For long-term accumulators, lower prices can be favourable when the business holds up because each new dollar buys more earnings and cash flow.
Framing from Warren Buffett's discussion of repurchases and long-term owners in the Berkshire Hathaway shareholder letters.
The table compares today's trailing earnings and FCF yields with the trailing yields available around 24 April 2025. The useful cohort is companies where yields improved meaningfully while fundamentals held or improved.
Rankings as of 24 April 2026, based on Annolyse's coverage of 97 NZX companies. 28 are net-buyer favourable.
28
Net-buyer favourable
1
Net-buyer caution
8
Yield stable
23
Net-buyer unfavourable
22
Insufficient data
| SEKSeeka | 14.1% | +885 bps | 23.5% | -506 bps | improving | Net-buyer favourable |
|---|---|---|---|---|---|---|
| HGHHeartland Group Holdings | 9.0% | +803 bps | 54.9% | -958 bps | improving | Net-buyer favourable |
| BFGBurger Fuel Group | 14.4% | +696 bps | 29.7% | n/a | improving | Net-buyer favourable |
| RADRadius Residential Care | 11.7% | +673 bps | 16.9% | +756 bps | improving | Net-buyer favourable |
| SCLScales Corporation | 11.5% | +654 bps | 8.4% | n/a | stable | Net-buyer favourable |
| MCKMillennium & Copthorne Hotels New Zealand | 6.1% | +513 bps | n/a | n/a | stable | Net-buyer favourable |
| DGLDelegat Group | 11.1% | +504 bps | 25.1% | +671 bps | improving | Net-buyer favourable |
| MHJMichael Hill International | 23.8% | +393 bps | 92.6% | +3069 bps | improving | Net-buyer favourable |
| EBOEBOS Group | 5.7% | +275 bps | n/a | n/a | stable | Net-buyer favourable |
| PFIProperty for Industry | 8.0% | +248 bps | n/a | n/a | stable | Net-buyer favourable |
| SKCSkyCity Entertainment Group | 3.4% | +241 bps | n/a | n/a | stable | Net-buyer favourable |
| ARGArgosy Property | 6.2% | +240 bps | n/a | n/a | stable | Net-buyer favourable |
| WHSThe Warehouse Group | 6.6% | +238 bps | 20.6% | -2134 bps | stable | Net-buyer favourable |
| GTKGentrack Group | 3.1% | +236 bps | 3.0% | +35 bps | stable | Net-buyer favourable |
| CMOThe Colonial Motor Company | 8.4% | +223 bps | n/a | n/a | improving | Net-buyer favourable |
| BLTBLIS Technologies | 4.1% | +171 bps | n/a | n/a | improving | Net-buyer favourable |
| SPKSpark New Zealand | 3.3% | +148 bps | 16.9% | +1450 bps | stable | Net-buyer favourable |
| GNEGenesis Energy | 6.2% | +128 bps | n/a | n/a | stable | Net-buyer favourable |
| SPNSouth Port New Zealand | 8.4% | +118 bps | n/a | n/a | improving | Net-buyer favourable |
| CENContact Energy | 4.1% | +113 bps | 5.0% | +212 bps | stable | Net-buyer favourable |
| AOFAoFrio | 3.4% | +59 bps | 17.3% | +296 bps | improving | Net-buyer favourable |
| SKTSky Network Television | 23.3% | n/a | 38.9% | +2592 bps | improving | Net-buyer favourable |
| KMDKMD Brands | n/a | n/a | 37.8% | +2515 bps | stable | Net-buyer favourable |
| MPGMetro Performance Glass | 21.2% | n/a | 31.4% | +2350 bps | stable | Net-buyer favourable |
| TGGT&G Global Limited and subsidiary companies | 3.4% | n/a | 20.3% | +1292 bps | improving | Net-buyer favourable |
| ERDEROAD | n/a | n/a | 5.7% | +493 bps | stable | Net-buyer favourable |
| SKOSerko | n/a | n/a | 2.0% | +153 bps | stable | Net-buyer favourable |
| MCYMercury NZ | 0.4% | n/a | 1.6% | +103 bps | stable | Net-buyer favourable |
| SVRSavor | n/a | n/a | 41.7% | +268 bps | deteriorating | Net-buyer caution |
| FPHFisher & Paykel Healthcare | 2.0% | +45 bps | 1.7% | -7 bps | improving | Yield stable |
| SUMSummerset Group Holdings | 12.7% | +4 bps | 19.6% | +619 bps | stable | Yield stable |
| MFTMainfreight | 3.8% | -19 bps | 2.2% | -11 bps | stable | Yield stable |
| AIAAuckland International Airport | 2.6% | -20 bps | n/a | n/a | stable | Yield stable |
| BGPBriscoe Group | 6.0% | -33 bps | 5.2% | -29 bps | stable | Yield stable |
| FRWFreightways Group | 4.6% | -37 bps | 7.0% | +12 bps | improving | Yield stable |
| NPHNapier Port Holdings | 4.3% | -48 bps | 5.4% | -253 bps | stable | Yield stable |
| NZMNZME | 6.3% | n/a | 19.2% | +17 bps | improving | Yield stable |
| HLGHallenstein Glasson | 9.5% | -55 bps | 13.9% | -205 bps | improving | Net-buyer unfavourable |
| PCTPrecinct Properties | 0.3% | -64 bps | n/a | n/a | deteriorating | Net-buyer unfavourable |
| PGWPGG Wrightson | 21.2% | -65 bps | n/a | n/a | stable | Net-buyer unfavourable |
| CHIChannel Infrastructure NZ | 1.0% | -81 bps | 2.0% | -610 bps | stable | Net-buyer unfavourable |
| SCTScott Technology | 4.9% | -83 bps | 4.9% | -1285 bps | stable | Net-buyer unfavourable |
| SKLSkellerup Holdings | 5.0% | -84 bps | 5.2% | -148 bps | improving | Net-buyer unfavourable |
| TAHThird Age Health Services | 1.3% | -87 bps | 1.1% | -75 bps | stable | Net-buyer unfavourable |
| CDICDL Investments New Zealand | 5.4% | -130 bps | n/a | n/a | deteriorating | Net-buyer unfavourable |
| VCTVector | 4.6% | -161 bps | n/a | n/a | stable | Net-buyer unfavourable |
| APLAsset Plus | 5.0% | -178 bps | 2.6% | n/a | stable | Net-buyer unfavourable |
| TRATurners Automotive Group | 4.4% | -212 bps | n/a | n/a | improving | Net-buyer unfavourable |
| ATMThe a2 Milk Company | 0.3% | -251 bps | 2.6% | +27 bps | stable | Net-buyer unfavourable |
| MFBMy Food Bag Group | 9.7% | -268 bps | 14.8% | -386 bps | stable | Net-buyer unfavourable |
| THLTourism Holdings | 12.8% | -286 bps | 15.0% | +1077 bps | improving | Net-buyer unfavourable |
| GXHGreen Cross Health | 7.2% | -367 bps | 15.8% | -2884 bps | stable | Net-buyer unfavourable |
| TWRTower | 12.3% | -372 bps | 21.0% | -984 bps | improving | Net-buyer unfavourable |
| KPGKiwi Property Group | 1.3% | -490 bps | 2.5% | n/a | stable | Net-buyer unfavourable |
| GENGeneral Capital | 7.9% | -635 bps | n/a | n/a | stable | Net-buyer unfavourable |
| RAKRakon | 6.7% | -1768 bps | n/a | n/a | stable | Net-buyer unfavourable |
| NZKNew Zealand King Salmon Investments | n/a | n/a | 18.0% | -595 bps | deteriorating | Net-buyer unfavourable |
| OCAOceania Healthcare | 1.9% | n/a | 9.9% | -880 bps | deteriorating | Net-buyer unfavourable |
| MOVMove Logistics Group | n/a | n/a | 57.3% | -1029 bps | deteriorating | Net-buyer unfavourable |
| STUSteel & Tube Holdings | n/a | n/a | 4.9% | -2346 bps | stable | Net-buyer unfavourable |
| MELMeridian Energy | 3.1% | n/a | 3.6% | n/a | stable | Insufficient data |
| IFTInfratil | 9.7% | n/a | n/a | n/a | deteriorating | Insufficient data |
| FCGFonterra Co-operative Group | n/a | n/a | n/a | n/a | stable | Insufficient data |
| CNUChorus | 0.7% | n/a | n/a | n/a | improving | Insufficient data |
| FBUFletcher Building | n/a | n/a | 0.4% | n/a | stable | Insufficient data |
| GNZGoodman Property Trust | 4.3% | n/a | 3.3% | n/a | improving | Insufficient data |
| AIRAir New Zealand | n/a | n/a | n/a | n/a | deteriorating | Insufficient data |
| WINWinton Land | n/a | n/a | n/a | n/a | stable | Insufficient data |
| VGLVista Group International | n/a | n/a | n/a | n/a | improving | Insufficient data |
| SMLSynlait Milk | n/a | n/a | n/a | n/a | deteriorating | Insufficient data |
| IKEikeGPS Group | n/a | n/a | n/a | n/a | stable | Insufficient data |
| PEBPacific Edge | n/a | n/a | n/a | n/a | stable | Insufficient data |
| BRWBremworth | n/a | n/a | n/a | n/a | deteriorating | Insufficient data |
| CVTComvita | 19.4% | n/a | 85.7% | n/a | improving | Insufficient data |
| ARBArborGen Holdings | n/a | n/a | n/a | n/a | stable | Insufficient data |
| CCCCooks Coffee Company | n/a | n/a | n/a | n/a | stable | Insufficient data |
| TRUTruScreen Group | n/a | n/a | n/a | n/a | stable | Insufficient data |
| NTLNew Talisman Gold Mines | n/a | n/a | n/a | n/a | stable | Insufficient data |
| RUARua Bioscience | n/a | n/a | n/a | n/a | improving | Insufficient data |
| MEEMe Today | 144.9% | n/a | n/a | n/a | deteriorating | Insufficient data |
| IPRIperion | n/a | n/a | n/a | n/a | deteriorating | Insufficient data |
| RTOBlackwell Global Holdings | n/a | n/a | n/a | n/a | stable | Insufficient data |
Earnings yield is trailing annualised NPAT divided by market capitalisation. FCF yield is trailing annualised pre-lease free cash flow divided by market capitalisation and is suppressed when FCF is negative or unavailable.
The 12-month comparison uses the latest Annolyse trailing fundamentals available at or before the lookback anchor date, and a 12-month-ago price derived from current price and the provider's 12-month price change.
Yield changes inside +/-50bps are stable. Yield improvement with stable or improving fundamentals is favourable; yield improvement with deteriorating fundamentals is a caution case.
This table shows yield improvement for potential accumulators, not a recommendation. See the full principles methodology for the historical valuation basis and category thresholds.
Listed investment vehicles are excluded from these principle rankings because operating cash flow and earnings-yield metrics work differently for these structures: AFI, BAI, BRM, HFL, KFL, MLN, TEM.