# NZX (NZX.NZ)

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

Analysis as of: 2026-10-16T07:33:24.817Z. 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 1.46 per share; close as of 2026-10-15.

Estimated value: low NZD 0.95 per share, central NZD 1.06 per share, high NZD 1.21 per share. Buy at or below the central value NZD 1.06 per share. Valuation as of 2026-10-16T07:33:24.817Z; scenarios are not confidence intervals.

Expected annual return: 7.8% at the stated quote. About 7.8% 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: pass

- Financial history: 7 years

- Years with a net loss: 0

- Operating margin variation: 0.09×

Chart: Operating margin; fiscal year observations.

- FY2021: 0.27×

- FY2022: 0.22×

- FY2023: 0.21×

- FY2024: 0.25×

- FY2025: 0.25×

### moat: pass

- ROIC, median of available years: 17.6%

- ROIC, second-lowest year: 13.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 11.4%

- ROIC including acquisitions, ten-year median: 12.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2021: 26.4%

- FY2022: 12.7%

- FY2023: 13.1%

- FY2024: 17.6%

- FY2025: 19.1%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.77×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: NZD 69M

- Net income, five-year total: NZD 90M

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

- FY2021: 0.57×

- FY2022: -0.83×

- FY2023: 1.63×

- FY2024: 0.88×

- FY2025: 1.30×

### management: pass

- buybacks unrelated to price (informational)

- Per-share earnings: 0.05 to 0.07 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 3.2%

- Diluted shares, 5-year annual growth: 3.2%

- Per-share value growth: 5.5%

- Per-share value change: NZD 0.01

- Per-share value, starting three-year median: NZD 0.05

- Per-share value, ending three-year median: NZD 0.07

- Average buyback yield: 0.8%

- Buyback history: 1 years

- Debt-funded buybacks: No

- ROIC, last three-year median: 17.6%

Chart: Earnings per share; fiscal year observations.

- FY2019: NZD 0.05

- FY2020: NZD 0.06

- FY2021: NZD 0.05

- FY2022: NZD 0.05

- FY2023: NZD 0.04

- FY2024: NZD 0.08

- FY2025: NZD 0.07

### accounting: pass

- Sloan accruals: -6.5%

- Receivables to sales index (DSRI): 1.02×

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.84×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.13×

Chart: Sloan accruals; fiscal year observations.

- FY2021: -6.9%

- FY2022: -4.0%

- FY2023: -7.6%

- FY2024: -3.7%

- FY2025: -6.5%

## Holders

## Price story

Price needs cash profits to grow 5.5% a year for ten years · sales +6.8%

Story as of 2026-10-16T09:59:56.094Z; price observation 2026-10-15.

Price needs cash profits to grow 5.5% a year for ten years

### Sales · FY2024–2025

sales +6.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2021: NZD 88M 

- FY2022: NZD 96M 

- FY2023: NZD 108M 

- FY2024: NZD 121M 

- FY2025: NZD 129M 

### Gross margin · FY2022

gross margin 99.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2022: 99.9% 

## Owner memo

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

### How it makes money

Annual sales are NZD 128.9 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.817Z); FY2025: revenue 128868000; grossProfit 128868000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 100% to 100% during 2023–25; it earns 17.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.817Z); FY2023: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.817Z); FY2024: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.817Z); FY2025: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.817Z); 7-year return on capital observations [[2021,0.2643589632065752],[2022,0.12652878400254208],[2023,0.13081621142183428],[2024,0.17577767693029],[2025,0.19116940295441404]]; median 0.17577767693029. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 11.5% of cash earnings; paid dividends in 5 of 5 years.

- Source: https://assets.ctfassets.net/civz47isufm8/2AtQIX115poO2WXKymb98L/7de1afa03fafc8c1cc3a114d25f63b30/1._NZX_Annual_Report_2022__including_audited_financial_statements_.pdf (filed 2026-10-16T07:33:24.817Z); FY2021: growth capex 0; upkeep 16920000; owner earnings 8499000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.817Z); FY2023: growth capex 0; upkeep 12395000; cash acquisitions 22438000; owner earnings 22044000. Growth capex plus acquisitions / owner earnings = 1.0178733442206496.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.817Z); FY2024: growth capex 0; upkeep 13423000; owner earnings 22464000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.817Z); FY2025: growth capex 0; upkeep 11638000; cash acquisitions 3201000; owner earnings 27854000. Growth capex plus acquisitions / owner earnings = 0.11492065771522941.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.817Z); Dividend observations: [[2021,13086000],[2022,16187000],[2023,16741000],[2024,17016000],[2025,20041000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.817Z); FY2025: cash repurchases 4273257.176732451 NZD.

### What the price says

The price assumes cash profits grow 5.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.817Z); Ten-year compound average after fade. Initial solved rate 0.0653371659593226. Price 1.4600000381469727; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2016-11: NZD 0.99 per share

- 2016-12: NZD 1.03 per share

- 2017-01: NZD 1.08 per share

- 2017-02: NZD 1.08 per share

- 2017-03: NZD 1.06 per share

- 2017-04: NZD 1.05 per share

- 2017-05: NZD 1.07 per share

- 2017-06: NZD 1.10 per share

- 2017-07: NZD 1.16 per share

- 2017-08: NZD 1.17 per share

- 2017-09: NZD 1.16 per share

- 2017-10: NZD 1.16 per share

- 2017-11: NZD 1.11 per share

- 2017-12: NZD 1.10 per share

- 2018-01: NZD 1.11 per share

- 2018-02: NZD 1.03 per share

- 2018-03: NZD 1.05 per share

- 2018-04: NZD 1.06 per share

- 2018-05: NZD 1.10 per share

- 2018-06: NZD 1.11 per share

- 2018-07: NZD 1.08 per share

- 2018-08: NZD 1.03 per share

- 2018-09: NZD 1.08 per share

- 2018-10: NZD 1.03 per share

- 2018-11: NZD 1.02 per share

- 2018-12: NZD 0.99 per share

- 2019-01: NZD 0.98 per share

- 2019-02: NZD 0.99 per share

- 2019-03: NZD 0.98 per share

- 2019-04: NZD 0.99 per share

- 2019-05: NZD 1.03 per share

- 2019-06: NZD 1.10 per share

- 2019-07: NZD 1.17 per share

- 2019-08: NZD 1.24 per share

- 2019-09: NZD 1.27 per share

- 2019-10: NZD 1.27 per share

- 2019-11: NZD 1.20 per share

- 2019-12: NZD 1.34 per share

- 2020-01: NZD 1.37 per share

- 2020-02: NZD 1.31 per share

- 2020-03: NZD 1.09 per share

- 2020-04: NZD 1.26 per share

- 2020-05: NZD 1.39 per share

- 2020-06: NZD 1.37 per share

- 2020-07: NZD 1.43 per share

- 2020-08: NZD 1.59 per share

- 2020-09: NZD 1.59 per share

- 2020-10: NZD 1.69 per share

- 2020-11: NZD 1.80 per share

- 2020-12: NZD 1.92 per share

- 2021-01: NZD 2.01 per share

- 2021-02: NZD 1.90 per share

- 2021-03: NZD 2.06 per share

- 2021-04: NZD 2.03 per share

- 2021-05: NZD 2.08 per share

- 2021-06: NZD 1.96 per share

- 2021-07: NZD 1.89 per share

- 2021-08: NZD 1.81 per share

- 2021-09: NZD 1.67 per share

- 2021-10: NZD 1.70 per share

- 2021-11: NZD 1.72 per share

- 2021-12: NZD 1.78 per share

- 2022-01: NZD 1.73 per share

- 2022-02: NZD 1.41 per share

- 2022-03: NZD 1.43 per share

- 2022-04: NZD 1.28 per share

- 2022-05: NZD 1.28 per share

- 2022-06: NZD 1.23 per share

- 2022-07: NZD 1.20 per share

- 2022-08: NZD 1.30 per share

- 2022-09: NZD 1.20 per share

- 2022-10: NZD 1.20 per share

- 2022-11: NZD 1.23 per share

- 2022-12: NZD 1.21 per share

- 2023-01: NZD 1.24 per share

- 2023-02: NZD 1.22 per share

- 2023-03: NZD 1.21 per share

- 2023-04: NZD 1.17 per share

- 2023-05: NZD 1.14 per share

- 2023-06: NZD 1.16 per share

- 2023-07: NZD 1.23 per share

- 2023-08: NZD 1.16 per share

- 2023-09: NZD 1.06 per share

- 2023-10: NZD 1.00 per share

- 2023-11: NZD 1.04 per share

- 2023-12: NZD 1.09 per share

- 2024-01: NZD 1.07 per share

- 2024-02: NZD 1.00 per share

- 2024-03: NZD 1.05 per share

- 2024-04: NZD 1.17 per share

- 2024-05: NZD 1.10 per share

- 2024-06: NZD 1.07 per share

- 2024-07: NZD 1.17 per share

- 2024-08: NZD 1.31 per share

- 2024-09: NZD 1.25 per share

- 2024-10: NZD 1.36 per share

- 2024-11: NZD 1.49 per share

- 2024-12: NZD 1.46 per share

- 2025-01: NZD 1.48 per share

- 2025-02: NZD 1.60 per share

- 2025-03: NZD 1.59 per share

- 2025-04: NZD 1.54 per share

- 2025-05: NZD 1.54 per share

- 2025-06: NZD 1.49 per share

- 2025-07: NZD 1.53 per share

- 2025-08: NZD 1.39 per share

- 2025-09: NZD 1.38 per share

- 2025-10: NZD 1.54 per share

- 2025-11: NZD 1.52 per share

- 2025-12: NZD 1.56 per share

- 2026-01: NZD 1.50 per share

- 2026-02: NZD 1.48 per share

- 2026-03: NZD 1.31 per share

- 2026-04: NZD 1.40 per share

- 2026-05: NZD 1.38 per share

- 2026-06: NZD 1.41 per share

- 2026-07: NZD 1.49 per share

- 2026-08: NZD 1.44 per share

- 2026-09: NZD 1.52 per share

- 2026-10: NZD 1.45 per share

## Annual estimated value (NZD per share)

- FY2025: low NZD 0.95 per share, central NZD 1.06 per share, high NZD 1.21 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.

NZX

NZX · NZ

NZX 50

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: NZD 1.46
Buy up to: NZD 1.06
Expected / yr: 7.8% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 8.9% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

5y median: 25.1%
Worst year: 21.5%
Latest · 2025: 25.1%

Capital return excluding acquisitions: median 17.6% (minimum 15%), and the second-worst year 13.1% (minimum 10%).

ROIC excluding acquisitions

5y median: 17.6%
Worst year: 12.7%
Latest · 2025: 19.1%

Each $1 of profit left $0.77 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.77×
Annual median: 0.88×
Latest · 2025: 1.30×

Per-share value rose from 0.05 to 0.07, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

7y median: NZD 0.05
Worst year: NZD 0.04
Latest · 2025: NZD 0.07

Profits were backed by cash: accruals were -6.5% of assets (limit 10%).

Sloan accruals

5y median: -6.5%
Worst year: -3.7%
Latest · 2025: -6.5%

Profit record · pass 0 loss years in 7 (at most 2), mean operating margin 24.3%, three-year average owner earnings per share 0.07 NZD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price NZD 0.99; 2016-12 · Price NZD 1.03; 2017-01 · Price NZD 1.08; 2017-02 · Price NZD 1.08; 2017-03 · Price NZD 1.06; 2017-04 · Price NZD 1.05; 2017-05 · Price NZD 1.07; 2017-06 · Price NZD 1.10; 2017-07 · Price NZD 1.16; 2017-08 · Price NZD 1.17; 2017-09 · Price NZD 1.16; 2017-10 · Price NZD 1.16; 2017-11 · Price NZD 1.11; 2017-12 · Price NZD 1.10; 2018-01 · Price NZD 1.11; 2018-02 · Price NZD 1.03; 2018-03 · Price NZD 1.05; 2018-04 · Price NZD 1.06; 2018-05 · Price NZD 1.10; 2018-06 · Price NZD 1.11; 2018-07 · Price NZD 1.08; 2018-08 · Price NZD 1.03; 2018-09 · Price NZD 1.08; 2018-10 · Price NZD 1.03; 2018-11 · Price NZD 1.02; 2018-12 · Price NZD 0.99; 2019-01 · Price NZD 0.98; 2019-02 · Price NZD 0.99; 2019-03 · Price NZD 0.98; 2019-04 · Price NZD 0.99; 2019-05 · Price NZD 1.03; 2019-06 · Price NZD 1.10; 2019-07 · Price NZD 1.17; 2019-08 · Price NZD 1.24; 2019-09 · Price NZD 1.27; 2019-10 · Price NZD 1.27; 2019-11 · Price NZD 1.20; 2019-12 · Price NZD 1.34; 2020-01 · Price NZD 1.37; 2020-02 · Price NZD 1.31; 2020-03 · Price NZD 1.09; 2020-04 · Price NZD 1.26; 2020-05 · Price NZD 1.39; 2020-06 · Price NZD 1.37; 2020-07 · Price NZD 1.43; 2020-08 · Price NZD 1.59; 2020-09 · Price NZD 1.59; 2020-10 · Price NZD 1.69; 2020-11 · Price NZD 1.80; 2020-12 · Price NZD 1.92; 2021-01 · Price NZD 2.01; 2021-02 · Price NZD 1.90; 2021-03 · Price NZD 2.06; 2021-04 · Price NZD 2.03; 2021-05 · Price NZD 2.08; 2021-06 · Price NZD 1.96; 2021-07 · Price NZD 1.89; 2021-08 · Price NZD 1.81; 2021-09 · Price NZD 1.67; 2021-10 · Price NZD 1.70; 2021-11 · Price NZD 1.72; 2021-12 · Price NZD 1.78; 2022-01 · Price NZD 1.73; 2022-02 · Price NZD 1.41; 2022-03 · Price NZD 1.43; 2022-04 · Price NZD 1.28; 2022-05 · Price NZD 1.28; 2022-06 · Price NZD 1.23; 2022-07 · Price NZD 1.20; 2022-08 · Price NZD 1.30; 2022-09 · Price NZD 1.20; 2022-10 · Price NZD 1.20; 2022-11 · Price NZD 1.23; 2022-12 · Price NZD 1.21; 2023-01 · Price NZD 1.24; 2023-02 · Price NZD 1.22; 2023-03 · Price NZD 1.21; 2023-04 · Price NZD 1.17; 2023-05 · Price NZD 1.14; 2023-06 · Price NZD 1.16; 2023-07 · Price NZD 1.23; 2023-08 · Price NZD 1.16; 2023-09 · Price NZD 1.06; 2023-10 · Price NZD 1.00; 2023-11 · Price NZD 1.04; 2023-12 · Price NZD 1.09; 2024-01 · Price NZD 1.07; 2024-02 · Price NZD 1.00; 2024-03 · Price NZD 1.05; 2024-04 · Price NZD 1.17; 2024-05 · Price NZD 1.10; 2024-06 · Price NZD 1.07; 2024-07 · Price NZD 1.17; 2024-08 · Price NZD 1.31; 2024-09 · Price NZD 1.25; 2024-10 · Price NZD 1.36; 2024-11 · Price NZD 1.49; 2024-12 · Price NZD 1.46; 2025-01 · Price NZD 1.48 · Value 1.06 · Buy at or below 1.06; 2025-02 · Price NZD 1.60 · Value 1.06 · Buy at or below 1.06; 2025-03 · Price NZD 1.59 · Value 1.06 · Buy at or below 1.06; 2025-04 · Price NZD 1.54 · Value 1.06 · Buy at or below 1.06; 2025-05 · Price NZD 1.54 · Value 1.06 · Buy at or below 1.06; 2025-06 · Price NZD 1.49 · Value 1.06 · Buy at or below 1.06; 2025-07 · Price NZD 1.53 · Value 1.06 · Buy at or below 1.06; 2025-08 · Price NZD 1.39 · Value 1.06 · Buy at or below 1.06; 2025-09 · Price NZD 1.38 · Value 1.06 · Buy at or below 1.06; 2025-10 · Price NZD 1.54 · Value 1.06 · Buy at or below 1.06; 2025-11 · Price NZD 1.52 · Value 1.06 · Buy at or below 1.06; 2025-12 · Price NZD 1.56 · Value 1.06 · Buy at or below 1.06; 2026-01 · Price NZD 1.50 · Value 1.06 · Buy at or below 1.06; 2026-02 · Price NZD 1.48 · Value 1.06 · Buy at or below 1.06; 2026-03 · Price NZD 1.31 · Value 1.06 · Buy at or below 1.06; 2026-04 · Price NZD 1.40 · Value 1.06 · Buy at or below 1.06; 2026-05 · Price NZD 1.38 · Value 1.06 · Buy at or below 1.06; 2026-06 · Price NZD 1.41 · Value 1.06 · Buy at or below 1.06; 2026-07 · Price NZD 1.49 · Value 1.06 · Buy at or below 1.06; 2026-08 · Price NZD 1.44 · Value 1.06 · Buy at or below 1.06; 2026-09 · Price NZD 1.52 · Value 1.06 · Buy at or below 1.06; 2026-10 · Price NZD 1.45 · Value 1.06 · Buy at or below 1.06; 2026-10 · Price NZD 1.46 · Value 1.06 · Buy at or below 1.06

NZD per share · annual estimates

Price & return math
Value range	NZD 0.95 – NZD 1.21
Buy at or below	Central value NZD 1.06
Discount to value	1 − 1.46 / 1.06 = -37.7%
Return / year	About 7.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash NZD 0.07/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash NZD 0.15/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueNZD 129M

Revenue

Owner earningsNZD 28M

Owner earnings

Operating margin25.1%

Operating margin

Net cash / debtNZD -29M

Net cash / debt

Diluted shares328M

Diluted shares

Prices 15 Oct 2026 · FY2025