Market cap
$642.2m
End-of-day close multiplied by current shares on issue.
TWR · NZX
Tower is an NZX-listed financials / insurance company with HY21 - HY26 of published result briefings.
Snapshot
HY26, released 21 May 2026
| Metric | Value | Change |
|---|---|---|
| Revenue | $291.2m | ↓ -1.6% |
| NPAT | $22.9m | ↓ -53.9% |
| Operating cash flow | $33m | ↓ -42.8% |
| ROE % | 6.8% | ↓ -22.2pp |
| DPS | 5.0c | ↓ -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
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
$642.2m
End-of-day close multiplied by current shares on issue.
How the market price compares with recent earnings and cash-flow inputs.
P/E
11.29x
Recent market cap compared with trailing earnings.
EPS
0.17
Recent filing-derived earnings per share.
PEG
Not available
Not meaningful without positive comparable earnings growth.
EV/EBITDA
Not available
Not useful for this reporting shape.
P/FCF
Not available
Not available for this company right now.
P/B
2.02x
Market value compared with latest reported equity.
Yield and fund-style valuation where the company shape supports it.
Dividend yield
11.5%
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.
Filing-period markers only: EOD close on or before each release date divided by filing-derived trailing NPAT where both inputs verify.
Chat
Ask follow-up questions about Tower'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 MONTHS21 May 2026 | FY2512 MONTHS27 November 2025 | HY256 MONTHS20 May 2025 | FY2412 MONTHS28 November 2024 | HY246 MONTHS28 May 2024 | FY2312 MONTHS23 November 2023 | HY236 MONTHS25 May 2023 | FY2212 MONTHS23 November 2022 | HY226 MONTHS26 May 2022 | FY2112 MONTHS24 November 2021 | HY216 MONTHS26 May 2021 | Trend |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $291.2m | $594.3m | $295.8m | $555.8m | $269.4m | $725.2m | $501.4m | $441.5m | $214.1m | $428.2m | $203.5m | Chart |
| 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% | Chart
|
| EBITDA | — | — | — | — | — | -$11.7m | — | $23.6m | — | $28m | — | Chart |
| EBITDA margin % | — | — | — | — | — | -1.6% | — | 5.4% | — | 6.5% | — | Chart |
| PBT | $32.2m | $117.7m | $70.2m | $102.7m | $47.8m | $7.4m | -$8.3m | $25.2m | $5.6m | $28.5m | $18m | Chart |
| 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 -11.6% to n/m. PBT growth: -70.6%, below normal range; 4-period mean 332.8%, range -11.6%n/m. | — | -11.6% | -68.9% | 40.4% | -18.6% | Chart
|
| NPAT | $22.9m | $83.7m | $49.7m | $74.3m | $36m | -$1.2m | -$5.1m | $18.8m | $2.9m | $18.7m | $11.5m | Chart |
| NPAT growth % | -53.9% | 12.7% | 38.1% | — | — | — | — | 0.5% | -74.8% | 57.1% | -20.1% | Chart |
| Operating cash flow | $33m | $143.8m | $57.7m | $145.2m | $35.3m | $10m | $18.2m | $59.8m | $25.1m | $98.6m | $58.8m | Chart |
| OCF / EBITDA % | — | — | — | — | — | -85.5% | — | 252.8% | — | 352.6% | — | Chart |
| FCF pre-lease | — | $142.6m | — | $142.8m | $33.7m | $7.5m | — | $56.6m | — | $95.5m | — | Chart |
| DPS | 5.0c | 16.5c | 8.0c | 6.5c | 3.0c | — | — | 4.0c | 2.5c | 2.5c | 2.5c | Chart |
| 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% | Chart
|
| Annual payout ratio vs EPS % | — | 105.2% | — | 48.5% | — | — | — | 146.7% | — | 112.9% | — | Chart |
| 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% | Chart
|
| Total assets | $567.3m | $612.9m | $596.4m | $635.1m | $615m | $946.2m | — | $904.2m | $762.5m | $802.3m | $729.3m | Chart |
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.
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.
Operating cash flow less capex before leases.
Return on equity.
Dividend per share declared for the period.
Dividend payout against statutory NPAT.
The setup & the reality
The latest result is checked against what the prior briefing said to watch.
Historical setup
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
This briefing cannot assess the durability of the 4.9pp combined-ratio improvement without normalised weather/catastrophe assumptions from management.
Archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
HY26 · Released 21 May 2026
Margins remain in the historical normal range, so the comparison reflects an unusually strong HY25 rather than HY26 underperformance.
FY25 · Released 27 November 2025
Rate-led claims improvement and a benign large-event year both drove the underwriting expansion, complicating the durability read.
HY25 · Released 20 May 2025
Reported NPAT rose 38.1% to NZ$49.7m but underlying NPAT of NZ$61.7m flags customer remediation and Canterbury claim drag.
FY24 · Released 28 November 2024
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.
HY24 · Released 28 May 2024
Underwriting rebounded sharply and the interim dividend resumed at 3.0 cps, but the revenue line is broken by an insurance-presentation basis change.
FY23 · Released 23 November 2023
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.
HY23 · Released 25 May 2023
Catastrophic claims and reserve strengthening obscured a stronger underlying book and prompted Tower to skip the interim dividend.
FY22 · Released 23 November 2022
Underwriting strengthened and full-year dividend rose to 6.5c, yet operating cash inflow fell to $59.8m from $98.6m as the capital buffer thinned.
HY22 · Released 26 May 2022
Weather-event claims drove Pacific Islands into a $2.3m loss and pre-lease FCF below normal; Tower held FY22 underlying NPAT guidance.
FY21 · Released 24 November 2021
Underwriting profit fell to $28.7m from $36.7m as large-event claims and a higher loss ratio offset modest premium growth.
HY21 · Released 26 May 2021
Underwriting profit fell to $16.2m from $22.9m, yet Tower restarted dividends on a 309% solvency margin.
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