Market cap
$629m
End-of-day close multiplied by current shares on issue.
THL · NZX
Tourism Holdings (THL)
Consumer / Tourism and vehicle rentalsCovered: FY24 - FY266 published briefings
Tourism Holdings is an NZX-listed consumer / tourism and vehicle rentals company. Its latest covered result is FY26, with FY24 - FY26 of source-backed result history on Annolyse.
Sections
Latest result
Latest metrics
FY26, released 25 August 2026
← Swipe to view more
| Metric | Value | Change |
|---|---|---|
| Revenue | $852.9m | ↓ -9.0% |
| EBITDA | $218.2m | ↑ +41.5% |
| NPAT | $38.4m | ↑ +248.8% |
| Operating cash flow | $67.3m | ↑ +135.5% |
| OCF / EBITDA % | 30.8% | ↑ +12.3pp |
| Net debt | $434.9m | ↓ -11.5% |
| Net debt / EBITDA | 1.99x | ↓ -37.6% |
| ROE % | 6.0% | ↑ +10.5pp |
| DPS | 7.5c | ↑ +87.5% |
| Payout ratio vs NPAT % | 60.4% | — |
Source: latest published briefing (FY26, released 25 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
16.38x
Recent market cap compared with trailing earnings.
EPS
0.17
Recent filing-derived earnings per share.
PEG
Not available
Not available for this company right now.
EV/EBITDA
4.88x
Enterprise value compared with recent EBITDA.
P/FCF
10.82x
Market cap compared with recent free cash flow.
P/B
0.98x
Market value compared with latest reported equity.
Income and investment-company measures
Yield and investment-company valuation where supported.
Dividend yield
2.5%
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.
Loading chart...
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.
Loading chart...
Chat
Ask about THL
Ask follow-up questions about Tourism Holdings's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Ask about THL
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Financial history
Performance over time
The latest period is shown first.
← Swipe to view more
| Metric | FY2612 MONTHS25 August 2026 | HY266 MONTHS23 February 2026 | FY2512 MONTHS25 August 2025 | HY256 MONTHS25 February 2025 | HY246 MONTHS20 February 2024 | FY2412 MONTHS11 January 2024 | Trend |
|---|---|---|---|---|---|---|---|
| Revenue | $852.9m | $477.3m | $937.2m | $458.4m | $449.2m | $921.7m | Chart |
| Revenue growth % | -9.0% | 4.1% | 1.7% | 2.0% | 72.1% | 38.8% | Chart |
| EBITDA | $218.2m | $125.8m | $154.2m | $113.3m | $119.7m | $194.4m | Chart |
| EBITDA margin % | 25.6% | 26.4% | 16.5% | 24.7% | 26.6% | 21.1% | Chart |
| PBT | $60.8m | $40.7m | -$4.9m | $35.2m | $56m | $58.4m | Chart |
| PBT growth % | — | 15.6% | — | -37.1% | 53.8% | -12.8% | Chart |
| NPAT | $38.4m | $29.6m | -$25.8m | $25.3m | $39.7m | $39.4m | Chart |
| NPAT growth % | — | 17.0% | — | -36.3% | 57.5% | -21.0% | Chart |
| Operating cash flow | $67.3m | $40.5m | $28.6m | $24.3m | -$78.8m | -$95.6m | Chart |
| OCF / EBITDA % | 30.8% | 32.2% | 18.5% | 21.4% | -65.9% | -49.2% | Chart |
| FCF pre-lease | $58.1m | $34.8m | -$9.8m | $6.9m | -$83m | -$458.6m | Chart |
| DPS | 7.5c | 3.0c | 4.0c | 2.5c | 4.5c | 5.0c | Chart |
| Payout ratio vs NPAT % | 60.4% | 22.4% | — | 21.7% | 24.5% | 52.2% | Chart |
| Annual payout ratio vs EPS % | 60.4% | — | — | — | — | 52.2% | Chart |
| ROE % | 6.0% | 4.7% | -4.5% | 8.0% | 6.4% | 6.4% | Chart |
| Net debt | $434.9m | $492.6m | $491.4m | $477.3m | $403.3m | $445.9m | Chart |
| Net debt / EBITDA | 1.99x | 3.92x | 3.19x | 4.21x | 3.37x | 2.29x | Chart |
| Debtor days | 9 | 18 | 8 | 20 | 26 | 11 | Chart |
| Inventory days | 58 | 61 | 65 | 94 | 81 | 88 | Chart |
| Total assets | $1.6b | $1.6b | $1.6b | $1.6b | $1.4b | $1.5b | Chart |
Reference: annolyse.ai/companies/thl
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.
Loading chart...
Revenue growth
Like-period revenue growth where comparable.
Loading chart...
EBITDA-equivalent
Company-specific earnings measure where disclosed.
Loading chart...
EBITDA margin
EBITDA-equivalent margin where revenue and earnings are source-backed.
Loading chart...
NPAT
Statutory profit after tax.
Loading chart...
Operating cash flow
Cash generated from operations.
Loading chart...
More financial metrics
Additional filing-backed metrics for this company. Each point links to the relevant published briefing.
OCF / EBITDA
Cash conversion against earnings.
Loading chart...
FCF pre-lease
Operating cash flow less capex before leases.
Loading chart...
ROE
Return on equity.
Loading chart...
Net debt
Borrowings less cash; negative values indicate net cash.
Loading chart...
Net debt / EBITDA
Leverage ratio, suppressed where earnings are not meaningful.
Loading chart...
DPS
Dividend per share declared for the period.
Loading chart...
Payout ratio
Dividend payout against statutory NPAT.
Loading chart...
Debtor days
Receivables days where the working-capital inputs are source-backed.
Loading chart...
Inventory days
Inventory days where the working-capital inputs are source-backed.
Loading chart...
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.
Loading chart...
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 NPAT up 17%, but deferred fleet capex and inventory destock flatter cash
No formal earnings guidance is supplied; management points to FY26 NPAT trajectory toward a $100m NPAT goal and FY27 carrying "all the hallmarks" of further upside, without specifying timing. THL has historically been H2-weighted on revenue (HY25 was 48.9% of FY25 revenue), but FY25's full-year statutory NPAT was a $25.8m loss, so the prior-year H2 shape is not a useful base.
The two near-term tests are visible in this release: H2 fleet capex must return without erasing the leverage progress needed to hit sub-$400m year-end net debt, and the Australian RV cycle must stabilise enough for that segment's 7.2% derived margin to expand toward group levels.
Open questions
Open questions from HY26
- What is the expected H2 fleet capex envelope, and how much of the H1 free-cash-flow uplift will reverse?
- How does management reconcile a target of net debt below $400m at year-end with current net debt of $492.6m and a typical H2 capex bias?
- Why is the Australian segment's derived margin sitting near 7% when North America delivers 24%, and what is the path to closing that gap?
- Is there a stated timeframe attached to the $100m NPAT goal, and what segment contribution mix underpins it?
- What drove the 60bp decline in TTM ROFE to 7.5% beyond the cited fleet timing, and when does it inflect?
This briefing cannot assess underlying segment-level prior-period comparability because prior-half segment revenue and result figures are not supplied in the extraction data.
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
company filing
FY26 / results announcementFY26 Annual Results Investor Presentation
FY26 / results presentationFY26 Integrated Annual Report
FY26 / financial reportNZX/Media Release
FY26 / media releasePrior comparable period
company filing
FY25 / results announcementFY25 Annual Results Presentation
FY25 / results presentationFY25 Integrated Annual Report
FY25 / financial reportNZX/Media Release
FY25 / media releaseInterim context
company filing
HY26 / results announcementFinancial Statements / Chair and CEO Letter
HY26 / financial reportInvestor Presentation
HY26 / results presentationNZX / Media Release
HY26 / media releaseRelease context
Presentation to NZ Shareholders Association
FY26 / commentary2025 Annual Meeting Address
HY26 / commentaryPresentation to NZ Shareholders Association
HY26 / commentaryPeer context
Other covered Consumer 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.
FY26 · Released 25 August 2026
PBT growth of n/m reflects a one-off-depressed FY25 base
Underlying recovery looks real but net debt of $434.9M still sits above thl's own sub-$400M target and ROFE of 8.7% trails its 15% goal.
Read briefing
HY26 · Released 23 February 2026
NPAT up 17%, but deferred fleet capex and inventory destock flatter cash
Operating cash flow rose 67% as capex fell to 1.2% of revenue and inventory shed $78m, with management flagging ANZ fleet spend will normalise in H2.
Read briefing
FY25 · Released 25 August 2025
Tourism Holdings' PBT collapses to a $4.9m loss on a North America slump
Revenue grew 1.7% but PBT fell 108.5% and leverage rose to 3.2x net debt/EBITDA, squeezing financial headroom.
Read briefing
HY25 · Released 25 February 2025
Margin compression across core segments drove a 37.1% PBT decline
Earnings fell sharply as leverage rose to 4.21x EBITDA and the interim dividend was cut 44.4%.
Read briefing
HY24 · Released 20 February 2024
NPAT up 57.5% but operating cash flow reversed $85m to -$78.8m
Reported earnings growth was funded by a $64m working-capital build and $146m more borrowings, leaving net debt near 3.4x EBITDA.
Read briefing
FY24 · Released 11 January 2024
PBT fell 12.8% as USA segment result collapsed
Revenue grew 38.8% to $921.7M but operating earnings declined and net debt rose to $445.9M against EBITDA of $194.4M.
Read briefing
Get notified when THL publishes
Get the next Tourism Holdings result briefing and five-year history updates by email.