# Genesis Energy (GNE.AU)

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

Analysis as of: 2026-10-16T07:41:19.288Z. Financial observations: FY2013–FY2026.

Listing currency: AUD. Reporting currency: NZD.

## Verdict

Not a wonderful business

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

Share price: AUD 2.01 per share; close as of 2026-10-15.

Estimated value: low AUD 1.48 per share, central AUD 1.67 per share, high AUD 1.93 per share. Buy at or below the central value AUD 1.67 per share. Valuation as of 2026-10-16T07:41:19.288Z; scenarios are not confidence intervals.

Expected annual return: 8.8% at the stated quote. About 8.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AU 10-year bond 5.2% + 4 points).

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.32×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.08×

- FY2018: 0.07×

- FY2019: 0.06×

- FY2020: 0.06×

- FY2021: 0.07×

- FY2022: 0.08×

- FY2023: 0.11×

- FY2024: 0.02×

- FY2025: 0.06×

- FY2026: 0.09×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 3.8%

- ROIC, second-lowest year: 3.4%

- Typical minus recent gross margin: -1.8 pp

- Typical gross margin (annual median): 16.5%

- Recent gross margin (lower of latest and 3-year median): 18.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.9%

- ROIC including acquisitions, ten-year median: 5.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 3.7%

- FY2018: 3.8%

- FY2019: 3.7%

- FY2020: 3.4%

- FY2021: 4.8%

- FY2022: 4.4%

- FY2023: 5.3%

- FY2024: 1.3%

- FY2025: 3.7%

- FY2026: 4.8%

### economics: pass

- Owner earnings / net income, 5-yr: 1.62×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: NZD 1.3B

- Net income, five-year total: NZD 802M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: -0.0 pp

- Working capital / revenue, final three-year average: 4.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.62×

- FY2023: 1.90×

- FY2024: 1.72×

- FY2025: 1.62×

- FY2026: 0.83×

### 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: 3.7% vs 3.7%

- Per-share earnings: 0.12 to 0.12 (three-year endpoint medians)

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

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.7%

- Ordinary dilution, 5-year annual growth: 4.6%

- Market cap gain: NZD 523M

- Cumulative retained earnings: NZD -584M

- Diluted shares, 10-year annual growth: 2.7%

- Diluted shares, 5-year annual growth: 4.6%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 0.3%

- Per-share value change: NZD 0.00

- Per-share value, starting three-year median: NZD 0.12

- Per-share value, ending three-year median: NZD 0.12

- Buybacks concentrated in cheaper years (correlation): 0.03

- Average buyback yield: 0.0%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: NZD 248M

- Cumulative net income, 10 years: NZD 1.1B

- ROIC, first three-year median: 3.7%

- ROIC, last three-year median: 3.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: NZD 0.12

- FY2018: NZD 0.02

- FY2019: NZD 0.06

- FY2020: NZD 0.04

- FY2021: NZD 0.03

- FY2022: NZD 0.21

- FY2023: NZD 0.18

- FY2024: NZD 0.12

- FY2025: NZD 0.15

- FY2026: NZD 0.06

### accounting: pass

- Sloan accruals: -6.2%

- Receivables to sales index (DSRI): 1.38×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 5.33×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.10×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -3.1%

- FY2018: -7.4%

- FY2019: -5.4%

- FY2020: -5.7%

- FY2021: -5.5%

- FY2022: -0.8%

- FY2023: -4.5%

- FY2024: -5.5%

- FY2025: -2.3%

- FY2026: -6.2%

## Holders

## Price story

Down 36% since Oct 2021 · sales -24.1%

Story as of 2026-10-16T10:00:11.889Z; price observation 2026-10-15.

Price needs cash profits to grow 3.3% a year for ten years

### Sales · FY2025–2026

sales -24.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: NZD 2.0B 

- FY2018: NZD 2.3B 

- FY2019: NZD 2.7B 

- FY2020: NZD 2.6B 

- FY2021: NZD 3.2B 

- FY2022: NZD 2.8B 

- FY2023: NZD 2.4B 

- FY2024: NZD 3.0B 

- FY2025: NZD 3.7B 

- FY2026: NZD 2.8B 

### Gross margin · FY2026

gross margin 18.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 17.4% 

- FY2018: 15.7% 

- FY2019: 13.7% 

- FY2020: 13.7% 

- FY2021: 12.7% 

- FY2022: 15.2% 

- FY2023: 21.6% 

- FY2024: 28.5% 

- FY2025: 26.6% 

- FY2026: 18.3% 

## Owner memo

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

### How it makes money

Operates in utilities independent power producers; annual sales are NZD 2.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:19.288Z); FY2026: revenue 2819194750; grossProfit 516995591; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GNE.AU: Genesis Energy Limited generates, trades in, and sells electricity to residential and business customers in New Zealand. The company generates electricity from thermal, hydro, solar, and wind sources. It operates through Retail, Wholesale, and Kupe segments. The Retail segment supplies energy, including electricity, gas, and LPG to end-users, and provides related services. Its Wholesale segment engages in the supply of electricity to the wholesale electricity market; supply of gas and LPG to wholesale and retail customers; and purchase and sale of derivatives to fix the price of electricity. The Kupe segment is involved in the exploration, development, and production of gas, oil, and LPG; and supply of gas and LPG to the wholesale segment, as well as light oil. The company was formerly known as Genesis Power Limited and changed its name to Genesis Energy Limited in September 2013. Genesis Energy Limited was incorporated in 1998 and is headquartered in Auckland, New Zealand.

### Why customers stay

Margins ranged from 18.3% to 28.5% during 2024–26; it earns 3.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:19.288Z); FY2024: grossProfit / revenue = 28.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:19.288Z); FY2025: grossProfit / revenue = 26.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:19.288Z); FY2026: grossProfit / revenue = 18.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:19.288Z); 10-year return on capital observations [[2017,0.03748011908303067],[2018,0.037908016907657924],[2019,0.03735028383339562],[2020,0.0342778148715875],[2021,0.04763659725253738],[2022,0.04398639614327587],[2023,0.053485323332819204],[2024,0.013238591900825197],[2025,0.03747812704801751],[2026,0.04831011782439633]]; median 0.0376940679953443. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:19.288Z); FY2017: growth capex 0; upkeep 32200000; owner earnings 261100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:19.288Z); FY2018: growth capex 0; upkeep 50100000; owner earnings 175400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:19.288Z); FY2019: growth capex 0; upkeep 72800000; owner earnings 182900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:19.288Z); FY2020: growth capex 0; upkeep 76300000; owner earnings 179500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:19.288Z); FY2021: growth capex 0; upkeep 67700000; owner earnings 162700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:19.288Z); FY2022: growth capex 0; upkeep 79200000; owner earnings 358500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:19.288Z); FY2023: growth capex 0; upkeep 78900000; owner earnings 372170182. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:19.288Z); FY2024: growth capex 0; upkeep 143200000; owner earnings 224900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:19.288Z); FY2025: growth capex 0; upkeep 135100000; owner earnings 273100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:19.288Z); FY2026: growth capex 0; upkeep 271787401; owner earnings 70344972. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:19.288Z); Dividend observations: [[2017,164000000],[2018,147700000],[2019,131600000],[2020,138400000],[2021,162300000],[2022,164800000],[2023,145500000],[2024,128300000],[2025,115800000],[2026,126101359]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 51.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GNE.AU SharesStats.PercentInsiders = 51.65 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 3.3% yearly over ten years; actual decline was 15.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:19.288Z); Ten-year compound average after fade. Initial solved rate 0.03386434392436666. Price 2.01; FX 0.8124078517533463; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.2838 → FY2026 0.05375590096286107. Closing-price date 2026-10-15.

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

- 2016-10: AUD 1.80 per share

- 2016-11: AUD 1.94 per share

- 2016-12: AUD 2.02 per share

- 2017-01: AUD 2.07 per share

- 2017-02: AUD 1.96 per share

- 2017-03: AUD 1.92 per share

- 2017-04: AUD 1.97 per share

- 2017-05: AUD 2.17 per share

- 2017-06: AUD 2.31 per share

- 2017-07: AUD 2.34 per share

- 2017-08: AUD 2.20 per share

- 2017-09: AUD 2.18 per share

- 2017-10: AUD 2.18 per share

- 2017-11: AUD 2.16 per share

- 2017-12: AUD 2.22 per share

- 2018-01: AUD 2.29 per share

- 2018-02: AUD 2.18 per share

- 2018-03: AUD 2.23 per share

- 2018-04: AUD 2.11 per share

- 2018-05: AUD 2.21 per share

- 2018-06: AUD 2.25 per share

- 2018-07: AUD 2.28 per share

- 2018-08: AUD 2.27 per share

- 2018-09: AUD 2.37 per share

- 2018-10: AUD 2.19 per share

- 2018-11: AUD 2.36 per share

- 2018-12: AUD 2.50 per share

- 2019-01: AUD 2.56 per share

- 2019-02: AUD 2.68 per share

- 2019-03: AUD 3.12 per share

- 2019-04: AUD 2.88 per share

- 2019-05: AUD 2.92 per share

- 2019-06: AUD 3.24 per share

- 2019-07: AUD 3.26 per share

- 2019-08: AUD 3.13 per share

- 2019-09: AUD 3.15 per share

- 2019-10: AUD 2.93 per share

- 2019-11: AUD 2.99 per share

- 2019-12: AUD 2.93 per share

- 2020-01: AUD 3.01 per share

- 2020-02: AUD 2.90 per share

- 2020-03: AUD 2.49 per share

- 2020-04: AUD 2.65 per share

- 2020-05: AUD 2.69 per share

- 2020-06: AUD 2.66 per share

- 2020-07: AUD 2.70 per share

- 2020-08: AUD 2.75 per share

- 2020-09: AUD 2.72 per share

- 2020-10: AUD 2.91 per share

- 2020-11: AUD 3.12 per share

- 2020-12: AUD 3.42 per share

- 2021-01: AUD 3.64 per share

- 2021-02: AUD 3.22 per share

- 2021-03: AUD 3.18 per share

- 2021-04: AUD 3.20 per share

- 2021-05: AUD 3.24 per share

- 2021-06: AUD 3.17 per share

- 2021-07: AUD 3.29 per share

- 2021-08: AUD 3.28 per share

- 2021-09: AUD 3.13 per share

- 2021-10: AUD 3.12 per share

- 2021-11: AUD 2.94 per share

- 2021-12: AUD 2.73 per share

- 2022-01: AUD 2.77 per share

- 2022-02: AUD 2.57 per share

- 2022-03: AUD 2.70 per share

- 2022-04: AUD 2.62 per share

- 2022-05: AUD 2.43 per share

- 2022-06: AUD 2.42 per share

- 2022-07: AUD 2.60 per share

- 2022-08: AUD 2.64 per share

- 2022-09: AUD 2.37 per share

- 2022-10: AUD 2.55 per share

- 2022-11: AUD 2.41 per share

- 2022-12: AUD 2.43 per share

- 2023-01: AUD 2.61 per share

- 2023-02: AUD 2.65 per share

- 2023-03: AUD 2.55 per share

- 2023-04: AUD 2.50 per share

- 2023-05: AUD 2.56 per share

- 2023-06: AUD 2.50 per share

- 2023-07: AUD 2.43 per share

- 2023-08: AUD 2.30 per share

- 2023-09: AUD 2.27 per share

- 2023-10: AUD 2.17 per share

- 2023-11: AUD 2.15 per share

- 2023-12: AUD 2.34 per share

- 2024-01: AUD 2.38 per share

- 2024-02: AUD 2.36 per share

- 2024-03: AUD 2.25 per share

- 2024-04: AUD 2.10 per share

- 2024-05: AUD 1.94 per share

- 2024-06: AUD 1.97 per share

- 2024-07: AUD 2.03 per share

- 2024-08: AUD 2.05 per share

- 2024-09: AUD 1.95 per share

- 2024-10: AUD 1.94 per share

- 2024-11: AUD 2.04 per share

- 2024-12: AUD 2.03 per share

- 2025-01: AUD 1.98 per share

- 2025-02: AUD 1.98 per share

- 2025-03: AUD 1.95 per share

- 2025-04: AUD 2.04 per share

- 2025-05: AUD 2.08 per share

- 2025-06: AUD 2.09 per share

- 2025-07: AUD 2.19 per share

- 2025-08: AUD 2.12 per share

- 2025-09: AUD 2.07 per share

- 2025-10: AUD 2.21 per share

- 2025-11: AUD 2.12 per share

- 2025-12: AUD 2.06 per share

- 2026-01: AUD 2.12 per share

- 2026-02: AUD 1.95 per share

- 2026-03: AUD 1.80 per share

- 2026-04: AUD 1.98 per share

- 2026-05: AUD 2.10 per share

- 2026-06: AUD 2.09 per share

- 2026-07: AUD 2.05 per share

- 2026-08: AUD 2.18 per share

- 2026-09: AUD 2.03 per share

- 2026-10: AUD 1.93 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 1.74 per share, central AUD 1.98 per share, high AUD 2.30 per share

- FY2018: low AUD 2.04 per share, central AUD 2.33 per share, high AUD 2.70 per share

- FY2019: low AUD 2.36 per share, central AUD 2.69 per share, high AUD 3.12 per share

- FY2020: low AUD 1.69 per share, central AUD 1.93 per share, high AUD 2.24 per share

- FY2021: low AUD 1.93 per share, central AUD 2.19 per share, high AUD 2.54 per share

- FY2022: low AUD 1.70 per share, central AUD 1.93 per share, high AUD 2.24 per share

- FY2023: low AUD 1.38 per share, central AUD 1.57 per share, high AUD 1.82 per share

- FY2024: low AUD 1.95 per share, central AUD 2.20 per share, high AUD 2.54 per share

- FY2025: low AUD 2.23 per share, central AUD 2.54 per share, high AUD 2.95 per share

- FY2026: low AUD 1.48 per share, central AUD 1.67 per share, high AUD 1.93 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

Prior published observations retained from 2026-10-15T06:47:06.644Z where newer inputs omit a numeric field or fiscal period.

## 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.

## Reported holder observations