Insights

NZX earnings quality comparison

PBT versus NPAT divergence across covered NZX companies, highlighting tax, fair-value, and non-operating distortions.

Last updated 2 July 2026

NPAT growth trend

Statutory earnings growth across covered companies; base-effect moves above 500% are omitted from the chart.

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HY23 AIA: Outside range low npat growth. -95.6%; 4-period range -5.5% to n/m. NPAT growth: -95.6%, below normal range; 4-period mean 678.1%, range -5.5%n/m.
HY24 AIA: Unprecedented high npat growth. n/m; 4-period range -95.6% to 287.2%. NPAT growth: n/m, unprecedented high; 4-period mean 61.0%, range -95.6%-287.2%.
FY24 AIA: Outside range low npat growth. -87.3%; 4-period range -77.5% to n/m. NPAT growth: -87.3%, below normal range; 4-period mean n/m, range -77.5%n/m.
FY25 AIA: Unprecedented high npat growth. n/m; 4-period range -87.3% to 139.4%. NPAT growth: n/m, unprecedented high; 4-period mean -21.0%, range -87.3%-139.4%.
HY22 AFI: Unprecedented high npat growth. 74.4%; 4-period range -8.3% to 12%. NPAT growth: 74.4%, unprecedented high; 4-period mean 0.5%, range -8.3%-12.0%.
FY22 AFI: Outside range high npat growth. 53.4%; 3-period range -14.1% to -2.2%. NPAT growth: 53.4%, above normal range; 3-period mean -6.9%, range -14.1%--2.2%.
FY23 AFI: Outside range low npat growth. -14.1%; 3-period range -4.3% to 53.4%. NPAT growth: -14.1%, below normal range; 3-period mean 15.6%, range -4.3%-53.4%.
HY24 AFI: Outside range low npat growth. -8.3%; 4-period range -4.7% to 74.4%. NPAT growth: -8.3%, below normal range; 4-period mean 21.1%, range -4.7%-74.4%.
HY24 BRM: Outside range high npat growth. 39.3%; 4-period range -272.8% to -18.1%. NPAT growth: 39.3%, above normal range; 4-period mean -97.8%, range -272.8%--18.1%.
FY25 BRW: Unprecedented high npat growth. 295.7%; 4-period range -177.7% to 29.4%. NPAT growth: 295.7%, unprecedented high; 4-period mean -85.4%, range -177.7%-29.4%.
HY22 BGP: Outside range high npat growth. 69.6%; 3-period range -27.2% to 0%. NPAT growth: 69.6%, above normal range; 3-period mean -10.4%, range -27.2%-0.0%.
FY22 BGP: Unprecedented high npat growth. 20.1%; 4-period range -28% to 0.6%. NPAT growth: 20.1%, unprecedented high; 4-period mean -8.6%, range -28.0%-0.6%.
HY24 BGP: Outside range low npat growth. -27.2%; 3-period range -4% to 69.6%. NPAT growth: -27.2%, below normal range; 3-period mean 21.9%, range -4.0%-69.6%.
FY25 BGP: Unprecedented low npat growth. -28%; 4-period range -4.8% to 20.1%. NPAT growth: -28.0%, unprecedented low; 4-period mean 3.4%, range -4.8%-20.1%.
HY25 BFG: Outside range low npat growth. -24.5%; 4-period range -0.1% to 93.6%. NPAT growth: -24.5%, below normal range; 4-period mean 27.5%, range -0.1%-93.6%.
FY25 BFG: Outside range low npat growth. -23.1%; 3-period range 44.4% to 100%. NPAT growth: -23.1%, below normal range; 3-period mean 66.9%, range 44.4%-100.0%.
HY26 BFG: Unprecedented high npat growth. 93.6%; 4-period range -24.5% to 11.4%. NPAT growth: 93.6%, unprecedented high; 4-period mean -2.0%, range -24.5%-11.4%.
FY26 BFG: Outside range high npat growth. 100%; 3-period range -23.1% to 56.3%. NPAT growth: 100.0%, above normal range; 3-period mean 25.9%, range -23.1%-56.3%.
HY23 CDI: Outside range low npat growth. -78.2%; 3-period range -46% to 33.3%. NPAT growth: -78.2%, below normal range; 3-period mean -0.9%, range -46.0%-33.3%.
FY23 CDI: Unprecedented low npat growth. -56.7%; 4-period range -27.9% to 14.1%. NPAT growth: -56.7%, unprecedented low; 4-period mean -2.5%, range -27.9%-14.1%.
FY24 CDI: Outside range high npat growth. 14.1%; 4-period range -56.7% to 4%. NPAT growth: 14.1%, above normal range; 4-period mean -20.2%, range -56.7%-4.0%.
HY25 CDI: Outside range high npat growth. 33.3%; 3-period range -78.2% to 10.1%. NPAT growth: 33.3%, above normal range; 3-period mean -38.0%, range -78.2%-10.1%.
HY23 FPH: Outside range low npat growth. -56.8%; 3-period range 11.9% to 42.8%. NPAT growth: -56.8%, below normal range; 3-period mean 31.2%, range 11.9%-42.8%.
HY25 FPH: Outside range high npat growth. 42.8%; 3-period range -56.8% to 39%. NPAT growth: 42.8%, above normal range; 3-period mean -2.0%, range -56.8%-39.0%.
HY24 GNE: Outside range low npat growth. -73.6%; 3-period range 35.3% to 83.6%. NPAT growth: -73.6%, below normal range; 3-period mean 63.5%, range 35.3%-83.6%.
HY25 GNE: Outside range high npat growth. 83.6%; 3-period range -73.6% to 71.5%. NPAT growth: 83.6%, above normal range; 3-period mean 11.1%, range -73.6%-71.5%.
HY24 GXH: Outside range low npat growth. -50.9%; 3-period range 0% to 28.6%. NPAT growth: -50.9%, below normal range; 3-period mean 15.4%, range 0.0%-28.6%.
HY26 GXH: Outside range high npat growth. 28.6%; 3-period range -50.9% to 17.5%. NPAT growth: 28.6%, above normal range; 3-period mean -11.1%, range -50.9%-17.5%.
HY22 HLG: Unprecedented low npat growth. -39.9%; 4-period range 0.5% to 74.8%. NPAT growth: -39.9%, unprecedented low; 4-period mean 27.2%, range 0.5%-74.8%.
FY22 HLG: Unprecedented low npat growth. -23.1%; 4-period range 7.8% to 25%. NPAT growth: -23.1%, unprecedented low; 4-period mean 16.8%, range 7.8%-25.0%.
HY23 HLG: Unprecedented high npat growth. 74.8%; 4-period range -39.9% to 32.1%. NPAT growth: 74.8%, unprecedented high; 4-period mean -1.5%, range -39.9%-32.1%.
FY23 HLG: Outside range high npat growth. 25%; 4-period range -23.1% to 19.8%. NPAT growth: 25.0%, above normal range; 4-period mean 4.8%, range -23.1%-19.8%.
FY22 HGH: Outside range high npat growth. 9.3%; 3-period range -47.9% to 0.8%. NPAT growth: 9.3%, above normal range; 3-period mean -23.1%, range -47.9%-0.8%.
HY25 HGH: Outside range low npat growth. -90.4%; 4-period range -22.8% to n/m. NPAT growth: -90.4%, below normal range; 4-period mean 310.8%, range -22.8%n/m.
FY25 HGH: Outside range low npat growth. -47.9%; 3-period range -22.3% to 9.3%. NPAT growth: -47.9%, below normal range; 3-period mean -4.1%, range -22.3%-9.3%.
HY26 HGH: Unprecedented high npat growth. n/m; 4-period range -90.4% to 7.7%. NPAT growth: n/m, unprecedented high; 4-period mean -25.7%, range -90.4%-7.7%.
FY24 LIC: Outside range low npat growth. -71.9%; 3-period range 16.6% to 297.4%. NPAT growth: -71.9%, below normal range; 3-period mean 115.0%, range 16.6%-297.4%.
FY25 LIC: Outside range high npat growth. 297.4%; 3-period range -71.9% to 30.9%. NPAT growth: 297.4%, above normal range; 3-period mean -8.1%, range -71.9%-30.9%.
FY22 MFT: Unprecedented high npat growth. 88.9%; 4-period range -51.1% to 31.5%. NPAT growth: 88.9%, unprecedented high; 4-period mean -2.0%, range -51.1%-31.5%.
FY24 MFT: Unprecedented low npat growth. -51.1%; 4-period range -8.5% to 88.9%. NPAT growth: -51.1%, unprecedented low; 4-period mean 33.0%, range -8.5%-88.9%.
FY21 MCY: Unprecedented high npat growth. n/m; 4-period range -99.7% to 232.6%. NPAT growth: n/m, unprecedented high; 4-period mean 59.1%, range -99.7%-232.6%.
FY25 MCY: Outside range low npat growth. -99.7%; 4-period range -78% to n/m. NPAT growth: -99.7%, below normal range; 4-period mean n/m, range -78.0%n/m.
HY24 MHJ: Outside range low npat growth. -59%; 3-period range 1.3% to 32%. NPAT growth: -59.0%, below normal range; 3-period mean 14.3%, range 1.3%-32.0%.
HY26 MHJ: Outside range high npat growth. 32%; 3-period range -59% to 9.7%. NPAT growth: 32.0%, above normal range; 3-period mean -16.0%, range -59.0%-9.7%.

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NZX earnings quality comparison table
Company	Ticker	Period	PBT growth	NPAT growth	Divergence	Effective tax rate	Flag
Chorus	CNU	HY26	n/mCaveat: basis discontinuity.	400.0%Caveat: basis discontinuity.	+800.0ppCaveat: basis discontinuity.	42.3%Outside range low effective tax rate. 42.3%; 3-period range 47.1% to 350%. Effective tax rate: 42.3%, below normal range; 3-period mean 151.8%, range 47.1%-350.0%.	Tax distortion
Synlait Milk	SML	HY26	-982.2%Caveat: basis discontinuity, transaction distorted.	n/mCaveat: basis discontinuity, transaction distorted.	+794.3ppCaveat: basis discontinuity, transaction distorted.	-8.7%	Tax distortion
Millennium & Copthorne Hotels New Zealand	MCK	FY25	-29.9%Caveat: basis discontinuity.	621.4%Caveat: basis discontinuity.Outside range high npat growth. 621.4%; 3-period range -93% to -7.4%. NPAT growth: 621.4%, above normal range; 3-period mean -37.8%, range -93.0%--7.4%.	-651.3ppCaveat: basis discontinuity.	25.0%	Tax distortion
Sky Network Television	SKT	HY26	n/mCaveat: restatement or reclassification, transaction distorted.	n/mCaveat: restatement or reclassification, transaction distorted.	-293.6ppCaveat: restatement or reclassification, transaction distorted.	9.1%	Tax distortion
T&G Global Limited and subsidiary companies	TGG	FY25	420.6%Caveat: basis discontinuity.	163.7%Caveat: basis discontinuity.	+256.9ppCaveat: basis discontinuity.	26.7%	Tax distortion
Precinct Properties	PCT	HY26	181.8%Caveat: basis discontinuity, transaction distorted.	-68.5%Caveat: basis discontinuity, transaction distorted.	+250.3ppCaveat: basis discontinuity, transaction distorted.	-61.1%	Tax distortion
Seeka	SEK	FY25	59.9%Caveat: basis discontinuity.	263.6%Caveat: basis discontinuity.	-203.7ppCaveat: basis discontinuity.	32.7%	Tax distortion
Henderson Far East Income	HFL	HY26	902.1%	n/m	-184.3pp	1.1%	Tax distortion
Me Today	MEE	HY26	62.9%Caveat: basis discontinuity, transaction distorted.	232.4%Caveat: basis discontinuity, transaction distorted.	-169.5ppCaveat: basis discontinuity, transaction distorted.	0.0%	Growth divergence
New Zealand Rural Land Company	NZL	HY22	n/mCaveat: transaction distorted.	n/mCaveat: transaction distorted.	+167.9ppCaveat: transaction distorted.	10.0%	Tax distortion
Vista Group International	VGL	FY25	144.4%Caveat: basis discontinuity.	290.0%Caveat: basis discontinuity.	-145.6ppCaveat: basis discontinuity.	40.9%	Tax distortion
SkyCity Entertainment Group	SKC	HY26	-43.4%Caveat: basis discontinuity.	98.4%Caveat: basis discontinuity.	-141.8ppCaveat: basis discontinuity.	23.9%	Tax distortion
The Warehouse Group	WHS	FY25	-18.0%Caveat: basis discontinuity.	121.8%Caveat: basis discontinuity.	-139.7ppCaveat: basis discontinuity.	29.0%	Growth divergence
Infratil	IFT	FY26	173.2%Caveat: basis discontinuity, transaction distorted.	292.0%Caveat: basis discontinuity, transaction distorted.	-118.8ppCaveat: basis discontinuity, transaction distorted.	89.5%	Tax distortion
The a2 Milk Company	ATM	HY26	27.7%Caveat: basis discontinuity, transaction distorted.	-88.1%Caveat: basis discontinuity, transaction distorted.	+115.8ppCaveat: basis discontinuity, transaction distorted.	31.0%	Growth divergence
Scales Corporation	SCL	FY25	122.2%Caveat: basis discontinuity, transaction distorted.Outside range high pbt growth. 122.2%; 4-period range -34.6% to 104.4%. PBT growth: 122.2%, above normal range; 4-period mean 25.4%, range -34.6%-104.4%.	229.0%Caveat: basis discontinuity, transaction distorted.	-106.8ppCaveat: basis discontinuity, transaction distorted.	13.0%Outside range low effective tax rate. 13%; 4-period range 16.2% to 23.9%. Effective tax rate: 13.0%, below normal range; 4-period mean 18.8%, range 16.2%-23.9%.	Tax distortion
Winton Land	WIN	HY26	-34.8%Caveat: basis discontinuity, transaction distorted.	55.5%Caveat: basis discontinuity, transaction distorted.	-90.3ppCaveat: basis discontinuity, transaction distorted.	72.8%	Tax distortion
AoFrio	AOF	FY22	-107.7%Caveat: basis discontinuity.	-38.9%Caveat: basis discontinuity.	-67.8ppCaveat: basis discontinuity.	n/m	Tax distortion
NZME	NZM	FY25	249.1%Caveat: basis discontinuity.	181.6%Caveat: basis discontinuity.	+67.5ppCaveat: basis discontinuity.	29.8%	Tax distortion
Fletcher Building	FBU	HY26	152.8%Caveat: basis discontinuity.	91.8%Caveat: basis discontinuity.	+61.0ppCaveat: basis discontinuity.	-26.2%	Growth divergence
Gentrack Group Limited 6 months to 31 March 2026	GTK	HY26	-86.2%Caveat: basis discontinuity, transaction distorted.	-28.9%Caveat: basis discontinuity, transaction distorted.	-57.3ppCaveat: basis discontinuity, transaction distorted.	n/m	Tax distortion
Ryman Healthcare	RYM	FY26	17.5%Caveat: restatement or reclassification, basis discontinuity.	60.8%Caveat: restatement or reclassification, basis discontinuity.	-43.3ppCaveat: restatement or reclassification, basis discontinuity.	3.5%	Tax distortion
Spark New Zealand	SPK	HY26	49.2%Caveat: basis discontinuity, transaction distorted.	82.9%Caveat: basis discontinuity, transaction distorted.	-33.7ppCaveat: basis discontinuity, transaction distorted.	38.6%	Growth divergence
Goodman Property Trust	GMT	FY26	97.4%Caveat: basis discontinuity, transaction distorted.	126.3%Caveat: basis discontinuity, transaction distorted.	-28.9ppCaveat: basis discontinuity, transaction distorted.	4.0%	Tax distortion
Oceania Healthcare	OCA	HY26	105.2%Caveat: basis discontinuity.	129.0%Caveat: basis discontinuity.	-23.8ppCaveat: basis discontinuity.	n/m	Tax distortion
Comvita	CVT	HY26	147.4%Caveat: basis discontinuity.	170.8%Caveat: basis discontinuity.	-23.4ppCaveat: basis discontinuity.	-7.4%	Tax distortion
Burger Fuel Group	BFG	FY26	80.0%Caveat: basis discontinuity, transaction distorted.Outside range high pbt growth. 80%; 3-period range -21.1% to 73.8%. PBT growth: 80.0%, above normal range; 3-period mean 34.5%, range -21.1%-73.8%.	100.0%Caveat: basis discontinuity, transaction distorted.Outside range high npat growth. 100%; 3-period range -23.1% to 56.3%. NPAT growth: 100.0%, above normal range; 3-period mean 25.9%, range -23.1%-56.3%.	-20.0ppCaveat: basis discontinuity, transaction distorted.	25.9%Outside range low effective tax rate. 25.9%; 3-period range 28.5% to 33.2%. Effective tax rate: 25.9%, below normal range; 3-period mean 30.4%, range 28.5%-33.2%.	Tax distortion
ArborGen Holdings	ARB	FY26	84.9%Caveat: basis discontinuity.	65.1%Caveat: basis discontinuity.	+19.8ppCaveat: basis discontinuity.	-120.6%	Tax distortion
The Colonial Motor Company	CMO	HY26	35.4%Caveat: basis discontinuity.	55.1%Caveat: basis discontinuity.Unprecedented high npat growth. 55.1%; 4-period range -35% to 41.4%. NPAT growth: 55.1%, unprecedented high; 4-period mean -10.1%, range -35.0%-41.4%.	-19.7ppCaveat: basis discontinuity.	29.2%	Tax distortion
Goodman Property Trust	GNZ	HY26	17.1%	35.8%	-18.7pp	0.6%	Tax distortion
Scott Technology	SCT	HY26	18.0%Caveat: basis discontinuity.	0.0%Caveat: basis discontinuity.	+18.0ppCaveat: basis discontinuity.	23.4%	Tax distortion
Promisia Healthcare	PHL	FY26	107.5%Caveat: transaction distorted.	89.7%Caveat: transaction distorted.	+17.8ppCaveat: transaction distorted.	7.3%Outside range high effective tax rate. 7.3%; 3-period range -54.6% to 3.3%. Effective tax rate: 7.3%, above normal range; 3-period mean -33.6%, range -54.6%-3.3%.	Tax distortion
Savor	SVR	FY26	222.9%Caveat: basis discontinuity.	206.1%Caveat: basis discontinuity.	+16.8ppCaveat: basis discontinuity.	-27.5%	Tax distortion
Property for Industry	PFI	HY26	78.5%Caveat: restatement or reclassification, transaction distorted.	62.8%Caveat: restatement or reclassification, transaction distorted.	+15.7ppCaveat: restatement or reclassification, transaction distorted.	14.4%	Tax distortion
CDL Investments New Zealand	CDI	FY25	-42.5%Caveat: basis discontinuity.	-27.9%Caveat: basis discontinuity.	-14.6ppCaveat: basis discontinuity.	28.3%	Tax distortion
Briscoe Group	BGP	FY26	-12.8%Caveat: basis discontinuity, transaction distorted.	-2.3%Caveat: basis discontinuity, transaction distorted.	-10.5ppCaveat: basis discontinuity, transaction distorted.	28.6%	Tax distortion
Barramundi	BRM	HY26	-263.6%Unprecedented low pbt growth. -263.6%; 4-period range -50.3% to 30.9%. PBT growth: -263.6%, unprecedented low; 4-period mean -19.8%, range -50.3%-30.9%.	-272.8%Unprecedented low npat growth. -272.8%; 4-period range -52.8% to 39.3%. NPAT growth: -272.8%, unprecedented low; 4-period mean -19.8%, range -52.8%-39.3%.	+9.2pp	-2.9%	Tax distortion
Genesis Energy	GNE	HY26	44.3%Caveat: basis discontinuity.	35.3%Caveat: basis discontinuity.	+9.0ppCaveat: basis discontinuity.	29.7%Outside range high effective tax rate. 29.7%; 3-period range 25% to 28.4%. Effective tax rate: 29.7%, above normal range; 3-period mean 27.2%, range 25.0%-28.4%.	Tax distortion
Summerset Group Holdings	SUM	FY25	-32.2%Caveat: basis discontinuity.	-23.6%Caveat: basis discontinuity.	-8.6ppCaveat: basis discontinuity.	7.7%Outside range high effective tax rate. 7.7%; 3-period range -4.5% to -1.5%. Effective tax rate: 7.7%, above normal range; 3-period mean -3.1%, range -4.5%--1.5%.	Tax distortion
EBOS Group	EBO	HY26	4.4%Caveat: basis discontinuity.	12.9%Caveat: basis discontinuity.	-8.5ppCaveat: basis discontinuity.	22.2%	Tax distortion
KMD Brands	KMD	HY26	43.5%Caveat: basis discontinuity, transaction distorted.	35.4%Caveat: basis discontinuity, transaction distorted.	+8.1ppCaveat: basis discontinuity, transaction distorted.	11.7%	Tax distortion
Asset Plus	APL	FY26	36.7%Caveat: transaction distorted.	44.5%Caveat: transaction distorted.	-7.8ppCaveat: transaction distorted.	12.2%	Tax distortion
General Capital	GEN	HY26	-31.8%	-37.5%	+5.7pp	31.4%	Clean read
Kiwi Property Group	KPG	FY26	-17.0%Caveat: basis discontinuity, transaction distorted.	-11.6%Caveat: basis discontinuity, transaction distorted.	-5.4ppCaveat: basis discontinuity, transaction distorted.	35.7%	Tax distortion
Templeton Emerging Markets Investment Trust Plc	TEM	HY24	97.5%	93.3%	+4.2pp	-177.3%	Tax distortion
Third Age Health Services	TAH	FY26	25.7%Caveat: basis discontinuity, transaction distorted.	21.7%Caveat: basis discontinuity, transaction distorted.	+4.0ppCaveat: basis discontinuity, transaction distorted.	29.4%	Clean read
Australian Foundation Investment Company	AFI	HY26	-0.9%	-4.7%	+3.8pp	9.5%Unprecedented high effective tax rate. 9.5%; 4-period range 3.4% to 6.4%. Effective tax rate: 9.5%, unprecedented high; 4-period mean 5.2%, range 3.4%-6.4%.	Tax distortion
Turners Automotive Group	TRA	FY26	2.8%Caveat: basis discontinuity, transaction distorted.	-1.0%Caveat: basis discontinuity, transaction distorted.Outside range low npat growth. -1%; 3-period range 0% to 28.1%. NPAT growth: -1.0%, below normal range; 3-period mean 14.8%, range 0.0%-28.1%.	+3.8ppCaveat: basis discontinuity, transaction distorted.	31.5%	Tax distortion
Green Cross Health	GXH	FY26	24.2%Caveat: basis discontinuity.	27.7%Caveat: basis discontinuity.	-3.5ppCaveat: basis discontinuity.	27.7%	Clean read
PGG Wrightson	PGW	HY26	11.5%Caveat: basis discontinuity.	8.1%Caveat: basis discontinuity.	+3.4ppCaveat: basis discontinuity.	28.7%	Tax distortion
Channel Infrastructure NZ	CHI	FY25	-12.4%	-15.1%	+2.7pp	34.3%	Tax distortion
Delegat Group	DGL	HY26	85.1%Caveat: basis discontinuity.	82.4%Caveat: basis discontinuity.	+2.7ppCaveat: basis discontinuity.	29.2%	Clean read
Metro Performance Glass	MPG	FY26	95.2%Caveat: basis discontinuity.	93.0%Caveat: basis discontinuity.	+2.2ppCaveat: basis discontinuity.	-17.8%	Tax distortion
South Port New Zealand	SPN	HY26	44.4%	46.6%	-2.2pp	27.6%Unprecedented low effective tax rate. 27.6%; 4-period range 28.6% to 29.8%. Effective tax rate: 27.6%, unprecedented low; 4-period mean 29.2%, range 28.6%-29.8%.	Clean read
Rakon	RAK	HY26	73.6%Caveat: basis discontinuity.	71.5%Caveat: basis discontinuity.	+2.1ppCaveat: basis discontinuity.	25.6%	Tax distortion
New Talisman Gold Mines	NTL	FY26	-153.9%Caveat: basis discontinuity.	-155.8%Caveat: basis discontinuity.	+1.9ppCaveat: basis discontinuity.	-2.0%	Tax distortion
Serko	SKO	FY26	17.4%Caveat: basis discontinuity, transaction distorted.	19.2%Caveat: basis discontinuity, transaction distorted.	-1.8ppCaveat: basis discontinuity, transaction distorted.	-4.2%	Tax distortion
Mercury NZ	MCY	HY26	128.1%Caveat: basis discontinuity.	129.9%Caveat: basis discontinuity.	-1.7ppCaveat: basis discontinuity.	25.9%	Clean read
Michael Hill International	MHJ	HY26	30.3%Caveat: basis discontinuity.Outside range high pbt growth. 30.3%; 3-period range -59.7% to 8.7%. PBT growth: 30.3%, above normal range; 3-period mean -15.6%, range -59.7%-8.7%.	32.0%Caveat: basis discontinuity.Outside range high npat growth. 32%; 3-period range -59% to 9.7%. NPAT growth: 32.0%, above normal range; 3-period mean -16.0%, range -59.0%-9.7%.	-1.7ppCaveat: basis discontinuity.	28.1%Outside range low effective tax rate. 28.1%; 3-period range 29% to 30.8%. Effective tax rate: 28.1%, below normal range; 3-period mean 29.8%, range 29.0%-30.8%.	Clean read
Skellerup Holdings	SKL	HY26	17.8%Caveat: basis discontinuity.	19.4%Caveat: basis discontinuity.	-1.6ppCaveat: basis discontinuity.	25.9%	Tax distortion
Freightways Group	FRW	HY26	18.8%Caveat: basis discontinuity, transaction distorted.	17.3%Caveat: basis discontinuity, transaction distorted.	+1.5ppCaveat: basis discontinuity, transaction distorted.	29.5%	Clean read
Westpac Banking Corporation	WBC	HY26	1.4%	2.9%	-1.5pp	30.3%	Tax distortion
BLIS Technologies	BLT	FY26	-11.1%Caveat: basis discontinuity.	-12.5%Caveat: basis discontinuity.	+1.4ppCaveat: basis discontinuity.	8.2%	Tax distortion
Tourism Holdings	THL	HY26	15.6%Caveat: basis discontinuity, transaction distorted.	17.0%Caveat: basis discontinuity, transaction distorted.	-1.4ppCaveat: basis discontinuity, transaction distorted.	27.3%	Clean read
Fisher & Paykel Healthcare	FPH	FY26	25.5%Caveat: basis discontinuity.	24.2%Caveat: basis discontinuity.	+1.3ppCaveat: basis discontinuity.	25.8%	Clean read
Bremworth	BRW	FY26	-134.0%Caveat: basis discontinuity.	-135.1%Caveat: basis discontinuity.	+1.1ppCaveat: basis discontinuity.	-1.4%	Clean read
Meridian Energy	MEL	HY26	288.7%Caveat: basis discontinuity, transaction distorted.	287.6%Caveat: basis discontinuity, transaction distorted.	+1.1ppCaveat: basis discontinuity, transaction distorted.	-28.4%	Clean read
Hallenstein Glasson	HLG	HY26	33.1%Caveat: basis discontinuity.	32.1%Caveat: basis discontinuity.	+1.0ppCaveat: basis discontinuity.	29.6%Unprecedented high effective tax rate. 29.6%; 4-period range 29.2% to 29.5%. Effective tax rate: 29.6%, unprecedented high; 4-period mean 29.3%, range 29.2%-29.5%.	Clean read
Sanford	SAN	HY26	25.6%Caveat: basis discontinuity.	24.7%Caveat: basis discontinuity.	+0.9ppCaveat: basis discontinuity.	29.0%	Clean read
Auckland International Airport	AIA	HY26	-6.1%Caveat: basis discontinuity.	-5.5%Caveat: basis discontinuity.	-0.6ppCaveat: basis discontinuity.	27.5%	Clean read
New Zealand King Salmon Investments	NZK	HY26	165.7%Caveat: basis discontinuity.	166.2%Caveat: basis discontinuity.	-0.5ppCaveat: basis discontinuity.	-27.7%	Clean read
Radius Residential Care	RAD	FY26	36.2%Caveat: basis discontinuity, transaction distorted.	35.7%Caveat: basis discontinuity, transaction distorted.	+0.5ppCaveat: basis discontinuity, transaction distorted.	29.9%	Clean read
Marlin Global	MLN	HY26	-19.4%	-19.8%	+0.4pp	13.3%	Clean read
Steel & Tube Holdings	STU	HY26	19.7%Caveat: basis discontinuity, transaction distorted.	19.3%Caveat: basis discontinuity, transaction distorted.	+0.4ppCaveat: basis discontinuity, transaction distorted.	27.4%	Tax distortion
Air New Zealand	AIR	HY26	-138.1%	-137.7%	-0.3pp	32.2%	Clean read
Argosy Property	ARG	FY26	1.7%Caveat: basis discontinuity, transaction distorted.	1.4%Caveat: basis discontinuity, transaction distorted.	+0.3ppCaveat: basis discontinuity, transaction distorted.	9.0%	Clean read
Napier Port Holdings	NPH	HY26	-10.6%Caveat: basis discontinuity, transaction distorted.	-10.9%Caveat: basis discontinuity, transaction distorted.	+0.3ppCaveat: basis discontinuity, transaction distorted.	28.7%	Clean read
Tower	TWR	HY26	-54.1%Caveat: basis discontinuity.	-53.9%Caveat: basis discontinuity.	-0.2ppCaveat: basis discontinuity.	29.1%	Clean read
Contact Energy	CEN	HY26	43.8%Caveat: basis discontinuity, transaction distorted.	43.7%Caveat: basis discontinuity, transaction distorted.	+0.1ppCaveat: basis discontinuity, transaction distorted.	29.1%	Clean read
Livestock Improvement Corporation	LIC	HY26	-13.5%Caveat: restatement or reclassification, basis discontinuity.	-13.6%Caveat: restatement or reclassification, basis discontinuity.	+0.1ppCaveat: restatement or reclassification, basis discontinuity.	27.8%	Clean read
Being AI	BAI	HY24	99.9%Caveat: basis discontinuity.	99.9%Caveat: basis discontinuity.	0.0ppCaveat: basis discontinuity.	0.0%	Clean read
Cooks Coffee Company	CCC	FY26	-62.5%Caveat: restatement or reclassification, basis discontinuity.	-62.5%Caveat: restatement or reclassification, basis discontinuity.	0.0ppCaveat: restatement or reclassification, basis discontinuity.	0.0%	Clean read
Fonterra Co-operative Group	FCG	HY26	0.0%Caveat: transaction distorted.	0.0%Caveat: transaction distorted.	0.0ppCaveat: transaction distorted.	0.0%	Clean read
ikeGPS Group	IKE	FY26	54.1%Caveat: basis discontinuity, transaction distorted.	54.1%Caveat: basis discontinuity, transaction distorted.	0.0ppCaveat: basis discontinuity, transaction distorted.	0.0%	Clean read
Mainfreight	MFT	FY26	-8.5%Caveat: basis discontinuity.	-8.5%Caveat: basis discontinuity.	0.0ppCaveat: basis discontinuity.	28.5%	Clean read
My Food Bag Group	MFB	FY26	4.7%	4.7%	0.0pp	25.6%	Clean read
Pacific Edge	PEB	HY26	-31.7%	-31.7%	0.0pp	0.0%	Clean read
Port of Tauranga	POT	HY26	16.6%Caveat: basis discontinuity.	16.6%Caveat: basis discontinuity.	0.0ppCaveat: basis discontinuity.	26.5%	Clean read
Rua Bioscience	RUA	HY26	0.5%Caveat: basis discontinuity.	0.5%Caveat: basis discontinuity.	0.0ppCaveat: basis discontinuity.	0.0%	Clean read
Truscreen Group	TRU	FY26	-0.4%	-0.4%	0.0pp	0.0%	Clean read
Vulcan Steel	VSL	HY25	0.0%Caveat: basis discontinuity.	0.0%Caveat: basis discontinuity.	0.0ppCaveat: basis discontinuity.	33.2%	Clean read
AFC Group Holdings	AFC	FY25	-442.6%Caveat: basis discontinuity.	n/mCaveat: basis discontinuity.	n/mCaveat: basis discontinuity.	0.0%	Tax distortion
Blackwell Global Holdings	RTO	HY26	—Caveat: transaction distorted.	—Caveat: transaction distorted.	—Caveat: transaction distorted.	0.0%	Clean read
Enprise Group	ENS	FY25	35.6%Caveat: basis discontinuity, transaction distorted.	n/mCaveat: basis discontinuity, transaction distorted.	n/mCaveat: basis discontinuity, transaction distorted.	52.2%	Tax distortion
EROAD	ERD	FY26	n/mCaveat: basis discontinuity.	n/mCaveat: basis discontinuity.	n/mCaveat: basis discontinuity.	-0.1%	Tax distortion
Heartland Group Holdings	HGH	HY26	—Caveat: basis discontinuity.	n/mCaveat: basis discontinuity.Unprecedented high npat growth. n/m; 4-period range -90.4% to 7.7%. NPAT growth: n/m, unprecedented high; 4-period mean -25.7%, range -90.4%-7.7%.	—Caveat: basis discontinuity.	28.3%	Clean read
Iperion	IPR	FY26	—	—	—	0.0%	Clean read
Kingfish	KFL	FY26	—	-133.2%	—	0.0%	Clean read
MOVE Logistics Group	MOV	HY26	—Caveat: basis discontinuity.	89.8%Caveat: basis discontinuity.	—Caveat: basis discontinuity.	-111.9%	Tax distortion
Vector	VCT	HY26	1.1%Caveat: basis discontinuity.	—Caveat: basis discontinuity.	—Caveat: basis discontinuity.	33.7%	Tax distortion

Source: latest published result per company in the current Annolyse coverage set.

NZX earnings quality comparison table

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The biggest earnings-quality flags are not always the weakest companies. Property and infrastructure names often show large PBT-to-NPAT divergence because fair-value movements and tax effects dominate statutory profit, while operating companies with cleaner PBT and NPAT movement are easier to read. This page ranks the companies where headline NPAT needs the most context.

Methodology

PBT growth, NPAT growth, effective tax rate, and distortion flags use standard Annolyse calculations from available filing data. The divergence column shows the absolute gap between PBT growth and NPAT growth, so high-ranked companies are those where headline NPAT is least likely to be a clean read-through from operating performance.

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