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NZX working capital comparison

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

Last updated 2 July 2026

Inventory days trend

Inventory-day movement where companies disclose enough detail; values above 1,000 days are omitted from the chart.

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FY22 AIR: Outside range high inventory days. 13d; 3-period range 7d to 9d. Inventory days: 13.1 days, above normal range; 3-period mean 7.6 days, range 6.9 days-8.9 days.
FY23 AIR: Outside range low inventory days. 7d; 3-period range 7d to 13d. Inventory days: 6.9 days, below normal range; 3-period mean 9.7 days, range 7.1 days-13.1 days.
FY21 AOF: Outside range low inventory days. 26d; 3-period range 28d to 44d. Inventory days: 26.1 days, below normal range; 3-period mean 35.3 days, range 28.4 days-43.6 days.
FY22 AOF: Outside range high inventory days. 44d; 3-period range 26d to 34d. Inventory days: 43.6 days, above normal range; 3-period mean 29.4 days, range 26.1 days-33.8 days.
FY25 BLT: Outside range low inventory days. 21d; 3-period range 23d to 40d. Inventory days: 21.0 days, below normal range; 3-period mean 29.5 days, range 22.8 days-39.6 days.
FY26 BLT: Outside range high inventory days. 40d; 3-period range 21d to 26d. Inventory days: 39.6 days, above normal range; 3-period mean 23.3 days, range 21.0 days-26.2 days.
FY22 BRW: Outside range low inventory days. 104d; 4-period range 116d to 225d. Inventory days: 104.2 days, below normal range; 4-period mean 171.1 days, range 115.5 days-224.6 days.
FY23 BRW: Unprecedented high inventory days. 225d; 4-period range 104d to 211d. Inventory days: 224.6 days, unprecedented high; 4-period mean 141.0 days, range 104.2 days-210.7 days.
HY22 BGP: Outside range low inventory days. 51d; 3-period range 52d to 56d. Inventory days: 51.3 days, below normal range; 3-period mean 53.3 days, range 52.0 days-55.9 days.
HY23 BGP: Outside range high inventory days. 56d; 3-period range 51d to 52d. Inventory days: 55.9 days, above normal range; 3-period mean 51.8 days, range 51.3 days-52.0 days.
HY22 BFG: Unprecedented high inventory days. 13d; 4-period range 8d to 12d. Inventory days: 13.3 days, unprecedented high; 4-period mean 9.7 days, range 7.7 days-12.1 days.
HY24 BFG: Unprecedented low inventory days. 8d; 4-period range 9d to 13d. Inventory days: 7.7 days, unprecedented low; 4-period mean 11.1 days, range 9.0 days-13.3 days.
HY22 CHI: Outside range high inventory days. 32d; 3-period range 13d to 16d. Inventory days: 31.6 days, above normal range; 3-period mean 14.4 days, range 13.4 days-15.7 days.
HY25 CHI: Outside range low inventory days. 13d; 3-period range 14d to 32d. Inventory days: 13.4 days, below normal range; 3-period mean 20.5 days, range 14.1 days-31.6 days.
HY23 FPH: Outside range high inventory days. 105d; 3-period range 56d to 82d. Inventory days: 105.0 days, above normal range; 3-period mean 67.2 days, range 56.3 days-81.6 days.
HY26 FPH: Outside range low inventory days. 56d; 3-period range 64d to 105d. Inventory days: 56.3 days, below normal range; 3-period mean 83.4 days, range 63.7 days-105.0 days.
FY22 FBU: Outside range low inventory days. 65d; 4-period range 66d to 99d. Inventory days: 64.7 days, below normal range; 4-period mean 85.9 days, range 65.5 days-99.5 days.
HY25 FBU: Outside range low inventory days. 69d; 3-period range 72d to 122d. Inventory days: 68.7 days, below normal range; 3-period mean 97.0 days, range 72.4 days-122.5 days.
FY25 FBU: Outside range high inventory days. 100d; 4-period range 65d to 90d. Inventory days: 99.5 days, above normal range; 4-period mean 77.2 days, range 64.7 days-89.7 days.
HY26 FBU: Outside range high inventory days. 123d; 3-period range 69d to 96d. Inventory days: 122.5 days, above normal range; 3-period mean 79.0 days, range 68.7 days-96.0 days.
HY25 GNE: Outside range low inventory days. 18d; 3-period range 22d to 38d. Inventory days: 18.3 days, below normal range; 3-period mean 32.4 days, range 22.2 days-37.7 days.
HY26 GNE: Outside range high inventory days. 38d; 3-period range 18d to 37d. Inventory days: 37.7 days, above normal range; 3-period mean 25.9 days, range 18.3 days-37.2 days.
HY23 GXH: Outside range low inventory days. 17d; 3-period range 23d to 24d. Inventory days: 16.6 days, below normal range; 3-period mean 23.5 days, range 23.2 days-23.8 days.
HY24 GXH: Outside range high inventory days. 24d; 3-period range 17d to 23d. Inventory days: 23.8 days, above normal range; 3-period mean 21.1 days, range 16.6 days-23.4 days.
HY22 HLG: Outside range high inventory days. 24d; 4-period range 19d to 23d. Inventory days: 23.9 days, above normal range; 4-period mean 20.5 days, range 18.6 days-23.2 days.
FY22 HLG: Unprecedented high inventory days. 35d; 4-period range 23d to 29d. Inventory days: 34.8 days, unprecedented high; 4-period mean 26.0 days, range 23.0 days-29.0 days.
HY24 HLG: Outside range low inventory days. 19d; 4-period range 19d to 24d. Inventory days: 18.6 days, below normal range; 4-period mean 21.8 days, range 19.3 days-23.9 days.
FY24 HLG: Outside range low inventory days. 23d; 4-period range 24d to 35d. Inventory days: 23.0 days, below normal range; 4-period mean 28.9 days, range 24.3 days-34.8 days.
FY23 IKE: Outside range low inventory days. 29d; 4-period range 35d to 182d. Inventory days: 29.3 days, below normal range; 4-period mean 88.2 days, range 35.3 days-182.4 days.
HY24 IKE: Outside range high inventory days. 73d; 3-period range 19d to 39d. Inventory days: 73.4 days, above normal range; 3-period mean 26.5 days, range 18.8 days-39.3 days.
HY25 IKE: Outside range low inventory days. 19d; 3-period range 22d to 73d. Inventory days: 18.8 days, below normal range; 3-period mean 44.7 days, range 21.5 days-73.4 days.
FY26 IKE: Unprecedented high inventory days. 182d; 4-period range 29d to 90d. Inventory days: 182.4 days, unprecedented high; 4-period mean 49.9 days, range 29.3 days-89.9 days.
HY22 IFT: Outside range low inventory days. 1d; 3-period range 4d to 8d. Inventory days: 0.7 days, below normal range; 3-period mean 5.9 days, range 3.9 days-8.1 days.
HY24 IFT: Outside range high inventory days. 8d; 3-period range 1d to 6d. Inventory days: 8.1 days, above normal range; 3-period mean 3.5 days, range 0.7 days-5.9 days.
FY22 LIC: Outside range low inventory days. 15d; 3-period range 20d to 27d. Inventory days: 15.3 days, below normal range; 3-period mean 24.3 days, range 19.9 days-27.2 days.
FY24 LIC: Outside range high inventory days. 27d; 3-period range 15d to 26d. Inventory days: 27.2 days, above normal range; 3-period mean 20.3 days, range 15.3 days-25.7 days.
HY26 MEE: Unprecedented low inventory days. 174d; 4-period range 655d to 1,658d. Inventory days: 173.7 days, unprecedented low; 4-period mean 1060.6 days, range 655.3 daysn/m days.
FY21 MCY: Outside range low inventory days. 4d; 3-period range 12d to 16d. Inventory days: 4.3 days, below normal range; 3-period mean 13.7 days, range 12.2 days-15.7 days.
FY22 MCY: Outside range high inventory days. 16d; 3-period range 4d to 13d. Inventory days: 15.7 days, above normal range; 3-period mean 9.9 days, range 4.3 days-13.1 days.
HY22 MPG: Unprecedented low inventory days. 34d; 4-period range 40d to 44d. Inventory days: 34.1 days, unprecedented low; 4-period mean 42.7 days, range 40.2 days-44.3 days.
FY23 MPG: Outside range high inventory days. 44d; 4-period range 39d to 44d. Inventory days: 44.1 days, above normal range; 4-period mean 41.6 days, range 39.1 days-43.5 days.
FY24 MPG: Unprecedented low inventory days. 39d; 4-period range 42d to 44d. Inventory days: 39.1 days, unprecedented low; 4-period mean 42.9 days, range 41.5 days-44.1 days.
HY26 MPG: Outside range high inventory days. 44d; 4-period range 34d to 43d. Inventory days: 44.3 days, above normal range; 4-period mean 40.1 days, range 34.1 days-43.1 days.
HY24 MHJ: Outside range high inventory days. 110d; 3-period range 99d to 108d. Inventory days: 110.4 days, above normal range; 3-period mean 102.0 days, range 99.1 days-107.7 days.
HY26 MHJ: Outside range low inventory days. 99d; 3-period range 99d to 110d. Inventory days: 99.1 days, below normal range; 3-period mean 105.8 days, range 99.3 days-110.4 days.
HY21 MCK: Unprecedented low inventory days. 2d; 4-period range 3d to 4d. Inventory days: 2.2 days, unprecedented low; 4-period mean 3.5 days, range 2.7 days-4.2 days.
HY23 MCK: Outside range high inventory days. 4d; 4-period range 2d to 4d. Inventory days: 4.2 days, above normal range; 4-period mean 3.0 days, range 2.2 days-3.7 days.
FY24 MCK: Outside range high inventory days. 4d; 3-period range 2d to 3d. Inventory days: 3.7 days, above normal range; 3-period mean 2.6 days, range 2.0 days-2.9 days.
FY25 MCK: Outside range low inventory days. 2d; 3-period range 3d to 4d. Inventory days: 2.0 days, below normal range; 3-period mean 3.1 days, range 2.8 days-3.7 days.
FY22 MFB: Outside range high inventory days. 5d; 4-period range 1d to 5d. Inventory days: 4.9 days, above normal range; 4-period mean 2.9 days, range 0.9 days-4.5 days.
FY25 MFB: Unprecedented low inventory days. 1d; 4-period range 2d to 5d. Inventory days: 0.9 days, unprecedented low; 4-period mean 3.9 days, range 1.8 days-4.9 days.
HY25 NZK: Outside range high inventory days. 64d; 3-period range 38d to 53d. Inventory days: 63.6 days, above normal range; 3-period mean 44.2 days, range 38.2 days-53.3 days.
HY26 NZK: Outside range low inventory days. 38d; 3-period range 41d to 64d. Inventory days: 38.2 days, below normal range; 3-period mean 52.6 days, range 41.0 days-63.6 days.

Operating working-capital movement

Largest latest working-capital absorption or release across companies with enough history. Positive values are working-capital build; negative values are release.

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NZX working capital comparison table
Company	Ticker	Period	Debtor days	Inventory days	Combined	Change
New Talisman Gold Mines	NTL	FY26	433	—	433	—
Rakon	RAK	HY26	183	190	373	-8 days
Bremworth	BRW	FY26	90Unprecedented high debtor days. 90d; 4-period range 47d to 82d. Debtor days: 90.2 days, unprecedented high; 4-period mean 56.2 days, range 46.7 days-81.9 days.	211	301	+137 days
ArborGen Holdings	ARB	FY26	64	225	289	—
Me Today	MEE	HY26	114	174Unprecedented low inventory days. 174d; 4-period range 655d to 1,658d. Inventory days: 173.7 days, unprecedented low; 4-period mean 1060.6 days, range 655.3 daysn/m days.	287	-327 days
Truscreen Group	TRU	FY26	154	99	253	+42 days
ikeGPS Group	IKE	FY26	58Outside range low debtor days. 58d; 4-period range 59d to 103d. Debtor days: 58.1 days, below normal range; 4-period mean 80.2 days, range 59.0 days-102.9 days.	182Unprecedented high inventory days. 182d; 4-period range 29d to 90d. Inventory days: 182.4 days, unprecedented high; 4-period mean 49.9 days, range 29.3 days-89.9 days.	241	+200 days
Delegat Group	DGL	HY26	61	145	206	-5 days
Vulcan Steel	VSL	HY25	53	134	187	—
AoFrio	AOF	FY22	125Outside range high debtor days. 125d; 3-period range 76d to 94d. Debtor days: 124.7 days, above normal range; 3-period mean 84.0 days, range 76.2 days-93.8 days.	44Outside range high inventory days. 44d; 3-period range 26d to 34d. Inventory days: 43.6 days, above normal range; 3-period mean 29.4 days, range 26.1 days-33.8 days.	168	+48 days
Fletcher Building	FBU	HY26	44	122Outside range high inventory days. 123d; 3-period range 69d to 96d. Inventory days: 122.5 days, above normal range; 3-period mean 79.0 days, range 68.7 days-96.0 days.	167	+35 days
Comvita	CVT	HY26	51	105	157	-166 days
AFC Group Holdings	AFC	FY25	—	150	150	-756 days
The Colonial Motor Company	CMO	HY26	—	146	146	+58 days
Steel & Tube Holdings	STU	HY26	47	100	146	-14 days
Synlait Milk	SML	HY26	47Outside range high debtor days. 47d; 4-period range 0d to 36d. Debtor days: 46.6 days, above normal range; 4-period mean 17.5 days, range 0.0 days-36.1 days.	99	146	+41 days
Rua Bioscience	RUA	HY26	51	93	144	+25 days
Kiwi Property Group	KPG	FY26	11Outside range low debtor days. 11d; 4-period range 12d to 17d. Debtor days: 11.1 days, below normal range; 4-period mean 14.1 days, range 12.1 days-17.5 days.	132	144	0 days
PGG Wrightson	PGW	HY26	105	37	142	+56 days
Skellerup Holdings	SKL	HY26	50	82	132	-4 days
Sanford	SAN	HY26	55	76	132	+35 days
The Warehouse Group	WHS	FY25	9	121	130	+69 days
Precinct Properties	PCT	HY26	13	116	129	+117 days
Scott Technology	SCT	HY26	64Unprecedented high debtor days. 64d; 4-period range 46d to 60d. Debtor days: 64.4 days, unprecedented high; 4-period mean 51.7 days, range 46.4 days-60.2 days.	64Unprecedented high inventory days. 64d; 4-period range 44d to 55d. Inventory days: 64.4 days, unprecedented high; 4-period mean 48.3 days, range 43.8 days-55.4 days.	129	-2 days
KMD Brands	KMD	HY26	20	99	119	-9 days
Pacific Edge	PEB	HY26	—	119	119	+45 days
Freightways Group	FRW	HY26	102	7	108	+105 days
Michael Hill International	MHJ	HY26	0Outside range low debtor days. 0d; 3-period range 7d to 10d. Debtor days: 0.0 days, below normal range; 3-period mean 8.0 days, range 7.2 days-9.6 days.	99Outside range low inventory days. 99d; 3-period range 99d to 110d. Inventory days: 99.1 days, below normal range; 3-period mean 105.8 days, range 99.3 days-110.4 days.	99	-16 days
Fisher & Paykel Healthcare	FPH	FY26	45	52	97	-2 days
Metro Performance Glass	MPG	FY26	52	42	94	-2 days
BLIS Technologies	BLT	FY26	51	40Outside range high inventory days. 40d; 3-period range 21d to 26d. Inventory days: 39.6 days, above normal range; 3-period mean 23.3 days, range 21.0 days-26.2 days.	90	-34 days
Templeton Emerging Markets Investment Trust Plc	TEM	HY24	85	—	85	+33 days
Livestock Improvement Corporation	LIC	HY26	83	—	83	+11 days
EBOS Group	EBO	HY26	45	36	81	+1 days
Sky Network Television	SKT	HY26	10	71	81	+28 days
Tourism Holdings	THL	HY26	18	61	78	+5 days
Scales Corporation	SCL	FY25	26Unprecedented high debtor days. 26d; 4-period range 17d to 24d. Debtor days: 25.8 days, unprecedented high; 4-period mean 19.6 days, range 16.5 days-23.7 days.	49Unprecedented high inventory days. 49d; 4-period range 16d to 25d. Inventory days: 48.5 days, unprecedented high; 4-period mean 20.2 days, range 15.6 days-25.1 days.	74	+58 days
New Zealand King Salmon Investments	NZK	HY26	30Outside range high debtor days. 30d; 3-period range 23d to 28d. Debtor days: 29.7 days, above normal range; 3-period mean 26.1 days, range 23.4 days-28.1 days.	38Outside range low inventory days. 38d; 3-period range 41d to 64d. Inventory days: 38.2 days, below normal range; 3-period mean 52.6 days, range 41.0 days-63.6 days.	68	+4 days
Cooks Coffee Company	CCC	FY26	68Outside range low debtor days. 68d; 3-period range 72d to 134d. Debtor days: 67.5 days, below normal range; 3-period mean 93.3 days, range 72.4 days-134.3 days.	—	68	-67 days
Genesis Energy	GNE	HY26	29	38Outside range high inventory days. 38d; 3-period range 18d to 37d. Inventory days: 37.7 days, above normal range; 3-period mean 25.9 days, range 18.3 days-37.2 days.	67	+31 days
Vista Group International	VGL	FY25	67	—	67	-1 days
T&G Global Limited and subsidiary companies	TGG	FY25	49	12Outside range low inventory days. 12d; 3-period range 15d to 18d. Inventory days: 12.1 days, below normal range; 3-period mean 17.1 days, range 15.1 days-18.5 days.	61	-26 days
Gentrack Group Limited 6 months to 31 March 2026	GTK	HY26	57	1	58	+11 days
Mercury NZ	MCY	HY26	44	11	55	+1 days
Vector	VCT	HY26	54	—	54	+27 days
Napier Port Holdings	NPH	HY26	53	—	53	+24 days
MOVE Logistics Group	MOV	HY26	51	0	52	+12 days
Mainfreight	MFT	FY26	51	—	51	+6 days
Channel Infrastructure NZ	CHI	FY25	37	13	50	0 days
The a2 Milk Company	ATM	HY26	17	32	49	+10 days
EROAD	ERD	FY26	47	—	47	-69 days
Enprise Group	ENS	FY25	46	—	46	-1 days
Briscoe Group	BGP	FY26	1	42	42	-12 days
NZME	NZM	FY25	36	2	37	-2 days
Burger Fuel Group	BFG	FY26	28Outside range low debtor days. 28d; 3-period range 29d to 32d. Debtor days: 28.3 days, below normal range; 3-period mean 30.3 days, range 28.9 days-32.4 days.	7	35	-4 days
Auckland International Airport	AIA	HY26	32	—	32	+25 days
Contact Energy	CEN	HY26	—	31	31	-11 days
Australian Foundation Investment Company	AFI	HY26	29	—	29	—
Oceania Healthcare	OCA	HY26	29	—	29	—
Turners Automotive Group	TRA	FY26	6	22Outside range low inventory days. 22d; 3-period range 22d to 37d. Inventory days: 21.8 days, below normal range; 3-period mean 31.1 days, range 22.0 days-37.2 days.	28	0 days
Green Cross Health	GXH	FY26	5	23	28	-4 days
Meridian Energy	MEL	HY26	27	—	27	-4 days
Radius Residential Care	RAD	FY26	21Outside range low debtor days. 21d; 3-period range 24d to 33d. Debtor days: 21.2 days, below normal range; 3-period mean 27.4 days, range 24.0 days-32.6 days.	1Outside range low inventory days. 1d; 3-period range 1d to 2d. Inventory days: 1.1 days, below normal range; 3-period mean 1.4 days, range 1.2 days-1.9 days.	22	-2 days
Millennium & Copthorne Hotels New Zealand	MCK	FY25	20Outside range high debtor days. 20d; 3-period range 15d to 20d. Debtor days: 20.0 days, above normal range; 3-period mean 17.1 days, range 15.4 days-19.9 days.	2Outside range low inventory days. 2d; 3-period range 3d to 4d. Inventory days: 2.0 days, below normal range; 3-period mean 3.1 days, range 2.8 days-3.7 days.	22	-11 days
Seeka	SEK	FY25	11	9	21	-4 days
Hallenstein Glasson	HLG	HY26	1Outside range high debtor days. 1d; 4-period range 0d to 1d. Debtor days: 0.8 days, above normal range; 4-period mean 0.5 days, range 0.2 days-0.8 days.	19	20	-5 days
Serko	SKO	FY26	19	—	19	-28 days
Air New Zealand	AIR	HY26	—	18	18	+9 days
New Zealand Rural Land Company	NZL	HY22	13	—	13	—
Spark New Zealand	SPK	HY26	—	12	12	-37 days
Ryman Healthcare	RYM	FY26	11	—	11	+0 days
Summerset Group Holdings	SUM	FY25	9Outside range high debtor days. 9d; 3-period range 7d to 8d. Debtor days: 9.1 days, above normal range; 3-period mean 7.5 days, range 6.9 days-8.3 days.	—	9	-42 days
Argosy Property	ARG	FY26	9	—	9	+0 days
SkyCity Entertainment Group	SKC	HY26	—	8	8	+2 days
Savor	SVR	FY26	1	6	6	+0 days
Infratil	IFT	FY26	—	5	5	-1 days
My Food Bag Group	MFB	FY26	3Unprecedented high debtor days. 3d; 4-period range 0d to 1d. Debtor days: 3.0 days, unprecedented high; 4-period mean 0.8 days, range 0.4 days-1.2 days.	2	5	-8 days
CDL Investments New Zealand	CDI	FY25	4	—	4	-46 days
General Capital	GEN	HY26	3Outside range high debtor days. 3d; 3-period range 0d to 0d. Debtor days: 3.2 days, above normal range; 3-period mean 0.1 days, range 0.0 days-0.2 days.	—	3	+3 days
Port of Tauranga	POT	HY26	—	2	2	—
Asset Plus	APL	FY26	1	—	1	-14 days

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

NZX working capital comparison table

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

Working-capital pressure is one of the fastest ways for an earnings result to become a cash-quality problem. High combined debtor and inventory days are not automatically bad, but rising days explain why some companies report acceptable earnings while operating cash flow weakens.

Methodology

Debtor days and inventory days use standard Annolyse calculations from available working-capital data. The combined-days column is debtor days plus inventory days when both are disclosed, and the change column compares that combined figure with the company's immediately prior covered period.

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