NZX research
Payout ratios against NPAT and free cash flow for the latest published result from each covered company.
Last updated 28 August 2026
Highest and lowest latest chartable payout ratios versus NPAT. Nil dividends and non-meaningful loss-period ratios remain explicit in the full table.
| Company | Ticker | Period | Payout vs NPAT | Payout vs FCF | Prior payout vs NPAT | FCF cover | Direction |
|---|---|---|---|---|---|---|---|
| Meridian Energy | MEL | FY26 | 459.2%Caveat: basis discontinuity. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/m | n/a | n/a |
| Genesis Energy | GNE | FY26 | 205.0%Caveat: basis discontinuity.Outside range high payout ratio versus npat. 205%; 3-period range 92.3% to 114.7%. Payout ratio versus NPAT: 205.0%, above normal range; 3-period mean 100.7%, range 92.3%-114.7%. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 92.3% | n/a | Deteriorated |
| Kiwi Property Group | KPG | FY26 | 182.4%Caveat: basis discontinuity, transaction distorted, insufficient history. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 151.3% | n/a | Deteriorated |
| Goodman Property Trust | GMT | FY26 | 42.4%Caveat: basis discontinuity, transaction distorted. | 139.8%Caveat: insufficient history. | 22.8% | Not covered | Deteriorated |
| Mercury NZ | MCY | FY26 | 119.2% | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | n/m | n/a | n/a |
| Vector | VCT | FY26 | 108.3%Caveat: basis discontinuity.Outside range high payout ratio versus npat. 108.3%; 3-period range 13% to 105.4%. Payout ratio versus NPAT: 108.3%, above normal range; 3-period mean 68.4%, range 13.0%-105.4%. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 149.7% | n/a | Improved |
| EBOS Group | EBO | FY26 | 107.9%Caveat: basis discontinuity, transaction distorted, insufficient history. | n/mCaveat: insufficient history. | 108.0% | n/a | Improved |
| Contact Energy | CEN | FY26 | 96.4%Caveat: basis discontinuity, transaction distorted. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 93.8% | n/a | Deteriorated |
| Tower | TWR | HY26 | 96.2%Caveat: basis discontinuity. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 60.6% | n/a | Deteriorated |
| Port of Tauranga | POT | FY26 | 88.7%Caveat: basis discontinuity, transaction distorted. | n/mCaveat: insufficient history. | 65.0% | n/a | Deteriorated |
| Skellerup Holdings | SKL | FY26 | 86.9%Caveat: basis discontinuity, transaction distorted. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 91.7% | n/a | Improved |
| Freightways Group | FRW | FY26 | 85.9%Caveat: basis discontinuity, insufficient history. | n/mCaveat: insufficient history. | 89.5% | n/a | Improved |
| Livestock Improvement Corporation | LIC | FY26 | 81.7%Caveat: basis discontinuity, insufficient history. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 55.5% | n/a | Deteriorated |
| Turners Automotive Group | TRA | FY26 | 78.2%Caveat: basis discontinuity, transaction distorted, insufficient history. | 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/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 78.6% | Not covered | Improved |
| Scott Technology | SCT | HY26 | 76.9%Caveat: basis discontinuity. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 55.6% | Covered | Deteriorated |
| Briscoe Group | BGP | FY26 | 75.2%Caveat: basis discontinuity, transaction distorted. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 36.8% | Covered | Deteriorated |
| The a2 Milk Company | ATM | FY26 | 73.4%Caveat: basis discontinuity, transaction distorted, insufficient history. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 71.4% | 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 |
| 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 |
| Mainfreight | MFT | FY26 | 69.0%Caveat: basis discontinuity. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 63.1% | Covered | Deteriorated |
| Heartland Group Holdings | HGH | HY26 | 67.3%Caveat: basis discontinuity.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 |
| Auckland International Airport | AIA | FY26 | 67.1%Caveat: basis discontinuity, transaction distorted. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 51.2% | Not covered | Deteriorated |
| NZME | NZM | FY25 | 129.3%Caveat: basis discontinuity. | 66.6%Caveat: insufficient history. | n/m | Covered | n/a |
| Radius Residential Care | RAD | FY26 | 66.1%Caveat: basis discontinuity, transaction distorted. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 55.8% | n/a | Deteriorated |
| The Colonial Motor Company | CMO | FY26 | 65.8%Caveat: basis discontinuity. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 62.4% | n/a | Deteriorated |
| Fisher & Paykel Healthcare | FPH | FY26 | 65.2%Caveat: basis discontinuity, insufficient history. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 37.3% | Covered | Deteriorated |
| Spark New Zealand | SPK | FY26 | 60.6%Caveat: restatement or reclassification, basis discontinuity, transaction distorted. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 178.6% | n/a | Improved |
| Tourism Holdings | THL | FY26 | 60.4%Caveat: basis discontinuity, transaction distorted, insufficient history. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | n/m | n/a | n/a |
| Napier Port Holdings | NPH | HY26 | 58.3%Caveat: basis discontinuity, transaction distorted. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 65.0% | Not covered | Improved |
| Delegat Group | DGL | FY26 | 56.4%Caveat: insufficient history. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 41.3% | n/a | Deteriorated |
| PGG Wrightson | PGW | FY26 | 48.5%Caveat: basis discontinuity, transaction distorted. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 28.4% | n/a | Deteriorated |
| South Port New Zealand | SPN | FY26 | 47.2%Outside range low payout ratio versus npat. 47.2%; 5-period range 55.1% to 96.1%. Payout ratio versus NPAT: 47.2%, below normal range; 5-period mean 66.6%, range 55.1%-96.1%. | n/mCaveat: insufficient history. | 55.1% | n/a | Improved |
| Argosy Property | ARG | FY26 | 44.9%Caveat: basis discontinuity, transaction distorted, insufficient history. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 44.8% | Not covered | Stable |
| Hallenstein Glasson | HLG | HY26 | 61.7%Caveat: basis discontinuity.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 |
| Goodman Property Trust | GNZ | HY26 | 42.4%Caveat: insufficient history. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 54.9% | n/a | Improved |
| Vulcan Steel | VSL | HY26 | 41.7%Caveat: basis discontinuity, transaction distorted, insufficient history. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 35.7% | n/a | Deteriorated |
| New Zealand Rural Land Company | NZL | HY26 | 41.4% | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 89.3% | n/a | Improved |
| My Food Bag Group | MFB | FY26 | 63.3% | 40.6% | 28.3% | Covered | Deteriorated |
| Green Cross Health | GXH | FY26 | 40.5%Caveat: basis discontinuity, insufficient history. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 47.2% | Covered | Improved |
| Sky Network Television | SKT | HY26 | 39.6%Caveat: restatement or reclassification, transaction distorted. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | n/m | n/a | n/a |
| Infratil | IFT | FY26 | 37.5%Caveat: basis discontinuity, transaction distorted. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | n/m | Not covered | n/a |
| Third Age Health Services | TAH | FY26 | 28.2%Caveat: basis discontinuity, transaction distorted, insufficient history. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 62.8% | n/a | Improved |
| Seeka | SEK | HY26 | 18.7%Caveat: basis discontinuity, insufficient history. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 16.7% | n/a | Deteriorated |
| Sanford | SAN | HY26 | 11.0%Caveat: basis discontinuity. | n/mCaveat: insufficient history. | 13.7% | n/a | Improved |
| Summerset Group Holdings | SUM | HY26 | 5.4%Outside range low payout ratio versus npat. 5.4%; 3-period range 19.7% to 26%. Payout ratio versus NPAT: 5.4%, below normal range; 3-period mean 22.3%, range 19.7%-26.0%. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 21.3% | n/a | Improved |
| Air New Zealand | AIR | FY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 65.8% | Not covered | n/a |
| Asset Plus | APL | FY26 | n/mCaveat: transaction distorted. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | n/m | Not covered | n/a |
| Barramundi | BRM | 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. | — | n/a | n/a |
| Chorus | CNU | FY26 | n/mCaveat: transaction distorted. | n/mCaveat: insufficient history. | n/m | n/a | n/a |
| Cooks Coffee Company | CCC | FY26 | —Caveat: restatement or reclassification, basis discontinuity. | — | — | No dividend | No dividend |
| Fonterra Co-operative Group | FCG | HY26 | n/mCaveat: transaction distorted. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | n/m | n/a | n/a |
| General Capital | GEN | FY26 | n/mCaveat: basis discontinuity, transaction distorted, insufficient history. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | — | Not covered | n/a |
| Gentrack Group Limited 6 months to 31 March 2026 | GTK | HY26 | —Caveat: basis discontinuity, transaction distorted, insufficient history. | — | — | 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: basis discontinuity, transaction distorted. | —Suppressed: metric quality flags mark this value as unsuitable for normal comparison. | — | No dividend | No dividend |
| Marlin Global | MLN | 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. | — | n/a | n/a |
| Michael Hill International | MHJ | HY26 | —Caveat: basis discontinuity. | — | — | No dividend | No dividend |
| MOVE Logistics Group | MOV | FY26 | —Caveat: basis discontinuity. | — | — | No dividend | No dividend |
| New Zealand King Salmon Investments | NZK | HY26 | —Caveat: basis discontinuity, insufficient history. | — | — | No dividend | No dividend |
| Precinct Properties | PCT | HY26 | n/mCaveat: basis discontinuity, transaction distorted, insufficient history. | n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking. | 290.9% | n/a | n/a |
| Promisia Healthcare | PHL | FY26 | —Caveat: transaction distorted. | — | — | No dividend | No dividend |
| Property for Industry | PFI | FY26 | —Caveat: insufficient history. | — | 40.7% | n/a | Deteriorated |
| Synlait Milk | SML | HY26 | —Caveat: basis discontinuity, transaction distorted. | — | — | No dividend | No dividend |
Source: each company's latest published result in Annolyse.
Copy, export, or share this public Annolyse data reference.
A dividend is more informative when its earnings and cash funding are read together. A comfortable payout against NPAT can still consume too much free cash flow, while a statutory loss or one-off accounting item can make an otherwise ordinary dividend ratio non-meaningful; nil dividends are therefore kept separate from genuinely covered distributions.
Methodology
Dividend coverage uses declared dividends for the latest published period, with payout versus NPAT shown alongside payout versus pre-lease free cash flow when the filing supports both inputs. The prior payout ratio uses the filing comparator or the most recent earlier equivalent period (FY-to-FY or HY-to-HY). Nil dividends are labeled explicitly, and payout ratios from loss periods, non-positive denominators, or distorted earnings are shown as n/m rather than forcing a percentage.
Investor guide
Investor question
Is the current dividend supported by both reported profit and cash generated after capital expenditure?
What it measures
The comparison shows the share of NPAT and pre-lease free cash flow distributed as dividends. It also identifies whether disclosed pre-lease free cash flow covered the distribution and shows the prior equivalent NPAT payout ratio where available.
Related insights
Pre-lease and post-lease free cash flow across covered NZX companies, with operating cash flow and revenue-margin context.
PBT versus NPAT divergence across covered NZX companies, highlighting tax, fair-value, and non-operating distortions.
Operating cash flow versus EBITDA across covered NZX companies, using each company's most recent published result.
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