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NZX ROE comparison

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

Last updated 29 September 2026

Latest returns on equity

Highest and lowest latest chartable returns on equity between -100% and 100%. Use the full table for prior-period direction and leverage context.

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  • SKL Latest reported value: Outside range high roe. 25.8%; 3-period range 20.4% to 22.7%. ROE: 25.8%, above normal range; 3-period mean 21.9%, range 20.4%-22.7%.
  • HFL Latest reported value: 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%.
  • STU Latest reported value: Outside range low roe. -50.2%; 3-period range -12.8% to 8.2%. ROE: -50.2%, below normal range; 3-period mean -1.1%, range -12.8%-8.2%.
  • ERD Latest reported value: 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%.
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NZX ROE comparison table
CompanyTickerPeriodROEPrior ROEDirectionNet debt / EBITDA
Third Age Health ServicesTAHFY2650.8%17.2%Improved—
Hallenstein GlassonHLGFY2641.8%35.3%Improved—
Spark New ZealandSPKFY2630.3%17.1%Improved0.7x
Skellerup HoldingsSKLFY2625.8%Outside range high roe. 25.8%; 3-period range 20.4% to 22.7%. ROE: 25.8%, above normal range; 3-period mean 21.9%, range 20.4%-22.7%.22.7%Improved0.02xOutside range low net debt / ebitda. 0.02x; 3-period range 0.13x to 0.31x. Net debt / EBITDA: 0.02x, below normal range; 3-period mean 0.20x, range 0.13x-0.31x.
Promisia HealthcarePHLFY2623.4%7.3%Improved5.82x
Fisher & Paykel HealthcareFPHFY2622.2%20.0%Improved—
South Port New ZealandSPNFY2621.4%20.0%Improved0.62x
Henderson Far East IncomeHFLHY2618.5%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%.2.2%Improved0.25x
Freightways GroupFRWFY2616.9%16.0%Improved1.06x
Burger Fuel GroupBFGFY2616.6%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%.10.4%Improved—
SeekaSEKHY2613.4%12.5%Improved1.39x
NZMENZMFY2513.4%-15.8%Improved0.25x
Radius Residential CareRADFY2612.4%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%.10.6%Improved2.51xOutside 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.
Turners Automotive GroupTRAFY2612.0%12.9%Deteriorated—
MainfreightMFTFY2611.7%13.8%Deteriorated—
Green Cross HealthGXHFY2611.6%7.1%Improved—
Sky Network TelevisionSKTHY2610.9%-0.5%Improved—
The a2 Milk CompanyATMFY2610.6%14.2%Deteriorated—
Summerset Group HoldingsSUMHY269.8%8.0%Improved14.65x
My Food Bag GroupMFBFY269.2%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%.9.2%Stable0.11x
Argosy PropertyARGFY269.1%9.6%Deteriorated—
Briscoe GroupBGPHY279.1%19.8%Deteriorated—
General CapitalGENFY268.6%9.6%Deteriorated—
PGG WrightsonPGWFY268.5%6.1%Improved1.37x
EBOS GroupEBOFY268.3%7.9%Improved1.73x
Contact EnergyCENFY268.0%12.0%Deteriorated2.26x
ComvitaCVTFY267.9%n/mImproved—
Heartland Group HoldingsHGHHY267.8%Outside range high roe. 7.8%; 4-period range 0.3% to 6.1%. ROE: 7.8%, above normal range; 4-period mean 3.7%, range 0.3%-6.1%.0.6%Improved—
Goodman Property TrustGMTFY267.6%3.5%Improved—
Livestock Improvement CorporationLICFY267.0%10.3%Deteriorated—
SavorSVRFY266.9%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%Improved0.79xOutside 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 2.06x, range 1.00x-4.03x.
TowerTWRHY266.8%29.0%Deteriorated—
Port of TaurangaPOTFY266.7%—n/a1.66x
VectorVCTFY266.6%4.6%Improved3.34xUnprecedented low net debt / ebitda. 3.34x; 4-period range 4.07x to 6.29x. Net debt / EBITDA: 3.34x, unprecedented low; 4-period mean 5.34x, range 4.07x-6.29x.
Delegat GroupDGLFY266.5%8.4%Deteriorated2.06x
New Zealand King Salmon InvestmentsNZKHY266.5%-11.4%Improved—
Scales CorporationSCLHY266.4%11.3%Deteriorated1.32x
InfratilIFTFY266.4%-3.5%Improved9.09x
Mercury NZMCYFY266.1%5.9%Improved2.24x
The Colonial Motor CompanyCMOFY266.1%5.9%Improved—
Tourism HoldingsTHLFY266.0%-4.5%Improved1.99x
Fletcher BuildingFBUFY265.8%-11.6%Improved0.92x
Michael Hill InternationalMHJFY265.8%1.2%Improved—
SanfordSANHY265.7%—n/a1.6x
BLIS TechnologiesBLTFY265.3%6.8%Deteriorated—
Property for IndustryPFIFY265.3%7.4%Deteriorated—
Westpac Banking CorporationWBCHY264.8%4.6%Improved—
Napier Port HoldingsNPHHY264.2%4.7%Deteriorated4.72x
Winton LandWINFY264.1%1.9%Improved0.12x
The Warehouse GroupWHSFY253.7%-17.4%Improved—
ChorusCNUFY263.6%0.7%Improved4.29x
Australian Foundation Investment CompanyAFIFY263.6%3.3%Improved—
Millennium & Copthorne Hotels New ZealandMCKHY263.3%Outside range high roe. 3.3%; 5-period range -1.8% to 3%. ROE: 3.3%, above normal range; 5-period mean 1.1%, range -1.8%-3.0%.2.0%Improved—
Scott TechnologySCTHY263.3%3.6%Deteriorated1x
Auckland International AirportAIAFY263.1%4.0%Deteriorated3.75x
Vulcan SteelVSLHY262.9%5.4%Deteriorated3.6x
Genesis EnergyGNEFY262.8%5.7%Deteriorated1.81xOutside range low net debt / ebitda. 1.6x; 3-period range 2.5x to 3.1x. Net debt / EBITDA: 1.60x, below normal range; 3-period mean 2.90x, range 2.50x-3.10x.
Kiwi Property GroupKPGFY262.7%3.1%Deteriorated—
MOVE Logistics GroupMOVFY262.7%Outside range high roe. 2.7%; 3-period range -177% to -9.6%. ROE: 2.7%, above normal range; 3-period mean -107.7%, range -177.0%--9.6%.n/mImproved0.22x
Gentrack Group Limited 6 months to 31 March 2026GTKHY262.1%3.2%Deteriorated—
New Zealand Rural Land CompanyNZLHY262.0%1.5%Improved—
T&G Global Limited and subsidiary companiesTGGFY252.0%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%.-3.3%Improved3.14x
Goodman Property TrustGNZHY262.0%1.5%Improved2.01x
Channel Infrastructure NZCHIFY251.5%1.7%Deteriorated3.55x
Meridian EnergyMELFY261.3%-5.1%Improved1.36x
SkyCity Entertainment GroupSKCFY261.2%2.2%Deteriorated4.9x
CDL Investments New ZealandCDIHY261.1%Outside range low roe. 1.1%; 4-period range 1.1% to 7.6%. ROE: 1.1%, below normal range; 4-period mean 3.0%, range 1.1%-7.6%.1.1%Stable—
Oceania HealthcareOCAHY260.4%-1.6%Improved14.67x
Precinct PropertiesPCTHY260.1%0.5%Deteriorated20.39x
Templeton Emerging Markets Investment Trust PlcTEMHY24-0.6%-9.5%Improved—
Vista Group InternationalVGLHY26-1.0%Outside range high roe. -1%; 4-period range -6% to -1.1%. ROE: -1.0%, above normal range; 4-period mean -2.6%, range -6.0%--1.1%.-1.1%Improved0.47xOutside range high net debt / ebitda. 0.47x; 3-period range -4x to 0.01x. Net debt / EBITDA: 0.47x, above normal range; 3-period mean -1.43x, range -4.00x-0.01x.
Metro Performance GlassMPGFY26-1.6%-37.9%Improved1.48xOutside 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.
RakonRAKHY26-1.9%-7.0%Improved—
KMD BrandsKMDHY26-2.0%-2.8%Improved1.48x
Asset PlusAPLFY26-2.8%-4.9%Improved—
Enprise GroupENSFY25-3.3%-0.2%Deteriorated5.82x
Ryman HealthcareRYMFY26-4.2%-10.3%Improved—
ArborGen HoldingsARBFY26-6.3%-17.3%Improved—
AoFrioAOFHY26-9.2%-11.3%Improved5.85x
BremworthBRWFY26-9.8%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 MilkSMLHY26-11.2%0.6%Deteriorated—
New Talisman Gold MinesNTLFY26-13.3%25.9%Deteriorated—
Cooks Coffee CompanyCCCFY26-13.5%n/mDeteriorated1.34xOutside 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.
Air New ZealandAIRFY26-14.4%6.5%Deteriorated—
SerkoSKOFY26-20.0%-22.0%Improved—
ikeGPS GroupIKEFY26-29.3%n/mImproved—
Steel & Tube HoldingsSTUFY26-50.2%Outside range low roe. -50.2%; 3-period range -12.8% to 8.2%. ROE: -50.2%, below normal range; 3-period mean -1.1%, range -12.8%-8.2%.-13.4%Deteriorated—
Rua BioscienceRUAFY26-79.9%-70.6%Deteriorated—
Truscreen GroupTRUFY26-87.1%n/mImproved—
EROADERDFY26-93.5%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%.0.4%Deteriorated—
AFC Group HoldingsAFCFY26n/m-67.2%Deteriorated—
BarramundiBRMFY26—3.3%n/a—
Being AIBAIFY26n/mn/mDeteriorated0.06x
Blackwell Global HoldingsRTOFY26n/m—n/a—
Fonterra Co-operative GroupFCGFY26—9.1%n/a—
IperionIPRFY26n/m-75.6%Deteriorated—
KingfishKFLFY26—8.7%n/a—
Marlin GlobalMLNFY26—0.2%n/a—
Me TodayMEEHY26n/mn/mImproved—
Pacific EdgePEBFY26n/mn/mDeteriorated—

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

NZX ROE comparison table

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

ROE connects reported profit with the equity capital supporting the business, but a high number is not automatically high quality. The strongest improvement is supported by recurring earnings and sensible leverage; buybacks, impairments, accumulated losses, or a shrinking equity base can raise the ratio without improving the underlying economics.

Methodology

ROE uses NPAT divided by total equity from the available filing data. Prior ROE is taken from the most recent earlier equivalent period (FY-to-FY or HY-to-HY). Net debt / EBITDA is included as balance-sheet context, and extreme ROE or non-meaningful leverage values are excluded from normal chart comparison.

Investor guide

How to use this comparison

Investor question

How effectively is the company producing statutory profit from the shareholders' equity recorded on its balance sheet?

What it measures

The table compares NPAT as a percentage of total equity, shows movement from the prior equivalent period, and adds net debt to EBITDA as leverage context. It is an accounting return measure, not a direct estimate of future shareholder return.

How to read it

  1. Look for a durable ROE level and direction rather than selecting the single highest observation.
  2. Pair improving ROE with leverage: improvement funded by much more debt carries a different risk profile.
  3. Compare companies with similar capital models, because asset-heavy, financial, and low-equity businesses can have structurally different ranges.

Common distortions

  • A small or negative equity base can create an extreme or non-meaningful ratio.
  • Impairments, revaluations, buybacks, and special distributions can change equity independently of operating performance.
  • One-off statutory gains, losses, or tax items can move NPAT and therefore ROE for a single period.

Questions to ask next

  • Did margin, asset use, or leverage drive the change in ROE?
  • Does cash generation support the statutory profit used in the numerator?
  • Is the current equity base representative after recent acquisitions, impairments, or distributions?

Related insights

NZX profit margin comparison

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

NZX earnings quality comparison

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

NZX leverage comparison

Net debt and net debt / EBITDA across covered NZX companies, with a clear boundary around currently unavailable comparable interest-cover data.

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