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NZX cash conversion comparison

Operating cash flow versus EBITDA across covered NZX companies, using each company's most recent published result.

Last updated 29 August 2026

Latest cash conversion

Highest and lowest latest chartable OCF / EBITDA values. Denominator effects outside -1,000% to 1,000% remain in the full table.

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  • OCA Latest reported value: Outside range high ocf / ebitda cash conversion. 190.3%; 3-period range 81.2% to 182%. OCF / EBITDA cash conversion: 190.3%, above normal range; 3-period mean 130.3%, range 81.2%-182.0%.
  • SCL Latest reported value: Outside range high ocf / ebitda cash conversion. 24.7%; 4-period range -78.4% to -4.2%. OCF / EBITDA cash conversion: 24.7%, above normal range; 4-period mean -36.8%, range -78.4%--4.2%.
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NZX cash conversion comparison table
CompanyTickerPeriodOCF / EBITDAPrior comparableDirection
Enprise GroupENSFY25-802.4%8.2%Deteriorated
ArborGen HoldingsARBFY26-740.0%24.1%Deteriorated
Gentrack Group Limited 6 months to 31 March 2026GTKHY26-110.1%22.1%Deteriorated
CDL Investments New ZealandCDIHY26-103.2%-239.4%Improved
AoFrioAOFHY26-98.0%-123.4%Improved
Steel & Tube HoldingsSTUFY26-27.8%-417.7%Improved
Henderson Far East IncomeHFLHY2610.7%105.0%Deteriorated
SanfordSANHY2621.4%—n/a
Scales CorporationSCLHY2624.7%Outside range high ocf / ebitda cash conversion. 24.7%; 4-period range -78.4% to -4.2%. OCF / EBITDA cash conversion: 24.7%, above normal range; 4-period mean -36.8%, range -78.4%--4.2%.-10.5%Improved
InfratilIFTFY2628.2%97.3%Deteriorated
New Zealand King Salmon InvestmentsNZKHY2630.5%342.6%Deteriorated
Tourism HoldingsTHLFY2630.8%18.5%Improved
Cooks Coffee CompanyCCCFY2638.1%170.0%Deteriorated
KMD BrandsKMDHY2640.5%86.8%Deteriorated
The a2 Milk CompanyATMFY2646.8%73.4%Deteriorated
Scott TechnologySCTHY2646.9%119.2%Deteriorated
Being AIBAIFY2655.6%121.6%Deteriorated
EBOS GroupEBOFY2658.3%75.3%Deteriorated
Precinct PropertiesPCTHY2665.0%73.9%Deteriorated
SeekaSEKHY2666.1%75.4%Deteriorated
Freightways GroupFRWFY2667.4%69.9%Deteriorated
ikeGPS GroupIKEFY2667.8%29.6%Improved
Millennium & Copthorne Hotels New ZealandMCKHY2668.6%Outside range high ocf / ebitda cash conversion. 68.6%; 3-period range 25.6% to 63.3%. OCF / EBITDA cash conversion: 68.6%, above normal range; 3-period mean 40.5%, range 25.6%-63.3%.25.6%Improved
Vulcan SteelVSLHY2668.7%141.9%Deteriorated
Auckland International AirportAIAFY2669.5%67.6%Improved
Third Age Health ServicesTAHFY2670.1%79.1%Deteriorated
Mercury NZMCYFY2671.3%61.5%Improved
Vista Group InternationalVGLHY2674.2%141.0%Deteriorated
Burger Fuel GroupBFGFY2674.4%50.0%Improved
Port of TaurangaPOTFY2674.5%73.3%Improved
Meridian EnergyMELFY2677.1%Outside range high ocf / ebitda cash conversion. 77.1%; 3-period range 52.1% to 73.7%. OCF / EBITDA cash conversion: 77.1%, above normal range; 3-period mean 63.6%, range 52.1%-73.7%.52.0%Improved
MainfreightMFTFY2677.6%76.7%Improved
Contact EnergyCENFY2678.4%70.3%Improved
Skellerup HoldingsSKLFY2678.4%70.1%Improved
South Port New ZealandSPNFY2679.0%115.2%Deteriorated
Channel Infrastructure NZCHIFY2579.6%Outside range high ocf / ebitda cash conversion. 79.6%; 4-period range -24.6% to 68.2%. OCF / EBITDA cash conversion: 79.6%, above normal range; 4-period mean 33.3%, range -24.6%-68.2%.68.2%Improved
Spark New ZealandSPKFY2680.6%Outside range high ocf / ebitda cash conversion. 80.6%; 5-period range 46.5% to 76.3%. OCF / EBITDA cash conversion: 80.6%, above normal range; 5-period mean 65.2%, range 46.5%-76.3%.64.6%Improved
NZMENZMFY2580.8%69.9%Improved
PGG WrightsonPGWFY2681.8%22.1%Improved
Delegat GroupDGLFY2682.1%90.7%Deteriorated
My Food Bag GroupMFBFY2682.5%82.2%Improved
SavorSVRFY2685.8%97.7%Deteriorated
Metro Performance GlassMPGFY2686.1%37.0%Improved
Napier Port HoldingsNPHHY2686.8%104.5%Deteriorated
New Talisman Gold MinesNTLFY2689.0%-37.7%Improved
AFC Group HoldingsAFCFY2689.5%-418.2%Improved
Goodman Property TrustGNZHY2691.2%92.8%Deteriorated
IperionIPRFY2691.5%99.1%Deteriorated
Radius Residential CareRADFY2691.8%Outside range high ocf / ebitda cash conversion. 91.8%; 3-period range 28.4% to 85.5%. OCF / EBITDA cash conversion: 91.8%, above normal range; 3-period mean 60.4%, range 28.4%-85.5%.85.4%Improved
VectorVCTFY2694.0%Outside range low ocf / ebitda cash conversion. 94%; 3-period range 97.2% to 245.9%. OCF / EBITDA cash conversion: 94.0%, below normal range; 3-period mean 148.3%, range 97.2%-245.9%.84.3%Improved
Promisia HealthcarePHLFY2696.2%Outside range low ocf / ebitda cash conversion. 96.2%; 3-period range 107.1% to 197.5%. OCF / EBITDA cash conversion: 96.2%, below normal range; 3-period mean 167.2%, range 107.1%-197.5%.81.2%Improved
Rua BioscienceRUAFY2697.1%84.5%Improved
Genesis EnergyGNEFY2698.6%68.6%Improved
SkyCity Entertainment GroupSKCFY26101.0%20.9%Improved
ChorusCNUFY26101.9%79.3%Improved
Fletcher BuildingFBUFY26103.8%Outside range high ocf / ebitda cash conversion. 103.8%; 3-period range 47% to 86.1%. OCF / EBITDA cash conversion: 103.8%, above normal range; 3-period mean 62.2%, range 47.0%-86.1%.501.0%Deteriorated
Fisher & Paykel HealthcareFPHFY26104.2%107.7%Deteriorated
Briscoe GroupBGPFY26106.9%105.1%Improved
Truscreen GroupTRUFY26112.3%—n/a
Green Cross HealthGXHFY26120.7%144.5%Deteriorated
Me TodayMEEHY26120.8%58.5%Improved
Sky Network TelevisionSKTHY26126.7%Outside range high ocf / ebitda cash conversion. 126.7%; 3-period range 76.2% to 103.4%. OCF / EBITDA cash conversion: 126.7%, above normal range; 3-period mean 85.5%, range 76.2%-103.4%.103.3%Improved
Hallenstein GlassonHLGHY26129.9%135.7%Deteriorated
Air New ZealandAIRFY26174.3%101.5%Improved
RakonRAKHY26176.7%-52.8%Improved
Oceania HealthcareOCAHY26190.4%Outside range high ocf / ebitda cash conversion. 190.3%; 3-period range 81.2% to 182%. OCF / EBITDA cash conversion: 190.3%, above normal range; 3-period mean 130.3%, range 81.2%-182.0%.182.1%Improved
T&G Global Limited and subsidiary companiesTGGFY25196.0%479.0%Deteriorated
Summerset Group HoldingsSUMHY26199.2%180.7%Improved
Winton LandWINFY26232.4%198.9%Improved
ComvitaCVTFY26287.2%-117.8%Improved
The Warehouse GroupWHSFY25316.3%315.4%Improved
Ryman HealthcareRYMFY26378.2%901.6%Deteriorated
Heartland Group HoldingsHGHHY26384.7%413.5%Deteriorated
Synlait MilkSMLHY26528.4%19.1%Improved
Argosy PropertyARGFY26—60.8%n/a
BLIS TechnologiesBLTFY26—178.5%n/a
BremworthBRWFY26—85.5%n/a
EROADERDFY26—72.5%n/a
Michael Hill InternationalMHJHY26—177.7%n/a
MOVE Logistics GroupMOVFY26n/m60.2%Improved
SerkoSKOFY26—172.2%n/a
Templeton Emerging Markets Investment Trust PlcTEMHY24—-28.0%n/a
Turners Automotive GroupTRAFY26—50.6%n/a

Source: each company's latest published result in Annolyse.

NZX cash conversion comparison table

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Cash conversion is most useful as a pattern, not a one-period score. Read the ratio alongside reporting seasonality and working-capital movement: inventory or receivables can temporarily absorb cash, while a release can lift conversion above 100% without establishing a lasting improvement in the underlying business.

Methodology

OCF / EBITDA divides reported operating cash flow by the company's source-backed EBITDA-equivalent measure, which may be EBITDA, EBITDAF, EBITDAI, or an operating-profit variant. The prior comparable is the most recent earlier result with the same period shape (FY-to-FY or HY-to-HY). Ratios outside the normal comparison range are shown as n/m, and values above 100% can reflect working-capital release rather than stronger recurring conversion.

Investor guide

How to use this comparison

Investor question

How much of the company's reported operating earnings is turning into operating cash?

What it measures

The table compares operating cash flow with each company's EBITDA-equivalent earnings measure, then places the latest ratio beside its prior equivalent period. It is a cash-quality indicator before capital expenditure, lease payments, dividends, and financing flows.

How to read it

  1. Start with direction against the same company's prior equivalent period rather than treating the cross-company rank as a verdict.
  2. Investigate ratios materially below 100% for working-capital absorption, cash tax, provisions, or other operating cash timing effects.
  3. Treat ratios above 100% as a prompt to test whether cash came from sustainable trading or a temporary release of inventory and receivables.

Common distortions

  • Seasonal working-capital peaks can make a half-year cash result look unusually weak or strong.
  • A small, negative, or company-specific EBITDA-equivalent denominator can make the ratio hard to compare.
  • Restructuring cash costs, provisions, tax timing, and supplier-payment timing can separate cash flow from reported earnings.

Questions to ask next

  • Did debtor days, inventory days, or payables explain the movement?
  • Does free cash flow remain positive after capital expenditure and lease payments?
  • Is the conversion pattern consistent across several equivalent reporting periods?

Related insights

NZX free cash flow comparison

Pre-lease and post-lease free cash flow across covered NZX companies, with operating cash flow and revenue-margin context.

NZX working capital comparison

Debtor days and inventory days across covered NZX companies, showing where cash is tied up in receivables or stock.

NZX profit margin comparison

EBITDA-equivalent margins across covered NZX companies, with revenue, earnings, and prior equivalent-period context.

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