Methodology
Covered utility companies are compared using published company metrics. Generation output, hydro storage, and retail churn are not included yet.
Sector comparison
NZX utilities comparison
Gentailers and utility-like infrastructure names compared on cash conversion, leverage, margins, and distributions.
Last updated 27 August 2026
Net debt / EBITDA by company
Latest published period for each company.
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- VCT Net debt / EBITDA: Unprecedented 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.
- GNE Net debt / EBITDA: Outside 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.
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| Company | Period | Coverage | Revenue growth | EBITDA margin | OCF / EBITDA | Net debt / EBITDA | DPS |
|---|---|---|---|---|---|---|---|
| Mercury NZMCY | FY26 | 11 periods | -7.8% | 33.1% | 71.3% | 2.24x | 17.0c |
| VectorVCT | FY26 | 11 periods | 8.3% | 56.3% | 94.0% | 3.34xUnprecedented 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. | 13.5c |
| Contact EnergyCEN | FY26 | 8 periods | -5.7% | 31.2% | 78.4% | 2.26x | 24.0c |
| Genesis EnergyGNE | FY26 | 8 periods | -22.7% | 18.3% | 98.6% | 1.81xOutside 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. | 7.6c |
| Meridian EnergyMEL | FY26 | 8 periods | -19.7% | 27.1% | 77.1% | 1.36x | 16.1c |
| ChorusCNU | FY26 | 7 periods | 1.5% | 70.6% | 101.9% | 4.29x | 36.0c |
Source: latest published result for each company included in this sector comparison.
NZX utilities comparison table
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Revenue growth says little on its own for capital-heavy utilities. EBITDA margin, cash conversion, leverage, and distributions help assess whether regulated or generation-linked earnings support the balance sheet and dividend capacity.
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