Insights
NZX dividend coverage comparison
Payout ratios against NPAT and free cash flow for the latest published result from each covered company.
Last updated 15 April 2026
| Company | Ticker | Period | Payout vs NPAT | Payout vs FCF | Prior payout vs NPAT | FCF cover | Direction |
|---|---|---|---|---|---|---|---|
| Briscoe Group | BGP | HY25 | 76.0% | 228.0% | 83.8% | Not covered | Improved |
| Spark New Zealand | SPK | FY25 | 178.6% | 184.8% | 159.0% | Not covered | Deteriorated |
| The a2 Milk Company | ATM | HY26 | 761.6% | 96.6% | 67.0% | Covered | Deteriorated |
| NZME | NZM | FY25 | 86.2% | 44.4% | — | Covered | n/a |
| Scott Technology | SCT | HY26 | 33.8% | 33.4% | — | Covered | n/a |
| Hallenstein Glasson | HLG | FY25 | 46.1% | 25.0% | 45.8% | Covered | Deteriorated |
| Fletcher Building | FBU | HY26 | 0.0% | 0.0% | 0.0% | Covered | Stable |
| KMD Brands | KMD | FY25 | 0.0% | 0.0% | 0.0% | Covered | Stable |
| PGG Wrightson | PGW | HY26 | 19.7% | -6.5% | 11.8% | Not covered | Deteriorated |
Editorial view
Dividend policy looks much looser than the headline payout language would suggest. Several companies are still covered on a free-cash-flow basis, but the dispersion between payout versus NPAT and payout versus cash makes it clear that statutory earnings alone are a poor guide to distribution sustainability.
Related insights
Subscribe
Get new briefings delivered to your inbox
Subscribe to follow the next reporting season updates and the cross-company comparisons built from them.