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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 29 August 2026

Latest working-capital days

Highest and lowest latest chartable combined debtor and inventory days. Cross-sector levels are context, not a mechanical ranking.

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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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  • FY23 FBU: Unprecedented high operating working-capital movement. $949m; 4-period range $-473m to $138m. Operating working-capital movement: NZ$949.0m, unprecedented high; 3/4 prior periods had builds averaging NZ$92.7m, and 1 had releases averaging NZ$-473.0m.
  • FY24 FBU: Unprecedented low operating working-capital movement. $-473m; 4-period range $11m to $949m. Operating working-capital movement: NZ$-473.0m, unprecedented low; 4/4 prior periods had builds averaging NZ$306.8m, and none had a working-capital release.
  • FY23 GNE: Outside range low operating working-capital movement. $-36.5m; 3-period range $-30.3m to $123.7m. Operating working-capital movement: NZ$-36.5m, below normal range; 2/3 prior periods had builds averaging NZ$118.6m, and 1 had releases averaging NZ$-30.3m.
  • FY25 GNE: Outside range high operating working-capital movement. $123.7m; 3-period range $-36.5m to $113.5m. Operating working-capital movement: NZ$123.7m, above normal range; 1/3 prior periods had builds averaging NZ$113.5m, and 2 had releases averaging NZ$-33.4m.
  • FY23 CMO: Outside range high operating working-capital movement. $69m; 3-period range $-94.5m to $44.1m. Operating working-capital movement: NZ$69.0m, above normal range; 1/3 prior periods had builds averaging NZ$44.1m, and 2 had releases averaging NZ$-51.2m.
  • HY24 CMO: Outside range high operating working-capital movement. $72.6m; 3-period range $-29.6m to $39.7m. Operating working-capital movement: NZ$72.6m, above normal range; 2/3 prior periods had builds averaging NZ$33.8m, and 1 had releases averaging NZ$-29.6m.
  • HY26 CMO: Outside range low operating working-capital movement. $-29.6m; 3-period range $27.8m to $72.6m. Operating working-capital movement: NZ$-29.6m, below normal range; 3/3 prior periods had builds averaging NZ$46.7m, and none had a working-capital release.
  • FY26 CMO: Outside range low operating working-capital movement. $-94.5m; 3-period range $-7.9m to $69m. Operating working-capital movement: NZ$-94.5m, below normal range; 2/3 prior periods had builds averaging NZ$56.6m, and 1 had releases averaging NZ$-7.9m.
  • FY23 SUM: Outside range low operating working-capital movement. $0.4m; 3-period range $1.3m to $2.2m. Operating working-capital movement: NZ$0.4m, below normal range; 3/3 prior periods had builds averaging NZ$1.7m, and none had a working-capital release.
  • FY24 SUM: Outside range high operating working-capital movement. $2.2m; 3-period range $0.4m to $1.7m. Operating working-capital movement: NZ$2.2m, above normal range; 3/3 prior periods had builds averaging NZ$1.1m, and none had a working-capital release.
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NZX working capital comparison table
CompanyTickerPeriodDebtor daysInventory daysCombinedChange
AFC Group HoldingsAFCFY2630613643+464 days
New Talisman Gold MinesNTLFY26433—433—
RakonRAKHY26183190373-8 days
Winton LandWINFY26—333333-197 days
BremworthBRWFY2690Unprecedented 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.211301+137 days
ArborGen HoldingsARBFY2664225289+9 days
Me TodayMEEHY26114174Unprecedented 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.287-459 days
Truscreen GroupTRUFY2615499253+84 days
ikeGPS GroupIKEFY2658Outside range low debtor days. 58d; 3-period range 59d to 103d. Debtor days: 58.1 days, below normal range; 3-period mean 84.6 days, range 59.0 days-102.9 days.182Outside range high inventory days. 182d; 3-period range 29d to 90d. Inventory days: 182.4 days, above normal range; 3-period mean 54.7 days, range 29.3 days-89.9 days.241+72 days
Delegat GroupDGLFY2649175224-38 days
Vulcan SteelVSLHY2650128178-1 days
ComvitaCVTFY2636137173-37 days
Fletcher BuildingFBUFY2651111Unprecedented high inventory days. 111d; 5-period range 65d to 99d. Inventory days: 111.4 days, unprecedented high; 5-period mean 81.6 days, range 64.7 days-99.5 days.162+30 days
Synlait MilkSMLHY2647Outside 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.99146+57 days
Kiwi Property GroupKPGFY2611Outside 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.132144+7 days
Steel & Tube HoldingsSTUFY265092142-18 days
Rua BioscienceRUAFY266673139-11 days
Skellerup HoldingsSKLFY2659Outside range high debtor days. 59d; 3-period range 54d to 57d. Debtor days: 59.3 days, above normal range; 3-period mean 55.4 days, range 53.9 days-56.6 days.76135-1 days
SanfordSANHY265576132+19 days
The Warehouse GroupWHSFY259121130+69 days
Precinct PropertiesPCTHY2613116129+128 days
Scott TechnologySCTHY2664Unprecedented 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+13 days
AoFrioAOFHY267646122-8 days
KMD BrandsKMDHY262099119-21 days
Summerset Group HoldingsSUMHY26106Outside range high debtor days. 106d; 3-period range 51d to 58d. Debtor days: 105.6 days, above normal range; 3-period mean 54.7 days, range 50.8 days-57.6 days.—106+55 days
Pacific EdgePEBFY26356599+25 days
Michael Hill InternationalMHJHY260Outside 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.99-9 days
Fisher & Paykel HealthcareFPHFY26455297-12 days
Metro Performance GlassMPGFY26524294+2 days
BLIS TechnologiesBLTFY265140Outside 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+39 days
PGG WrightsonPGWFY26543689+4 days
Templeton Emerging Markets Investment Trust PlcTEMHY2485—85+33 days
Sky Network TelevisionSKTHY26107181+45 days
EBOS GroupEBOFY26393877-4 days
New Zealand King Salmon InvestmentsNZKHY26303868+3 days
Cooks Coffee CompanyCCCFY2668Outside 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.—68-19 days
Vista Group InternationalVGLHY2668—680 days
Tourism HoldingsTHLFY2695867-6 days
The a2 Milk CompanyATMFY26115465+26 days
The Colonial Motor CompanyCMOFY26—6464-24 days
Livestock Improvement CorporationLICFY26432064-2 days
T&G Global Limited and subsidiary companiesTGGFY254912Outside 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.61-8 days
Genesis EnergyGNEFY2619Outside range high debtor days. 19d; 3-period range 13d to 19d. Debtor days: 19.4 days, above normal range; 3-period mean 16.2 days, range 12.6 days-18.6 days.41Outside range high inventory days. 41d; 3-period range 11d to 23d. Inventory days: 41.3 days, above normal range; 3-period mean 18.5 days, range 10.5 days-23.0 days.61+25 days
Port of TaurangaPOTFY2657259+5 days
Mercury NZMCYFY26461359+5 days
Gentrack Group Limited 6 months to 31 March 2026GTKHY2657158+11 days
Napier Port HoldingsNPHHY2653—53+24 days
SeekaSEKHY26341952+1 days
CDL Investments New ZealandCDIHY2652—52+2 days
MOVE Logistics GroupMOVFY26511Outside range high inventory days. 1d; 3-period range 0d to 0d. Inventory days: 0.7 days, above normal range; 3-period mean 0.2 days, range 0.2 days-0.3 days.52+10 days
MainfreightMFTFY2651—51+6 days
Channel Infrastructure NZCHIFY25371350+1 days
Spark New ZealandSPKFY2639948-2 days
EROADERDFY2647—47-42 days
Enprise GroupENSFY2546—46-2 days
Freightways GroupFRWFY2641344+1 days
Briscoe GroupBGPFY2614242-7 days
South Port New ZealandSPNFY2641—41-2 days
NZMENZMFY2536237-6 days
Burger Fuel GroupBFGFY2628Outside 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.735-3 days
ChorusCNUFY2635—35+1 days
New Zealand Rural Land CompanyNZLHY2633—330 days
Meridian EnergyMELFY2633—33+3 days
Contact EnergyCENFY2624832-10 days
Air New ZealandAIRFY2622Unprecedented high debtor days. 22d; 4-period range 0d to 1d. Debtor days: 22.4 days, unprecedented high; 4-period mean 0.5 days, range 0.3 days-0.9 days.931+2 days
Scales CorporationSCLHY26129Outside range high inventory days. 29d; 4-period range 15d to 27d. Inventory days: 29.4 days, above normal range; 4-period mean 22.0 days, range 15.0 days-27.5 days.30+14 days
Oceania HealthcareOCAHY2629—29+0 days
Turners Automotive GroupTRAFY2662228+2 days
Green Cross HealthGXHFY2652328+1 days
VectorVCTFY2623—23-4 days
Radius Residential CareRADFY2621Outside 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.22-3 days
Millennium & Copthorne Hotels New ZealandMCKHY26202Outside range low inventory days. 2d; 5-period range 2d to 4d. Inventory days: 1.9 days, below normal range; 5-period mean 3.3 days, range 2.2 days-4.2 days.21-11 days
Hallenstein GlassonHLGHY261Outside 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.1920-1 days
SerkoSKOFY2619—19-12 days
Ryman HealthcareRYMFY2611—11+10 days
Argosy PropertyARGFY269—9+3 days
SkyCity Entertainment GroupSKCFY265Outside range high debtor days. 5d; 3-period range 2d to 3d. Debtor days: 4.7 days, above normal range; 3-period mean 3.0 days, range 2.0 days-3.5 days.48+2 days
Auckland International AirportAIAFY268—8+1 days
SavorSVRFY26166+0 days
InfratilIFTFY26—55+0 days
My Food Bag GroupMFBFY263Unprecedented 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.25+3 days
Asset PlusAPLFY261—1-1 days
General CapitalGENFY261—1+0 days

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

NZX working capital comparison table

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

Working-capital days show where reported trading can diverge from cash collection. A high level is not automatically weak because business models differ, but a sustained increase can signal slower customer payments, excess stock, supply-chain choices, or growth that requires progressively more cash to fund.

Methodology

Debtor days and inventory days use source-backed Annolyse calculations from available working-capital data. Combined days adds the two measures when both are disclosed, or shows the available component when only one is supported. Change compares the latest combined measure with the most recent earlier equivalent period (FY-to-FY or HY-to-HY), and out-of-range values are omitted from normal chart comparison.

Investor guide

How to use this comparison

Investor question

Is more cash becoming tied up in customer receivables or inventory as the business trades?

What it measures

The table estimates debtor days and inventory days from reported balances and activity, combines the available measures, and compares that total with the prior equivalent period. It highlights operating cash tied up before considering financing or capital expenditure.

How to read it

  1. Use the change against the prior equivalent period before comparing absolute levels across different industries.
  2. Rising days can indicate cash absorption; falling days can indicate better collection or stock efficiency, but may also reflect timing or destocking.
  3. Read debtor and inventory components separately so one improvement does not hide deterioration in the other.

Common distortions

  • Reporting-date seasonality can place receivables or inventory near a natural peak or trough.
  • Acquisitions, disposals, supply-chain disruptions, and changes in revenue mix can break comparability.
  • Year-end cut-off, factoring, supplier terms, and incomplete disclosure can change the apparent cash cycle.

Questions to ask next

  • Did management explain the movement as deliberate investment, timing, or operational pressure?
  • How did the change flow through operating cash conversion and free cash flow?
  • Are aged receivables, inventory provisions, or write-downs increasing?

Related insights

NZX cash conversion comparison

Operating cash flow versus EBITDA across covered NZX companies, using each company's most recent published result.

NZX free cash flow comparison

Pre-lease and post-lease free cash flow across covered NZX companies, with operating cash flow and revenue-margin context.

NZX revenue growth comparison

Revenue growth rates across covered NZX companies, ranked by each company's latest reported period.

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