The calculation rules behind the Annolyse principles pages: thresholds, categories, denominator guardrails, exclusions, source timestamps, and current limits.
Rankings as of 24 April 2026, based on Annolyse's coverage of 97 NZX companies.
Annolyse combines three comparable-period inputs: revenue direction, NPAT direction, and cash-flow direction. Revenue uses a 2% up/down band. NPAT and cash flow use a 5% up/down band.
At least two of the three inputs must resolve. If fewer than two resolve, the row is marked insufficient data. Sign-flips around zero are treated as unavailable rather than forced into large percentage changes.
Cash-flow direction uses FCF where available and operating cash flow where FCF is not disclosed clearly enough for the issuer.
Price direction uses the latest 12-month share-price change from the market-data snapshot. Moves inside +/-5% are flat; moves above the band are up; moves below the negative band are down.
The price direction is shown separately from fundamentals so readers can distinguish a business result from the market's response to it.
Opportunity signal means fundamentals improved while price fell. Aligned favourable means fundamentals improved and price was flat or up. Stable means fundamentals and price were both flat.
Decoupled upside and decoupled downside mean fundamentals were stable while price moved outside the flat band. Aligned unfavourable means fundamentals deteriorated and price was flat or down. Warning signal means fundamentals deteriorated while price rose.
Default sorting puts opportunity signals first, then favourable/stable/decoupled cases, with warning signals and insufficient data at the bottom.
Price volatility is the 52-week high-to-low range divided by the midpoint. Fundamental volatility is the larger absolute movement of revenue change or EBITDA-equivalent change over the comparable period.
Noise ratio is price volatility divided by fundamental volatility. It is suppressed as n/m when fundamental volatility is below 2% because the denominator is too small to be analytically meaningful.
Displayed noise-ratio values are capped at >100x so denominator effects do not render as broken-looking six-figure percentages.
Euphoric Mr. Market means fundamentals were stable while the 12-month price move was at least +20%. Panicking Mr. Market means fundamentals were stable while the 12-month price move was at least -20%.
Underreacting market means fundamentals moved while price stayed flat. Aligned movement covers rows where price and fundamentals broadly moved together or where the move is not clean enough for the emotional Mr. Market categories.
The category is deliberately separate from the noise ratio: a suppressed ratio can still have useful directional context.
Listed investment vehicles are excluded from the principle rankings because operating cash flow, earnings yield, and FCF yield metrics work differently for those structures. Current exclusions: AFI, BAI, BRM, HFL, KFL, MLN, TEM.
Newly listed companies or companies without enough comparable data are retained only where the inputs support the calculation; otherwise they are marked insufficient data.
The net-buyer yield principle is intentionally not live yet. It needs a historical valuation data layer covering trailing earnings yield and FCF yield at the current date and 12 months ago.
When that layer exists, earnings yield will be calculated as trailing earnings divided by market capitalisation, and FCF yield as trailing free cash flow divided by market capitalisation. Historical changes will be shown in basis points.
Principles snapshots are generated from the latest Annolyse company artifacts plus the latest market-data snapshot. Each ranking page displays the snapshot timestamp near the table.
The pages show analytical categories, not recommendations. A company illustrating a principle is not a buy, sell, hold, target price, or forecast.