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NZX earnings quality comparison

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

Last updated 3 June 2026

NPAT growth trend

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

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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%.
FY26 BLT: Outside range low npat growth. -12.5%; 3-period range 33.3% to 147.9%. NPAT growth: -12.5%, below normal range; 3-period mean 77.1%, range 33.3%-147.9%.
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%.
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 CHI: Outside range low npat growth. -33.7%; 3-period range -30.1% to 449.7%. NPAT growth: -33.7%, below normal range; 3-period mean 155.1%, range -30.1%-449.7%.
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 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%.
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%.
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 31.4%. NPAT growth: 88.9%, unprecedented high; 4-period mean -2.1%, range -51.1%-31.4%.
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%.
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
Synlait Milk	SML	HY26	n/m	n/m	+794.3pp	-8.7%	Tax distortion
Sky Network Television	SKT	HY26	n/m	n/m	-293.6pp	n/m	Tax distortion
T&G Global Limited and subsidiary companies	TGG	FY25	420.6%	163.7%	+256.9pp	26.7%	Tax distortion
Precinct Properties	PCT	HY26	181.8%	-68.5%	+250.3pp	-61.1%	Tax distortion
Seeka	SEK	FY25	59.9%	263.6%	-203.7pp	32.7%Outside range high effective tax rate. 32.7%; 3-period range -70.5% to 31.1%. Effective tax rate: 32.7%, above normal range; 3-period mean -17.9%, range -70.5%-31.1%.	Tax distortion
Me Today	MEE	HY26	62.9%	232.4%	-169.5pp	0.0%	Growth divergence
New Zealand Rural Land Company	NZL	HY22	n/m	n/m	+167.9pp	10.0%	Tax distortion
Vista Group International	VGL	FY25	144.4%	290.0%	-145.6pp	40.9%	Tax distortion
SkyCity Entertainment Group	SKC	HY26	-43.4%	98.4%	-141.8pp	23.9%	Tax distortion
The Warehouse Group	WHS	FY25	-18.0%	121.8%	-139.7pp	29.0%	Growth divergence
The a2 Milk Company	ATM	HY26	27.7%	-88.1%	+115.8pp	31.0%	Growth divergence
Scales Corporation	SCL	FY25	122.2%	229.0%	-106.8pp	13.0%	Tax distortion
Winton Land	WIN	HY26	-34.8%	55.5%	-90.3pp	72.8%	Tax distortion
AoFrio	AOF	FY22	-107.7%	-38.9%	-67.8pp	n/m	Tax distortion
NZME	NZM	FY25	249.1%	181.6%	+67.5pp	29.8%	Tax distortion
Fletcher Building	FBU	HY26	152.8%	91.8%	+61.0pp	-26.2%Unprecedented low effective tax rate. -26.2%; 4-period range -15.2% to 33.3%. Effective tax rate: -26.2%, unprecedented low; 4-period mean 17.4%, range -15.2%-33.3%.	Growth divergence
Gentrack Group Limited 6 months to 31 March 2026	GTK	HY26	-86.2%	-28.9%	-57.3pp	n/m	Tax distortion
Ryman Healthcare	RYM	FY26	17.5%	60.8%	-43.3pp	3.5%	Tax distortion
Spark New Zealand	SPK	HY26	0.0%	82.9%	-33.7pp	38.6%	Growth divergence
Infratil	IFT	HY26	354.8%	385.4%	-30.6pp	7.2%Outside range high effective tax rate. 7.2%; 4-period range -60.5% to 4.7%. Effective tax rate: 7.2%, above normal range; 4-period mean -13.9%, range -60.5%-4.7%.	Tax distortion
Oceania Healthcare	OCA	HY26	105.2%	129.0%	-23.8pp	n/m	Tax distortion
Comvita	CVT	HY26	147.4%	170.8%	-23.4pp	-7.4%	Tax distortion
Burger Fuel Group	BFG	FY26	80.0%	100.0%	-20.0pp	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%	65.1%	+19.8pp	-120.6%Outside range low effective tax rate. -120.6%; 4-period range 4.4% to 377.8%. Effective tax rate: -120.6%, below normal range; 4-period mean 156.6%, range 4.4%-377.8%.	Tax distortion
The Colonial Motor Company	CMO	HY26	35.4%	55.1%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%.	-19.7pp	29.2%	Tax distortion
Goodman Property Trust	GNZ	HY26	17.1%	35.8%	-18.7pp	0.6%	Tax distortion
Goodman Property Trust	GMT	HY26	17.1%Caveat: basis discontinuity, transaction distorted.	35.8%Caveat: basis discontinuity, transaction distorted.	-18.7ppCaveat: basis discontinuity, transaction distorted.	0.6%	Tax distortion
Scott Technology	SCT	HY26	18.0%	0.0%	+18.0pp	23.4%	Tax distortion
Promisia Healthcare	PHL	FY26	107.5%	89.7%	+17.8pp	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%Unprecedented high pbt growth. 222.9%; 5-period range -63% to 93.8%. PBT growth: 222.9%, unprecedented high; 5-period mean 16.3%, range -63.0%-93.8%.	206.1%	+16.8pp	-27.5%Outside range low effective tax rate. -27.5%; 5-period range 0% to 122.7%. Effective tax rate: -27.5%, below normal range; 5-period mean 27.8%, range 0.0%-122.7%.	Tax distortion
Property for Industry	PFI	HY26	78.5%	62.8%	+15.7pp	14.4%	Tax distortion
CDL Investments New Zealand	CDI	FY25	-42.5%	-27.9%	-14.6pp	28.3%	Tax distortion
Briscoe Group	BGP	FY26	-12.8%	-2.3%	-10.5pp	28.6%	Tax distortion
Vector	VCT	HY26	1.1%	-9.2%	+10.3pp	33.7%	Tax distortion
Arvida Group	ARV	FY26	6.3%	-3.5%	+9.8pp	1.0%	Tax distortion
Barramundi	BRM	HY26	-263.6%	-272.8%	+9.2pp	-2.9%Unprecedented low effective tax rate. -2.9%; 4-period range 2.5% to 9.9%. Effective tax rate: -2.9%, unprecedented low; 4-period mean 5.0%, range 2.5%-9.9%.	Tax distortion
Genesis Energy	GNE	HY26	44.3%	35.3%	+9.0pp	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%	-23.6%	-8.6pp	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%	12.9%	-8.5pp	22.2%	Tax distortion
KMD Brands	KMD	HY26	43.5%	35.4%	+8.1pp	11.7%	Tax distortion
Asset Plus	APL	FY26	36.7%	44.5%	-7.8pp	12.2%	Tax distortion
MOVE Logistics Group	MOV	HY26	97.0%	89.8%	+7.2pp	-111.9%	Tax distortion
General Capital	GEN	HY26	-31.8%	-37.5%	+5.7pp	31.4%Outside range high effective tax rate. 31.4%; 3-period range -32.5% to 0%. Effective tax rate: 31.4%, above normal range; 3-period mean -20.4%, range -32.5%-0.0%.	Clean read
Restaurant Brands New Zealand	RBD	HY25	0.0%Caveat: basis discontinuity.	-5.6%Caveat: basis discontinuity.	+5.6ppCaveat: basis discontinuity.	27.4%	Tax distortion
Kiwi Property Group	KPG	FY26	-17.0%	-11.6%	-5.4pp	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%	21.7%	+4.0pp	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%	-1.0%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%.	+3.8pp	31.5%	Tax distortion
PGG Wrightson	PGW	HY26	11.5%	8.1%	+3.4pp	28.7%	Tax distortion
Green Cross Health	GXH	FY26	24.3%	27.5%	-3.2pp	27.7%	Clean read
Channel Infrastructure NZ	CHI	FY25	-12.4%	-15.1%	+2.7pp	34.3%Unprecedented high effective tax rate. 34.3%; 4-period range 19% to 28.8%. Effective tax rate: 34.3%, unprecedented high; 4-period mean 26.0%, range 19.0%-28.8%.	Tax distortion
Delegat Group	DGL	HY26	85.1%	82.4%	+2.7pp	29.2%	Clean read
Metro Performance Glass	MPG	FY26	95.2%	93.0%	+2.2pp	-17.8%Unprecedented low effective tax rate. -17.8%; 4-period range -10.3% to 19.2%. Effective tax rate: -17.8%, unprecedented low; 4-period mean 3.9%, range -10.3%-19.2%.	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%	71.5%	+2.1pp	25.6%Outside range low effective tax rate. 25.6%; 3-period range 28.5% to 213.8%. Effective tax rate: 25.6%, below normal range; 3-period mean 91.2%, range 28.5%-213.8%.	Tax distortion
Serko	SKO	FY26	17.4%	19.2%	-1.8pp	-4.2%	Tax distortion
Mercury NZ	MCY	HY26	128.1%	129.9%	-1.7pp	25.9%	Clean read
Michael Hill International	MHJ	HY26	30.3%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%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%.	-1.7pp	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%	19.4%	-1.6pp	25.9%	Tax distortion
Freightways Group	FRW	HY26	18.8%	17.3%	+1.5pp	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%Outside range low pbt growth. -11.1%; 3-period range 28.6% to 151.6%. PBT growth: -11.1%, below normal range; 3-period mean 76.8%, range 28.6%-151.6%.	-12.5%Outside range low npat growth. -12.5%; 3-period range 33.3% to 147.9%. NPAT growth: -12.5%, below normal range; 3-period mean 77.1%, range 33.3%-147.9%.	+1.4pp	8.2%Outside range high effective tax rate. 8.2%; 3-period range 0% to 7.2%. Effective tax rate: 8.2%, above normal range; 3-period mean 4.4%, range 0.0%-7.2%.	Tax distortion
Tourism Holdings	THL	HY26	15.6%	17.0%	-1.4pp	27.3%	Clean read
Fisher & Paykel Healthcare	FPH	FY26	25.5%	24.2%	+1.3pp	25.8%	Clean read
Bremworth	BRW	FY26	-134.0%	-135.1%	+1.1pp	-1.4%	Clean read
Meridian Energy	MEL	HY26	288.7%	287.6%	+1.1pp	-28.4%Outside range low effective tax rate. -28.4%; 3-period range -28% to 28%. Effective tax rate: -28.4%, below normal range; 3-period mean 9.1%, range -28.0%-28.0%.	Clean read
Hallenstein Glasson	HLG	HY26	33.1%	32.1%	+1.0pp	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%	24.7%	+0.9pp	29.0%	Clean read
Auckland International Airport	AIA	HY26	-6.1%	-5.5%	-0.6pp	27.5%	Clean read
New Zealand King Salmon Investments	NZK	HY26	165.7%	166.2%	-0.5pp	-27.7%Outside range low effective tax rate. -27.7%; 3-period range 28.4% to 34.4%. Effective tax rate: -27.7%, below normal range; 3-period mean 30.5%, range 28.4%-34.4%.	Clean read
Radius Residential Care	RAD	FY26	36.2%	35.7%	+0.5pp	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%	19.3%	+0.4pp	27.4%	Tax distortion
Air New Zealand	AIR	HY26	-138.1%	-137.7%	-0.3pp	32.2%Outside range high effective tax rate. 32.2%; 3-period range -28.8% to 31.6%. Effective tax rate: 32.2%, above normal range; 3-period mean 11.0%, range -28.8%-31.6%.	Clean read
Argosy Property	ARG	FY26	1.7%	1.4%	+0.3pp	9.0%	Clean read
Napier Port Holdings	NPH	HY26	-10.6%	-10.9%	+0.3pp	28.7%	Clean read
Tower	TWR	HY26	-54.1%	-53.9%	-0.2pp	29.1%	Clean read
Contact Energy	CEN	HY26	43.8%	43.7%	+0.1pp	29.1%	Clean read
Livestock Improvement Corporation	LIC	HY26	-13.5%	-13.6%	+0.1pp	27.8%	Clean read
Being AI	BAI	HY24	99.9%	99.9%	0.0pp	0.0%	Clean read
Blackwell Global Holdings	RTO	HY26	-136.8%	-136.8%	0.0pp	0.0%	Clean read
Cooks Coffee Company	CCC	FY26	-62.5%	-62.5%	0.0pp	0.0%	Clean read
Fonterra Co-operative Group	FCG	HY26	0.0%	0.0%	0.0pp	0.0%	Clean read
GEO	GEO	FY23	-92.6%Caveat: restatement or reclassification.	-92.6%Caveat: restatement or reclassification.	0.0ppCaveat: restatement or reclassification.	0.0%	Clean read
ikeGPS Group	IKE	FY26	54.1%Unprecedented high pbt growth. 54.1%; 4-period range -91% to 16.2%. PBT growth: 54.1%, unprecedented high; 4-period mean -33.1%, range -91.0%-16.2%.	54.1%Unprecedented high npat growth. 54.1%; 4-period range -90.8% to 16.2%. NPAT growth: 54.1%, unprecedented high; 4-period mean -33.0%, range -90.8%-16.2%.	0.0pp	0.0%	Clean read
Iperion	IPR	FY26	35.3%Unprecedented low pbt growth. 35.3%; 5-period range 45.3% to 99.9%. PBT growth: 35.3%, unprecedented low; 5-period mean 88.9%, range 45.3%-99.9%.	35.3%Unprecedented low npat growth. 35.3%; 5-period range 45.3% to 99.9%. NPAT growth: 35.3%, unprecedented low; 5-period mean 88.9%, range 45.3%-99.9%.	0.0pp	0.0%	Clean read
Kingfish	KFL	FY26	0.0%	-133.2%	0.0pp	0.0%	Clean read
Mainfreight	MFT	FY26	-8.5%	-8.5%	0.0pp	28.5%	Clean read
My Food Bag Group	MFB	FY26	4.7%	4.7%	0.0pp	25.6%	Clean read
New Talisman Gold Mines	NTL	HY26	-15.0%	-15.0%Outside range high npat growth. -15%; 3-period range -40.6% to -26.6%. NPAT growth: -15.0%, above normal range; 3-period mean -32.7%, range -40.6%--26.6%.	0.0pp	0.0%	Clean read
Pacific Edge	PEB	HY26	31.8%	31.8%	0.0pp	0.0%	Clean read
Port of Tauranga	POT	HY26	16.6%	16.6%	0.0pp	26.5%	Clean read
Rua Bioscience	RUA	HY26	0.5%	0.5%	0.0pp	0.0%	Clean read
Truscreen Group	TRU	FY26	-0.4%	-0.4%	0.0pp	0.0%	Clean read
Vulcan Steel	VSL	HY25	0.0%	0.0%	0.0pp	33.2%	Clean read
AFC Group Holdings	AFC	FY25	-442.6%	n/m	n/m	0.0%	Tax distortion
Chorus	CNU	HY26	n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison.	400.0%	n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison.	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
Enprise Group	ENS	FY25	35.6%	n/m	n/m	52.2%	Tax distortion
EROAD	ERD	FY26	n/m	n/m	n/m	-0.1%	Tax distortion
Heartland Group Holdings	HGH	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.	28.3%	Growth divergence
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
Millennium & Copthorne Hotels New Zealand	MCK	FY25	-29.9%	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.	25.0%	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.

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