Insights
NZX leverage comparison
Net debt and net debt / EBITDA across the Annolyse coverage set, ranked by the latest reported leverage position.
Last updated 15 April 2026
| Company | Ticker | Period | Net debt / EBITDA | Net debt | Prior comparable | Direction |
|---|---|---|---|---|---|---|
| PGG Wrightson | PGW | HY26 | 3.73x | $170.7m | 2.58x | Deteriorated |
| Me Today | MEE | FY25 | 3.05x | $14.5m | 2.80x | Deteriorated |
| Spark New Zealand | SPK | FY25 | 1.40x | $1448.0m | 1.30x | Deteriorated |
| KMD Brands | KMD | FY25 | 1.05x | $52.8m | 0.56x | Deteriorated |
| NZME | NZM | FY25 | 0.20x | $15.5m | 0.40x | Improved |
| Scott Technology | SCT | HY26 | -0.40x | -$9.8m | 0.50x | Improved |
| The a2 Milk Company | ATM | HY26 | -5.79x | -$896.9m | -8.21x | Deteriorated |
| Briscoe Group | BGP | HY25 | — | -$119.8m | — | n/a |
| Fletcher Building | FBU | HY26 | — | $1164.0m | — | n/a |
Editorial view
Balance-sheet strength is uneven across the current coverage set. Some companies are effectively ungeared or net-cash, while others are still carrying enough leverage that a weaker trading period would quickly change the capital-allocation story.
Related insights
Subscribe
Get new briefings delivered to your inbox
Subscribe to follow the next reporting season updates and the cross-company comparisons built from them.