Market cap
$326.3m
End-of-day close multiplied by current shares on issue.
WIN · NZX
Winton Land (WIN)
Property / Residential developmentCovered: HY24 - HY265 published briefings
Winton Land is an NZX-listed property / residential development company with HY24 - HY26 of published result briefings.
Sections
Snapshot
Latest metrics
HY26, released 20 February 2026
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| Metric | Value | Change |
|---|---|---|
| Revenue | $32.4m | ↓ -60.0% |
| EBITDA | $0.79m | n/m |
| NPAT | -$0.9m | ↑ +55.0% |
| Operating cash flow | -$9.9m | ↓ -136.6% |
| OCF / EBITDA % | n/m | — |
| Net debt | $104.9m | ↑ +100.1% |
| Net debt / EBITDA | n/m | — |
| ROE % | -0.2% | ↑ +0.2pp |
| PBT | -$3.3m | ↓ -37.5% |
| FCF pre-lease | -$11.7m | ↑ +41.0% |
Source: latest published briefing (HY26, released 20 February 2026). Change compares against the prior equivalent period: HY25, released 21 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, 27 July 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
28.62x
Recent market cap compared with trailing earnings.
EPS
0.04
Recent filing-derived earnings per share.
PEG
Not available
Not available for this company right now.
EV/EBITDA
19.48x
Enterprise value compared with recent EBITDA.
P/FCF
10.52x
Market cap compared with recent free cash flow.
P/B
0.61x
Market value compared with latest reported equity.
Income and fund shape
Yield and fund-style valuation where the company shape supports it.
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 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. 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: HY25.
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Chat
Ask about WIN
Ask follow-up questions about Winton Land's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Ask about WIN
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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| Metric | HY266 MONTHS20 February 2026 | FY2512 MONTHS27 August 2025 | HY256 MONTHS21 February 2025 | FY2412 MONTHS23 August 2024 | HY246 MONTHS20 February 2024 | Trend |
|---|---|---|---|---|---|---|
| Revenue | $32.4m | $155.4m | $81.1m | $173.6m | $85.6m | Chart |
| Revenue growth % | -60.0% | -10.4% | -5.3% | 8.8% | 0.6% | Chart |
| EBITDA | $0.79m | $21.3m | -$0.06m | $29.5m | $14.2m | Chart |
| EBITDA margin % | 2.4% | 13.7% | -0.1% | 17.0% | 16.6% | Chart |
| PBT | -$3.3m | $15.2m | -$2.4m | $27.5m | $13.6m | Chart |
| PBT growth % | — | -44.7% | — | -38.3% | -72.2% | Chart |
| NPAT | -$0.9m | $10.3m | -$2m | $15.7m | $9.7m | Chart |
| NPAT growth % | — | -34.4% | — | -50.5% | -71.9% | Chart |
| Operating cash flow | -$9.9m | $42.3m | $27.1m | $14.2m | $17.4m | Chart |
| OCF / EBITDA % | n/m | 198.9% | n/m | 48.1% | 122.9% | Chart |
| FCF pre-lease | -$11.7m | $22.9m | -$19.9m | -$27.8m | -$7m | Chart |
| FCF post-lease | — | $22.9m | — | — | — | — |
| DPS | — | — | — | — | 0.6c | — |
| Payout ratio vs NPAT % | — | — | — | — | 16.8% | — |
| ROE % | -0.2% | 1.9% | -0.4% | 3.0% | 1.9% | Chart |
| Net debt | $104.9m | $79.2m | $52.4m | $23.1m | -$35.2m | Chart |
| Net debt / EBITDA | n/m | 3.72x | n/m | 0.78x | n/m | Chart |
| Inventory days | n/m | 530 | 985 | 520 | n/m | Chart |
| Total assets | $719.5m | $703.9m | $663.3m | $654.1m | $648.1m | Chart |
Reference: annolyse.ai/companies/win
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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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 Net debt/EBITDA jumped from 0.8x to 3.7x as PBT fell 44.7%
No forward earnings target or pre-sales pipeline value is provided in the supplied data, so this release cannot be benchmarked to a stated number. Management points to a c.5,750-unit landbank and an unconditional/conditional pre-sales book, but neither a dollar value nor a coverage ratio is in the supplied excerpts.
The shape of the year was heavily second-half weighted: H1 FY25 produced a $0.1m EBITDA loss and a $2.0m NPAT loss, so essentially all of the FY25 EBITDA ($21.3m implied) and NPAT ($12.3m implied) was earned in H2. That concentration means the FY26 entry run-rate depends on whether the H2 settlement cadence repeats, not on extrapolating the full-year average.
Open questions
Open questions from FY25
- Why was no FY25 dividend declared, and is this a leverage decision or a market-conditions decision?
- What is the committed and undrawn headroom on the borrowing facility, and what covenants apply at 3.7x net debt/EBITDA?
- How much of the c.5,750-unit landbank is supported by unconditional pre-sales settling within FY26?
- When does the Commercial segment, currently loss-making on rising revenue, reach a positive segment result?
- How dependent is FY26 EBITDA on continuing to release inventory rather than restocking the development pipeline?
This briefing cannot assess facility covenants, pre-sales dollar value, or unit selling price trends because none of those are quantified in the supplied disclosures.
Archive
Briefing archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
HY26 · Released 20 February 2026
Settlements collapsed to 14 units, swinging operating cash $37m negative
Revenue fell 60.0% and net debt nearly doubled as inventories built, even as the commercial portfolio swung to a positive segment result.
Read briefing
FY25 · Released 27 August 2025
Net debt/EBITDA jumped from 0.8x to 3.7x as PBT fell 44.7%
Strong reported cash flow came from a $21.6m inventory drawdown, masking rising leverage and a paused dividend.
Read briefing
HY25 · Released 21 February 2025
Winton swung to $2.0m loss as net cash flipped to $52.4m net debt
A 5.3% revenue dip turned $14.2m of EBITDA into a $0.1m loss while capex nearly doubled and the cash balance fell $73.2m.
Read briefing
FY24 · Released 23 August 2024
Winton swung from $204.8m net cash to $23.1m net debt as PBT fell 38.3%
A $65.4m inventory build and $42.1m of capex consumed the cash pile and required a new debt facility, even as revenue rose 8.8%.
Read briefing
HY24 · Released 20 February 2024
PBT collapsed 72.2% on a 0.6% revenue rise
Residential development margins compressed sharply, with capex up 199.9% and $64.1m drawn on a previously undrawn debt facility.
Read briefing
Get notified when WIN publishes
Get the next Winton Land result briefing and five-year history updates by email.