# Gentrack Group (GTK.AU)

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

Analysis as of: 2026-10-16T07:50:00.389Z. Financial observations: FY2013–FY2025.

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 3.27 per share; close as of 2026-10-15.

Estimated value: low AUD 1.97 per share, central AUD 2.17 per share, high AUD 2.42 per share. Buy at or below the central value AUD 2.17 per share. Valuation as of 2026-10-16T07:50:00.389Z; scenarios are not confidence intervals.

Expected annual return: 7.1% at the stated quote. About 7.1% 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: fail

- 2 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: 2

- Years with a net loss: 3

- Operating margin variation: 1.41×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.27×

- FY2017: 0.26×

- FY2018: 0.23×

- FY2019: 0.14×

- FY2020: -0.00×

- FY2021: -0.00×

- FY2022: -0.10×

- FY2023: 0.00×

- FY2024: 0.00×

- FY2025: 0.08×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 4.2pp below the typical margin (limit 4pp)

- ROIC, median of available years: 8.7%

- ROIC, second-lowest year: -0.8%

- Typical minus recent gross margin: 4.2 pp

- Typical gross margin (annual median): 19.4%

- Recent gross margin (lower of latest and 3-year median): 15.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.8%

- ROIC including acquisitions, ten-year median: 8.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 51.6%

- FY2017: 32.9%

- FY2018: 22.8%

- FY2019: 16.2%

- FY2020: -0.4%

- FY2021: -0.8%

- FY2022: -25.8%

- FY2023: 1.2%

- FY2024: 0.7%

- FY2025: 32.6%

### economics: pass

- Owner earnings / net income, 5-yr: 1.78×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: NZD 71M

- Net income, five-year total: NZD 40M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.0 pp

- Working capital / revenue, change between three-year averages: -0.2 pp

- Working capital / revenue, final three-year average: 17.9%

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

- FY2021: 3.41×

- FY2022: -1.14×

- FY2023: 1.30×

- FY2024: 1.93×

- FY2025: 1.22×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 32.9% vs 1.2%

- Per-share earnings: 0.13 to 0.10 (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: 4.0%

- Ordinary dilution, 5-year annual growth: 1.7%

- Market cap gain: NZD 696M

- Cumulative retained earnings: NZD -8.3M

- Diluted shares, 10-year annual growth: 4.0%

- Diluted shares, 5-year annual growth: 1.7%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -2.8%

- Per-share value change: NZD -0.03

- Per-share value, starting three-year median: NZD 0.13

- Per-share value, ending three-year median: NZD 0.10

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 0.2%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: NZD 160M

- Cumulative net income, 10 years: NZD 40M

- ROIC, first three-year median: 32.9%

- ROIC, last three-year median: 1.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: NZD 0.12

- FY2017: NZD 0.14

- FY2018: NZD 0.14

- FY2019: NZD -0.03

- FY2020: NZD -0.31

- FY2021: NZD 0.03

- FY2022: NZD -0.03

- FY2023: NZD 0.10

- FY2024: NZD 0.09

- FY2025: NZD 0.19

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -0.7%

- Receivables to sales index (DSRI): 1.94×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.10×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.56×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.0%

- FY2017: -1.1%

- FY2018: -3.3%

- FY2019: -6.7%

- FY2020: -25.7%

- FY2021: -5.1%

- FY2022: -4.4%

- FY2023: -6.4%

- FY2024: -8.6%

- FY2025: -0.7%

## Holders

## Price story

Down 75% since Nov 2024 · sales -26.1%

Story as of 2026-10-16T10:00:13.833Z; price observation 2026-10-15.

Price needs cash profits to grow 7.5% a year for ten years

### Sales · FY2024–2025

sales -26.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: NZD 53M 

- FY2017: NZD 75M 

- FY2018: NZD 104M 

- FY2019: NZD 112M 

- FY2020: NZD 101M 

- FY2021: NZD 106M 

- FY2022: NZD 126M 

- FY2023: NZD 170M 

- FY2024: NZD 311M 

- FY2025: NZD 230M 

### Gross margin · FY2025

gross margin 26.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 36.7% 

- FY2017: 33.4% 

- FY2018: 31.1% 

- FY2019: 23.6% 

- FY2020: 12.9% 

- FY2021: 13.2% 

- FY2022: 7.9% 

- FY2023: 15.2% 

- FY2024: 8.3% 

- FY2025: 26.3% 

## Owner memo

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

### How it makes money

Operates in software infrastructure; annual sales are NZD 230.2 million.

- Source: https://eodhd.com/api/fundamentals/GTK.AU.json#2025-09-30 (filed 2026-10-16T07:50:00.389Z); FY2025: revenue 230194000; grossProfit 60465000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GTK.AU: Gentrack Group Limited engages in the development, integration, and support of enterprise billing and customer management software solutions for the energy and water utility, and airport industries. The company operates in two segments, Utility Billing Software and Airport Management Software. Its products portfolio includes end-to-end offerings; customer engagement; billing and finance solutions; business and data applications; distributed energy resource management; customer information systems; and debt management tools. The company also provides support services, such as upgrades, software revisions, and extended support, as well as software development and sales. It operates in Australia, New Zealand, the United Kingdom, and internationally. Gentrack Group Limited was founded in 1989 and is headquartered in Auckland, New Zealand.

### Why customers stay

Margins ranged from 8.3% to 26.3% during 2023–25; it earns 8.7% on its capital.

- Source: https://eodhd.com/api/fundamentals/GTK.AU.json#2023-09-30 (filed 2026-10-16T07:50:00.389Z); FY2023: grossProfit / revenue = 15.2%.

- Source: https://eodhd.com/api/fundamentals/GTK.AU.json#2024-09-30 (filed 2026-10-16T07:50:00.389Z); FY2024: grossProfit / revenue = 8.3%.

- Source: https://eodhd.com/api/fundamentals/GTK.AU.json#2025-09-30 (filed 2026-10-16T07:50:00.389Z); FY2025: grossProfit / revenue = 26.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:50:00.389Z); 10-year return on capital observations [[2016,0.5156120371065888],[2017,0.3288661360199575],[2018,0.22842062276317368],[2019,0.16227568735079656],[2020,-0.003947202174703754],[2021,-0.007950082801040927],[2022,-0.2575131468638061],[2023,0.01235065824689127],[2024,0.007260960459979961],[2025,0.32611572021170077]]; median 0.08731317279884392. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 5 of 10 years.

- Source: https://eodhd.com/api/fundamentals/GTK.AU.json#2016-09-30 (filed 2026-10-16T07:50:00.389Z); FY2016: growth capex 0; upkeep 745000; owner earnings 11240000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/GTK.AU.json#2017-09-30 (filed 2026-10-16T07:50:00.389Z); FY2017: growth capex 0; upkeep 1268000; owner earnings 14548000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/GTK.AU.json#2018-09-30 (filed 2026-10-16T07:50:00.389Z); FY2018: growth capex 0; upkeep 2287000; owner earnings 18569000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/GTK.AU.json#2019-09-30 (filed 2026-10-16T07:50:00.389Z); FY2019: growth capex 0; upkeep 640000; owner earnings 5485000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/GTK.AU.json#2021-09-30 (filed 2026-10-16T07:50:00.389Z); FY2021: growth capex 0; upkeep 663000; owner earnings 10879600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/GTK.AU.json#2022-09-30 (filed 2026-10-16T07:50:00.389Z); FY2022: growth capex 0; upkeep 986000; owner earnings 3770600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/GTK.AU.json#2023-09-30 (filed 2026-10-16T07:50:00.389Z); FY2023: growth capex 0; upkeep 1958000; owner earnings 13078000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/GTK.AU.json#2024-09-30 (filed 2026-10-16T07:50:00.389Z); FY2024: growth capex 0; upkeep 1087000; owner earnings 18414000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/GTK.AU.json#2025-09-30 (filed 2026-10-16T07:50:00.389Z); FY2025: growth capex 0; upkeep 1728936; owner earnings 25266864. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:50:00.389Z); Dividend observations: [[2016,8288000],[2017,9113000],[2018,11299000],[2019,13463000],[2020,3004000],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 15.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GTK.AU SharesStats.PercentInsiders = 15.592 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 7.5% yearly over ten years; actual growth was 5.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:50:00.389Z); Ten-year compound average after fade. Initial solved rate 0.09470016449837682. Price 3.27; FX 0.8124078517533463; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.1360271053713198 → FY2025 0.23002894928133433. Closing-price date 2026-10-15.

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

- 2016-10: AUD 3.22 per share

- 2016-11: AUD 3.34 per share

- 2016-12: AUD 3.37 per share

- 2017-01: AUD 3.13 per share

- 2017-02: AUD 3.16 per share

- 2017-03: AUD 3.50 per share

- 2017-04: AUD 4.00 per share

- 2017-05: AUD 4.29 per share

- 2017-06: AUD 4.60 per share

- 2017-07: AUD 4.63 per share

- 2017-08: AUD 4.14 per share

- 2017-09: AUD 4.72 per share

- 2017-10: AUD 4.83 per share

- 2017-11: AUD 5.77 per share

- 2017-12: AUD 6.11 per share

- 2018-01: AUD 5.46 per share

- 2018-02: AUD 5.88 per share

- 2018-03: AUD 6.16 per share

- 2018-04: AUD 6.56 per share

- 2018-05: AUD 6.50 per share

- 2018-06: AUD 6.49 per share

- 2018-07: AUD 6.16 per share

- 2018-08: AUD 6.39 per share

- 2018-09: AUD 6.55 per share

- 2018-10: AUD 6.13 per share

- 2018-11: AUD 5.52 per share

- 2018-12: AUD 4.80 per share

- 2019-01: AUD 5.02 per share

- 2019-02: AUD 4.40 per share

- 2019-03: AUD 4.75 per share

- 2019-04: AUD 5.19 per share

- 2019-05: AUD 4.95 per share

- 2019-06: AUD 5.95 per share

- 2019-07: AUD 5.09 per share

- 2019-08: AUD 5.19 per share

- 2019-09: AUD 4.85 per share

- 2019-10: AUD 4.50 per share

- 2019-11: AUD 3.82 per share

- 2019-12: AUD 3.61 per share

- 2020-01: AUD 1.95 per share

- 2020-02: AUD 1.97 per share

- 2020-03: AUD 1.38 per share

- 2020-04: AUD 1.41 per share

- 2020-05: AUD 1.33 per share

- 2020-06: AUD 1.33 per share

- 2020-07: AUD 1.20 per share

- 2020-08: AUD 1.44 per share

- 2020-09: AUD 1.14 per share

- 2020-10: AUD 1.14 per share

- 2020-11: AUD 1.46 per share

- 2020-12: AUD 1.45 per share

- 2021-01: AUD 1.25 per share

- 2021-02: AUD 1.48 per share

- 2021-03: AUD 1.39 per share

- 2021-04: AUD 1.48 per share

- 2021-05: AUD 1.98 per share

- 2021-06: AUD 1.90 per share

- 2021-07: AUD 2.05 per share

- 2021-08: AUD 1.90 per share

- 2021-09: AUD 1.77 per share

- 2021-10: AUD 1.81 per share

- 2021-11: AUD 1.81 per share

- 2021-12: AUD 2.03 per share

- 2022-01: AUD 1.70 per share

- 2022-02: AUD 1.54 per share

- 2022-03: AUD 1.63 per share

- 2022-04: AUD 1.50 per share

- 2022-05: AUD 1.52 per share

- 2022-06: AUD 1.30 per share

- 2022-07: AUD 1.27 per share

- 2022-08: AUD 1.27 per share

- 2022-09: AUD 1.36 per share

- 2022-10: AUD 1.41 per share

- 2022-11: AUD 2.30 per share

- 2022-12: AUD 2.38 per share

- 2023-01: AUD 2.59 per share

- 2023-02: AUD 2.75 per share

- 2023-03: AUD 2.62 per share

- 2023-04: AUD 3.03 per share

- 2023-05: AUD 3.93 per share

- 2023-06: AUD 3.91 per share

- 2023-07: AUD 4.17 per share

- 2023-08: AUD 4.15 per share

- 2023-09: AUD 4.46 per share

- 2023-10: AUD 4.50 per share

- 2023-11: AUD 5.60 per share

- 2023-12: AUD 6.19 per share

- 2024-01: AUD 6.10 per share

- 2024-02: AUD 7.44 per share

- 2024-03: AUD 7.94 per share

- 2024-04: AUD 7.51 per share

- 2024-05: AUD 8.85 per share

- 2024-06: AUD 9.40 per share

- 2024-07: AUD 9.35 per share

- 2024-08: AUD 9.35 per share

- 2024-09: AUD 10.49 per share

- 2024-10: AUD 9.16 per share

- 2024-11: AUD 13.01 per share

- 2024-12: AUD 11.59 per share

- 2025-01: AUD 11.55 per share

- 2025-02: AUD 10.14 per share

- 2025-03: AUD 10.15 per share

- 2025-04: AUD 10.80 per share

- 2025-05: AUD 11.39 per share

- 2025-06: AUD 11.53 per share

- 2025-07: AUD 9.75 per share

- 2025-08: AUD 9.17 per share

- 2025-09: AUD 8.87 per share

- 2025-10: AUD 8.02 per share

- 2025-11: AUD 9.64 per share

- 2025-12: AUD 7.38 per share

- 2026-01: AUD 6.53 per share

- 2026-02: AUD 6.98 per share

- 2026-03: AUD 5.66 per share

- 2026-04: AUD 4.90 per share

- 2026-05: AUD 3.01 per share

- 2026-06: AUD 3.16 per share

- 2026-07: AUD 3.05 per share

- 2026-08: AUD 3.94 per share

- 2026-09: AUD 3.01 per share

- 2026-10: AUD 3.24 per share

## Annual estimated value (AUD per share)

- FY2017: low AUD 1.57 per share, central AUD 1.77 per share, high AUD 2.05 per share

- FY2018: low AUD 1.90 per share, central AUD 2.15 per share, high AUD 2.48 per share

- FY2019: low AUD 1.99 per share, central AUD 2.26 per share, high AUD 2.62 per share

- FY2020: low AUD 1.71 per share, central AUD 1.93 per share, high AUD 2.21 per share

- FY2021: low AUD 1.12 per share, central AUD 1.25 per share, high AUD 1.42 per share

- FY2022: low AUD 0.75 per share, central AUD 0.83 per share, high AUD 0.93 per share

- FY2023: low AUD 1.11 per share, central AUD 1.22 per share, high AUD 1.35 per share

- FY2024: low AUD 2.06 per share, central AUD 2.28 per share, high AUD 2.57 per share

- FY2025: low AUD 2.02 per share, central AUD 2.22 per share, high AUD 2.48 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 2026-10-15T06:55:47.472Z 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.