NZX research

NZX profit margin comparison

Name: NZX profit margin comparison dataset
Creator: Annolyse

EBITDA-equivalent margins across covered NZX companies, with revenue, earnings, and prior equivalent-period context.

Last updated 25 August 2026

Latest EBITDA margins

Highest and lowest latest chartable EBITDA-equivalent margins between -100% and 100%. Use the full table for revenue scale and prior comparables.

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NZX profit margin comparison table
Company	Ticker	Period	Revenue	EBITDA-equivalent	EBITDA margin	Prior comparable	Change
Chorus	CNU	FY26	$1b	$726m	70.6%Caveat: transaction distorted, insufficient history.	69.5%	+1.1pp
Auckland International Airport	AIA	FY26	$1b	$724.2m	69.9%Caveat: basis discontinuity, transaction distorted.	69.8%	+0.1pp
Channel Infrastructure NZ	CHI	FY25	$140.2m	$93.4m	66.6%	68.0%	-1.4pp
Vector	VCT	FY26	$1.2b	$673.1m	56.3%Caveat: basis discontinuity.Outside range high ebitda margin. 56.3%; 3-period range 38.1% to 40.1%. EBITDA margin: 56.3%, above normal range; 3-period mean 39.3%, range 38.1%-40.1%.	55.4%	+0.9pp
Goodman Property Trust	GNZ	HY26	$148.8m	$83.2m	55.9%	55.9%	0.0pp
Precinct Properties	PCT	HY26	$135.4m	$73.7m	54.4%Caveat: basis discontinuity, transaction distorted, insufficient history.	57.0%Caveat: basis discontinuity, transaction distorted.	-2.6pp
Port of Tauranga	POT	HY26	$244.1m	$122.4m	50.1%Caveat: basis discontinuity.	50.8%	-0.7pp
Heartland Group Holdings	HGH	HY26	$172.3m	$77.9m	45.2%Caveat: basis discontinuity.	36.8%Caveat: basis discontinuity.	+8.4pp
South Port New Zealand	SPN	FY26	$71.9m	$29.9m	41.6%	32.5%	+9.1pp
CDL Investments New Zealand	CDI	HY26	$12.5m	$4.9m	38.8%Caveat: basis discontinuity, transaction distorted.	37.1%	+1.7pp
Delegat Group	DGL	HY26	$179.6m	$65.6m	36.5%Caveat: basis discontinuity, insufficient history.	34.5%	+2.0pp
Mercury NZ	MCY	FY26	$3.2b	$1.1b	33.1%Unprecedented high ebitda margin. 33.1%; 5-period range 22.5% to 30.8%. EBITDA margin: 33.1%, unprecedented high; 5-period mean 25.6%, range 22.5%-30.8%.	22.5%	+10.6pp
Spark New Zealand	SPK	FY26	$3.9b	$1.3b	32.8%Caveat: restatement or reclassification, basis discontinuity, transaction distorted.	28.3%	+4.5pp
Napier Port Holdings	NPH	HY26	$84.9m	$27.4m	32.3%Caveat: basis discontinuity, transaction distorted.	42.4%Caveat: basis discontinuity.	-10.1pp
Oceania Healthcare	OCA	HY26	$131.6m	$41.5m	31.5%Caveat: basis discontinuity.	29.1%	+2.4pp
Contact Energy	CEN	FY26	$3.2b	$1b	31.2%Caveat: basis discontinuity, transaction distorted.Outside range high ebitda margin. 31.2%; 3-period range 21.7% to 25.4%. EBITDA margin: 31.2%, above normal range; 3-period mean 23.5%, range 21.7%-25.4%.	22.5%	+8.7pp
Seeka	SEK	HY26	$305.5m	$86.3m	28.3%Caveat: basis discontinuity, insufficient history.	27.1%	+1.2pp
Fisher & Paykel Healthcare	FPH	FY26	$2.3b	$636.4m	27.6%Caveat: basis discontinuity.	25.2%Caveat: basis discontinuity.	+2.4pp
Skellerup Holdings	SKL	HY26	$183.5m	$49.4m	26.9%Caveat: basis discontinuity, insufficient history.	26.1%Caveat: basis discontinuity, insufficient history.	+0.8pp
Third Age Health Services	TAH	FY26	$22.5m	$5.7m	25.6%Caveat: basis discontinuity, transaction distorted, insufficient history.	24.5%	+1.1pp
Tourism Holdings	THL	FY26	$852.9m	$218.2m	25.6%Caveat: basis discontinuity, transaction distorted, insufficient history.	16.5%	+9.1pp
Meridian Energy	MEL	HY26	$2b	$506m	25.2%Caveat: basis discontinuity, transaction distorted.	11.4%	+13.8pp
New Zealand King Salmon Investments	NZK	HY26	$100.3m	$24m	23.9%Caveat: basis discontinuity.Outside range high ebitda margin. 23.9%; 3-period range 6.1% to 20.2%. EBITDA margin: 23.9%, above normal range; 3-period mean 12.8%, range 6.1%-20.2%.	6.1%	+17.8pp
Sanford	SAN	HY26	$270.2m	$64m	23.7%Caveat: basis discontinuity.	—	—
Infratil	IFT	FY26	$3b	$690.9m	23.0%Caveat: basis discontinuity, transaction distorted.	11.9%Caveat: basis discontinuity, transaction distorted.	+11.1pp
Millennium & Copthorne Hotels New Zealand	MCK	HY26	$88.8m	$20.5m	23.0%Caveat: basis discontinuity.	21.4%	+1.6pp
Genesis Energy	GNE	HY26	$1.5b	$303.2m	19.8%Caveat: basis discontinuity.	12.3%	+7.5pp
Freightways Group	FRW	FY26	$1.5b	$278.1m	19.0%Caveat: basis discontinuity.	19.3%	-0.3pp
Scales Corporation	SCL	FY25	$899.9m	$169.9m	18.9%Caveat: basis discontinuity, transaction distorted.Unprecedented high ebitda margin. 18.9%; 4-period range 9.5% to 15.1%. EBITDA margin: 18.9%, unprecedented high; 4-period mean 12.4%, range 9.5%-15.1%.	15.7%	+3.2pp
Sky Network Television	SKT	HY26	$414.4m	$78.2m	18.9%Caveat: restatement or reclassification, transaction distorted.	15.8%	+3.1pp
Burger Fuel Group	BFG	FY26	$25.6m	$4.7m	18.4%Caveat: basis discontinuity, transaction distorted.Outside range high ebitda margin. 18.4%; 3-period range 13.2% to 13.7%. EBITDA margin: 18.4%, above normal range; 3-period mean 13.4%, range 13.2%-13.7%.	13.9%	+4.5pp
NZME	NZM	FY25	$341.3m	$62.3m	18.3%Caveat: basis discontinuity, insufficient history.	15.7%	+2.6pp
SkyCity Entertainment Group	SKC	HY26	$406.5m	$72.1m	17.7%Caveat: basis discontinuity, insufficient history.	27.2%	-9.5pp
Promisia Healthcare	PHL	FY26	$40.1m	$6.6m	16.5%Caveat: transaction distorted.	13.5%	+3.0pp
Hallenstein Glasson	HLG	HY26	$275.2m	$41.1m	15.0%Caveat: basis discontinuity.	13.0%Caveat: basis discontinuity.	+2.0pp
Savor	SVR	FY26	$55.2m	$8m	14.5%Caveat: basis discontinuity.Outside range high ebitda margin. 14.5%; 5-period range 9.8% to 14.2%. EBITDA margin: 14.5%, above normal range; 5-period mean 11.5%, range 9.8%-14.2%.	12.8%	+1.7pp
The a2 Milk Company	ATM	FY26	$2b	$284.4m	14.4%Caveat: basis discontinuity, transaction distorted, insufficient history.	14.4%	-0.0pp
Vista Group International	VGL	HY26	$86.3m	$12.4m	14.4%Caveat: basis discontinuity, transaction distorted.Outside range high ebitda margin. 14.4%; 4-period range 3.6% to 14.3%. EBITDA margin: 14.4%, above normal range; 4-period mean 10.3%, range 3.6%-14.3%.	13.0%	+1.4pp
Mainfreight	MFT	FY26	$5.4b	$759.8m	14.1%Caveat: basis discontinuity.	14.5%	-0.4pp
Radius Residential Care	RAD	FY26	$200.1m	$27.4m	13.7%Caveat: basis discontinuity, transaction distorted.Outside range high ebitda margin. 13.7%; 3-period range 9.7% to 13.4%. EBITDA margin: 13.7%, above normal range; 3-period mean 11.8%, range 9.7%-13.4%.	13.4%Caveat: basis discontinuity, transaction distorted.	+0.3pp
KMD Brands	KMD	HY26	$505.4m	$63.3m	12.5%Caveat: basis discontinuity, transaction distorted, insufficient history.	11.2%	+1.3pp
Briscoe Group	BGP	FY26	$798.8m	$95.8m	12.0%Caveat: basis discontinuity, transaction distorted.	13.2%Caveat: basis discontinuity.	-1.2pp
Fletcher Building	FBU	FY26	$6b	$689m	11.5%Caveat: basis discontinuity, transaction distorted.	1.4%	+10.1pp
Cooks Coffee Company	CCC	FY26	$12.4m	$1.3m	10.5%Caveat: restatement or reclassification, basis discontinuity.	8.6%Caveat: basis discontinuity.	+1.9pp
Vulcan Steel	VSL	HY26	$535.4m	$56.3m	10.5%Caveat: basis discontinuity, transaction distorted, insufficient history.	11.5%	-1.0pp
Ryman Healthcare	RYM	FY26	$855.6m	$88.3m	10.3%Caveat: restatement or reclassification, basis discontinuity, insufficient history.	6.0%	+4.3pp
Scott Technology	SCT	HY26	$128.2m	$13m	10.2%Caveat: basis discontinuity.	10.0%	+0.2pp
Air New Zealand	AIR	HY26	$3.4b	$347m	10.1%Caveat: insufficient history.	15.5%Caveat: insufficient history.	-5.4pp
My Food Bag Group	MFB	FY26	$170.2m	$16.4m	9.6%Outside range low ebitda margin. 9.6%; 3-period range 9.9% to 17.6%. EBITDA margin: 9.6%, below normal range; 3-period mean 12.6%, range 9.9%-17.6%.	9.9%	-0.3pp
Metro Performance Glass	MPG	FY26	$208.2m	$18.2m	8.7%Caveat: basis discontinuity.	2.6%	+6.1pp
Green Cross Health	GXH	FY26	$546m	$45.3m	8.3%Caveat: basis discontinuity.	6.3%Caveat: basis discontinuity.	+2.0pp
Gentrack Group Limited 6 months to 31 March 2026	GTK	HY26	$110.1m	$7.9m	7.2%Caveat: basis discontinuity, transaction distorted, insufficient history.	11.6%	-4.4pp
Rakon	RAK	HY26	$54.2m	$3.6m	6.6%Caveat: basis discontinuity, insufficient history.	-37.9%Caveat: basis discontinuity, insufficient history.	+44.5pp
Comvita	CVT	HY26	$118m	$7.7m	6.5%Caveat: basis discontinuity, insufficient history.	5.9%Caveat: basis discontinuity.	+0.6pp
PGG Wrightson	PGW	FY26	$1.1b	$64.3m	6.0%Caveat: basis discontinuity, transaction distorted, insufficient history.	5.8%	+0.2pp
EBOS Group	EBO	FY26	$13.5b	$598.7m	4.4%Caveat: basis discontinuity, transaction distorted, insufficient history.	4.5%	-0.1pp
T&G Global Limited and subsidiary companies	TGG	FY25	$1.6b	$46.9m	3.0%Caveat: basis discontinuity.	0.9%Caveat: restatement or reclassification, basis discontinuity, transaction distorted.	+2.1pp
AoFrio	AOF	HY26	$33.8m	$0.88m	2.6%Caveat: basis discontinuity, insufficient history.	1.7%	+0.9pp
The Warehouse Group	WHS	FY25	$1.6b	$38.9m	2.4%Caveat: basis discontinuity.	1.9%Caveat: basis discontinuity.	+0.5pp
Winton Land	WIN	HY26	$32.4m	$0.79m	2.4%Caveat: basis discontinuity, transaction distorted, insufficient history.	-0.1%	+2.5pp
Steel & Tube Holdings	STU	HY26	$211.9m	$1.2m	0.6%Caveat: basis discontinuity, transaction distorted, insufficient history.	0.3%	+0.3pp
EROAD	ERD	FY26	$195.2m	$0m	0.0%Caveat: basis discontinuity.Outside range low ebitda margin. 20%; 3-period range 25.8% to 30.7%. EBITDA margin: 20.0%, below normal range; 3-period mean 28.6%, range 25.8%-30.7%.	30.7%	-30.7pp
Enprise Group	ENS	FY25	$24.8m	-$0.09m	-0.3%Caveat: basis discontinuity, transaction distorted.	-9.5%Caveat: basis discontinuity, transaction distorted.	+9.2pp
ArborGen Holdings	ARB	FY26	$68.2m	-$0.5m	-0.7%Caveat: basis discontinuity.Outside range low ebitda margin. 16.8%; 3-period range 17.7% to 21.2%. EBITDA margin: 16.8%, below normal range; 3-period mean 19.1%, range 17.7%-21.2%.	17.7%Caveat: basis discontinuity, transaction distorted.	-18.4pp
Synlait Milk	SML	HY26	$777.6m	-$34.7m	-4.5%Caveat: basis discontinuity, transaction distorted.Unprecedented low ebitda margin. -4.5%; 5-period range 3% to 8.7%. EBITDA margin: -4.5%, unprecedented low; 5-period mean 6.5%, range 3.0%-8.7%.	-6.9%	+2.4pp
ikeGPS Group	IKE	FY26	$26.5m	-$5m	-18.8%Caveat: basis discontinuity, transaction distorted.	-72.2%Caveat: basis discontinuity, transaction distorted, insufficient history.	+53.4pp
Me Today	MEE	HY26	$2.6m	-$0.83m	-32.4%Caveat: basis discontinuity, transaction distorted.Unprecedented high ebitda margin. -32.4%; 4-period range -97.7% to -47.9%. EBITDA margin: -32.4%, unprecedented high; 4-period mean -76.6%, range -97.7%--47.9%.	-47.9%	+15.5pp
Truscreen Group	TRU	FY26	$2.4m	-$2.2m	-90.4%	—Caveat: insufficient history.	—
Rua Bioscience	RUA	HY26	$1.3m	-$1.7m	-123.8%Caveat: basis discontinuity.	n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison.	—

Source: each company's latest published result in Annolyse.

NZX profit margin comparison table

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

Profit margins show how much operating earnings remain from each dollar of revenue before below-the-line items, but cross-company rank alone is not a quality verdict. Business mix, capital intensity, accounting presentation, and the company's chosen EBITDA-equivalent measure all shape the level; the change within the same company is often more informative than the cross-company rank.

Methodology

EBITDA-equivalent margin divides the company's source-backed EBITDA, EBITDAF, EBITDAI, or operating-profit equivalent by reported revenue. The filing's own prior comparator is preferred: where prior EBITDA is not supplied directly, Annolyse reconstructs that denominator from the filing's prior operating cash flow and OCF / EBITDA ratio before falling back to a separately published FY-to-FY or HY-to-HY result. Change is shown in percentage points, and values with suppress-level quality flags or outside the normal comparison range are shown as n/m rather than ranked normally.

Investor guide

How to use this comparison

Investor question

How much operating profit is the company retaining from revenue, and is that margin expanding or contracting?

What it measures

The comparison places each company's EBITDA-equivalent earnings beside revenue, calculates the resulting margin, and shows the prior equivalent margin and percentage-point change. It focuses on operating profitability before depreciation, financing, tax, and other below-the-line effects, subject to the company's reported earnings convention.

How to read it

Begin with the percentage-point change against the same company's prior equivalent period.
Compare absolute margins most carefully among companies with similar sectors, revenue recognition, and earnings definitions.
Test whether margin expansion came from pricing, mix, volume leverage, or durable cost improvement rather than temporary restraint.

Common distortions

Companies may use EBITDA, EBITDAF, EBITDAI, or another operating-profit equivalent with different exclusions.
Acquisitions, disposals, pass-through revenue, currency, and changes in product mix can shift the margin without like-for-like improvement.
Restructuring costs or other items excluded from an adjusted earnings measure can make the reported margin look cleaner than statutory profit.

Questions to ask next

Which price, volume, mix, and cost factors explain the margin movement?
Did operating cash conversion and free cash flow improve with the margin?
Are excluded or adjusted costs genuinely non-recurring?

Related insights

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