Market cap
$4.7b
End-of-day close multiplied by current shares on issue.
VCT · NZX
Vector (VCT)
Energy & Utilities / Electricity distributionCovered: FY21 - FY2611 published briefings
Vector is an NZX-listed energy & utilities / electricity distribution company. Its latest covered result is FY26, with FY21 - FY26 of source-backed result history on Annolyse.
Sections
Latest result
Latest metrics
FY26, released 18 August 2026
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| Metric | Value | Change |
|---|---|---|
| Revenue | $1.2b | ↑ +18.0% |
| EBITDA | $673.1m | ↑ +67.8% |
| NPAT | $240.2m | — |
| Operating cash flow | $632.5m | ↓ -35.9% |
| OCF / EBITDA % | 94.0%Outside range low ocf / ebitda cash conversion. 94%; 3-period range 97.2% to 245.9%. OCF / EBITDA cash conversion: 94.0%, below normal range; 3-period mean 148.3%, range 97.2%-245.9%. | ↓ -151.9pp |
| Net debt | $2.2b | ↑ +11.0% |
| Net debt / EBITDA | 3.34xUnprecedented low net debt / ebitda. 3.34x; 4-period range 4.07x to 6.29x. Net debt / EBITDA: 3.34x, unprecedented low; 4-period mean 5.34x, range 4.07x-6.29x. | ↓ -33.9% |
| ROE % | 6.6% | — |
| DPS | 13.5c | ↑ +3.8% |
| Payout ratio vs NPAT % | 108.3%Outside range high payout ratio versus npat. 108.3%; 3-period range 13% to 105.4%. Payout ratio versus NPAT: 108.3%, above normal range; 3-period mean 68.4%, range 13.0%-105.4%. | ↓ -41.4pp |
Source: latest published briefing (FY26, released 18 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, 18 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
19.65x
Recent market cap compared with trailing earnings.
EPS
0.24
Recent filing-derived earnings per share.
PEG
0.44x
P/E compared with recent earnings growth.
EV/EBITDA
10.35x
Enterprise value compared with recent EBITDA.
P/FCF
53.33x
Market cap compared with recent free cash flow.
P/B
1.3x
Market value compared with latest reported equity.
Income and investment-company measures
Yield and investment-company valuation where supported.
Dividend yield
5.5%
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.
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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 follow-up questions about Vector's latest result and company history.
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Ask about VCT
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 MONTHS18 August 2026 | HY266 MONTHS20 February 2026 | FY2512 MONTHS25 August 2025 | HY256 MONTHS26 February 2025 | FY2412 MONTHS27 August 2024 | HY246 MONTHS27 February 2024 | FY2312 MONTHS25 August 2023 | HY236 MONTHS21 February 2023 | FY2212 MONTHS26 August 2022 | HY226 MONTHS25 February 2022 | FY2112 MONTHS24 August 2021 | Trend |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.2b | $594.4m | $1b | $560.5m | $1.1b | $625.6m | $1.2b | $744.3m | $1.3b | $684.6m | $1.3b | Chart |
| Revenue growth % | 8.3%Unprecedented high revenue growth. 8.3%; 5-period range -11.2% to 4.7%. Revenue growth: 8.3%, unprecedented high; 5-period mean -4.6%, range -11.2%-4.7%. | 6.1% | -11.2%Outside range low revenue growth. -11.2%; 5-period range -11% to 8.3%. Revenue growth: -11.2%, below normal range; 5-period mean -0.7%, range -11.0%-8.3%. | -10.4% | -4.3% | 1.6% | -11.0% | 8.7% | 4.7% | 5.7% | -1.1% | Chart
|
| EBITDA | $673.1m | $223.1m | $401.1m | $213.9m | $523.5m | $262.7m | $1b | $269.7m | $510m | $263.6m | $513.5m | Chart |
| EBITDA margin % | 56.3%Outside range high ebitda margin. 56.3%; 3-period range 38.1% to 40.1%. EBITDA margin: 56.3%, above normal range; 3-period mean 39.3%, range 38.1%-40.1%. | 37.5% | 39.6% | 38.2% | 45.9% | 42.0% | 84.6% | 36.2% | 38.1%Outside range low ebitda margin. 38.1%; 3-period range 39.6% to 56.3%. EBITDA margin: 38.1%, below normal range; 3-period mean 45.3%, range 39.6%-56.3%. | 38.5% | 40.1% | Chart
|
| PBT | $341.4m | $170.4m | $241.2m | $168.5m | $180.1m | $62.5m | $159.7m | $100.2m | $237.8m | $153.6m | $255.6m | Chart |
| PBT growth % | 41.5% | 1.1% | 33.9% | 169.6%Unprecedented high pbt growth. 169.6%; 4-period range -37.6% to 15.7%. PBT growth: 169.6%, unprecedented high; 4-period mean -13.9%, range -37.6%-15.7%. | 12.8% | -37.6%Outside range low pbt growth. -37.6%; 4-period range -34.8% to 169.6%. PBT growth: -37.6%, below normal range; 4-period mean 37.9%, range -34.8%-169.6%. | -32.8%Unprecedented low pbt growth. -32.8%; 5-period range -7% to 67.6%. PBT growth: -32.8%, unprecedented low; 5-period mean 29.8%, range -7.0%-67.6%. | -34.8% | -7.0% | 15.7% | 67.6%Unprecedented high pbt growth. 67.6%; 5-period range -32.8% to 41.5%. PBT growth: 67.6%, unprecedented high; 5-period mean 9.7%, range -32.8%-41.5%. | Chart
|
| NPAT | $240.2m | $113m | — | $124.4m | — | — | $1.7b | — | $158.9m | $115.5m | $193.2m | Chart |
| NPAT growth % | 44.3% | — | — | — | — | — | 979.8%Outside range high npat growth. 979.8%; 3-period range -17.8% to 98.6%. NPAT growth: 979.8%, above normal range; 3-period mean 41.7%, range -17.8%-98.6%. | — | -17.8%Outside range low npat growth. -17.8%; 3-period range 44.3% to 979.8%. NPAT growth: -17.8%, below normal range; 3-period mean 374.2%, range 44.3%-979.8%. | 14.2% | 98.6% | Chart
|
| Operating cash flow | $632.5m | — | $986.4m | $276.9m | — | — | — | — | $518.8m | $283.6m | $499.1m | Chart |
| OCF / EBITDA % | 94.0%Outside range low ocf / ebitda cash conversion. 94%; 3-period range 97.2% to 245.9%. OCF / EBITDA cash conversion: 94.0%, below normal range; 3-period mean 148.3%, range 97.2%-245.9%. | — | 245.9%Outside range high ocf / ebitda cash conversion. 245.9%; 3-period range 94% to 101.7%. OCF / EBITDA cash conversion: 245.9%, above normal range; 3-period mean 97.6%, range 94.0%-101.7%. | 129.5% | — | — | — | — | 101.7% | 107.6% | 97.2% | Chart
|
| FCF pre-lease | $88.5m | — | $516.3m | $15.5m | — | — | — | — | -$27.1m | $17.2m | -$30.4m | Chart |
| DPS | 13.5c | 12.5c | 13.0c | 12.0c | 14.7c | 9.3c | 14.0c | 8.3c | 8.5c | 8.3c | 8.5c | Chart |
| Payout ratio vs NPAT % | 108.3%Outside range high payout ratio versus npat. 108.3%; 3-period range 13% to 105.4%. Payout ratio versus NPAT: 108.3%, above normal range; 3-period mean 68.4%, range 13.0%-105.4%. | 110.6% | 149.7% | 98.9% | 269.7% | — | 13.0%Outside range low payout ratio versus npat. 13%; 3-period range 86.8% to 108.3%. Payout ratio versus NPAT: 13.0%, below normal range; 3-period mean 100.1%, range 86.8%-108.3%. | — | 105.3% | — | 86.8% | Chart
|
| Annual payout ratio vs EPS % | 108.3% | — | 149.7% | — | 269.7% | — | 13.0% | — | 105.3% | — | 86.8% | Chart |
| ROE % | 6.6% | — | — | 3.4% | — | — | 43.4% | — | 6.5% | — | — | Chart |
| Net debt | $2.2b | $2.1b | $2b | $2.2b | $2.1b | — | — | — | $3.2b | $3b | $3.1b | Chart |
| Net debt / EBITDA | 3.34xUnprecedented low net debt / ebitda. 3.34x; 4-period range 4.07x to 6.29x. Net debt / EBITDA: 3.34x, unprecedented low; 4-period mean 5.34x, range 4.07x-6.29x. | 9.48x | 5.05x | 10.17x | 4.07x | — | — | — | 6.29xOutside range high net debt / ebitda. 6.29x; 4-period range 3.34x to 5.95x. Net debt / EBITDA: 6.29x, above normal range; 4-period mean 4.60x, range 3.34x-5.95x. | 11.31x | 5.95x | Chart
|
| Debtor days | 23 | 54 | 23Outside range high debtor days. 23d; 3-period range 18d to 23d. Debtor days: 23.0 days, above normal range; 3-period mean 20.0 days, range 18.3 days-23.0 days. | 28 | — | 47 | 19 | 37 | — | 45 | 18Outside range low debtor days. 18d; 3-period range 19d to 23d. Debtor days: 18.3 days, below normal range; 3-period mean 21.5 days, range 18.6 days-23.0 days. | Chart
|
| Inventory days | n/m | n/m | 4 | 6 | 8 | 13 | 7 | 13 | 7 | 8 | 4 | Chart |
| Total assets | $7.2b | $6.9b | $6.9b | $7.1b | $7.1b | $6.9b | — | $6.9b | $6.8b | $6.6b | $6.5b | Chart |
Reference: annolyse.ai/companies/vct
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 VCT FY: Outside range low revenue growth. -11.2%; 5-period range -11% to 8.3%. Revenue growth: -11.2%, below normal range; 5-period mean -0.7%, range -11.0%-8.3%.
- FY26 VCT FY: Unprecedented high revenue growth. 8.3%; 5-period range -11.2% to 4.7%. Revenue growth: 8.3%, unprecedented high; 5-period mean -4.6%, range -11.2%-4.7%.
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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- FY22 VCT FY: Outside range low ebitda margin. 38.1%; 3-period range 39.6% to 56.3%. EBITDA margin: 38.1%, below normal range; 3-period mean 45.3%, range 39.6%-56.3%.
- FY26 VCT FY: Outside range high ebitda margin. 56.3%; 3-period range 38.1% to 40.1%. EBITDA margin: 56.3%, above normal range; 3-period mean 39.3%, range 38.1%-40.1%.
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.
OCF / EBITDA
Cash conversion against earnings.
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- FY25 VCT FY: Outside range high ocf / ebitda cash conversion. 245.9%; 3-period range 94% to 101.7%. OCF / EBITDA cash conversion: 245.9%, above normal range; 3-period mean 97.6%, range 94.0%-101.7%.
- FY26 VCT FY: Outside range low ocf / ebitda cash conversion. 94%; 3-period range 97.2% to 245.9%. OCF / EBITDA cash conversion: 94.0%, below normal range; 3-period mean 148.3%, range 97.2%-245.9%.
FCF pre-lease
Operating cash flow less capex before leases.
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ROE
Return on equity.
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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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- FY22 VCT FY: Outside range high net debt / ebitda. 6.29x; 4-period range 3.34x to 5.95x. Net debt / EBITDA: 6.29x, above normal range; 4-period mean 4.60x, range 3.34x-5.95x.
- FY26 VCT FY: Unprecedented low net debt / ebitda. 3.34x; 4-period range 4.07x to 6.29x. Net debt / EBITDA: 3.34x, unprecedented low; 4-period mean 5.34x, range 4.07x-6.29x.
DPS
Dividend per share declared for the period.
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Payout ratio
Dividend payout against statutory NPAT.
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- FY23 VCT FY: Outside range low payout ratio versus npat. 13%; 3-period range 86.8% to 108.3%. Payout ratio versus NPAT: 13.0%, below normal range; 3-period mean 100.1%, range 86.8%-108.3%.
- FY26 VCT FY: Outside range high payout ratio versus npat. 108.3%; 3-period range 13% to 105.4%. Payout ratio versus NPAT: 108.3%, above normal range; 3-period mean 68.4%, range 13.0%-105.4%.
Debtor days
Receivables days where the working-capital inputs are source-backed.
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- FY21 VCT FY: Outside range low debtor days. 18d; 3-period range 19d to 23d. Debtor days: 18.3 days, below normal range; 3-period mean 21.5 days, range 18.6 days-23.0 days.
- FY25 VCT FY: Outside range high debtor days. 23d; 3-period range 18d to 23d. Debtor days: 23.0 days, above normal range; 3-period mean 20.0 days, range 18.3 days-23.0 days.
Inventory days
Inventory days where the working-capital inputs are source-backed.
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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 Vector adj. EBITDA up 19% as gas trading exit clouds 9.2% NPAT decline
No forward guidance, stated targets, or forward-work disclosures were supplied. The supplied second-half shape shows HY25 was 50.8% of FY25 revenue, so the revenue cadence is roughly even and the HY26 annualised run-rate of NZ$1.2b points to modest top-line growth versus FY25's NZ$1.1b. The HY25/FY25 NPAT split (0.1% / 99.9%) is not a useful seasonality guide because HY25 reported NPAT was distorted by a discontinued-operation loss subsequently reversed; investors should not extrapolate a second-half NPAT bulge from the prior pattern. Read against the release's "in line with expectations" framing, the HY26 print supports continued mid-single-digit revenue growth and double-digit adjusted EBITDA growth on the continuing perimeter.
Open questions
Open questions from HY26
- What specifically drove the 19% lift in continuing adjusted EBITDA — regulatory price reset, volume, Auckland network revenue mix, or operating-cost discipline?
- Is the 16% capex reduction a deferral that reverses in 2H, or a sustained lower run-rate consistent with the post–gas-trading perimeter?
- How does management reconcile a 110.6% NPAT payout with the long-duration network investment programme, and what is the intended payout policy on the continuing-ops base?
- What is the post-divestment target leverage range, and what does net debt to annualised adjusted EBITDA look like on the new perimeter?
- Why is reported EBITDA NZ$96m above the adjusted measure, and which non-cash items are the gap?
This briefing cannot assess regulatory price-path assumptions, hedge or fuel-cost positioning, or the underlying volume/price split inside the segment result without the detailed segmental and regulatory disclosures.
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
FY26 annual report
FY26 / financial reportFY26 full year results market release
FY26 / results releaseFY26 full year results presentation
FY26 / results presentationResults announcement FY26
FY26 / results announcementPrior comparable period
1 FY25 full year results Market Release
FY25 / results release2 Annual Report FY25 inc financial statements
FY25 / financial report3 FY25 Results Presentation
FY25 / results presentation4 Results Announcement FY25
FY25 / results announcementInterim context
2026 half year financial performance in line with expectations
HY26 / results releaseHY26 financial statements
HY26 / financial reportHY26 investor presentation
HY26 / results presentationResults announcement HY26
HY26 / results announcementRelease context
Full year results date and investor webcast details
FY25 / commentaryDate of Annual Meeting
FY26 / commentaryAnnual Meeting presentation 2025
HY26 / commentaryPeer context
Other covered Energy & Utilities 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 18 August 2026
Payout ratio hits 108.3% of NPAT as free cash flow falls to $88.5m
Underlying profit grew strongly but rising capex and debt-funded dividends raise sustainability questions.
Read briefing
HY26 · Released 20 February 2026
Vector adj. EBITDA up 19% as gas trading exit clouds 9.2% NPAT decline
Continuing-ops revenue rose 6.1% and capex fell 16%, but the 12.5c interim dividend ran above reported NPAT and leverage stayed elevated.
Read briefing
FY25 · Released 25 August 2025
Net debt climbs to 5.05x EBITDA even as PBT rises 33.9%
Leverage weakened to 5.05x EBITDA and cash fell 69.9% while a 33.9% PBT gain reflects a lower tax rate and a non-comparable prior period.
Read briefing
HY25 · Released 26 February 2025
PBT up 169.6% but working-capital build hits unprecedented NZ$27.7m
Continuing-operations earnings surged on a lower tax rate and segment improvement, but a NZ$27.7m working-capital absorption—versus a historical
Read briefing
FY24 · Released 27 August 2024
PBT up 12.8% but NPAT down 94.7% on prior-year Metering disposal gain
Networks margin expansion and lower capex strengthened leverage to 3.7x EBITDA, while a $60m gas distribution impairment hit reported earnings.
Read briefing
HY24 · Released 27 February 2024
PBT fell 37.6% but NPAT collapsed 75% as tax rate hit 65%
An unprecedented 65.4% effective tax rate widened the PBT-NPAT gap, while Metering disposal proceeds cut leverage from 11.7x to 8.5x.
Read briefing
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