NZX research
Pre-lease and post-lease free cash flow across covered NZX companies, with operating cash flow and revenue-margin context.
Last updated 26 August 2026
Highest and lowest latest chartable pre-lease FCF margins between -200% and 200%. Use the full table for absolute FCF, caveats, and post-lease context.
| Company | Ticker | Period | Operating cash flow | FCF pre-lease | FCF post-lease | FCF margin | Prior comparable |
|---|---|---|---|---|---|---|---|
| Australian Foundation Investment Company | AFI | FY26 | $280.5mCaveat: basis discontinuity. | $280.4mCaveat: basis discontinuity. | —Caveat: basis discontinuity. | n/mCaveat: basis discontinuity. | — |
| Channel Infrastructure NZ | CHI | FY25 | $74.4m | $66.9m | $66.9m | 47.7% | 45.3% |
| Winton Land | WIN | FY26 | $105.9mCaveat: basis discontinuity. | $89mCaveat: basis discontinuity, insufficient history. | —Caveat: basis discontinuity, insufficient history. | 47.1%Caveat: basis discontinuity, insufficient history, transaction distorted. | 14.7% |
| Chorus | CNU | FY26 | $740m | $368mCaveat: insufficient history. | $368m | 35.8%Caveat: insufficient history, transaction distorted. | 34.9% |
| Goodman Property Trust | GMT | FY26 | $133.8mCaveat: basis discontinuity. | $74.2mCaveat: basis discontinuity. | $74.2mCaveat: basis discontinuity. | 33.3%Caveat: basis discontinuity, transaction distorted. | 29.2% |
| Delegat Group | DGL | HY26 | $62.3mCaveat: basis discontinuity. | $51.8mCaveat: basis discontinuity, insufficient history. | —Caveat: basis discontinuity. | 28.9%Caveat: basis discontinuity, insufficient history. | 21.4% |
| South Port New Zealand | SPN | FY26 | $23.6m | $18.4m | $18.4m | 25.6% | 24.7% |
| Michael Hill International | MHJ | HY26 | $94.8mCaveat: basis discontinuity. | $86.4mCaveat: basis discontinuity. | —Caveat: basis discontinuity. | 23.3%Caveat: basis discontinuity. | 14.5% |
| Ryman Healthcare | RYM | FY26 | $334mCaveat: restatement or reclassification, basis discontinuity. | $188.3mCaveat: restatement or reclassification, basis discontinuity, insufficient history. | $188.3mCaveat: restatement or reclassification, basis discontinuity. | 22.0%Caveat: restatement or reclassification, basis discontinuity, insufficient history. | -12.4% |
| Port of Tauranga | POT | HY26 | $77.8mCaveat: basis discontinuity. | $52.6mCaveat: basis discontinuity. | $52.6mCaveat: basis discontinuity. | 21.6%Caveat: basis discontinuity. | 25.4% |
| Sky Network Television | SKT | HY26 | $99mCaveat: restatement or reclassification. | $87.1mCaveat: restatement or reclassification. | $87.1mCaveat: restatement or reclassification. | 21.0%Caveat: restatement or reclassification, transaction distorted. | 1.9% |
| Fisher & Paykel Healthcare | FPH | FY26 | $663.2mCaveat: basis discontinuity. | $468mCaveat: basis discontinuity, insufficient history. | —Caveat: basis discontinuity. | 20.3%Caveat: basis discontinuity, insufficient history. | 21.1%Caveat: basis discontinuity. |
| Contact Energy | CEN | FY26 | $793mCaveat: basis discontinuity. | $648mCaveat: basis discontinuity. | $648mCaveat: basis discontinuity. | 20.0%Caveat: basis discontinuity, transaction distorted. | 12.6% |
| Mercury NZ | MCY | FY26 | $762m | $612m | $612m | 19.0% | 9.9% |
| Meridian Energy | MEL | FY26 | $810mCaveat: basis discontinuity. | $721mCaveat: basis discontinuity. | $721mCaveat: basis discontinuity. | 18.6%Caveat: basis discontinuity. | 4.9% |
| Skellerup Holdings | SKL | FY26 | $83.6mCaveat: basis discontinuity. | $68.5mCaveat: basis discontinuity. | —Caveat: basis discontinuity. | 17.6%Caveat: basis discontinuity, transaction distorted. | 16.2% |
| Third Age Health Services | TAH | FY26 | $4mCaveat: basis discontinuity. | $3.9mCaveat: basis discontinuity, insufficient history. | —Caveat: basis discontinuity. | 17.5%Caveat: basis discontinuity, insufficient history, transaction distorted. | 5.4%Caveat: basis discontinuity, insufficient history. |
| Comvita | CVT | HY26 | $20.8mCaveat: basis discontinuity. | $20.3mCaveat: basis discontinuity, insufficient history. | $16.4mCaveat: basis discontinuity. | 17.2%Caveat: basis discontinuity, insufficient history. | -11.7%Caveat: basis discontinuity. |
| New Zealand Rural Land Company | NZL | FY25 | $9.5m | $3.7mCaveat: insufficient history. | — | 16.5%Caveat: insufficient history. | -149.5% |
| Hallenstein Glasson | HLG | HY26 | $53.5mCaveat: basis discontinuity. | $40.9mCaveat: basis discontinuity. | —Caveat: basis discontinuity. | 14.9%Caveat: basis discontinuity. | 14.0% |
| Seeka | SEK | HY26 | $57.1mCaveat: basis discontinuity. | $42.1mCaveat: basis discontinuity, insufficient history. | —Caveat: basis discontinuity. | 13.8%Caveat: basis discontinuity, insufficient history. | 16.6% |
| Millennium & Copthorne Hotels New Zealand | MCK | HY26 | $14mCaveat: basis discontinuity. | $11.1mCaveat: basis discontinuity. | —Caveat: basis discontinuity. | 12.5%Caveat: basis discontinuity. | -50.0% |
| Genesis Energy | GNE | HY26 | $264mCaveat: basis discontinuity. | $183mCaveat: basis discontinuity. | $183mCaveat: basis discontinuity. | 11.9%Caveat: basis discontinuity. | 2.6% |
| MOVE Logistics Group | MOV | FY26 | $32.6mCaveat: basis discontinuity. | $31.7mCaveat: basis discontinuity. | $6.3mCaveat: basis discontinuity. | 10.9%Caveat: basis discontinuity. | 8.8% |
| Freightways Group | FRW | FY26 | $187.4mCaveat: basis discontinuity. | $157.6mCaveat: basis discontinuity, insufficient history. | —Caveat: basis discontinuity. | 10.8%Caveat: basis discontinuity, insufficient history. | 11.5% |
| Kiwi Property Group | KPG | FY26 | $81.8mCaveat: basis discontinuity. | $25.5mCaveat: basis discontinuity. | —Caveat: basis discontinuity. | 9.4%Caveat: basis discontinuity, transaction distorted. | -8.3% |
| Savor | SVR | FY26 | $6.9mCaveat: basis discontinuity. | $4.6mCaveat: basis discontinuity. | —Caveat: basis discontinuity. | 8.4%Caveat: basis discontinuity. | 10.2% |
| Livestock Improvement Corporation | LIC | FY26 | $50.1mCaveat: basis discontinuity. | $25.4mCaveat: basis discontinuity. | —Caveat: basis discontinuity. | 8.1%Caveat: basis discontinuity. | 9.7% |
| Spark New Zealand | SPK | FY26 | $1bCaveat: restatement or reclassification, basis discontinuity. | $308mCaveat: restatement or reclassification, basis discontinuity. | $308mCaveat: restatement or reclassification, basis discontinuity. | 7.8%Caveat: restatement or reclassification, basis discontinuity, transaction distorted. | 8.9% |
| NZME | NZM | FY25 | $50.4mCaveat: basis discontinuity. | $25.4mCaveat: basis discontinuity, insufficient history. | $25.4mCaveat: basis discontinuity, insufficient history. | 7.4%Caveat: basis discontinuity, insufficient history. | 3.3% |
| Vector | VCT | FY26 | $632.5mCaveat: basis discontinuity. | $88.5mCaveat: basis discontinuity. | —Caveat: basis discontinuity. | 7.4%Caveat: basis discontinuity. | 26.5% |
| The Warehouse Group | WHS | FY25 | $122.9mCaveat: basis discontinuity. | $117.8mCaveat: basis discontinuity. | —Caveat: basis discontinuity. | 7.3%Caveat: basis discontinuity. | —Caveat: basis discontinuity. |
| Mainfreight | MFT | FY26 | $589.4mCaveat: basis discontinuity. | $392.1mCaveat: basis discontinuity, insufficient history. | —Caveat: basis discontinuity. | 7.3%Caveat: basis discontinuity, insufficient history. | 6.7% |
| Fletcher Building | FBU | FY26 | $715mCaveat: basis discontinuity. | $427mCaveat: basis discontinuity. | —Caveat: basis discontinuity. | 7.1%Caveat: basis discontinuity, transaction distorted. | 3.2% |
| Tourism Holdings | THL | FY26 | $67.3mCaveat: basis discontinuity. | $58.1mCaveat: basis discontinuity, insufficient history. | —Caveat: basis discontinuity. | 6.8%Caveat: basis discontinuity, insufficient history, transaction distorted. | -1.1% |
| Briscoe Group | BGP | FY26 | $102.4mCaveat: basis discontinuity. | $52mCaveat: basis discontinuity. | —Caveat: basis discontinuity. | 6.5%Caveat: basis discontinuity, transaction distorted. | 6.5%Caveat: basis discontinuity. |
| Metro Performance Glass | MPG | FY26 | $15.7mCaveat: basis discontinuity. | $12.9mCaveat: basis discontinuity. | —Caveat: basis discontinuity. | 6.2%Caveat: basis discontinuity. | -0.4% |
| My Food Bag Group | MFB | FY26 | $13.5m | $8.5m | $8.5m | 5.0% | 4.7% |
| Vulcan Steel | VSL | HY26 | $38.7mCaveat: basis discontinuity. | $24.3mCaveat: basis discontinuity, insufficient history. | —Caveat: basis discontinuity. | 4.5%Caveat: basis discontinuity, insufficient history, transaction distorted. | 13.5% |
| Radius Residential Care | RAD | FY26 | $25.1mCaveat: basis discontinuity. | $9mCaveat: basis discontinuity. | —Caveat: basis discontinuity. | 4.5%Caveat: basis discontinuity, transaction distorted. | 7.8% |
| PGG Wrightson | PGW | FY26 | $52.6mCaveat: basis discontinuity. | $46.9mCaveat: basis discontinuity, insufficient history. | —Caveat: basis discontinuity. | 4.4%Caveat: basis discontinuity, insufficient history, transaction distorted. | -1.1% |
| T&G Global Limited and subsidiary companies | TGG | FY25 | $91.9mCaveat: basis discontinuity. | $61.8mCaveat: basis discontinuity. | —Caveat: basis discontinuity, insufficient history. | 4.0%Caveat: basis discontinuity. | 1.1% |
| Scott Technology | SCT | HY26 | $6.1mCaveat: basis discontinuity. | $4.4mCaveat: basis discontinuity. | —Caveat: basis discontinuity. | 3.4%Caveat: basis discontinuity. | 10.4%Caveat: basis discontinuity. |
| SkyCity Entertainment Group | SKC | FY26 | $121.7mCaveat: basis discontinuity. | $26.3mCaveat: basis discontinuity. | —Caveat: basis discontinuity. | 3.2%Caveat: basis discontinuity, transaction distorted. | -14.2% |
| The a2 Milk Company | ATM | FY26 | $133.1mCaveat: basis discontinuity. | $59.7mCaveat: basis discontinuity, insufficient history. | —Caveat: basis discontinuity. | 3.0%Caveat: basis discontinuity, insufficient history, transaction distorted. | 10.4% |
| Sanford | SAN | HY26 | $13.7mCaveat: basis discontinuity. | $7mCaveat: basis discontinuity. | —Caveat: basis discontinuity. | 2.6%Caveat: basis discontinuity. | 11.8% |
| KMD Brands | KMD | HY26 | $25.6mCaveat: basis discontinuity. | $12.5mCaveat: basis discontinuity, insufficient history. | —Caveat: basis discontinuity. | 2.5%Caveat: basis discontinuity, insufficient history, transaction distorted. | 6.7% |
| Scales Corporation | SCL | HY26 | $20mCaveat: basis discontinuity. | $13.3mCaveat: basis discontinuity. | —Caveat: basis discontinuity. | 1.7%Caveat: basis discontinuity, transaction distorted. | -5.1% |
| EBOS Group | EBO | FY26 | $348.9mCaveat: basis discontinuity. | $204mCaveat: basis discontinuity, insufficient history. | $204mCaveat: basis discontinuity. | 1.5%Caveat: basis discontinuity, insufficient history, transaction distorted. | 2.2% |
| Steel & Tube Holdings | STU | FY26 | $12.7mCaveat: basis discontinuity. | $5.7mCaveat: basis discontinuity. | —Caveat: basis discontinuity. | 1.3%Caveat: basis discontinuity. | 0.9% |
| Enprise Group | ENS | FY25 | $0.68mCaveat: basis discontinuity. | $0.29mCaveat: basis discontinuity, insufficient history. | —Caveat: basis discontinuity. | 1.2%Caveat: basis discontinuity, insufficient history, transaction distorted. | 7.8% |
| EROAD | ERD | FY26 | $30.3mCaveat: basis discontinuity. | $0.1mCaveat: basis discontinuity. | $0mCaveat: basis discontinuity. | 0.1%Caveat: basis discontinuity. | 8.2% |
| Promisia Healthcare | PHL | FY26 | $6.4m | -$0.17mCaveat: insufficient history. | -$0.17m | -0.4%Caveat: insufficient history, transaction distorted. | -4.1% |
| ArborGen Holdings | ARB | FY26 | $3.7mCaveat: basis discontinuity. | -$0.4mCaveat: basis discontinuity, insufficient history. | —Caveat: basis discontinuity. | -0.6%Caveat: basis discontinuity, insufficient history. | -8.1%Caveat: basis discontinuity, transaction distorted. |
| Argosy Property | ARG | FY26 | $67.4mCaveat: basis discontinuity. | -$2.9mCaveat: basis discontinuity, insufficient history. | —Caveat: basis discontinuity. | -2.4%Caveat: basis discontinuity, insufficient history, transaction distorted. | 1.3% |
| Rakon | RAK | HY26 | $6.4mCaveat: basis discontinuity. | -$1.5mCaveat: basis discontinuity, insufficient history. | -$1.5mCaveat: basis discontinuity. | -2.8%Caveat: basis discontinuity, insufficient history. | 3.4% |
| AoFrio | AOF | HY26 | -$0.86mCaveat: basis discontinuity. | -$1.2mCaveat: basis discontinuity. | —Caveat: basis discontinuity. | -3.5%Caveat: basis discontinuity. | -3.2% |
| Serko | SKO | FY26 | $7mCaveat: basis discontinuity. | -$4.4mCaveat: basis discontinuity, insufficient history. | -$4.4mCaveat: basis discontinuity. | -3.7%Caveat: basis discontinuity, insufficient history, transaction distorted. | -2.1% |
| Vista Group International | VGL | HY26 | $9.2mCaveat: basis discontinuity. | -$3.4mCaveat: basis discontinuity. | -$6.8mCaveat: basis discontinuity. | -3.9%Caveat: basis discontinuity, transaction distorted. | 6.6% |
| New Zealand King Salmon Investments | NZK | HY26 | $7.3mCaveat: basis discontinuity. | -$5mCaveat: basis discontinuity, insufficient history. | —Caveat: basis discontinuity. | -5.0%Caveat: basis discontinuity, insufficient history. | 11.8% |
| Napier Port Holdings | NPH | HY26 | $23.8mCaveat: basis discontinuity. | -$4.3mCaveat: basis discontinuity. | —Caveat: basis discontinuity. | -5.0%Caveat: basis discontinuity, transaction distorted. | 27.0% |
| Oceania Healthcare | OCA | HY26 | $79mCaveat: basis discontinuity. | -$8.4mCaveat: basis discontinuity. | -$8.4mCaveat: basis discontinuity. | -6.4%Caveat: basis discontinuity. | 31.1%Caveat: basis discontinuity, insufficient history, transaction distorted. |
| BLIS Technologies | BLT | FY26 | -$0.6mCaveat: basis discontinuity. | -$1.1mCaveat: basis discontinuity. | —Caveat: basis discontinuity. | -7.5%Caveat: basis discontinuity. | 13.1%Caveat: basis discontinuity. |
| Infratil | IFT | FY26 | $195mCaveat: basis discontinuity. | -$248.9mCaveat: basis discontinuity. | —Caveat: basis discontinuity. | -8.3%Caveat: basis discontinuity, transaction distorted. | -2.1% |
| Gentrack Group Limited 6 months to 31 March 2026 | GTK | HY26 | -$8.7mCaveat: basis discontinuity. | -$9.8mCaveat: basis discontinuity. | —Caveat: basis discontinuity. | -8.9%Caveat: basis discontinuity, transaction distorted. | 1.6% |
| Asset Plus | APL | FY26 | $3.1m | -$0.81m | — | -12.3%Caveat: transaction distorted. | -4.0%Caveat: transaction distorted. |
| ikeGPS Group | IKE | FY26 | -$3.4mCaveat: basis discontinuity. | -$3.9mCaveat: basis discontinuity, insufficient history. | —Caveat: basis discontinuity, insufficient history. | -14.6%Caveat: basis discontinuity, insufficient history, transaction distorted. | -0.4% |
| Bremworth | BRW | FY26 | -$1.9mCaveat: basis discontinuity. | -$7.3mCaveat: basis discontinuity. | —Caveat: basis discontinuity, insufficient history. | -16.3%Caveat: basis discontinuity. | 11.5% |
| Synlait Milk | SML | HY26 | -$183.4mCaveat: basis discontinuity. | -$195mCaveat: basis discontinuity. | —Caveat: basis discontinuity. | -25.1%Caveat: basis discontinuity, transaction distorted. | -2.6%Caveat: basis discontinuity. |
| Turners Automotive Group | TRA | FY26 | -$75mCaveat: basis discontinuity. | -$116.7mCaveat: basis discontinuity, insufficient history. | —Caveat: basis discontinuity. | -25.9%Caveat: basis discontinuity, insufficient history, transaction distorted. | 3.7% |
| Summerset Group Holdings | SUM | FY25 | $548.2mCaveat: basis discontinuity. | -$98.9mCaveat: basis discontinuity, insufficient history. | —Caveat: basis discontinuity. | -27.3%Caveat: basis discontinuity, insufficient history. | -52.6% |
| Property for Industry | PFI | FY26 | $61.4m | -$50.2m | — | -34.8% | 47.6% |
| CDL Investments New Zealand | CDI | HY26 | -$5mCaveat: basis discontinuity. | -$5.1mCaveat: basis discontinuity, insufficient history. | —Caveat: basis discontinuity, insufficient history. | -40.3%Caveat: basis discontinuity, insufficient history, transaction distorted. | -91.7% |
| Me Today | MEE | HY26 | -$1mCaveat: basis discontinuity. | -$1.1mCaveat: basis discontinuity. | —Caveat: basis discontinuity. | -42.6%Caveat: basis discontinuity, transaction distorted. | -28.6%Caveat: basis discontinuity. |
| Auckland International Airport | AIA | FY26 | $503.4mCaveat: basis discontinuity. | -$564.1mCaveat: basis discontinuity. | —Caveat: basis discontinuity. | -54.5%Caveat: basis discontinuity, transaction distorted. | -46.1% |
| Westpac Banking Corporation | WBC | HY26 | -$6.7b | -$7.1b | — | -62.9% | 109.6% |
| General Capital | GEN | FY26 | -$24.6mCaveat: basis discontinuity. | -$24.6mCaveat: basis discontinuity, insufficient history. | -$24.6mCaveat: basis discontinuity. | -91.9%Caveat: basis discontinuity, insufficient history, transaction distorted. | 180.8% |
| Truscreen Group | TRU | FY26 | -$2.5m | -$2.5mCaveat: insufficient history. | — | -101.5%Caveat: insufficient history. | -148.0%Caveat: insufficient history. |
| Pacific Edge | PEB | FY26 | -$31.9mCaveat: basis discontinuity. | -$32.5mCaveat: basis discontinuity, insufficient history. | —Caveat: basis discontinuity. | -282.3%Caveat: basis discontinuity, insufficient history. | -119.1% |
| AFC Group Holdings | AFC | FY26 | -$0.57mCaveat: basis discontinuity. | -$0.58mCaveat: basis discontinuity. | —Caveat: basis discontinuity, insufficient history. | -360.0%Caveat: basis discontinuity. | -37.6% |
| New Talisman Gold Mines | NTL | FY26 | -$2mCaveat: basis discontinuity. | -$3mCaveat: basis discontinuity. | —Caveat: basis discontinuity. | n/mCaveat: basis discontinuity. | n/m |
| Being AI | BAI | FY26 | -$0.82mCaveat: basis discontinuity. | -$0.83mCaveat: basis discontinuity. | —Caveat: basis discontinuity. | —Caveat: basis discontinuity, transaction distorted. | -8.4% |
| Iperion | IPR | FY26 | -$0.27m | -$0.28mCaveat: insufficient history. | -$0.28mCaveat: insufficient history. | —Caveat: insufficient history. | n/m |
Source: each company's latest published result in Annolyse.
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Free cash flow moves the analysis beyond reported profit by asking what cash remains after capital expenditure. One period still needs context: maintenance investment, growth projects, working-capital timing, and lease payments can all affect the result, so the margin and prior equivalent period help separate scale from direction.
Methodology
Pre-lease free cash flow is operating cash flow less capital expenditure using source-backed Annolyse data; post-lease free cash flow is shown separately where lease-payment data supports it. FCF margin divides pre-lease free cash flow by positive reported revenue. The prior margin uses the most recent earlier equivalent period (FY-to-FY or HY-to-HY), and inputs with suppress-level quality flags are excluded from normal ranking.
Investor guide
Investor question
How much cash remains after capital expenditure, and how efficiently is revenue translating into that residual cash?
What it measures
The table starts with operating cash flow, deducts capital expenditure to show pre-lease free cash flow, adds post-lease free cash flow where available, and compares pre-lease FCF with revenue. The prior equivalent FCF margin supplies direction without treating half-year and full-year cash totals as directly comparable.
Related insights
Operating cash flow versus EBITDA across covered NZX companies, using each company's most recent published result.
Debtor days and inventory days across covered NZX companies, showing where cash is tied up in receivables or stock.
Payout ratios against NPAT and free cash flow for the latest published result from each covered company.
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