Skip to main content
Annolyse
Back to principles

Net-buyer yield

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 7 September 2024 (2 years ago). Companies rank most favourably where yields improved meaningfully while fundamentals held or improved.

Lookback window
3 months6 months1 year2 years

Rankings as of 07-09-2026 7:00am NZT, based on Annolyse's coverage of 100 NZX companies over the 2 years window. 0 are net-buyer favourable.

92

Insufficient data

Extreme yields above 30% are shown as calculated. They can indicate distressed pricing, very low market value, or one-off earnings rather than a calculation error. Current extreme-yield rows: MOV, PHL, KMD, MHJ and 4 more.

← Swipe to view more
Net-buyer yield company ranking
FPHFisher & Paykel Healthcare1.8%n/a1.8%n/aimprovingInsufficient data
IFTInfratil3.7%n/an/an/adeterioratingInsufficient data
AIAAuckland International Airport2.3%n/an/an/astableInsufficient data
MELMeridian EnergyOCF / EBITDA cash conversion: 77.1%, above normal range; 3-period mean 63.6%, range 52.1%-73.7%.0.9%n/a5.1%n/astableInsufficient data
MCYMercury NZ3.4%n/a6.4%n/astableInsufficient data
CENContact Energy4.5%n/a7.0%n/astableInsufficient data
FCGFonterra Co-operative Groupn/an/an/an/ainsufficient dataInsufficient data
MFTMainfreight3.7%n/a5.7%n/astableInsufficient data
ATMThe a2 Milk Company2.0%n/a1.0%n/astableInsufficient data
POTPort of Tauranga2.8%n/a2.1%n/astableInsufficient data
VCTVectorNet debt / EBITDA: 3.34x, unprecedented low; 4-period mean 5.34x, range 4.07x-6.29x.4.9%n/a1.8%n/astableInsufficient data
EBOEBOS Group5.3%n/a4.8%n/astableInsufficient data
FBUFletcher BuildingOCF / EBITDA cash conversion: 103.8%, above normal range; 3-period mean 62.2%, range 47.0%-86.1%.5.4%n/a10.2%n/astableInsufficient data
SPKSpark New ZealandOCF / EBITDA cash conversion: 80.6%, above normal range; 5-period mean 65.2%, range 46.5%-76.3%.12.1%n/a7.5%n/astableInsufficient data
CNUChorus1.0%n/a9.5%n/astableInsufficient data
GNEGenesis EnergyNet debt / EBITDA: 1.60x, below normal range; 3-period mean 2.90x, range 2.50x-3.10x.2.3%n/a6.7%n/astableInsufficient data
GNZGoodman Property Trust4.1%n/an/an/aimprovingInsufficient data
FRWFreightways Group4.0%n/a6.7%n/aimprovingInsufficient data
RYMRyman Healthcaren/an/a8.9%n/aimprovingInsufficient data
SUMSummerset Group HoldingsPayout ratio versus NPAT: 5.4%, below normal range; 3-period mean 22.3%, range 19.7%-26.0%.15.2%n/a7.3%n/aimprovingInsufficient data
PCTPrecinct Properties0.3%n/an/an/astableInsufficient data
KPGKiwi Property Group3.3%n/a1.7%n/astableInsufficient data
SKLSkellerup HoldingsNet debt / EBITDA: 0.02x, below normal range; 3-period mean 0.20x, range 0.13x-0.31x.4.5%n/a4.6%n/aimprovingInsufficient data
CHIChannel Infrastructure NZOCF / EBITDA cash conversion: 79.6%, above normal range; 4-period mean 33.3%, range -24.6%-68.2%.0.8%n/a4.5%n/astableInsufficient data
AIRAir New Zealandn/an/an/an/astableInsufficient data
HGHHeartland Group HoldingsPayout ratio versus NPAT: 67.3%, below normal range; 4-period mean 179.7%, range 68.1%-500.0%.7.0%n/an/an/aimprovingInsufficient data
PFIProperty for Industry6.7%n/an/an/astableInsufficient data
SCLScales CorporationOCF / EBITDA cash conversion: 24.7%, above normal range; 4-period mean -36.8%, range -78.4%--4.2%.7.6%n/a9.9%n/astableInsufficient data
VSLVulcan Steel1.4%n/a3.9%n/astableInsufficient data
BGPBriscoe Group5.9%n/a5.2%n/astableInsufficient data
ARGArgosy Property14.0%n/an/an/astableInsufficient data
HLGHallenstein GlassonPayout ratio versus NPAT: 61.7%, below normal range; 3-period mean 76.0%, range 68.8%-90.1%.6.3%n/a10.8%n/aimprovingInsufficient data
SKCSkyCity Entertainment Group2.5%n/a3.6%n/astableInsufficient data
NPHNapier Port Holdings4.0%n/a1.8%n/astableInsufficient data
TRATurners Automotive Group5.4%n/an/an/astableInsufficient data
VGLVista Group InternationalNet debt / EBITDA: 0.47x, above normal range; 3-period mean -1.43x, range -4.00x-0.01x.0.3%n/an/an/astableInsufficient data
SANSanfordn/an/an/an/astableInsufficient data
TWRTower8.8%n/an/an/adeterioratingInsufficient data
THLTourism Holdings6.1%n/a9.2%n/astableInsufficient data
OCAOceania HealthcareOCF / EBITDA cash conversion: 190.3%, above normal range; 3-period mean 130.3%, range 81.2%-182.0%.9.0%n/an/an/adeterioratingInsufficient data
GTKGentrack Group Limited 6 months to 31 March 20263.6%n/an/an/adeterioratingInsufficient data
SKTSky Network TelevisionOCF / EBITDA cash conversion: 126.7%, above normal range; 3-period mean 85.5%, range 76.2%-103.4%.14.8%n/a20.7%n/aimprovingInsufficient data
DGLDelegat Group8.5%n/a19.3%n/astableInsufficient data
RAKRakonn/an/an/an/astableInsufficient data
WINWinton Land6.5%n/a25.4%n/aimprovingInsufficient data
PEBPacific Edgen/an/an/an/adeterioratingInsufficient data
MCKMillennium & Copthorne Hotels New ZealandOCF / EBITDA cash conversion: 68.6%, above normal range; 3-period mean 40.5%, range 25.6%-63.3%.7.8%n/a7.5%n/aimprovingInsufficient data
TGGT&G Global Limited and subsidiary companiesROE: 2.0%, above normal range; 4-period mean -3.2%, range -10.1%-1.5%.3.5%n/a21.0%n/aimprovingInsufficient data
GXHGreen Cross Health7.3%n/an/an/aimprovingInsufficient data
SMLSynlait Milkn/an/an/an/adeterioratingInsufficient data
SCTScott Technology6.0%n/a4.2%n/astableInsufficient data
WHSThe Warehouse Group5.0%n/a50.3%n/adeterioratingInsufficient data
CMOThe Colonial Motor Company8.5%n/an/an/aimprovingInsufficient data
SPNSouth Port New ZealandPayout ratio versus NPAT: 47.2%, below normal range; 5-period mean 66.6%, range 55.1%-96.1%.6.9%n/a7.9%n/aimprovingInsufficient data
SEKSeekan/an/an/an/astableInsufficient data
IKEikeGPS Groupn/an/an/an/astableInsufficient data
NZMNZME6.3%n/a12.2%n/aimprovingInsufficient data
SKOSerkon/an/an/an/astableInsufficient data
ERDEROADROE: -93.5%, below normal range; 3-period mean -0.3%, range -1.2%-0.4%.n/an/a0.1%n/adeterioratingInsufficient data
CDICDL Investments New ZealandROE: 1.1%, below normal range; 4-period mean 3.0%, range 1.1%-7.6%.5.9%n/an/an/astableInsufficient data
MHJMichael Hill International4.2%n/a44.9%n/aimprovingInsufficient data
PGWPGG Wrightson9.1%n/a27.4%n/aimprovingInsufficient data
LICLivestock Improvement Corporation13.6%n/a16.2%n/astableInsufficient data
NZLNew Zealand Rural Land Company6.7%n/a4.2%n/aimprovingInsufficient data
RADRadius Residential CareNet debt / EBITDA: 2.51x, below normal range; 3-period mean 4.46x, range 2.89x-7.00x.7.4%n/a7.1%n/astableInsufficient data
KMDKMD Brandsn/an/a67.0%n/astableInsufficient data
NZKNew Zealand King Salmon Investments17.5%n/a9.7%n/astableInsufficient data
CVTComvita7.1%n/a36.2%n/aimprovingInsufficient data
MFBMy Food Bag GroupROE: 9.2%, below normal range; 4-period mean 16.4%, range 9.3%-29.9%.8.2%n/a10.4%n/aimprovingInsufficient data
APLAsset Plusn/an/an/an/astableInsufficient data
STUSteel & Tube HoldingsROE: -50.2%, below normal range; 3-period mean -1.1%, range -12.8%-8.2%.n/an/a9.9%n/astableInsufficient data
BRWBremworthROE: -9.8%, below normal range; 4-period mean 9.4%, range -2.0%-25.2%.n/an/an/an/adeterioratingInsufficient data
TAHThird Age Health Services6.1%n/a8.6%n/aimprovingInsufficient data
PHLPromisia HealthcareOCF / EBITDA cash conversion: 96.2%, below normal range; 3-period mean 167.2%, range 107.1%-197.5%.35.9%n/an/an/aimprovingInsufficient data
ARBArborGen Holdingsn/an/an/an/aimprovingInsufficient data
AOFAoFrion/an/an/an/astableInsufficient data
BLTBLIS Technologies2.3%n/an/an/astableInsufficient data
GENGeneral Capital10.9%n/an/an/astableInsufficient data
MOVMOVE Logistics GroupROE: 2.7%, above normal range; 3-period mean -107.7%, range -177.0%--9.6%.1.3%n/a135.6%n/aimprovingInsufficient data
MPGMetro Performance GlassNet debt / EBITDA: 1.50x, below normal range; 4-period mean 5.11x, range 2.12x-10.80x.n/an/a62.2%n/astableInsufficient data
TRUTruscreen Groupn/an/an/an/astableInsufficient data
SVRSavorNet debt / EBITDA: 0.79x, below normal range; 5-period mean 2.06x, range 1.00x-4.03x.9.6%n/a34.2%n/adeterioratingInsufficient data
RUARua Biosciencen/an/an/an/astableInsufficient data
BFGBurger Fuel GroupROE: 16.6%, above normal range; 3-period mean 8.9%, range 7.6%-10.1%.16.5%n/an/an/aimprovingInsufficient data
CCCCooks Coffee CompanyNet debt / EBITDA: 1.33x, below normal range; 3-period mean 3.67x, range 2.77x-4.65x.2.6%n/an/an/astableInsufficient data
MEEMe Todayn/an/an/an/adeterioratingInsufficient data
ENSEnprise Groupn/an/a3.4%n/astableInsufficient data
NTLNew Talisman Gold Minesn/an/an/an/astableInsufficient data
AFCAFC Group HoldingsROE: -241.2%, unprecedented low; 4-period mean -36.0%, range -67.2%--1.7%.n/an/an/an/adeterioratingInsufficient data
IPRIperionn/an/an/an/astableInsufficient data
RTOBlackwell Global Holdingsn/an/an/an/astableInsufficient data
GMTGoodman Property Trust8.1%n/a2.4%n/astableInsufficient data
How this is calculated

Earnings yield is trailing twelve-month NPAT divided by market capitalisation. FCF yield is trailing twelve-month pre-lease free cash flow divided by market capitalisation and is suppressed when FCF is negative or unavailable.

The 2 years comparison uses the latest Annolyse trailing fundamentals available at or before the lookback anchor date (7 September 2024), and the recorded price nearest that date.

Yield changes inside +/-50bps are stable. Yield improvement with stable or improving fundamentals is favourable; yield improvement with deteriorating fundamentals is a caution case.

Extreme yields above 30% remain visible rather than capped because they can be genuine distressed-pricing signals. Treat them as prompts to inspect the company's recent trajectory, not as automatic opportunity signals.

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.