Insights
NZX earnings quality comparison
PBT versus NPAT divergence across covered NZX companies, highlighting tax, fair-value, and non-operating distortions.
Last updated 21 April 2026
Editorial view
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.
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Operating cash flow versus EBITDA across the Annolyse coverage set, using each company's most recent published result.
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Payout ratios against NPAT and free cash flow for the latest published result from each covered company.
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Net debt and net debt / EBITDA across the Annolyse coverage set, ranked by the latest reported leverage position.
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Revenue growth rates across covered NZX companies, ranked by each company's latest reported period.
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Return on equity across covered NZX companies, with prior-period movement and leverage context.
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Debtor days and inventory days across covered NZX companies, showing where cash is tied up in receivables or stock.
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