8.7%; 5-period range -4.5% to 7.2%. EBITDA margin: 8.7%, above normal range; 5-period mean 3.9%, range -4.5%-7.2%.
- HY26 SML HY: Unprecedented low ebitda margin. -4.5%; 5-period range 3% to 8.7%. EBITDA margin: -4.5%, unprecedented low; 5-period mean 6.5%, range 3.0%-8.7%.
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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ROE
Return on equity.
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- HY22 SML HY: Outside range high roe. 3.7%; 3-period range 0.6% to 0.8%. ROE: 3.7%, above normal range; 3-period mean 0.7%, range 0.6%-0.8%.
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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- HY22 SML HY: Outside range low net debt / ebitda. 5.7x; 4-period range 6.2x to 28.11x. Net debt / EBITDA: 5.70x, below normal range; 4-period mean 13.61x, range 6.20x-28.11x.
- HY24 SML HY: Unprecedented high net debt / ebitda. 28.11x; 4-period range 5.7x to 10.1x. Net debt / EBITDA: 28.11x, unprecedented high; 4-period mean 8.01x, range 5.70x-10.10x.
DPS
Dividend per share declared for the period.
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Debtor days
Receivables days where the working-capital inputs are source-backed.
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- HY26 SML HY: Outside range high debtor days. 47d; 4-period range 0d to 36d. Debtor days: 46.6 days, above normal range; 4-period mean 17.5 days, range 0.0 days-36.1 days.
Inventory days
Inventory days where the working-capital inputs are source-backed.
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- HY21 SML HY: Outside range high inventory days. 111d; 5-period range 69d to 111d. Inventory days: 111.4 days, above normal range; 5-period mean 88.9 days, range 68.9 days-110.6 days.
- HY25 SML HY: Unprecedented low inventory days. 69d; 5-period range 77d to 111d. Inventory days: 68.9 days, unprecedented low; 5-period mean 97.4 days, range 77.3 days-111.4 days.
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 Synlait's 107.9% PBT rebound rests on a distorted, loss-making base
No stated targets or guidance figures were supplied for this half, so the result cannot be benchmarked against management's own commitments; the release notes EBITDA finished just above its earlier guidance range, but no numeric target was disclosed for comparison. Historical seasonality context shows HY24 contributed only 39.9% of FY24 revenue and, unusually, more than half (52.8%) of FY24's full-year NPAT loss came in the first half, meaning half-on-half shape has been erratic in recent years and this HY25 result should not be extrapolated to a full-year outcome without a second-half read.
Open questions
Open questions from HY25
- What is driving the negative effective tax rate, and is it expected to normalise toward the historical range in FY25?
- How much of the net debt reduction reflects genuine cash generation versus asset sales or working-capital timing?
- Will operating cash flow turn positive in the second half, given it remained negative this period despite the profit swing?
- What are management's targets for FY25 EBITDA and NPAT, given none were disclosed in this release?
- Is the rise in debtor days a one-off customer-mix effect or the start of a collection-cycle deterioration?
This briefing cannot assess whether the improved leverage and inventory metrics will hold through the second half, since no forward guidance or dividend policy detail was supplied.
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
NZX ResultsTemplate
HY26 / results announcementSynlait Half Year 2026 Announcement
HY26 / results releaseSynlait Half Year 2026 Financial Statements
HY26 / financial reportSynlait Half Year Result 2026 Investor Presentation
HY26 / results presentationPrior comparable period
NZX Results Template
HY25 / results announcementSynlait Half Year 2025 Announcement
HY25 / results releaseSynlait Half Year 2025 Financial Statements
HY25 / financial reportSynlait Half Year 2025 Investor Presentation
HY25 / results presentationFull-year context
NZX Results Template
FY25 / results announcementSynlait Full Year 2024 Annual Report
FY25 / financial reportSynlait Full Year 2024 Media Release
FY25 / media releaseRelease context
Announcement: Return to profitability with HY25 guidance provided
HY25 / commentaryAnnouncement: Synlait Annual Meeting 2024 Poll Results
HY25 / commentaryAnnouncement: Synlait HY25 results date and conference call details
HY25 / commentaryAnnual Meeting Director Nominations
HY25 / commentaryAnnouncement: Annual Meeting Poll Results
HY26 / commentaryAnnouncement: Synlait HY26 results date and conference call details
HY26 / commentaryAnnouncement: Synlait provides half year performance update
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.
HY26 · Released 23 March 2026
EBITDA margin hit an unprecedented -4.5% with FCF at -NZ$195.0m
Continuing-operations EBITDA swung to a NZ$34.7m loss while Synlait disposed of North Island assets and withdrew FY26 guidance.
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HY25 · Released 24 March 2025
Synlait's 107.9% PBT rebound rests on a distorted, loss-making base
Revenue grew 40.4% and PBT rose 107.9%, but HY24's discontinued operation and negative tax rate make the comparison unreliable.
Read briefing
HY24 · Released 2 April 2024
Net debt/EBITDA hit 28.1x as $514m of debt falls due within 12 months
EBITDA margin collapsed to an unprecedented 3.0% on a 15.2% revenue decline, leaving the balance sheet under acute refinancing pressure.
Read briefing
FY23 · Released 25 September 2023
Cash conversion fell to 43% and net debt/EBITDA jumped to 4.6x
Continuing operations swung to a $14.1m loss as a Dairyworks discontinued-operation gain partly cushioned reported NPAT.
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HY23 · Released 27 March 2023
Working capital absorbed NZ$132.2m, flipping OCF to a NZ$124.7m outflow
FY23 NPAT guidance cut to a NZ$(5)m–NZ$5m range as inventory build pushes net debt/EBITDA to 10.04x and Advanced Nutrition demand softens.
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HY22 · Released 1 April 2022
Inventory release of NZ$70.8m powered Synlait's cash flow recovery
EBITDA rose 43.4% to NZ$68.4m, while the NZ$117.3m operating cash flow figure is denominator-distorted relative to EBITDA and reflects a working-capital release that may not repeat.
Read briefing
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