# Vista Group International (VGL.AU)

Canonical: https://gigainvestors.com/s/VGL.AU

Analysis as of: 2026-10-16T07:48:18.806Z. Financial observations: FY2019–FY2025.

Listing currency: AUD. 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: AUD 2.24 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 7 years

- Years with declining revenue: 1

- Years with a net loss: 5

- Operating margin variation: 17.17×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.15×

- FY2020: -0.20×

- FY2021: 0.01×

- FY2022: 0.00×

- FY2023: 0.02×

- FY2024: 0.02×

- FY2025: 0.04×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 17.5pp below the typical margin (limit 4pp)

- ROIC, median of available years: 2.3%

- ROIC, second-lowest year: 0.3%

- Typical minus recent gross margin: 17.5 pp

- Typical gross margin (annual median): 62.5%

- Recent gross margin (lower of latest and 3-year median): 45.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 13.0%

- ROIC including acquisitions, ten-year median: -11.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 15.1%

- FY2020: -17.4%

- FY2021: 0.6%

- FY2022: 0.3%

- FY2023: 2.3%

- FY2024: 2.5%

- FY2025: 4.6%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: NZD -52M

- Net income, five-year total: NZD -44M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -1.7 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: NZD -13M

- FY2022: NZD -25M

- FY2023: NZD -16M

- FY2024: NZD -17M

- FY2025: NZD 20M

### management: fail

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 0.6% vs 2.5%

- Per-share earnings: -0.04 to -0.00 (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: 2.4%

- Diluted shares, 5-year annual growth: 2.4%

- Per-share value change: NZD 0.04

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

- Per-share value, ending three-year median: NZD -0.00

- Buyback history: 0 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 0.6%

- ROIC, last three-year median: 2.5%

Chart: Earnings per share; fiscal year observations.

- FY2019: NZD 0.06

- FY2020: NZD -0.24

- FY2021: NZD -0.04

- FY2022: NZD -0.09

- FY2023: NZD -0.06

- FY2024: NZD -0.00

- FY2025: NZD 0.01

### accounting: pass

- Sloan accruals: -10.8%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 14.63×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.86×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -1.9%

- FY2020: -21.7%

- FY2021: -8.7%

- FY2022: -7.5%

- FY2023: -10.4%

- FY2024: -7.9%

- FY2025: -10.8%

## Holders

## Price story

Down 35% since May 2025 · sales +9.6%

Story as of 2026-10-16T10:00:13.770Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +9.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: NZD 145M 

- FY2020: NZD 88M 

- FY2021: NZD 98M 

- FY2022: NZD 135M 

- FY2023: NZD 143M 

- FY2024: NZD 150M 

- FY2025: NZD 164M 

### Gross margin · FY2025

gross margin 45%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: 52.8% 

- FY2020: 57.1% 

- FY2021: 62.9% 

- FY2022: 62.5% 

- FY2023: 87.3% 

- FY2024: 87.0% 

- FY2025: 45.0% 

## Owner memo

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

### How it makes money

Operates in software application; annual sales are NZD 164.3 million.

- Source: https://eodhd.com/api/fundamentals/VGL.AU.json#2025-12-31 (filed 2026-10-16T07:48:18.806Z); FY2025: revenue 164327470; grossProfit 74012372; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VGL.AU: Vista Group International Limited provides software and technology solutions to the film industry sectors in New Zealand and internationally. It operates through the Cinema and Film segments. The Cinema segment offers software products to the cinema industry, such as Vista Cinema, a cinema management software and digital solutions for large cinema circuits; Veezi, a cinema management solution for independent exhibitors; Share Dimension software; movieXchange software; Movio Classic software; and Movio Cinema EQ, a data analytics and campaign management solutions. The Film segment provides software products for film studios and distributors, including Maccs, a software solution that manages the distribution of movies to cinemas; Numero, an aggregated box office reporting platform; Movio Research and Movio Media software; Powster for interactive creative studio and production; and Flicks, a movie, cinema, and streaming website and app. The company also offers software development and licensing; marketing and creative solutions; distributes intellectual property; and advertising sales. Vista Group International Limited was founded in 1996 and is headquartered in Auckland, New Zealand.

### Why customers stay

Margins ranged from 45% to 87.3% during 2023–25; it earns 2.3% on its capital.

- Source: https://eodhd.com/api/fundamentals/VGL.AU.json#2023-12-31 (filed 2026-10-16T07:48:18.806Z); FY2023: grossProfit / revenue = 87.3%.

- Source: https://eodhd.com/api/fundamentals/VGL.AU.json#2024-12-31 (filed 2026-10-16T07:48:18.806Z); FY2024: grossProfit / revenue = 87%.

- Source: https://eodhd.com/api/fundamentals/VGL.AU.json#2025-12-31 (filed 2026-10-16T07:48:18.806Z); FY2025: grossProfit / revenue = 45%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:48:18.806Z); 7-year return on capital observations [[2019,0.1508899318161693],[2020,-0.17356060606060605],[2021,0.005830258302583026],[2022,0.0029773869346733668],[2023,0.02251548946716233],[2024,0.025193798449612403],[2025,0.0463838345915931]]; median 0.02251548946716233. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 6 of 7 years.

- Source: https://eodhd.com/api/fundamentals/VGL.AU.json#2025-12-31 (filed 2026-10-16T07:48:18.806Z); FY2025: growth capex 0; upkeep 600100; owner earnings 20083810. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:48:18.806Z); Dividend observations: [[2019,8000000],[2020,1400000],[2021,100000],[2022,500000],[2023,800000],[2024,0],[2025,400000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 25.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VGL.AU SharesStats.PercentInsiders = 25.525 percentage points; cache date 2026-10-16.

### What the price says

The price is 4 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:48:18.806Z); Closing price 2.24 AUD; reporting-to-trading FX 0.8124078517533463; FY2025 annual sales per share 0.6832563229552266; price multiple 4.035433981795218. FY2025 cash earnings/share 0.08350636793429249. Closing-price date 2026-10-15.

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

- 2016-11: AUD 2.82 per share

- 2016-12: AUD 2.55 per share

- 2017-01: AUD 2.45 per share

- 2017-02: AUD 2.43 per share

- 2017-03: AUD 2.53 per share

- 2017-04: AUD 2.58 per share

- 2017-05: AUD 2.72 per share

- 2017-06: AUD 2.72 per share

- 2017-07: AUD 2.67 per share

- 2017-08: AUD 2.55 per share

- 2017-09: AUD 2.57 per share

- 2017-10: AUD 2.24 per share

- 2017-11: AUD 2.27 per share

- 2017-12: AUD 2.40 per share

- 2018-01: AUD 2.61 per share

- 2018-02: AUD 2.48 per share

- 2018-03: AUD 2.59 per share

- 2018-04: AUD 2.62 per share

- 2018-05: AUD 3.01 per share

- 2018-06: AUD 3.35 per share

- 2018-07: AUD 3.67 per share

- 2018-08: AUD 3.63 per share

- 2018-09: AUD 3.34 per share

- 2018-10: AUD 3.33 per share

- 2018-11: AUD 3.24 per share

- 2018-12: AUD 3.34 per share

- 2019-01: AUD 3.63 per share

- 2019-02: AUD 4.01 per share

- 2019-03: AUD 4.43 per share

- 2019-04: AUD 4.56 per share

- 2019-05: AUD 5.17 per share

- 2019-06: AUD 5.49 per share

- 2019-07: AUD 5.59 per share

- 2019-08: AUD 3.57 per share

- 2019-09: AUD 3.35 per share

- 2019-10: AUD 3.45 per share

- 2019-11: AUD 3.46 per share

- 2019-12: AUD 3.34 per share

- 2020-01: AUD 3.32 per share

- 2020-02: AUD 2.98 per share

- 2020-03: AUD 1.16 per share

- 2020-04: AUD 1.17 per share

- 2020-05: AUD 1.43 per share

- 2020-06: AUD 1.38 per share

- 2020-07: AUD 1.23 per share

- 2020-08: AUD 1.66 per share

- 2020-09: AUD 1.53 per share

- 2020-10: AUD 1.42 per share

- 2020-11: AUD 1.65 per share

- 2020-12: AUD 1.58 per share

- 2021-01: AUD 1.39 per share

- 2021-02: AUD 1.69 per share

- 2021-03: AUD 2.02 per share

- 2021-04: AUD 2.30 per share

- 2021-05: AUD 2.03 per share

- 2021-06: AUD 2.30 per share

- 2021-07: AUD 2.24 per share

- 2021-08: AUD 2.31 per share

- 2021-09: AUD 2.58 per share

- 2021-10: AUD 2.48 per share

- 2021-11: AUD 2.23 per share

- 2021-12: AUD 2.30 per share

- 2022-01: AUD 1.95 per share

- 2022-02: AUD 2.00 per share

- 2022-03: AUD 1.70 per share

- 2022-04: AUD 1.71 per share

- 2022-05: AUD 1.39 per share

- 2022-06: AUD 1.53 per share

- 2022-07: AUD 1.64 per share

- 2022-08: AUD 1.68 per share

- 2022-09: AUD 1.36 per share

- 2022-10: AUD 1.40 per share

- 2022-11: AUD 1.40 per share

- 2022-12: AUD 1.35 per share

- 2023-01: AUD 1.33 per share

- 2023-02: AUD 1.27 per share

- 2023-03: AUD 1.30 per share

- 2023-04: AUD 1.15 per share

- 2023-05: AUD 1.23 per share

- 2023-06: AUD 1.59 per share

- 2023-07: AUD 1.74 per share

- 2023-08: AUD 1.49 per share

- 2023-09: AUD 1.34 per share

- 2023-10: AUD 1.22 per share

- 2023-11: AUD 1.21 per share

- 2023-12: AUD 1.57 per share

- 2024-01: AUD 1.52 per share

- 2024-02: AUD 1.52 per share

- 2024-03: AUD 1.81 per share

- 2024-04: AUD 1.66 per share

- 2024-05: AUD 2.06 per share

- 2024-06: AUD 2.01 per share

- 2024-07: AUD 2.21 per share

- 2024-08: AUD 2.75 per share

- 2024-09: AUD 2.44 per share

- 2024-10: AUD 2.63 per share

- 2024-11: AUD 2.67 per share

- 2024-12: AUD 2.84 per share

- 2025-01: AUD 2.93 per share

- 2025-02: AUD 3.40 per share

- 2025-03: AUD 3.41 per share

- 2025-04: AUD 3.28 per share

- 2025-05: AUD 3.47 per share

- 2025-06: AUD 3.25 per share

- 2025-07: AUD 3.23 per share

- 2025-08: AUD 2.65 per share

- 2025-09: AUD 2.62 per share

- 2025-10: AUD 2.30 per share

- 2025-11: AUD 2.24 per share

- 2025-12: AUD 2.27 per share

- 2026-01: AUD 1.61 per share

- 2026-02: AUD 1.59 per share

- 2026-03: AUD 1.40 per share

- 2026-04: AUD 1.50 per share

- 2026-05: AUD 2.17 per share

- 2026-06: AUD 1.95 per share

- 2026-07: AUD 2.05 per share

- 2026-08: AUD 2.29 per share

- 2026-09: AUD 2.38 per share

- 2026-10: AUD 2.25 per share

## Annual estimated value (AUD 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.

## Reported holder observations