Market cap
$57.8m
End-of-day close multiplied by current shares on issue.
STU · NZX
Steel & Tube Holdings (STU)
Construction & Materials / Steel distributionCovered: FY23 - FY267 published briefings
Steel & Tube Holdings is an NZX-listed construction & materials / steel distribution company. Its latest covered result is FY26, with FY23 - FY26 of source-backed result history on Annolyse.
Sections
Latest result
Latest metrics
FY26, released 26 August 2026
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| Metric | Value | Change |
|---|---|---|
| Revenue | $438.9m | ↑ +13.9% |
| EBITDA | -$45.8m | n/m |
| NPAT | -$61.2m | ↓ -150.8% |
| Operating cash flow | $12.7m | ↑ +22.0% |
| OCF / EBITDA % | -27.8% | ↑ +389.9pp |
| Net debt | $48m | ↑ +32.2% |
| Net debt / EBITDA | n/m | — |
| ROE % | -50.2%Outside range low roe. -50.2%; 3-period range -12.8% to 8.2%. ROE: -50.2%, below normal range; 3-period mean -1.1%, range -12.8%-8.2%. | ↓ -37.4pp |
| PBT | -$82.7m | ↓ -149.8% |
| FCF pre-lease | $5.7m | ↑ +61.3% |
Source: latest published briefing (FY26, released 26 August 2026). Change compares against the prior equivalent period: FY25, released 25 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, 4 September 2026
Price and market cap
The latest close and share count context for the market price.
i
Profitability multiples
How the market price compares with recent earnings and cash-flow inputs.
P/E
Not available
Not meaningful when recent earnings are negative.
EPS
-0.33
Recent filing-derived earnings per share.
PEG
Not available
Not available for this company right now.
EV/EBITDA
Not available
Not meaningful when recent EBITDA is negative.
P/FCF
10.09x
Market cap compared with recent free cash flow.
P/B
0.48x
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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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 STU
Ask follow-up questions about Steel & Tube Holdings's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Ask about STU
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 MONTHS26 August 2026 | HY266 MONTHS25 February 2026 | FY2512 MONTHS25 August 2025 | HY256 MONTHS24 February 2025 | FY2412 MONTHS26 August 2024 | HY246 MONTHS20 February 2024 | FY2312 MONTHS21 August 2023 | Trend |
|---|---|---|---|---|---|---|---|---|
| Revenue | $438.9m | $211.9m | $385.4m | $196m | $479.1m | $261.8m | $589.1m | Chart |
| Revenue growth % | 13.9%Outside range high revenue growth. 13.9%; 3-period range -19.6% to -1.7%. Revenue growth: 13.9%, above normal range; 3-period mean -13.3%, range -19.6%--1.7%. | 8.1% | -19.6%Outside range low revenue growth. -19.6%; 3-period range -18.7% to 13.9%. Revenue growth: -19.6%, below normal range; 3-period mean -2.2%, range -18.7%-13.9%. | -25.1% | -18.7% | -17.0% | -1.7% | Chart
|
| EBITDA | -$45.8m | $1.2m | -$2.5m | $0.56m | $31.4m | $21.2m | $51.9m | Chart |
| EBITDA margin % | -10.4%Outside range low ebitda margin. -10.4%; 3-period range -0.6% to 8.8%. EBITDA margin: -10.4%, below normal range; 3-period mean 4.9%, range -0.6%-8.8%. | 0.6% | -0.6% | 0.3% | 6.6% | 8.1% | 8.8%Outside range high ebitda margin. 8.8%; 3-period range -10.4% to 6.6%. EBITDA margin: 8.8%, above normal range; 3-period mean -1.5%, range -10.4%-6.6%. | Chart
|
| PBT | -$82.7m | -$17.1m | -$33.1m | -$14.3m | $3.8m | $7.5m | $23.8m | Chart |
| PBT growth % | — | — | — | — | -84.0% | -54.5% | -43.2% | Chart |
| NPAT | -$61.2m | -$12.4m | -$24.4m | -$10.4m | $2.6m | $5.3m | $17m | Chart |
| NPAT growth % | — | — | — | — | -84.5% | -55.1% | -43.7% | Chart |
| Operating cash flow | $12.7m | $5.6m | $10.4m | $23.1m | $42.2m | $38.7m | $98.3m | Chart |
| OCF / EBITDA % | -27.8% | 464.8% | -417.7% | n/m | 134.4% | 182.9% | 189.5% | Chart |
| FCF pre-lease | $5.7m | $1.8m | $3.6m | $19.3m | $32.7m | — | $92m | Chart |
| FCF post-lease | — | — | — | — | $32.7m | — | — | — |
| DPS | — | — | — | — | 2.0c | 4.0c | 4.0c | Chart |
| Payout ratio vs NPAT % | — | — | — | — | 375.0% | 125.0% | 77.7% | Chart |
| Annual payout ratio vs EPS % | — | — | — | — | 375.0% | — | 77.7% | Chart |
| ROE % | -50.2%Outside range low roe. -50.2%; 3-period range -12.8% to 8.2%. ROE: -50.2%, below normal range; 3-period mean -1.1%, range -12.8%-8.2%. | -7.3% | -12.8% | -5.6% | 1.3% | 2.6% | 8.2%Outside range high roe. 8.2%; 3-period range -50.2% to 1.3%. ROE: 8.2%, above normal range; 3-period mean -20.6%, range -50.2%-1.3%. | Chart
|
| Net debt | $48m | $43m | $36.3m | -$17.5m | -$8.7m | -$26.3m | -$6.5m | Chart |
| Net debt / EBITDA | n/m | 35.86x | n/m | n/m | n/m | n/m | n/m | Chart |
| Debtor days | 50 | 47 | 52Outside range high debtor days. 52d; 3-period range 42d to 50d. Debtor days: 52.1 days, above normal range; 3-period mean 44.8 days, range 41.8 days-49.8 days. | 39 | 42Outside range low debtor days. 42d; 3-period range 43d to 52d. Debtor days: 41.8 days, below normal range; 3-period mean 48.2 days, range 42.7 days-52.1 days. | 38 | 43 | Chart
|
| Inventory days | 92 | 100 | 108 | 102 | 92 | 90 | 86 | Chart |
| Total assets | $362.6m | $393.2m | $402.6m | $334.3m | $353.8m | $350.2m | $364.1m | Chart |
Reference: annolyse.ai/companies/stu
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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- FY25 STU FY: Outside range low revenue growth. -19.6%; 3-period range -18.7% to 13.9%. Revenue growth: -19.6%, below normal range; 3-period mean -2.2%, range -18.7%-13.9%.
- FY26 STU FY: Outside range high revenue growth. 13.9%; 3-period range -19.6% to -1.7%. Revenue growth: 13.9%, above normal range; 3-period mean -13.3%, range -19.6%--1.7%.
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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- FY23 STU FY: Outside range high ebitda margin. 8.8%; 3-period range -10.4% to 6.6%. EBITDA margin: 8.8%, above normal range; 3-period mean -1.5%, range -10.4%-6.6%.
- FY26 STU FY: Outside range low ebitda margin. -10.4%; 3-period range -0.6% to 8.8%. EBITDA margin: -10.4%, below normal range; 3-period mean 4.9%, range -0.6%-8.8%.
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.
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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- FY23 STU FY: Outside range high roe. 8.2%; 3-period range -50.2% to 1.3%. ROE: 8.2%, above normal range; 3-period mean -20.6%, range -50.2%-1.3%.
- FY26 STU FY: Outside range low roe. -50.2%; 3-period range -12.8% to 8.2%. ROE: -50.2%, below normal range; 3-period mean -1.1%, range -12.8%-8.2%.
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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- FY24 STU FY: Outside range low debtor days. 42d; 3-period range 43d to 52d. Debtor days: 41.8 days, below normal range; 3-period mean 48.2 days, range 42.7 days-52.1 days.
- FY25 STU FY: Outside range high debtor days. 52d; 3-period range 42d to 50d. Debtor days: 52.1 days, above normal range; 3-period mean 44.8 days, range 41.8 days-49.8 days.
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 Net cash of $17.5m flipped to $43.0m net debt as losses widened 19.7%
No forward targets or guidance are supplied in the release excerpts, so this briefing assesses only what HY26 does and does not support. The supplied second-half shape context is unhelpful as a forecast: HY25 represented 50.9% of FY25 revenue but 222% of FY25 operating cash flow, and FY25 EBITDA was negative overall. That HY25 cash performance was clearly not repeatable, which makes the HY26 OCF decline less surprising in isolation but does not explain the working-capital build or the margin squeeze.
What the release does support: an acquisition-assisted revenue lift, continued cost discipline ("close working capital and cash controls"), and a deliberate decision to pass on the interim dividend. What it does not support: any read on when base-business margins stabilise or when the balance sheet rebuilds.
Open questions
Open questions from HY26
- What is the underlying revenue and margin trajectory of the base business excluding Perry galvanizing, and when does the squeeze stabilise?
- Why did receivable days extend 7.6 days, and is this customer-mix, terms, or end-market stress?
- How much headroom remains under the bank facilities after the $50.0m drawn, and what covenant tests apply at current EBITDA levels?
- What earnings and cash contribution did Perry galvanizing add in the half, and on what multiple was it acquired?
- When does the board expect to be in a position to resume dividends, given the no-dividend decision this half?
This briefing cannot assess the standalone economics of the Perry galvanizing acquisition or the company's covenant position, because neither is disclosed in the supplied materials.
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
Steel & Tube FY26 Annual Report
FY26 / financial reportSteel & Tube FY26 Appendix 2
FY26 / results announcementSteel & Tube FY26 Results Announcement
FY26 / results releaseSteel & Tube FY26 Results Presentation
FY26 / results presentationPrior comparable period
Steel & Tube - FY25 Annual Report
FY25 / financial reportSteel & Tube - FY25 Appendix 2
FY25 / results announcementSteel & Tube - FY25 Results Announcement
FY25 / results releaseSteel & Tube - FY25 Results Presentation
FY25 / results presentationInterim context
Steel & Tube - 1H26 Interim Report
HY26 / financial reportSteel & Tube - 1H26 Results Announcement
HY26 / results announcementSteel & Tube - 1H26 Results Media Release
HY26 / media releaseSteel & Tube - 1H26 Results Presentation
HY26 / results presentationRelease context
Steel & Tube - FY25 Results Presentation Amendment
FY25 / commentaryPeer context
Steel distribution comparison set
These companies share the same curated sub-sector label. Their reporting definitions can still differ, so compare the underlying measures before ranking them.
Archive
Briefing archive
The full chronological archive contains every published result briefing.
FY26 · Released 26 August 2026
Revenue up 13.9% but EBITDA margin fell to -10.4%, PBT down 149.7%
Above-range revenue growth did not offset a below-range EBITDA margin, as losses deepened and equity fell 33.2%.
Read briefing
HY26 · Released 25 February 2026
Net cash of $17.5m flipped to $43.0m net debt as losses widened 19.7%
Operating cash flow fell 75.9% to $5.6m and base-business margins squeezed even as the Perry galvanizing acquisition lifted reported revenue 8.1%.
Read briefing
FY25 · Released 25 August 2025
Revenue fell 19.6% and EBITDA swung to a $2.5m loss as net debt hit $36.3m
A new $50.0m facility funded acquisitions at the cycle bottom even as 2H operating cash flow turned negative and the final dividend was suspended.
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HY25 · Released 24 February 2025
Steel & Tube swung to $14.3m loss as EBITDA collapsed 97.4%
Revenue fell 25.1% and the dividend was pulled, while $23.1m of operating cash flow leaned on a $28.4m working-capital release.
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FY24 · Released 26 August 2024
PBT collapsed 84% as second half slid into NPAT loss
A $36.3m working-capital release flattered operating cash while the 6c full-year dividend ran at 375% of NPAT and ROE fell to 1.3%.
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HY24 · Released 20 February 2024
Distribution profit fell 70% as inventory drawdown cleared all bank debt
Revenue declined 17.0% and NPAT 55.1%, but a $46.4m inventory release funded zero gross borrowings and $26.3m of cash.
Read briefing
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