# Hallenstein Glasson Holdings (HLG.NZ)

Canonical: https://gigainvestors.com/s/HLG.NZ

Analysis as of: 2026-10-16T07:33:24.720Z. Financial observations: FY2019–FY2025.

Listing currency: NZD. Reporting currency: NZD.

## Verdict

A wonderful business

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: NZD 14.92 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

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

- Financial history: 7 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.09×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.14×

- FY2020: 0.14×

- FY2021: 0.14×

- FY2022: 0.11×

- FY2023: 0.12×

- FY2024: 0.12×

- FY2025: 0.13×

### moat: pass

- ROIC, median of available years: 49.3%

- ROIC, second-lowest year: 20.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.6%

- ROIC including acquisitions, ten-year median: 47.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 49.3%

- FY2020: 79.1%

- FY2021: 70.0%

- FY2022: 20.4%

- FY2023: 15.5%

- FY2024: 26.3%

- FY2025: 77.0%

### economics: pass

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

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: NZD 293M

- Net income, five-year total: NZD 165M

- Return on incremental invested capital: >100%

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

- FY2021: 1.61×

- FY2022: 1.73×

- FY2023: 1.66×

- FY2024: 2.01×

- FY2025: 1.84×

### management: pass

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 70.0% vs 26.3%

- Per-share earnings: 0.49 to 0.58 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.0%

- Per-share value growth: 4.4%

- Per-share value change: NZD 0.09

- Per-share value, starting three-year median: NZD 0.49

- Per-share value, ending three-year median: NZD 0.58

- Buyback history: 0 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 70.0%

- ROIC, last three-year median: 26.3%

Chart: Earnings per share; fiscal year observations.

- FY2019: NZD 0.49

- FY2020: NZD 0.47

- FY2021: NZD 0.56

- FY2022: NZD 0.43

- FY2023: NZD 0.54

- FY2024: NZD 0.58

- FY2025: NZD 0.66

### accounting: pass

- Sloan accruals: -21.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.25×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -6.7%

- FY2020: -20.6%

- FY2021: -14.1%

- FY2022: -13.1%

- FY2023: -17.8%

- FY2024: -23.2%

- FY2025: -21.3%

## Holders

## Price story

Up 159% since Oct 2023 · sales +8.1%

Story as of 2026-10-16T09:59:56.081Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +8.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: NZD 288M 

- FY2020: NZD 288M 

- FY2021: NZD 351M 

- FY2022: NZD 351M 

- FY2023: NZD 410M 

- FY2024: NZD 436M 

- FY2025: NZD 471M 

### Gross margin · FY2024

gross margin 59.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2022: 57.6% 

- FY2023: 57.3% 

- FY2024: 59.4% 

## Owner memo

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

### How it makes money

Annual sales are NZD 470.7 million.

- Source: https://www.hallensteinglasson.co.nz/content/reports/Annual%20Report%2021%20October%2025_ONLINE.pdf (filed 2026-10-16T07:33:24.720Z); FY2025: revenue 470740000; operatingIncome 61032000; margin = operatingIncome / revenue.

### Why customers stay

Margins ranged from 11.7% to 13% during 2023–25; it earns 49.3% on its capital.

- Source: https://www.hallensteinglasson.co.nz/content/reports/Annual%20Report%20OCTOBER%202024_HR%20-%20NZX%20FINAL%20Softcopy%20%28page%2065%20amended%29.pdf (filed 2026-10-16T07:33:24.720Z); FY2023: operatingIncome / revenue = 11.7%.

- Source: https://www.hallensteinglasson.co.nz/content/reports/Annual%20Report%2021%20October%2025_ONLINE.pdf (filed 2026-10-16T07:33:24.720Z); FY2024: operatingIncome / revenue = 12.5%.

- Source: https://www.hallensteinglasson.co.nz/content/reports/Annual%20Report%2021%20October%2025_ONLINE.pdf (filed 2026-10-16T07:33:24.720Z); FY2025: operatingIncome / revenue = 13%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.720Z); 7-year return on capital observations [[2019,0.49333942244784884],[2020,0.7907640392090005],[2021,0.700099141164881],[2022,0.20370571293586606],[2023,0.1554603259476791],[2024,0.2634157305137343],[2025,0.7702286895789078]]; median 0.49333942244784884. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 7 years.

- Source: https://www.hallensteinglasson.co.nz/content/reports/Annual%20Report%2020%20October%20FA01_ON%20SCREEN.pdf (filed 2026-10-16T07:33:24.720Z); FY2019: growth capex 0; upkeep 20223000; owner earnings 15769000. Growth capex / owner earnings = 0.

- Source: https://www.hallensteinglasson.co.nz/content/reports/Annual%20Report%2020%20October%20FA01_ON%20SCREEN.pdf (filed 2026-10-16T07:33:24.720Z); FY2020: growth capex 0; upkeep 11835000; owner earnings 59480000. Growth capex / owner earnings = 0.

- Source: https://www.hallensteinglasson.co.nz/content/reports/Annual%20Report%2020%20October%202022_FA01_Onscreen.pdf (filed 2026-10-16T07:33:24.720Z); FY2021: growth capex 0; upkeep 7890000; owner earnings 53543000. Growth capex / owner earnings = 0.

- Source: https://www.hallensteinglasson.co.nz/content/reports/Annual%20Report%2020%20October%202022_FA01_Onscreen.pdf (filed 2026-10-16T07:33:24.720Z); FY2022: growth capex 0; upkeep 8281000; owner earnings 44207000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.720Z); FY2023: growth capex 0; upkeep 14811000; owner earnings 53212000. Growth capex / owner earnings = 0.

- Source: https://www.hallensteinglasson.co.nz/content/reports/Annual%20Report%2021%20October%2025_ONLINE.pdf (filed 2026-10-16T07:33:24.720Z); FY2024: growth capex 0; upkeep 15944000; owner earnings 69366000. Growth capex / owner earnings = 0.

- Source: https://www.hallensteinglasson.co.nz/content/reports/Annual%20Report%2021%20October%2025_ONLINE.pdf (filed 2026-10-16T07:33:24.720Z); FY2025: growth capex 0; upkeep 15830000; owner earnings 72775000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.720Z); Dividend observations: [[2019,26246000],[2020,14316000],[2021,36982000],[2022,25053000],[2023,28632000],[2024,28632000],[2025,30420000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price is 1.9 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.720Z); Closing price 14.920000076293945 NZD; reporting-to-trading FX 1; FY2025 annual sales per share 7.886941661361123; price multiple 1.8917345552824922. FY2025 cash earnings/share 1.2192976577421841. Closing-price date 2026-10-15.

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

- 2016-11: NZD 2.96 per share

- 2016-12: NZD 3.05 per share

- 2017-01: NZD 3.23 per share

- 2017-02: NZD 3.34 per share

- 2017-03: NZD 3.55 per share

- 2017-04: NZD 3.23 per share

- 2017-05: NZD 3.04 per share

- 2017-06: NZD 3.02 per share

- 2017-07: NZD 3.10 per share

- 2017-08: NZD 3.27 per share

- 2017-09: NZD 3.35 per share

- 2017-10: NZD 3.34 per share

- 2017-11: NZD 3.41 per share

- 2017-12: NZD 3.95 per share

- 2018-01: NZD 4.26 per share

- 2018-02: NZD 4.64 per share

- 2018-03: NZD 5.05 per share

- 2018-04: NZD 4.57 per share

- 2018-05: NZD 4.38 per share

- 2018-06: NZD 4.75 per share

- 2018-07: NZD 5.11 per share

- 2018-08: NZD 6.29 per share

- 2018-09: NZD 5.85 per share

- 2018-10: NZD 5.89 per share

- 2018-11: NZD 5.61 per share

- 2018-12: NZD 4.18 per share

- 2019-01: NZD 4.00 per share

- 2019-02: NZD 4.15 per share

- 2019-03: NZD 4.69 per share

- 2019-04: NZD 4.93 per share

- 2019-05: NZD 4.93 per share

- 2019-06: NZD 5.20 per share

- 2019-07: NZD 5.36 per share

- 2019-08: NZD 5.51 per share

- 2019-09: NZD 5.84 per share

- 2019-10: NZD 6.18 per share

- 2019-11: NZD 6.30 per share

- 2019-12: NZD 6.04 per share

- 2020-01: NZD 6.00 per share

- 2020-02: NZD 4.80 per share

- 2020-03: NZD 2.70 per share

- 2020-04: NZD 3.85 per share

- 2020-05: NZD 3.80 per share

- 2020-06: NZD 3.55 per share

- 2020-07: NZD 3.43 per share

- 2020-08: NZD 4.53 per share

- 2020-09: NZD 5.44 per share

- 2020-10: NZD 6.12 per share

- 2020-11: NZD 6.87 per share

- 2020-12: NZD 6.65 per share

- 2021-01: NZD 7.07 per share

- 2021-02: NZD 7.21 per share

- 2021-03: NZD 7.48 per share

- 2021-04: NZD 7.35 per share

- 2021-05: NZD 7.27 per share

- 2021-06: NZD 7.45 per share

- 2021-07: NZD 7.23 per share

- 2021-08: NZD 7.25 per share

- 2021-09: NZD 6.95 per share

- 2021-10: NZD 7.00 per share

- 2021-11: NZD 7.31 per share

- 2021-12: NZD 7.05 per share

- 2022-01: NZD 6.24 per share

- 2022-02: NZD 5.88 per share

- 2022-03: NZD 6.49 per share

- 2022-04: NZD 6.02 per share

- 2022-05: NZD 5.71 per share

- 2022-06: NZD 5.47 per share

- 2022-07: NZD 5.20 per share

- 2022-08: NZD 5.32 per share

- 2022-09: NZD 5.20 per share

- 2022-10: NZD 5.34 per share

- 2022-11: NZD 5.48 per share

- 2022-12: NZD 5.44 per share

- 2023-01: NZD 5.60 per share

- 2023-02: NZD 5.45 per share

- 2023-03: NZD 5.80 per share

- 2023-04: NZD 6.25 per share

- 2023-05: NZD 6.10 per share

- 2023-06: NZD 6.14 per share

- 2023-07: NZD 6.40 per share

- 2023-08: NZD 6.18 per share

- 2023-09: NZD 6.09 per share

- 2023-10: NZD 5.76 per share

- 2023-11: NZD 6.05 per share

- 2023-12: NZD 5.20 per share

- 2024-01: NZD 5.51 per share

- 2024-02: NZD 5.75 per share

- 2024-03: NZD 6.45 per share

- 2024-04: NZD 6.04 per share

- 2024-05: NZD 5.37 per share

- 2024-06: NZD 5.57 per share

- 2024-07: NZD 5.92 per share

- 2024-08: NZD 5.97 per share

- 2024-09: NZD 6.40 per share

- 2024-10: NZD 7.53 per share

- 2024-11: NZD 7.70 per share

- 2024-12: NZD 8.25 per share

- 2025-01: NZD 8.50 per share

- 2025-02: NZD 8.00 per share

- 2025-03: NZD 8.25 per share

- 2025-04: NZD 7.28 per share

- 2025-05: NZD 7.90 per share

- 2025-06: NZD 8.23 per share

- 2025-07: NZD 8.70 per share

- 2025-08: NZD 8.70 per share

- 2025-09: NZD 9.18 per share

- 2025-10: NZD 9.85 per share

- 2025-11: NZD 9.83 per share

- 2025-12: NZD 9.84 per share

- 2026-01: NZD 9.90 per share

- 2026-02: NZD 10.10 per share

- 2026-03: NZD 9.98 per share

- 2026-04: NZD 9.80 per share

- 2026-05: NZD 9.95 per share

- 2026-06: NZD 9.99 per share

- 2026-07: NZD 10.65 per share

- 2026-08: NZD 11.95 per share

- 2026-09: NZD 14.75 per share

- 2026-10: NZD 14.68 per share

## Annual estimated value (NZD 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.