Market cap
$653.3m
End-of-day close multiplied by current shares on issue.
VGL · NZX
Vista Group International (VGL)
Technology / Media softwareCovered: FY19 - HY268 published briefings
Vista Group International is an NZX-listed technology / media software company. Its latest covered result is HY26, with FY19 - HY26 of source-backed result history on Annolyse.
Sections
Latest result
Latest metrics
HY26, released 3 August 2026
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| Metric | Value | Change |
|---|---|---|
| Revenue | $86.3m | ↑ +12.1% |
| EBITDA | $12.4m | ↑ +24.0% |
| NPAT | -$1.5m | — Flat |
| Operating cash flow | $9.2m | ↓ -34.8% |
| OCF / EBITDA % | 74.2% | ↓ -66.8pp |
| Net debt | $5.8m | ↑ +287.1% |
| Net debt / EBITDA | 0.47xOutside range high net debt / ebitda. 0.47x; 3-period range -4x to 0.01x. Net debt / EBITDA: 0.47x, above normal range; 3-period mean -1.43x, range -4.00x-0.01x. | — |
| ROE % | -1.0%Outside range high roe. -1%; 4-period range -6% to -1.1%. ROE: -1.0%, above normal range; 4-period mean -2.6%, range -6.0%--1.1%. | ↑ +0.1pp |
| PBT | -$2.1m | ↓ -61.5% |
| FCF pre-lease | -$3.4m | ↓ -166.7% |
Source: latest published briefing (HY26, released 3 August 2026). Change compares against the prior equivalent period: HY25, released 14 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, 4 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
343.82x
Recent market cap compared with trailing earnings.
EPS
0.01
Recent filing-derived earnings per share.
PEG
Not available
Not available for this company right now.
EV/EBITDA
21.54x
Enterprise value compared with recent EBITDA.
P/FCF
Not available
Not meaningful when free cash flow is negative or unavailable.
P/B
4.37x
Market value compared with latest reported equity.
Income and investment-company measures
Yield and investment-company valuation where supported.
Dividend yield
0.0%
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. Periods with P/E at or above 100x are shown as gaps because earnings yield below 1% makes the multiple denominator-driven, not meaningful. Suppressed periods: FY25, HY26.
P/E is not meaningful for this company's earnings history because trailing NPAT is not positive or is too small relative to market value in most chart periods.
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Ask about VGL
Ask follow-up questions about Vista Group International's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Ask about VGL
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 | HY266 MONTHS3 August 2026 | FY2512 MONTHS27 February 2026 | HY256 MONTHS14 August 2025 | HY246 MONTHS6 August 2024 | HY236 MONTHS25 August 2023 | HY216 MONTHS27 August 2021 | FY2012 MONTHS1 March 2021 | FY1912 MONTHS27 February 2020 | Trend |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $86.3m | $164.3m | $77m | $69.6m | $69.7m | $44.9m | $87.5m | $144.5m | Chart |
| Revenue growth % | 12.1% | 9.5% | 10.6% | -0.1%Outside range low revenue growth. -0.1%; 4-period range 0.2% to 55.2%. Revenue growth: -0.1%, below normal range; 4-period mean 19.5%, range 0.2%-55.2%. | 55.2%Unprecedented high revenue growth. 55.2%; 4-period range -0.1% to 12.1%. Revenue growth: 55.2%, unprecedented high; 4-period mean 5.7%, range -0.1%-12.1%. | 0.2% | -39.4% | 10.5% | Chart
|
| EBITDA | $12.4m | $28.2m | $10m | $7.2m | $2.5m | $6.4m | -$11.4m | $31.1m | Chart |
| EBITDA margin % | 14.4%Outside range high ebitda margin. 14.4%; 4-period range 3.6% to 14.3%. EBITDA margin: 14.4%, above normal range; 4-period mean 10.3%, range 3.6%-14.3%. | 17.2% | 13.0% | 10.3% | 3.6%Unprecedented low ebitda margin. 3.6%; 4-period range 10.3% to 14.4%. EBITDA margin: 3.6%, unprecedented low; 4-period mean 13.0%, range 10.3%-14.4%. | 14.3% | -13.0% | 21.5% | Chart
|
| PBT | -$2.1m | $4.4m | -$1.3m | -$3.6m | -$9.9m | -$2.1m | -$64.3m | $18.4m | Chart |
| PBT growth % | — | 144.4% | — | — | — | — | — | -12.4% | Chart |
| NPAT | -$1.5m | $1.9m | -$1.5m | -$2.4m | -$8.7m | -$2.8m | -$51.4m | $10.8m | Chart |
| NPAT growth % | — | — | — | — | — | — | — | -12.2% | — |
| Operating cash flow | $9.2m | $27.8m | $14.1m | $3m | $6.2m | $1m | $4.1m | $15.5m | Chart |
| OCF / EBITDA % | 74.2% | 98.6% | 141.0% | 41.7% | 248.0%Unprecedented high ocf / ebitda cash conversion. 248%; 4-period range 15.6% to 141%. OCF / EBITDA cash conversion: 248.0%, unprecedented high; 4-period mean 68.1%, range 15.6%-141.0%. | 15.6%Outside range low ocf / ebitda cash conversion. 15.6%; 4-period range 41.7% to 248%. OCF / EBITDA cash conversion: 15.6%, below normal range; 4-period mean 126.2%, range 41.7%-248.0%. | -36.0% | 49.8% | Chart
|
| FCF pre-lease | -$3.4m | $6.7m | $5.1m | -$6.4m | — | — | — | — | Chart |
| FCF post-lease | -$6.8m | — | — | — | — | — | — | — | — |
| DPS | — | — | — | — | 0.0c | — | — | 2.1c | Chart |
| Payout ratio vs NPAT % | — | — | — | — | — | — | — | 47.1% | — |
| Annual payout ratio vs EPS % | — | — | — | — | — | — | — | 47.1% | — |
| ROE % | -1.0%Outside range high roe. -1%; 4-period range -6% to -1.1%. ROE: -1.0%, above normal range; 4-period mean -2.6%, range -6.0%--1.1%. | 1.3% | -1.1% | -1.7% | -6.0%Unprecedented low roe. -6%; 4-period range -1.7% to -1%. ROE: -6.0%, unprecedented low; 4-period mean -1.4%, range -1.7%--1.0%. | -1.7% | -31.5% | 7.1% | Chart
|
| Net debt | $5.8m | -$0.7m | -$3.1m | $100m | — | -$25.7m | -$30.9m | -$7.7m | Chart |
| Net debt / EBITDA | 0.47xOutside range high net debt / ebitda. 0.47x; 3-period range -4x to 0.01x. Net debt / EBITDA: 0.47x, above normal range; 3-period mean -1.43x, range -4.00x-0.01x. | n/m | n/m | 13.89x | — | n/m | 2.71x | n/m | Chart
|
| Debtor days | 68 | 67 | 68 | 67Outside range low debtor days. 67d; 4-period range 68d to 188d. Debtor days: 67.2 days, below normal range; 4-period mean 100.6 days, range 67.5 days-187.8 days. | 79 | 188Unprecedented high debtor days. 188d; 4-period range 67d to 79d. Debtor days: 187.8 days, unprecedented high; 4-period mean 70.4 days, range 67.2 days-79.1 days. | 198 | 142 | Chart
|
| Total assets | $278m | $240.9m | $222m | $210m | $227m | $250.9m | $252m | $243.6m | Chart |
Reference: annolyse.ai/companies/vgl
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 VGL HY: Unprecedented high revenue growth. 55.2%; 4-period range -0.1% to 12.1%. Revenue growth: 55.2%, unprecedented high; 4-period mean 5.7%, range -0.1%-12.1%.
- HY24 VGL HY: Outside range low revenue growth. -0.1%; 4-period range 0.2% to 55.2%. Revenue growth: -0.1%, below normal range; 4-period mean 19.5%, range 0.2%-55.2%.
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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- HY23 VGL HY: Unprecedented low ebitda margin. 3.6%; 4-period range 10.3% to 14.4%. EBITDA margin: 3.6%, unprecedented low; 4-period mean 13.0%, range 10.3%-14.4%.
- HY26 VGL HY: Outside range high ebitda margin. 14.4%; 4-period range 3.6% to 14.3%. EBITDA margin: 14.4%, above normal range; 4-period mean 10.3%, range 3.6%-14.3%.
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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- HY21 VGL HY: Outside range low ocf / ebitda cash conversion. 15.6%; 4-period range 41.7% to 248%. OCF / EBITDA cash conversion: 15.6%, below normal range; 4-period mean 126.2%, range 41.7%-248.0%.
- HY23 VGL HY: Unprecedented high ocf / ebitda cash conversion. 248%; 4-period range 15.6% to 141%. OCF / EBITDA cash conversion: 248.0%, unprecedented high; 4-period mean 68.1%, range 15.6%-141.0%.
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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- HY23 VGL HY: Unprecedented low roe. -6%; 4-period range -1.7% to -1%. ROE: -6.0%, unprecedented low; 4-period mean -1.4%, range -1.7%--1.0%.
- HY26 VGL HY: Outside range high roe. -1%; 4-period range -6% to -1.1%. ROE: -1.0%, above normal range; 4-period mean -2.6%, range -6.0%--1.1%.
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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- HY26 VGL HY: Outside range high net debt / ebitda. 0.47x; 3-period range -4x to 0.01x. Net debt / EBITDA: 0.47x, above normal range; 3-period mean -1.43x, range -4.00x-0.01x.
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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- HY21 VGL HY: Unprecedented high debtor days. 188d; 4-period range 67d to 79d. Debtor days: 187.8 days, unprecedented high; 4-period mean 70.4 days, range 67.2 days-79.1 days.
- HY24 VGL HY: Outside range low debtor days. 67d; 4-period range 68d to 188d. Debtor days: 67.2 days, below normal range; 4-period mean 100.6 days, range 67.5 days-187.8 days.
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
Previous analysisFY25Result releasedAnnolyse analysis published
From EBITDA up 30.6% on 9.5% revenue growth as cash conversion lifts to 98.6%
No forward targets, forward-work disclosure or revenue guidance is provided in the supplied data, so this release cannot be judged against an explicit bar. The interim shape does, however, indicate a clearly second-half-weighted year: HY25 revenue of $77.0m implies a $87.3m second half, and HY25 EBITDA of $10.0m implies $18.2m in the second half — meaning roughly 65% of full-year EBITDA was generated in H2.
That second-half skew matters because the FY25 exit run-rate, particularly with Vista Payments now live and described as ahead of original expectations, is more relevant for FY26 modelling than the simple full-year average. The release does not quantify either Vista Payments contribution or marquee-client onboarding timing.
Open questions
Open questions from FY25
- What reconciles the $19.7m gap between reported FCF of -$0.9m and the disclosed underlying FCF of +$18.8m, and which items in that bridge are recurring?
- Why did operating working capital rise $15.8m while revenue rose only $14.3m, and how quickly does the $17.3m contract-assets balance convert to cash?
- How sustainable is capex at 12.8% of revenue once the cloud migration of the remaining ~65% of client sites is largely complete?
- What is the revenue and margin contribution from Vista Payments in FY25, and what does "ahead of original expectations" mean in dollar terms?
- Will the second-half EBITDA run-rate of roughly $18m carry into H1 FY26, or is part of it onboarding-driven and non-recurring?
This briefing cannot assess the durability of the underlying-FCF figure, the FY26 revenue trajectory, or the economics of Vista Payments without the disclosures that would sit behind those line items.
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
2026 Half Year NZX Results Announcement
HY26 / results announcement2026 Half Year Result Investor Presentation
HY26 / results presentation2026 Half Year Result Media Announcement
HY26 / results release2026 Interim Report
HY26 / financial reportPrior comparable period
2025 Half Year NZX Results Announcement
HY25 / results announcement2025 Half Year Result Investor Presentation
HY25 / results presentation2025 Half Year Result Media Announcement
HY25 / results release2025 Interim Report
HY25 / financial reportFull-year context
2025 Annual Report
FY25 / financial report2025 Full Year NZX Results Announcement
FY25 / results announcement2025 Full Year Result Investor Presentation
FY25 / results presentation2025 Full Year Result Media Announcement
FY25 / results releaseRelease context
FY2025 Result Presentation Recording & Transcript
FY25 / commentary2025 Half Year Result Presentation Recording & Transcript
HY25 / commentaryCG 46th Annual Growth Conference - Investor Presentation
HY26 / commentaryPeer context
Other covered Technology 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.
HY26 · Released 3 August 2026
Vista Group's 24% EBITDA growth did not convert into cash
EBITDA rose 24% and margin hit 14.4%, but free cash flow turned negative and net debt/EBITDA rose to 0.47x.
Read briefing
FY25 · Released 27 February 2026
EBITDA up 30.6% on 9.5% revenue growth as cash conversion lifts to 98.6%
Operating leverage and the cloud transition delivered a return to profit, but heavy capitalised development still left free cash flow at -$0.9m.
Read briefing
HY25 · Released 14 August 2025
Vista Group EBITDA jumps 38.9% as cloud demand outruns delivery capacity
Revenue grew 10.6% to NZ$77.0m and operating cash flow more than tripled to NZ$14.1m, but the group remained loss-making at PBT.
Read briefing
HY24 · Released 6 August 2024
EBITDA up 188% but OCF fell 52% and net cash buffer erased
The reported earnings recovery is real, yet cash conversion dropped to 41.7% from 248% and Vista must deliver a sharp H2 cash reversal.
Read briefing
HY23 · Released 25 August 2023
EBITDA margin compressed to 3.6% and PBT loss widened to NZ$9.9m
Revenue gains were absorbed by transformation spend while NZ$11.3m capex turned operating cash improvement into a NZ$21.0m cash drawdown.
Read briefing
HY21 · Released 27 August 2021
Debtor days hit 187.8 as cash conversion fell to 15.6%
PBT improved 95.6% and EBITDA swung to a $6.4m profit, but receivables absorbed $13.3m and operating cash fell 94% to $1.0m.
Read briefing
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Get the next Vista Group International result briefing and five-year history updates by email.