Market cap
$229.2m
End-of-day close multiplied by current shares on issue.
SML · NZX
Synlait Milk is an NZX-listed primary industries / dairy processing company with HY21 - HY26 of published result briefings.
Snapshot
HY26, released 23 March 2026
| 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
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
$229.2m
End-of-day close multiplied by current shares on issue.
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
0.32x
Market value compared with latest reported equity.
Yield and fund-style valuation where the company shape supports it.
Dividend yield
0.0%
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.
Chat
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.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Longitudinal view
The latest period is shown first.
| 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.
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.
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.
Receivables days where the working-capital inputs are source-backed.
Inventory days where the working-capital inputs are source-backed.
Per-period working-capital absorption or release, from the same published history. Positive values are working-capital build; negative values are release.
The setup & the reality
The latest result is checked against what the prior briefing said to watch.
Historical setup
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
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.
Archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
HY26 · Released 23 March 2026
Continuing-operations EBITDA swung to a NZ$34.7m loss while Synlait disposed of North Island assets and withdrew FY26 guidance.
HY25 · Released 24 March 2025
Revenue grew 40.4% and PBT rose 107.9%, but HY24's discontinued operation and negative tax rate make the comparison unreliable.
HY24 · Released 2 April 2024
EBITDA margin collapsed to an unprecedented 3.0% on a 15.2% revenue decline, leaving the balance sheet under acute refinancing pressure.
FY23 · Released 25 September 2023
Continuing operations swung to a $14.1m loss as a Dairyworks discontinued-operation gain partly cushioned reported NPAT.
HY23 · Released 27 March 2023
FY23 NPAT guidance cut to a NZ$(5)m–NZ$5m range as inventory build pushes net debt/EBITDA to 10.04x and Advanced Nutrition demand softens.
HY22 · Released 1 April 2022
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.
FY21 · Released 27 September 2021
Revenue rose 5.0% but H2 EBITDA turned negative and operating cash flow fell 85%, leaving net debt at 12.8x EBITDA.
HY21 · Released 29 March 2021
Headline growth reflects the Dairyworks acquisition while infant formula volumes fell 16% and inventory days reached 111.4, above the historical
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