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VCT · NZX

Vector (VCT)

Energy & Utilities / Electricity distributionCovered: FY21 - HY2610 published briefings

Vector is an NZX-listed energy & utilities / electricity distribution company with FY21 - HY26 of published result briefings.

Sections

Snapshot

Latest metrics

HY26, released 20 February 2026

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VCT latest metrics
MetricValueChange
Revenue$594.4m↑ +6.1%
Operating profit$223.1m↑ +4.3%
NPAT$113m↓ -9.2%
Net debt$2.1b↓ -2.8%
Net debt / Operating profit9.48x↓ -6.8%
DPS12.5c↑ +4.2%
Payout ratio vs NPAT %110.6%↑ +11.7pp
PBT$170.4m↑ +1.1%
Debtor days54↑ +89.1%
Inventory daysn/m—

Source: latest published briefing (HY26, released 20 February 2026). Change compares against the prior equivalent period: HY25, released 26 February 2025.

Valuation

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.

Prices as at close, 28 July 2026

Price and market cap

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

Market cap

$4.9b

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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

Not available

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Not available for this company right now.

EPS

Not available

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Not available for this company right now.

PEG

Not available

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Not available for this company right now.

EV/EBITDA

17.2x

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Enterprise value compared with recent EBITDA.

P/FCF

Not available

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Not available for this company right now.

P/B

Not available

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Not available for this company right now.

Income and fund shape

Yield and fund-style valuation where the company shape supports it.

Dividend yield

5.2%

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Trailing dividends compared with the latest close.

Total return

Not available

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Available once dividend and adjustment data are verified.

Price history

Daily closes use the full available width, with hover and touch readouts against real observations. Expand opens the chart at reading size.

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 VCT

Informational only. No buy, sell, hold, price-target, or personal financial advice.

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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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Longitudinal view

Performance over time

The latest period is shown first.

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VCT metric history
MetricHY266 MONTHS20 February 2026FY2512 MONTHS25 August 2025HY256 MONTHS26 February 2025FY2412 MONTHS27 August 2024HY246 MONTHS27 February 2024FY2312 MONTHS25 August 2023HY236 MONTHS21 February 2023FY2212 MONTHS26 August 2022HY226 MONTHS25 February 2022FY2112 MONTHS24 August 2021Trend
Revenue$594.4m$1.1b$560.5m$1.1b$625.6m$1.2b$744.3m$1.3b$684.6m$1.3b
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Revenue growth %6.1%-3.3%-10.4%-4.3%1.6%-11.0%Unprecedented low revenue growth. -11%; 4-period range -4.3% to 4.7%. Revenue growth: -11.0%, unprecedented low; 4-period mean -1.0%, range -4.3%-4.7%.8.7%4.7%Unprecedented high revenue growth. 4.7%; 4-period range -11% to -1.1%. Revenue growth: 4.7%, unprecedented high; 4-period mean -4.9%, range -11.0%--1.1%.5.7%-1.1%
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Operating profit$223.1m$401.1m$213.9m$523.5m$262.7m$1b$269.7m$510m$263.6m$513.5m
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Operating profit margin %37.5%36.3%38.2%45.9%42.0%84.6%36.2%38.1%38.5%40.1%
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PBT$170.4m$241.2m$168.5m$180.1m$62.5m$159.7m$100.2m$237.8m$153.6m$255.6m
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PBT growth %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%; 4-period range -7% to 67.6%. PBT growth: -32.8%, unprecedented low; 4-period mean 26.8%, range -7.0%-67.6%.-34.8%-7.0%15.7%67.6%Unprecedented high pbt growth. 67.6%; 4-period range -32.8% to 33.9%. PBT growth: 67.6%, unprecedented high; 4-period mean 1.7%, range -32.8%-33.9%.
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  • HY24 PBT growth %: 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%.
  • HY25 PBT growth %: 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%.
NPAT$113m—$124.4m——$1.7b—$158.9m$115.5m$193.2m
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NPAT growth %—————979.8%—-17.8%14.2%98.6%
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Operating cash flow—$986.4m$276.9m————$518.8m$283.6m$499.1m
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OCF / Operating profit %—245.9%129.5%————101.7%107.6%97.2%
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FCF pre-lease—$516.3m$15.5m————-$27.1m$17.2m-$30.4m
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DPS12.5c13.0c12.0c14.7c9.3c14.0c8.3c8.5c8.3c8.5c
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Payout ratio vs NPAT %110.6%149.7%98.9%269.7%—13.0%—105.3%—86.8%
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Annual payout ratio vs EPS %—149.7%—269.7%—13.0%—105.3%—86.8%
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ROE %——3.4%——43.4%—6.5%——
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Net debt$2.1b$2b$2.2b$2.1b———$3.2b$3b$3.1b
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Net debt / Operating profit9.48x5.05x10.17x4.07xOutside range low net debt / ebitda. 4.07x; 3-period range 5.05x to 6.29x. Net debt / EBITDA: 4.07x, below normal range; 3-period mean 5.76x, range 5.05x-6.29x.———6.29xOutside range high net debt / ebitda. 6.29x; 3-period range 4.07x to 5.95x. Net debt / EBITDA: 6.29x, above normal range; 3-period mean 5.02x, range 4.07x-5.95x.11.31x5.95x
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  • FY22 Net debt / Operating profit: Outside range high net debt / ebitda. 6.29x; 3-period range 4.07x to 5.95x. Net debt / EBITDA: 6.29x, above normal range; 3-period mean 5.02x, range 4.07x-5.95x.
  • FY24 Net debt / Operating profit: Outside range low net debt / ebitda. 4.07x; 3-period range 5.05x to 6.29x. Net debt / EBITDA: 4.07x, below normal range; 3-period mean 5.76x, range 5.05x-6.29x.
Debtor days542328—471937—4518
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Inventory daysn/m46813713784
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Total assets$6.9b$6.9b$7.1b$7.1b$6.9b—$6.9b$6.8b$6.6b$6.5b
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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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  • FY22 VCT FY: Unprecedented high revenue growth. 4.7%; 4-period range -11% to -1.1%. Revenue growth: 4.7%, unprecedented high; 4-period mean -4.9%, range -11.0%--1.1%.
  • FY23 VCT FY: Unprecedented low revenue growth. -11%; 4-period range -4.3% to 4.7%. Revenue growth: -11.0%, unprecedented low; 4-period mean -1.0%, range -4.3%-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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NPAT

Statutory profit after tax.

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Operating cash flow

Cash generated from operations.

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Full chartable metric set

Additional verified filing metrics for this company. Each point links back to a published briefing period in the source data contract.

OCF / EBITDA

Cash conversion against earnings.

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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; 3-period range 4.07x to 5.95x. Net debt / EBITDA: 6.29x, above normal range; 3-period mean 5.02x, range 4.07x-5.95x.
  • FY24 VCT FY: Outside range low net debt / ebitda. 4.07x; 3-period range 5.05x to 6.29x. Net debt / EBITDA: 4.07x, below normal range; 3-period mean 5.76x, range 5.05x-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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Debtor days

Receivables days where the working-capital inputs are source-backed.

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Inventory days

Inventory days where the working-capital inputs are source-backed.

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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 Net debt climbs to 5.05x EBITDA even as PBT rises 33.9%

No stated full-year target or explicit guidance figure was disclosed in this release, so the result cannot be assessed against a management-set benchmark. The full-year dividend of 25 cents per share versus 24 cents prior, and a disclosed 85% payout ratio on an FCF basis, indicate a capital-allocation stance that assumes continued cash generation, but with no forward capex or debt target disclosed, it is not possible to judge whether the current leverage trajectory is intended to stabilise or continue rising.

Open questions

Open questions from FY25

  • What is management's target range or ceiling for net debt to EBITDA given the move from 3.75x to 5.05x?
  • Why did the effective tax rate fall to 35.9% from 55.6%, and is this level expected to persist?
  • How does the company view the sustainability of the 85% FCF-based payout ratio given the thin $23.3 million cash balance?
  • What are the continuing-operations revenue and EBITDA figures on a fully like-for-like basis excluding Gas Trading in both periods?
  • Will capex intensity of 42.6% of revenue continue, and how will it be funded if cash generation softens?

This briefing cannot assess NPAT, continuing-operations profit, or the discontinued-operation after-tax result, as these figures remain suppressed pending source verification.

Archive

Briefing archive

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

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

FY23 · Released 25 August 2023

$1,509.9m metering disposal lifted NPAT; continuing PBT fell 32.8%

A $1,509.9m metering disposal gain inflated reported NPAT while revenue fell 11.0%, continuing PBT fell 32.8%, and pre-lease FCF widened to -$183.3m.

Read briefing

HY23 · Released 21 February 2023

Net debt/EBITDA at 11.9x above historical range; $32m disposal cushioned NPAT

Revenue grew 8.7% but capex outran OCF, pushing pre-lease FCF to -$56.6m as the disposal gain masked a 34.8% PBT decline.

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FY22 · Released 26 August 2022

NPAT fell 17.8% on tax step-up and $40m LPG impairment

EBITDA was broadly flat at $510.0m, but segment results weakened, leverage drifted to 6.3x and the dividend now exceeds NPAT.

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HY22 · Released 25 February 2022

EBITDA fell 3.7% but PBT rose 15.7% as below-EBITDA costs eased

Capex of $266.4m absorbed nearly all of $283.6m operating cash flow, leaving FCF at $17.2m as leverage drifted up to 11.7x EBITDA.

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FY21 · Released 24 August 2021

Vector adjusted EBITDA +4.8%; NPAT doubling flattered by prior impairment

Capex at 41.4% of revenue keeps free cash flow negative and the 16.75cps dividend uncovered despite 97.2% OCF conversion.

Read briefing

Related insights

Compare this company

The latest VCT metrics also appear in these cross-company views.

Insight

Leverage and balance-sheet risk

Net debt / EBITDA is 6.29x for this result.

Open insight

Insight

Earnings quality and statutory distortions

This result includes a statutory earnings-quality distortion flag.

Open insight

Insight

Dividend coverage and payout pressure

Dividend payout versus NPAT is 110.6%.

Open insight

Get notified when VCT publishes

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