Market cap
$4.2b
End-of-day close multiplied by current shares on issue.
CNU · NZX
Chorus is an NZX-listed telecommunications & media / telecommunications infrastructure company with HY23 - HY26 of published result briefings.
Snapshot
HY26, released 23 February 2026
| Metric | Value | Change |
|---|---|---|
| Revenue | $506m | ↑ +1.2% |
| EBITDA | $357m | ↑ +3.2% |
| NPAT | $15m | ↑ +400.0% |
| Operating cash flow | $228m | ↓ -11.3% |
| OCF / EBITDA % | 63.9%Outside range low ocf / ebitda cash conversion. 63.9%; 3-period range 69.6% to 74.3%. OCF / EBITDA cash conversion: 63.9%, below normal range; 3-period mean 71.3%, range 69.6%-74.3%. | ↓ -10.4pp |
| Net debt | $3.2b | ↑ +13.2% |
| Net debt / EBITDA | 8.89xOutside range high net debt / ebitda. 8.89x; 3-period range 6.55x to 8.1x. Net debt / EBITDA: 8.89x, above normal range; 3-period mean 7.37x, range 6.55x-8.10x. | ↑ +9.8% |
| ROE % | 3.5%Outside range high roe. 3.5%; 3-period range -0.8% to 1.8%. ROE: 3.5%, above normal range; 3-period mean 0.5%, range -0.8%-1.8%. | ↑ +4.3pp |
| DPS | 24.0c | ↑ +4.3% |
| PBT | $26m | ↑ +1200.0% |
Source: latest published briefing (HY26, released 23 February 2026). Change compares against the prior equivalent period: HY25, released 24 February 2025.
Valuation
A compact read on what the market price implies next to the latest filing data. The numbers are a starting point for comparison, not a recommendation.
The latest close and share count context for the market price.
Market cap
$4.2b
End-of-day close multiplied by current shares on issue.
How the market price compares with recent earnings and cash-flow inputs.
P/E
174.28x
Recent market cap compared with trailing earnings.
EPS
0.06
Recent filing-derived earnings per share.
PEG
Not available
Not available for this company right now.
EV/EBITDA
10.28x
Enterprise value compared with recent EBITDA.
P/FCF
9.4x
Market cap compared with recent free cash flow.
P/B
9.73x
Market value compared with latest reported equity.
Yield and fund-style valuation where the company shape supports it.
Dividend yield
6.1%
Trailing dividends compared with the latest close.
Total return
Not available
Available once dividend and adjustment data are verified.
Daily closes use the full available width, with hover and touch readouts against real observations. Expand opens the chart at reading size.
Five years of daily closes, as at close, 5 June 2026. Weekends, suspensions, and listing gaps stay as natural gaps in the time scale.
Indexed lines compare direction from the first positive comparable filing point. The axis is an index, not dollars or cents.
Chat
Ask follow-up questions about Chorus's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Longitudinal view
The latest period is shown first.
| Metric | HY266 MONTHS23 February 2026 | FY2512 MONTHS25 August 2025 | HY256 MONTHS24 February 2025 | FY2412 MONTHS26 August 2024 | HY246 MONTHS12 December 2023 | HY236 MONTHS15 December 2022 | Trend |
|---|---|---|---|---|---|---|---|
| Revenue | $506m | $1b | $500m | $1b | $503m | $487m | Chart |
| Revenue growth % | 1.2% | 0.4% | 4.0% | 4.7% | 141.8%Outside range high revenue growth. 141.8%; 3-period range 0.8% to 4%. Revenue growth: 141.8%, above normal range; 3-period mean 2.0%, range 0.8%-4.0%. | 0.8%Outside range low revenue growth. 0.8%; 3-period range 1.2% to 141.8%. Revenue growth: 0.8%, below normal range; 3-period mean 49.0%, range 1.2%-141.8%. | Chart
|
| EBITDA | $357m | $705m | $346m | $700m | $347m | $342m | Chart |
| EBITDA margin % | 70.6%Outside range high ebitda margin. 70.6%; 3-period range 69% to 70.2%. EBITDA margin: 70.6%, above normal range; 3-period mean 69.5%, range 69.0%-70.2%. | 69.5% | 69.2% | 69.3% | 69.0%Outside range low ebitda margin. 69%; 3-period range 69.2% to 70.6%. EBITDA margin: 69.0%, below normal range; 3-period mean 70.0%, range 69.2%-70.6%. | 70.2% | Chart
|
| PBT | $26m | $21m | $2m | $21m | $12m | $17m | Chart |
| PBT growth % | n/m | 0.0% | -94.6% | -80.2% | — | -72.1% | Chart |
| NPAT | $15m | $4m | -$5m | -$9m | $5m | $9m | Chart |
| NPAT growth % | — | — | — | — | — | -78.6% | — |
| Operating cash flow | $228m | $559m | $257m | $513m | $243m | $238m | Chart |
| OCF / EBITDA % | 63.9%Outside range low ocf / ebitda cash conversion. 63.9%; 3-period range 69.6% to 74.3%. OCF / EBITDA cash conversion: 63.9%, below normal range; 3-period mean 71.3%, range 69.6%-74.3%. | 79.3% | 74.3%Outside range high ocf / ebitda cash conversion. 74.3%; 3-period range 63.9% to 70%. OCF / EBITDA cash conversion: 74.3%, above normal range; 3-period mean 67.8%, range 63.9%-70.0%. | 73.3% | 70.0% | 69.6% | Chart
|
| FCF pre-lease | $149m | $354m | $58m | $71m | $11m | $16m | Chart |
| FCF post-lease | $149m | $354m | — | — | — | — | Chart |
| DPS | 24.0c | 34.5c | 23.0c | 28.5c | 19.0c | 17.0c | Chart |
| Payout ratio vs NPAT % | — | — | — | — | — | 425.0% | — |
| ROE % | 3.5%Outside range high roe. 3.5%; 3-period range -0.8% to 1.8%. ROE: 3.5%, above normal range; 3-period mean 0.5%, range -0.8%-1.8%. | 0.7% | -0.8%Outside range low roe. -0.8%; 3-period range 0.5% to 3.5%. ROE: -0.8%, below normal range; 3-period mean 1.9%, range 0.5%-3.5%. | -1.1% | 0.5% | 1.8% | Chart
|
| Net debt | $3.2b | $3.1b | $2.8b | $2.6b | $2.6b | $2.2b | Chart |
| Net debt / EBITDA | 8.89xOutside range high net debt / ebitda. 8.89x; 3-period range 6.55x to 8.1x. Net debt / EBITDA: 8.89x, above normal range; 3-period mean 7.37x, range 6.55x-8.10x. | 4.34x | 8.1x | 3.69x | 7.46x | 6.55xOutside range low net debt / ebitda. 6.55x; 3-period range 7.46x to 8.89x. Net debt / EBITDA: 6.55x, below normal range; 3-period mean 8.15x, range 7.46x-8.89x. | Chart
|
| Debtor days | — | 34 | — | 36 | — | 57 | Chart |
| Total assets | $6.1b | $6.1b | $6.1b | $6b | $6.1b | $5.9b | Chart |
Reference: annolyse.ai/companies/cnu
Note: Figures are shown as reported. Half-year and full-year absolute values are not directly comparable. Growth rates and ratios are the meaningful comparison across mixed periods.
These charts use verified published filing periods only. Gaps are not interpolated, and mixed half-year/full-year histories are split into separate series.
Reported revenue across covered periods.
Like-period revenue growth where comparable.
Company-specific earnings measure where disclosed.
EBITDA-equivalent margin where revenue and earnings are source-backed.
Statutory profit after tax.
Cash generated from operations.
Additional verified filing metrics for this company. Each point links back to a published briefing period in the source data contract.
Cash conversion against earnings.
Operating cash flow less capex before leases.
Free cash flow after lease payments where available.
Return on equity.
Borrowings less cash; negative values indicate net cash.
Leverage ratio, suppressed where earnings are not meaningful.
Dividend per share declared for the period.
Dividend payout against statutory NPAT.
Receivables days where the working-capital inputs are source-backed.
Per-period working-capital absorption or release, from the same published history. Positive values are working-capital build; negative values are release.
The setup & the reality
The latest result is checked against what the prior briefing said to watch.
Historical setup
From Chorus FY25: equity fell 32.6% as gross debt rose 19.5% on flat earnings
No FY26 numerical guidance is captured in the supplied disclosures and there are no stated medium-term targets to test the result against. The release cites FY26 guidance and a "Horizon 2" outlook in the presentation, but no numeric anchors flow through to the calculation set.
The half-on-half shape is also unusual: HY25 carried 49.3% of full-year revenue and 49.1% of EBITDA — broadly even — but contributed $5.0m of NPAT against an implied 2H loss of around $1.0m. That suggests second-half operating earnings softened even as cash flow held up, which is worth watching into FY26.
Open questions
This briefing cannot assess the underlying drivers of the equity reduction, the FY26 capex and guidance envelope, or management's stated leverage tolerance, because those disclosures are not present in the supplied materials.
Archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
HY26 · Released 23 February 2026
Capex stepped down 18.1% and FCF reached $149m, but borrowings rose $449m and cash conversion slipped below the historical range.
FY25 · Released 25 August 2025
A step-up in free cash flow to $354m did not prevent net debt/EBITDA rising from 3.7x to 4.3x while the dividend was lifted 21.1%.
HY25 · Released 24 February 2025
Revenue and EBITDA both grew, but a heavier debt load drove PBT to NZ$2m and NPAT to a NZ$5m loss while the dividend was lifted.
FY24 · Released 26 August 2024
Net debt climbed past $2.5bn and leverage rose to 3.7x EBITDA, yet the final dividend was lifted 35.7% while NPAT fell into loss.
HY24 · Released 12 December 2023
Prior-comparable values in the analytical pack diverge sharply from the HY23 base the release describes, leaving underlying operating growth unclear.
HY23 · Released 15 December 2022
FY23 EBITDA guidance was lifted to $675-690m, but the tax rate jumped to 47.1% and the 17c dividend implies a 425% payout of NPAT.
Get the next Chorus result briefing and five-year history updates by email.