Market cap
$338.1m
End-of-day close multiplied by current shares on issue.
WIN · NZX
Winton Land (WIN)
Property / Residential developmentCovered: HY24 - FY266 published briefings
Winton Land is an NZX-listed property / residential development company. Its latest covered result is FY26, with HY24 - FY26 of source-backed result history on Annolyse.
Sections
Latest result
Latest metrics
FY26, released 26 August 2026
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| Metric | Value | Change |
|---|---|---|
| Revenue | $188.8m | ↑ +21.5% |
| EBITDA | $45.6m | ↑ +114.1% |
| NPAT | $22.7m | ↑ +120.4% |
| Operating cash flow | $105.9m | ↑ +150.2% |
| OCF / EBITDA % | 232.4% | ↑ +33.5pp |
| Net debt | $5.4m | ↓ -93.1% |
| Net debt / EBITDA | 0.12x | ↓ -96.8% |
| ROE % | 4.1% | ↑ +2.2pp |
| PBT | $36.3m | ↑ +138.8% |
| FCF pre-lease | $89m | ↑ +289.6% |
Source: latest published briefing (FY26, released 26 August 2026). Change compares against the prior equivalent period: FY25, released 27 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, 18 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
14.9x
Recent market cap compared with trailing earnings.
EPS
0.08
Recent filing-derived earnings per share.
PEG
0.12x
P/E compared with recent earnings growth.
EV/EBITDA
7.54x
Enterprise value compared with recent EBITDA.
P/FCF
3.8x
Market cap compared with recent free cash flow.
P/B
0.61x
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: 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.
Financial history
Performance over time
The latest period is shown first.
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| Metric | FY2612 MONTHS26 August 2026 | HY266 MONTHS20 February 2026 | FY2512 MONTHS27 August 2025 | HY256 MONTHS21 February 2025 | FY2412 MONTHS23 August 2024 | HY246 MONTHS20 February 2024 | Trend |
|---|---|---|---|---|---|---|---|
| Revenue | $188.8m | $32.4m | $155.4m | $81.1m | $173.6m | $85.6m | Chart |
| Revenue growth % | 21.5% | -60.0% | -10.4% | -5.3% | 8.8% | 0.6% | Chart |
| EBITDA | $45.6m | $0.79m | $21.3m | -$0.06m | $29.5m | $14.2m | Chart |
| EBITDA margin % | 24.1% | 2.4% | 13.7% | -0.1% | 17.0% | 16.6% | Chart |
| PBT | $36.3m | -$3.3m | $15.2m | -$2.4m | $27.5m | $13.6m | Chart |
| PBT growth % | 138.8% | — | -44.7% | — | -38.3% | -72.2% | Chart |
| NPAT | $22.7m | -$0.9m | $10.3m | -$2m | $15.7m | $9.7m | Chart |
| NPAT growth % | 120.4% | — | -34.4% | — | -50.5% | -71.9% | Chart |
| Operating cash flow | $105.9m | -$9.9m | $42.3m | $27.1m | $14.2m | $17.4m | Chart |
| OCF / EBITDA % | 232.4% | n/m | 198.9% | n/m | 48.1% | 122.9% | Chart |
| FCF pre-lease | $89m | -$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 % | 4.1% | -0.2% | 1.9% | -0.4% | 3.0% | 1.9% | Chart |
| Net debt | $5.4m | $104.9m | $79.2m | $52.4m | $23.1m | -$35.2m | Chart |
| Net debt / EBITDA | 0.12x | n/m | 3.72x | n/m | 0.78x | n/m | Chart |
| Inventory days | 333 | n/m | 530 | 985 | 520 | n/m | Chart |
| Total assets | $695.1m | $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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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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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
HY26 → FY26 Follow-through
The latest result is checked against what the prior briefing said to watch.
Historical setup
What HY26 said to watch
Previous analysisHY26Result releasedAnnolyse analysis published
From Settlements collapsed to 14 units, swinging operating cash $37m negative
No forward earnings target is supplied. The release flags a $239.8m pre-sale book at 31 December 2025 and Fast-track Approvals Act decisions expected in H2 FY26. Pre-sales equate to 3.7x annualised current-half revenue of $64.8m, which supports forward revenue capacity but does not specify timing of settlement recognition.
The supplied shape context shows HY25 represented 52.1% of FY25 revenue but only -19.4% of FY25 NPAT, with the implied H2 FY25 contributing $74.4m of revenue and $12.3m of NPAT. HY26 has started weaker than HY25 on both revenue and operating cash, so any material recovery to FY25-style full-year earnings would need to come through H2 FY26 settlements that are not yet quantified in the release.
Open questions
Open questions from HY26
- What settlement volume and revenue does management expect in H2 FY26, and how much is contracted versus speculative within the $239.8m pre-sale book?
- Why is the effective tax rate 72.8% this half versus 17.4% in HY25, and is that level expected to persist?
- How much undrawn debt headroom remains on the MMLIC and MCCB facilities after the $40.0m increase in gross borrowings?
- Which Fast-track Approvals Act decisions are pending in H2 FY26 and what revenue or settlement timing depends on them?
- Is the commercial portfolio's $1.1m segment result sustainable, or did it benefit from one-off rent or fair-value items not separately disclosed?
This briefing cannot assess project-level pre-sale conversion timing, debt facility covenants and headroom, or fair-value movements within the commercial portfolio because those details are not in the supplied materials. Ratios built on this half's near-zero EBITDA base (including OCF/EBITDA and FCF/NPAT) are denominator-distorted and should not be relied upon as normal-period analytical signals.
Latest result sources
Primary issuer documents used for the FY26 briefing. Document labels are preserved from the publication record; Annolyse does not relabel every financial report as an annual report.
Current period
Annual Report
FY26 / financial reportAnnual Results Announcement
FY26 / results releaseAnnual Results Presentation
FY26 / results presentationNZX Form - Results Announcement
FY26 / results announcementPrior comparable period
Annual Report
FY25 / financial reportAnnual Results Announcement
FY25 / results releaseAnnual Results Presentation
FY25 / results presentationNZX Form - Results Announcement
FY25 / results announcementInterim context
Interim Financial Statements
HY26 / financial reportInterim Results FY26 Announcement
HY26 / results releaseInterim Results Presentation
HY26 / results presentationNZX Form - Results Announcement
HY26 / results announcementRelease context
Winton ASM Presentation
HY26 / commentaryPeer context
Residential development 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.
FY26 · Released 26 August 2026
Winton revenue rose 21.5% as net debt fell to NZ$5.4m
The NZ$103.1m disclosed value from the Sunfield sale sits behind the period; operating metrics remain the main read.
Read briefing
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
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