Market cap
$930.5m
End-of-day close multiplied by current shares on issue.
VSL · NZX
Vulcan Steel (VSL)
Construction & Materials / Steel distributionCovered: HY25 - HY263 published briefings
Vulcan Steel is an NZX-listed construction & materials / steel distribution company. Its latest covered result is HY26, with HY25 - HY26 of source-backed result history on Annolyse.
Sections
Latest result
Latest metrics
HY26, released 24 February 2026
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| Metric | Value | Change |
|---|---|---|
| Revenue | $535.4m | ↑ +8.6% |
| EBITDA | $56.3m | ↓ -1.1% |
| NPAT | $8.3m | ↓ -9.8% |
| Operating cash flow | $38.7m | ↓ -52.1% |
| OCF / EBITDA % | 68.7% | ↓ -73.2pp |
| Net debt | $202.9m | ↓ -16.0% |
| Net debt / EBITDA | 3.6x | ↓ -15.1% |
| ROE % | 2.9% | ↓ -2.6pp |
| DPS | 2.5c | — Flat |
| Payout ratio vs NPAT % | 41.7% | ↑ +6.0pp |
Source: latest published briefing (HY26, released 24 February 2026). Change compares against the prior equivalent period: HY25, released 11 February 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.
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Profitability multiples
How the market price compares with recent earnings and cash-flow inputs.
P/E
62.87x
Recent market cap compared with trailing earnings.
EPS
0.10
Recent filing-derived earnings per share.
PEG
Not available
Not meaningful without positive comparable earnings growth.
EV/EBITDA
10.46x
Enterprise value compared with recent EBITDA.
P/FCF
22.51x
Market cap compared with recent free cash flow.
P/B
3.22x
Market value compared with latest reported equity.
Income and investment-company measures
Yield and investment-company valuation where supported.
Dividend yield
0.9%
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 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.
Financial history
Performance over time
The latest period is shown first.
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| Metric | HY266 MONTHS24 February 2026 | FY2512 MONTHS26 August 2025 | HY256 MONTHS11 February 2025 | Trend |
|---|---|---|---|---|
| Revenue | $535.4m | $948.2m | $493m | Chart |
| Revenue growth % | 8.6% | -10.9% | 0.0% | Chart |
| EBITDA | $56.3m | $109m | $56.9m | Chart |
| EBITDA margin % | 10.5% | 11.5% | 11.5% | Chart |
| PBT | $12.3m | $22.4m | $13.7m | Chart |
| PBT growth % | -10.2% | -62.0% | 0.0% | Chart |
| NPAT | $8.3m | $15.7m | $9.2m | Chart |
| NPAT growth % | -9.8% | -60.8% | 0.0% | Chart |
| Operating cash flow | $38.7m | $105m | $80.7m | Chart |
| OCF / EBITDA % | 68.7% | 96.3% | 141.9% | Chart |
| FCF pre-lease | $24.3m | $83.6m | $66.6m | Chart |
| DPS | 2.5c | 6.0c | 2.5c | Chart |
| Payout ratio vs NPAT % | 41.7% | — | 35.7% | Chart |
| ROE % | 2.9% | 9.3% | 5.4% | Chart |
| Net debt | $202.9m | $232.4m | $241.5m | Chart |
| Net debt / EBITDA | 3.6x | 2.13x | 4.24x | Chart |
| Debtor days | 50 | 50 | 53 | Chart |
| Inventory days | 128 | 129 | 134 | Chart |
| Total assets | $1.1b | $858.7m | $877.1m | Chart |
Reference: annolyse.ai/companies/vsl
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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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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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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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 Capital raise puts Vulcan Steel's debt headroom in focus
No stated financial targets or guidance are disclosed in this release, so the result can only be judged against its own second-half shape. The interim period contributed 58.4% of full-year NPAT, implying second-half NPAT of about $6.5m against $9.2m in the first half, a further step-down into the second half rather than stabilisation.
Without a disclosed target or explicit outlook shape, this result supports a read of continuing pressure through the year rather than a base for near-term recovery, but it does not on its own establish whether conditions have troughed.
Open questions
Open questions from FY25
- What structural cost actions, if any, does management plan to bring the cost base back in line with lower revenue?
- Why did inventory days rise 4.8 days even as absolute inventory fell, and is further destocking available to support cash flow?
- Will net debt to EBITDA continue rising if second-half earnings momentum has not stabilised?
- How does management expect the dividend policy to evolve if earnings recovery is delayed?
- Is the working-capital release that supported this year's operating cash flow repeatable in FY26?
This briefing cannot assess how much of the volume and margin pressure reflects steel and metals market pricing cycles versus company-specific competitive position, since no sector benchmark or historical baseline was supplied.
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
1H FY26 – Half Year results announcement
HY26 / results announcement1H FY26 – Interim Report and Financial Statements
HY26 / financial reportPrior comparable period
Half Year 2025 results announcement
HY25 / results announcementHalf Year Report and Accounts
HY25 / financial reportRelease context
Half Year Report 2025 Investor presentation
HY25 / commentary2025 Annual Meeting of shareholders presentation
HY26 / commentaryPeer context
Steel distribution comparison set
These companies share the same curated sub-sector label. Their reporting definitions can still differ, so compare the underlying measures before ranking them.
Archive
Briefing archive
The full chronological archive contains every published result briefing.
HY26 · Released 24 February 2026
Revenue up 8.6% but cash conversion fell to 68.7% on working-capital build
Operating cash flow dropped 52.1% to NZ$38.7m as receivables and inventory build offset an 8.6% revenue gain.
Read briefing
FY25 · Released 26 August 2025
Capital raise puts Vulcan Steel's debt headroom in focus
The NZ$96.3m capital raised is relevant to debt headroom, while borrowings and gearing remain the direct evidence.
Read 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.
Read briefing
Get notified when VSL publishes
Get the next Vulcan Steel result briefing and five-year history updates by email.