TRA · NZX

Turners Automotive Group (TRA)

Consumer / Automotive retail and financeCovered: FY20 - FY268 published briefings

Turners Automotive Group is an NZX-listed consumer / automotive retail and finance company with FY20 - FY26 of published result briefings.

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Snapshot

Latest metrics

FY26, released 21 May 2026

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TRA latest metrics
Metric	Value	Change
Revenue	$450.2m	↑ +8.2%
NPAT	$38.2m	↑ +15.8%
Operating cash flow	-$75m	↓ -352.7%
Net debt	$566.1m	↑ +38.8%
ROE %	12.0%	↑ +0.2pp
DPS	9.0c	↓ -64.7%
Payout ratio vs NPAT %	78.2%Outside range high payout ratio versus npat. 78.2%; 3-period range 19.1% to 67.6%. Payout ratio versus NPAT: 78.2%, above normal range; 3-period mean 50.0%, range 19.1%-67.6%.	↑ +10.6pp
Annual payout ratio vs EPS %	78.3%	↑ +10.7pp
PBT	$55.8m	↑ +13.6%
FCF pre-lease	-$116.7m	↓ -1157.9%

Source: latest published briefing (FY26, released 21 May 2026). Change compares against the prior equivalent period: FY24, released 26 May 2025.

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Longitudinal view

Performance over time

The latest period is shown first.

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TRA metric history
Metric	FY2612 MONTHS21 May 2026	FY2412 MONTHS26 May 2025	HY256 MONTHS25 November 2024	HY226 MONTHS22 November 2023	HY236 MONTHS22 November 2022	FY2212 MONTHS24 May 2022	HY216 MONTHS18 November 2021	FY2012 MONTHS25 May 2021	Trend
Revenue	$450.2m	$416.1m	$208.6m	$213.9m	$185m	$342m	$164.6m	$296.5m	Chart
Revenue growth %	9.0%	7.0%	-2.5%Outside range low revenue growth. -2.5%; 3-period range 12.4% to 16.7%. Revenue growth: -2.5%, below normal range; 3-period mean 14.9%, range 12.4%-16.7%.	15.6%	12.4%	15.4%Outside range high revenue growth. 15.4%; 3-period range -10.7% to 9%. Revenue growth: 15.4%, above normal range; 3-period mean 1.8%, range -10.7%-9.0%.	16.7%Outside range high revenue growth. 16.7%; 3-period range -2.5% to 15.6%. Revenue growth: 16.7%, above normal range; 3-period mean 8.5%, range -2.5%-15.6%.	-10.7%Outside range low revenue growth. -10.7%; 3-period range 7% to 15.4%. Revenue growth: -10.7%, below normal range; 3-period mean 10.5%, range 7.0%-15.4%.	Chart HY25 Revenue growth %: Outside range low revenue growth. -2.5%; 3-period range 12.4% to 16.7%. Revenue growth: -2.5%, below normal range; 3-period mean 14.9%, range 12.4%-16.7%.
EBITDA	—	$58.6m	—	$30.2m	$26.1m	—	—	—	Chart
EBITDA margin %	—	14.1%	—	14.1%	14.1%	—	—	—	Chart
PBT	$55.8m	$49.1m	$26.9m	$25.7m	$23.4m	$43.1m	$23.2m	$37.4m	Chart
PBT growth %	2.8%	0.0%Outside range low pbt growth. 0%; 3-period range 2.8% to 28.5%. PBT growth: 0.0%, below normal range; 3-period mean 15.5%, range 2.8%-28.5%.	4.7%	9.8%	0.9%Outside range low pbt growth. 0.9%; 3-period range 4.7% to 24.1%. PBT growth: 0.9%, below normal range; 3-period mean 12.9%, range 4.7%-24.1%.	15.2%	24.1%Outside range high pbt growth. 24.1%; 3-period range 0.9% to 9.8%. PBT growth: 24.1%, above normal range; 3-period mean 5.1%, range 0.9%-9.8%.	28.5%Outside range high pbt growth. 28.5%; 3-period range 0% to 15.2%. PBT growth: 28.5%, above normal range; 3-period mean 6.0%, range 0.0%-15.2%.	Chart HY23 PBT growth %: Outside range low pbt growth. 0.9%; 3-period range 4.7% to 24.1%. PBT growth: 0.9%, below normal range; 3-period mean 12.9%, range 4.7%-24.1%. FY24 PBT growth %: Outside range low pbt growth. 0%; 3-period range 2.8% to 28.5%. PBT growth: 0.0%, below normal range; 3-period mean 15.5%, range 2.8%-28.5%.
NPAT	$38.2m	$33m	$19.3m	$18.5m	$17.1m	$31.3m	$16.9m	$26.9m	Chart
NPAT growth %	-1.0%Outside range low npat growth. -1%; 3-period range 0% to 28.1%. NPAT growth: -1.0%, below normal range; 3-period mean 14.8%, range 0.0%-28.1%.	0.0%	4.3%	8.2%	1.2%Outside range low npat growth. 1.2%; 3-period range 4.3% to 26.1%. NPAT growth: 1.2%, below normal range; 3-period mean 12.9%, range 4.3%-26.1%.	16.4%	26.1%Outside range high npat growth. 26.1%; 3-period range 1.2% to 8.2%. NPAT growth: 26.1%, above normal range; 3-period mean 4.6%, range 1.2%-8.2%.	28.1%Outside range high npat growth. 28.1%; 3-period range -1% to 16.4%. NPAT growth: 28.1%, above normal range; 3-period mean 5.1%, range -1.0%-16.4%.	Chart HY23 NPAT growth %: Outside range low npat growth. 1.2%; 3-period range 4.3% to 26.1%. NPAT growth: 1.2%, below normal range; 3-period mean 12.9%, range 4.3%-26.1%. FY26 NPAT growth %: Outside range low npat growth. -1%; 3-period range 0% to 28.1%. NPAT growth: -1.0%, below normal range; 3-period mean 14.8%, range 0.0%-28.1%.
Operating cash flow	-$75m	$29.7m	$26.9m	$14.6m	$8m	-$43.9m	-$22.7m	$10.9m	Chart
OCF / EBITDA %	—	50.6%	—	48.4%	30.8%	—	—	—	Chart
FCF pre-lease	-$116.7m	$11m	$8.5m	$5.9m	-$1.8m	-$60.1m	-$31.2m	$2.2m	Chart
DPS	9.0c	25.5c	7.0c	6.0c	5.0c	7.0c	5.0c	6.0c	Chart
Payout ratio vs NPAT %	78.2%Outside range high payout ratio versus npat. 78.2%; 3-period range 19.1% to 67.6%. Payout ratio versus NPAT: 78.2%, above normal range; 3-period mean 50.0%, range 19.1%-67.6%.	67.6%	32.1%Outside range high payout ratio versus npat. 32.1%; 3-period range 25.3% to 28.2%. Payout ratio versus NPAT: 32.1%, above normal range; 3-period mean 26.3%, range 25.3%-28.2%.	28.2%	25.3%Outside range low payout ratio versus npat. 25.3%; 3-period range 25.5% to 32.1%. Payout ratio versus NPAT: 25.3%, below normal range; 3-period mean 28.6%, range 25.5%-32.1%.	63.2%	25.5%	19.1%Outside range low payout ratio versus npat. 19.1%; 3-period range 63.2% to 78.2%. Payout ratio versus NPAT: 19.1%, below normal range; 3-period mean 69.7%, range 63.2%-78.2%.	Chart HY23 Payout ratio vs NPAT %: Outside range low payout ratio versus npat. 25.3%; 3-period range 25.5% to 32.1%. Payout ratio versus NPAT: 25.3%, below normal range; 3-period mean 28.6%, range 25.5%-32.1%. HY25 Payout ratio vs NPAT %: Outside range high payout ratio versus npat. 32.1%; 3-period range 25.3% to 28.2%. Payout ratio versus NPAT: 32.1%, above normal range; 3-period mean 26.3%, range 25.3%-28.2%. FY26 Payout ratio vs NPAT %: Outside range high payout ratio versus npat. 78.2%; 3-period range 19.1% to 67.6%. Payout ratio versus NPAT: 78.2%, above normal range; 3-period mean 50.0%, range 19.1%-67.6%.
Annual payout ratio vs EPS %	78.3%	67.6%	—	—	—	63.2%	—	19.1%	Chart
ROE %	12.0%	11.8%	6.7%	6.8%	6.4%Outside range low roe. 6.4%; 3-period range 6.7% to 6.8%. ROE: 6.4%, below normal range; 3-period mean 6.8%, range 6.7%-6.8%.	12.4%	6.8%Outside range high roe. 6.8%; 3-period range 6.4% to 6.8%. ROE: 6.8%, above normal range; 3-period mean 6.6%, range 6.4%-6.8%.	11.5%	Chart HY23 ROE %: Outside range low roe. 6.4%; 3-period range 6.7% to 6.8%. ROE: 6.4%, below normal range; 3-period mean 6.8%, range 6.7%-6.8%.
Net debt	$566.1m	$407.8m	$408.9m	$404.7m	$413.1m	$399.4m	$360.1m	$327.7m	Chart
Net debt / EBITDA	—	6.96x	—	13.4x	15.83x	—	—	—	Chart
Debtor days	6	6Outside range low debtor days. 6d; 3-period range 6d to 9d. Debtor days: 6.4 days, below normal range; 3-period mean 7.8 days, range 6.5 days-8.8 days.	6	9Outside range high debtor days. 9d; 3-period range 5d to 8d. Debtor days: 9.0 days, above normal range; 3-period mean 6.5 days, range 5.4 days-8.0 days.	5Outside range low debtor days. 5d; 3-period range 6d to 9d. Debtor days: 5.4 days, below normal range; 3-period mean 7.7 days, range 6.0 days-9.0 days.	8	8	9Outside range high debtor days. 9d; 3-period range 6d to 8d. Debtor days: 8.8 days, above normal range; 3-period mean 7.0 days, range 6.4 days-8.1 days.	Chart HY23 Debtor days: Outside range low debtor days. 5d; 3-period range 6d to 9d. Debtor days: 5.4 days, below normal range; 3-period mean 7.7 days, range 6.0 days-9.0 days. HY22 Debtor days: Outside range high debtor days. 9d; 3-period range 5d to 8d. Debtor days: 9.0 days, above normal range; 3-period mean 6.5 days, range 5.4 days-8.0 days. FY24 Debtor days: Outside range low debtor days. 6d; 3-period range 6d to 9d. Debtor days: 6.4 days, below normal range; 3-period mean 7.8 days, range 6.5 days-8.8 days.
Inventory days	22Outside range low inventory days. 22d; 3-period range 22d to 37d. Inventory days: 21.8 days, below normal range; 3-period mean 31.1 days, range 22.0 days-37.2 days.	22	14Outside range low inventory days. 14d; 3-period range 20d to 35d. Inventory days: 14.1 days, below normal range; 3-period mean 27.1 days, range 20.3 days-35.3 days.	20	26	34	35Outside range high inventory days. 35d; 3-period range 14d to 26d. Inventory days: 35.3 days, above normal range; 3-period mean 20.0 days, range 14.1 days-25.8 days.	37Outside range high inventory days. 37d; 3-period range 22d to 34d. Inventory days: 37.2 days, above normal range; 3-period mean 26.0 days, range 21.8 days-34.1 days.	Chart HY25 Inventory days: Outside range low inventory days. 14d; 3-period range 20d to 35d. Inventory days: 14.1 days, below normal range; 3-period mean 27.1 days, range 20.3 days-35.3 days. FY26 Inventory days: Outside range low inventory days. 22d; 3-period range 22d to 37d. Inventory days: 21.8 days, below normal range; 3-period mean 31.1 days, range 22.0 days-37.2 days.
Total assets	$1.1b	$865.7m	$875.5m	$852.9m	$850.6m	$825.7m	$763.6m	$718.5m	Chart

Reference: annolyse.ai/companies/tra

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.

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

FY24 → FY26 Follow-through

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

Historical setup

What FY24 said to watch

From Operating cash flow dropped to $29.7m from $66.8m on 7.0% revenue growth

The result cleared the stated FY24 target of at least $48m net profit before tax, with PBT at $49.1m. Half-year context shows HY24 contributed 58.5% of full-year NPAT and 50.1% of full-year revenue, implying a weaker second half on NPAT (around $13.7m) despite a roughly balanced revenue shape. The interim commentary references an FY25 NPBT target above $50m, so the bar steps up only modestly. The current release does not provide segment-level guidance, working-capital outlook, or commentary on whether the cash-conversion gap is expected to reverse, so the read is supported on the earnings target but unsupported on cash trajectory.

Open questions

Open questions from FY24

Why did operating cash flow fall to $29.7m from $66.8m when revenue grew 7.0% and trading working capital tightened?
How is the 25.5 cents-per-share dividend being funded given pre-lease free cash flow covers only 33.5% of NPAT?
What is the expected trajectory of the finance receivables book, and what funding cost and credit-loss assumptions sit behind the FY25 NPBT target?
How does management plan to manage net debt and leverage if the cash-conversion pattern continues?
Will capex stay at the current 4.5%-of-revenue run-rate, or does growth in the receivables book and branch network require it to step back up?

This briefing cannot assess credit quality of the finance receivables book, funding-cost sensitivity, or unit economics within Auto Retail because the release does not disclose volumes, gross profit per unit, or credit-loss provisioning at a comparable level.

Briefing archive

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

FY26 · Released 21 May 2026

Credit Management impairment of $7.5m masks core-segment growth at TRA

Reported NPAT slipped to $38.2m even as Auto Retail, Finance and Insurance segments all delivered higher profit results.

Read briefing

FY24 · Released 26 May 2025

Operating cash flow dropped to $29.7m from $66.8m on 7.0% revenue growth

Reported earnings looked steady, yet cash generation fell sharply and free cash flow no longer covers the declared dividend.

Read briefing

HY25 · Released 25 November 2024

Finance and Insurance lifted PBT 4.7% as Auto Retail eased revenue 2.5% lower

Earnings held up versus a -2.5% top line that sits well below the 14.9% historical growth mean, with Auto Retail's segment result down 18%.

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HY22 · Released 22 November 2023

Record PBT up 9.8% as Finance segment result halved and Auto Retail surged

Revenue grew 15.6% but PBT margin slipped to 12.0%, below the 12.7–14.1% historical range, as segment economics rotated sharply.

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HY23 · Released 22 November 2022

Record PBT of $23.4m masks Finance margin squeeze and $5.8m WC absorption

Revenue rose to $185.0m but PBT barely advanced from $23.2m, with operating working capital absorbing $5.8m versus a $0.3m historical norm.

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FY22 · Released 24 May 2022

FY22 NPAT $31.3m as operating cash swung to a $43.9m outflow

Earnings growth was funded by a $73.2m rise in gross borrowings to $412.8m as finance-book expansion absorbed operating cash.

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HY21 · Released 18 November 2021

NPAT rose 26.1% but operating cash flow swung NZ$50.4m negative

Reported earnings reached historical highs while pre-lease free cash flow ran NZ$31.2m negative, funded by NZ$59.9m of additional borrowings.

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FY20 · Released 25 May 2021

Turners PBT up 28.5% on 10.7% revenue decline as assets nearly doubled

Margin expansion across three of four segments lifted earnings, but borrowings rose 94.3% and cash fell 63.8% as inventory more than doubled.

Read briefing

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Turners Automotive Group (TRA)

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Performance over time

Operating working-capital movement

FY24 → FY26 Follow-through

What FY24 said to watch

Open questions from FY24

Briefing archive

Credit Management impairment of $7.5m masks core-segment growth at TRA

Operating cash flow dropped to $29.7m from $66.8m on 7.0% revenue growth

Finance and Insurance lifted PBT 4.7% as Auto Retail eased revenue 2.5% lower

Record PBT up 9.8% as Finance segment result halved and Auto Retail surged

Record PBT of $23.4m masks Finance margin squeeze and $5.8m WC absorption

FY22 NPAT $31.3m as operating cash swung to a $43.9m outflow

NPAT rose 26.1% but operating cash flow swung NZ$50.4m negative

Turners PBT up 28.5% on 10.7% revenue decline as assets nearly doubled

Get notified when TRA publishes

Turners Automotive Group (TRA)

Latest metrics

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Performance over time

Operating working-capital movement

FY24 → FY26 Follow-through

What FY24 said to watch

Open questions from FY24

Briefing archive

Credit Management impairment of $7.5m masks core-segment growth at TRA

Operating cash flow dropped to $29.7m from $66.8m on 7.0% revenue growth

Finance and Insurance lifted PBT 4.7% as Auto Retail eased revenue 2.5% lower

Record PBT up 9.8% as Finance segment result halved and Auto Retail surged

Record PBT of $23.4m masks Finance margin squeeze and $5.8m WC absorption

FY22 NPAT $31.3m as operating cash swung to a $43.9m outflow

NPAT rose 26.1% but operating cash flow swung NZ$50.4m negative

Turners PBT up 28.5% on 10.7% revenue decline as assets nearly doubled

Get notified when TRA publishes

Turners Automotive Group (TRA)

Latest metrics

Ask about TRA

Ask about TRA

Sign in to chat

Performance over time

Operating working-capital movement

FY24 → FY26 Follow-through

What FY24 said to watch

Open questions from FY24

Briefing archive

Credit Management impairment of $7.5m masks core-segment growth at TRA

Operating cash flow dropped to $29.7m from $66.8m on 7.0% revenue growth

Finance and Insurance lifted PBT 4.7% as Auto Retail eased revenue 2.5% lower

Record PBT up 9.8% as Finance segment result halved and Auto Retail surged

Record PBT of $23.4m masks Finance margin squeeze and $5.8m WC absorption

FY22 NPAT $31.3m as operating cash swung to a $43.9m outflow

NPAT rose 26.1% but operating cash flow swung NZ$50.4m negative

Turners PBT up 28.5% on 10.7% revenue decline as assets nearly doubled

Compare this company

Get notified when TRA publishes

Turners Automotive Group (TRA)

Latest metrics

Ask about TRA

Ask about TRA

Sign in to chat

Performance over time

Operating working-capital movement

FY24 → FY26 Follow-through

What FY24 said to watch

Open questions from FY24

Briefing archive

Credit Management impairment of $7.5m masks core-segment growth at TRA

Operating cash flow dropped to $29.7m from $66.8m on 7.0% revenue growth

Finance and Insurance lifted PBT 4.7% as Auto Retail eased revenue 2.5% lower

Record PBT up 9.8% as Finance segment result halved and Auto Retail surged

Record PBT of $23.4m masks Finance margin squeeze and $5.8m WC absorption

FY22 NPAT $31.3m as operating cash swung to a $43.9m outflow

NPAT rose 26.1% but operating cash flow swung NZ$50.4m negative

Turners PBT up 28.5% on 10.7% revenue decline as assets nearly doubled

Compare this company

Get notified when TRA publishes