NZX research
PBT versus NPAT divergence across covered NZX companies, highlighting tax, fair-value, and non-operating distortions.
Last updated 28 August 2026
Highest and lowest latest chartable NPAT growth rates between -500% and 500%. Read the full table for PBT divergence, tax effects, and base-effect flags.
| Company | Ticker | Period | PBT growth | NPAT growth | Divergence | Effective tax rate | Flag |
|---|---|---|---|---|---|---|---|
| Being AI | BAI | FY26 | 87.3%Caveat: basis discontinuity, transaction distorted. | 160.8%Caveat: basis discontinuity, transaction distorted. | -73.5ppCaveat: basis discontinuity, transaction distorted. | -2.0% | Growth divergence |
| Gentrack Group Limited 6 months to 31 March 2026 | GTK | HY26 | -86.2%Caveat: basis discontinuity, transaction distorted, insufficient history. | -28.9%Caveat: basis discontinuity, transaction distorted, insufficient history. | -57.3ppCaveat: basis discontinuity, transaction distorted, insufficient history. | n/m | Tax distortion |
| The a2 Milk Company | ATM | FY26 | 2.5%Caveat: basis discontinuity, transaction distorted, insufficient history. | -44.0%Caveat: basis discontinuity, transaction distorted, insufficient history. | +46.5ppCaveat: basis discontinuity, transaction distorted, insufficient history. | 30.0% | 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 |
| Summerset Group Holdings | SUM | HY26 | 63.1%Outside range high pbt growth. 63.1%; 3-period range -9.1% to -5%. PBT growth: 63.1%, above normal range; 3-period mean -6.6%, range -9.1%--5.0%. | 34.7%Outside range high npat growth. 34.7%; 3-period range -23.2% to 24.5%. NPAT growth: 34.7%, above normal range; 3-period mean 0.1%, range -23.2%-24.5%. | +28.4pp | 4.3% | Growth divergence |
| Spark New Zealand | SPK | FY26 | 65.4%Caveat: restatement or reclassification, basis discontinuity, transaction distorted.Outside range high pbt growth. 65.4%; 3-period range -32.5% to 5.1%. PBT growth: 65.4%, above normal range; 3-period mean -10.5%, range -32.5%-5.1%. | 91.9%Caveat: restatement or reclassification, basis discontinuity, transaction distorted. | -26.5ppCaveat: restatement or reclassification, basis discontinuity, transaction distorted. | 15.3% | 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 |
| Winton Land | WIN | FY26 | 138.8%Caveat: basis discontinuity, transaction distorted, insufficient history. | 120.4%Caveat: basis discontinuity, transaction distorted, insufficient history. | +18.4ppCaveat: basis discontinuity, transaction distorted, insufficient history. | 37.5% | Growth divergence |
| Scott Technology | SCT | HY26 | 18.0%Caveat: basis discontinuity. | 0.0%Caveat: basis discontinuity. | +18.0ppCaveat: basis discontinuity. | 23.4% | Tax distortion |
| Scales Corporation | SCL | HY26 | -20.2%Caveat: basis discontinuity, transaction distorted. | -38.1%Caveat: basis discontinuity, transaction distorted. | +17.9ppCaveat: basis discontinuity, transaction distorted. | 30.3%Unprecedented high effective tax rate. 30.3%; 4-period range 20.8% to 22.5%. Effective tax rate: 30.3%, unprecedented high; 4-period mean 21.8%, range 20.8%-22.5%. | Tax distortion |
| Seeka | SEK | HY26 | 5.4%Caveat: basis discontinuity, insufficient history. | 20.1%Caveat: basis discontinuity, insufficient history. | -14.7ppCaveat: basis discontinuity, insufficient history. | 27.4% | 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 |
| The Colonial Motor Company | CMO | FY26 | 0.0%Caveat: basis discontinuity. | 8.7%Caveat: basis discontinuity. | -8.7ppCaveat: basis discontinuity. | 29.5% | No material divergence flagged |
| South Port New Zealand | SPN | FY26 | 28.7% | 21.1% | +7.6pp | 29.7% | Tax distortion |
| Port of Tauranga | POT | FY26 | -3.3%Caveat: basis discontinuity, transaction distorted. | -10.0%Caveat: basis discontinuity, transaction distorted. | +6.7ppCaveat: basis discontinuity, transaction distorted. | 26.1% | No material divergence flagged |
| General Capital | GEN | FY26 | 2.6%Caveat: basis discontinuity, transaction distorted. | -3.6%Caveat: basis discontinuity, transaction distorted.Outside range low npat growth. -3.6%; 3-period range 7.7% to 73.7%. NPAT growth: -3.6%, below normal range; 3-period mean 32.2%, range 7.7%-73.7%. | +6.2ppCaveat: basis discontinuity, transaction distorted. | 31.8%Outside range high effective tax rate. 31.8%; 3-period range -32.5% to 28.7%. Effective tax rate: 31.8%, above normal range; 3-period mean 7.6%, range -32.5%-28.7%. | Tax distortion |
| EBOS Group | EBO | FY26 | -1.0%Caveat: basis discontinuity, transaction distorted, insufficient history. | 4.7%Caveat: basis discontinuity, transaction distorted, insufficient history. | -5.7ppCaveat: basis discontinuity, transaction distorted, insufficient history. | 24.4% | Tax distortion |
| PGG Wrightson | PGW | FY26 | 50.0%Caveat: basis discontinuity, transaction distorted, insufficient history. | 45.8%Caveat: basis discontinuity, transaction distorted, insufficient history. | +4.2ppCaveat: basis discontinuity, transaction distorted, insufficient history. | 26.0% | Tax distortion |
| Third Age Health Services | TAH | FY26 | 25.7%Caveat: basis discontinuity, transaction distorted, insufficient history. | 21.7%Caveat: basis discontinuity, transaction distorted, insufficient history. | +4.0ppCaveat: basis discontinuity, transaction distorted, insufficient history. | 29.4% | No material divergence flagged |
| Turners Automotive Group | TRA | FY26 | 2.8%Caveat: basis discontinuity, transaction distorted, insufficient history. | -1.0%Caveat: basis discontinuity, transaction distorted, insufficient history. | +3.8ppCaveat: basis discontinuity, transaction distorted, insufficient history. | 31.5% | Tax distortion |
| Genesis Energy | GNE | FY26 | -46.3%Caveat: basis discontinuity.Outside range low pbt growth. -46.3%; 3-period range -29.8% to 19.3%. PBT growth: -46.3%, below normal range; 3-period mean -7.6%, range -29.8%-19.3%. | -50.0%Caveat: basis discontinuity.Outside range low npat growth. -50%; 3-period range -33% to 29%. NPAT growth: -50.0%, below normal range; 3-period mean -5.3%, range -33.0%-29.0%. | +3.7ppCaveat: basis discontinuity. | 31.0% | No material divergence flagged |
| Mercury NZ | MCY | FY26 | 7.0% | 10.7% | -3.7pp | 27.7% | Tax distortion |
| Green Cross Health | GXH | FY26 | 24.2%Caveat: basis discontinuity, insufficient history. | 27.7%Caveat: basis discontinuity, insufficient history. | -3.5ppCaveat: basis discontinuity, insufficient history. | 27.7% | No material divergence flagged |
| Vector | VCT | FY26 | 41.5%Caveat: basis discontinuity. | 44.3%Caveat: basis discontinuity. | -2.8ppCaveat: basis discontinuity. | 29.6% | Tax distortion |
| CDL Investments New Zealand | CDI | HY26 | -7.8%Caveat: basis discontinuity, transaction distorted. | -5.6%Caveat: basis discontinuity, transaction distorted. | -2.2ppCaveat: basis discontinuity, transaction distorted. | 28.0% | No material divergence flagged |
| Freightways Group | FRW | FY26 | 19.3%Caveat: basis discontinuity, insufficient history. | 17.3%Caveat: basis discontinuity, insufficient history. | +2.0ppCaveat: basis discontinuity, insufficient history. | 29.7% | Tax distortion |
| Auckland International Airport | AIA | FY26 | -18.6%Caveat: basis discontinuity, transaction distorted. | -20.4%Caveat: basis discontinuity, transaction distorted. | +1.8ppCaveat: basis discontinuity, transaction distorted. | 25.8% | Tax distortion |
| 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%. | No material divergence flagged |
| Skellerup Holdings | SKL | FY26 | 22.6%Caveat: basis discontinuity, transaction distorted.Outside range high pbt growth. 22.6%; 3-period range 1% to 9.7%. PBT growth: 22.6%, above normal range; 3-period mean 5.0%, range 1.0%-9.7%. | 24.2%Caveat: basis discontinuity, transaction distorted.Outside range high npat growth. 24.2%; 3-period range -7.9% to 16.2%. NPAT growth: 24.2%, above normal range; 3-period mean 4.9%, range -7.9%-16.2%. | -1.6ppCaveat: basis discontinuity, transaction distorted. | 25.7% | No material divergence flagged |
| Westpac Banking Corporation | WBC | HY26 | 1.4% | 2.9% | -1.5pp | 30.3% | Tax distortion |
| Fisher & Paykel Healthcare | FPH | FY26 | 25.5%Caveat: basis discontinuity, insufficient history. | 24.2%Caveat: basis discontinuity, insufficient history. | +1.3ppCaveat: basis discontinuity, insufficient history. | 25.8% | No material divergence flagged |
| Australian Foundation Investment Company | AFI | FY26 | 3.9%Caveat: basis discontinuity. | 2.8%Caveat: basis discontinuity. | +1.1ppCaveat: basis discontinuity. | 7.8%Outside range high effective tax rate. 7.8%; 4-period range 3.6% to 7.1%. Effective tax rate: 7.8%, above normal range; 4-period mean 5.5%, range 3.6%-7.1%. | No material divergence flagged |
| Bremworth | BRW | FY26 | -134.0%Caveat: basis discontinuity. | -135.1%Caveat: basis discontinuity. | +1.1ppCaveat: basis discontinuity. | -1.4% | No material divergence flagged |
| 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%. | No material divergence flagged |
| Sanford | SAN | HY26 | 25.6%Caveat: basis discontinuity. | 24.7%Caveat: basis discontinuity. | +0.9ppCaveat: basis discontinuity. | 29.0% | No material divergence flagged |
| Vulcan Steel | VSL | HY26 | -10.2%Caveat: basis discontinuity, transaction distorted, insufficient history. | -9.8%Caveat: basis discontinuity, transaction distorted, insufficient history. | -0.4ppCaveat: basis discontinuity, transaction distorted, insufficient history. | 29.2% | Tax distortion |
| Argosy Property | ARG | FY26 | 1.7%Caveat: basis discontinuity, transaction distorted, insufficient history. | 1.4%Caveat: basis discontinuity, transaction distorted, insufficient history. | +0.3ppCaveat: basis discontinuity, transaction distorted, insufficient history. | 9.0% | No material divergence flagged |
| Contact Energy | CEN | FY26 | 27.2%Caveat: basis discontinuity, transaction distorted. | 26.9%Caveat: basis discontinuity, transaction distorted.Outside range low npat growth. 26.9%; 3-period range n/m. NPAT growth: 26.9%, below normal range; 3-period mean n/m, range n/m. | +0.3ppCaveat: basis discontinuity, transaction distorted. | 28.2% | No material divergence flagged |
| 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% | No material divergence flagged |
| Delegat Group | DGL | FY26 | -19.2%Caveat: insufficient history. | -19.4%Caveat: insufficient history. | +0.2ppCaveat: insufficient history. | 28.7% | No material divergence flagged |
| Livestock Improvement Corporation | LIC | FY26 | -30.3%Caveat: basis discontinuity, insufficient history. | -30.4%Caveat: basis discontinuity, insufficient history. | +0.1ppCaveat: basis discontinuity, insufficient history. | 24.2% | No material divergence flagged |
| Mainfreight | MFT | FY26 | -8.5%Caveat: basis discontinuity. | -8.5%Caveat: basis discontinuity. | 0.0ppCaveat: basis discontinuity. | 28.5% | No material divergence flagged |
| My Food Bag Group | MFB | FY26 | 4.7% | 4.7% | 0.0pp | 25.6% | No material divergence flagged |
| AFC Group Holdings | AFC | FY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 0.0% | Growth divergence |
| AoFrio | AOF | HY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | -4.8% | Tax distortion |
| ArborGen Holdings | ARB | FY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | -120.6% | Tax distortion |
| Asset Plus | APL | FY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 12.2% | Tax distortion |
| Barramundi | BRM | FY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 0.0% | No material divergence flagged |
| Blackwell Global Holdings | RTO | FY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 0.0% | No material divergence flagged |
| BLIS Technologies | BLT | FY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 8.2% | Tax distortion |
| Channel Infrastructure NZ | CHI | FY25 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 34.3% | Tax distortion |
| Chorus | CNU | FY26 | 228.6%Caveat: transaction distorted, insufficient history. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 46.4% | Tax distortion |
| Comvita | CVT | FY26 | —Caveat: basis discontinuity. | —Caveat: basis discontinuity. | —Caveat: basis discontinuity. | 5.0% | No material divergence flagged |
| Cooks Coffee Company | CCC | FY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 0.0% | No material divergence flagged |
| Enprise Group | ENS | FY25 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 52.2% | Tax distortion |
| EROAD | ERD | FY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | -0.1% | Tax distortion |
| Fletcher Building | FBU | FY26 | 157.4%Caveat: basis discontinuity, transaction distorted. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | -16.5% | No material divergence flagged |
| Fonterra Co-operative Group | FCG | HY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 0.0% | No material divergence flagged |
| Goodman Property Trust | GNZ | HY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 0.6% | Tax distortion |
| Heartland Group Holdings | HGH | HY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 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%. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 28.3% | No material divergence flagged |
| Henderson Far East Income | HFL | HY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 1.1% | Tax distortion |
| ikeGPS Group | IKE | FY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 0.0% | No material divergence flagged |
| Infratil | IFT | FY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 89.5% | Tax distortion |
| Iperion | IPR | FY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 0.0% | No material divergence flagged |
| Kingfish | KFL | FY26 | — | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 0.0% | No material divergence flagged |
| Kiwi Property Group | KPG | FY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 35.7% | Tax distortion |
| KMD Brands | KMD | HY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 11.7% | Tax distortion |
| Marlin Global | MLN | FY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 0.0% | No material divergence flagged |
| Me Today | MEE | HY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 0.0% | Growth divergence |
| Meridian Energy | MEL | FY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 18.8% | No material divergence flagged |
| Metro Performance Glass | MPG | FY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | -17.8% | Tax distortion |
| Millennium & Copthorne Hotels New Zealand | MCK | HY26 | 58.4%Caveat: basis discontinuity. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 25.2% | No material divergence flagged |
| MOVE Logistics Group | MOV | FY26 | —Caveat: basis discontinuity. | —Caveat: basis discontinuity. | —Caveat: basis discontinuity. | 34.6% | No material divergence flagged |
| New Talisman Gold Mines | NTL | FY26 | -153.9%Caveat: basis discontinuity. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | -2.0% | Tax distortion |
| New Zealand King Salmon Investments | NZK | HY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | -27.7% | No material divergence flagged |
| New Zealand Rural Land Company | NZL | HY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 20.7%Outside range high effective tax rate. 20.7%; 3-period range 4.4% to 19.5%. Effective tax rate: 20.7%, above normal range; 3-period mean 11.3%, range 4.4%-19.5%. | No material divergence flagged |
| NZME | NZM | FY25 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 29.8% | Tax distortion |
| Oceania Healthcare | OCA | HY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/m | Tax distortion |
| Pacific Edge | PEB | FY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 0.0% | No material divergence flagged |
| Precinct Properties | PCT | HY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | -61.1% | Tax distortion |
| Promisia Healthcare | PHL | FY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 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 |
| Property for Industry | PFI | FY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 16.2% | Tax distortion |
| Radius Residential Care | RAD | FY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 29.9% | No material divergence flagged |
| Rakon | RAK | HY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 25.6% | Tax distortion |
| Ryman Healthcare | RYM | FY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 3.5% | Tax distortion |
| Savor | SVR | FY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | -27.5% | Tax distortion |
| Serko | SKO | FY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | -4.2% | Tax distortion |
| Sky Network Television | SKT | HY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 9.1% | Tax distortion |
| SkyCity Entertainment Group | SKC | FY26 | —Caveat: basis discontinuity, transaction distorted. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | — | Tax distortion |
| Steel & Tube Holdings | STU | FY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 26.0% | No material divergence flagged |
| Synlait Milk | SML | HY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | -8.7% | Tax distortion |
| T&G Global Limited and subsidiary companies | TGG | FY25 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 26.7% | Tax distortion |
| Templeton Emerging Markets Investment Trust Plc | TEM | HY24 | 97.5% | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | -177.3% | Tax distortion |
| The Warehouse Group | WHS | FY25 | -18.0%Caveat: basis discontinuity, insufficient history. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 29.0% | Growth divergence |
| Tourism Holdings | THL | FY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 34.4% | Tax distortion |
| Tower | TWR | HY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 29.1% | No material divergence flagged |
| Truscreen Group | TRU | FY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 0.0% | No material divergence flagged |
| Vista Group International | VGL | HY26 | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison. | 28.6% | Tax distortion |
Source: each company's latest published result in Annolyse.
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A wide gap between PBT growth and NPAT growth is a signal to investigate, not automatic evidence of weak earnings. Tax effects, fair-value movements, impairments, discontinued operations, and other non-operating items can all change statutory profit without describing the same change in the underlying operating business.
Methodology
PBT growth, NPAT growth, effective tax rate, and distortion flags use source-backed Annolyse calculations for the latest published result and its disclosed like-for-like comparator. The divergence column is the absolute percentage-point gap between PBT growth and NPAT growth, so the highest ranks identify results where headline NPAT needs the most context. Extreme or quality-flagged growth values are shown as n/m rather than ranked normally.
Investor guide
Investor question
Does the movement in statutory profit reflect operating performance, or is it being driven by tax and non-operating items?
What it measures
The comparison places PBT growth beside NPAT growth, calculates their percentage-point divergence, and adds the effective tax rate and known distortion flags. Large gaps point to results that need reconciliation below the operating line.
Related insights
EBITDA-equivalent margins across covered NZX companies, with revenue, earnings, and prior equivalent-period context.
Operating cash flow versus EBITDA across covered NZX companies, using each company's most recent published result.
Revenue growth rates across covered NZX companies, ranked by each company's latest reported period.
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