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TWR · NZX

Tower (TWR)

Financials / InsuranceCovered: HY21 - HY2611 published briefings

Tower is an NZX-listed financials / insurance company. Its latest covered result is HY26, with HY21 - HY26 of source-backed result history on Annolyse.

Sections

Latest result

Latest metrics

HY26, released 21 May 2026

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TWR latest metrics
MetricValueChange
Revenue$291.2m↓ -1.6%
NPAT$22.9m↓ -53.9%
Operating cash flow$33m↓ -42.8%
ROE %6.8%↓ -22.2pp
DPS5.0c↓ -37.5%
Payout ratio vs NPAT %96.2%↑ +35.6pp
PBT$32.2m↓ -54.1%
Total assets$567.3m↓ -4.9%

Source: latest published briefing (HY26, released 21 May 2026). Change compares against the prior equivalent period: HY25, released 20 May 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, 3 September 2026

Price and market cap

The latest close and share count context for the market price.

Market cap

$652.5m

i

End-of-day close multiplied by current shares on issue.

Profitability multiples

How the market price compares with recent earnings and cash-flow inputs.

P/E

11.47x

i

Recent market cap compared with trailing earnings.

EPS

0.17

i

Recent filing-derived earnings per share.

PEG

Not available

i

Not meaningful without positive comparable earnings growth.

EV/EBITDA

Not available

i

Not meaningful for this company type.

P/FCF

Not available

i

Not available for this company right now.

P/B

2.05x

i

Market value compared with latest reported equity.

Income and investment-company measures

Yield and investment-company valuation where supported.

Dividend yield

11.3%

i

Trailing dividends compared with the latest close.

Total return

Not available

i

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 TWR

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What changed in the latest result?What is unusual in the historical context?How has cash conversion changed over time?Compare this company with CNU.

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Financial history

Performance over time

The latest period is shown first.

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TWR metric history
MetricHY266 MONTHS21 May 2026FY2512 MONTHS27 November 2025HY256 MONTHS20 May 2025FY2412 MONTHS28 November 2024HY246 MONTHS28 May 2024FY2312 MONTHS23 November 2023HY236 MONTHS25 May 2023FY2212 MONTHS23 November 2022HY226 MONTHS26 May 2022FY2112 MONTHS24 November 2021HY216 MONTHS26 May 2021Trend
Revenue$291.2m$594.3m$295.8m$555.8m$269.4m$725.2m$501.4m$441.5m$214.1m$428.2m$203.5m
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Revenue growth %-1.6%6.9%9.8%-23.4%Unprecedented low revenue growth. -23.4%; 4-period range 6.9% to 65.3%. Revenue growth: -23.4%, unprecedented low; 4-period mean 24.7%, range 6.9%-65.3%.-46.3%Outside range low revenue growth. -46.3%; 5-period range -1.6% to 134.2%. Revenue growth: -46.3%, below normal range; 5-period mean 30.9%, range -1.6%-134.2%.65.3%Unprecedented high revenue growth. 65.3%; 4-period range -23.4% to 14.9%. Revenue growth: 65.3%, unprecedented high; 4-period mean 2.5%, range -23.4%-14.9%.134.2%Unprecedented high revenue growth. 134.2%; 5-period range -46.3% to 10.1%. Revenue growth: 134.2%, unprecedented high; 5-period mean -5.2%, range -46.3%-10.1%.11.6%10.1%14.9%1.9%
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  • HY24 Revenue growth %: Outside range low revenue growth. -46.3%; 5-period range -1.6% to 134.2%. Revenue growth: -46.3%, below normal range; 5-period mean 30.9%, range -1.6%-134.2%.
  • FY24 Revenue growth %: Unprecedented low revenue growth. -23.4%; 4-period range 6.9% to 65.3%. Revenue growth: -23.4%, unprecedented low; 4-period mean 24.7%, range 6.9%-65.3%.
EBITDA—————-$11.7m—$23.6m—$28m—
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EBITDA margin %—————-1.6%—5.4%—6.5%—
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PBT$32.2m$117.7m$70.2m$102.7m$47.8m$7.4m-$8.3m$25.2m$5.6m$28.5m$18m
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PBT growth %-54.1%14.6%46.9%n/mUnprecedented high pbt growth. n/m; 4-period range -70.6% to 40.4%. PBT growth: n/m, unprecedented high; 4-period mean -6.8%, range -70.6%-40.4%.—-70.6%Outside range low pbt growth. -70.6%; 4-period range n/m. PBT growth: -70.6%, below normal range; 4-period mean 332.8%, range n/m.—-11.6%-68.9%40.4%-18.6%
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  • FY23 PBT growth %: Outside range low pbt growth. -70.6%; 4-period range n/m. PBT growth: -70.6%, below normal range; 4-period mean 332.8%, range n/m.
  • FY24 PBT growth %: Unprecedented high pbt growth. n/m; 4-period range -70.6% to 40.4%. PBT growth: n/m, unprecedented high; 4-period mean -6.8%, range -70.6%-40.4%.
NPAT$22.9m$83.7m$49.7m$74.3m$36m-$1.2m-$5.1m$18.8m$2.9m$18.7m$11.5m
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NPAT growth %-53.9%12.7%38.1%————0.5%-74.8%57.1%-20.1%
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Operating cash flow$33m$143.8m$57.7m$145.2m$35.3m$10m$18.2m$59.8m$25.1m$98.6m$58.8m
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OCF / EBITDA %—————-85.5%—252.8%—352.6%—
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FCF pre-lease—$142.6m—$142.8m$33.7m$7.5m—$56.6m—$95.5m—
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DPS5.0c16.5c8.0c6.5c3.0c——4.0c2.5c2.5c2.5c
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Payout ratio vs NPAT %96.2%105.2%60.6%48.5%Outside range low payout ratio versus npat. 48.5%; 3-period range 105.2% to 146.7%. Payout ratio versus NPAT: 48.5%, below normal range; 3-period mean 121.6%, range 105.2%-146.7%.31.6%Outside range low payout ratio versus npat. 31.6%; 4-period range 60.6% to 357.1%. Payout ratio versus NPAT: 31.6%, below normal range; 4-period mean 151.6%, range 60.6%-357.1%.——146.7%Outside range high payout ratio versus npat. 146.7%; 3-period range 48.5% to 112.9%. Payout ratio versus NPAT: 146.7%, above normal range; 3-period mean 88.9%, range 48.5%-112.9%.357.1%Unprecedented high payout ratio versus npat. 357.1%; 4-period range 31.6% to 96.2%. Payout ratio versus NPAT: 357.1%, unprecedented high; 4-period mean 70.2%, range 31.6%-96.2%.112.9%92.6%
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  • HY24 Payout ratio vs NPAT %: Outside range low payout ratio versus npat. 31.6%; 4-period range 60.6% to 357.1%. Payout ratio versus NPAT: 31.6%, below normal range; 4-period mean 151.6%, range 60.6%-357.1%.
  • FY24 Payout ratio vs NPAT %: Outside range low payout ratio versus npat. 48.5%; 3-period range 105.2% to 146.7%. Payout ratio versus NPAT: 48.5%, below normal range; 3-period mean 121.6%, range 105.2%-146.7%.
Annual payout ratio vs EPS %—105.2%—48.5%———146.7%—112.9%—
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ROE %6.8%23.9%Unprecedented high roe. 23.9%; 4-period range -0.4% to 20.6%. ROE: 23.9%, unprecedented high; 4-period mean 7.9%, range -0.4%-20.6%.29.0%Unprecedented high roe. 29%; 4-period range 1% to 10.8%. ROE: 29.0%, unprecedented high; 4-period mean 5.5%, range 1.0%-10.8%.20.6%10.8%-0.4%Outside range low roe. -0.4%; 4-period range 5.4% to 23.9%. ROE: -0.4%, below normal range; 4-period mean 14.0%, range 5.4%-23.9%.-1.7%5.9%1.0%Outside range low roe. 1%; 4-period range 3.2% to 29%. ROE: 1.0%, below normal range; 4-period mean 12.5%, range 3.2%-29.0%.5.4%3.2%
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  • HY25 ROE %: Unprecedented high roe. 29%; 4-period range 1% to 10.8%. ROE: 29.0%, unprecedented high; 4-period mean 5.5%, range 1.0%-10.8%.
  • FY25 ROE %: Unprecedented high roe. 23.9%; 4-period range -0.4% to 20.6%. ROE: 23.9%, unprecedented high; 4-period mean 7.9%, range -0.4%-20.6%.
Total assets$567.3m$612.9m$596.4m$635.1m$615m$946.2m—$904.2m$762.5m$802.3m$729.3m
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Reference: annolyse.ai/companies/twr

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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  • HY23 TWR HY: Unprecedented high revenue growth. 134.2%; 5-period range -46.3% to 10.1%. Revenue growth: 134.2%, unprecedented high; 5-period mean -5.2%, range -46.3%-10.1%.
  • HY24 TWR HY: Outside range low revenue growth. -46.3%; 5-period range -1.6% to 134.2%. Revenue growth: -46.3%, below normal range; 5-period mean 30.9%, range -1.6%-134.2%.
  • FY23 TWR FY: Unprecedented high revenue growth. 65.3%; 4-period range -23.4% to 14.9%. Revenue growth: 65.3%, unprecedented high; 4-period mean 2.5%, range -23.4%-14.9%.
  • FY24 TWR FY: Unprecedented low revenue growth. -23.4%; 4-period range 6.9% to 65.3%. Revenue growth: -23.4%, unprecedented low; 4-period mean 24.7%, range 6.9%-65.3%.

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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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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ROE

Return on equity.

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  • HY22 TWR HY: Outside range low roe. 1%; 4-period range 3.2% to 29%. ROE: 1.0%, below normal range; 4-period mean 12.5%, range 3.2%-29.0%.
  • HY25 TWR HY: Unprecedented high roe. 29%; 4-period range 1% to 10.8%. ROE: 29.0%, unprecedented high; 4-period mean 5.5%, range 1.0%-10.8%.
  • FY23 TWR FY: Outside range low roe. -0.4%; 4-period range 5.4% to 23.9%. ROE: -0.4%, below normal range; 4-period mean 14.0%, range 5.4%-23.9%.
  • FY25 TWR FY: Unprecedented high roe. 23.9%; 4-period range -0.4% to 20.6%. ROE: 23.9%, unprecedented high; 4-period mean 7.9%, range -0.4%-20.6%.

DPS

Dividend per share declared for the period.

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Payout ratio

Dividend payout against statutory NPAT.

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  • HY22 TWR HY: Unprecedented high payout ratio versus npat. 357.1%; 4-period range 31.6% to 96.2%. Payout ratio versus NPAT: 357.1%, unprecedented high; 4-period mean 70.2%, range 31.6%-96.2%.
  • HY24 TWR HY: Outside range low payout ratio versus npat. 31.6%; 4-period range 60.6% to 357.1%. Payout ratio versus NPAT: 31.6%, below normal range; 4-period mean 151.6%, range 60.6%-357.1%.
  • FY22 TWR FY: Outside range high payout ratio versus npat. 146.7%; 3-period range 48.5% to 112.9%. Payout ratio versus NPAT: 146.7%, above normal range; 3-period mean 88.9%, range 48.5%-112.9%.
  • FY24 TWR FY: Outside range low payout ratio versus npat. 48.5%; 3-period range 105.2% to 146.7%. Payout ratio versus NPAT: 48.5%, below normal range; 3-period mean 121.6%, range 105.2%-146.7%.

The setup & the reality

FY25 → HY26 Follow-through

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

Historical setup

What FY25 said to watch

Previous analysisFY25Result releasedAnnolyse analysis published

From Combined ratio fell to 74.1% as underwriting result rose to NZ$133.9m

Tower has indicated 5-10% GWP CAGR across FY26-FY28, but no specific FY26 combined-ratio or NPAT target is in the supplied materials. The current 74.1% combined ratio is meaningfully better than the disclosed 87-89% target band, which signals headroom versus internal expectations - though that gap is partly cat-light.

HY25 NPAT of NZ$49.7m represented 59.4% of full-year NPAT, implying second-half NPAT moderated to roughly NZ$33.9m. That shape suggests claims experience and possibly investment income normalised somewhat in H2. What matters from here is whether rate adequacy keeps pace with claims inflation now that the headline rate increases have largely flowed through, and whether the next normal-cat year tests the BAU base.

Open questions

Open questions from FY25

  • What proportion of the BAU claims ratio improvement is structural pricing and risk-selection discipline versus a benign accident year, and what would the combined ratio look like normalised for typical cat load?
  • Why did operating cash flow remain flat despite the NZ$32.9m underwriting result expansion?
  • How does the 5-10% GWP CAGR target for FY26-FY28 reconcile with claims inflation expectations now that headline rate increases have largely cycled through?
  • What is the expected trajectory of Canterbury earthquake claim re-estimates and customer remediation provisions called out as drags on reported profit?
  • Is the disclosed solvency position sufficient to support the materially higher 24.5cps full-year payout through a worse catastrophe year, and what payout policy band does the board now consider sustainable?

This briefing cannot assess the durability of the 4.9pp combined-ratio improvement without normalised weather/catastrophe assumptions from management.

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

Cover Page

HY26 / results release

HY26 Financial Statements

HY26 / financial report

HY26 Results Investor Presentation

HY26 / results presentation

Results Announcement

HY26 / results announcement

Prior comparable period

Interim Financial Statements (including Independent Auditor's Review Report)

HY25 / financial report

Media Release

HY25 / media release

Results Announcement

HY25 / results announcement

Results Announcement Presentation

HY25 / results presentation

Full-year context

Annual Report (Including Financial Statements)

FY25 / financial report

Media Release

FY25 / media release

Results Announcement

FY25 / results announcement

Results Announcement Presentation

FY25 / results presentation

Release context

Tower Updates FY25 Guidance

FY25 / commentary

2025 ASM Investor Presentation

HY25 / commentary

Tower Updates FY25 Guidance

HY25 / commentary

Peer context

Other covered Financials companies

These companies share a broad sector but may not be direct peers. Compare them only where the underlying measures are genuinely comparable.

HGH · HY26

Heartland Group Holdings

9 published result briefings

GEN · FY26

General Capital

8 published result briefings

WBC · HY26

Westpac Banking Corporation

1 published result briefing

Compare TWR, HGH, GEN, WBC →Financials result archive

Archive

Briefing archive

The full chronological archive contains every published result briefing.

HY26 · Released 21 May 2026

PBT fell from $70.2m to $32.2m on remediation and weaker investment income

Margins remain in the historical normal range, so the comparison reflects an unusually strong HY25 rather than HY26 underperformance.

Read briefing

FY25 · Released 27 November 2025

Combined ratio fell to 74.1% as underwriting result rose to NZ$133.9m

Rate-led claims improvement and a benign large-event year both drove the underwriting expansion, complicating the durability read.

Read briefing

HY25 · Released 20 May 2025

Tower PBT margin hits unprecedented 23.7% as ROE reaches 29.0%

Reported NPAT rose 38.1% to NZ$49.7m but underlying NPAT of NZ$61.7m flags customer remediation and Canterbury claim drag.

Read briefing

FY24 · Released 28 November 2024

Combined ratio swung 22 points to 79%, restoring underwriting profit

FY24 reflects a calmer large-event year and IFRS 17 first-time adoption, so the headline recovery is not a clean like-for-like read.

Read briefing

HY24 · Released 28 May 2024

Tower swung to NZ$36.0m NPAT with PBT margin at 17.7%

Underwriting rebounded sharply and the interim dividend resumed at 3.0 cps, but the revenue line is broken by an insurance-presentation basis change.

Read briefing

FY23 · Released 23 November 2023

Combined ratio hit 101.0%; no FY23 dividend after catastrophe year

Large-event claims of NZ$38.2m drove underwriting into loss and operating cash inflow fell to NZ$10.0m, straining solvency and capital return.

Read briefing
Open all 11 result briefings

Related insights

Compare this company

The latest TWR metrics also appear in these cross-company comparisons.

Insight

Dividend coverage and payout pressure

Dividend payout versus NPAT is 96.2%.

Open insight

Insight

Earnings quality and statutory distortions

PBT and NPAT growth diverged by 0.2pp.

Open insight

Insight

Revenue growth context

Revenue growth was -1.6% for this reporting period.

Open insight

Insight

ROE and capital efficiency

ROE was 6.8% for this result.

Open insight

Get notified when TWR publishes

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