Net-buyer yield

Name: Annolyse net-buyer yield company ranking
Creator: Annolyse

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 July 2024 (2 years ago). The useful cohort is companies where yields improved meaningfully while fundamentals held or improved.

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3 months 6 months 1 year 2 years

Rankings as of 24-07-2026 5:15am NZT, based on Annolyse's coverage of 100 NZX companies over the 2 years window. 0 are net-buyer favourable.

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: PHL, KMD, MHJ, WHS and 2 more.

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Net-buyer yield company ranking

FPHFisher & Paykel Healthcare	2.0%	n/a	2.0%	n/a	improving	Insufficient data
IFTInfratil	3.5%	n/a	n/a	n/a	deteriorating	Insufficient data
MELMeridian Energy	n/a	n/a	3.5%	n/a	stable	Insufficient data
AIAAuckland International AirportROE: 3.4%, unprecedented high; 4-period mean 1.2%, range 0.1%-1.9%.	2.8%	n/a	n/a	n/a	stable	Insufficient data
CENContact Energy	4.1%	n/a	5.6%	n/a	stable	Insufficient data
MCYMercury NZ	0.9%	n/a	n/a	n/a	stable	Insufficient data
FCGFonterra Co-operative Group	n/a	n/a	n/a	n/a	insufficient data	Insufficient data
MFTMainfreight	3.9%	n/a	6.1%	n/a	stable	Insufficient data
ATMThe a2 Milk Company	2.0%	n/a	3.3%	n/a	stable	Insufficient data
VCTVector	n/a	n/a	n/a	n/a	insufficient data	Insufficient data
EBOEBOS Group	5.1%	n/a	2.7%	n/a	stable	Insufficient data
CNUChorusNet debt / EBITDA: 8.89x, above normal range; 3-period mean 7.37x, range 6.55x-8.10x.	0.6%	n/a	10.7%	n/a	deteriorating	Insufficient data
FBUFletcher BuildingOCF / EBITDA cash conversion: 47.1%, unprecedented high; 4-period mean -8.9%, range -37.6%-31.2%.	n/a	n/a	8.7%	n/a	stable	Insufficient data
SPKSpark New ZealandOCF / EBITDA cash conversion: 134.6%, above normal range; 3-period mean 69.5%, range 57.9%-85.1%.	8.2%	n/a	10.2%	n/a	stable	Insufficient data
GNEGenesis Energy	5.7%	n/a	8.0%	n/a	stable	Insufficient data
GNZGoodman Property Trust	3.9%	n/a	n/a	n/a	improving	Insufficient data
FRWFreightways Group	3.4%	n/a	6.3%	n/a	improving	Insufficient data
RYMRyman Healthcare	n/a	n/a	8.1%	n/a	improving	Insufficient data
PCTPrecinct Properties	0.2%	n/a	n/a	n/a	stable	Insufficient data
SUMSummerset Group HoldingsROE: 7.8%, below normal range; 3-period mean 13.5%, range 11.5%-16.8%.	12.8%	n/a	n/a	n/a	stable	Insufficient data
KPGKiwi Property Group	3.2%	n/a	1.6%	n/a	stable	Insufficient data
AIRAir New ZealandROE: -2.2%, below normal range; 3-period mean 7.7%, range 5.2%-11.5%.	n/a	n/a	n/a	n/a	deteriorating	Insufficient 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/a	4.7%	n/a	stable	Insufficient data
SKLSkellerup Holdings	4.5%	n/a	4.6%	n/a	improving	Insufficient data
PFIProperty for IndustryROE: 6.5%, above normal range; 3-period mean 0.5%, range -2.1%-2.1%.	10.4%	n/a	2.1%	n/a	stable	Insufficient data
HGHHeartland Group HoldingsPayout ratio versus NPAT: 67.3%, below normal range; 4-period mean 179.7%, range 68.1%-500.0%.	7.2%	n/a	n/a	n/a	improving	Insufficient data
BGPBriscoe Group	5.5%	n/a	4.8%	n/a	stable	Insufficient data
SCLScales CorporationROE: 22.1%, unprecedented high; 4-period mean 5.5%, range 1.4%-8.5%.	10.6%	n/a	7.8%	n/a	stable	Insufficient data
ARGArgosy Property	13.9%	n/a	n/a	n/a	stable	Insufficient data
TRATurners Automotive GroupPayout ratio versus NPAT: 78.2%, above normal range; 3-period mean 50.0%, range 19.1%-67.6%.	5.1%	n/a	n/a	n/a	stable	Insufficient data
SKCSkyCity Entertainment Group	4.8%	n/a	n/a	n/a	stable	Insufficient data
NPHNapier Port Holdings	4.0%	n/a	1.8%	n/a	stable	Insufficient data
SANSanford	n/a	n/a	n/a	n/a	stable	Insufficient data
TWRTower	8.9%	n/a	n/a	n/a	deteriorating	Insufficient data
THLTourism Holdings	n/a	n/a	2.8%	n/a	improving	Insufficient data
HLGHallenstein GlassonPayout ratio versus NPAT: 61.7%, below normal range; 3-period mean 76.0%, range 68.8%-90.1%.	7.3%	n/a	12.7%	n/a	improving	Insufficient data
VGLVista Group International	0.3%	n/a	1.1%	n/a	improving	Insufficient data
OCAOceania HealthcareOCF / EBITDA cash conversion: 190.3%, above normal range; 3-period mean 130.3%, range 81.2%-182.0%.	9.6%	n/a	n/a	n/a	deteriorating	Insufficient data
SKTSky Network TelevisionOCF / EBITDA cash conversion: 126.7%, above normal range; 3-period mean 85.5%, range 76.2%-103.4%.	16.5%	n/a	23.2%	n/a	improving	Insufficient data
DGLDelegat Group	14.1%	n/a	17.4%	n/a	improving	Insufficient data
GTKGentrack Group Limited 6 months to 31 March 2026	4.8%	n/a	n/a	n/a	deteriorating	Insufficient data
RAKRakon	n/a	n/a	n/a	n/a	stable	Insufficient data
WINWinton Land	3.3%	n/a	9.0%	n/a	stable	Insufficient data
MCKMillennium & Copthorne Hotels New Zealand	6.1%	n/a	n/a	n/a	stable	Insufficient data
PEBPacific Edge	n/a	n/a	n/a	n/a	deteriorating	Insufficient data
GXHGreen Cross Health	7.1%	n/a	n/a	n/a	improving	Insufficient data
TGGT&G Global Limited and subsidiary companiesROE: 2.0%, above normal range; 4-period mean -3.2%, range -10.1%-1.5%.	3.6%	n/a	21.9%	n/a	improving	Insufficient data
CMOThe Colonial Motor Company	9.4%	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
SPNSouth Port New ZealandPayout ratio versus NPAT: 26.4%, below normal range; 4-period mean 42.7%, range 33.5%-64.7%.	7.3%	n/a	n/a	n/a	improving	Insufficient data
SEKSeekaNet debt / EBITDA: 1.05x, below normal range; 3-period mean 3.88x, range 1.80x-6.63x.	14.7%	n/a	26.6%	n/a	improving	Insufficient data
SCTScott Technology	6.7%	n/a	4.6%	n/a	stable	Insufficient data
WHSThe Warehouse Group	5.5%	n/a	55.2%	n/a	deteriorating	Insufficient data
NZMNZME	6.6%	n/a	12.7%	n/a	improving	Insufficient data
ERDEROADROE: -93.5%, below normal range; 3-period mean -0.3%, range -1.2%-0.4%.	n/a	n/a	0.1%	n/a	deteriorating	Insufficient data
CDICDL Investments New ZealandPayout ratio versus NPAT: 26.5%, below normal range; 4-period mean 51.5%, range 31.9%-75.4%.	5.9%	n/a	n/a	n/a	deteriorating	Insufficient data
LICLivestock Improvement Corporation	n/a	n/a	n/a	n/a	stable	Insufficient data
PGWPGG Wrightson	7.3%	n/a	n/a	n/a	stable	Insufficient data
SKOSerko	n/a	n/a	n/a	n/a	stable	Insufficient data
MHJMichael Hill International	5.1%	n/a	54.9%	n/a	improving	Insufficient data
KMDKMD Brands	n/a	n/a	67.2%	n/a	stable	Insufficient data
NZKNew Zealand King Salmon InvestmentsOCF / EBITDA cash conversion: 30.5%, below normal range; 3-period mean 178.7%, range 63.7%-342.6%.	17.9%	n/a	9.9%	n/a	stable	Insufficient data
RADRadius Residential CareNet debt / EBITDA: 2.51x, below normal range; 3-period mean 4.46x, range 2.89x-7.00x.	8.4%	n/a	8.0%	n/a	stable	Insufficient data
CVTComvita	n/a	n/a	n/a	n/a	improving	Insufficient data
MFBMy Food Bag GroupROE: 9.2%, below normal range; 4-period mean 16.4%, range 9.3%-29.9%.	9.2%	n/a	11.7%	n/a	improving	Insufficient data
STUSteel & Tube Holdings	n/a	n/a	n/a	n/a	stable	Insufficient data
APLAsset Plus	n/a	n/a	n/a	n/a	stable	Insufficient data
BRWBremworthROE: -9.8%, below normal range; 4-period mean 9.4%, range -2.0%-25.2%.	n/a	n/a	n/a	n/a	deteriorating	Insufficient data
TAHThird Age Health Services	6.3%	n/a	8.9%	n/a	improving	Insufficient data
AOFAoFrioNet debt / EBITDA: 0.70x, above normal range; 3-period mean -1.26x, range -2.17x--0.09x.	8.3%	n/a	n/a	n/a	stable	Insufficient data
PHLPromisia HealthcareOCF / EBITDA cash conversion: 96.2%, below normal range; 3-period mean 167.2%, range 107.1%-197.5%.	37.6%	n/a	n/a	n/a	improving	Insufficient data
ARBArborGen Holdings	n/a	n/a	n/a	n/a	improving	Insufficient data
MPGMetro Performance GlassNet debt / EBITDA: 1.50x, below normal range; 4-period mean 5.11x, range 2.12x-10.80x.	n/a	n/a	47.7%	n/a	stable	Insufficient data
GENGeneral Capital	8.5%	n/a	n/a	n/a	stable	Insufficient data
MOVMOVE Logistics Group	n/a	n/a	n/a	n/a	stable	Insufficient data
BLTBLIS Technologies	3.2%	n/a	n/a	n/a	stable	Insufficient data
TRUTruscreen Group	n/a	n/a	n/a	n/a	stable	Insufficient data
SVRSavorNet debt / EBITDA: 0.79x, below normal range; 5-period mean 2.06x, range 1.00x-4.03x.	10.0%	n/a	35.7%	n/a	deteriorating	Insufficient data
RUARua Bioscience	n/a	n/a	n/a	n/a	improving	Insufficient data
BFGBurger Fuel GroupROE: 16.6%, above normal range; 3-period mean 8.9%, range 7.6%-10.1%.	16.7%	n/a	n/a	n/a	improving	Insufficient data
CCCCooks Coffee CompanyNet debt / EBITDA: 1.33x, below normal range; 3-period mean 3.67x, range 2.77x-4.65x.	2.6%	n/a	n/a	n/a	stable	Insufficient data
NTLNew Talisman Gold Mines	n/a	n/a	n/a	n/a	stable	Insufficient data
ENSEnprise Group	n/a	n/a	3.6%	n/a	stable	Insufficient data
MEEMe Today	n/a	n/a	n/a	n/a	deteriorating	Insufficient data
AFCAFC Group HoldingsROE: -67.2%, below normal range; 3-period mean -25.6%, range -38.8%--1.7%.	n/a	n/a	n/a	n/a	deteriorating	Insufficient data
IPRIperion	n/a	n/a	n/a	n/a	stable	Insufficient data
RTOBlackwell Global Holdings	n/a	n/a	n/a	n/a	insufficient data	Insufficient data
GMTGoodman Property Trust	7.6%	n/a	2.3%	n/a	stable	Insufficient 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 (24 July 2024), and a price observation drawn from the historical price store for that window.

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.