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Insights

NZX leverage comparison

Net debt and net debt / EBITDA across the Annolyse coverage set, ranked by the latest reported leverage position.

Last updated 3 June 2026

Leverage trend

Net debt / EBITDA across covered companies; net-cash and ratios above 50x are omitted from the chart.

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  • FY22 AOF: Outside range high net debt / ebitda. 0.7x; 3-period range -2.17x to -0.09x. Net debt / EBITDA: 0.70x, above normal range; 3-period mean -1.26x, range -2.17x--0.09x.
  • FY21 AIA: Outside range low net debt / ebitda. 1.8x; 4-period range 2.32x to 8.3x. Net debt / EBITDA: 1.80x, below normal range; 4-period mean 4.81x, range 2.32x-8.30x.
  • HY22 AIA: Unprecedented high net debt / ebitda. 23.5x; 4-period range 4.96x to 15.81x. Net debt / EBITDA: 23.50x, unprecedented high; 4-period mean 8.49x, range 4.96x-15.81x.
  • FY24 AIA: Unprecedented high net debt / ebitda. 8.3x; 4-period range 1.8x to 4.31x. Net debt / EBITDA: 8.30x, unprecedented high; 4-period mean 3.18x, range 1.80x-4.31x.
  • HY25 AIA: Outside range low net debt / ebitda. 4.96x; 4-period range 6.2x to 23.5x. Net debt / EBITDA: 4.96x, below normal range; 4-period mean 13.13x, range 6.20x-23.50x.
  • FY21 CHI: Unprecedented low net debt / ebitda. 2.52x; 4-period range 3.14x to 4.5x. Net debt / EBITDA: 2.52x, unprecedented low; 4-period mean 3.70x, range 3.14x-4.50x.
  • HY22 CHI: Outside range high net debt / ebitda. 10.94x; 3-period range 6.2x to 6.8x. Net debt / EBITDA: 10.94x, above normal range; 3-period mean 6.60x, range 6.20x-6.80x.
  • FY22 CHI: Unprecedented high net debt / ebitda. 4.5x; 4-period range 2.52x to 3.6x. Net debt / EBITDA: 4.50x, unprecedented high; 4-period mean 3.20x, range 2.52x-3.60x.
  • HY25 CHI: Outside range low net debt / ebitda. 6.2x; 3-period range 6.8x to 10.94x. Net debt / EBITDA: 6.20x, below normal range; 3-period mean 8.18x, range 6.80x-10.94x.
  • HY23 CNU: Outside range low net debt / ebitda. 6.55x; 3-period range 7.46x to 8.89x. Net debt / EBITDA: 6.55x, below normal range; 3-period mean 8.15x, range 7.46x-8.89x.
  • HY26 CNU: Outside range high net debt / ebitda. 8.89x; 3-period range 6.55x to 8.1x. Net debt / EBITDA: 8.89x, above normal range; 3-period mean 7.37x, range 6.55x-8.10x.
  • HY24 CEN: Outside range low net debt / ebitda. 4.58x; 3-period range 4.78x to 5.8x. Net debt / EBITDA: 4.58x, below normal range; 3-period mean 5.20x, range 4.78x-5.80x.
  • HY26 CEN: Outside range high net debt / ebitda. 5.8x; 3-period range 4.58x to 5.03x. Net debt / EBITDA: 5.80x, above normal range; 3-period mean 4.80x, range 4.58x-5.03x.
  • FY24 CCC: Outside range high net debt / ebitda. 4.65x; 3-period range 1.33x to 3.6x. Net debt / EBITDA: 4.65x, above normal range; 3-period mean 2.57x, range 1.33x-3.60x.
  • FY26 CCC: Outside range low net debt / ebitda. 1.33x; 3-period range 2.77x to 4.65x. Net debt / EBITDA: 1.33x, below normal range; 3-period mean 3.67x, range 2.77x-4.65x.
  • FY21 FBU: Outside range low net debt / ebitda. 0.17x; 3-period range 1.2x to 2.12x. Net debt / EBITDA: 0.17x, below normal range; 3-period mean 1.61x, range 1.20x-2.12x.
  • HY22 FBU: Unprecedented low net debt / ebitda. 0.9x; 4-period range 2.66x to 4.33x. Net debt / EBITDA: 0.90x, unprecedented low; 4-period mean 3.48x, range 2.66x-4.33x.
  • HY24 FBU: Outside range high net debt / ebitda. 4.33x; 4-period range 0.9x to 3.52x. Net debt / EBITDA: 4.33x, above normal range; 4-period mean 2.62x, range 0.90x-3.52x.
  • FY24 FBU: Outside range high net debt / ebitda. 2.12x; 3-period range 0.17x to 1.51x. Net debt / EBITDA: 2.12x, above normal range; 3-period mean 0.96x, range 0.17x-1.51x.
  • HY25 GNE: Outside range high net debt / ebitda. 6.6x; 3-period range 4.4x to 6.43x. Net debt / EBITDA: 6.60x, above normal range; 3-period mean 5.14x, range 4.40x-6.43x.
  • FY26 MFT: Unprecedented high net debt / ebitda. 1.62x; 4-period range -0.14x to 0x. Net debt / EBITDA: 1.62x, unprecedented high; 4-period mean -0.05x, range -0.14x-0.00x.
  • FY22 MCY: Unprecedented high net debt / ebitda. 3.25x; 4-period range 2.16x to 2.87x. Net debt / EBITDA: 3.25x, unprecedented high; 4-period mean 2.50x, range 2.16x-2.87x.
  • FY24 MCY: Outside range low net debt / ebitda. 2.16x; 4-period range 2.17x to 3.25x. Net debt / EBITDA: 2.16x, below normal range; 4-period mean 2.77x, range 2.17x-3.25x.
  • HY23 MEL: Outside range low net debt / ebitda. 2.2x; 3-period range 2.64x to 6.01x. Net debt / EBITDA: 2.20x, below normal range; 3-period mean 3.99x, range 2.64x-6.01x.
  • HY25 MEL: Outside range high net debt / ebitda. 6.01x; 3-period range 2.2x to 3.33x. Net debt / EBITDA: 6.01x, above normal range; 3-period mean 2.72x, range 2.20x-3.33x.
  • HY25 MPG: Unprecedented high net debt / ebitda. 5.99x; 4-period range 2.9x to 3.9x. Net debt / EBITDA: 5.99x, unprecedented high; 4-period mean 3.45x, range 2.90x-3.90x.
  • FY25 MPG: Unprecedented high net debt / ebitda. 10.8x; 4-period range 1.5x to 4.3x. Net debt / EBITDA: 10.80x, unprecedented high; 4-period mean 2.78x, range 1.50x-4.30x.
  • HY26 MPG: Outside range low net debt / ebitda. 2.9x; 4-period range 3.2x to 5.99x. Net debt / EBITDA: 2.90x, below normal range; 4-period mean 4.22x, range 3.20x-5.99x.
  • FY26 MPG: Outside range low net debt / ebitda. 1.5x; 4-period range 2.12x to 10.8x. Net debt / EBITDA: 1.50x, below normal range; 4-period mean 5.11x, range 2.12x-10.80x.
  • HY23 MFB: Outside range low net debt / ebitda. 0.51x; 3-period range 0.77x to 1.91x. Net debt / EBITDA: 0.51x, below normal range; 3-period mean 1.29x, range 0.77x-1.91x.
  • FY23 MFB: Outside range high net debt / ebitda. 0.84x; 3-period range -0.1x to 0.43x. Net debt / EBITDA: 0.84x, above normal range; 3-period mean 0.15x, range -0.10x-0.43x.
  • HY24 MFB: Outside range high net debt / ebitda. 1.91x; 3-period range 0.51x to 1.2x. Net debt / EBITDA: 1.91x, above normal range; 3-period mean 0.83x, range 0.51x-1.20x.
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NZX leverage comparison table
CompanyTickerPeriodNet debt / EBITDANet debtPrior comparableDirection
Steel & Tube HoldingsSTUHY2635.86x$43m—Moved to net debt
Precinct PropertiesPCTHY2620.39x$1.5b—n/a
Ryman HealthcareRYMFY2617.8x$1.6b36.7xImproved
Oceania HealthcareOCAHY2614.67x$608.9m16.2xImproved
Property for IndustryPFIHY2613.87x$765.4m—n/a
ChorusCNUHY268.89xOutside range highOutside range high net debt / ebitda. 8.89x; 3-period range 6.55x to 8.1x. Net debt / EBITDA: 8.89x, above normal range; 3-period mean 7.37x, range 6.55x-8.10x.$3.2b8.1xDeteriorated
InfratilIFTHY268.82x$5.8b10.64xImproved
Arvida GroupARVFY268.16x$1.1b23.46xImproved
SkyCity Entertainment GroupSKCHY266.8x$490.4m5.21xDeteriorated
ComvitaCVTHY266.33x$48.7m14.03xImproved
Auckland International AirportAIAHY266.17x$2.3b5xDeteriorated
Promisia HealthcarePHLFY265.82x$38.5m—n/a
Contact EnergyCENHY265.78xOutside range highOutside range high net debt / ebitda. 5.8x; 3-period range 4.58x to 5.03x. Net debt / EBITDA: 5.80x, above normal range; 3-period mean 4.80x, range 4.58x-5.03x.$2.9b4.5xDeteriorated
Napier Port HoldingsNPHHY264.72x$129.5m1.61xDeteriorated
Restaurant Brands New ZealandRBDHY254.71x$208m—n/a
Delegat GroupDGLHY264.68x$307m5.6xImproved
Genesis EnergyGNEHY264.6x$1.4b6.6xImproved
Vulcan SteelVSLHY254.24x$241.5m—n/a
Mercury NZMCYHY264.23x$2.3b5.03xImproved
Tourism HoldingsTHLHY263.92x$492.6m4.21xImproved
Port of TaurangaPOTHY263.85x$471.2m—n/a
PGG WrightsonPGWHY263.73x$170.7m2.58xDeteriorated
EBOS GroupEBOHY263.7x$1.1b3.86xImproved
Channel Infrastructure NZCHIFY253.55x$331.8m3.14xDeteriorated
Fletcher BuildingFBUHY263.52x$1.2b—n/a
Meridian EnergyMELHY263.33x$1.7b6.01xImproved
T&G Global Limited and subsidiary companiesTGGFY253.14x$147.2m13.25xImproved
Radius Residential CareRADFY262.51xOutside range lowOutside range low net debt / ebitda. 2.51x; 3-period range 2.89x to 7x. Net debt / EBITDA: 2.51x, below normal range; 3-period mean 4.46x, range 2.89x-7.00x.$68.7m4.27xImproved
The Colonial Motor CompanyCMOHY262.38x$36.4m—n/a
Goodman Property TrustGNZHY262.01x$167m9.39xImproved
South Port New ZealandSPNHY261.91x$29.1m0.97xDeteriorated
MainfreightMFTFY261.62xUnprecedented highUnprecedented high net debt / ebitda. 1.62x; 4-period range -0.14x to 0x. Net debt / EBITDA: 1.62x, unprecedented high; 4-period mean -0.05x, range -0.14x-0.00x.$1.2b—Moved to net debt
SanfordSANHY261.6x$102.1m0.92xDeteriorated
KMD BrandsKMDHY261.48x$94m1.4xDeteriorated
Metro Performance GlassMPGFY261.48xOutside range lowOutside range low net debt / ebitda. 1.5x; 4-period range 2.12x to 10.8x. Net debt / EBITDA: 1.50x, below normal range; 4-period mean 5.11x, range 2.12x-10.80x.$27m10.8xImproved
Freightways GroupFRWHY261.47x$211m1.82xImproved
Cooks Coffee CompanyCCCFY261.34xOutside range lowOutside range low net debt / ebitda. 1.33x; 3-period range 2.77x to 4.65x. Net debt / EBITDA: 1.33x, below normal range; 3-period mean 3.67x, range 2.77x-4.65x.$1.7m4.65xImproved
Air New ZealandAIRHY261.3x$450m—Moved to net debt
SeekaSEKFY251.05xOutside range lowOutside range low net debt / ebitda. 1.05x; 3-period range 1.8x to 6.63x. Net debt / EBITDA: 1.05x, below normal range; 3-period mean 3.88x, range 1.80x-6.63x.$100.3m1.8xImproved
Scott TechnologySCTHY261x$13.1m1.1xImproved
AFC Group HoldingsAFCFY250.94x$0.06m—n/a
SavorSVRFY260.79xOutside range lowOutside range low net debt / ebitda. 0.79x; 5-period range 1x to 4.03x. Net debt / EBITDA: 0.79x, below normal range; 5-period mean 2.07x, range 1.00x-4.03x.$6.3m0.99xImproved
AoFrioAOFFY220.67xOutside range highOutside range high net debt / ebitda. 0.7x; 3-period range -2.17x to -0.09x. Net debt / EBITDA: 0.70x, above normal range; 3-period mean -1.26x, range -2.17x--0.09x.$1.1m—Moved to net debt
Scales CorporationSCLFY250.49x$84.1m0.4xDeteriorated
Skellerup HoldingsSKLHY260.35x$17.5m0.13xDeteriorated
Henderson Far East IncomeHFLHY260.25x$24.8m—n/a
NZMENZMFY250.25x$15.5m0.45xImproved
My Food Bag GroupMFBFY260.11x$1.9m0.43xImproved
ArborGen HoldingsARBFY26—$25.1m—n/a
Argosy PropertyARGFY26—$852.1m14.36xn/a
Asset PlusAPLFY26—-$6.9m—Reduced net cash
Australian Foundation Investment CompanyAFIHY26—-$131.6m—Reduced net cash
Blackwell Global HoldingsRTOHY26—-$0.22m—Reduced net cash
BLIS TechnologiesBLTFY26—-$4m—Reduced net cash
Briscoe GroupBGPFY26—-$130.3m—Reduced net cash
Enprise GroupENSFY25—-$0.5m—Reduced net cash
EROADERDFY26—$16m—n/a
Fisher & Paykel HealthcareFPHFY26—-$401.3m—Increased net cash
GEOGEOFY23—$0.64m—Moved to net debt
Goodman Property TrustGMTHY26—$167m—n/a
Green Cross HealthGXHFY26—-$8.6m0.11xIncreased net cash
Heartland Group HoldingsHGHHY26—-$387.9m—Moved to net cash
Kiwi Property GroupKPGFY26—$1.2b20.27xn/a
Livestock Improvement CorporationLICHY26—-$34.7m—Increased net cash
Me TodayMEEHY26—$0.02m—n/a
Michael Hill InternationalMHJHY26—-$20.7m—Moved to net cash
Millennium & Copthorne Hotels New ZealandMCKFY25—-$0.36m—Reduced net cash
MOVE Logistics GroupMOVHY26—$12.8m1.05xn/a
New Talisman Gold MinesNTLHY26—-$498.9m—Reduced net cash
New Zealand King Salmon InvestmentsNZKHY26—-$38.2m—Reduced net cash
New Zealand Rural Land CompanyNZLHY22—$86.1m—n/a
Pacific EdgePEBHY26—-$14.8m—Reduced net cash
RakonRAKHY26—-$0.85m—Reduced net cash
Rua BioscienceRUAHY26—-$0.4m—Increased net cash
SerkoSKOFY26—-$54.1m—Reduced net cash
Spark New ZealandSPKHY26—$1.4b1.38xn/a
Summerset Group HoldingsSUMFY25—$2b13.62xn/a
Synlait MilkSMLHY26—$472.1m6.21xn/a
Templeton Emerging Markets Investment Trust PlcTEMHY24—-$30.4m—Increased net cash
The a2 Milk CompanyATMHY26—-$896.9m—Reduced net cash
The Warehouse GroupWHSFY25—-$19m0.86xMoved to net cash
Third Age Health ServicesTAHFY26—-$1.8m—Increased net cash
Turners Automotive GroupTRAFY26—$566.1m6.96xn/a
VectorVCTHY26—$2.1b5.05xn/a
Vista Group InternationalVGLFY25—-$0.7m—Reduced net cash
Winton LandWINHY26—$104.9m—n/a

Source: latest published result per company in the current Annolyse coverage set.

NZX leverage comparison table

Copy, export, or share this public Annolyse data reference.

Leverage splits into three buckets. PGW and FBU are the clearest balance-sheet watches, though PGW's first-half leverage is seasonally elevated. SPK and KMD remain levered but still readable on a conventional net-debt-to-earnings basis, while ATM and BGP are net-cash names where the more useful question is whether the cash buffer increased or reduced.

Methodology

Net debt and net debt / EBITDA use standard Annolyse calculations from available filing data. Ratios are suppressed when EBITDA is negative because leverage is not meaningful in that state, and net-cash companies use net-cash direction labels instead of being forced into the same 'improved/deteriorated' language as levered businesses.

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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.

NZX earnings quality comparison

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

NZX revenue growth comparison

Revenue growth rates across covered NZX companies, ranked by each company's latest reported period.

NZX ROE comparison

Return on equity across covered NZX companies, with prior-period movement and leverage context.

NZX working capital comparison

Debtor days and inventory days across covered NZX companies, showing where cash is tied up in receivables or stock.

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