Insights

NZX ROE comparison

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

Last updated 3 June 2026

ROE trend

Return on equity across covered companies; values above 100% are omitted from the chart.

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FY24 AFC: Unprecedented high roe. -1.7%; 4-period range -67.2% to -27.8%. ROE: -1.7%, unprecedented high; 4-period mean -42.5%, range -67.2%--27.8%.
FY25 AFC: Unprecedented low roe. -67.2%; 4-period range -38.8% to -1.7%. ROE: -67.2%, unprecedented low; 4-period mean -26.1%, range -38.8%--1.7%.
FY22 AIR: Outside range low roe. -35.2%; 3-period range 6.5% to 19.8%. ROE: -35.2%, below normal range; 3-period mean 11.2%, range 6.5%-19.8%.
HY23 AIR: Outside range high roe. 11.5%; 3-period range -2.2% to 6.3%. ROE: 11.5%, above normal range; 3-period mean 3.1%, range -2.2%-6.3%.
FY23 AIR: Outside range high roe. 19.8%; 3-period range -35.2% to 7.3%. ROE: 19.8%, above normal range; 3-period mean -7.1%, range -35.2%-7.3%.
HY26 AIR: Outside range low roe. -2.2%; 3-period range 5.2% to 11.5%. ROE: -2.2%, below normal range; 3-period mean 7.7%, range 5.2%-11.5%.
FY20 AOF: Outside range low roe. -14.6%; 3-period range 3.4% to 26.8%. ROE: -14.6%, below normal range; 3-period mean 14.6%, range 3.4%-26.8%.
FY21 AOF: Outside range high roe. 26.8%; 3-period range -14.6% to 13.7%. ROE: 26.8%, above normal range; 3-period mean 0.8%, range -14.6%-13.7%.
FY22 ARB: Outside range high roe. 1.1%; 4-period range -17.3% to -0.1%. ROE: 1.1%, above normal range; 4-period mean -6.3%, range -17.3%--0.1%.
FY25 ARB: Unprecedented low roe. -17.3%; 4-period range -6.3% to 1.1%. ROE: -17.3%, unprecedented low; 4-period mean -1.8%, range -6.3%-1.1%.
FY21 ARG: Unprecedented high roe. 18.9%; 4-period range -1.5% to 9.2%. ROE: 18.9%, unprecedented high; 4-period mean 4.4%, range -1.5%-9.2%.
FY24 ARG: Outside range low roe. -1.5%; 4-period range 0.7% to 18.9%. ROE: -1.5%, below normal range; 4-period mean 9.5%, range 0.7%-18.9%.
FY22 APL: Unprecedented high roe. 1.8%; 4-period range -8.9% to -2.8%. ROE: 1.8%, unprecedented high; 4-period mean -5.1%, range -8.9%--2.8%.
FY23 APL: Unprecedented low roe. -8.9%; 4-period range -4.9% to 1.8%. ROE: -8.9%, unprecedented low; 4-period mean -2.4%, range -4.9%-1.8%.
HY24 APL: Outside range low roe. -3.3%; 3-period range 0.2% to 1.6%. ROE: -3.3%, below normal range; 3-period mean 1.1%, range 0.2%-1.6%.
HY25 APL: Outside range high roe. 1.6%; 3-period range -3.3% to 1.4%. ROE: 1.6%, above normal range; 3-period mean -0.6%, range -3.3%-1.4%.
FY21 AIA: Unprecedented high roe. 5.9%; 4-period range 0.1% to 4%. ROE: 5.9%, unprecedented high; 4-period mean 1.7%, range 0.1%-4.0%.
HY23 AIA: Unprecedented low roe. 0.1%; 4-period range 1.4% to 3.4%. ROE: 0.1%, unprecedented low; 4-period mean 2.0%, range 1.4%-3.4%.
FY24 AIA: Outside range low roe. 0.1%; 4-period range 0.5% to 5.9%. ROE: 0.1%, below normal range; 4-period mean 3.2%, range 0.5%-5.9%.
HY26 AIA: Unprecedented high roe. 3.4%; 4-period range 0.1% to 1.9%. ROE: 3.4%, unprecedented high; 4-period mean 1.2%, range 0.1%-1.9%.
FY21 AFI: Outside range low roe. 3.1%; 3-period range 3.6% to 5%. ROE: 3.1%, below normal range; 3-period mean 4.2%, range 3.6%-5.0%.
FY22 AFI: Outside range high roe. 5%; 3-period range 3.1% to 4.1%. ROE: 5.0%, above normal range; 3-period mean 3.6%, range 3.1%-4.1%.
FY21 BRM: Outside range high roe. 28.2%; 4-period range -19.5% to 19.3%. ROE: 28.2%, above normal range; 4-period mean 4.0%, range -19.4%-19.3%.
FY22 BRM: Unprecedented low roe. -19.4%; 4-period range 3.3% to 28.2%. ROE: -19.4%, unprecedented low; 4-period mean 15.9%, range 3.3%-28.2%.
HY24 BRM: Outside range high roe. 8.1%; 3-period range -7.1% to 6.6%. ROE: 8.1%, above normal range; 3-period mean 1.0%, range -7.1%-6.6%.
HY26 BRM: Outside range low roe. -7.1%; 3-period range 3.6% to 8.1%. ROE: -7.1%, below normal range; 3-period mean 6.1%, range 3.6%-8.1%.
FY25 BRW: Unprecedented high roe. 25.2%; 4-period range -9.8% to 8.5%. ROE: 25.2%, unprecedented high; 4-period mean 0.7%, range -9.8%-8.5%.
FY26 BRW: Outside range low roe. -9.8%; 4-period range -2% to 25.2%. ROE: -9.8%, below normal range; 4-period mean 9.4%, range -2.0%-25.2%.
HY22 BGP: Outside range high roe. 36.2%; 3-period range 11.1% to 19.8%. ROE: 36.2%, above normal range; 3-period mean 15.4%, range 11.1%-19.8%.
FY22 BGP: Outside range high roe. 29.4%; 3-period range 19.7% to 28.7%. ROE: 29.4%, above normal range; 3-period mean 25.0%, range 19.7%-28.7%.
HY24 BGP: Outside range low roe. 11.1%; 3-period range 15.3% to 36.2%. ROE: 11.1%, below normal range; 3-period mean 23.8%, range 15.3%-36.2%.
FY25 BGP: Outside range low roe. 19.7%; 3-period range 26.7% to 29.4%. ROE: 19.7%, below normal range; 3-period mean 28.3%, range 26.7%-29.4%.
FY23 BFG: Outside range low roe. 7.6%; 3-period range 8.9% to 16.6%. ROE: 7.6%, below normal range; 3-period mean 11.9%, range 8.9%-16.6%.
HY24 BFG: Outside range low roe. 4.7%; 4-period range 4.8% to 9.5%. ROE: 4.7%, below normal range; 4-period mean 7.4%, range 4.8%-9.5%.
HY25 BFG: Unprecedented high roe. 9.5%; 4-period range 4.7% to 7.9%. ROE: 9.5%, unprecedented high; 4-period mean 6.2%, range 4.7%-7.9%.
FY26 BFG: Outside range high roe. 16.6%; 3-period range 7.6% to 10.1%. ROE: 16.6%, above normal range; 3-period mean 8.9%, range 7.6%-10.1%.
FY21 CDI: Outside range high roe. 10.9%; 4-period range 3.5% to 10.5%. ROE: 10.9%, above normal range; 4-period mean 5.8%, range 3.5%-10.5%.
HY22 CDI: Outside range high roe. 7.6%; 3-period range 1.1% to 1.8%. ROE: 7.6%, above normal range; 3-period mean 1.5%, range 1.1%-1.8%.
HY25 CDI: Outside range low roe. 1.1%; 3-period range 1.6% to 7.6%. ROE: 1.1%, below normal range; 3-period mean 3.7%, range 1.6%-7.6%.
FY25 CDI: Outside range low roe. 3.5%; 4-period range 4.3% to 10.9%. ROE: 3.5%, below normal range; 4-period mean 7.6%, range 4.3%-10.9%.
HY25 CNU: Outside range low roe. -0.8%; 3-period range 0.5% to 3.5%. ROE: -0.8%, below normal range; 3-period mean 1.9%, range 0.5%-3.5%.
HY26 CNU: Outside range high roe. 3.5%; 3-period range -0.8% to 1.8%. ROE: 3.5%, above normal range; 3-period mean 0.5%, range -0.8%-1.8%.
HY23 CEN: Outside range low roe. -0.3%; 3-period range 4.6% to 5.7%. ROE: -0.3%, below normal range; 3-period mean 5.2%, range 4.6%-5.7%.
HY24 CEN: Outside range high roe. 5.7%; 3-period range -0.3% to 5.4%. ROE: 5.7%, above normal range; 3-period mean 3.2%, range -0.3%-5.4%.
FY25 ERD: Outside range high roe. 0.4%; 3-period range -93.5% to -0.1%. ROE: 0.4%, above normal range; 3-period mean -31.6%, range -93.5%--0.1%.
FY26 ERD: Outside range low roe. -93.5%; 3-period range -1.2% to 0.4%. ROE: -93.5%, below normal range; 3-period mean -0.3%, range -1.2%-0.4%.
HY24 FPH: Outside range low roe. 6.1%; 3-period range 6.5% to 10.9%. ROE: 6.1%, below normal range; 3-period mean 8.4%, range 6.5%-10.9%.
HY26 FPH: Outside range high roe. 10.9%; 3-period range 6.1% to 7.9%. ROE: 10.9%, above normal range; 3-period mean 6.8%, range 6.1%-7.9%.
HY22 FBU: Outside range high roe. 4.6%; 3-period range -7.3% to 2.5%. ROE: 4.6%, above normal range; 3-period mean -2.8%, range -7.3%-2.5%.
FY22 FBU: Outside range high roe. 11.5%; 4-period range -11.6% to 8.1%. ROE: 11.5%, above normal range; 4-period mean -0.9%, range -11.6%-8.1%.
HY25 FBU: Outside range low roe. -7.3%; 3-period range -3.5% to 4.6%. ROE: -7.3%, below normal range; 3-period mean 1.2%, range -3.5%-4.6%.
FY25 FBU: Unprecedented low roe. -11.6%; 4-period range -6.5% to 11.5%. ROE: -11.6%, unprecedented low; 4-period mean 4.9%, range -6.5%-11.5%.
HY23 GNE: Outside range high roe. 5.2%; 3-period range 2.4% to 3.1%. ROE: 5.2%, above normal range; 3-period mean 2.8%, range 2.4%-3.1%.
HY25 GNE: Outside range low roe. 2.4%; 3-period range 2.9% to 5.2%. ROE: 2.4%, below normal range; 3-period mean 3.7%, range 2.9%-5.2%.
HY23 GXH: Outside range high roe. 13%; 3-period range 3.3% to 4%. ROE: 13.0%, above normal range; 3-period mean 3.6%, range 3.3%-4.0%.
HY25 GXH: Outside range low roe. 3.3%; 3-period range 3.4% to 13%. ROE: 3.3%, below normal range; 3-period mean 6.8%, range 3.4%-13.0%.
FY21 HLG: Outside range high roe. 37.4%; 4-period range 28.3% to 35.3%. ROE: 37.4%, above normal range; 4-period mean 32.6%, range 28.3%-35.3%.
HY22 HLG: Outside range high roe. 28%; 3-period range 20.5% to 23.1%. ROE: 28.0%, above normal range; 3-period mean 22.0%, range 20.5%-23.1%.
FY22 HLG: Unprecedented low roe. 28.3%; 4-period range 33.2% to 37.4%. ROE: 28.3%, unprecedented low; 4-period mean 34.8%, range 33.2%-37.4%.
HY24 HLG: Outside range low roe. 20.5%; 3-period range 22.3% to 28%. ROE: 20.5%, below normal range; 3-period mean 24.5%, range 22.3%-28.0%.

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NZX ROE comparison table
Company	Ticker	Period	ROE	Prior ROE	Direction	Net debt / EBITDA
Third Age Health Services	TAH	FY26	50.8%	17.2%	Improved	—
Promisia Healthcare	PHL	FY26	23.4%	7.3%	Improved	5.82x
Hallenstein Glasson	HLG	HY26	23.1%	35.3%	Deteriorated	—
Fisher & Paykel Healthcare	FPH	FY26	22.2%	10.9%	Improved	—
Scales Corporation	SCL	FY25	22.1%Unprecedented high roe. 22.1%; 4-period range 1.4% to 8.5%. ROE: 22.1%, unprecedented high; 4-period mean 5.5%, range 1.4%-8.5%.	11.3%	Improved	0.49x
Briscoe Group	BGP	FY26	19.4%	19.8%	Deteriorated	—
Henderson Far East Income	HFL	HY26	18.5%Outside range high roe. 18.5%; 3-period range 2.2% to 7.6%. ROE: 18.5%, above normal range; 3-period mean 5.4%, range 2.2%-7.6%.	11.1%	Improved	0.25x
Burger Fuel Group	BFG	FY26	16.6%Outside range high roe. 16.6%; 3-period range 7.6% to 10.1%. ROE: 16.6%, above normal range; 3-period mean 8.9%, range 7.6%-10.1%.	7.9%	Improved	—
AoFrio	AOF	FY22	13.7%	26.8%	Deteriorated	0.67xOutside 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.
NZME	NZM	FY25	13.4%	-0.4%	Improved	0.25x
Radius Residential Care	RAD	FY26	12.4%Outside range high roe. 12.4%; 3-period range -13.2% to 10.6%. ROE: 12.4%, above normal range; 3-period mean -1.8%, range -13.2%-10.6%.	9.0%	Improved	2.51xOutside 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.
Being AI	BAI	HY24	12.2%	13.9%	Deteriorated	—
South Port New Zealand	SPN	HY26	12.1%	20.0%	Deteriorated	1.91x
Skellerup Holdings	SKL	HY26	12.0%	22.7%	Deteriorated	0.35x
Turners Automotive Group	TRA	FY26	12.0%	11.8%	Improved	—
Michael Hill International	MHJ	HY26	11.7%	1.2%	Improved	—
Mainfreight	MFT	FY26	11.7%	13.8%	Deteriorated	1.62xUnprecedented 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.
Sky Network Television	SKT	HY26	10.9%	4.6%	Improved	—
Livestock Improvement Corporation	LIC	HY26	10.7%	10.3%	Improved	—
Seeka	SEK	FY25	10.7%	3.3%	Improved	1.05xOutside 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.
Freightways Group	FRW	HY26	9.8%	16.0%	Deteriorated	1.47x
My Food Bag Group	MFB	FY26	9.2%Outside range low roe. 9.2%; 4-period range 9.3% to 29.9%. ROE: 9.2%, below normal range; 4-period mean 16.4%, range 9.3%-29.9%.	4.1%	Improved	0.11x
PGG Wrightson	PGW	HY26	9.2%	6.1%	Improved	3.73x
Argosy Property	ARG	FY26	9.1%	2.7%	Improved	—
Comvita	CVT	HY26	7.9%	-1.4%	Improved	6.33x
Heartland Group Holdings	HGH	HY26	7.8%	3.2%	Improved	—
Summerset Group Holdings	SUM	FY25	7.8%Outside range low roe. 7.8%; 3-period range 11.5% to 16.8%. ROE: 7.8%, below normal range; 3-period mean 13.5%, range 11.5%-16.8%.	4.0%	Improved	—
Infratil	IFT	HY26	7.3%	-3.5%	Improved	8.82x
Savor	SVR	FY26	6.9%Outside range high roe. 6.9%; 4-period range -35.1% to 3.6%. ROE: 6.9%, above normal range; 4-period mean -13.0%, range -35.1%-3.6%.	-7.0%	Improved	0.79xOutside 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.
Tower	TWR	HY26	6.8%	23.9%	Deteriorated	—
New Zealand King Salmon Investments	NZK	HY26	6.5%Outside range high roe. 6.5%; 3-period range -11.4% to 6.1%. ROE: 6.5%, above normal range; 3-period mean -0.7%, range -11.4%-6.1%.	-11.4%	Improved	—
Property for Industry	PFI	HY26	6.5%Outside range high roe. 6.5%; 3-period range -2.1% to 2.1%. ROE: 6.5%, above normal range; 3-period mean 0.5%, range -2.1%-2.1%.	7.4%	Deteriorated	13.87x
Arvida Group	ARV	FY26	5.8%	-0.5%	Improved	8.16x
Sanford	SAN	HY26	5.7%	8.6%	Deteriorated	1.6x
Vulcan Steel	VSL	HY25	5.4%	—	n/a	4.24x
BLIS Technologies	BLT	FY26	5.3%	3.1%	Improved	—
Westpac Banking Corporation	WBC	HY26	4.8%	—	n/a	—
Tourism Holdings	THL	HY26	4.7%	-4.6%	Improved	3.92x
Spark New Zealand	SPK	HY26	4.7%	17.1%	Deteriorated	—
Contact Energy	CEN	HY26	4.6%	12.0%	Deteriorated	5.78xOutside 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.
EBOS Group	EBO	HY26	4.6%	7.9%	Deteriorated	3.7x
Napier Port Holdings	NPH	HY26	4.2%	7.2%	Deteriorated	4.72x
Delegat Group	DGL	HY26	3.9%	2.3%	Improved	4.68x
Restaurant Brands New Zealand	RBD	HY25	3.8%	—	n/a	4.71x
The Warehouse Group	WHS	FY25	3.7%	-15.2%	Improved	—
Chorus	CNU	HY26	3.5%Outside range high roe. 3.5%; 3-period range -0.8% to 1.8%. ROE: 3.5%, above normal range; 3-period mean 0.5%, range -0.8%-1.8%.	0.7%	Improved	8.89xOutside 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.
CDL Investments New Zealand	CDI	FY25	3.5%Outside range low roe. 3.5%; 4-period range 4.3% to 10.9%. ROE: 3.5%, below normal range; 4-period mean 7.6%, range 4.3%-10.9%.	1.1%	Improved	—
General Capital	GEN	HY26	3.4%	9.6%	Deteriorated	—
Auckland International Airport	AIA	HY26	3.4%Unprecedented high roe. 3.4%; 4-period range 0.1% to 1.9%. ROE: 3.4%, unprecedented high; 4-period mean 1.2%, range 0.1%-1.9%.	4.0%	Deteriorated	6.17x
The Colonial Motor Company	CMO	HY26	3.4%	6.0%	Deteriorated	2.38x
Scott Technology	SCT	HY26	3.3%	11.1%	Deteriorated	1x
Vector	VCT	HY26	3.1%	4.6%	Deteriorated	—
Genesis Energy	GNE	HY26	3.1%	5.7%	Deteriorated	4.6x
Port of Tauranga	POT	HY26	3.1%	—	n/a	3.85x
Marlin Global	MLN	HY26	3.0%	0.2%	Improved	—
Millennium & Copthorne Hotels New Zealand	MCK	FY25	3.0%	1.0%	Improved	—
Kiwi Property Group	KPG	FY26	2.7%	0.5%	Improved	—
Meridian Energy	MEL	HY26	2.6%	-5.1%	Improved	3.33x
New Zealand Rural Land Company	NZL	HY22	2.4%	—	n/a	—
Goodman Property Trust	GMT	HY26	2.0%	—	n/a	—
T&G Global Limited and subsidiary companies	TGG	FY25	2.0%Outside range high roe. 2%; 4-period range -10.1% to 1.5%. ROE: 2.0%, above normal range; 4-period mean -3.2%, range -10.1%-1.5%.	-0.2%	Improved	3.14x
Goodman Property Trust	GNZ	HY26	2.0%	3.5%	Deteriorated	2.01x
Australian Foundation Investment Company	AFI	HY26	1.8%	1.8%	Stable	—
Channel Infrastructure NZ	CHI	FY25	1.5%	1.4%	Improved	3.55x
Green Cross Health	GXH	FY26	1.5%	4.0%	Deteriorated	—
Vista Group International	VGL	FY25	1.3%	-1.1%	Improved	—
The a2 Milk Company	ATM	HY26	0.8%	14.2%	Deteriorated	—
SkyCity Entertainment Group	SKC	HY26	0.8%	2.2%	Deteriorated	6.8x
Mercury NZ	MCY	HY26	0.4%	0.0%	Improved	4.23x
Oceania Healthcare	OCA	HY26	0.4%	2.8%	Deteriorated	14.67x
Precinct Properties	PCT	HY26	0.1%	0.6%	Deteriorated	20.39x
Gentrack Group Limited 6 months to 31 March 2026	GTK	HY26	0.0%	8.6%	Deteriorated	—
Winton Land	WIN	HY26	-0.2%	1.9%	Deteriorated	—
Fletcher Building	FBU	HY26	-0.3%	-11.6%	Improved	3.52x
Templeton Emerging Markets Investment Trust Plc	TEM	HY24	-0.6%	-9.5%	Improved	—
Metro Performance Glass	MPG	FY26	-1.6%	4.6%	Deteriorated	1.48xOutside 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.
Rakon	RAK	HY26	-1.9%	-7.0%	Improved	—
KMD Brands	KMD	HY26	-2.0%	-13.8%	Improved	1.48x
Air New Zealand	AIR	HY26	-2.2%Outside range low roe. -2.2%; 3-period range 5.2% to 11.5%. ROE: -2.2%, below normal range; 3-period mean 7.7%, range 5.2%-11.5%.	6.5%	Deteriorated	1.3x
Asset Plus	APL	FY26	-2.8%	1.4%	Deteriorated	—
Enprise Group	ENS	FY25	-3.3%	8.3%	Deteriorated	5.82x
Ryman Healthcare	RYM	FY26	-4.2%	-1.1%	Deteriorated	17.8x
ArborGen Holdings	ARB	FY26	-6.3%	-0.5%	Deteriorated	—
New Talisman Gold Mines	NTL	HY26	-6.8%	25.9%	Deteriorated	—
Barramundi	BRM	HY26	-7.1%Outside range low roe. -7.1%; 3-period range 3.6% to 8.1%. ROE: -7.1%, below normal range; 3-period mean 6.1%, range 3.6%-8.1%.	3.3%	Deteriorated	—
Steel & Tube Holdings	STU	HY26	-7.3%	-12.8%	Improved	35.86x
Bremworth	BRW	FY26	-9.8%Outside range low roe. -9.8%; 4-period range -2% to 25.2%. ROE: -9.8%, below normal range; 4-period mean 9.4%, range -2.0%-25.2%.	25.2%	Deteriorated	—
Synlait Milk	SML	HY26	-11.2%	0.6%	Deteriorated	—
MOVE Logistics Group	MOV	HY26	-12.5%	-0.1%	Deteriorated	—
Cooks Coffee Company	CCC	FY26	-13.5%	n/m	Deteriorated	1.34xOutside 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.
Blackwell Global Holdings	RTO	HY26	-18.3%	-27.7%	Improved	—
Serko	SKO	FY26	-20.0%	-10.3%	Deteriorated	—
ikeGPS Group	IKE	FY26	-29.3%	-31.1%	Improved	—
Rua Bioscience	RUA	HY26	-59.3%	-70.6%	Improved	0.24x
AFC Group Holdings	AFC	FY25	-67.2%Unprecedented low roe. -67.2%; 4-period range -38.8% to -1.7%. ROE: -67.2%, unprecedented low; 4-period mean -26.1%, range -38.8%--1.7%.	-45.9%	Deteriorated	0.94x
Pacific Edge	PEB	HY26	-71.0%	n/m	Improved	—
Truscreen Group	TRU	FY26	-87.1%	-51.9%	Deteriorated	—
EROAD	ERD	FY26	-93.5%Outside range low roe. -93.5%; 3-period range -1.2% to 0.4%. ROE: -93.5%, below normal range; 3-period mean -0.3%, range -1.2%-0.4%.	-77.2%	Deteriorated	—
GEO	GEO	FY23	n/m	—	n/a	—
Iperion	IPR	FY26	n/m	-83.2%	Deteriorated	—
Kingfish	KFL	FY26	—	3.5%	n/a	—
Me Today	MEE	HY26	n/m	n/m	Deteriorated	—

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

NZX ROE comparison table

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ROE helps separate high-margin operators from capital-heavy balance sheets, but it is also sensitive to one-off losses and revaluation-heavy sectors. The strongest read is where ROE improvement is paired with stable leverage rather than just a smaller equity base.

Related insights

NZX cash conversion comparison

Operating cash flow versus EBITDA across the Annolyse coverage set, using each company's most recent published result.

NZX dividend coverage comparison

Payout ratios against NPAT and free cash flow for the latest published result from each covered company.

NZX leverage comparison

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

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 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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