Insights
Payout ratios against NPAT and free cash flow for the latest published result from each covered company.
Last updated 29 May 2026
Dividend payout versus NPAT, excluding n/m ratios from loss periods or distorted statutory earnings.
| Company | Ticker | Period | Payout vs NPAT | Payout vs FCF | Prior payout vs NPAT | FCF cover | Direction |
|---|---|---|---|---|---|---|---|
| Spark New Zealand | SPK | HY26 | 235.3%Outside range high payout ratio versus npat. 235.3%; 3-period range 30.2% to 157%. Payout ratio versus NPAT: 235.3%, above normal range; 3-period mean 105.8%, range 30.2%-157.0%. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 178.6% | n/a | Deteriorated |
| Kiwi Property Group | KPG | FY26 | 182.4% | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 151.3% | n/a | Deteriorated |
| Port of Tauranga | POT | HY26 | 76.9% | 125.4%Caveat: insufficient history. | — | Not covered | Improved |
| Vector | VCT | HY26 | 110.6% | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 149.7% | n/a | Improved |
| Skellerup Holdings | SKL | HY26 | 67.8% | 108.2%Caveat: insufficient history. | 73.0% | Not covered | Improved |
| Australian Foundation Investment Company | AFI | HY26 | 102.6%Outside range high payout ratio versus npat. 102.6%; 4-period range 83% to 97.6%. Payout ratio versus NPAT: 102.6%, above normal range; 4-period mean 90.0%, range 83.0%-97.6%. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 93.6% | n/a | Deteriorated |
| Tower | TWR | HY26 | 96.2% | n/mCaveat: insufficient history. | 60.6% | n/a | Deteriorated |
| EBOS Group | EBO | HY26 | 93.3% | n/mCaveat: insufficient history. | 100.2% | Not covered | Improved |
| Genesis Energy | GNE | HY26 | 84.5% | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 109.7% | n/a | Improved |
| Turners Automotive Group | TRA | FY26 | 78.2%Outside range high payout ratio versus npat. 78.2%; 3-period range 19.1% to 67.6%. Payout ratio versus NPAT: 78.2%, above normal range; 3-period mean 50.0%, range 19.1%-67.6%. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 66.9% | Not covered | Deteriorated |
| Westpac Banking Corporation | WBC | HY26 | 77.1% | n/mCaveat: insufficient history. | — | Not covered | Improved |
| Briscoe Group | BGP | FY26 | 75.2% | n/mCaveat: insufficient history. | 36.8% | Covered | Deteriorated |
| Meridian Energy | MEL | HY26 | 74.4% | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | n/m | n/a | n/a |
| The a2 Milk Company | ATM | HY26 | 74.3% | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 67.1% | n/a | Deteriorated |
| Henderson Far East Income | HFL | HY26 | 71.9% | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 127.3% | n/a | Improved |
| Freightways Group | FRW | HY26 | 71.7% | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 76.0% | Covered | Improved |
| Channel Infrastructure NZ | CHI | FY25 | 448.3%Outside range high payout ratio versus npat. 448.3%; 3-period range 187.5% to 297.3%. Payout ratio versus NPAT: 448.3%, above normal range; 3-period mean 234.5%, range 187.5%-297.3%. | 71.2% | 297.3% | Covered | Deteriorated |
| Heartland Group Holdings | HGH | HY26 | 67.3%Outside range low payout ratio versus npat. 67.3%; 4-period range 68.1% to 500%. Payout ratio versus NPAT: 67.3%, below normal range; 4-period mean 179.7%, range 68.1%-500.0%. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 500.0% | n/a | Improved |
| NZME | NZM | FY25 | 129.3% | 66.6%Caveat: insufficient history. | n/m | Covered | n/a |
| Radius Residential Care | RAD | FY26 | 66.1% | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 55.8% | n/a | Deteriorated |
| Marlin Global | MLN | HY26 | 65.3% | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | — | n/a | Deteriorated |
| Auckland International Airport | AIA | HY26 | 62.6% | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 51.9% | Not covered | Deteriorated |
| Contact Energy | CEN | HY26 | 76.6% | 62.2% | 89.4% | Covered | Improved |
| Napier Port Holdings | NPH | HY26 | 58.3% | n/mCaveat: insufficient history. | 65.0% | Not covered | Improved |
| New Zealand Rural Land Company | NZL | HY22 | 56.6% | n/mCaveat: insufficient history. | — | Not covered | n/a |
| Fisher & Paykel Healthcare | FPH | FY26 | 65.2% | 56.5%Caveat: insufficient history. | 37.3% | Covered | Deteriorated |
| The Colonial Motor Company | CMO | HY26 | 45.7% | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 70.8% | n/a | Improved |
| Argosy Property | ARG | FY26 | 44.9% | n/mCaveat: insufficient history. | 44.8% | Not covered | Stable |
| Hallenstein Glasson | HLG | HY26 | 61.7%Outside range low payout ratio versus npat. 61.7%; 3-period range 68.8% to 90.1%. Payout ratio versus NPAT: 61.7%, below normal range; 3-period mean 76.0%, range 68.8%-90.1%. | 44.5% | 69.0% | Covered | Improved |
| Mainfreight | MFT | FY26 | 69.0% | 44.2% | 63.1% | Covered | Deteriorated |
| Goodman Property Trust | GMT | HY26 | 42.4%Caveat: basis discontinuity, transaction distorted. | n/mCaveat: insufficient history. | — | n/a | Improved |
| Goodman Property Trust | GNZ | HY26 | 42.4% | n/mCaveat: insufficient history. | 54.9% | n/a | Improved |
| My Food Bag Group | MFB | FY26 | 63.3% | 40.6% | 28.3% | Covered | Deteriorated |
| Sky Network Television | SKT | HY26 | 39.6% | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 149.8% | n/a | Improved |
| Vulcan Steel | VSL | HY25 | 35.7% | n/mCaveat: insufficient history. | — | Covered | Stable |
| Scott Technology | SCT | HY26 | 76.9% | 34.7% | 55.6% | Covered | Deteriorated |
| Seeka | SEK | FY25 | 32.9% | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 23.8% | n/a | Deteriorated |
| Scales Corporation | SCL | FY25 | 10.3%Outside range low payout ratio versus npat. 10.3%; 4-period range 19.7% to 162.2%. Payout ratio versus NPAT: 10.3%, below normal range; 4-period mean 64.3%, range 19.7%-162.2%. | 28.6% | — | Covered | Improved |
| Third Age Health Services | TAH | FY26 | 28.2% | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 62.8% | n/a | Improved |
| CDL Investments New Zealand | CDI | FY25 | 26.5%Outside range low payout ratio versus npat. 26.5%; 4-period range 31.9% to 75.4%. Payout ratio versus NPAT: 26.5%, below normal range; 4-period mean 51.5%, range 31.9%-75.4%. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | — | Not covered | Improved |
| South Port New Zealand | SPN | HY26 | 26.4%Outside range low payout ratio versus npat. 26.4%; 4-period range 33.5% to 64.7%. Payout ratio versus NPAT: 26.4%, below normal range; 4-period mean 42.7%, range 33.5%-64.7%. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 55.1% | n/a | Improved |
| Tourism Holdings | THL | HY26 | 22.4% | 25.4% | 21.7% | Covered | Deteriorated |
| Property for Industry | PFI | HY26 | 23.6% | n/mCaveat: insufficient history. | 34.9% | Not covered | Improved |
| Millennium & Copthorne Hotels New Zealand | MCK | FY25 | 23.5% | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | — | Not covered | n/a |
| Summerset Group Holdings | SUM | FY25 | 22.7% | n/mCaveat: insufficient history. | 16.9% | Not covered | Deteriorated |
| PGG Wrightson | PGW | HY26 | 19.6% | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 11.8% | Not covered | Deteriorated |
| General Capital | GEN | HY26 | 19.2% | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 96.5% | n/a | Improved |
| Green Cross Health | GXH | FY26 | 40.5% | 18.4%Caveat: insufficient history. | 47.2% | Covered | Improved |
| Infratil | IFT | HY26 | 11.7% | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | n/m | Not covered | n/a |
| Sanford | SAN | HY26 | 11.0% | n/mCaveat: insufficient history. | 13.7% | n/a | Improved |
| AFC Group Holdings | AFC | FY25 | — | — | — | No dividend | No dividend |
| Asset Plus | APL | FY26 | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 45.5% | Not covered | n/a |
| Barramundi | BRM | HY26 | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | — | n/a | n/a |
| Chorus | CNU | HY26 | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | n/m | n/a | n/a |
| Cooks Coffee Company | CCC | FY26 | — | — | — | No dividend | No dividend |
| Delegat Group | DGL | HY26 | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | n/m | n/a | n/a |
| Fletcher Building | FBU | HY26 | — | — | — | n/a | n/a |
| Fonterra Co-operative Group | FCG | HY26 | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | n/m | n/a | n/a |
| Gentrack Group Limited 6 months to 31 March 2026 | GTK | HY26 | — | — | — | No dividend | No dividend |
| Iperion | IPR | FY26 | — | — | — | No dividend | No dividend |
| Kingfish | KFL | FY26 | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 93.1% | n/a | n/a |
| KMD Brands | KMD | HY26 | — | —Caveat: insufficient history. | — | No dividend | No dividend |
| Mercury NZ | MCY | HY26 | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | n/m | n/a | n/a |
| Michael Hill International | MHJ | HY26 | — | — | — | No dividend | No dividend |
| MOVE Logistics Group | MOV | HY26 | — | — | — | No dividend | No dividend |
| New Zealand King Salmon Investments | NZK | HY26 | — | — | — | No dividend | No dividend |
| Precinct Properties | PCT | HY26 | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 290.9% | Not covered | n/a |
| Promisia Healthcare | PHL | FY26 | — | — | — | No dividend | No dividend |
| Restaurant Brands New Zealand | RBD | HY25 | —Caveat: basis discontinuity. | —Caveat: insufficient history. | — | No dividend | No dividend |
| Synlait Milk | SML | HY26 | — | — | — | No dividend | No dividend |
Source: latest published result per company in the current Annolyse coverage set.
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Dividend strain is concentrated rather than universal. BGP stands out because the payout was not covered by free cash flow, while ATM's statutory payout ratio is distorted by a discontinued-operation NPAT collapse and is better read through the cash-coverage column. Nil dividends from FBU and KMD are shown explicitly as no dividend, not as a flattering 'covered' outcome.
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