# Stride Prop & Stride Invest Mgmt Ltd Stapled Security (NS) (SPG.NZ)

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

Analysis as of: 2026-10-16T07:33:24.788Z. 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 1.06 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- Financial history: 7 years

- Years with a net loss: 2

- Operating margin variation: 0.03×

Chart: Operating margin; fiscal year observations.

- FY2021: 0.59×

- FY2022: 0.55×

- FY2023: 0.60×

- FY2024: 0.59×

- FY2025: 0.58×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 3.6%

- ROIC, second-lowest year: 3.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 13.8%

- ROIC including acquisitions, ten-year median: 2.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2021: 3.3%

- FY2022: 3.6%

- FY2023: 3.6%

- FY2024: 3.9%

- FY2025: 3.3%

### economics: pass

- Owner earnings / net income, 5-yr: 3.25×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: NZD 302M

- Net income, five-year total: NZD 93M

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

- FY2021: 0.81×

- FY2022: 1.00×

- FY2023: -0.23×

- FY2024: -0.58×

- FY2025: 1.06×

### management: fail

- buybacks unrelated to price (informational)

- Per-share earnings: 0.21 to -0.10 (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: 9.0%

- Diluted shares, 5-year annual growth: 9.0%

- Per-share value change: NZD -0.31

- Per-share value, starting three-year median: NZD 0.21

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

- Average buyback yield: 0.1%

- Buyback history: 1 years

- Debt-funded buybacks: No

- ROIC, last three-year median: 3.6%

Chart: Earnings per share; fiscal year observations.

- FY2019: NZD 0.21

- FY2020: NZD 0.07

- FY2021: NZD 0.33

- FY2022: NZD 0.23

- FY2023: NZD -0.22

- FY2024: NZD -0.10

- FY2025: NZD 0.04

### accounting: pass

- Sloan accruals: -1.3%

- Receivables to sales index (DSRI): 0.74×

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.82×

- Accounting red flags: 0

Chart: Sloan accruals; fiscal year observations.

- FY2021: 7.5%

- FY2022: 4.6%

- FY2023: -9.8%

- FY2024: -7.1%

- FY2025: -1.3%

## Holders

## Price story

Down 55% since Oct 2021 · sales -2.4%

Story as of 2026-10-16T09:59:56.090Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -2.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2021: NZD 91M 

- FY2022: NZD 113M 

- FY2023: NZD 118M 

- FY2024: NZD 121M 

- FY2025: NZD 118M 

### Gross margin · FY2025

gross margin 75.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2022: 79.5% 

- FY2023: 80.0% 

- FY2024: 78.1% 

- FY2025: 75.7% 

## Owner memo

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

### How it makes money

Annual sales are NZD 118.1 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.788Z); FY2025: revenue 118126000; grossProfit 89467000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 75.7% to 80% during 2023–25; it earns 3.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.788Z); FY2023: grossProfit / revenue = 80%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.788Z); FY2024: grossProfit / revenue = 78.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.788Z); FY2025: grossProfit / revenue = 75.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.788Z); 7-year return on capital observations [[2021,0.0327939321508625],[2022,0.03594161931523628],[2023,0.03640128828300475],[2024,0.0386931359019308],[2025,0.03262537834897782]]; median 0.03594161931523628. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 5 of 5 years.

- Source: https://strideproperty.co.nz/wp-content/uploads/2022/05/stride-property-group-fy22-annual-report-270522.pdf (filed 2026-10-16T07:33:24.788Z); FY2021: growth capex 0; upkeep 25091000; owner earnings 107298000. Growth capex / owner earnings = 0.

- Source: https://strideproperty.co.nz/wp-content/uploads/2022/05/stride-property-group-fy22-annual-report-270522.pdf (filed 2026-10-16T07:33:24.788Z); FY2022: growth capex 22926000; upkeep 203000; owner earnings 112292000. Growth capex / owner earnings = 0.20416414348306203.

- Source: https://strideproperty.co.nz/wp-content/uploads/2024/05/Stride-Property-Group-FY24-Annual-Report-280524.pdf (filed 2026-10-16T07:33:24.788Z); FY2023: growth capex 0; upkeep 12937000; owner earnings 26931000. Growth capex / owner earnings = 0.

- Source: https://strideproperty.co.nz/wp-content/uploads/2025/05/Stride-Property-Group-FY25-Annual-Report-280525.pdf (filed 2026-10-16T07:33:24.788Z); FY2024: growth capex 0; upkeep 14764000; owner earnings 32496000. Growth capex / owner earnings = 0.

- Source: https://strideproperty.co.nz/wp-content/uploads/2025/05/Stride-Property-Group-FY25-Annual-Report-280525.pdf (filed 2026-10-16T07:33:24.788Z); FY2025: growth capex 0; upkeep 16304000; owner earnings 23024000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.788Z); Dividend observations: [[2021,41530000],[2022,48557000],[2023,42725000],[2024,23521000],[2025,44723000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price is 5 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.788Z); Closing price 1.059999942779541 NZD; reporting-to-trading FX 1; FY2025 annual sales per share 0.21004299848284894; price multiple 5.046585463147896. FY2025 cash earnings/share 0.0409395899045859. Closing-price date 2026-10-15.

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

- 2016-11: NZD 1.86 per share

- 2016-12: NZD 1.77 per share

- 2017-01: NZD 1.77 per share

- 2017-02: NZD 1.81 per share

- 2017-03: NZD 1.73 per share

- 2017-04: NZD 1.75 per share

- 2017-05: NZD 1.74 per share

- 2017-06: NZD 1.73 per share

- 2017-07: NZD 1.65 per share

- 2017-08: NZD 1.68 per share

- 2017-09: NZD 1.64 per share

- 2017-10: NZD 1.63 per share

- 2017-11: NZD 1.77 per share

- 2017-12: NZD 1.77 per share

- 2018-01: NZD 1.78 per share

- 2018-02: NZD 1.69 per share

- 2018-03: NZD 1.70 per share

- 2018-04: NZD 1.73 per share

- 2018-05: NZD 1.79 per share

- 2018-06: NZD 1.83 per share

- 2018-07: NZD 1.85 per share

- 2018-08: NZD 1.91 per share

- 2018-09: NZD 1.95 per share

- 2018-10: NZD 1.88 per share

- 2018-11: NZD 1.86 per share

- 2018-12: NZD 1.93 per share

- 2019-01: NZD 1.89 per share

- 2019-02: NZD 1.95 per share

- 2019-03: NZD 2.02 per share

- 2019-04: NZD 2.03 per share

- 2019-05: NZD 2.13 per share

- 2019-06: NZD 2.20 per share

- 2019-07: NZD 2.27 per share

- 2019-08: NZD 2.33 per share

- 2019-09: NZD 2.32 per share

- 2019-10: NZD 2.31 per share

- 2019-11: NZD 2.23 per share

- 2019-12: NZD 2.36 per share

- 2020-01: NZD 2.40 per share

- 2020-02: NZD 2.25 per share

- 2020-03: NZD 1.37 per share

- 2020-04: NZD 1.51 per share

- 2020-05: NZD 1.60 per share

- 2020-06: NZD 1.77 per share

- 2020-07: NZD 1.95 per share

- 2020-08: NZD 1.93 per share

- 2020-09: NZD 2.11 per share

- 2020-10: NZD 2.21 per share

- 2020-11: NZD 2.22 per share

- 2020-12: NZD 2.36 per share

- 2021-01: NZD 2.37 per share

- 2021-02: NZD 2.27 per share

- 2021-03: NZD 2.28 per share

- 2021-04: NZD 2.32 per share

- 2021-05: NZD 2.37 per share

- 2021-06: NZD 2.39 per share

- 2021-07: NZD 2.48 per share

- 2021-08: NZD 2.62 per share

- 2021-09: NZD 2.44 per share

- 2021-10: NZD 2.38 per share

- 2021-11: NZD 2.08 per share

- 2021-12: NZD 2.11 per share

- 2022-01: NZD 2.00 per share

- 2022-02: NZD 1.94 per share

- 2022-03: NZD 1.99 per share

- 2022-04: NZD 1.98 per share

- 2022-05: NZD 1.73 per share

- 2022-06: NZD 1.66 per share

- 2022-07: NZD 1.78 per share

- 2022-08: NZD 1.80 per share

- 2022-09: NZD 1.67 per share

- 2022-10: NZD 1.60 per share

- 2022-11: NZD 1.50 per share

- 2022-12: NZD 1.42 per share

- 2023-01: NZD 1.39 per share

- 2023-02: NZD 1.39 per share

- 2023-03: NZD 1.31 per share

- 2023-04: NZD 1.29 per share

- 2023-05: NZD 1.36 per share

- 2023-06: NZD 1.40 per share

- 2023-07: NZD 1.53 per share

- 2023-08: NZD 1.39 per share

- 2023-09: NZD 1.27 per share

- 2023-10: NZD 1.36 per share

- 2023-11: NZD 1.30 per share

- 2023-12: NZD 1.44 per share

- 2024-01: NZD 1.42 per share

- 2024-02: NZD 1.31 per share

- 2024-03: NZD 1.35 per share

- 2024-04: NZD 1.25 per share

- 2024-05: NZD 1.28 per share

- 2024-06: NZD 1.19 per share

- 2024-07: NZD 1.28 per share

- 2024-08: NZD 1.46 per share

- 2024-09: NZD 1.40 per share

- 2024-10: NZD 1.39 per share

- 2024-11: NZD 1.34 per share

- 2024-12: NZD 1.31 per share

- 2025-01: NZD 1.29 per share

- 2025-02: NZD 1.24 per share

- 2025-03: NZD 1.12 per share

- 2025-04: NZD 1.10 per share

- 2025-05: NZD 1.13 per share

- 2025-06: NZD 1.13 per share

- 2025-07: NZD 1.24 per share

- 2025-08: NZD 1.28 per share

- 2025-09: NZD 1.38 per share

- 2025-10: NZD 1.47 per share

- 2025-11: NZD 1.42 per share

- 2025-12: NZD 1.38 per share

- 2026-01: NZD 1.26 per share

- 2026-02: NZD 1.20 per share

- 2026-03: NZD 1.08 per share

- 2026-04: NZD 1.11 per share

- 2026-05: NZD 1.16 per share

- 2026-06: NZD 1.13 per share

- 2026-07: NZD 1.15 per share

- 2026-08: NZD 1.15 per share

- 2026-09: NZD 1.07 per share

- 2026-10: NZD 1.05 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.