# Kiwi Property Group (KWIPF.US)

Canonical: https://gigainvestors.com/s/KWIPF

Analysis as of: 2026-10-16T07:33:44.672Z. Financial observations: FY2020–FY2026.

Listing currency: USD. 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: $0.51 per share; close as of 2026-10-15.

Estimated value: low $0.23 per share, central $0.26 per share, high $0.30 per share. Buy at or below the central value $0.26 per share. Valuation as of 2026-10-16T07:33:44.672Z; scenarios are not confidence intervals.

Expected annual return: 6.5% at the stated quote. About 6.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; NZ 10-year bond 5.0% + 4 points).

## Checklist

### understandable: fail

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

- more than 2 net loss years

- Financial history: 7 years

- Years with declining revenue: 2

- Years with a net loss: 3

- Operating margin variation: 0.04×

Chart: Operating margin; fiscal year observations.

- FY2020: 0.68×

- FY2021: 0.65×

- FY2022: 0.60×

- FY2023: 0.67×

- FY2024: 0.63×

- FY2025: 0.65×

- FY2026: 0.63×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 3.9%

- ROIC, second-lowest year: 3.5%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 76.1%

- Recent gross margin (lower of latest and 3-year median): 76.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.2%

- ROIC including acquisitions, ten-year median: 1.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2020: 4.4%

- FY2021: 4.2%

- FY2022: 3.9%

- FY2023: 4.5%

- FY2024: 3.2%

- FY2025: 3.5%

- FY2026: 3.7%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.30×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: NZD 133M

- Net income, five-year total: NZD 102M

- Return on incremental invested capital: -17.5%

- Working capital / revenue, annual change: 1.1 pp

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

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 0.79×

- FY2025: 1.01×

- FY2026: 1.54×

### management: fail

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 4.2% vs 3.5%

- Per-share earnings: 0.13 to 0.04 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -9.6%

- Diluted shares, 5-year annual growth: -9.6%

- Per-share value growth: -27.0%

- Per-share value change: NZD -0.09

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

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

- Buyback history: 0 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 4.2%

- ROIC, last three-year median: 3.5%

Chart: Earnings per share; fiscal year observations.

- FY2020: NZD -0.13

- FY2021: NZD 0.13

- FY2022: NZD 0.14

- FY2023: NZD -0.14

- FY2024: NZD -0.00

- FY2025: NZD 0.04

- FY2026: NZD 0.05

### accounting: pass

- Sloan accruals: -0.9%

- Receivables to sales index (DSRI): 0.74×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.55×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2020: -9.3%

- FY2021: 2.7%

- FY2022: 3.0%

- FY2023: -10.5%

- FY2024: -3.1%

- FY2025: -0.7%

- FY2026: -0.9%

## Holders

## Price story

Down 36% since Oct 2021 · sales +5.8%

Story as of 2026-10-16T09:59:56.177Z; price observation 2026-10-15.

Price needs cash profits to grow 9.4% a year for ten years

### Sales · FY2025–2026

sales +5.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2020: NZD 244M 

- FY2021: NZD 234M 

- FY2022: NZD 256M 

- FY2023: NZD 259M 

- FY2024: NZD 241M 

- FY2025: NZD 260M 

- FY2026: NZD 275M 

### Gross margin · FY2026

gross margin 76.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2020: 77.6% 

- FY2021: 74.8% 

- FY2022: 70.6% 

- FY2023: 79.6% 

- FY2024: 76.9% 

- FY2025: 74.8% 

- FY2026: 76.1% 

## Owner memo

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

### How it makes money

Operates in property rentals; annual sales are NZD 274.7 million.

- Source: https://eodhd.com/api/fundamentals/KWIPF.US.json#2026-03-31 (filed 2026-10-16T07:33:44.672Z); FY2026: revenue 274667918; grossProfit 208982025; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KWIPF.US: Kiwi Property Group limited is one of the largest listed property companies on the New Zealand Stock Exchange and is a member of the S&P/NZX 20 Index. We have been around for over 30 years and proudly own and manage a significant real estate portfolio comprising some of New Zealand's best mixed-use, retail and office buildings. Our objective is to provide investors with a reliable investment in New Zealand property through the ownership and active management of a diversified, high-quality portfolio. Kiwi Property is licensed under the Real Estate Agents Act 2008. Kiwi Property Group Limited was established on August 21, 1992 and incorporated in 1992 in New Zealand.

### Why customers stay

Margins ranged from 74.8% to 76.9% during 2024–26; it earns 3.9% on its capital.

- Source: https://eodhd.com/api/fundamentals/KWIPF.US.json#2024-03-31 (filed 2026-10-16T07:33:44.672Z); FY2024: grossProfit / revenue = 76.9%.

- Source: https://eodhd.com/api/fundamentals/KWIPF.US.json#2025-03-31 (filed 2026-10-16T07:33:44.672Z); FY2025: grossProfit / revenue = 74.8%.

- Source: https://eodhd.com/api/fundamentals/KWIPF.US.json#2026-03-31 (filed 2026-10-16T07:33:44.672Z); FY2026: grossProfit / revenue = 76.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:44.672Z); 7-year return on capital observations [[2020,0.04429872485020222],[2021,0.0422655518383288],[2022,0.03914087495225407],[2023,0.04495013095739606],[2024,0.03242101256937718],[2025,0.03495051415195592],[2026,0.0366048420155864]]; median 0.03914087495225407. 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://eodhd.com/api/fundamentals/KWIPF.US.json#2021-03-31 (filed 2026-10-16T07:33:44.672Z); FY2021: growth capex 0; upkeep 981000; owner earnings 196848000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/KWIPF.US.json#2022-03-31 (filed 2026-10-16T07:33:44.672Z); FY2022: growth capex 0; upkeep 353000; owner earnings 225220000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/KWIPF.US.json#2025-03-31 (filed 2026-10-16T07:33:44.672Z); FY2025: growth capex 0; upkeep 221000; owner earnings 57471000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/KWIPF.US.json#2026-03-31 (filed 2026-10-16T07:33:44.672Z); FY2026: growth capex 0; upkeep 440369; owner earnings 78430376. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:44.672Z); Dividend observations: [[2020,87460000],[2021,34493000],[2022,89425000],[2023,111876000],[2024,73312000],[2025,58804000],[2026,70695611]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 13% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KWIPF.US SharesStats.PercentInsiders = 13.035 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 9.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:44.672Z); Ten-year compound average after fade. Initial solved rate 0.12274194879321493. Price 0.51; FX 0.56204; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2016-10: $1.00 per share

- 2016-11: $1.03 per share

- 2016-12: $0.94 per share

- 2017-01: $1.02 per share

- 2017-02: $1.01 per share

- 2017-03: $0.95 per share

- 2017-04: $0.97 per share

- 2017-05: $0.99 per share

- 2017-06: $1.05 per share

- 2017-07: $1.04 per share

- 2017-08: $0.98 per share

- 2017-09: $0.95 per share

- 2017-10: $0.91 per share

- 2017-11: $0.94 per share

- 2017-12: $0.96 per share

- 2018-01: $0.99 per share

- 2018-02: $0.94 per share

- 2018-03: $0.95 per share

- 2018-04: $1.01 per share

- 2018-05: $0.98 per share

- 2018-06: $0.95 per share

- 2018-07: $0.89 per share

- 2018-08: $0.89 per share

- 2018-09: $0.93 per share

- 2018-10: $0.88 per share

- 2018-11: $0.92 per share

- 2018-12: $0.92 per share

- 2019-01: $1.01 per share

- 2019-03: $0.96 per share

- 2019-04: $0.98 per share

- 2019-05: $1.05 per share

- 2019-06: $1.07 per share

- 2019-07: $1.04 per share

- 2019-08: $1.05 per share

- 2019-09: $1.02 per share

- 2019-10: $1.03 per share

- 2019-11: $0.97 per share

- 2019-12: $0.99 per share

- 2020-01: $1.00 per share

- 2020-02: $0.91 per share

- 2020-03: $0.59 per share

- 2020-04: $0.54 per share

- 2020-05: $0.58 per share

- 2020-06: $0.67 per share

- 2020-07: $0.68 per share

- 2020-08: $0.67 per share

- 2020-09: $0.69 per share

- 2020-10: $0.81 per share

- 2020-11: $0.80 per share

- 2020-12: $0.80 per share

- 2021-01: $0.85 per share

- 2021-02: $0.85 per share

- 2021-03: $0.86 per share

- 2021-04: $0.91 per share

- 2021-05: $0.91 per share

- 2021-06: $0.81 per share

- 2021-07: $0.81 per share

- 2021-08: $0.79 per share

- 2021-09: $0.83 per share

- 2021-10: $0.79 per share

- 2021-11: $0.76 per share

- 2021-12: $0.77 per share

- 2022-01: $0.74 per share

- 2022-02: $0.72 per share

- 2022-03: $0.72 per share

- 2022-04: $0.67 per share

- 2022-05: $0.69 per share

- 2022-06: $0.60 per share

- 2022-08: $0.61 per share

- 2022-09: $0.55 per share

- 2022-10: $0.50 per share

- 2022-12: $0.57 per share

- 2023-01: $0.60 per share

- 2023-02: $0.58 per share

- 2023-03: $0.54 per share

- 2023-04: $0.56 per share

- 2023-05: $0.54 per share

- 2023-06: $0.54 per share

- 2023-07: $0.61 per share

- 2023-08: $0.54 per share

- 2023-09: $0.51 per share

- 2023-10: $0.46 per share

- 2023-11: $0.46 per share

- 2023-12: $0.59 per share

- 2024-01: $0.52 per share

- 2024-02: $0.52 per share

- 2024-03: $0.50 per share

- 2024-04: $0.49 per share

- 2024-05: $0.50 per share

- 2024-06: $0.50 per share

- 2024-07: $0.51 per share

- 2024-08: $0.56 per share

- 2024-09: $0.57 per share

- 2024-10: $0.53 per share

- 2024-11: $0.54 per share

- 2024-12: $0.49 per share

- 2025-01: $0.52 per share

- 2025-02: $0.48 per share

- 2025-03: $0.54 per share

- 2025-04: $0.49 per share

- 2025-06: $0.48 per share

- 2025-07: $0.56 per share

- 2025-08: $0.59 per share

- 2025-10: $0.60 per share

- 2025-11: $0.61 per share

- 2025-12: $0.59 per share

- 2026-01: $0.59 per share

- 2026-02: $0.59 per share

- 2026-03: $0.51 per share

- 2026-06: $0.54 per share

- 2026-07: $0.53 per share

- 2026-08: $0.54 per share

- 2026-09: $0.52 per share

- 2026-10: $0.51 per share

## Annual estimated value (USD per share)

- FY2025: low $0.22 per share, central $0.25 per share, high $0.29 per share

- FY2026: low $0.40 per share, central $0.45 per share, high $0.52 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.