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
Metric	Value	Change
Revenue	$594.4m	↑ +6.1%
EBITDA	$0m	↓ -100.0%
NPAT	$0m	↓ -100.0%
Operating cash flow	$325.1m	↑ +17.4%
Net debt	$2.1b	↓ -2.1%
ROE %	3.1%	↓ -0.2pp
DPS	12.5c	↑ +4.2%
Payout ratio vs NPAT %	110.6%	↑ +11.7pp
PBT	$0m	↓ -100.0%
FCF pre-lease	$102.4m	↑ +560.6%

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

Prices as at close, 12 June 2026

Price and market cap

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

Market cap

$5b

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

Not meaningful when recent earnings are negative.

EPS

-0.12

Recent filing-derived earnings per share.

PEG

Not available

Not available for this company right now.

EV/EBITDA

38.01x

Enterprise value compared with recent EBITDA.

P/FCF

37.88x

Market cap compared with recent free cash flow.

P/B

1,250,000x

Market value compared with latest reported equity.

Income and fund shape

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

Dividend yield

5.1%

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 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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Price vs earnings

Indexed lines compare direction from the first positive comparable filing point. The axis is an index, not dollars or cents.

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Chat

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Ask follow-up questions about Vector's latest result and company history.

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

Ask about VCT

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

Longitudinal view

Performance over time

The latest period is shown first.

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VCT metric history
Metric	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	$594.4m	$1.1b	$560.5m	$1.1b	$571m	$1.2b	$744.3m	$1.3b	$684.6m	$1.3b	Chart
Revenue growth %	6.1%	-3.3%	-1.8%	-4.3%	-7.3%Unprecedented low revenue growth. -7.3%; 4-period range -1.8% to 8.7%. Revenue growth: -7.3%, unprecedented low; 4-period mean 4.7%, range -1.8%-8.7%.	-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%Outside range high revenue growth. 8.7%; 4-period range -7.3% to 6.1%. Revenue growth: 8.7%, above normal range; 4-period mean 0.7%, range -7.3%-6.1%.	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%	Chart HY24 Revenue growth %: Unprecedented low revenue growth. -7.3%; 4-period range -1.8% to 8.7%. Revenue growth: -7.3%, unprecedented low; 4-period mean 4.7%, range -1.8%-8.7%.
EBITDA	$0m	$401.1m	$213.9m	$523.5m	$0m	$1m	$0m	$510m	$263.6m	$513.5m	Chart
EBITDA margin %	0.0%Outside range high ebitda margin. 56.6%; 3-period range 36.2% to 46%. EBITDA margin: 56.6%, above normal range; 3-period mean 40.2%, range 36.2%-46.0%.	36.3%Outside range low ebitda margin. 36.3%; 3-period range 38.1% to 42.8%. EBITDA margin: 36.3%, below normal range; 3-period mean 40.3%, range 38.1%-42.8%.	38.2%	45.9%	0.0%	0.1%Outside range high ebitda margin. 42.8%; 3-period range 36.3% to 40.1%. EBITDA margin: 42.8%, above normal range; 3-period mean 38.2%, range 36.3%-40.1%.	0.0%Outside range low ebitda margin. 36.2%; 3-period range 38.5% to 56.6%. EBITDA margin: 36.2%, below normal range; 3-period mean 47.0%, range 38.5%-56.6%.	38.1%	38.5%	40.1%	Chart FY25 EBITDA margin %: Outside range low ebitda margin. 36.3%; 3-period range 38.1% to 42.8%. EBITDA margin: 36.3%, below normal range; 3-period mean 40.3%, range 38.1%-42.8%. HY26 EBITDA margin %: Outside range high ebitda margin. 56.6%; 3-period range 36.2% to 46%. EBITDA margin: 56.6%, above normal range; 3-period mean 40.2%, range 36.2%-46.0%.
PBT	$0m	$0m	$168.5m	$180.1m	$0m	$0m	$0m	$237.8m	$0m	$0m	Chart
NPAT	$0m	$0m	$124.4m	$0.1m	$0m	$0m	$0m	$158.9m	$0m	$0m	Chart
Operating cash flow	$325.1m	$515.2m	$276.9m	—	$188m	$517.1m	$260.2m	$518.8m	$283.6m	$499.1m	Chart
OCF / EBITDA %	—	128.4%Outside range high ocf / ebitda cash conversion. 128.4%; 3-period range 97.2% to 101.7%. OCF / EBITDA cash conversion: 128.4%, above normal range; 3-period mean 100.1%, range 97.2%-101.7%.	129.5%	—	—	n/m	—	101.7%	107.6%Outside range high ocf / ebitda cash conversion. 107.6%; 3-period range 71.6% to 96.7%. OCF / EBITDA cash conversion: 107.6%, above normal range; 3-period mean 88.2%, range 71.6%-96.7%.	97.2%Outside range low ocf / ebitda cash conversion. 97.2%; 3-period range 101.4% to 128.4%. OCF / EBITDA cash conversion: 97.2%, below normal range; 3-period mean 110.5%, range 101.4%-128.4%.	Chart HY22 OCF / EBITDA %: Outside range high ocf / ebitda cash conversion. 107.6%; 3-period range 71.6% to 96.7%. OCF / EBITDA cash conversion: 107.6%, above normal range; 3-period mean 88.2%, range 71.6%-96.7%. FY25 OCF / EBITDA %: Outside range high ocf / ebitda cash conversion. 128.4%; 3-period range 97.2% to 101.7%. OCF / EBITDA cash conversion: 128.4%, above normal range; 3-period mean 100.1%, range 97.2%-101.7%.
FCF pre-lease	$102.4m	$45.1m	$15.5m	—	-$50.1m	-$183.3m	-$56.6m	-$27.1m	$17.2m	-$30.4m	Chart
FCF post-lease	—	$292.6m	—	—	—	—	—	—	—	—	—
DPS	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 %	110.6%	149.7%	98.9%	269.7%Unprecedented high payout ratio versus npat. 269.7%; 4-period range 13% to 149.7%. Payout ratio versus NPAT: 269.7%, unprecedented high; 4-period mean 88.7%, range 13.0%-149.7%.	385.4%Outside range high payout ratio versus npat. 385.4%; 3-period range 83.3% to 110.6%. Payout ratio versus NPAT: 385.4%, above normal range; 3-period mean 97.6%, range 83.3%-110.6%.	13.0%Outside range low payout ratio versus npat. 13%; 4-period range 86.8% to 269.7%. Payout ratio versus NPAT: 13.0%, below normal range; 4-period mean 152.9%, range 86.8%-269.7%.	83.3%Outside range low payout ratio versus npat. 83.3%; 3-period range 98.9% to 385.4%. Payout ratio versus NPAT: 83.3%, below normal range; 3-period mean 198.3%, range 98.9%-385.4%.	105.3%	—	86.8%	Chart HY24 Payout ratio vs NPAT %: Outside range high payout ratio versus npat. 385.4%; 3-period range 83.3% to 110.6%. Payout ratio versus NPAT: 385.4%, above normal range; 3-period mean 97.6%, range 83.3%-110.6%. FY24 Payout ratio vs NPAT %: Unprecedented high payout ratio versus npat. 269.7%; 4-period range 13% to 149.7%. Payout ratio versus NPAT: 269.7%, unprecedented high; 4-period mean 88.7%, range 13.0%-149.7%.
Annual payout ratio vs EPS %	—	149.7%	—	269.7%	—	13.0%	—	105.3%	—	86.8%	Chart
ROE %	3.1%	4.6%	3.3%	2.4%Outside range low roe. 2.4%; 3-period range 4.6% to 43.4%. ROE: 2.4%, below normal range; 3-period mean 18.2%, range 4.6%-43.4%.	0.0%	43.4%Outside range high roe. 43.4%; 3-period range 2.4% to 6.5%. ROE: 43.4%, above normal range; 3-period mean 4.5%, range 2.4%-6.5%.	4.1%	6.5%	0.0%	0.0%	Chart FY24 ROE %: Outside range low roe. 2.4%; 3-period range 4.6% to 43.4%. ROE: 2.4%, below normal range; 3-period mean 18.2%, range 4.6%-43.4%.
Net debt	$2.1b	$2b	$2.2b	$2b	$2.2b	$2.2b	$3.2b	$3.2b	$3.1b	$3.1b	Chart
Net debt / EBITDA	—	5.05x	10.1x	3.75xUnprecedented low net debt / ebitda. 3.75x; 4-period range 4.3x to 6.29x. Net debt / EBITDA: 3.75x, unprecedented low; 4-period mean 5.40x, range 4.30x-6.29x.	—	2,178.9x	—	6.29xOutside range high net debt / ebitda. 6.29x; 4-period range 3.75x to 5.95x. Net debt / EBITDA: 6.29x, above normal range; 4-period mean 4.76x, range 3.75x-5.95x.	11.73x	5.95x	Chart FY22 Net debt / EBITDA: Outside range high net debt / ebitda. 6.29x; 4-period range 3.75x to 5.95x. Net debt / EBITDA: 6.29x, above normal range; 4-period mean 4.76x, range 3.75x-5.95x. FY24 Net debt / EBITDA: Unprecedented low net debt / ebitda. 3.75x; 4-period range 4.3x to 6.29x. Net debt / EBITDA: 3.75x, unprecedented low; 4-period mean 5.40x, range 4.30x-6.29x.
Debtor days	27	23	28Outside range high debtor days. 28d; 4-period range 18d to 27d. Debtor days: 28.4 days, above normal range; 4-period mean 23.3 days, range 18.3 days-26.8 days.	29Outside range high debtor days. 29d; 3-period range 18d to 23d. Debtor days: 29.3 days, above normal range; 3-period mean 20.0 days, range 18.3 days-23.0 days.	26	19	18Unprecedented low debtor days. 18d; 4-period range 22d to 28d. Debtor days: 18.3 days, unprecedented low; 4-period mean 25.8 days, range 22.3 days-28.4 days.	—	22	18Outside range low debtor days. 18d; 3-period range 19d to 29d. Debtor days: 18.3 days, below normal range; 3-period mean 23.6 days, range 18.6 days-29.3 days.	Chart FY24 Debtor days: Outside range high debtor days. 29d; 3-period range 18d to 23d. Debtor days: 29.3 days, above normal range; 3-period mean 20.0 days, range 18.3 days-23.0 days. HY25 Debtor days: Outside range high debtor days. 28d; 4-period range 18d to 27d. Debtor days: 28.4 days, above normal range; 4-period mean 23.3 days, range 18.3 days-26.8 days.
Inventory days	0	0	6	8	7Outside range high inventory days. 7d; 3-period range 0d to 6d. Inventory days: 7.1 days, above normal range; 3-period mean 3.2 days, range 0.0 days-5.7 days.	7	0	7	4	0	Chart HY24 Inventory days: Outside range high inventory days. 7d; 3-period range 0d to 6d. Inventory days: 7.1 days, above normal range; 3-period mean 3.2 days, range 0.0 days-5.7 days. HY26 Inventory days: Outside range low inventory days. 0d; 3-period range 4d to 7d. Inventory days: 0.0 days, below normal range; 3-period mean 5.6 days, range 4.0 days-7.1 days.
Total assets	$6.9b	$6.9b	$7.1b	$7.1b	$7.3b	$7.5b	$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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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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FCF post-lease

Free cash flow after lease payments where available.

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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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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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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

FY25 → HY26 Follow-through

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

Historical setup

What FY25 said to watch

From Continuing-ops PBT up 33.9% as net debt/EBITDA steps to 5.05x

No forward financial targets, forward-work measure, or quantified guidance were supplied with this release, so the result cannot be tested against a stated bar. The available context is the HY25 interim, which showed revenue from continuing operations of $560.5m and continuing-operations NPAT of $118.1m, implying a second-half NPAT contribution of roughly $36.6m on the continuing basis — materially softer than the first half once the $37m gas impairment lands. The release describes capex as down 6% with a full-year dividend of 25 cents per share, but does not quantify FY26 EBITDA, dividend, or leverage intent. Investors are therefore left to judge sustainability from current cash conversion and the 5.05x leverage starting point rather than any management-supplied trajectory.

Open questions

Open questions from FY25

What is the steady-state EBITDA and net debt/EBITDA target now that Gas Trading has been divested and leverage sits at 5.05x?
Why did effective tax fall from 55.6% to 35.9%, and is the FY25 rate the new run-rate?
How sustainable is the 25.0-cent full-year dividend given it represents 149.7% of statutory NPAT and relies on FCF coverage?
Will further gas-distribution impairments follow after $37m this year and $60m last year, and what is the remaining carrying value at risk?
What capex envelope and funding mix is planned to take net debt/EBITDA back toward the prior 3.75x level, if at all?

This briefing cannot assess management's forward EBITDA trajectory, capex plan, or capital-structure intentions because no quantified FY26 targets were disclosed in the supplied material.

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

Continuing-ops PBT up 33.9% as net debt/EBITDA steps to 5.05x

A discontinued Gas Trading business and a $37m gas-network impairment reshape headline comparability while leverage moves materially higher.

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.

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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.

Read briefing

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

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Vector (VCT)

Latest metrics

Valuation

Price and market cap

Profitability multiples

Income and fund shape

Price history

Share price

Price vs earnings

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Performance over time

Filing-only history charts

Revenue

Revenue growth

EBITDA-equivalent

EBITDA margin

NPAT

Operating cash flow

Full chartable metric set

OCF / EBITDA

FCF pre-lease

FCF post-lease

ROE

Net debt

Net debt / EBITDA

DPS

Payout ratio

Debtor days

Inventory days

Operating working-capital movement

FY25 → HY26 Follow-through

What FY25 said to watch

Open questions from FY25

Briefing archive

Vector adj. EBITDA up 19% as gas trading exit clouds 9.2% NPAT decline

Continuing-ops PBT up 33.9% as net debt/EBITDA steps to 5.05x

PBT up 169.6% but working-capital build hits unprecedented NZ$27.7m

PBT up 12.8% but NPAT down 94.7% on prior-year Metering disposal gain

PBT fell 37.6% but NPAT collapsed 75% as tax rate hit 65%

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

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

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

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

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

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Vector (VCT)

Latest metrics

Valuation

Price and market cap

Profitability multiples

Income and fund shape

Price history

Share price

Price vs earnings

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Ask about VCT

Sign in to chat

Performance over time

Filing-only history charts

Revenue

Revenue growth

EBITDA-equivalent

EBITDA margin

NPAT

Operating cash flow

Full chartable metric set

OCF / EBITDA

FCF pre-lease

FCF post-lease

ROE

Net debt

Net debt / EBITDA

DPS

Payout ratio

Debtor days

Inventory days

Operating working-capital movement