# Air New Zealand (AIZ.AU)

Canonical: https://gigainvestors.com/s/AIZ.AU

Analysis as of: 2026-10-16T07:45:36.474Z. Financial observations: FY1998–FY2026.

Listing currency: AUD. Reporting currency: NZD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: AUD 0.31 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 4

- Operating margin variation: 1.02×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.11×

- FY2018: 0.10×

- FY2019: 0.06×

- FY2020: -0.02×

- FY2021: 0.13×

- FY2022: -0.00×

- FY2023: 0.20×

- FY2024: 0.03×

- FY2025: 0.14×

- FY2026: -0.04×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 19.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 6.5%

- ROIC, second-lowest year: -1.3%

- Typical minus recent gross margin: 19.3 pp

- Typical gross margin (annual median): 27.5%

- Recent gross margin (lower of latest and 3-year median): 8.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 13.0%

- ROIC including acquisitions, ten-year median: -3.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 12.6%

- FY2018: 11.3%

- FY2019: 6.7%

- FY2020: -1.3%

- FY2021: 6.4%

- FY2022: -0.1%

- FY2023: 29.0%

- FY2024: 4.2%

- FY2025: 18.4%

- FY2026: -5.1%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: NZD -1.5B

- Net income, five-year total: NZD -149M

- Return on incremental invested capital: -5178.5%

- Working capital / revenue, annual change: -0.6 pp

- Working capital / revenue, change between three-year averages: -4.3 pp

- Working capital / revenue, final three-year average: -5.6%

Chart: Owner earnings · five years; fiscal year observations.

- FY2022: NZD -620M

- FY2023: NZD 162M

- FY2024: NZD -139M

- FY2025: NZD -220M

- FY2026: NZD -710M

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 11.3% vs 4.2%

- Per-share earnings: 0.35 to 0.04 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 11.1%

- Ordinary dilution, 5-year annual growth: 23.5%

- Market cap gain: NZD -1.3B

- Cumulative retained earnings: NZD -1.4B

- Diluted shares, 10-year annual growth: 11.1%

- Diluted shares, 5-year annual growth: 23.5%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -24.0%

- Per-share value change: NZD -0.31

- Per-share value, starting three-year median: NZD 0.35

- Per-share value, ending three-year median: NZD 0.04

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 3.8%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: NZD 86M

- Cumulative net income, 10 years: NZD 147M

- ROIC, first three-year median: 11.3%

- ROIC, last three-year median: 4.2%

Chart: Earnings per share; fiscal year observations.

- FY2017: NZD 0.34

- FY2018: NZD 0.35

- FY2019: NZD 0.24

- FY2020: NZD -0.40

- FY2021: NZD -0.26

- FY2022: NZD -0.17

- FY2023: NZD 0.12

- FY2024: NZD 0.04

- FY2025: NZD 0.04

- FY2026: NZD -0.07

### accounting: pass

- Sloan accruals: -11.7%

- Receivables to sales index (DSRI): 1.21×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.11×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -7.3%

- FY2018: -8.2%

- FY2019: -9.4%

- FY2020: -9.1%

- FY2021: -9.1%

- FY2022: -14.0%

- FY2023: -15.7%

- FY2024: -7.8%

- FY2025: -9.3%

- FY2026: -11.7%

## Holders

## Price story

Down 69% since Oct 2021 · sales +3.8%

Story as of 2026-10-16T10:00:13.454Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +3.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: NZD 5.1B 

- FY2018: NZD 5.5B 

- FY2019: NZD 5.8B 

- FY2020: NZD 4.8B 

- FY2021: NZD 2.5B 

- FY2022: NZD 2.7B 

- FY2023: NZD 6.3B 

- FY2024: NZD 6.8B 

- FY2025: NZD 6.8B 

- FY2026: NZD 7.0B 

### Gross margin · FY2026

gross margin 8.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 32.3% 

- FY2018: 31.0% 

- FY2019: 26.3% 

- FY2020: 27.8% 

- FY2021: 27.2% 

- FY2022: 15.0% 

- FY2023: 31.1% 

- FY2024: 74.9% 

- FY2025: 24.6% 

- FY2026: 8.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in airlines; annual sales are NZD 7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:36.474Z); FY2026: revenue 7010516187; grossProfit 571552916; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AIZ.AU: Air New Zealand Limited, together with its subsidiaries, provides air passenger and cargo transportation on scheduled airlines services in New Zealand, Australia, the Pacific Islands, Asia, the United Kingdom, Europe, and the Americas. The company offers engineering and maintenance services, including aircraft and component maintenance, repair, and overhaul services; aviation labour, and aircraft leasing and financing services; and captive insurance, aviation, and aircraft leasing and financing services. As of June 30, 2026, it operated a fleet of 10 Boeing 777-300ER; 14 Boeing 787-9 Dreamliner; 14 Airbus A321neo; 6 Airbus A320neo; 17 Airbus A320ceo; 31 ATR 72-600; and 23 Bombardier Q300 aircraft. The company was formerly known as Tasman Empire Airways Limited and changed its name to Air New Zealand Limited in April 1965. Air New Zealand Limited was incorporated in 1940 and is headquartered in Auckland, New Zealand.

### Why customers stay

Margins ranged from 8.2% to 74.9% during 2024–26; it earns 6.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:36.474Z); FY2024: grossProfit / revenue = 74.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:36.474Z); FY2025: grossProfit / revenue = 24.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:36.474Z); FY2026: grossProfit / revenue = 8.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:36.474Z); 10-year return on capital observations [[2017,0.12617292824342727],[2018,0.11318256860729527],[2019,0.06705837385221201],[2020,-0.0130720661876769],[2021,0.06371890847621348],[2022,-0.000971709717097171],[2023,0.28963045648207164],[2024,0.04227401915589115],[2025,0.18438868976503386],[2026,-0.05087583718011301]]; median 0.06538864116421275. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years; bought back NZD 43 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:36.474Z); FY2017: growth capex 0; upkeep 853000000; owner earnings 17478786. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:36.474Z); FY2018: growth capex 280306991; upkeep 528693009; owner earnings 390000000. Growth capex / owner earnings = 0.7187358743589743.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:36.474Z); FY2019: growth capex 256028971.67377424; upkeep 564971028.3262258; owner earnings 43840464.67377424. Growth capex / owner earnings = 5.840015008484458.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:36.474Z); FY2023: growth capex 0; upkeep 602000000; owner earnings 161749641. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:36.474Z); Dividend observations: [[2017,530000000],[2018,260000000],[2019,260000000],[2020,130000000],[2021,135600000],[2022,1641400000],[2023,0],[2024,276000000],[2025,93000000],[2026,40967953]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:36.474Z); FY2026: cash repurchases 42966390 NZD.

### Are managers owners

Insiders own 52.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AIZ.AU SharesStats.PercentInsiders = 52.305 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.2 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:36.474Z); Closing price 0.305 AUD; reporting-to-trading FX 0.8124078517533463; FY2026 annual sales per share 2.168047554678092; price multiple 0.17316372649850792. FY2026 cash earnings/share -0.21953691632274017. Closing-price date 2026-10-15.

## Monthly share-price history (AUD per share)

- 2016-10: AUD 1.11 per share

- 2016-11: AUD 1.27 per share

- 2016-12: AUD 1.30 per share

- 2017-01: AUD 1.28 per share

- 2017-02: AUD 1.36 per share

- 2017-03: AUD 1.39 per share

- 2017-04: AUD 1.45 per share

- 2017-05: AUD 1.69 per share

- 2017-06: AUD 1.92 per share

- 2017-07: AUD 1.95 per share

- 2017-08: AUD 2.01 per share

- 2017-09: AUD 1.90 per share

- 2017-10: AUD 1.81 per share

- 2017-11: AUD 1.78 per share

- 2017-12: AUD 1.78 per share

- 2018-01: AUD 1.74 per share

- 2018-02: AUD 1.90 per share

- 2018-03: AUD 1.88 per share

- 2018-04: AUD 1.88 per share

- 2018-05: AUD 1.78 per share

- 2018-06: AUD 1.82 per share

- 2018-07: AUD 1.84 per share

- 2018-08: AUD 1.87 per share

- 2018-09: AUD 1.72 per share

- 2018-10: AUD 1.62 per share

- 2018-11: AUD 1.80 per share

- 2018-12: AUD 1.87 per share

- 2019-01: AUD 1.67 per share

- 2019-02: AUD 1.48 per share

- 2019-03: AUD 1.50 per share

- 2019-04: AUD 1.57 per share

- 2019-05: AUD 1.49 per share

- 2019-06: AUD 1.60 per share

- 2019-07: AUD 1.60 per share

- 2019-08: AUD 1.66 per share

- 2019-09: AUD 1.59 per share

- 2019-10: AUD 1.62 per share

- 2019-11: AUD 1.66 per share

- 2019-12: AUD 1.77 per share

- 2020-01: AUD 1.67 per share

- 2020-02: AUD 1.35 per share

- 2020-03: AUD 0.52 per share

- 2020-04: AUD 0.78 per share

- 2020-05: AUD 0.80 per share

- 2020-06: AUD 0.76 per share

- 2020-07: AUD 0.76 per share

- 2020-08: AUD 0.79 per share

- 2020-09: AUD 0.78 per share

- 2020-10: AUD 0.82 per share

- 2020-11: AUD 1.07 per share

- 2020-12: AUD 1.03 per share

- 2021-01: AUD 0.91 per share

- 2021-02: AUD 0.91 per share

- 2021-03: AUD 0.97 per share

- 2021-04: AUD 0.99 per share

- 2021-05: AUD 0.96 per share

- 2021-06: AUD 0.89 per share

- 2021-07: AUD 0.88 per share

- 2021-08: AUD 0.90 per share

- 2021-09: AUD 0.98 per share

- 2021-10: AUD 0.97 per share

- 2021-11: AUD 0.90 per share

- 2021-12: AUD 0.87 per share

- 2022-01: AUD 0.83 per share

- 2022-02: AUD 0.86 per share

- 2022-03: AUD 0.74 per share

- 2022-04: AUD 0.80 per share

- 2022-05: AUD 0.58 per share

- 2022-06: AUD 0.51 per share

- 2022-07: AUD 0.55 per share

- 2022-08: AUD 0.61 per share

- 2022-09: AUD 0.62 per share

- 2022-10: AUD 0.71 per share

- 2022-11: AUD 0.72 per share

- 2022-12: AUD 0.69 per share

- 2023-01: AUD 0.71 per share

- 2023-02: AUD 0.72 per share

- 2023-03: AUD 0.72 per share

- 2023-04: AUD 0.70 per share

- 2023-05: AUD 0.71 per share

- 2023-06: AUD 0.72 per share

- 2023-07: AUD 0.73 per share

- 2023-08: AUD 0.74 per share

- 2023-09: AUD 0.68 per share

- 2023-10: AUD 0.62 per share

- 2023-11: AUD 0.62 per share

- 2023-12: AUD 0.59 per share

- 2024-01: AUD 0.60 per share

- 2024-02: AUD 0.58 per share

- 2024-03: AUD 0.56 per share

- 2024-04: AUD 0.50 per share

- 2024-05: AUD 0.48 per share

- 2024-06: AUD 0.48 per share

- 2024-07: AUD 0.54 per share

- 2024-08: AUD 0.51 per share

- 2024-09: AUD 0.49 per share

- 2024-10: AUD 0.47 per share

- 2024-11: AUD 0.51 per share

- 2024-12: AUD 0.55 per share

- 2025-01: AUD 0.57 per share

- 2025-02: AUD 0.56 per share

- 2025-03: AUD 0.58 per share

- 2025-04: AUD 0.54 per share

- 2025-05: AUD 0.56 per share

- 2025-06: AUD 0.55 per share

- 2025-07: AUD 0.53 per share

- 2025-08: AUD 0.53 per share

- 2025-09: AUD 0.52 per share

- 2025-10: AUD 0.52 per share

- 2025-11: AUD 0.53 per share

- 2025-12: AUD 0.51 per share

- 2026-01: AUD 0.50 per share

- 2026-02: AUD 0.47 per share

- 2026-03: AUD 0.37 per share

- 2026-04: AUD 0.35 per share

- 2026-05: AUD 0.37 per share

- 2026-06: AUD 0.35 per share

- 2026-07: AUD 0.35 per share

- 2026-08: AUD 0.32 per share

- 2026-09: AUD 0.33 per share

- 2026-10: AUD 0.31 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 1.36 per share, central AUD 1.42 per share, high AUD 1.50 per share

- FY2018: low AUD 1.40 per share, central AUD 1.49 per share, high AUD 1.59 per share

- FY2019: low AUD 1.04 per share, central AUD 1.12 per share, high AUD 1.19 per share

- FY2020: low AUD 0.54 per share, central AUD 0.58 per share, high AUD 0.63 per share

- FY2021: low AUD 0.22 per share, central AUD 0.23 per share, high AUD 0.25 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.