Insights
NZX cash conversion comparison
Operating cash flow versus EBITDA across the Annolyse coverage set, using each company's most recent published result.
Last updated 15 April 2026
| Company | Ticker | Period | OCF / EBITDA | Prior comparable | Direction |
|---|---|---|---|---|---|
| PGG Wrightson | PGW | HY26 | -109.0% | -75.0% | Deteriorated |
| Me Today | MEE | FY25 | 19.7% | 69.4% | Deteriorated |
| Scott Technology | SCT | HY26 | 46.9% | 119.2% | Deteriorated |
| The a2 Milk Company | ATM | HY26 | 61.4% | 66.3% | Deteriorated |
| Spark New Zealand | SPK | FY25 | 64.6% | 65.7% | Deteriorated |
| NZME | NZM | FY25 | 80.8% | 69.8% | Improved |
| KMD Brands | KMD | FY25 | 249.7% | 134.9% | Improved |
Editorial view
Cash conversion weakened across most of the current coverage set, with only a small number of companies converting accounting earnings into cash as cleanly as the prior comparable period. The spread is wide enough to matter: some businesses remain strongly cash generative, while others are relying on working-capital timing or balance-sheet support to bridge the gap.
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