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VSL · NZX

Vulcan Steel (VSL)

Construction & Materials / Steel distribution•Covered: HY25•1 published briefing

Vulcan Steel is an NZX-listed construction & materials / steel distribution company with HY25 of published result briefings.

Latest briefing

HY25 · Released 11 February 2025

PBT down 64% on a 13% revenue decline as operating leverage bites

Operating cash flow of $80.7m and a held 2.5 cent interim dividend partially cushion an earnings collapse driven by trading headwinds.

Market data

As at close
Close price
NZD 5.78
Market cap
$846.9m
Dividend yield
1%

as at close, 11 June 2026. Source: yfinance.

Sections⌄
  1. Snapshot
  2. Valuation
  3. Chat
  4. Longitudinal View
  5. Follow-through
  6. Archive
  7. Related Insights
  1. Snapshot
  2. Valuation
  3. Chat
  4. Longitudinal View
  5. Follow-through
  6. Archive
  7. Related Insights

Snapshot

Latest metrics

HY25, released 11 February 2025

← Swipe to view more
VSL latest metrics
MetricValueChange
Revenue$493m—
EBITDA$56.9m—
NPAT$9.2m—
Operating cash flow$80.7m—
OCF / EBITDA %141.9%—
Net debt$241.5m—
Net debt / EBITDA4.24x—
ROE %5.4%—
DPS2.5c—
Payout ratio vs NPAT %35.7%—

Source: latest published briefing (HY25, released 11 February 2025). Change compares against the prior equivalent period: not available for this company.

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, 11 June 2026

Price and market cap

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

Market cap

$846.9m

i

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

i

Not available for this company right now.

EPS

Not available

i

Not available for this company right now.

PEG

Not available

i

Not meaningful without positive comparable earnings growth.

EV/EBITDA

Not available

i

Not available for this company right now.

P/FCF

Not available

i

Not available for this company right now.

P/B

5x

i

Market value compared with latest reported equity.

Income and fund shape

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

Dividend yield

1.0%

i

Trailing dividends compared with the latest close.

Total return

Not available

i

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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Chat

Ask about VSL

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

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

Ask about VSL

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

Sign in to chat

Sign in to ask company questions.

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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VSL metric history
MetricHY256 MONTHS11 February 2025Trend
Revenue$493m
—
Revenue growth %0.0%
—
EBITDA$56.9m
—
EBITDA margin %11.5%
—
PBT$13.7m
—
PBT growth %0.0%
—
NPAT$9.2m
—
NPAT growth %0.0%
—
Operating cash flow$80.7m
—
OCF / EBITDA %141.9%
—
FCF pre-lease$66.6m
—
DPS2.5c
—
Payout ratio vs NPAT %35.7%
—
ROE %5.4%
—
Net debt$241.5m
—
Net debt / EBITDA4.24x
—
Debtor days53
—
Inventory days134
—
Total assets$877.1m
—

Reference: annolyse.ai/companies/vsl

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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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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The setup & the reality

HY25 Follow-through

This section starts once there are at least two briefings for the company, so the latest result can be checked against what the previous briefing said to watch.

Expectations tracker

Once a second briefing exists for this company, this section will compare the latest result with what the previous briefing said to watch.

Archive

Briefing archive

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

HY25 · Released 11 February 2025

PBT down 64% on a 13% revenue decline as operating leverage bites

Operating cash flow of $80.7m and a held 2.5 cent interim dividend partially cushion an earnings collapse driven by trading headwinds.

Read briefing→

Related insights

Compare this company

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

Insight

Leverage and balance-sheet risk

Net debt / EBITDA is 4.24x, 0.00x versus the prior comparable period.

Open insight→

Insight

Cash conversion quality

This result converted 141.9% of EBITDA to operating cash flow, 0.0pp versus the prior comparable period.

Open insight→

Insight

Dividend coverage and payout pressure

Dividend payout versus NPAT is 35.7%.

Open insight→

Insight

Working-capital pressure

Inventory days were 134 days, 0 days versus the prior comparable period.

Open insight→

Get notified when VSL publishes

Get the next Vulcan Steel result briefing and five-year history updates by email.