# Napier Port Holdings (NPH.NZ)

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

Analysis as of: 2026-10-16T07:33:24.752Z. Financial observations: FY2019–FY2025.

Listing currency: NZD. 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: NZD 3.75 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- Financial history: 7 years

- Years with a net loss: 0

- Operating margin variation: 0.11×

Chart: Operating margin; fiscal year observations.

- FY2021: 0.29×

- FY2022: 0.25×

- FY2023: 0.23×

- FY2024: 0.29×

- FY2025: 0.31×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 4.5%

- ROIC, second-lowest year: 4.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 16.3%

- ROIC including acquisitions, ten-year median: 3.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2021: 5.4%

- FY2022: 4.0%

- FY2023: 4.2%

- FY2024: 4.5%

- FY2025: 6.6%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: -0.05×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: NZD -5.4M

- Net income, five-year total: NZD 116M

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

- FY2021: -2.91×

- FY2022: -0.79×

- FY2023: 1.15×

- FY2024: 1.14×

- FY2025: 1.00×

### management: pass

- buybacks leaned toward cheaper years (informational)

- Per-share earnings: 0.11 to 0.12 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.1%

- Diluted shares, 5-year annual growth: -0.1%

- Per-share value growth: 3.1%

- Per-share value change: NZD 0.01

- Per-share value, starting three-year median: NZD 0.11

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

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 0.1%

- Buyback history: 3 years

- Debt-funded buybacks: No

- ROIC, last three-year median: 4.5%

Chart: Earnings per share; fiscal year observations.

- FY2019: NZD 0.06

- FY2020: NZD 0.11

- FY2021: NZD 0.12

- FY2022: NZD 0.10

- FY2023: NZD 0.08

- FY2024: NZD 0.12

- FY2025: NZD 0.15

### accounting: pass

- Sloan accruals: -5.5%

- Receivables to sales index (DSRI): 0.78×

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.06×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2021: -2.4%

- FY2022: -2.2%

- FY2023: -3.7%

- FY2024: -5.0%

- FY2025: -5.5%

## Holders

## Price story

Up 68% since Oct 2023 · sales +5%

Story as of 2026-10-16T09:59:56.087Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2021: NZD 109M 

- FY2022: NZD 115M 

- FY2023: NZD 123M 

- FY2024: NZD 148M 

- FY2025: NZD 155M 

## Owner memo

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

### How it makes money

Annual sales are NZD 155 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.752Z); FY2025: revenue 154955000; grossProfit 154955000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 100% to 100% during 2023–25; it earns 4.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.752Z); FY2023: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.752Z); FY2024: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.752Z); FY2025: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.752Z); 7-year return on capital observations [[2021,0.05380692700857657],[2022,0.040347255853814934],[2023,0.04155908325889947],[2024,0.04528678208161826],[2025,0.06558394647467561]]; median 0.04528678208161826. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 19.5% of cash earnings on expansion; paid dividends in 5 of 5 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.752Z); FY2023: growth capex 0; upkeep 13752000; owner earnings 19069000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.752Z); FY2024: growth capex 0; upkeep 13109000; owner earnings 28200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.752Z); FY2025: growth capex 6024000; upkeep 19297000; owner earnings 30882000. Growth capex / owner earnings = 0.19506508645813095.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.752Z); Dividend observations: [[2021,15591000],[2022,14993000],[2023,12797000],[2024,13092000],[2025,24975000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.752Z); FY2025: cash repurchases 717000 NZD.

### What the price says

The price is 4.8 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.752Z); Closing price 3.75 NZD; reporting-to-trading FX 1; FY2025 annual sales per share 0.7767829840136754; price multiple 4.827603175115356. FY2025 cash earnings/share 0.15481018432648397. Closing-price date 2026-10-15.

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

- 2019-09: NZD 3.07 per share

- 2019-10: NZD 3.31 per share

- 2019-11: NZD 3.38 per share

- 2019-12: NZD 4.16 per share

- 2020-01: NZD 3.90 per share

- 2020-02: NZD 3.22 per share

- 2020-03: NZD 2.85 per share

- 2020-04: NZD 3.10 per share

- 2020-05: NZD 3.40 per share

- 2020-06: NZD 3.60 per share

- 2020-07: NZD 3.48 per share

- 2020-08: NZD 3.68 per share

- 2020-09: NZD 3.55 per share

- 2020-10: NZD 3.57 per share

- 2020-11: NZD 3.63 per share

- 2020-12: NZD 3.42 per share

- 2021-01: NZD 3.37 per share

- 2021-02: NZD 3.43 per share

- 2021-03: NZD 3.39 per share

- 2021-04: NZD 3.56 per share

- 2021-05: NZD 3.27 per share

- 2021-06: NZD 3.40 per share

- 2021-07: NZD 3.22 per share

- 2021-08: NZD 3.17 per share

- 2021-09: NZD 3.15 per share

- 2021-10: NZD 3.06 per share

- 2021-11: NZD 3.07 per share

- 2021-12: NZD 3.08 per share

- 2022-01: NZD 3.00 per share

- 2022-02: NZD 3.05 per share

- 2022-03: NZD 3.00 per share

- 2022-04: NZD 2.90 per share

- 2022-05: NZD 2.83 per share

- 2022-06: NZD 2.75 per share

- 2022-07: NZD 3.00 per share

- 2022-08: NZD 2.96 per share

- 2022-09: NZD 2.88 per share

- 2022-10: NZD 2.84 per share

- 2022-11: NZD 2.88 per share

- 2022-12: NZD 2.81 per share

- 2023-01: NZD 2.94 per share

- 2023-02: NZD 2.61 per share

- 2023-03: NZD 2.65 per share

- 2023-04: NZD 2.51 per share

- 2023-05: NZD 2.50 per share

- 2023-06: NZD 2.50 per share

- 2023-07: NZD 2.40 per share

- 2023-08: NZD 2.30 per share

- 2023-09: NZD 2.34 per share

- 2023-10: NZD 2.23 per share

- 2023-11: NZD 2.45 per share

- 2023-12: NZD 2.51 per share

- 2024-01: NZD 2.51 per share

- 2024-02: NZD 2.44 per share

- 2024-03: NZD 2.45 per share

- 2024-04: NZD 2.30 per share

- 2024-05: NZD 2.55 per share

- 2024-06: NZD 2.48 per share

- 2024-07: NZD 2.42 per share

- 2024-08: NZD 2.30 per share

- 2024-09: NZD 2.26 per share

- 2024-10: NZD 2.28 per share

- 2024-11: NZD 2.44 per share

- 2024-12: NZD 2.57 per share

- 2025-01: NZD 2.70 per share

- 2025-02: NZD 2.74 per share

- 2025-03: NZD 2.55 per share

- 2025-04: NZD 2.57 per share

- 2025-05: NZD 3.03 per share

- 2025-06: NZD 3.22 per share

- 2025-07: NZD 3.13 per share

- 2025-08: NZD 3.00 per share

- 2025-09: NZD 3.19 per share

- 2025-10: NZD 3.45 per share

- 2025-11: NZD 3.58 per share

- 2025-12: NZD 3.74 per share

- 2026-01: NZD 3.78 per share

- 2026-02: NZD 3.79 per share

- 2026-03: NZD 3.34 per share

- 2026-04: NZD 3.70 per share

- 2026-05: NZD 3.68 per share

- 2026-06: NZD 3.75 per share

- 2026-07: NZD 3.60 per share

- 2026-08: NZD 3.56 per share

- 2026-09: NZD 3.70 per share

- 2026-10: NZD 3.73 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.